Form 40-F

IVANHOE MINES LTD.

Name: Beverly Bartlett
Title: Corporate Secretary

[X] Registration Statement pursuant to Section 12 of the Securities Exchange Act of 1934

[ ] Annual Report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934.


For the fiscal year ended December 31, 2002		Commission File Number:


Yukon, Canada (Province or other jurisdiction of incorporation or organization)		1021 (Primary Standard Industrial Classification Code Number)		Not Applicable (I.R.S. Employer Identification Number)

Suite 654, 999 Canada Place, Vancouver, British Columbia, Canada V6C 3E1, (604) 688-5755
(Address and telephone number of registrant’s principal executive offices)

CT Corporation System
111 Eighth Avenue
New York, New York
10011
(212) 894-8700
(Name, address and telephone number of agent for service in the United States)

Securities registered or to be registered pursuant to Section 12(b) of the Act: None.

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

For annual reports, indicate by check mark the information filed with this Form:


[ ] Annual Information Form		[ ] Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

Indicate by check mark whether the Registrant by filing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities

Exchange Act of 1934 (the “Exchange Act”). If “Yes” is marked, indicate the filing number assigned to the Registrant in connection with such Rule.

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

The Registrant’s financial statements have been reconciled to U.S. GAAP as required by Form 40-F under the Exchange Act. Such reconciliation is set forth for the year ended December 31, 2002 and for the year ended December 31, 2001 in Exhibit 10.

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

Concurrently with the filing of this Registration Statement on Form 40-F, the Registrant is filing with the Commission an Appointment of Agent for Service of Process on Form F-X.

This Registration Statement contains or incorporates by reference forward looking statements. All statements other than statements of historical fact included or incorporated by reference in this Registration Statement that address activities, events or developments that we expect or anticipate may or will occur in the future are forward looking statements, and indicate such things as: mineral resources and reserves, the amount and nature of our capital expenditures; plans for exploration and development; prices for mineral products, timing and amount of future production; operating and other costs, business strategies and plans of management, and prospective development and acquisitions.

Such forward looking statements are subject to risks, uncertainties and other factors, many of which are beyond our control, including: changes in commodity prices, unanticipated reserve and resource grades, geological, metallurgical, processing, transportation, infrastructure and other problems, results of exploration activities, cost overruns, availability of materials and equipment, timeliness of government approvals, political risk and related economic risk, actual performance of plant, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations, changes in governmental regulation of the mining industry, including environmental regulation; uncertainty of estimates of mineral resources and reserves, impact of competition, availability and cost of drilling and other equipment, operating hazards and other difficulties inherent in the exploration for minerals, fluctuations in foreign exchange or interest rates and stock market volatility and the timing and success of integrating the business and operations of acquired companies.

These and additional factors are described in more detail under the heading “Risk Factors” in the Renewal Annual Information Forms for the fiscal years ended December 31, 2002 and December 31, 2001 attached hereto as Exhibits 14 and 13, respectively. Events or circumstances could cause our actual results to differ materially from those estimated or projected and expressed in, or implied by, these forward looking statements.

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this Registration Statement on Form 40-F to be signed on its behalf by the undersigned, thereto duly authorized.


EXHIBIT
NUMBER		DESCRIPTION OF EXHIBIT

4.1

Special Warrant Indenture dated January 25, 2002 between the Registrant and CIBC Mellon Trust Company

4.2

Special Warrant Indenture dated April 24, 2002 between the Registrant and CIBC Mellon Trust Company

4.3

Special Warrant Indenture dated as of December 12, 2002 between the Registrant and CIBC Mellon Trust Company

4.4

Special Warrant Indenture Amendment Agreement dated January 6, 2003 between the Registrant and CIBC Mellon Trust Company

10.1

Material Change Report of the Registrant dated January 7, 2002 relating to the conversion of certain loans into common shares of the Registrant.

10.2

Material Change Report of the Registrant dated February 12, 2002 relating to the Registrant’s fulfillment of its contractual obligations in order to earn a 100% interest in the Oyu Tolgoi mineral exploration project in Mongolia (the “Oyu Tolgoi Project”).

10.3

Material Change Report of the Registrant dated March 21, 2002 relating to the preparation of a mineral resource estimate in respect of the Southwest Oyu zone of the Oyu Tolgoi Project.

10.4

Material Change Report of the Registrant dated March 22, 2002 relating to the Registrant’s Cdn$55 million underwritten equity financing.

10.5

Material Change Report of the Registrant dated September 16, 2002 relating to the Registrant’s indirect acquisition of approximately U.S.$41 million of project debt obligations owed to a third party institutional lender by the Registrant’s wholly-owned subsidiary Goldamere Pty. Ltd.

10.6

Material Change Report of the Registrant dated March 7, 2003 relating to the preparation of an updated mineral resource estimate in respect of the Southwest Oyu, Central Oyu, South Oyu and Far North Oyu zones of the Oyu Tolgoi Project.

10.7

Material Change Report of the Registrant dated July 31, 2003 relating to the preparation of an updated mineral resource estimate in respect of the Far North Oyu zone of the Oyu Tolgoi Project.

10.8

Amended and Restated Material Change Report of the Registrant dated August 18, 2003 relating to the preparation of an updated mineral resource estimate in respect of the Far North Oyu zone of the Oyu Tolgoi Project.

10.9

Material Change Report of the Registrant dated November 6, 2003 relating to the Registrant’s agreement to purchase of a 2% net smelter returns royalty in respect of the Oyu Tolgoi Project.

13.1

2001 Annual Report to the shareholders of the Registrant, including management’s discussion and analysis relating to the financial statements of the Registrant as at and for the years ended December 31, 2001 and 2000.

13.2

First Quarter Interim Report of the Registrant for the three months ended March 31, 2002, including management’s discussion and analysis relating to the financial statements of the Registrant as at and for the three months ended March 31, 2002 and 2001.

13.3

Second Quarter Interim Report of the Registrant for the three and six months ended June 30, 2002, including management’s discussion and analysis relating to the financial statements of the Registrant as at and for the three and six months ended June 30, 2002 and 2001.

13.4

Third Quarter Interim Report of the Registrant for the three and nine months ended September 30, 2002, including management’s discussion and analysis relating to the financial statements of the Registrant as at and for the three and nine months ended September 30, 2002 and 2001.

13.5

2002 Annual Report to the shareholders of the Registrant, including management’s discussion and analysis relating to the financial statements of the Registrant as at and for the years ended December 31, 2002 and 2001.

13.6

Financial Statements of the Registrant as at and for the years ended December 31, 2002 and 2001 reconciled to U.S. GAAP.

13.7

First Quarter Interim Report of the Registrant for the three months ended March 31, 2003, including management’s discussion and analysis relating to the financial statements of the Registrant as at and for the three months ended March 31, 2003 and 2002.

13.8

Second Quarter Interim Report of the Registrant for the three and six months ended June 30, 2003, including management’s discussion and analysis relating to the financial statements of the Registrant as at and for the three and six months ended June 30, 2003 and 2002.

13.9

Revised Annual Information Form of the Registrant for the year ended December 31, 2001, dated May 16, 2002.

13.10

Renewal Annual Information Form of the Registrant for the year ended December 31, 2002, dated May 20, 2003.

19.1

Technical Report dated January 11, 2002 prepared by Roscoe Postle Associates Inc. in respect of the Oyu Tolgoi Exploration Project

19.2

Addendum Report dated March 19, 2002 prepared by Roscoe Postle Associates Inc. in respect of the Oyu Tolgoi Exploration Project

19.3

Second Addendum to the Technical Report dated June 5, 2002 prepared by Roscoe Postle Associates Inc. in respect of the Oyu Tolgoi Project

19.4

Technical Report dated February 24, 2003 prepared by AMEC E & C Services Limited in respect of the Oyu Tolgoi Project

19.5

Technical Report dated July 21, 2003 prepared by AMEC E & C Services Limited in respect of the Oyu Tolgoi Project

19.6

Australian Stock Exchange Appendix 4B Half Yearly Report of the Registrant for the six months ended June 30, 2002

19.7

Australian Stock Exchange Quarterly Technical Report of the Registrant for the three months ended June 30, 2003

19.8

Australian Stock Exchange Appendix 4D Half Year Report of the Registrant for the six months ended June 30, 2003

20.1

Notice of Meeting and Management Proxy Circular for the annual general meeting of the Registrant’s shareholders held on June 25, 2002, dated May 10, 2002.

20.2

Notice of Meeting and Management Proxy Circular for the special meeting of the Registrant’s shareholders scheduled for December 23, 2002 and cancelled on December 16, 2002, dated November 27, 2002.

20.3

Notice of Meeting and Management Proxy Circular for the annual general meeting of the Registrant’s shareholders held on June 12, 2003, dated April 15, 2003.

23.8

Consent of RSG Global Pty. Ltd. (formerly Resource Service Group Exploration, Mining & Resource Consultants)

99.3

Earn-in Agreement dated May 5, 2000 between the Registrant and BHP Minerals International Exploration Inc. respecting the Oyu Tolgoi Project

99.4

Amendment to Earn-in Agreement dated March 13, 2002 among the Registrant, the Registrant’s wholly-owned subsidiary Ivanhoe Mines Mongolia Inc. Ltd. and BHP Minerals International Exploration Inc. respecting the Oyu Tolgoi Project

EX-3.1 3 o11180exv3w1.txt ARTICLES OF CONTINUANCE AND BY-LAWS EXHIBIT 3.1 BUSINESS CORPORATIONS ACT (Section 190) Form 3-01 Articles of Continuance ________________________________________________________________________________ 1. Name of Corporation: INDOCHINA GOLDFIELDS LTD. ________________________________________________________________________________ 2. The classes and any maximum number of shares that the corporation is authorized to issue: 100,000,000 Common Shares without par value 100,000,000 Preferred Shares without par value _______________________________________________________________________________ 3. Restriction if any on share transfers: None ________________________________________________________________________________ 4. Number (or minimum or maximum number) of Directors: Minimum of 3 and a maximum of 9. ________________________________________________________________________________ 5. Restrictions if any on business the corporation may carry on: None ________________________________________________________________________________ 6. If change of name effected, previous name: Not applicable. ________________________________________________________________________________ 7. Details of incorporation: Incorporated on January 25, 1994 under the Company Act (British Columbia), incorporation number 463212. ________________________________________________________________________________ 8. Other provisions, if any: The annexed Schedule I is incorporated in this form. Meetings of shareholders may be held at any location in North America or Asia, as the directors determine. ________________________________________________________________________________ 9. Date Signature Title February 21, 1995 Chief Financial Officer SCHEDULE 1 TO THE ARTICLES OF CONTINUANCE OF INDOCHINA GOLDFIELDS LTD. 1. PROVISIONS ATTACHING TO THE COMMON SHARES The common shares, as a class, shall have attached thereto the following rights, privileges, restrictions and conditions: 1.1 Dividends Subject to the prior rights of the holders of preferred shares and any other shares ranking senior to the common shares with respect to priority in the payment of dividends, the holders of common shares shall be entitled to receive dividends and the Corporation shall pay dividends thereon, as and when declared by the board of directors of the Corporation out of moneys properly applicable to the payment of dividends, in such amount and in such form as the board of directors of the Corporation may from time to time determine and all dividends which the board of directors of the Corporation may declare on the common shares shall be declared and paid in equal amounts per share on all common shares at the time outstanding. 1.2 Dissolution In the event of the dissolution, liquidation or winding-up of the Corporation, whether voluntary or involuntary, or any other distribution of assets of the Corporation among its shareholders for the purpose of winding-up its affairs, subject to the prior rights of the holders of the preferred shares and any other shares ranking senior to the common shares with respect to priority in the distribution of assets upon dissolution, liquidation, winding-up or distribution for the purpose of winding-up, the holders of the common shares shall be entitled to receive the remaining property and assets of the Corporation. 1.3 Voting Rights The holders of the common shares shall be entitled to receive notice of an to attend all meetings of the shareholders of the Corporation and shall have one vote for each common share held at all meetings of the shareholders of the Corporation, except meetings at which only holders of another specified class of series of shares of the Corporation are entitled to vote separately as a class or series. 2. PROVISIONS ATTACHING TO THE PREFERRED SHARES The preferred shares, as a class, shall have attached thereto the following rights, privileges, restrictions and conditions: 2.1 Directors' Authority to Issue in One or More Series The board of directors of the Corporation may issue the preferred shares at any time and from time to time in one or more series before the first shares of any particular series are issued, and shall fix the number of preferred shares in such series and, determine, subject to the limitations in the articles, the designation, rights, privileges, restrictions and conditions attached to the shares of such series including without limitation, the rate or rates, amount or method or methods of calculation of - 2 - dividends thereon, the time and place of payment of dividends, whether cumulative or non-cumulative or partially cumulative and whether such rate, amount or method of calculation shall be subject to change or adjustment in the future, the currency or currencies of payment of dividends, the priorities thereof in relation to other shares or the priorities of other shares in relation thereto, if any, the consideration and the terms and conditions of any purchase for cancellation, retraction or redemption rights, if any, the conversion or exchange rights attached thereto, if any, the voting rights attached thereto, if any, and the terms and conditions of any share purchase plan or sinking fund with respect thereto. Before the issue of the first shares of a series, the board of directors of the Corporation shall send to the Registrar, as defined in the Business Corporations Act (Yukon), articles of the amendment containing the description of such series including the designation, rights, privileges, restrictions and conditions attached thereto as determined by the board of directors of the Corporation. 2.2 RANKING OF PREFERRED SHARES No rights, privileges, restrictions or conditions attached to a series of preferred shares shall confer upon a series a priority in respect of dividends or return of capital over any other series of preferred shares then outstanding. The preferred shares shall be entitled to priority over the common shares of the Corporation and over any other shares of the Corporation ranking junior to the preferred shares with respect to the payment of dividends and the distribution of assets in the event of the liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, or any other distribution of the assets of the Corporation among its shareholders for the purpose of winding-up its affairs. If any cumulative dividends or amounts payable on a return of capital in respect of a series of preferred shares are not paid in full the preferred shares of all series shall participate rateably in respect of such dividends, including accumulations, if any, in accordance with the sums that would be payable on such shares if all such dividends were declared and paid in full, and in respect of any repayment of capital in accordance with the sums that would be payable on such repayment of capital if all sums so payable were paid in full, provided however, that in the event of there being insufficient assets to satisfy in full all such claims to dividends and return of capital, the claims of the holders of the preferred shares with respect to repayment of capital shall be paid and satisfied and any assets remaining thereafter shall be applied towards the payment and satisfaction of claims in respect of dividends. After payment to the holders of preferred shares of each series of the amounts of dividends and capital payable in accordance with these provisions and the rights, privileges and restrictions attached to each series of preferred shares, the holders of preferred shares shall not be entitled to share in any further distribution of the property and assets of the Corporation. The preferred shares of any series may also be given such other preferences, not inconsistent with the articles, over the common shares and over any other shares ranking junior to the preferred shares as may be determined in the case of such series of preferred shares. 2.3 VOTING RIGHTS Except as hereinafter referred to or as otherwise required by law or in accordance with any voting rights which may from time to time be attached to any series of preferred shares, the holders of the preferred shares as a class shall not be entitled as such to receive notice of, to attend or to vote at any meeting of the shareholders of the Corporation. - 3 - 2.4 APPROVAL OF HOLDERS OF PREFERRED SHARES The rights, privileges, restrictions and conditions attaching to the preferred shares as a class may be added to, changed or removed but only with the approval of the holders of the preferred shares given as hereinafter specified. The approval of the holders of preferred shares to add to, change or remove any right, privilege, restriction or condition attaching the preferred shares as a class or to any other matter requiring the consent of the holders of the preferred shares as a class may be given in such manner as may then be required by law, subject to a minimum requirement that such approval shall be given by resolution passed by the affirmative vote of at least two-thirds of the votes cast at a meeting of the holders of preferred shares duly called for that purposes. The formalities to be observed in respect of the giving of notice of any such meeting or any adjourned meeting and the conduct thereof shall be those from time to time required by the Business Corporations Act (Yukon) (as from time to time amended, varied or replaced) and prescribed in the by-laws of the Corporation with respect to meetings of shareholders. On every poll taken at a meeting of holders of preferred shares as a class, each holder entitled to vote thereat shall have one vote in respect of each preferred share held by him. INDOCHINA GOLDFIELDS LTD. BY-LAW NO. 1 PART 1 INTERPRETATION DEFINITIONS 1.1 In the by-laws, unless the context otherwise requires, ACT means the Business Corporations Act (Yukon), or any statute substituted therefor, as from time to time amended, APPOINT includes "elect" and vice versa, board means the board of directors of the Corporation, BY-LAWS means this by-law and all other by-laws of the Corporation from time to time in effect, CORPORATION MEANS the corporation adopts this by-law, MEETING OF SHAREHOLDERS includes both an annual meeting and a special meeting of shareholders of the Corporation, and SPECIAL MEETING OF SHAREHOLDERS means a meeting of shareholders or of any class or classes of shareholders other than an annual meeting, RECORDED ADDRESS means (i) in the case of a shareholder, the shareholder's address as recorded in the securities register, (ii) in the case of joint shareholders, the address appearing in the securities register in respect of such joint holding, or the first address so appearing if there is more than one, and (iii) in the case of a director, officer, or auditor, the latest address of the director, officer or auditor recorded in the records of the Corporation, SIGNING OFFICER MEANS, in relation to any instrument, a person authorized to sign the instrument on behalf of the Corporation by section 2.3 or by a resolution passed pursuant thereto, and a word or expression defined in the Act for the purposes of the entire Act has the meaning so defined. INTERPRETATION 1.2 In the interpretation of the by-laws, (a) words importing singular number include the plural and vice versa, 1 (b) words importing gender include the masculine, feminine and neuter, and (c) a word importing a person includes an individual, body corporate, partnership, trust, estate and an unincorporated organization. HEADINGS 1.3 The division of a by-law into parts and the headings of parts and sections will be considered as for convenience of reference only and will not affect the construction or interpretation of the by-law. PART 2 BUSINESS OF THE CORPORATION CORPORATE SEAL 2.1 The board may adopt a corporate seal for the Corporation and from time to time adopt a new seal in replacement of a seal previously adopted. FACSIMILE OF SEAL 2.2 To enable the seal of the Corporation to be affixed to any bonds, debentures, share certificates or other securities of the Corporation, or any securities of another corporation to which an instrument of guarantee of the Corporation is endorsed or annexed, whether in definitive or interim form, on which a facsimile of that signature of a director or officer of the Corporation is, in accordance with these by-laws, printed or otherwise mechanically reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim bonds, debentures, share certificates or other securities one or more unmounted dies reproducing the Corporation's seal, and the chairman of the board, the president or a vice-president, together with the secretary or treasurer or an assistant secretary or assistant treasurer may by a document authorize such person to cause the Corporation's seal to be affixed to such definitive or interim bonds, debentures, share certificates or other securities by the use of such a die, and bonds, debentures, share certificates or other securities to which the Corporation's seal is so affixed and the due issue of which is evidenced by at least one authorized signature manually affixed thereto will for all purposes be deemed to be under and to bear the Corporation's seal lawfully affixed thereto. AFFIXATION OF SEAL 2.3 The corporate seal of the Corporation will not be affixed to any document or instrument except by or in the presence of (a) such person as is or such persons as are appointed for the purpose by resolution of the board applying either to a specific instrument or specific instruments, to instruments of a particular description, or to instruments generally, or (b) the secretary or an assistant secretary for the purpose of certifying copies of or extracts from the articles or by-laws of the Corporation, minutes of meetings or resolutions of the 2 shareholders or the board or committees of the board, or any instrument executed or issued by the Corporation. FISCAL PERIOD 2.4 The fiscal period end of the Corporation will be as from time to time determined by the board. BANKING 2.5 The Corporation will maintain accounts in its name with such bank or banks and other depositories, including banks and depositories outside Canada, as the board from time to time determines, and no funds will be withdrawn from any account except as provided in a by-law or a resolution of the board related to the operation of the account. VOTING RIGHTS IN OTHER BODIES CORPORATE 2.6 To enable to the Corporation to exercise voting rights attaching to securities held by the Corporation, (a) signing officers of the Corporation may from time to time execute and deliver proxies and arrange for the issuance of voting certificates or other evidences of such rights in favour of such person or persons as may be determined by the officers by whom they are executed, and (b) the board may from time to time direct the manner in which and the person or persons by whom any particular voting rights or class of voting rights may or will be exercised. PART 3 BORROWING AND SECURITIES BORROWING POWER 3.1 Without limiting the powers of the Corporation as set forth in the Act, the board may from time to time cause the Corporation to (a) borrow money on the credit of the Corporation, (b) to the extent permitted by the Act, give guarantees on behalf of the Corporation to secure the performance of any present or future indebtedness or other obligation of another person, (c) issue, reissue, sell or pledge bonds, debentures, notes or other evidences of indebtedness or guarantee of the Corporation, whether secured or unsecured, and (d) charge, mortgage, hypothecate, pledge or otherwise create a security interest in any or all property of the Corporation, currently owned or subsequently acquired, to secure any present or future indebtedness or other obligation of the Corporation. 3 DELEGATION OF BORROWING AUTHORITY 3.2 To the extent permitted by the Act, the board may from time to time delegate to a committee or to one or more of the directors of the Corporation all or any of the powers conferred on the board by section 3.1 to such extent and in such manner as the board from time to time determines. RIGHTS ATTACHING TO DEBT OBLIGATIONS 3.3 Any debt obligation of the Corporation may be issued at a discount, premium or otherwise, and with any special privileges as to redemption, surrender, drawing, allotment of or conversion into or exchange for shares or other securities, attendance and voting at general meetings of the Corporation, appointment of directors or otherwise and may by its terms be assignable free from any equities between the Corporation and the person to whom it is issued or any subsequent holder thereof, all as the board determines. PART 4 DIRECTORS CALLING OF MEETINGS 4.1 The chairman of the board, or the president may, and the secretary upon the request of any director will, convene a meeting of the board. NOTICE OF MEETING 4.2 Notice of the time and place of each meeting of the board must be given to each director not less than 48 hours before the time when the meeting is to be held, but the notice need not specify what matters are to be dealt with at the meeting other than (a) a proposal to adopt, amend or repeal any by-law, (b) a proposal to authorize any material contract in which a director will have a material interest or which is with a corporation of which any director is a director or officer, or (c) as required by the Act. FIRST MEETING OF NEW BOARD 4.3 Provided a quorum of directors is present, each newly elected board may without notice hold its first meeting immediately following the meeting of shareholders at which such board is elected. QUORUM 4.4 The board may from time to time fix the quorum required for the transaction of business at a meeting of the board and, if not so fixed, the quorum will be a majority of the number of directors elected or appointed. 4 CHAIRMAN 4.5 The chairman of any meeting of the board will be the first mentioned of the chairman of the board, the president and the most senior vice-president who is a director and is present at the meeting, but if no such officer is present within 15 minutes after the time appointed for holding the meeting, or if each such officer who is present indicates unwillingness to act as chairman of the meeting, the directors present will choose one of their number to be chairman. PROCEDURE 4.6 A question arising at a meeting of the board will be decided by a majority of the votes cast, and in case of an equality of votes the chairman may not exercise a second or casting vote. REMUNERATION AND EXPENSES 4.7 The directors will be paid such remuneration for their services to the Corporation as the board from time to time determines, and will be entitled to be reimbursed for traveling and other expenses properly incurred by them in attending any meeting of the board or committee of the board, or meeting of shareholders. 4.8 A person who is a director may serve the Corporation in another capacity and may for so doing receive remuneration in addition to the remuneration to which such person is entitled as a director. 4.9 Remuneration payable to a director who is also an officer or employee of the Corporation, or who serves the Corporation in a professional capacity, will be in addition to the director's salary as an officer or employee or professional fees. TELEPHONE MEETINGS 4.10 A director may participate in a meeting of the board or of a committee of the board by means of telephone or other communication facilities that permit all directors participating in the meeting to hear each other. PART 5 COMMITTEES TRANSACTION OF BUSINESS 5.1 Except as otherwise determined by the board, the proceedings of a committee of the board will be governed as follows: (a) the powers of the committee may be exercised by a meeting at which a quorum of the committee is present; (b) meetings of the committee may be held at any place within or outside of Canada; (c) a majority of the members of a committee will constitute a quorum thereof; 5 (d) a question arising at a meeting will be determined by a majority of the votes cast on the question, and in the case of an equality of votes the chairman of the meeting will not be entitled to a second or casting vote; (e) the committee will meet and adjourn as it thinks proper and will have power to elect its chairman, to make rules for the conduct of its business and to appoint such assistants as it deems necessary; (f) the committee will keep regular minutes of its transactions and will cause them to be recorded in books kept for that purpose, and report its transactions to the board at such times as the board from time to time requires. PART 6 PROTECTION AND INDEMNITY OF DIRECTORS AND OTHERS CONTRACTS WITH THE CORPORATION 6.1 Subject to the Act, (a) no director is disqualified by being a director, or by reason of holding any other office or place of profit under the Corporation or under any body corporate in which the Corporation is a shareholder or otherwise interested, from entering into any contract, transaction or arrangement with the Corporation either as vendor, purchaser or otherwise, or from being concerned or interested in any manner whatsoever in any contract, transaction or arrangement made or proposed to be entered into with the Corporation, (b) no such contract, transaction or arrangement is thereby void or liable to be avoided, and (c) no director is liable to account to the Corporation for any profit arising from any such office or place of profit or realized by any such contract, transaction or arrangement. DISCLOSURE 6.2 Except as required by the Act, no director is obliged to make any declaration or disclosure of interest or refrain from voting. LIMITATION OF LIABILITY 6.3 Except as otherwise provided in the Act, no director or officer will be liable (a) for the acts, receipts, neglects or defaults of any other person, or for joining in any receipt or act for conformity, (b) for any loss, damage or expense happening to the Corporation through the insufficiency or deficiency of title to any property acquired by, for, or on behalf of the Corporation, (c) for the insufficiency or deficiency of any security in or upon which any moneys of the Corporation are invested, 6 (d) any loss or damage arising from the bankruptcy, insolvency or wrongful act of any person with whom any money, security or other property of the Corporation is lodged or deposited, or (e) for any other loss, damage, or misfortune whatever which may arise out of the execution of the duties of as a director or in relation thereto. AMPLIFICATION OF RIGHTS 6.4 The foregoing provisions of this Part are in amplification of or in addition to, and not by way of limitation of or substitution for, any rights, immunities or protection conferred on any director or officer by any law or otherwise. PART 7 SHARES REGISTRATION OF TRANSFERS 7.1 Subject to the provisions of the Act, no transfer of a share will be registered in a securities register except on presentation of the certificate representing such share with an instrument of transfer complying with the Act endorsed thereon or delivered therewith duly executed by an appropriate person as provided by the Act, together with such reasonable assurance that the instrument of transfer is genuine and effective as the board from time to time prescribes, and upon payment of all applicable taxes and any fees prescribed by the board. 7.2 Until such time as the Company becomes a reporting issuer under the securities legislation of any province in Canada, no shares shall be transferred without the previous consent of the Directors expressed by a resolution of the Board of Directors, and the Directors shall not be required to give any reason for refusing to consent to any such proposed transfer. PART 8 DIVIDENDS AND RIGHTS DECLARATION 8.1 The board may from time to time as permitted by law declare dividends payable to the shareholders according to their respective rights and interest in the Corporation. INTEREST 8.2 No dividend will bear interest against the Corporation. VALUATION OF NON-CASH DIVIDENDS 8.3 The board will determine the value of any dividend not paid in money. 7 DIVIDEND CHEQUES 8.4 A dividend payable in money may be paid by cheque of the Corporation or its paying agent to the order of each registered holder of shares of the class or series on which it is declared and mailed by prepaid ordinary mail to the holder at the holder's recorded address or as the holder otherwise directs. CHEQUES TO JOINT HOLDERS 8.5 In the case of joint holders, a cheque in payment of dividends will, unless they otherwise jointly direct, be made payable to the order of all of them and mailed to them at their recorded address. NON-RECEIPT OF CHEQUES 8.6 If a dividend cheque is not received by the person to whom it is so sent, the Corporation will issue to such person a replacement cheque for a like amount on such terms as to evidence of non-receipt and of title, indemnity and reimbursement of expense as the board prescribes, whether generally or in any particular case. UNCLAIMED DIVIDENDS 8.7 Any dividend unclaimed for six years after the date of record payment will be forfeited and revert to the Corporation. PART 9 MEETINGS OF SHAREHOLDERS CHAIRMAN, SECRETARY AND SCRUTINEERS 9.1 The chairman of a meeting of shareholders will be the first mentioned of such of the following officers who is present at the meeting and is willing to act: chairman of the board, president, or a vice-president. 9.2 If no such officer willing to act is present within 15 minutes after the time fixed for holding the meeting, the persons present and entitled to vote may choose one of their number to be chairman. 9.3 If the secretary of the Corporation is absent, the chairman will appoint some person, who need not be a shareholder, to act as secretary of the meeting. 9.4 One or more scrutineers, who need not be shareholders, may be appointed by resolution or by the chairman with the consent of the meeting. PERSONS ENTITLED TO BE PRESENT 9.5 The only persons entitled to be present at a meeting of shareholders will be those entitled to vote thereat, the directors and the auditor of the Corporation and any other person who, although not entitled to vote, is entitled or required under any provision of the Act or the articles or by-laws to be present at the meeting, and any other person may be admitted only on the invitation of the chairman of the meeting or with the consent of the meeting. 8 QUORUM 9.6 A quorum for the transaction of business at any meeting of shareholders is at least one individual present at the commencement of the meeting holding, or representing by proxy the holder or holders of, shares carrying in the aggregates not less than five percent of the votes eligible to be cast at the meeting. TIME FOR DEPOSIT OF PROXIES 9.7 A proxy may be acted on only if, before the time specified in the notice of the meeting, it is deposited with the Corporation or otherwise in accordance with the regulations made pursuant to section 9.8 or, in any case where no such regulation has been made, if it has been received by the secretary of the Corporation or by the chairman of the meeting or any adjournment thereof before the time of voting. LODGING OF PROXIES; USE OF FACSIMILE 9.8 The board may from time to time establish regulations regarding the lodging of proxies at some place or places other than the place at which a meeting or adjourned meeting of shareholders is to be held and for particulars of such proxies to be cabled or telegraphed or sent in writing before the meeting or adjourned meeting to the Corporation or an agent of the Corporation and providing that proxies so lodged may be voted as though the proxies themselves were produced at the meeting or adjourned meeting, and votes given in accordance with such regulations will be valid and will be counted. 9.9 The chairman of any meeting of shareholders may, subject to any regulations so made, in the chairman's discretion accept telegraphic or cable or other written communication as to the authority of anyone claiming to vote on behalf of and to represent a shareholder notwithstanding that no proxy conferring such authority has been lodged with the Corporation, and votes given in accordance with such telegraphic or cable or written communication accepted by the chairman will be valid and will be counted. VALIDITY OF PROXIES 9.10 A vote given in accordance with the terms of an instrument of proxy will be valid notwithstanding (a) the previous death or insanity of the shareholder giving the proxy; or (b) the revocation of the proxy or of the authority under which the proxy was executed; or (c) the transfer of the share in respect of which the proxy is given; unless notice in writing of such death, insanity, revocation or transfer is received at the office of the Corporation or by the chairman of the meeting before the commencement of the meeting or adjourned meeting at which the proxy is used. JOINT SHAREHOLDERS 9.11 If two or more of the joint holders of a share are present in person or represented by proxy and vote, the vote of that one of them, or of the proxy holder for that one of them, whose name appears first 9 on the shareholders list of the Corporation is respect of such share will be accepted to the exclusion of the vote of another, or of the proxy holder for another, of such joint holders. VOTE TO GOVERN 9.12 At a meeting of shareholders every question will, except as otherwise required by the articles or by-laws, be determined by a majority of the votes cast on the question, and in case of an equality of votes either on a show of hands or on a poll, the chairman of the meeting will not be entitled to a casting vote. SHOW OF HANDS 9.13 On a show of hands every person who is present and entitled to vote will then have one vote. 9.14 Whenever a vote by show of hands is taken on a question, then unless a ballot thereon is required or demanded, a declaration by the chairman of the meeting that the vote upon the question has been carried or carried by a particular majority or not carried, and an entry to that effect in the minutes of the meeting, will be prima facie evidence of the fact without proof of the number or proportions of the votes recorded in favour of or against the question, and the result of the vote so taken will be the decision of the shareholders upon such question. BALLOTS 9.15 A demand for a ballot may be withdrawn at any time before the taking of the ballot. 9.16 If a ballot is taken each person present will be entitled to one vote, or such other number of votes as the by-laws provide, in respect of each share which such person is entitled to vote on the question at the meeting, and the result of the ballot so taken will be the decision of the shareholders upon such question. 9.17 A poll demanded on the election of a chairman, or on a question of adjournment will be taken forthwith, and a poll demanded on any other question will be taken at such time as the chairman of the meeting directs. ADJOURNMENT 9.18 The chairman may, with the consent of any meeting, adjourn the meeting from time to time. RULINGS BY THE CHAIRMAN 9.19 The chairman of a meeting of shareholders will have regard to accepted rules of parliamentary procedure, and (a) will have absolute authority over matters of procedure and there will be no appeal from the ruling of the chairman, but if the chairman, in the chairman's absolute discretion, deems it advisable to dispense with the rules of parliamentary procedure at any general meeting or part thereof, the chairman will so state and will clearly state the rules under which the meeting or the appropriate part thereof will be conducted, 10 (b) any dispute as to the admission or rejection of a vote will be determined by the chairman and the chairman's determination will be final and conclusive, (c) if disorder arises which prevents continuation of the business of a meeting, the chairman may quit the chair and announce the adjournment of the meeting, and upon the chairman's so doing, the meeting is, notwithstanding section 9.11, immediately adjourned, and (d) the chairman may ask or require anyone who is not a registered shareholder entitled to vote at the meeting or proxyholder representing such a shareholder to leave the meeting. PART 10 EXAMINATION OF RECORDS ACCESS BY AUDITOR AND DIRECTORS 10.1 The auditor and every director take extracts from, all accounts, records, books and other documents of the Corporation. INSPECTION BY SHAREHOLDERS 10.2 No shareholder will have the right of inspection of any account, record, book or document of the Corporation except as prescribed by statute or authorized by the board. PART 11 NOTICES NOTICE TO JOINT SHAREHOLDERS 11.1 If two or more persons are registered as joint holders of a share, a notice must be directed to all of them but need be delivered or addressed only to the recorded address of one of them to be sufficient notice to all. SIGNATURE TO NOTICE 11.2 The signature to any notice to be given by the Corporation may be in whole or in part written, stamped, typewritten or printed. 11.3 A notice sent by any means of wire or wireless or any other form of recorded communication will be deemed to have been given on the day when it is transmitted by the Corporation or, if transmitted by another, on the day when it is dispatched or delivered to the appropriate communication company or agency or its representative for dispatch, and a certificate or declaration in respect of any thereof in writing signed by an officer or by an employee of a transfer agent or registrar of the Corporation will be conclusive evidence of the matters therein certified or declared. 11 OMISSIONS AND ERRORS 11.4 The accidental omission to give a notice to any shareholder, director, officer, or auditor or the non-receipt of a notice of any such person or an error in a notice not affecting the substance thereof will not invalidate any action taken at a meeting held pursuant to such notice or otherwise founded thereon. PERSONS ENTITLED BY DEATH OR OPERATION OF LAW 11.5 Every person who, by operation of law, transfer, death of a shareholder or any other means whatsoever, becomes entitled to a share, will be bound by every notice in respect of such share which is duly given to the shareholder from whom such person derives title to such share before such person's name and address is entered on the securities register (whether such notice is given before or after the happening of the event upon which such person becomes so entitled) and before such person furnishes to the Corporation the proof of authority or evidence of entitlement prescribed by the Act. WAIVER OF NOTICE 11.6 A shareholder (or the duly appointed proxyholder of a shareholder), director, officer, auditor or member of a committee of the board may at any time in writing waive any notice, or waive or abridge the time for any notice, required to be given to such person under any provision of the Act, the regulations thereunder, the articles, the by-laws or otherwise, and such waiver or abridgement, if given before the meeting or other event of which notice is required to be given, will cure any default in the giving or in the time of such notice, as the case may be. 11.7 A waiver referred to in Article 11.6 must be in writing except a waiver of notice of a meeting of members or of the board or of a committee of the board which may be given in any manner and, in the case of a meeting of the board or of a committee of the board, will be deemed to be given by a director with respect to all business transacted after the director first attends the meeting. 12 EX-3.2 4 o11180exv3w2.txt AMENDMENT 1 TO ARTICLES AND BY-LAWS Exhibit 3.2 YUKON BUSINESS CORPORATIONS ACT (Section 27 or 171) FORM 5-01 ARTICLES OF AMENDMENT ________________________________________________________________________________ 1. NAME OF CORPORATION INDOCHINA GOLDFIELDS LTD. Corporate Access Number 24319 ________________________________________________________________________________ 2. THE ARTICLES OF THE ABOVE-NAMED CORPORATION ARE AMENDED PURSUANT TO A COURT ORDER: YES NO X ------ ------ ________________________________________________________________________________ 3. THE ARTICLES OF THE ABOVE-NAMED CORPORATION ARE AMENDED AS FOLLOWS: 4. Number (or minimum or maximum number) of Directors: Minimum of 9 and a maximum of 15 6. Other provisions, if any: The Directors may, between annual general meetings, appoint one or more additional Directors of the Corporation to serve until the next annual general meeting, but the number of additional Directors shall not at any time exceed one third of the number of Directors who held office at the expiration of the last annual general meeting of the Corporation, provided that the total number of directors shall not exceed the maximum number of directors fixed pursuant to the Articles. June 10, 1996 Director ________________________________________________________________________________ 4. DATE SIGNATURE TITLE ________________________________________________________________________________ EX-3.3 5 o11180exv3w3.txt AMENDMENT 2 TO ARTICLES AND BY-LAWS Exhibit 3.3 YUKON BUSINESS CORPORATIONS ACT (Section 27 or 171) FORM 5-01 ARTICLES OF AMENDMENT ________________________________________________________________________________ 1. NAME OF CORPORATION INDOCHINA GOLDFIELDS LTD. Corporate Access Number 24319 ________________________________________________________________________________ 2. THE ARTICLES OF THE ABOVE-NAMED CORPORATION ARE AMENDED PURSUANT TO A COURT ORDER: YES [ ] NO [X] ________________________________________________________________________________ 3. THE ARTICLES OF THE ABOVE-MENTIONED CORPORATION ARE AMENDED AS FOLLOWS: "2. The classes and any maximum number of shares that the corporation is authorized to issue: an unlimited number of Common Shares without par value an unlimited number of Preferred Shares without par value" ________________________________________________________________________________ 4. DATE SIGNATURE TITLE June 27, 1997 /s/ Eric Edwards Sr. V.P. Finance ---------------- EX-3.4 6 o11180exv3w4.txt AMENDMENT 3 TO ARTICLES AND BY-LAWS Exhibit 3.4 YUKON BUSINESS CORPORATIONS ACT (Section 27 or 171) FORM 5-01 ARTICLES OF AMENDMENT - -------------------------------------------------------------------------------- 1. NAME OF CORPORATION INDOCHINA GOLDFIELDS LTD. Corporate Access Number 24319 - -------------------------------------------------------------------------------- 2. THE ARTICLES OF THE ABOVE-NAMED CORPORATION ARE AMENDED PURSUANT TO A COURT ORDER: YES ____ NO __X__ - -------------------------------------------------------------------------------- 3. THE ARTICLES OF THE ABOVE-NAMED CORPORATION ARE AMENDED AS FOLLOWS: 1. Name of Corporation: IVANHOE MINES LTD. - -------------------------------------------------------------------------------- 4. DATE SIGNATURE TITLE June 16, 1999 ___________ illegible___________________ Corporate Secretary - -------------------------------------------------------------------------------- EX-4.1 7 o11180exv4w1.txt SPECIAL WARRANT INDENTURE DATED JANUARY 25, 2002 EXHIBIT 4.1 IVANHOE MINES LTD. - AND - CIBC MELLON TRUST COMPANY SPECIAL WARRANT INDENTURE DATED AS OF JANUARY 25, 2002 PROVIDING FOR THE ISSUE OF SPECIAL WARRANTS OF IVANHOE MINES LTD. THIS SPECIAL WARRANT INDENTURE made as of the 25TH day of January, 2002 B E T W E E N: IVANHOE MINES LTD., a corporation continued under the laws of the Yukon Territory (the "Company") AND: CIBC MELLON TRUST COMPANY, a trust company incorporated under the laws of Canada and having an office in the City of Vancouver (the "Trustee") WHEREAS: (A) the Company proposes to create and issue Special Warrants to be constituted and issued in the manner set forth; (B) the Company is authorized to create and issue the Special Warrants; (C) each Special Warrant will entitle the holder to acquire upon exercise or deemed exercise thereof, and without payment of any additional consideration, one Common Share; (D) the Company represents to the Trustee that all necessary resolutions of the directors of the Company have been duly enacted, passed or confirmed and all other proceedings taken and conditions complied with to authorize the execution and delivery of this Indenture and the execution and issue of the Special Warrants and to make the same legal and valid and binding on the Company in accordance with the laws relating to the Company and the Trustee shall not be liable for or by reason of any statements of fact or recitals in this Indenture and all such statements are and shall be deemed to be made by the Company; (E) the Trustee has agreed to act as trustee for the Special Warrantholders on the terms and conditions herein set forth; and (F) all things necessary have been done and performed to make the Special Warrants, when certified by the Trustee and issued as in this Indenture provided, legal, valid and binding upon the Company with the benefits of and subject to the terms of this Indenture. NOW THEREFORE, in consideration of the premises and in further consideration of the mutual covenants herein set forth, the parties hereto agree as follows: 2 ARTICLE 1 INTERPRETATION 1.1 DEFINITIONS. In this Indenture unless there is something in the subject matter or context inconsistent therewith, the following words have the respective meaning indicated below: (a) "Applicable Legislation" has the meaning set forth in Section 8.15; (b) "Applicable Securities Laws" means, collectively, the applicable securities laws of the Qualifying Provinces, the securities laws of the Provinces of Canada, the securities laws of the United States and the states thereof, the regulations, rules, rulings and orders made thereunder, the applicable policy statements issued by the securities regulatory authorities in the Provinces of Canada, the United States Securities Exchange Commission and the securities legislation and policies of each other relevant jurisdiction; (c) "Business Day" means any day except Saturday, Sunday or a statutory holiday in Vancouver, British Columbia; (d) "Certificate of the Company" means a certificate signed by any one of the President, Vice-President, Secretary or Chief Financial Officer of the Company in accordance with Section 9.5; (e) "Closing Date" means such date or dates on or before January 30, 2002 as the Company may designate by notice in writing to the subscribers for the Special Warrants; (f) "Common Shares" means, collectively, the fully paid and non-assessable common shares in the capital of the Company as presently constituted and, except where the context hereof otherwise requires, includes common shares issued or to be issued in accordance with the exercise or deemed exercise of Special Warrants hereunder; (g) "Company's auditors" means the firm of accountants appointed by the shareholders of the Company as the auditors of the Company from time to time; (h) "counsel" means a barrister and solicitor or a firm of barristers and solicitors retained by the Trustee or retained by the Company and acceptable to the Trustee; (i) "Current Market Price" in respect of a Common Share at any date means the weighted average price of a Common Share for any twenty-five (25) consecutive trading days ending on the third trading day before such date, on such primary stock exchange on which the Common Shares are then listed as may be selected for such purpose by the directors of the Company or, if the Common Shares are not then listed on more than one stock exchange, on such stock exchange on which the Common Shares are then listed or if the Common Shares are not then 3 listed on any stock exchange, on the over-the-counter market, or, if the Common Shares are not then traded in the over-the-counter market, the Current Market Price of the Common Shares shall be the fair value of a Common Share as determined by the directors of the Company, after consultation with a nationally and internationally recognized investment banking firm with respect to the fair value of such securities. The weighted average price shall be determined by dividing the aggregate sale price of all the Common Shares sold on the said exchange or market, as the case may be, during the said twenty-five (25) consecutive trading days by the total number of Common Shares so sold provided that, if the date for which the Current Market Price to be determined is a record date for an event relating to the Common Shares (other than a record date in respect of a meeting of shareholders) the said twenty-five (25) consecutive trading days shall be determined as at, and shall not include, the five (5) trading days immediately preceding such record date; (j) "director" means a director of the Company for the time being and reference without more to action by the directors means action by the directors of the Company as a board or, whenever duly empowered, action by a committee of the board; (k) "Exercise Date" has the meaning set forth in Section 5.2 of this Indenture; (l) "Expiry Date" means the date which is the fifth (5th) Business Day following the earlier of: (i) the Qualification Date; and (ii) the Qualification Deadline; (m) "Expiry Time" means 5:00 p.m. (Vancouver time) on the Expiry Date; (n) "Extraordinary Resolution" has the meaning attributed to it in Section 6.10 and 6.13 hereof; (o) "Indenture", "hereto", "hereunder", "hereof", "hereby" and similar expressions mean or refer to this Indenture and not to any particular Article, Section, Subsection, paragraph, clause, subdivision or portion hereof and include any agreement, deed or instrument supplemental or ancillary hereto and the expressions "Article", "Section", "Subsection" and "paragraph" followed by a number mean and refer to the specified Articles, Sections, Subsections or paragraphs of this Indenture; (p) "person" means any entity whatsoever including, without limitation, an individual, a corporation, a partnership, a trust, an unincorporated organization, a syndicate and words importing persons have a similar meaning; 4 (q) "Proceeds" means a sum of money equal to the Subscription Price multiplied by the aggregate number of Special Warrants issued pursuant to this Indenture, such amount being up to an aggregate of US$15,000,000; (r) "Prospectus", as the context may require, means the preliminary or final version of the prospectus to be filed in each Qualifying Provinces relating to the distribution of the Common Shares to the Special Warrantholders upon exercise thereof and, unless the context otherwise requires, includes any amendments or supplements thereto; (s) "Qualification Date" means the date on which a receipt has been issued by the Securities Commission in each of the Qualifying Provinces for the final Prospectus qualifying the Common Shares to be issued upon the exercise of the Special Warrants; (t) "Qualification Deadline" means the date that is four months following the Closing Date or, if there is more than one Closing Date, then the date that is four months following the last Closing Date; (u) "Qualifying Provinces" means the Provinces of British Columbia and Ontario and such other Provinces of Canada, if any, in which subscribers of Special Warrants reside; (v) "Regulation S" means Regulation S under the U.S. Securities Act; (w) "Special Warrant Certificate" means a certificate substantially in the form attached hereto as Schedule "A" evidencing one or more Special Warrants; (x) "Special Warrantholder" or "holder" means the registered holder of a Special Warrant hereunder; (y) "Special Warrants" means, collectively, the special warrants of the Company issued and certified hereunder entitling holders thereof to receive, upon the exercise or deemed exercise thereof and subject to adjustment hereunder, one Common Share, or such kind and amount of securities or property determined pursuant to Article 4 hereof; (z) "Subscription Price" means the price per Special Warrant as decided by negotiation between the Company and the Special Warrantholder; (aa) "subsidiary of the Company" means a corporation of which voting securities carrying a majority of votes attached to all outstanding voting securities are owned, directly or indirectly, by the Company or by one or more subsidiaries of the Company, or by the Company and one or more subsidiaries of the Company, and, as used in this definition, voting securities means securities, other than debt 5 securities, carrying a voting right to elect directors either under all circumstances or under some circumstances that may have occurred and are continuing; (bb) "United States" means the United States as that term is defined in Regulation S; (cc) "U.S. Person" means a U.S. Person as defined in Regulation S, which definition includes, but is not limited to, an individual resident in the United States, an estate or trust of which any executor, administrator or trustee, respectively, is a U.S. Person and any partnership or corporation organized or incorporated under the laws of the United States; (dd) "U.S. Securities Act" means the United States Securities Act of 1933, as amended; and (ee) "Written direction of the Company", "written order of the Company" and any other document required to be signed by the Company, mean, respectively, a written direction, order or request, consent or other document signed in the name of the Company by any of the President, the Vice-President, the Secretary or the Chief Financial Officer of the Company, and may consist of one or more instruments so executed. 1.2 HEADINGS. The division of this Indenture into Articles, Sections, Subsections, paragraphs or other subdivisions, the provision of a table of contents and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Indenture or the Special Warrants. 1.3 GENDER. In this Indenture wherever the context permits or requires words importing number shall include the singular and the plural and words importing gender shall include all genders. 1.4 BUSINESS DAY. In the event that any day on or before which any action is required to be taken hereunder is not a Business Day, then such action shall be required to be taken on or before the requisite time on the next succeeding day that is a Business Day. 1.5 MEANING OF "OUTSTANDING". Every Special Warrant represented by a Special Warrant Certificate countersigned and delivered by the Trustee hereunder shall be deemed to be outstanding until it shall be cancelled or delivered to the Trustee for cancellation or until the Expiry Time; provided that where a new Special Warrant Certificate has been issued pursuant to Section 2.7 hereof to replace one which has been mutilated, lost, stolen or destroyed, the Special Warrants represented by any such new Special Warrant Certificate shall be counted for the purpose of determining the aggregate number of Special Warrants outstanding. 1.6 TIME. Time shall be of the essence hereof and of the Special Warrants issued hereunder. 6 1.7 APPLICABLE LAW. This Indenture and the Special Warrants shall be governed by and construed in accordance with the laws of the Province of British Columbia. The parties hereto submit to the exclusive jurisdiction of the courts in the Province of British Columbia. The parties agree that any litigation between the parties which arises pursuant to or in connection with this Indenture, or any of its provisions, shall be referred to the courts in the Province of British Columbia and shall not be referred to the courts in any other jurisdiction. 1.8 CURRENCY. All references to "US$" refer to lawful money of the United States unless otherwise indicated. All references to "Cdn.$" refer to lawful money of Canada. ARTICLE 2 ISSUE AND PURCHASE OF SPECIAL WARRANTS 2.1 CREATION AND ISSUE OF SPECIAL WARRANTS. A total of up to 9,385,164 Special Warrants are hereby created and authorized to be issued and shall be executed by the Company and certified by or on behalf of the Trustee upon the written order of the Company and delivered by the Trustee to the Company in accordance with the written direction of the Company. 2.2 FORM AND TERMS OF SPECIAL WARRANTS. Subject to the provisions hereof, each Special Warrant shall entitle a holder, upon exercise or deemed exercise thereof to acquire, without the payment by such holder of any additional consideration, one Common Share or such other kind and amount of securities or property determined pursuant to the provisions of Article 4, as the case may be. The Special Warrants may be exercised by the holder thereof, at no additional cost, at any time after issuance to a holder until the Expiry Time. Special Warrants not exercised or tendered for cancellation prior to the Expiry Time will be deemed to be exercised immediately prior thereto and surrendered to the Trustee on behalf of the holder thereof at the Expiry Time without any further action on the part of the holder or the Company. The Special Warrants shall be issued in registered form and the Special Warrant Certificates, including all replacements issued in accordance with this Indenture, shall be substantially in the form set out in Schedule "A" hereto with, subject to the provisions of this Indenture, such additions, variations and/or omissions as may from time to time be agreed upon between the Company and the Trustee, shall be dated as of the applicable Closing Date, and shall be numbered in such manner as the Company, with the approval of the Trustee, may prescribe. All Special Warrants shall, save as to denominations, be of like tenor and effect. No change in the form of the Special Warrant Certificates shall be required by reason of any adjustment made pursuant to Article 4 hereof. The Trustee shall maintain a register of the holders at its principal stock transfer office in the City of Vancouver, which shall be open for inspection by any agent or representative of the Company or a Special Warrantholder, in which shall be entered the name and addresses of the Special Warrantholders and the number of Special Warrants held by them and all other information required by law. The Trustee shall, from time to time when requested to do so by the Company, furnish the Company with a list of the names and addresses of the Special Warrantholders entered in the registers kept by the Trustee and showing the number of 7 Common Shares which might then be acquired upon the exercise or deemed exercise of the Special Warrants held by each such holder. Special Warrant Certificates may be engraved, lithographed, printed or partly in one form and partly in another form as the Company with the approval of the Trustee may determine. 2.3 TRANSFER AND OWNERSHIP OF SPECIAL WARRANTS. Unless the Company has instructed the Trustee in writing to waive any or all of the following requirements, Special Warrants may be transferred upon receipt by the Trustee of a duly executed transfer instrument in the form attached to the Special Warrant Certificate together with evidence to its reasonable satisfaction that the transferee of such Special Warrants is: (a) the executor, administrator, heir or legal representative of the heirs of the estate of a deceased Special Warrantholder; (b) a guardian, committee, trustee, curator or tutor representing a Special Warrantholder who is an infant, an incompetent person or a missing person; (c) a liquidator of, or a trustee in bankruptcy for, a Special Warrantholder; or (d) a transferee of a Special Warrantholder who provides the Trustee with evidence satisfactory to the Trustee and the Company, acting reasonably, including but not limited to a properly completed and executed declaration attached as Exhibit "A" to the transfer form attached to the Special Warrant Certificate, that such transferee is/was either: (i) not in the United States at the time the buy order for the Special Warrants was executed, not acquiring the Special Warrants for the account or benefit of a U.S. Person or a person in the United States and was not offered the Special Warrants in the United States, or (ii) a person that has purchased or acquired Special Warrants in a transaction exempt from registration under the U.S. Securities Act and has provided the Company with satisfactory evidence of the availability of such exemption which may, at the Company's discretion, include an opinion of counsel and was exempt from registration under any applicable securities laws of any state of the United States and that the securities laws of any other applicable jurisdiction(s) have been complied with in relation to the transfer of the Special Warrants involved, together with the Special Warrant Certificate in question (by delivery or mail as set forth in Section 9.3 hereof), and subject to such reasonable requirements relating to the payment of costs of the transfer by the holder as the Trustee may prescribe and compliance with all applicable securities legislation and requirements of regulatory authorities. A transferee of Special Warrants who complies with the requirements of this Section 2.3 will be entitled to become noted upon the register of holders as a Special Warrantholder. After receiving the surrendered Special Warrant Certificate and upon the person surrendering the same meeting the requirements as hereinbefore set forth, the Trustee shall forthwith give written notice thereof together with confirmation as to the identity of the person entitled to become the holder to the Company. 8 Forthwith after receiving written notice from the Trustee as aforesaid the Company shall, in accordance with the provisions of Section 2.8 hereof, cause a new Special Warrant Certificate to be issued and sent to the new holder and the Trustee shall alter its register of holders accordingly. Each Special Warrant shall bear a legend as set forth below: "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A HOLD PERIOD AND MAY NOT BE TRADED IN BRITISH COLUMBIA UNTIL - EXCEPT AS PERMITTED BY THE SECURITIES ACT (BRITISH COLUMBIA) AND THE RULES MADE THEREUNDER. THE SPECIAL WARRANTS AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS SPECIAL WARRANT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THIS SPECIAL WARRANT MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT) OR A PERSON IN THE UNITED STATES UNLESS THIS SPECIAL WARRANT AND THE UNDERLYING SECURITIES ISSUABLE UPON THE EXERCISE THEREOF HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE SECURITIES LAWS OF ALL APPLICABLE STATES OF THE UNITED STATES OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE." Each Special Warrant issued to a U.S. Person or a person in the United States, and each Common Share issuable upon the exercise or deemed exercise thereof, shall bear a legend as set forth below: "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS THEY ARE OFFERED FOR SALE, SOLD, OR OTHERWISE TRANSFERRED ONLY: (A) TO THE COMPANY: (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF APPLICABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) WITH THE PRIOR CONSENT OF THE COMPANY, PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES 9 ACT AND ANY APPLICABLE STATE SECURITIES LAWS. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. PROVIDED THAT THE COMPANY IS A "FOREIGN ISSUER" WITHIN THE MEANING OF REGULATION S AT THE TIME OF SALE, A NEW CERTIFICATE, BEARING NO LEGEND MAY BE OBTAINED FROM THE REGISTRAR AND TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE REGISTRAR AND TRANSFER AGENT AND THE COMPANY, TO THE EFFECT THAT SUCH SALE IS BEING MADE IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT." In addition, certificates representing Common Shares issued upon the exercise or deemed exercise of Special Warrants exercised prior to the earlier of the Qualification Date or the Expiry Date, shall bear the following legend: "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A HOLD PERIOD AND MAY NOT BE TRADED IN BRITISH COLUMBIA UNTIL - EXCEPT AS PERMITTED BY THE SECURITIES ACT (BRITISH COLUMBIA) AND THE RULES MADE THEREUNDER." Subject to the provisions of this Indenture and applicable law, the Special Warrantholder shall be entitled to the rights and privileges attaching to the Special Warrants free from all equities and rights of set-off or counter claim between the Company and the transferor or any previous Special Warrantholder and the issue of the Common Shares by the Company upon the exercise or deemed exercise of Special Warrants by any Special Warrantholder in accordance with the terms and conditions herein contained shall discharge all responsibilities of the Company and the Trustee with respect to such Special Warrants. 2.4 SPECIAL WARRANTHOLDERS NOT SHAREHOLDERS. A Special Warrantholder shall not, as such, be deemed to be or regarded as a shareholder of the Company nor shall such Special Warrantholder be entitled to any right or interest, including rights to receive dividends or vote at meetings of the shareholders of the Company, except as is expressly provided in this Indenture and in the Special Warrant Certificate. 2.5 SIGNING OF SPECIAL WARRANTS. The Special Warrant Certificates shall be signed either manually or by facsimile signature by any officer or director of the Company and may, but need not be, under the corporate seal of the Company. A facsimile signature upon any Special Warrant Certificate shall for all purposes hereof be deemed to be the signature of the person whose signature it purports to be and to have been signed at the time such facsimile signature is reproduced. If a person whose signature, either manually or in facsimile, appears on a Special Warrant Certificate is not a director or officer of the Company at the date of this Indenture or at the date of the countersigning and delivery of such Special Warrant Certificate, such fact shall 10 not affect in any way the validity of the Special Warrants or the entitlement of the holder thereof to the benefits of this Indenture. 2.6 COUNTERSIGNING. No Special Warrant Certificate shall be issued, or if issued, shall be valid or exercisable or entitle the holder thereof to the benefits of this Indenture until the Special Warrant Certificate has been countersigned by or on behalf of the Trustee. The Trustee will countersign the Special Warrant Certificates upon the written direction of the Company. The countersignature by or on behalf of the Trustee on any Special Warrant Certificate shall not be construed as a representation or warranty by the Trustee as to the validity of this Indenture or of the Special Warrants or as to the performance by the Company of its obligations under this Indenture and the Trustee shall in no way be liable or answerable for the use made of the Special Warrants or of the Proceeds except as specified herein. The countersignature of the Trustee shall, however, be a representation and warranty of the Trustee that the Special Warrant Certificate has been duly countersigned by or on behalf of the Trustee pursuant to the provisions of this Indenture and shall be conclusive evidence as against the Company that the Special Warrant Certificate so countersigned has been duly issued hereunder and the holder is entitled to the benefits hereof. 2.7 LOSS, MUTILATION, DESTRUCTION OR THEFT OF SPECIAL WARRANTS. In case any of the Special Warrant Certificates issued and countersigned hereunder shall become mutilated or be lost, destroyed or stolen, the Company shall, upon the holder complying with this Section 2.7, issue and thereupon the Trustee shall countersign and deliver a new Special Warrant Certificate of like date and tenor in exchange for and in place of the one mutilated, lost, destroyed or stolen and upon surrender and cancellation of such mutilated Special Warrant Certificate or in lieu of and in substitution for such lost, destroyed or stolen Special Warrant Certificate and the substituted Special Warrant Certificate shall be in a form approved by the Trustee and shall entitle the holder thereof to the benefits hereof and rank equally in accordance with its terms with all other Special Warrants issued hereunder. The applicant for the issue of a new Special Warrant Certificate pursuant to this Section 2.7 shall bear the reasonable costs including applicable taxes of the issue thereof and in case of loss, destruction or theft shall, as a condition precedent to the issue thereof, furnish to the Company and to the Trustee such evidence of ownership and of the loss, destruction or theft of the Special Warrant Certificate so lost, destroyed or stolen as shall be satisfactory to the Company and to the Trustee, in their discretion and such applicant may also be required to furnish an indemnity and a surety bond in amount and form satisfactory to the Company and the Trustee in their discretion, and shall pay the reasonable charges of the Company and the Trustee in connection therewith. 2.8 ISSUE OF SPECIAL WARRANTS. Special Warrant Certificates shall be signed by the Company as aforesaid and delivered to the Trustee from time to time. The Trustee shall countersign any Special Warrant Certificate delivered by the Company to the Trustee as aforesaid and shall forthwith deliver to the person or persons in whose name or names the Special Warrant Certificate is to be issued (as specified in any written order from time to time given by the Company to the Trustee and signed by the Chairman, President, Vice-President, Treasurer, Secretary or Assistant Secretary of the Company) or mail to such person or persons at their 11 respective addresses specified in the written order from the Company the Special Warrant Certificate for the appropriate number of Special Warrants. 2.9 FRACTIONS. Certificates representing fractional Special Warrants shall not be issued or otherwise provided for. 2.10 SPECIAL WARRANTS TO RANK PARI PASSU. All Special Warrants shall rank pari passu, whatever may be the actual date of issue of same. 2.11 EXCHANGE OF SPECIAL WARRANTS. Except as otherwise herein provided: (a) Special Warrant Certificates may, upon compliance with the reasonable requirements of the Trustee, be exchanged for Special Warrant Certificates in any other authorized denomination representing in the aggregate the same number of Special Warrants. The Company shall sign and the Trustee shall countersign, in accordance with Section 2.5 and 2.6, all Special Warrant Certificates necessary to carry out the exchanges contemplated herein; (b) Special Warrant Certificates may be exchanged only at the principal stock transfer office of the Trustee in the city of Vancouver. Any Special Warrant Certificates tendered for exchange shall be surrendered to the Trustee and cancelled; and (c) the Trustee may charge registered holders requesting an exchange a reasonable sum for each Special Warrant Certificate exchanged and payment of such charges and reimbursement of the Trustee or the Company for any and all taxes or governmental or other charges required to be paid shall be made by the party requesting such exchange as a condition precedent to such exchange. 2.12 RECOGNITION OF REGISTERED HOLDER. The Company and the Trustee may deem and treat the registered holder of any Special Warrant Certificate as the absolute beneficial owner of the Special Warrants represented thereby for all purposes under this Indenture, and the Company and the Trustee shall not be affected by any notice or knowledge to the contrary except where the Company or the Trustee is required to take notice by statute or by order of a court of competent jurisdiction. A Special Warrantholder shall be entitled to the rights evidenced by the Special Warrants registered in his name free from all equities or rights of set-off or counterclaim between the Company and the original or any intermediate holder thereof and all persons may act accordingly and the receipt by any such Special Warrantholder of the Common Shares issuable upon the exercise or deemed exercise thereof shall be a good discharge to the Company and the Trustee for the same and neither the Company nor the Trustee shall be bound to inquire into the title of any such holder except where the Company or the Trustee is required to take notice by statute or by order of a court of competent jurisdiction. 12 ARTICLE 3 COVENANTS OF THE COMPANY 3.1 COVENANTS OF THE COMPANY. The Company represents, warrants, covenants and agrees with the Trustee for the benefit of the Trustee and the Special Warrantholders as follows: (a) To Issue Special Warrants and Reserve Common Shares: The Company is duly authorized to create and issue the Special Warrants and that the Special Warrant Certificates, when issued and countersigned as herein provided, will be valid and enforceable against the Company and that, subject to the provisions of this Indenture, the Company will cause a sufficient number of the Common Shares from time to time issuable pursuant to the Special Warrants under this Indenture and the certificates representing such Common Shares to be duly issued and delivered in accordance with instructions on the Special Warrant Certificates and the terms hereof. At all times prior to and including the Expiry Time, while any of the Special Warrants are outstanding, the Company shall reserve and allot and conditionally issue out of its authorized capital a number of Common Shares sufficient to enable the Company to meet its obligation to issue Common Shares in respect of the exercise or deemed exercise of all Special Warrants outstanding hereunder from time to time. All Common Shares acquired pursuant to the exercise or deemed exercise of the Special Warrants shall be fully paid and non-assessable. (b) To Pay Trustee's Remuneration: The Company will pay to the Trustee from time to time reasonable remuneration for its services hereunder and will, upon the Trustee's request, pay to or reimburse the Trustee for all reasonable expenses, disbursements and advances made or incurred by the Trustee in the administration or execution of the trust hereof (including the compensation and disbursements of its counsel and other advisors and assistants not regularly in its employ), both before a default hereunder and thereafter until all duties of the Trustee hereunder have been finally and fully performed. (c) To Execute Further Assurances: The Company will do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered, all other acts, deeds and assurances in law as the Trustee may reasonably require for effecting the intentions and provisions of this Indenture. (d) To Carry on Business: Subject to the express provisions hereof, the Company will at all times maintain its corporate existence, carry on and conduct and will cause to be carried on and conducted its business in the same manner as heretofore carried on and conducted, provided, however, that the Company or any subsidiary of the Company may dispose of any business, premises, property or operation if in the reasonable opinion of the directors or officers of the Company or any subsidiary of the Company, as the case may be, it would be advisable and in the best interests of the Company or any subsidiary of the Company to do so; and subject to the express provisions hereof, it will do or cause to be done all 13 things necessary to preserve and keep in full force and effect its corporate existence, provided, however, that (subject to compliance with the provisions of Article 4 hereof) nothing herein contained shall prevent the amalgamation, consolidation or merger of the Company or any subsidiary of the Company or the abandonment of any rights and franchises of the Company or any subsidiary of the Company if, in the reasonable opinion of the directors or officers of the Company, or the directors or officers of any subsidiary of the Company, as the case may be, it would be advisable and in the best interests of the Company or of such subsidiary of the Company to do so. The Company will keep or cause to be kept proper books of account in accordance with generally accepted accounting practice and will file with the Trustee copies of all annual statements of the Company furnished to its shareholders after the date hereof, forthwith following delivery to its shareholders. (e) To Deliver Information: The Company will send to each Special Warrantholder copies of all financial statements and other materials furnished from time to time to holders of Common Shares after the date hereof. (f) Performance of Covenants By Trustee: If the Company shall fail to perform any of its covenants contained in this Indenture the Trustee may notify the Special Warrantholders of such failure on the part of the Company or may itself perform any of the said covenants capable of being performed by it, but, subject to Section 8.3 hereof, the Trustee shall be under no obligation to do so or to notify any Special Warrantholder. All sums reasonably expended or advanced by the Trustee in performance of its rights provided for in this Subsection 3.1(f) shall be repayable as provided in Subsection 3.1(b). No such performance, expenditure or advance by the Trustee shall be deemed to relieve the Company of any default hereunder. (g) Filings: The Company undertakes to file or cause to be filed all forms or undertakings required to be filed by the Company in connection with the issuance and sale of the Special Warrants so that the distribution of the Special Warrants may lawfully occur without the necessity of filing a prospectus or an offering memorandum in Canada (but on terms that will permit the Common Shares acquired by subscribers in the Qualifying Provinces upon exercise or deemed exercise of the Special Warrants to be sold by such subscribers at any time in the Qualifying Provinces subject to Applicable Securities Laws). All fees payable in connection with such filings shall be at the sole expense of the Company. (h) Reporting Issuer Status: The Company is a reporting issuer under the laws of the Qualifying Provinces, not in default of any requirements of such laws and the Company will use reasonable efforts to remain, a reporting issuer under the securities laws of the Qualifying Provinces, not in default of any requirement of such laws. 14 (i) Stock Exchange Listing: The Company will use reasonable efforts to ensure that the Common Shares issuable upon exercise or deemed exercise of the Special Warrants will, as soon as practicable after the Closing Date, or if there is more than one Closing Date, then the last Closing Date, be listed and posted for trading on the Toronto Stock Exchange (the "TSE"). The Company covenants to use reasonable efforts to maintain the listing of the Common Shares on such stock exchange. (j) Filing Prospectus: The Company will use reasonable efforts as soon as possible after the Closing Date, or if there is more than one Closing Date, then the last Closing Date to prepare, file and receive a receipt for a preliminary Prospectus in each of the Qualifying Provinces. If a preliminary Prospectus is filed and a receipt obtained therefore, the Company will use reasonable efforts to resolve any regulatory comments and satisfy any regulatory deficiencies in respect of the preliminary Prospectus and, as soon as practicable after such comments or deficiencies have been resolved or satisfied, shall use reasonable efforts to prepare, file and obtain a receipt from each of the securities commissions or similar regulatory authorities in each of the Qualifying Provinces for the final Prospectus and will take all other steps and proceedings that may reasonably be necessary in order to qualify the Common Shares issuable upon exercise or deemed exercise of the Special Warrants for distribution in each of the Qualifying Provinces to Special Warrantholders, subject to the control block provisions of Applicable Securities Laws. (k) Performance of Indenture: The Company will well and truly perform and carry out all of the acts or things to be done by it as provided in this Indenture. 3.2 NOTICE OF PROSPECTUS. The Company will give written notice to the Trustee of the issuance of the receipts for the final Prospectus referred to in Subsection 3.1(j) hereof forthwith following such issuance, and in any event no later than the second Business Day thereafter, which notice will be accompanied by a sufficient number of commercial copies of such final Prospectus for distribution to each Special Warrantholder. The Trustee shall, on the Business Day following the receipt of such notice, deliver written notice thereof to the Special Warrantholders, which notice will be accompanied by a commercial copy of the final Prospectus and will include a statement to the effect that any Special Warrants not exercised by the Expiry Time will be deemed exercised and surrendered by the Trustee on behalf of the holder thereof. 3.3 SUITS BY SPECIAL WARRANTHOLDER. Subject to the provisions of this Indenture, all or any of the rights conferred upon a Special Warrantholder by the terms of a Special Warrant may be enforced by such Special Warrantholder by appropriate legal proceedings without prejudice to the right which is hereby conferred upon the Trustee to proceed in its own name to enforce each and all of the provisions herein contained for the benefit of the Special Warrantholders from time to time. 15 3.4 SECURITIES QUALIFICATION REQUIREMENTS. (a) If, in the opinion of counsel, any instrument (not including a prospectus, except as contemplated by Section 3.1 hereof) is required to be filed with or any permission, order or ruling is required to be obtained from any securities regulatory authority or any stock exchange or any other actions are required under any Canadian federal law or any provincial laws of the Qualifying Provinces or any stock exchange rules before any securities or property, including Common Shares, which a Special Warrantholder is entitled to receive pursuant to the exercise or deemed exercise of a Special Warrant may properly and legally be issued and delivered upon the exercise or deemed exercise of a Special Warrant and thereafter traded, the Company covenants that it will use reasonable efforts to file such instrument, obtain such permission, order or ruling or take all such other actions at its expense, as is required or appropriate in the circumstances. (b) The Company will give written notice of, and will make all necessary filings in respect of, the issue of the Common Shares pursuant to the exercise or deemed exercise of Special Warrants, in such detail as may be required, to any stock exchange upon which the Common Shares may be listed or to the securities regulatory authority in a Qualifying Province if there is therein any legislation, ruling or order requiring the giving of any such notice or the making of any such filings in order that the subsequent disposition of the Common Shares so issued will not be subject to the prospectus requirements of such legislation, ruling or order (subject to any applicable hold periods). (c) The Company has no obligation to register or qualify the Special Warrants or the Common Shares under the U.S. Securities Act or the securities laws of any state of the United States. 3.5 TRUSTEE MAY INSTITUTE PROCEEDINGS. The Trustee shall also have the power at any time and from time to time to institute and to maintain such suits and proceedings as it may be advised shall be necessary or advisable to preserve and protect its interest and the interests of the Special Warrantholders. ARTICLE 4 ADJUSTMENT OF SUBSCRIPTION RIGHTS 4.1 ADJUSTMENT OF SUBSCRIPTION RIGHTS. The subscription rights attaching to the Special Warrants with respect to the Common Shares issuable upon the exercise or deemed exercise of the Special Warrants shall be subject to adjustment from time to time as follows: (a) if and whenever at any time from the date hereof and prior to the Expiry Time, the Company shall: (i) subdivide its outstanding Common Shares into a greater number of shares; or 16 (ii) consolidate its outstanding Common Shares into a smaller number of shares; the number of Common Shares obtainable upon the exercise or deemed exercise of each Special Warrant shall be adjusted, at no cost to such holder, immediately after the effective date of such subdivision or consolidation by multiplying the number of Common Shares theretofore obtainable on the exercise or deemed exercise thereof by the fraction of which: (A) the numerator shall be the total number of Common Shares outstanding immediately after such date, or, in the case of the issuance of convertible securities, the total number of Common Shares outstanding immediately after such date plus the total number of Common Shares issuable upon conversion or exchange of such convertible securities, and (B) the denominator shall be the total number of Common Shares outstanding immediately prior to such date, and such adjustment shall be made successively whenever any event referred to in this Subsection 4.1(a) shall occur (and all adjustments in this Subsection are cumulative); (b) if and whenever at any time from the date hereof and prior to the Expiry Time, the Company shall issue or distribute to the holders of all or substantially all of the Company's outstanding Common Shares or any securities of the Company including rights, options or warrants to acquire shares of the Company or securities convertible into or exchangeable for shares of the Company or property or assets including cash or evidences of indebtedness, the holder of any Special Warrant who thereafter shall exercise or be deemed to have exercised his right to subscribe for Common Shares thereunder shall be entitled to receive, at no cost to such holder, and shall accept for the same aggregate consideration, in addition to the Common Shares to which he was theretofore entitled upon such exercise or deemed exercise, the kind and amount of securities or property which such holder would have been entitled to receive as a result of such issue or distribution as if, on the effective date thereof, he had been the registered holder of the number of Common Shares to which he was theretofore entitled upon such exercise or deemed exercise and if determined appropriate by the directors, appropriate adjustments shall be made as a result of any such issue or distribution to the rights and interests of Special Warrantholders thereafter so that the provisions of this Article 4 shall thereafter apply correspondingly to any securities or other property thereafter deliverable upon the exercise or deemed exercise of any Special Warrant and any such adjustments shall be made by and set forth in an agreement supplemental hereto approved by the directors and shall for all purposes be conclusively deemed to be appropriate adjustments; 17 (c) if and whenever at any time from the date hereof and prior to the Expiry Time, there is a reclassification of the Common Shares or a capital reorganization of the Company other than as described in Subsections 4.1(a) or (b) or a consolidation, amalgamation or merger of the Company with or into any other body corporate, trust, partnership or other entity, or a sale or conveyance of the property and assets of the Company as an entirety or substantially as an entirety, any Special Warrantholder who has not exercised his right of subscription prior to the effective date of such reclassification, reorganization, consolidation, amalgamation, merger, sale or conveyance, upon the exercise or deemed exercise of such right thereafter, shall be entitled to receive and shall accept the kind and number of securities or property that such Special Warrantholder would have been entitled to receive on such reclassification, capital reorganization, consolidation, amalgamation, merger, sale or conveyance, if, on the record date or the effective date thereof, as the case may be, the Special Warrantholder had been the registered holder of the number of Common Shares receivable upon the exercise or deemed exercise of Special Warrants then held, subject to adjustment thereafter in accordance with provisions the same, as nearly as may be possible, as those contained in this Section 4.1; provided that no such action shall be carried into effect unless all necessary steps shall have been taken so that the holders of the Special Warrants shall thereafter be entitled to receive such kind and number of securities and property. The Company, its successor, or the purchasing body corporate, partnership, trust or other entity, as the case may be, shall, as a condition precedent to any such reclassification, reorganization, consolidation, amalgamation, merger, sale or conveyance, take all necessary steps hereunder to enter into an agreement which shall provide, to the extent possible, for the application of the provisions set forth in this Indenture with respect to the rights and interests thereafter of the Special Warrantholders to the end that the provisions set forth in this Indenture shall thereafter correspondingly be made applicable, as nearly as may reasonably be, with respect to any shares other securities or property to which a Special Warrantholder is entitled on the exercise or deemed exercise of his Special Warrants thereafter. Any agreement entered into between the Company and the Trustee pursuant to the provisions of this Subsection 4.1(c) shall be a supplemental agreement entered into pursuant to the provisions of Article 7 hereof. Any agreement entered into between the Company, any successor to the Company or any purchasing body corporate, partnership, trust or other entity and the Trustee shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided in this Section 4.1 and which shall apply to successive reclassifications, reorganizations, amalgamations, consolidations, mergers, sales or conveyances; (d) in any case in which this Section 4.1 shall require that an adjustment shall become effective immediately after a record date for an event referred to herein, the Company may defer, until the occurrence of such event, issuing to the holder of any Special Warrant exercising or deemed to be exercising his subscription rights after such record date the additional Common Shares or other securities or 18 property issuable upon such exercise or deemed exercise by reason of the adjustment required by such event; provided, however, that the Company shall deliver to such holder an appropriate instrument evidencing such holder's right to receive such additional Common Shares or other securities or property, as the case may be, upon the occurrence of the event requiring such adjustment and the right to receive any distributions made on such additional Common Shares or other securities or property, as the case may be, declared in favour of holders of record of Common Shares or other securities or property, as the case may be, on and after the date of exercise or deemed exercise or such later date as such holder would but for the provisions of this Subsection 4.1(d), have become the holder of record of such additional Common Shares or other securities or property, as the case may be, pursuant to the exercise or deemed exercise of the Special Warrants held by such holder; (e) after any adjustment pursuant to this Section 4.1, the term "Common Shares" where used in this Indenture shall be interpreted to mean securities of any class or classes which, as a result of such adjustment and all prior adjustments pursuant to this Section 4.1, a Special Warrantholder is entitled to receive upon the exercise or deemed exercise of such holder's Special Warrants, and the number of Common Shares indicated in any exercise made pursuant to a Special Warrant shall be interpreted to include the number of Common Shares or other property or securities a Special Warrantholder is entitled to receive, as a result of such adjustment and all prior adjustments pursuant to this Section, upon the full exercise or deemed exercise of a Special Warrant; (f) all shares of any class or other securities or property which a Special Warrantholder is at the time in question entitled to receive on the full exercise or deemed exercise of his Special Warrant, whether or not as a result of adjustments made pursuant to this Section 4.1 shall, for the purposes of the interpretation of this Indenture, be deemed to be Common Shares which such Special Warrantholder is entitled to subscribe for pursuant to the exercise or deemed exercise of such Special Warrant; (g) anything in this Section 4.1 to the contrary notwithstanding, no adjustment shall be made in the subscription rights attached to the Special Warrants if the issue of Common Shares is being made pursuant to any stock option or stock purchase plan in force from time to time for directors, officers or employees of the Company or any other currently existing obligation of the Company disclosed to the Trustee and the Special Warrantholders at the date hereof; and (h) in the event of any question arising with respect to the adjustments provided for in this Section 4.1 such question shall be conclusively determined, subject to the consent of any stock exchange upon which the Common Shares are then listed, by a firm of chartered accountants appointed by the Company and acceptable to the Trustee (which may be the Company's auditors). Such accountants shall have access to all necessary records of the Company, and such determination shall be 19 binding upon the Company, the Trustee, all Special Warrantholders and all other persons interested therein. In the event that any such determination is made, the Company shall deliver a certificate to the Trustee describing such determination; provided that no adjustment will be required if the holder of a Special Warrant is otherwise entitled to participate in the event which triggers the adjustment pursuant to this Section 4.1 on the same basis as such Special Warrantholder would have been entitled had he exercised or been deemed to have exercised his Special Warrants and subscribed for Common Shares immediately prior to such event. Any such participation shall be subject to the prior consent of the TSE. 4.2 PROCEEDINGS PRIOR TO ANY ACTION REQUIRING ADJUSTMENT. As a condition precedent to the taking of any action which would require an adjustment in any of the subscription rights arising pursuant to the exercise or deemed exercise of any of the Special Warrants, including the number of Common Shares which are to be received upon the exercise or deemed exercise thereof, the Company shall take any corporate action which may, in the opinion of counsel, be necessary in order for the Company to allot and reserve for issuance and to validly and legally issue as fully paid and non-assessable, such number of Common Shares and validly and legally deliver all other securities or property in which the holders of such Special Warrants are entitled to receive on the full exercise or deemed exercise thereof in accordance with the provisions hereof. 4.3 CERTIFICATE OF ADJUSTMENT. The Company shall from time to time immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 4.1 hereof, deliver a certificate of the Company to the Trustee specifying the nature of the event requiring the same and the amount of the adjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based, which certificate and the amount of the adjustment specified therein shall be verified by the auditors of the Company, upon whose verification the Trustee shall be entitled to act and rely. When so verified, the Company shall, except in respect of any subdivision, or consolidation of the Common Shares, forthwith give written notice to the Special Warrantholders specifying the event requiring such adjustment or readjustment and the results thereof; provided that if the Company has already given the required notices under Section 4.5 hereof covering all the relevant facts in respect of such event and if the Trustee consents in writing, no further notice need be given under this Section 4.3. 4.4 ADJUSTMENT RULES. The adjustments provided for in this Article 4 are cumulative and shall apply (without duplication) to successive actions requiring an adjustment under the provisions of Section 4.1; provided that, notwithstanding any other provision of this Article 4, no adjustment shall be made in the number of Common Shares which may be subscribed for on the exercise or deemed exercise of a Special Warrant unless it would result in a change of at least one-hundredth of a Common Share (provided, however, that any adjustments which by reason of this Section 4.4 are not required to be made shall be carried forward and taken into account in any subsequent adjustment). In the event that the Company after the date of this Indenture shall take any action affecting the Common Shares other than action described in this Article 4, the directors of the 20 Company may, but shall not be required to, make any other adjustments to the number of Common Shares which may be acquired upon exercise or deemed exercise of the Special Warrants, to the extent, if any, such directors deem appropriate, provided that no such adjustment shall be made which increases the Subscription Price or decreases the number of Common Shares which may be acquired upon exercise or deemed exercise of the Special Warrants. 4.5 NOTICE OF SPECIAL MATTERS. The Company covenants with the Trustee that so long as any Special Warrant remains outstanding it will give at least fourteen (14) days' prior written notice in the manner provided for in Article 9 to the Trustee and to each Special Warrantholder of any event which requires an adjustment to the subscription rights attaching to any of the Special Warrants pursuant to this Article 4. The Company covenants and agrees that such notice shall contain the particulars of such event in reasonable detail and, if determinable, the required adjustment in the manner provided for in this Article 4. The Company further covenants and agrees that it shall promptly as soon as the adjustment calculations are reasonably determinable, file a Certificate of the Company with the Trustee showing how such adjustment shall be computed and direct the Trustee to send a copy of such certificate to the Special Warrantholders. 4.6 NO ACTION AFTER NOTICE. The Company covenants with the Trustee that it will not close its transfer books or take any other corporate action which might deprive the holder of a Special Warrant of the opportunity of exercising his right of subscription pursuant thereto during the period of fourteen (14) days after the giving of the notice set forth in Section 4.3 and 4.5 hereof. 4.7 PROTECTION OF TRUSTEE. The Trustee: (a) shall not at any time be under any duty or responsibility to any Special Warrantholder to determine whether any facts exist which may require any adjustment contemplated by Section 4.1 hereof, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed in making the same; (b) shall not be accountable with respect to the validity or value (or the kind or amount) of any Common Share or of any shares or other securities or property which may at any time be issued or delivered upon the exercise or deemed exercise of the subscription rights attaching to any Special Warrant; (c) shall not be responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver Common Shares or certificates for the same upon the surrender or deemed surrender of any Special Warrants for the purpose of the exercise or deemed exercise of such rights or to comply with any of the covenants contained in this Article 4; and (d) shall not incur any liability or responsibility whatever or be in any way responsible for the consequence of any breach on the part of the Company of any 21 of the representations, warranties or covenants herein contained or of any acts of the agents or servants of the Company. ARTICLE 5 EXERCISE AND CANCELLATION OF SPECIAL WARRANTS 5.1 EXERCISE OF SPECIAL WARRANTS. Upon and subject to the provisions of this Article 5, any holder of a Special Warrant may exercise the right thereby conferred on him to subscribe for Common Shares for no additional consideration by surrendering to the Trustee after the issuance of the Special Warrants to such holder and until the Expiry Time at its principal office in the city of Vancouver, the Special Warrant Certificate evidencing the Special Warrants, with the exercise form attached to the Special Warrant Certificate duly completed and executed by the holder or his executors or administrators or other legal representatives or his or their attorney duly appointed by an instrument in writing in form and manner satisfactory to the Trustee. The Trustee may act and rely on the address form for determining residency of the subscribing holder. Unless the Company has instructed the Trustee in writing to waive any or all of the following requirements, the Special Warrants may not be exercised by or for the account or benefit of a U.S. Person or a person in the United States unless the holder certifies in writing to the Company and the Trustee that the holder is: (i) an original subscriber of Special Warrants who has re-confirmed in writing to the Company and the Trustee each of the representations and warranties made by the holder in connection with such holder's subscription for Special Warrants; or (ii) a registered transferee of such Special Warrants who has complied with Subsection 2.3(d) hereof provided that the Company may, in its sole discretion, accept, in substitution for the foregoing, evidence satisfactory to the Company and the Trustee, acting reasonably, to the effect that the Common Shares have been registered under the U.S. Securities Act and applicable state securities laws or that the Common Shares may be issued upon exercise of the Special Warrants without registration under the U.S. Securities Act and any applicable state securities laws. The foregoing requirements shall not apply to any deemed exercise by the Trustee of Special Warrants pursuant to the terms hereof as long as the holder is an original subscriber or a registered transferee of such Special Warrants. The exercise form attached to the Special Warrant Certificate shall be signed as set out above and shall specify: (a) the number of Common Shares which the Special Warrantholder wishes to subscribe for upon the exercise of the Special Warrants (being not greater than the aggregate number of the Common Shares which such Special Warrantholder is entitled to acquire pursuant to the Special Warrants so surrendered); and (b) the person or persons in whose name or names the Common Shares are to be registered, the address or addresses and the social insurance number or numbers of such person or persons and the number of Common Shares to be issued to each such person if more than one is so specified, provided that the Special 22 Warrantholder shall only be entitled to direct his entitlement to the Common Shares in a manner permitted by applicable securities legislation, and provided further that no certificates for Common Shares shall be registered at or delivered to an address in the United States unless the person in whose name the certificates are registered has complied with the requirements of Subsection 2.3(d) hereof and the Special Warrants will only be deemed to be surrendered when actually received by the Trustee. Any Special Warrants not exercised before the Expiry Date shall be deemed to be exercised and surrendered by the Trustee on behalf of the holder thereof as of 4:59 p.m. (Vancouver time) on the Expiry Date. If any of the Common Shares in respect of which the Special Warrants are exercised are to be issued to a person or persons other than the Special Warrantholder in accordance with the provisions of Section 2.3 hereof, the Special Warrantholder shall pay to the Trustee all requisite stamp or security transfer taxes or other governmental charges exigible in connection with the issue of such Common Shares to such other person or persons or shall establish to the satisfaction of the Trustee that such taxes and charges have been paid. If at the time of the exercise or deemed exercise of the Special Warrants, there remain trading restrictions on the Common Shares acquired, due to applicable securities legislation in the Qualifying Provinces, the Company may, on the advice of counsel, endorse the certificates evidencing such Common Shares accordingly until such time as the Company determines that such endorsement is no longer necessary to avoid a violation of such laws by the Company and so advises the Trustee in writing or the holder of any such endorsed certificate, at the holder's expense, provides the Company with evidence satisfactory in form and substance to the Company (which may include an opinion of counsel satisfactory to the Company) to the effect that such holder is entitled to sell or otherwise transfer such Common Shares in a transaction in which such endorsement is not required, whereupon such endorsed certificate may thereafter be surrendered to the Company in exchange for a certificate which does not bear such endorsement. After delivery of the certificates representing the Common Shares, in the event of non-receipt of any such certificates by the person to whom it is so sent as aforesaid, or the loss or destruction thereof, the Company shall issue and the Trustee shall countersign and deliver to such person a replacement certificate of like date and tenor in place of the one lost or destroyed upon being furnished with such evidence of ownership and non-receipt, loss or destruction and with such indemnity and surety bond or security as the Trustee may reasonably require. The Special Warrantholder shall bear the cost of the issue of such replacement certificates. 5.2 EFFECT OF EXERCISE OF SPECIAL WARRANTS. Upon valid exercise or deemed exercise of the Special Warrants as provided in Section 5.1 hereof, the Common Shares in respect of which the Special Warrants are validly or deemed exercised shall be deemed to have been issued, and such person or persons as are specified pursuant to Section 5.1 hereof shall be deemed to have become the holder or holders of record of such securities on the date of such valid exercise 23 (herein called the "Exercise Date") unless the stock transfer books of the Company shall be closed by law on the said date of such valid exercise, in which case such securities shall be deemed to have been issued, such person or persons shall be deemed to have become the holder or holders of record of such securities and the Exercise Date shall be deemed to be on the date on which such stock transfer books are next re-opened. Upon valid exercise of the Special Warrants as aforesaid, the Trustee shall forthwith give written notice thereof to the Company. In the case of a Special Warrant which is exercised by a holder in accordance with the provisions of Section 5.1, within five Business Days after the Exercise Date of such Special Warrant, the Company shall: (a) cause to be mailed to the person in whose name the Common Shares so subscribed for are to be issued, as specified in the Special Warrant, at the address specified therein; (b) if so specified therein, cause to be delivered to such person at the office of the Trustee where such Special Warrant was surrendered; or (c) if no specification as contemplated by (a) or (b) is provided, cause to be mailed to the person in whose name the Common Shares are to be issued at the address of such person last appearing on the register maintained by the Trustee pursuant hereto or as such person may otherwise notify the Trustee in writing on or prior to the Exercise Date, certificates for the Common Shares to which the Special Warrantholder is entitled pursuant to the Special Warrants so exercised. In the case of a Special Warrant which is deemed to be exercised and surrendered by the Trustee on behalf of a Special Warrantholder in accordance with the provisions of Section 5.1, as soon as practicable following the deemed exercise by the Trustee of such Special Warrants, and provided that notice has not been given in accordance with the provisions of Section 3.2, the Trustee shall notify each of such holders in accordance with the provisions of Section 9.2 to the effect the Trustee has so exercised and surrendered the Special Warrants on behalf of the Special Warrantholder and that they shall be entitled to receive certificates for the Common Shares to which they have become entitled. Within five (5) Business Days after such deemed exercise and surrender of such Special Warrant, the Company shall cause certificates representing such Common Shares to be mailed to the address of the holder of the Special Warrants so exercised last appearing on the register maintained by the Trustee pursuant to Section 2.2 or as such person may otherwise notify the Trustee in writing on or prior to the Exercise Date. 5.3 POSTPONEMENT OF DELIVERY OF CERTIFICATES. The Company shall not be required to deliver certificates in respect of Common Shares during any period when the stock transfer books of the Company are closed by law and in the event of an exercise or deemed exercise of a 24 Special Warrant during such period, the delivery of certificates evidencing such Common Shares may be postponed for a period not exceeding five (5) Business Days after the date of the re-opening of the stock transfer books. 5.4 SPECIAL WARRANTS VOID AFTER EXPIRY TIME. Upon the earlier of (i) the exercise or deemed exercise of the Special Warrants and (ii) the Expiry Time, the Special Warrants shall be void and of no value or effect. 5.5 FRACTIONS. To the extent that the holder of a Special Warrant is entitled to receive on the exercise or partial exercise thereof a fraction of a Common Share, such right may only be exercised in respect of such fraction in combination with another Special Warrant or other Special Warrants which in the aggregate entitle the holder to receive a whole number of Common Shares. If a holder is not able to, or elects not to, combine Special Warrants so as to be entitled to acquire a whole number of Common Shares, the Company shall make an appropriate cash adjustment to such holder in respect only of the entitlement to a fractional Common Share. In respect of any holder, the Company shall only be required to make such a cash adjustment once and for one (1) fractional Common Share and no more. The amount of the cash adjustment shall be equal to the fraction of a Common Share to which the holder would be entitled multiplied by the Current Market Price. The Company will not, under any circumstances, be obligated to issue a cheque to a Special Warrantholder of less than US$10.00. The price to be paid shall be provided by the Company in writing to the Trustee on request. 5.6 PARTIAL EXERCISE OF SPECIAL WARRANTS. The holder of any Special Warrants may acquire a number of Common Shares less than the number which the holder is entitled to acquire pursuant to the surrendered Special Warrant Certificate(s). In the event of any exercise of a number of Special Warrants less than the number which the holder is entitled to exercise, the holder of the Special Warrants upon such exercise shall be entitled to receive, without charge therefor, a new Special Warrant Certificate(s) in respect of the balance of the Special Warrants represented by the surrendered Special Warrant Certificate(s) which were not then exercised. 5.7 ACCOUNTING AND RECORDING. The Trustee shall: (a) promptly account to the Company with respect to Special Warrants exercised or deemed exercised and any securities or other instruments, from time to time received by the Trustee shall be received in trust for, and shall be segregated and kept apart by the Trustee in trust for, the Company; and (b) record the particulars of Special Warrants exercised or deemed exercised, which particulars shall include the names and addresses of the persons who become holders of Common Shares on exercise and the Exercise Date in respect thereof. The Trustee shall provide such particulars in writing to the Company within five (5) Business Days of any request by the Company therefor. 25 ARTICLE 6 MEETINGS OF SPECIAL WARRANTHOLDERS 6.1 CONVENING OF MEETING. A meeting of Special Warrantholders may be convened at any time by the Trustee or the Company or by the Special Warrantholders holding not less than twenty-five per cent (25%) of the aggregate number of Special Warrants then outstanding, who shall serve the Trustee with a requisition signed by such holders and the Trustee, upon being funded and indemnified, shall then be bound to convene a meeting of Special Warrantholders. In the event that the Trustee fails to convene the meeting after being duly required to do so, the holders of the then outstanding Special Warrants representing no less than twenty-five per cent (25%) of the aggregate number of Special Warrants then outstanding may themselves convene a meeting, the notice of which shall be signed by any person as such Special Warrantholders may specify, provided that every such meeting shall be held at the City of Vancouver or such other place as the Trustee may approve and the Trustee and the Company shall receive notice of such meeting, as provided in Section 6.2 hereof. 6.2 NOTICE. At least twenty-one (21) days prior notice of a meeting of Special Warrantholders shall be given to all Special Warrantholders, the Trustee and the Company in accordance with Article 9 hereof, and the notice shall state the time, place and in general terms the nature of the business to be transacted but it shall not be necessary to specify the text of the resolutions to be considered. It shall not be necessary to specify the nature of business to be transacted at an adjourned meeting. 6.3 CHAIRMAN. The chairman of the meeting of Special Warrantholders shall be designated in writing by the Trustee and need not be a Special Warrantholder. If no person is so designated or if the person so designated is not present within twenty-five (25) minutes after the time fixed for the holding of a meeting, the Special Warrantholders and proxyholders for Special Warrantholders present at the meeting shall choose one of their members to be the chairman. 6.4 QUORUM. A quorum consists of those Special Warrantholders, whether present in person or represented by proxy, holding not less than twenty-five per cent (25%) of the aggregate number of Special Warrants then outstanding. If at a meeting, a quorum is not present or represented by proxy within thirty (30) minutes after the time appointed for the meeting, then the meeting, if called by or upon the requisition of Special Warrantholders shall be dissolved, but in any other case after the appointment of a chairman, the meeting shall stand adjourned to such day being not less than five (5) Business Days later and to such place and time as may be appointed by the chairman of the meeting. At the adjourned meeting, those persons present in person and owning Special Warrants or representing by proxy Special Warrantholders shall, in any event, constitute a quorum for the transaction of business for which the original meeting was convened. The chairman of any meeting at which a quorum of the Special Warrantholders is present may with the consent of the meeting, adjourn any such meeting, and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe. 6.5 SHOW OF HANDS. Subject to Section 6.6 hereof, every question submitted to a meeting, except one requiring an Extraordinary Resolution, shall be decided in the first instance 26 by a majority of hands on a show of hands, the outcome of which will be declared by the chairman. Each Special Warrantholder present, in person or by proxy, shall have one vote. 6.6 POLL. A poll shall be taken when requested by a Special Warrantholder acting in person or by proxy and, when demanded on the election of a chairman or on the question of adjournment, it shall be taken forthwith. If demanded on any other question or on an Extraordinary Resolution, a poll shall be taken in such manner and either at once or after an adjournment as the chairman may direct. The result of a poll shall be the decision of the meeting at which the poll was demanded. On a poll vote, each Special Warrantholder acting in person or by proxy shall have one vote for each Special Warrant which he holds or represents. Votes may be given in person or by proxy and the proxyholder need not be a Special Warrantholder. The chairman of any meeting shall be entitled to vote in respect of any Special Warrants and proxies held by him. 6.7 REGULATIONS. The Trustee, or the Company with the approval of the Trustee, may from time to time make and from time to time vary such regulations not contrary to the provisions of this Indenture as it shall think fit providing for and governing: (a) the setting of the record date for a meeting for the purpose of determining Special Warrantholders entitled to receive notice of and to vote at a meeting; (b) voting by proxy, the form of instrument appointing proxyholders, the manner in which proxies are to be executed and the production of the authority of any persons signing on behalf of a Special Warrantholder; (c) the lodging of and means of forwarding the instruments appointing proxyholders and the time before the holding of a meeting or adjourned meeting by which the instruments appointing proxyholders are to be deposited; and (d) any other matter relating to the conduct of meetings of Special Warrantholders. Any regulations so made shall be binding and effective on the holders and votes given in accordance therewith shall be valid and counted. The Trustee may permit Special Warrantholders to provide proof of ownership of the Special Warrants in such manner as the Trustee may approve. Save as aforesaid, the only persons who shall be recognized at any meeting as Special Warrantholders or entitled to vote or, except as provided in Section 6.12 hereof, be present at the meeting in respect thereof shall be persons who are registered Special Warrantholders or are duly appointed proxyholders for registered Special Warrantholders. 6.8 MINUTES. Minutes of all resolutions passed and proceedings taken at every meeting as aforesaid shall be made and duly entered in books to be from time to time provided for that purpose by the Trustee at the expense of the Company and any such minutes as aforesaid, if signed by the chairman of the meeting at which such resolutions were passed or proceedings taken, or by the chairman of the next succeeding meeting of Special Warrantholders, shall be prima facie evidence of the matters therein stated and until the contrary is proved, every such 27 meeting in respect of the proceedings of which minutes shall have been made shall be deemed to have been duly held and convened and all resolutions passed thereat or proceedings taken to have been duly passed and taken. 6.9 POWERS EXERCISABLE BY EXTRAORDINARY RESOLUTION. Subject to the prior approval of the TSE, the Special Warrantholders shall have the power from time to time by Extraordinary Resolution: (a) to agree to or sanction any modification, abrogation, alteration or compromise of the rights of the Special Warrantholders or the Trustee (subject to the consent of the Trustee) in its capacity as agent hereunder or on behalf of Special Warrantholders against the Company which shall be agreed to by the Company whether such rights arise under this Indenture or under the Special Warrants or otherwise; (b) to assent to any change in or omission from the provisions contained in the Special Warrants and this Indenture or any ancillary or supplemental instrument which may be agreed to by the Company and to authorize the Trustee to concur in and execute any ancillary or supplemental agreement embodying the change or omission; (c) with the consent of the Company, not to be unreasonably withheld, to remove the Trustee or its successor in office and to appoint a new agent or agents to take the place of the Trustee so removed; (d) to require, direct or authorize the Trustee to enforce any of the covenants on the part of the Company contained in this Indenture or the Special Warrants or to enforce any of the rights of the Special Warrantholders in any manner specified in such Extraordinary Resolution or to refrain from enforcing any such covenant or right upon the Trustee being furnished with an indemnity, and such funding as the Trustee may, in the reasonable exercise of its discretion determine it requires to so act; (e) to restrain any Special Warrantholder from instituting or continuing any suit or proceedings against the Company for the enforcement of the covenants on the part of the Company contained in this Indenture or any of the rights conferred upon the Special Warrantholders by the Special Warrants and this Indenture; (f) to direct any Special Warrantholder who, as such, has brought any suit, action or proceeding to stay or discontinue or otherwise deal with the same upon payment of the costs, charges and expenses reasonably and properly incurred by such Special Warrantholder in connection therewith; (g) to waive and direct the Trustee to waive any default on the part of the Company in complying with any of the provisions of this Indenture or the Special Warrants 28 either unconditionally or upon any conditions specified in such Extraordinary Resolution; (h) to assent to any compromise or arrangement with any creditor or creditors or any class or classes of creditors, whether secured or unsecured, and with holders of any shares or other securities of the Company; and (i) to amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the Special Warrantholders. An Extraordinary Resolution of the Special Warrantholders is binding upon all the Special Warrantholders whether present or not present at the meeting at which the Extraordinary Resolution was passed or whether or not assented to in writing and each Special Warrantholder, the Trustee and the Company shall be bound to give effect to the Extraordinary Resolution to the extent that the Extraordinary Resolution applies to such party. 6.10 MEANING OF "EXTRAORDINARY RESOLUTION". The expression "Extraordinary Resolution" when used in this Indenture means, subject to Section 6.13, a resolution proposed to be passed as an extraordinary resolution at a meeting of Special Warrantholders duly convened for the purpose and held in accordance with the provisions of this Article 6 and attended in person or by proxy by Special Warrantholders holding not less than fifty per cent (50%) of the Special Warrants outstanding and passed by not less than sixty-six and two-thirds per cent (66 2/3%) of the votes cast upon such resolution. If, at any meeting called for the purpose of passing an Extraordinary Resolution, Special Warrantholders holding at least fifty per cent (50%) of the aggregate number of Special Warrants are not present in person or by proxy within thirty (30) minutes after the time appointed for the meeting, then the meeting if convened by Special Warrantholders or on a Special Warrantholders' request, shall be dissolved; but in any other case it shall be adjourned to such day, being not less than fifteen (15) or more than thirty (30) days later, and to such place and time as may be appointed by the chairman. Not less than ten (10) days' prior notice shall be given of the time and place of such adjourned meeting in the manner provided in Section 9.2. Such notice shall state that at the adjourned meeting the Special Warrantholders present in person or by proxy shall form a quorum but it shall not be necessary to set forth the purposes for which the meeting was originally convened or any other particulars. At the adjourned meeting the Special Warrantholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened and a resolution proposed at such adjourned meeting and passed by the requisite vote as provided in this Section shall be an Extraordinary Resolution within the meaning of this Indenture notwithstanding that Special Warrantholders holding at least fifty per cent (50%) of the aggregate number of Special Warrants outstanding are not present in person or by proxy at such adjourned meeting. Subject to Section 6.13 hereof, votes on an Extraordinary Resolution shall always be given on a poll. 29 6.11 POWERS CUMULATIVE. It is hereby declared and agreed that any one or more of the powers or any combination of the powers in this Indenture stated to be exercisable by the Special Warrantholders by Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time to time shall not be deemed to exhaust the right of the Special Warrantholders to exercise the same or any other such power or powers or combination of powers then or thereafter from time to time. 6.12 COMPANY, SPECIAL WARRANTHOLDERS AND TRUSTEE MAY BE REPRESENTED. The Company and the Trustee, by their respective employees, officers and directors, and the legal and financial advisors and auditors of the Company and the Trustee may attend any meeting of the Special Warrantholders, but they shall have no vote as such. In addition, any Special Warrantholder is entitled to have his legal or financial advisors present at any such meeting, but such advisors shall have no vote as such. 6.13 INSTRUMENTS IN WRITING. All actions that may be taken and all powers that may be exercised by the Special Warrantholders at a meeting as hereinbefore in this Article provided may also be taken and exercised by holders of not less than one hundred per cent (100%) of the aggregate number of Special Warrants then outstanding by an instrument in writing signed in one or more counterparts by such holders and the expression "Extraordinary Resolution" when used in this Indenture shall include an instrument so signed. 6.14 BINDING EFFECT OF RESOLUTIONS. Every resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article 6 at a meeting of Special Warrantholders shall be binding upon all the Special Warrantholders, whether present at or absent from such meeting, and every instrument in writing signed by Special Warrantholders in accordance with Section 6.13 shall be binding upon all the Special Warrantholders, whether signatories thereto or not and each and every Special Warrantholder and the Trustee (subject to the provisions for indemnity herein contained) shall be bound to give effect accordingly to every such resolution and Extraordinary Resolution. In the case of an Extraordinary Resolution in writing, the Trustee shall give notice in the manner contemplated in Article 9 of the effect of the Extraordinary Resolution in writing to all Special Warrantholders and the Company as soon as it is reasonably practicable. 6.15 HOLDINGS BY THE COMPANY OR SUBSIDIARIES OF THE COMPANY DISREGARDED. In determining whether Special Warrantholders holding the required number of Special Warrants are present at a meeting of Special Warrantholders for the purpose of determining a quorum or have concurred in any consent, waiver, resolution, Extraordinary Resolution or other action under this Indenture, Special Warrants owned legally or beneficially by the Company or any subsidiary of the Company shall be disregarded. The Company will provide the Trustee upon request, a certificate of the Company detailing its holdings and those of its subsidiaries and the various registrations. 30 ARTICLE 7 SUPPLEMENTAL AGREEMENTS, MERGER, SUCCESSORS 7.1 PROVISION FOR SUPPLEMENTAL AGREEMENTS FOR CERTAIN PURPOSES. From time to time the Company (when authorized by a resolution of its directors) and the Trustee may, subject to the prior approval of the TSE and the provisions of these presents, and they shall, when so required by any provision of this Indenture, execute and deliver by their proper officers, deeds, agreements or instruments supplemental hereto, which thereafter shall form part hereof, for any one or more of the following purposes: (a) adding to the provisions hereof such additional covenants and enforcement provisions as, in the opinion of counsel, are necessary or advisable in the premises, provided that the same are not, in the opinion of the Trustee, relying on the advice of counsel, prejudicial to the interests of the Special Warrantholders; (b) giving effect to any Extraordinary Resolution passed as provided in Article 6 hereof; (c) making such provisions not inconsistent with this Indenture as may be necessary or desirable with respect to matters or questions arising hereunder or for the purpose of obtaining a listing or quotation of the Common Shares issuable upon the exercise or deemed exercise of the Special Warrants thereof on any stock exchange, or for the purpose of complying with applicable laws, provided that such provisions are not, in the opinion of the Trustee, relying on the advice of counsel, prejudicial to the interests of the Special Warrantholders; (d) making any modification in the form of the Special Warrant Certificate which does not affect the substance of the Special Warrants; (e) evidencing any succession, or successive successions, of other bodies corporate to the Company and the assumption by any successor of the covenants of the Company herein and in the Special Warrant Certificates contained as provided hereafter in this Article 7; and (f) for any other purpose not inconsistent with the terms of this Indenture, including the correction or rectification of any ambiguities, defective provisions, errors or omissions herein, provided that, in the opinion of the Trustee, relying on the advice of counsel, the rights of the Trustee and of the Special Warrantholders are in no way prejudiced thereby and provided that the Trustee may in its uncontrolled discretion decline to enter into any such supplemental indenture which in its opinion may not afford adequate protection to the Trustee when the same shall become operative. 7.2 COMPANY MAY CONSOLIDATE, ETC. ON CERTAIN TERMS. Subject to Subsection 4.1(b), nothing in this Indenture shall prevent any consolidation, reorganization, arrangement, amalgamation or merger of the Company with or into any other body corporate, or bodies 31 corporate, or person, or a conveyance or transfer of all or substantially all the properties and assets of the Company as an entirety to any body corporate or person lawfully entitled to acquire and operate the same, provided, however, that the body corporate or person formed by such consolidation or amalgamation or arrangement or into which such merger shall have been made or the person which acquires by conveyance or transfer all or substantially all the properties and assets of the Company as an entirety shall execute and deliver to the Trustee prior to or contemporaneously with such consolidation, reorganization, amalgamation, arrangement, merger, conveyance or transfer, and as a condition precedent thereto an agreement supplemental hereto wherein the due and punctual performance and observance of all the covenants and conditions of this Indenture to be performed or observed by the Company shall be assumed by such body corporate or person on terms and conditions not adverse to the Special Warrantholders. The Trustee shall be entitled to receive and shall be fully protected in relying upon an opinion of counsel and such other advisors as they deem necessary that any such consolidation, reorganization, amalgamation, arrangement, merger, conveyance or transfer and any supplemental agreement executed in connection therewith, complies with the provisions of this Section 7.2. 7.3 SUCCESSOR BODY CORPORATE SUBSTITUTED. In case the Company, pursuant to Section 7.2 hereof, shall be consolidated, amalgamated, reorganized, arranged or merged with or into any other body corporate, bodies corporate or person or shall convey or transfer all or substantially all of the properties and assets of the Company as an entirety to another body corporate or person, the successor body corporate or person formed by such consolidation, reorganization, arrangement or amalgamation or into which the Company shall have been merged or which shall have received a conveyance or transfer as aforesaid shall succeed to and be substituted for the Company hereunder with the same effect as nearly as may be possible as if it had been named herein as a party in substitution for the Company. Such changes may be made in the Special Warrants as may be appropriate in view of such consolidation, reorganization, amalgamation, merger, conveyance or transfer and as may be necessary to ensure that the Special Warrantholders are not adversely affected by such consolidation, organization, amalgamation, merger, conveyance or transfer. ARTICLE 8 CONCERNING THE TRUSTEE 8.1 NO CONFLICT OF INTEREST. The Trustee represents to the Company that, to the best of its knowledge, at the date of the execution and delivery of this Indenture, there exists no material conflict of interest in the role of the Trustee as a fiduciary hereunder and its role in any other capacity and agrees that in the event of a material conflict of interest arising hereafter it will, within ninety (90) days after ascertaining that it has such material conflict of interest, either eliminate the same or assign its trust hereunder to a successor trustee approved by the Company. Notwithstanding the foregoing provisions of this Section 8.1, if any such material conflict of interest exists or hereunder shall exist, the validity and enforceability of this Indenture and the Special Warrant Certificates shall not be affected in any manner whatsoever by reason thereof. 8.2 REPLACEMENT OF TRUSTEE. The Trustee may resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days notice in writing to 32 the Company, provided that such shorter notice may be given as the Company shall accept as sufficient. In the event of the office of Trustee becoming vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a new trustee unless such new trustee has already been appointed by the Special Warrantholders pursuant to an Extraordinary Resolution. If the Company makes default for a period of ten (10) Business Days in making such appointment, then any Special Warrantholder or the retiring or former Trustee at the expense of the Company may apply to a judge of the Supreme Court of the Province of British Columbia for the appointment of a new trustee after such notification to the holders of the then outstanding Special Warrants and the Company as such judge may order. Upon appointment, the successor trustee shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Trustee without any further assurance, conveyance, act or deed; but if for any reason it becomes necessary or expedient to execute any further deed or assurance the same shall be done at the expense of the Company and may and shall be legally and validly executed by the former Trustee. Any company resulting from a merger, consolidation or amalgamation to which the Trustee for the time being is a party shall be the successor trustee under this Indenture without any further act. Any new trustee appointed under this Section 8.2 shall be a corporation authorized to carry on the business of a trust company in the Qualifying Provinces. Upon the appointment of a new trustee, the Company shall promptly notify the Special Warrantholders thereof in the manner provided in Section 9.2. 8.3 DUTY OF TRUSTEE. In the exercise of the rights, duties and obligations prescribed or conferred by the terms of this Indenture, the Trustee shall exercise that degree of care, diligence and skill that a reasonably prudent trustee would exercise in comparable circumstances. 8.4 EXPERTS, ADVISORS AND AGENTS. The Trustee may: (a) in relation to these presents act and rely and shall be protected in acting and relying in good faith on the opinion or advice of or information obtained from any counsel, auditor, valuer, engineer, surveyor or other expert, whether obtained by the Trustee or by the Company or otherwise; and/or (b) employ such agents and other assistants as it may reasonably require for the proper determination and discharge of its duties hereunder and may pay reasonable remuneration without taxation of costs of any counsel for all services performed for it in the determination and discharge of the duties hereof and shall receive reimbursement from the Company for all disbursements, costs and expenses reasonably made or incurred by it in the determination and discharge of its duties hereunder and in the management of the trusts hereof. Any counsel employed or consulted by the Trustee may, but need not be, counsel for the Company. 8.5 TRUSTEE NOT REQUIRED TO GIVE SECURITY. The Trustee shall not be required to give security for its conduct or administration of the trusts hereof and shall not be responsible for the acts, omissions, defaults, errors or failures of any agents whom it may reasonably employ in the exercise of the powers conferred upon it hereby, nor for any loss occasioned by its own acts, 33 omissions or defaults unless such acts, omissions or defaults constitute a wilful misconduct, wilful or negligent breach of trust or fraud. 8.6 TRUSTEE NOT ORDINARILY BOUND. Subject to Sections 6.1 and 6.9 hereof, the Trustee shall not be bound to do or to take any action for the enforcement of any of the obligations of the Company under this Indenture unless and until it is required to do so by an instrument in writing signed by the holders representing not less than twenty-five per cent (25%) of the aggregate number of Special Warrants then outstanding. The Trustee may, before taking the action, require the Special Warrantholders at whose instance the action is required to deposit with the Trustee the Special Warrants held by them for which the Trustee shall issue receipts. The obligation of the Trustee to commence or continue any act, action or proceeding shall be conditional upon such Special Warrantholders furnishing, when required in writing so to do by the Trustee, funds sufficient for commencing or continuing the act, action or proceeding and an indemnity reasonably satisfactory to the Trustee to protect and hold harmless the Trustee against any loss, damage or liability by reason thereof. None of the provisions contained in this Indenture shall require the Trustee to risk or expend its own funds or otherwise incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers unless funded and indemnified as aforesaid. The Trustee shall not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it hereby unless and until it shall have been required so to do under the terms hereof; nor shall the Trustee be required to take notice of any default hereunder, unless and until notified in writing of such default, which notice shall distinctly specify the default desired to be brought to the attention of the Trustee and in the absence of any such notice the Trustee may for all purposes of this indenture conclusively assume that no default has been made in the observance or performance of any of the representations, warranties, covenants, agreements or conditions contained herein. Any such notice shall in no way limit any discretion herein given the Trustee to determine whether or not the Trustee shall take action with respect to any default. 8.7 TRUSTEE MAY RELY ON CERTIFICATES AND EVIDENCE. Whenever in the administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable that any matter be proved or established by the Company prior to taking or suffering any action to be taken hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate or instrument signed by any of the Chairman of the Board, the President, a Vice-President, the Secretary or the Treasurer of the Company and delivered to the Trustee and such certificate or instrument shall be full authority to the Trustee for any action taken or suffered by it under the provisions of this Indenture on the faith thereof; provided in its reasonable discretion the Trustee may in lieu thereof accept other evidence of such fact or matter or may require such further or additional evidence as to it may seem reasonable. In addition to the reports, certificates, opinions and other evidence required by this Indenture, the Company shall furnish to the Trustee such additional evidence of compliance with any provision hereof, and in such form as may be prescribed by Applicable Legislation or as the Trustee may reasonably require by written notice to the Company. 34 In the exercise of its rights and duties, the Trustee may, if it is acting in good faith, act and rely as to the truth of the statements and the accuracy of the opinions expressed therein, upon statutory declarations, opinions, reports, certificates or other evidence furnished to the Trustee pursuant to a request of the Trustee, provided that such evidence complies with Applicable Legislation and that the Trustee examines the same and determines that such evidence complies with the applicable requirements of this Indenture. Whenever Applicable Legislation requires that evidence be in the form of a statutory declaration, the Trustee may accept such statutory declaration in lieu of a certificate of the Company required by any provision hereof. Any such statutory declaration may be made by any one or more of the Chairman or Chief Financial Officer of the Company or by any other officer(s) or director(s) of the Company to whom such authority is delegated by the directors from time to time. The Trustee may act and rely and shall be protected in acting and relying upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, letter, telegram, cablegram or other paper document believed by it to be genuine and to have been signed, sent or presented by or on behalf of the proper party or parties. Proof of execution of any document or instrument in writing by a holder may be made by the certificate of a notary public, or other officer with similar powers, that the person signing such instrument acknowledged to him the execution thereof, or by an affidavit of a witness to such execution, or in any other manner the Trustee considers adequate. 8.8 TRUSTEE'S LIABILITY. The Trustee shall not be liable or accountable for any loss or damage whatsoever to any person caused by the performance or failure to perform by it of its responsibilities under this Indenture save only to the extent that such loss or damage is attributable to the negligence, wilful misconduct or fraud of the Trustee. The Trustee shall not be responsible for any misconduct on the part of any counsel, banker, receiver, agent or other person appointed with due care by it hereunder, or bound to supervise the proceedings of any such appointee. 8.9 INDEMNIFICATION. Without limiting any protection or indemnity of the Trustee under any other provision hereof, or otherwise at law, the Company hereby agrees to indemnify and hold harmless the Trustee from and against any and all liabilities, losses, damages, penalties, claims, actions, suits, costs, expenses and disbursements, including legal or advisor fees and disbursements, of whatever kind and nature which may at any time be imposed on, incurred by or asserted against the Trustee in connection with the performance of its duties and obligations hereunder, other than such liabilities, losses, damages, penalties, claims, actions, suits, costs, expenses and disbursements arising by reason of the negligence, wilful misconduct or fraud of the Trustee. This provision shall survive the resignation or removal of the Trustee, or the termination of this Indenture. 8.10 NO REPRESENTATION AS TO VALIDITY. The Trustee shall be under no responsibility in respect of the validity of this Indenture or the execution and delivery hereof by the Company 35 or in respect of the validity or the execution by the Company of any Special Warrant Certificate issued hereunder; nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Indenture or in any Special Warrant Certificate; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Common Shares to be issued upon the right to acquire provided for in this Indenture and/or in any Special Warrant Certificate or as to whether any Common Shares will, when issued, be duly authorized or be validly issued and fully paid and non-assessable, it being hereby agreed and declared that as to all the matters and things referred to in this Section 8.11, the duty and responsibility shall rest upon the Company and not upon the Trustee and the failure of the Company to discharge any such duty and responsibility shall not in any way render the Trustee liable or place upon it any duty or responsibility for breach of which it would be liable. 8.11 ACCEPTANCE OF DUTIES. The Trustee hereby accepts the duties set out in this Indenture and agrees to perform the same upon the terms and conditions herein set forth or referred to unless and until discharged therefrom by resignation or in some other lawful manner. 8.12 CONTRACTING WITH COMPANY. The Trustee may contract with the Company and buy, lend upon and deal in shares in the capital of the Company and in the Special Warrants constituted hereunder without being accountable for profits arising therefrom. 8.13 TRUSTEE'S AUTHORITY TO CARRY ON BUSINESS. The Trustee represents to the Company that as at the date hereof it is authorized to carry on the business of a trust company in the Qualifying Provinces. If, notwithstanding the provisions of this Section 8.13, it ceases to be authorized to carry on such business in such provinces, the validity and enforceability of this Indenture and the Special Warrants issued hereunder shall not be affected in any manner whatsoever by reason only of such event provided that the Trustee shall, within thirty (30) days after ceasing to be authorized to carry on such business in such provinces, either become so authorized or resign in the manner and with the effects specified in Section 8.2 hereof. 8.14 MONETARY DISTRIBUTIONS. The Trustee will have no obligation to make any monetary distributions to the Special Warrantholders under this Indenture except to the extent that certified funds have been deposited with the Trustee. 8.15 TRUST INDENTURE LEGISLATION. In this section, the term "Applicable Legislation" means the provisions, if any, of any statute relating to trust indentures and the applicable rules and regulations thereunder or to the rights, duties and obligations of Trustees and of corporations under trust indentures, to the extent that such provisions are at the time in force and applicable to this Indenture. If and to the extent that such provisions of this Indenture limits, qualifies or conflicts with a mandatory requirement of Applicable Legislation, such mandatory requirement shall prevail. The Company and the Trustee agree that each will at all times in relation to this indenture and any action to be taken hereunder, observe and comply with and be entitled to the benefits of Applicable Legislation. 8.16 LIMITATIONS ON TRUSTEE. The parties agree that: 36 (a) nothing in this Agreement will impose on the Trustee any obligation to see to, or to require evidence of, the registration or filing (or renewal thereof) of this indenture or any instrument ancillary or supplemental hereto; (b) the Trustee shall not be bound to give notice to any person of the execution hereof; (c) the Trustee shall not incur any liability or responsibility whatever or be in any way responsible for the consequences of any breach by the Company of any obligation herein contained or of any act of any director, officer, employee or agent of the Company; and (d) the Trustee and any person related to the Trustee will not be appointed a receiver or receiver and manager or liquidator of all or any part of the assets or undertaking of the Company. ARTICLE 9 NOTICE AND CERTIFICATES 9.1 NOTICE TO COMPANY. Unless and until the Company notifies the Trustee of a change of address, any notice or communication required or permitted to be given to the Company under the provisions of this Indenture shall be valid and effective if delivered to the Company at World Trade Centre, Suite 654, 999 Canada Place, Vancouver, British Columbia, V6C 3E1 Attention: President, or sent by telecopier (and a copy by regular mail) or other means of prepaid transmitted or recorded communication to such address, or subject to the provisions of Section 9.4 hereof, if mailed by prepaid registered mail addressed to the Company at World Trade Centre, Suite 654, 999 Canada Place, Vancouver, British Columbia, V6C 3E1 Attention: Secretary, telecopier number (604) 682-2060. Any notice to the Company as aforesaid shall be deemed to have been effectively given on the earlier of: (a) the date of delivery, if delivered during normal business hours of the Company (and, if not, on the next following Business Day); (b) the Business Day immediately following the day of sending, if sent by telecopier (with receipt confirmed), or (c) on the fifth (5th) Business Day after effectual posting in Canada. 9.2 NOTICE TO SPECIAL WARRANTHOLDERS. Unless and until a Special Warrantholder notifies the Company of a change of address, any notice or communication required or permitted to be given to a Special Warrantholder under the provisions of this Indenture shall be valid and effective if delivered to such holders at their post office addresses appearing on the register to be kept by the Trustee or sent by telecopier (and a copy by regular mail) or other means of prepaid transmitted or recorded communication to such address, or subject to the provisions of Section 9.4 hereof, if mailed by prepaid registered mail addressed to such holders at their post office addresses appearing on the register to be kept by the Trustee. Accidental error or omission in 37 giving notice or accidental failure to mail notice to any holder will not invalidate any action or proceeding founded thereon. All notice may be given to whichever one of the Special Warrantholders (if more than one) is named first in the appropriate register hereinbefore mentioned, and any notice so given shall be sufficient notice to all Special Warrantholders of and any other persons (if any) interested in such Special Warrants. Any notice to a Special Warrantholder as aforesaid shall be deemed to have been effectively given on the earlier of: (a) the date of delivery, if delivered during normal business hours (and, if not, on the next following Business Day); (b) the Business Day immediately following the day of sending, if sent by telex, telegram, cable or telecopier (with receipt confirmed), or (c) on the fifth (5th) Business Day after effectual posting in Canada. 9.3 NOTICE TO TRUSTEE. Unless and until the Trustee is changed in accordance with the provisions of this Indenture or the Trustee notifies the Company of a change of address, any notice or communication required or permitted to be given to the Trustee under the provisions of this Indenture shall be valid and effective if delivered to the Trustee at CIBC Mellon Trust Company (Attention: Manager, Corporate Trust Department) at 1066 West Hastings Street, Suite 1600, Vancouver, British Columbia, V6E 3X1 or sent by telecopier (and a copy by regular mail) or other means of prepaid transmitted or recorded communication to either of such addresses, or subject to the provisions of Section 9.4 hereof, if mailed by prepaid registered mail addressed to the Trustee (Attention: Manager, Corporate Trust Department) in Vancouver at telecopier number: (604) 688-4301. Any notice to the Trustee as aforesaid shall be deemed to have been effectively given on the earlier of: (a) the date of delivery, if delivered during normal business hours of the Trustee (and, if not, on the next following Business Day); (b) the Business Day immediately following the day of sending, if sent by telex, telegram, cable or telecopier (with receipt confirmed), or (c) on the fifth (5th) Business Day after effectual posting in Canada. Surrender of a Special Warrant Certificate and evidence relating thereto pursuant to Section 2.2 hereof shall be valid and effective if delivered or mailed by prepaid registered mail to the Principal Office of the Trustee, (Attention: Manager, Corporate Trust Department) at 1066 West Hastings Street, Suite 1600, Vancouver, British Columbia, V6E 3X1 and shall be deemed to have been effectively surrendered on the date of delivery, if delivered during normal business hours of the Trustee (and, if not, on the next following Business Day) or, if mailed, on the fifth (5th) Business Day after effectual posting in Canada. 9.4 MAIL SERVICE INTERRUPTION. If by reason of strike, lockout or other work stoppage, actual or threatened, of postal employees, any notice to be given to the Trustee or the Company would be unreasonably delayed in reaching its destination, such notice shall be valid 38 and effective only if delivered to an officer of the party to which it is addressed or if sent to such party, at the appropriate address in accordance with Sections 9.1 or 9.3 hereof, as the case may be, by telecopier or other means of prepaid transmitted or recorded communication, or, in the case of Special Warrantholders, if published once (i) in the national edition of The Globe & Mail; and (ii) in such other place or places and manner, if any, as the Trustee may require. Any notice given to Special Warrantholders by publication shall be deemed to have been given on the last day on which publication shall have been effected in all of the cities in which publication is required. 9.5 GENERAL PROVISIONS AS TO CERTIFICATES. Each Certificate of the Company, and opinion of counsel ("Document") required under or referred to in this Indenture or furnished in connection with any application, written order or written request made to the Trustee or a Special Warrantholder pursuant to any provisions of this Indenture shall specify the section under which such Document, application, written order or written request is being made and shall include: (a) a statement that the person signing such Document has read and understands the conditions precedent with respect to compliance with which such evidence is being given; (b) a description of the nature and scope of the examination or investigation upon which the Document is based; and (c) a statement that the person providing the Document has made such examination or investigation as he believes is necessary to enable him to make the statements or give the opinions contained or expressed therein. Any application, written demand, statement, request, notice, designation, direction, nomination or other instrument to be made by the Company under any of the provisions of this Indenture shall, unless otherwise provided, be deemed sufficiently made and executed if executed by any one of the President, any Vice-President, the Secretary or the Chief Financial Officer of the Company and need not be under the corporate seal of the Company. The Trustee shall accept a certificate signed by the Secretary of the Company as sufficient evidence of the passage of any resolution by the directors. Any Document may be based, insofar as it relates to factual matters, upon information with respect to the Company which is in the possession of the Company or upon the certificate or opinion of or representations by an officer or officers of the Company, unless such counsel knows that the certificate or opinion or representations with respect to the matters upon which the certificate or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should have known that the same were erroneous. Counsel in giving any opinion under this Indenture may rely in whole or in part upon the opinion of other counsel provided that counsel shall consider such other counsel as one upon whom he may properly rely. 39 Any certificate of any expert, insofar as it relates to matters outside of such expert's competence or responsibility, may be based upon a certificate or opinion of or upon representations by counsel or some other qualified expert, unless such first-mentioned expert knows that the certificate or opinion or representations with respect to the matters upon which his certificate may be based as aforesaid are erroneous, or in the exercise of reasonable care should have known that the same were erroneous. ARTICLE 10 GENERAL PROVISIONS 10.1 POWER OF BOARD OF DIRECTORS. In this Indenture, wherever the Company is required or empowered to exercise any acts, all such acts may be exercised by the directors of the Company or by those officers of the Company authorized to exercise such acts. 10.2 FORMAL DATE AND EXECUTION DATE. For the purpose of convenience this Indenture may be referred to as bearing the formal date of January [25], 2002 which shall be the date on which this Indenture shall become effective between the parties hereto, irrespective of the actual date of execution hereof. 10.3 FURTHER ASSURANCES. The parties hereto and each of them do hereby covenant and agree to do such things and execute such further documents, agreements and assurances as may be necessary or advisable from time to time in order to carry out the terms and conditions of this Indenture in accordance with their true intent. 10.4 UNENFORCEABLE TERMS. If any term, covenant or condition of this Indenture, or the application thereof to any party or circumstance shall be invalid or unenforceable to any extent, the remainder of this Indenture or application of such term, covenant or condition to a party or circumstance other than those to which it is held invalid or unenforceable shall not be affected thereby and each remaining term, covenant or condition of this Indenture shall be valid and shall be enforceable to the fullest extent permitted by law. 10.5 ENTIRE AGREEMENT. This Indenture constitutes the entire agreement between the parties hereto relating to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, of the parties and there are no general or specific warranties, representations or other agreements by or among the parties in connection with the entering into of this Indenture or the subject matter hereof except as specifically set forth herein. 10.6 AMENDMENTS. This Indenture may be altered or amended in any of its provisions when any such changes are reduced to writing and signed by the parties hereto but not otherwise. 10.7 COUNTERPARTS. This Indenture may be executed in one or more counterparts, each of which so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument. 40 10.8 NO WAIVER. Subject to the express provisions hereof, no consent or waiver, express or implied, by either party to or of any breach or default by the other party in the performance by the other party of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance of obligations hereunder by such party hereunder. Failure on the party of either party to complain of any act or failure to act of the other party or to declare the other party in default, irrespective of how long such failure continues, shall not constitute a waiver by such party of its rights hereunder. 10.9 ENUREMENT. This Indenture shall benefit and bind the parties to it and their respective successors and assigns. IN WITNESS WHEREOF the parties hereto have executed this Indenture as of the 25th day of January, 2002. IVANHOE MINES LTD. Per:__________________________ Per:__________________________ CIBC MELLON TRUST COMPANY Per:___________________________ Per:___________________________ SCHEDULE "A" FORM OF SPECIAL WARRANT CERTIFICATE THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A HOLD PERIOD AND MAY NOT BE TRADED IN BRITISH COLUMBIA UNTIL - EXCEPT AS PERMITTED BY THE SECURITIES ACT (BRITISH COLUMBIA) AND THE RULES MADE THEREUNDER. THE SPECIAL WARRANTS AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS SPECIAL WARRANT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THIS SPECIAL WARRANT MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT) OR A PERSON IN THE UNITED STATES UNLESS THIS SPECIAL WARRANT AND THE UNDERLYING SECURITIES ISSUABLE UPON THE EXERCISE THEREOF HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE SECURITIES LAWS OF ALL APPLICABLE STATES OF THE UNITED STATES OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. 2 IVANHOE MINES LTD. (the "Company") THE SPECIAL WARRANTS REPRESENTED BY THIS CERTIFICATE WILL EXPIRE AS OF 5:00 P.M., VANCOUVER TIME, ON THE FIFTH (5TH) BUSINESS DAY FOLLOWING THE EARLIER OF: 1. THE DAY UPON WHICH A RECEIPT (OR A COPY THEREOF) FOR A FINAL PROSPECTUS IN RESPECT OF THE COMMON SHARES ISSUABLE UPON EXERCISE OF THE SPECIAL WARRANTS IS ISSUED BY THE LAST SECURITIES REGULATORY AUTHORITY OF THE QUALIFYING PROVINCES (AS DEFINED IN THE INDENTURE); AND 2. April 25, 2002 (THE "EXPIRY DATE"), UNLESS SPECIFICALLY EXERCISED OR DEEMED EXERCISED IN THE MANNER HEREINAFTER DESCRIBED PRIOR TO THE EXPIRY DATE. 3 SPECIAL WARRANTS IVANHOE MINES LTD. (the "Company") (Continued under the laws of the Yukon Territory) SPECIAL WARRANT CERTIFICATE NO. _________ __________ Special Warrants THIS IS TO CERTIFY that _____________________________________ _____________________________________________________ (the "holder") is entitled to subscribe for, in the manner herein provided, subject to the restrictions contained herein, at any time and from time to time on or prior to 5:00 p.m. Vancouver time (the "Expiry Time"), on the Expiry Date, subject to the adjustments described below, that number of Common Shares which is equal to the number of Special Warrants represented hereby without payment of any additional consideration. The Special Warrants represented by this certificate are issued under and pursuant to a Special Warrant Indenture (the "Indenture") made as of January 25th, 2002 between the Company and the Trustee (which expression shall include any successor trustee appointed under the Indenture), to which Indenture (and any amendments thereto and instruments supplemental thereto) reference is hereby made for a full description of the rights of the holders of the Special Warrants and the terms and conditions upon which such Special Warrants are or are to be, issued and held, all to the same effect as if the provisions of the Indenture and all amendments thereto and instruments supplemental thereto were herein set forth and to all of which provisions the holder of these Special Warrants by acceptance hereof assents. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Indenture. In the event of any conflict or inconsistency between the provisions of the Indenture (and any amendments thereto and instruments supplemental thereto) and the provisions of this Special Warrant Certificate, except those that are necessary by context, the provisions of the Indenture (and any amendments thereto and instruments supplemental thereto) shall prevail. The terms and provisions of the Indenture (and any amendments thereto and instruments supplemental thereto) are incorporated herein by reference. The right to subscribe for Common Shares in the capital of the Company represented hereby may be exercised by either the holder hereof or the Trustee as follows: (1) The holder hereof may exercise the Special Warrants before the Expiry Date by: (a) duly completing in the manner indicated and executing the Exercise Form attached hereto; and (b) surrendering this Special Warrant Certificate to CIBC Mellon Trust Company (the "Trustee") as hereinafter set forth. This Special Warrant Certificate shall be validly surrendered only upon delivery thereof or by mailing the same to the Trustee at its principal office in the City of Vancouver (at 4 the address hereinafter indicated). The Exercise Form attached hereto shall be deemed not to be duly completed if not fully completed in the manner indicated or if the name and mailing address of the holder do not appear legibly on such Exercise Form or such Exercise Form is not signed by the holder. (2) Subject as provided herein, the Trustee will be deemed to have exercised and surrendered the Special Warrants represented by this Special Warrant Certificate on behalf of the holder thereof as of 4:59 p.m. (Vancouver time) on the Expiry Date if the holder fails to exercise the Special Warrants that may be exercised by it before the Expiry Time. All Special Warrants shall expire immediately after the Expiry Time. In the case of a Special Warrant which is deemed exercised and surrendered by the Trustee on behalf of a holder, as soon as practicable following the exercise by the Trustee of such Special Warrants, the Trustee shall immediately notify the holder hereof in accordance with the provisions of Section 9.2 of the Indenture to the effect the Trustee has so exercised the Special Warrants on behalf of the holder. Not later than the fifth (5th) Business Day after the surrender to the Trustee of the Special Warrant Certificate evidencing any Special Warrant with the attached Exercise Form duly completed or the deemed exercise and surrendered of any Special Warrant by the Trustee on behalf of the holder thereof, the Trustee will mail to the holder, or to such person as the holder may otherwise specify in the Exercise Form or by written notice given to the Trustee prior to such mailing, at the address of the holder or, if so specified, of such person, or, if specified in the Exercise Form or by written notice given to the Trustee prior to such mailing, will deliver to such holder or person at the place where such Special Warrant Certificate was surrendered certificates representing the number of Common Shares registered in the name of the holder or, if so specified, such person. In the event of non-receipt of any such certificate by the person to whom it is so sent as aforesaid, or the loss or destruction thereof, the Company shall issue and the Trustee shall countersign and deliver to such person a replacement certificate of like date and tenor in place of the one lost or destroyed upon being furnished with such evidence of ownership and non-receipt, loss or destruction and with such indemnity and surety bond or security as the Trustee may reasonably require. The holder shall bear the cost of the issue of such replacement certificate. Upon valid or deemed exercise of the Special Warrants as provided herein, the person or persons in whose name or names the Common Shares are issuable, shall be deemed for all purposes (except as provided in the Indenture) to be the holder or holders of record of such Common Shares and the Company covenants that it will (subject to and in accordance with the provisions of the Indenture) cause certificates representing such Common Shares to be delivered or mailed to such person or persons at the address or addresses specified in such Exercise Form. To the extent that the Special Warrants represented by this Special Warrant Certificate confer the right to subscribe for a fraction of a Common Share, such right may be exercised in respect of such fraction only in combination with an additional Special Warrant or Special Warrants which in the aggregate entitle the holder to acquire a whole number of Common Shares. No fractional Common Shares will be issued. If a holder is not able to, or 5 elects not to, combine Special Warrants so as to be entitled to acquire a whole number of Common Shares, the Company shall make an appropriate cash adjustment. In respect of any holder, the Company shall only be required to make such a cash adjustment once and for one fractional Common Share and no more. The amount of the cash adjustment shall be equal to the fraction of a Common Share to which the holder would be entitled multiplied by the Current Market Price. The Company will not, under any circumstances, be obligated to issue a cheque to a Special Warrantholder of less than U.S.$10.00. The Indenture provides for adjustments to the subscription rights attaching to these Special Warrants in certain events and also provides for the giving of notice by the Company prior to taking certain actions specified therein. The holding of the Special Warrants evidenced by this Special Warrant Certificate shall not constitute the holder hereof a shareholder of the Company or entitle such holder to any right or interest in respect thereof except as herein and in the Indenture expressly provided. The Special Warrants evidenced by this Special Warrant Certificate are transferable only in accordance with the terms and conditions set forth in Section 2.3 of the Indenture which makes reference to the fact that a person who furnishes evidence (unless the Company has instructed the Trustee in writing to waive such requirement) to the reasonable satisfaction of the Trustee that he is: (a) the executor, administrator, heir or legal representative of the heirs of the estate of a deceased Special Warrantholder, (b) a guardian, committee, trustee, curator or tutor representing a Special Warrantholder who is an infant, an incompetent person or a missing person, (c) a liquidator of, or a trustee in bankruptcy for, a Special Warrantholder, or (d) a transferee of a Special Warrantholder who provides the Trustee with evidence satisfactory to the Trustee and the Company, acting reasonably, including but not limited to a properly completed and executed declaration attached as Exhibit "A" to the transfer form attached to the Special Warrant Certificate, that such transferee is/was either: (i) not in the United States at the time the buy order for the Special Warrants was executed, not acquiring the Special Warrants for the account or benefit of a U.S. Person or a person in the United States and was not offered the Special Warrants in the United States, or (ii) a person that has purchased or acquired Special Warrants in a transaction exempt from registration under the U.S. Securities Act and has provided the Company with satisfactory evidence of the availability of such exemption which may, at the Company's discretion, include an opinion of counsel and was exempt from registration under any applicable securities laws of any state of the United States and that the securities laws of any other applicable jurisdiction(s) have been complied with in relation to the transfer of the Special Warrants involved, 6 may, as set forth in the Indenture, by surrendering to the Trustee such evidence together with the Special Warrant Certificate in question with a duly executed instrument of transfer in the form attached and subject to such reasonable requirements relating to the payment of costs of the transfer by the holder as the Trustee may prescribe and all applicable securities legislation and requirements of regulatory authorities, become noted upon the register of holders. If any of the Common Shares in respect of which the Special Warrants are exercised are to be issued to a person or persons other than the holder (as aforesaid), the holder shall pay to the Trustee all requisite stamp transfer taxes or other governmental charges exigible in connection with the issue of such Common Shares to such other person or persons or shall establish to the satisfaction of the Trustee that such taxes and charges have been paid. This Special Warrant Certificate shall not be valid for any purpose whatever unless and until it has been countersigned by or on behalf of the Trustee. Time shall be of the essence hereof. The Special Warrants and the Indenture (and any amendments thereto and instruments supplemental thereto) shall be governed by, performed, construed and enforced in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein and shall be treated in all respects as British Columbia contracts. Unless the Company has instructed the Trustee in writing to waive any or all of the following requirements, the Special Warrants may not be exercised by or for the account or benefit of a U.S. Person or a person in the United States unless the holder certifies in writing to the Company and the Trustee that the holder is: (i) an original subscriber of Special Warrants who has confirmed in writing to the Company and the Trustee each of the representations and warranties made by the holder in connection with such holder's subscription for Special Warrants; or (ii) a registered transferee of such Special Warrants who has complied with the terms of the Special Warrant Indenture provided that the Company may, in its sole discretion, accept, in substitution for the foregoing, evidence satisfactory to the Company and the Trustee, acting reasonably, to the effect that the Common Shares have been registered under the U.S. Securities Act and applicable state securities laws or that the Common Shares may be issued upon exercise of the Special Warrants without registration under the U.S. Securities Act and any applicable state securities laws. This Special Warrant may not be exercised in the United States or by or for the account or benefit of a U.S. Person or person in the United States other than by: (i) an original purchaser of the Special Warrants from the Company, or (ii) by a registered transferee of Special Warrants that acquired the Special Warrants in a transaction exempt from registration under the U.S. Securities Act and applicable state securities laws and in compliance with the Special Warrant Indenture. Unless otherwise determined by the Company by way of written instructions to the Trustee: 7 (a) Certificates representing Common Shares issued to U.S. Persons and to persons in the United States upon the exercise or deemed exercise of Special Warrants shall bear the following legend, "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS THEY ARE OFFERED FOR SALE, SOLD, OR OTHERWISE TRANSFERRED ONLY: (A) TO THE COMPANY: (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144, IF APPLICABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) WITH THE PRIOR CONSENT OF THE COMPANY, PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. PROVIDED THAT THE COMPANY IS A "FOREIGN ISSUER" WITHIN THE MEANING OF REGULATION S AT THE TIME OF SALE, A NEW CERTIFICATE, BEARING NO LEGEND MAY BE OBTAINED FROM THE REGISTRAR AND TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE REGISTRAR AND TRANSFER AGENT AND THE COMPANY, TO THE EFFECT THAT SUCH SALE IS BEING MADE IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT." (b) Certificates representing Common Shares issued upon the exercise of Special Warrants exercised or deemed exercise prior to the earlier of the Qualification Date or the Expiry Date, shall bear the following legend: "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A HOLD PERIOD AND MAY NOT BE TRADED IN BRITISH COLUMBIA UNTIL MAY 25, 2002 EXCEPT AS PERMITTED BY THE SECURITIES ACT (BRITISH COLUMBIA) AND THE RULES MADE THEREUNDER." After the exercise or deemed exercise of any of the Special Warrants represented by this Special Warrant Certificate, the holder will no longer have any rights under either the Special Warrant Indenture or this Special Warrant Certificate with respect to such Special Warrants, other than the right to receive certificates representing the Common Shares issuable upon the exercise or 8 deemed of the Special Warrants represented by this Special Warrant Certificate, and these Special Warrants shall be void and of no further value or effect. IN WITNESS WHEREOF the Company has caused this Special Warrant Certificate to be signed by its duly authorized officer as of January 25, 2002. IVANHOE MINES LTD. Per:____________________________ Authorized Signatory Countersigned by: CIBC MELLON TRUST COMPANY Per:______________________________ Authorized Signatory EXERCISE INSTRUCTIONS TO SPECIAL WARRANTHOLDER The Special Warrantholder hereof may exercise his right to subscribe for Common Shares of IVANHOE MINES LTD. (the "Company"), by completing the Exercise Form and surrendering this Special Warrant Certificate and the duly completed Exercise Form to CIBC Mellon Trust Company by delivering or mailing it to CIBC Mellon Trust Company at its principal stock transfer office in the City of Vancouver at 1066 West Hastings Street, Suite 1600, Vancouver, British Columbia, V6E 3X1. For your own protection, it is suggested that all documentation be forwarded to the Trustee by registered mail. EXERCISE FORM To: Ivanhoe Mines Ltd. c/o CIBC Mellon Trust Company 1066 West Hastings Street, Suite 1600 Vancouver, British Columbia V6E 3X1 The undersigned holder of the within Special Warrant Certificate, pursuant to the Special Warrant Indenture mentioned therein hereby exercises ______________ of the Special Warrants (the "Exercised Special Warrants") evidenced thereby and hereby subscribes for a number of Common Shares of Ivanhoe Mines Ltd. equal to such number of Common Shares or number or amount of other shares or securities or property, or combination thereof, to which such exercise entitles him under the provisions of the Special Warrant Indenture and on the terms specified in such Special Warrant Certificate and the Special Warrant Indenture. The undersigned hereby irrevocably directs that such Common Shares be issued and delivered as follows: Number(s) or Amount(s) of Name(s) in Full Address(es) Common Shares _______________________ _____________________ ___________________________ _______________________ _____________________ ___________________________ _______________________ _____________________ ___________________________ NO CERTIFICATES WILL BE REGISTERED OR DELIVERED TO AN ADDRESS IN THE UNITED STATES UNLESS BOX B BELOW IS CHECKED. (Please print full name in which share and warrant certificates are to be issued. If any Common Shares are to be issued to a person or persons other than the Special Warrantholder, the Special Warrantholder must pay to the Trustee all exigible transfer taxes or other government charges.) THE UNDERSIGNED CERTIFIES THAT EACH OF THE REPRESENTATIONS AND WARRANTIES MADE BY THE UNDERSIGNED TO THE COMPANY IN CONNECTION WITH THE UNDERSIGNED'S ACQUISITION OF THE EXERCISED SPECIAL WARRANTS REMAINS TRUE AND CORRECT ON THE DATE HEREOF. The undersigned represents that it: [CHECK ONE ONLY] 2 [ ] A. is not in the United States or a U.S. Person as defined in Rule 902 of Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and is not exercising the Exercised Special Warrants for the account or benefit of a U.S. Person or a person in the United States. [ ] B. is an original subscriber of Special Warrants and each of the representations and warranties made by the Subscriber in its Special Warrant Subscription Agreement are true and correct on the date hereof. [ ] C. is a registered holder that acquired the Exercised Special Warrants in a transaction that was exempt from registration under the U.S. Securities Act and applicable state securities laws and in compliance with Subsection 2.3(d)(ii) of the Special Warrant Indenture. DATED at this - day of - , 2002. _______________________________________ __________________________________ Signature Guaranty* Signature of Subscriber** __________________________________ Name of Subscriber __________________________________ Address (include Postal Code) __________________________________ SIN/TIN Number (if any) * If the Common Shares are to be issued to a person other than the registered holder, then the signature of the Subscriber must be guaranteed by a bank, trust company or medallion guaranteed by a member of a recognized stock exchange. ** This signature must correspond exactly with the name appearing on the registration panel. Check box if the share and warrant certificates are to be delivered at the office where this Special Warrant is exercised, failing which they will be mailed. [ ] TRANSFER OF SPECIAL WARRANTS FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to: ______________________________________________________________ Name ______________________________________________________________ Address ______________________________________________________________ _________________ Special Warrants of Ivanhoe Mines Ltd. registered in the name of the undersigned on the records of Ivanhoe Mines Ltd. maintained by CIBC Mellon Trust Company represented by the Special Warrant Certificate attached and irrevocably appoints __________________________________ the attorney of the undersigned to transfer the said securities on the books or register with full power of substitution. DATED at this - day of -, 2002. _______________________________________ _____________________________________ Signature Guaranteed (Signature of Special Warrant Holder) _____________________________________ Print full Name _____________________________________ Print full address and SIN/TIN (if any) _____________________________________ Instructions 1. If the Transfer Form is signed by a trustee, executor, administrator, curator, guardian, attorney, officer of a corporation or any person acting in a fiduciary or representative capacity, the certificate must be accompanied by evidence of authority to sign satisfactory to the Trustee and the Company. 2. The signature on the Transfer Form must be guaranteed by an authorized officer of a chartered bank, trust company or medallion guaranteed by an investment dealer who is a member of a recognized stock exchange. 3. Special Warrants will only be transferable in accordance with applicable securities laws and stock exchange regulations. The transfer of Special Warrants to a transferee may, depending on the residency of such transferee, result in the securities obtained upon the exercise of the Special Warrants (whether after or before obtaining receipts for a final prospectus relating to the distribution of such securities upon exercise of Special Warrants) not being freely tradeable in the jurisdiction where the transferee is resident. 4. UNLESS THE COMPANY HAS OTHERWISE INSTRUCTED THE TRUSTEE IN WRITING, NO TRANSFER OF SPECIAL WARRANTS WILL BE VALID UNLESS THIS TRANSFER FORM IS ACCOMPANIED BY: (a) DULY EXECUTED DECLARATION BY THE TRANSFEREE OF SPECIAL WARRANTS IN THE FORM ATTACHED AS EXHIBIT "A" TO THIS TRANSFER FORM; AND (b) SUCH OTHER EVIDENCE 2 AS THE TRUSTEE MAY REASONABLY REQUIRE THAT THE TRANSFER OF SUCH SPECIAL WARRANTS IS BEING MADE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LEGISLATION. EXHIBIT "A" DECLARATION OF TRANSFEREE OF SPECIAL WARRANTS OF IVANHOE MINES LTD. TO: CIBC Mellon Trust Company, trustee of the Special Warrants of Ivanhoe Mines Ltd. AND TO: Ivanhoe Mines Ltd. (the "Company") The undersigned transferee ("Transferee") of special warrants of Ivanhoe Mines Ltd. ("Special Warrants") whose name appears as such on the form of transfer of such Special Warrants that accompanies this declaration, hereby declares and certifies, for himself and on behalf of each beneficial transferee of all or any part of such Special Warrants, that: [check one only] [ ] A. (i) no offers to sell the Special Warrants or the Subject Securities were made by any person to the Transferee or any beneficial transferee for whom he is acting while such persons were in the United States; (ii) the Transferee and each beneficial transferee for whom he is acting were outside the United States at the time of execution and delivery of the instrument by which the Transferee and each beneficial transferee for whom he is acting agreed to acquire the Special Warrants; and (iii) the Transferee is not, and is not acquiring the Special Warrants for the account or benefit of, a U.S. Person as defined in Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"). [ ] B. The Transferee has acquired the Special Warrants in a transaction exempt from registration under the U.S. Securities Act and applicable state securities laws and has provided herewith evidence (which the Transferee acknowledges must be satisfactory to the Company) of such exemption. 2 DATED at this - day of -, 2002. _________________________________________ Name of Transferee By: _________________________________________ Signature of Authorized Representative _________________________________________ Name of Person Signing _________________________________________ Title TABLE OF CONTENTS

EX-4.2 8 o11180exv4w2.txt SPECIAL WARRANT INDENTURE DATED APRIL 24, 2002 EXHIBIT 4.2 IVANHOE MINES LTD. - AND - CIBC MELLON TRUST COMPANY SPECIAL WARRANT INDENTURE DATED AS OF APRIL 24, 2002 PROVIDING FOR THE ISSUE OF SPECIAL WARRANTS OF IVANHOE MINES LTD. THIS SPECIAL WARRANT INDENTURE made as of the 24th day of April, 2002 B E T W E E N: IVANHOE MINES LTD., a corporation continued under the laws of the Yukon Territory (the "Company") AND: CIBC MELLON TRUST COMPANY, a trust company incorporated under the laws of Canada and having an office in the City of Vancouver (the "Trustee") WHEREAS: (A) the Company proposes to create and issue Special Warrants to be constituted and issued in the manner set forth; (B) the Company is authorized to create and issue the Special Warrants; (C) each Special Warrant will entitle the holder to acquire upon exercise or deemed exercise thereof, and without payment of any additional consideration, one Common Share; (D) the Company represents to the Trustee that all necessary resolutions of the directors of the Company have been duly enacted, passed or confirmed and all other proceedings taken and conditions complied with to authorize the execution and delivery of this Indenture and the execution and issue of the Special Warrants and to make the same legal and valid and binding on the Company in accordance with the laws relating to the Company and the Trustee shall not be liable for or by reason of any statements of fact or recitals in this Indenture and all such statements are and shall be deemed to be made by the Company; (E) the foregoing recitals are made as representations and statements of fact by the Company and not by the Trustee; (F) the Trustee has agreed to act as trustee for the Special Warrantholders on the terms and conditions herein set forth; and (G) all things necessary have been done and performed to make the Special Warrants, when certified by the Trustee and issued as in this Indenture provided, legal, valid and binding upon the Company with the benefits of and subject to the terms of this Indenture. 2 NOW THEREFORE, in consideration of the premises and in further consideration of the mutual covenants herein set forth, the parties hereto agree as follows: ARTICLE 1 INTERPRETATION 1.1 DEFINITIONS. In this Indenture unless there is something in the subject matter or context inconsistent therewith, the following words have the respective meaning indicated below: (a) "Applicable Legislation" has the meaning set forth in Section 8.15; (b) "Applicable Securities Laws" means, collectively, the applicable securities laws of the Qualifying Provinces, the securities laws of the Provinces of Canada, the securities laws of the United States and the states thereof, the regulations, rules, rulings and orders made thereunder, the applicable policy statements issued by the securities regulatory authorities in the Provinces of Canada, the United States Securities Exchange Commission and the securities legislation and policies of each other relevant jurisdiction; (c) "Business Day" means any day except Saturday, Sunday or a statutory holiday in Vancouver, British Columbia; (d) "Certificate of the Company" means a certificate signed by any one of the President, Vice-President, Secretary or Chief Financial Officer of the Company in accordance with Section 9.5; (e) "Closing Date" means such date as the Company may designate by notice in writing to the subscribers for the Special Warrants; (f) "Common Shares" means, collectively, the fully paid and non-assessable common shares in the capital of the Company as presently constituted and, except where the context hereof otherwise requires, includes common shares issued or to be issued in accordance with the exercise or deemed exercise of Special Warrants hereunder; (g) "Company's auditors" means the firm of accountants appointed by the shareholders of the Company as the auditors of the Company from time to time; (h) "counsel" means a barrister and solicitor or a firm of barristers and solicitors retained by the Trustee or retained by the Company and acceptable to the Trustee; (i) "Current Market Price" in respect of a Common Share at any date means the weighted average price of a Common Share for any twenty-five (25) consecutive trading days ending on the third trading day before such date, on such primary stock exchange on which the Common Shares are then listed as may be selected for such purpose by the directors of the Company or, if the Common Shares are not then listed on more than one stock exchange, on such stock exchange on which the Common Shares are then listed or if the Common Shares are not then 3 listed on any stock exchange, on the over-the-counter market, or, if the Common Shares are not then traded in the over-the-counter market, the Current Market Price of the Common Shares shall be the fair value of a Common Share as determined by the directors of the Company, after consultation with a nationally and internationally recognized investment banking firm with respect to the fair value of such securities. The weighted average price shall be determined by dividing the aggregate sale price of all the Common Shares sold on the said exchange or market, as the case may be, during the said twenty-five (25) consecutive trading days by the total number of Common Shares so sold provided that, if the date for which the Current Market Price to be determined is a record date for an event relating to the Common Shares (other than a record date in respect of a meeting of shareholders) the said twenty-five (25) consecutive trading days shall be determined as at, and shall not include, the five (5) trading days immediately preceding such record date; (j) "director" means a director of the Company for the time being and reference without more to action by the directors means action by the directors of the Company as a board or, whenever duly empowered, action by a committee of the board; (k) "Exercise Date" has the meaning set forth in Section 5.2 of this Indenture; (l) "Expiry Date" means the date which is the fifth (5th) Business Day following the earlier of (i) the Qualification Date, or (ii) the Qualification Deadline; (m) "Expiry Time" means 5:00 p.m. (Vancouver time) on the Expiry Date; (n) "Extraordinary Resolution" has the meaning attributed to it in Section 6.10 and 6.13 hereof; (o) "Indenture", "hereto", "hereunder", "hereof", "hereby" and similar expressions mean or refer to this Indenture and not to any particular Article, Section, Subsection, paragraph, clause, subdivision or portion hereof and include any agreement, deed or instrument supplemental or ancillary hereto and the expressions "Article", "Section", "Subsection" and "paragraph" followed by a number mean and refer to the specified Articles, Sections, Subsections or paragraphs of this Indenture; (p) "person" means any entity whatsoever including, without limitation, an individual, a corporation, a partnership, a trust, an unincorporated organization, a syndicate and words importing persons have a similar meaning; (q) "Proceeds" means a sum of money equal to the Subscription Price multiplied by the aggregate number of Special Warrants issued pursuant to this Indenture, such amount being up to an aggregate of $8,287,500; 4 (r) "Prospectus", as the context may require, means the preliminary or final version of the prospectus to be filed in each Qualifying Provinces relating to the distribution of the Common Shares to the Special Warrantholders upon exercise thereof and, unless the context otherwise requires, includes any amendments or supplements thereto; (s) "Qualification Date" means the date on which a receipt has been issued by the Securities Commission in each of the Qualifying Provinces for the final Prospectus qualifying the Common Shares to be issued upon the exercise of the Special Warrants; (t) "Qualification Deadline" means the date that is four (4) months from the Closing Date; (u) "Qualifying Provinces" means the Provinces of British Columbia and Ontario and such other Provinces of Canada, if any, in which subscribers of Special Warrants reside; (v) "Regulation S" means Regulation S under the U.S. Securities Act; (w) "Special Warrant Certificate" means a certificate substantially in the form attached hereto as Schedule "A" evidencing one or more Special Warrants; (x) "Special Warrantholder" or "holder" means the registered holder of a Special Warrant hereunder; (y) "Special Warrants" means, collectively, the special warrants of the Company issued and certified hereunder entitling holders thereof to receive, upon the exercise or deemed exercise thereof and subject to adjustment hereunder, one Common Share, or such kind and amount of securities or property determined pursuant to Article 4 hereof; (z) "Subscription Price" means the sum of $3.25 per Special Warrant; (aa) "subsidiary of the Company" means a corporation of which voting securities carrying a majority of votes attached to all outstanding voting securities are owned, directly or indirectly, by the Company or by one or more subsidiaries of the Company, or by the Company and one or more subsidiaries of the Company, and, as used in this definition, voting securities means securities, other than debt securities, carrying a voting right to elect directors either under all circumstances or under some circumstances that may have occurred and are continuing; (bb) "TSX" means the Toronto Stock Exchange; (cc) "United States" means the United States as that term is defined in Regulation S; (dd) "U.S. Person" means a U.S. Person as defined in Regulation S, which definition includes, but is not limited to, an individual resident in the United States, an estate 5 or trust of which any executor, administrator or trustee, respectively, is a U.S. Person and any partnership or corporation organized or incorporated under the laws of the United States; (ee) "U.S. Securities Act" means the United States Securities Act of 1933, as amended; and (ff) "Written direction of the Company", "written order of the Company" and any other document required to be signed by the Company, mean, respectively, a written direction, order or request, consent or other document signed in the name of the Company by any of the President, the Vice-President, the Secretary or the Chief Financial Officer of the Company, and may consist of one or more instruments so executed. 1.2 HEADINGS. The division of this Indenture into Articles, Sections, Subsections, paragraphs or other subdivisions, the provision of a table of contents and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Indenture or the Special Warrants. 1.3 GENDER. In this Indenture wherever the context permits or requires words importing number shall include the singular and the plural and words importing gender shall include all genders. 1.4 BUSINESS DAY. In the event that any day on or before which any action is required to be taken hereunder is not a Business Day, then such action shall be required to be taken on or before the requisite time on the next succeeding day that is a Business Day. 1.5 MEANING OF "OUTSTANDING". Every Special Warrant represented by a Special Warrant Certificate countersigned and delivered by the Trustee hereunder shall be deemed to be outstanding until it shall be cancelled or delivered to the Trustee for cancellation or until the Expiry Time; provided that where a new Special Warrant Certificate has been issued pursuant to Section 2.7 hereof to replace one which has been mutilated, lost, stolen or destroyed, the Special Warrants represented by any such new Special Warrant Certificate shall be counted for the purpose of determining the aggregate number of Special Warrants outstanding. 1.6 TIME. Time shall be of the essence hereof and of the Special Warrants issued hereunder. 1.7 APPLICABLE LAW. This Indenture and the Special Warrants shall be governed by and construed in accordance with the laws of the Province of British Columbia. The parties hereto submit to the exclusive jurisdiction of the courts in the Province of British Columbia. The parties agree that any litigation between the parties which arises pursuant to or in connection with this Indenture, or any of its provisions, shall be referred to the courts in the Province of British Columbia and shall not be referred to the courts in any other jurisdiction. 1.8 CURRENCY. All references to "US$" refer to lawful money of the United States unless otherwise indicated. All references to "Cdn.$" refer to lawful money of Canada. 6 ARTICLE 2 ISSUE AND PURCHASE OF SPECIAL WARRANTS 2.1 CREATION AND ISSUE OF SPECIAL WARRANTS. A total of up to 2,550,000 Special Warrants are hereby created and authorized to be issued and shall be executed by the Company and certified by or on behalf of the Trustee upon the written order of the Company and delivered by the Trustee to the Company in accordance with the written direction of the Company. 2.2 FORM AND TERMS OF SPECIAL WARRANTS. Subject to the provisions hereof, the Special Warrants to be issued under this Indenture shall be limited in the aggregate to 2,550,000 Special Warrants and each Special Warrant shall entitle a holder, upon exercise or deemed exercise thereof to acquire, without the payment by such holder of any additional consideration, one (1) Common Share or such other kind and amount of securities or property determined pursuant to the provisions of Article 4, as the case may be. The Special Warrants may be exercised by the holder thereof, at no additional cost, at any time after issuance to a holder until the Expiry Time. Special Warrants not exercised or tendered for cancellation prior to the Expiry Time will be deemed to be exercised immediately prior thereto and surrendered to the Trustee on behalf of the holder thereof at the Expiry Time without any further action on the part of the holder or the Company. The Special Warrants shall be issued in registered form and the Special Warrant Certificates, including all replacements issued in accordance with this Indenture, shall be substantially in the form set out in Schedule "A" hereto with, subject to the provisions of this Indenture, such additions, variations and/or omissions as may from time to time be agreed upon between the Company and the Trustee, shall be dated as of the Closing Date, and shall be numbered in such manner as the Company, with the approval of the Trustee, may prescribe. All Special Warrants shall, save as to denominations, be of like tenor and effect. No change in the form of the Special Warrant Certificates shall be required by reason of any adjustment made pursuant to Article 4 hereof. The Trustee shall maintain a register of the holders at its principal stock transfer office in the City of Vancouver, which shall be open for inspection by any agent or representative of the Company or a Special Warrantholder, in which shall be entered the name and addresses of the Special Warrantholders and the number of Special Warrants held by them and all other information required by law. The Trustee shall, from time to time when requested to do so by the Company, furnish the Company with a list of the names and addresses of the Special Warrantholders entered in the registers kept by the Trustee and showing the number of Common Shares which might then be acquired upon the exercise or deemed exercise of the Special Warrants held by each such holder. Special Warrant Certificates may be engraved, lithographed, printed or partly in one form and partly in another form as the Company with the approval of the Trustee may determine. 2.3 TRANSFER AND OWNERSHIP OF SPECIAL WARRANTS. Unless the Company has instructed the Trustee in writing to waive any or all of the following requirements, Special Warrants may be transferred upon receipt by the Trustee of a duly executed transfer instrument in 7 the form attached to the Special Warrant Certificate together with evidence to its reasonable satisfaction that the transferee of such Special Warrants is: (a) the executor, administrator, heir or legal representative of the heirs of the estate of a deceased Special Warrantholder; (b) a guardian, committee, trustee, curator or tutor representing a Special Warrantholder who is an infant, an incompetent person or a missing person; (c) a liquidator of, or a trustee in bankruptcy for, a Special Warrantholder; or (d) a transferee of a Special Warrantholder who provides the Trustee with evidence satisfactory to the Trustee and the Company, acting reasonably, including but not limited to a properly completed and executed declaration attached as Exhibit "A" to the transfer form attached to the Special Warrant Certificate, that such transferee is/was either: (i) not in the United States at the time the buy order for the Special Warrants was executed, not acquiring the Special Warrants for the account or benefit of a U.S. Person or a person in the United States and was not offered the Special Warrants in the United States, or (ii) a person that has purchased or acquired Special Warrants in a transaction exempt from registration under the U.S. Securities Act and has provided the Company with satisfactory evidence of the availability of such exemption which may, at the Company's discretion, include an opinion of counsel and was exempt from registration under any applicable securities laws of any state of the United States and that the securities laws of any other applicable jurisdiction(s) have been complied with in relation to the transfer of the Special Warrants involved, together with the Special Warrant Certificate in question (by delivery or mail as set forth in Section 9.3 hereof), and subject to such reasonable requirements relating to the payment of costs of the transfer by the holder as the Trustee may prescribe and compliance with all applicable securities legislation and requirements of regulatory authorities. A transferee of Special Warrants who complies with the requirements of this Section 2.3 will be entitled to become noted upon the register of holders as a Special Warrantholder. After receiving the surrendered Special Warrant Certificate and upon the person surrendering the same meeting the requirements as hereinbefore set forth, the Trustee shall forthwith give written notice thereof together with confirmation as to the identity of the person entitled to become the holder to the Company. Forthwith after receiving written notice from the Trustee as aforesaid the Company shall, in accordance with the provisions of Section 2.8 hereof, cause a new Special Warrant Certificate to be issued and sent to the new holder and the Trustee shall alter its register of holders accordingly. Each Special Warrant shall bear a legend as set forth below: "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE AUGUST 24, 2002. 8 THE SPECIAL WARRANTS AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS SPECIAL WARRANT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THIS SPECIAL WARRANT MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT) OR A PERSON IN THE UNITED STATES UNLESS THIS SPECIAL WARRANT AND THE UNDERLYING SECURITIES ISSUABLE UPON THE EXERCISE THEREOF HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE SECURITIES LAWS OF ALL APPLICABLE STATES OF THE UNITED STATES OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE." Each Special Warrant issued to a U.S. Person or a person in the United States, and each Common Share issuable upon the exercise or deemed exercise thereof, shall bear a legend as set forth below: "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS THEY ARE OFFERED FOR SALE, SOLD, OR OTHERWISE TRANSFERRED ONLY: (A) TO THE COMPANY: (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF APPLICABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) WITH THE PRIOR CONSENT OF THE COMPANY, PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. PROVIDED THAT THE COMPANY IS A "FOREIGN ISSUER" WITHIN THE MEANING OF REGULATION S AT THE TIME OF SALE, A NEW CERTIFICATE, BEARING NO LEGEND MAY BE OBTAINED FROM THE REGISTRAR AND TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE REGISTRAR AND TRANSFER AGENT AND THE COMPANY, TO THE EFFECT THAT SUCH SALE IS BEING MADE IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT." 9 In addition, certificates representing Common Shares issued upon the exercise or deemed exercise of Special Warrants exercised prior to the earlier of the Qualification Date or the Expiry Date, shall bear the following legend: "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE AUGUST 24, 2002." Subject to the provisions of this Indenture and applicable law, the Special Warrantholder shall be entitled to the rights and privileges attaching to the Special Warrants free from all equities and rights of set-off or counter claim between the Company and the transferor or any previous Special Warrantholder and the issue of the Common Shares by the Company upon the exercise or deemed exercise of Special Warrants by any Special Warrantholder in accordance with the terms and conditions herein contained shall discharge all responsibilities of the Company and the Trustee with respect to such Special Warrants. 2.4 SPECIAL WARRANTHOLDERS NOT SHAREHOLDERS. A Special Warrantholder shall not, as such, be deemed to be or regarded as a shareholder of the Company nor shall such Special Warrantholder be entitled to any right or interest, including rights to receive dividends or vote at meetings of the shareholders of the Company, except as is expressly provided in this Indenture and in the Special Warrant Certificate. 2.5 SIGNING OF SPECIAL WARRANTS. The Special Warrant Certificates shall be signed either manually or by facsimile signature by any officer or director of the Company and may, but need not be, under the corporate seal of the Company. A facsimile signature upon any Special Warrant Certificate shall for all purposes hereof be deemed to be the signature of the person whose signature it purports to be and to have been signed at the time such facsimile signature is reproduced. If a person whose signature, either manually or in facsimile, appears on a Special Warrant Certificate is not a director or officer of the Company at the date of this Indenture or at the date of the countersigning and delivery of such Special Warrant Certificate, such fact shall not affect in any way the validity of the Special Warrants or the entitlement of the holder thereof to the benefits of this Indenture. 2.6 COUNTERSIGNING. No Special Warrant Certificate shall be issued, or if issued, shall be valid or exercisable or entitle the holder thereof to the benefits of this Indenture until the Special Warrant Certificate has been countersigned by or on behalf of the Trustee. The Trustee will countersign the Special Warrant Certificates upon the written direction of the Company. The countersignature by or on behalf of the Trustee on any Special Warrant Certificate shall not be construed as a representation or warranty by the Trustee as to the validity of this Indenture or of the Special Warrants or as to the performance by the Company of its obligations under this Indenture and the Trustee shall in no way be liable or answerable for the use made of the Special Warrants or of the Proceeds except as specified herein. The countersignature of the Trustee shall, however, be a representation and warranty of the Trustee that the Special Warrant Certificate has been duly countersigned by or on behalf of the Trustee pursuant to the provisions of this Indenture and shall be conclusive evidence as against the Company that the Special Warrant Certificate so countersigned has been duly issued hereunder and the holder is entitled to the benefits hereof. 10 2.7 LOSS, MUTILATION, DESTRUCTION OR THEFT OF SPECIAL WARRANTS. In case any of the Special Warrant Certificates issued and countersigned hereunder shall become mutilated or be lost, destroyed or stolen, the Company shall, upon the holder complying with this Section 2.7, issue and thereupon the Trustee shall countersign and deliver a new Special Warrant Certificate of like date and tenor in exchange for and in place of the one mutilated, lost, destroyed or stolen and upon surrender and cancellation of such mutilated Special Warrant Certificate or in lieu of and in substitution for such lost, destroyed or stolen Special Warrant Certificate and the substituted Special Warrant Certificate shall be in a form approved by the Trustee and shall entitle the holder thereof to the benefits hereof and rank equally in accordance with its terms with all other Special Warrants issued hereunder. The applicant for the issue of a new Special Warrant Certificate pursuant to this Section 2.7 shall bear the reasonable costs including applicable taxes of the issue thereof and in case of loss, destruction or theft shall, as a condition precedent to the issue thereof, furnish to the Company and to the Trustee such evidence of ownership and of the loss, destruction or theft of the Special Warrant Certificate so lost, destroyed or stolen as shall be satisfactory to the Company and to the Trustee, in their discretion and such applicant may also be required to furnish an indemnity and a surety bond in amount and form satisfactory to the Company and the Trustee in their discretion, and shall pay the reasonable charges of the Company and the Trustee in connection therewith. 2.8 ISSUE OF SPECIAL WARRANTS. Special Warrant Certificates shall be signed by the Company as aforesaid and delivered to the Trustee from time to time. The Trustee shall countersign any Special Warrant Certificate delivered by the Company to the Trustee as aforesaid and shall forthwith deliver to the person or persons in whose name or names the Special Warrant Certificate is to be issued (as specified in any written order from time to time given by the Company to the Trustee and signed by the Chairman, President, Vice-President, Treasurer, Secretary or Assistant Secretary of the Company) or mail to such person or persons at their respective addresses specified in the written order from the Company the Special Warrant Certificate for the appropriate number of Special Warrants. 2.9 FRACTIONS. Certificates representing fractional Special Warrants shall not be issued or otherwise provided for. 2.10 SPECIAL WARRANTS TO RANK PARI PASSU. All Special Warrants shall rank pari passu, whatever may be the actual date of issue of same. 2.11 EXCHANGE OF SPECIAL WARRANTS. Except as otherwise herein provided: (a) Special Warrant Certificates may, upon compliance with the reasonable requirements of the Trustee, be exchanged for Special Warrant Certificates in any other authorized denomination representing in the aggregate the same number of Special Warrants. The Company shall sign and the Trustee shall countersign, in accordance with Section 2.5 and 2.6, all Special Warrant Certificates necessary to carry out the exchanges contemplated herein; 11 (b) Special Warrant Certificates may be exchanged only at the principal stock transfer office of the Trustee in the city of Vancouver. Any Special Warrant Certificates tendered for exchange shall be surrendered to the Trustee and cancelled; and (c) the Trustee may charge registered holders requesting an exchange a reasonable sum for each Special Warrant Certificate exchanged and payment of such charges and reimbursement of the Trustee or the Company for any and all taxes or governmental or other charges required to be paid shall be made by the party requesting such exchange as a condition precedent to such exchange. 2.12 RECOGNITION OF REGISTERED HOLDER. The Company and the Trustee may deem and treat the registered holder of any Special Warrant Certificate as the absolute beneficial owner of the Special Warrants represented thereby for all purposes under this Indenture, and the Company and the Trustee shall not be affected by any notice or knowledge to the contrary except where the Company or the Trustee is required to take notice by statute or by order of a court of competent jurisdiction. A Special Warrantholder shall be entitled to the rights evidenced by the Special Warrants registered in his name free from all equities or rights of set-off or counterclaim between the Company and the original or any intermediate holder thereof and all persons may act accordingly and the receipt by any such Special Warrantholder of the Common Shares issuable upon the exercise or deemed exercise thereof shall be a good discharge to the Company and the Trustee for the same and neither the Company nor the Trustee shall be bound to inquire into the title of any such holder except where the Company or the Trustee is required to take notice by statute or by order of a court of competent jurisdiction. ARTICLE 3 COVENANTS OF THE COMPANY 3.1 COVENANTS OF THE COMPANY. The Company represents, warrants, covenants and agrees with the Trustee for the benefit of the Trustee and the Special Warrantholders as follows: (a) To Issue Special Warrants and Reserve Common Shares: The Company is duly authorized to create and issue the Special Warrants and that the Special Warrant Certificates, when issued and countersigned as herein provided, will be valid and enforceable against the Company and that, subject to the provisions of this Indenture, the Company will cause a sufficient number of the Common Shares from time to time issuable pursuant to the Special Warrants under this Indenture and the certificates representing such Common Shares to be duly issued and delivered in accordance with instructions on the Special Warrant Certificates and the terms hereof. At all times prior to and including the Expiry Time, while any of the Special Warrants are outstanding, the Company shall reserve and allot and conditionally issue out of its authorized capital a number of Common Shares sufficient to enable the Company to meet its obligation to issue Common Shares in respect of the exercise or deemed exercise of all Special Warrants outstanding hereunder from time to time. All Common Shares acquired pursuant to the exercise or deemed exercise of the Special Warrants shall be fully paid and non-assessable. 12 (b) To Pay Trustee's Remuneration: The Company will pay to the Trustee from time to time reasonable remuneration for its services hereunder and will, upon the Trustee's request, pay to or reimburse the Trustee for all reasonable expenses, disbursements and advances made or incurred by the Trustee in the administration or execution of the trust hereof (including the compensation and disbursements of its counsel and other advisors and assistants not regularly in its employ), both before a default hereunder and thereafter until all duties of the Trustee hereunder have been finally and fully performed. (c) To Execute Further Assurances: The Company will do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered, all other acts, deeds and assurances in law as the Trustee may reasonably require for effecting the intentions and provisions of this Indenture. (d) To Carry on Business: Subject to the express provisions hereof, the Company will at all times maintain its corporate existence, carry on and conduct and will cause to be carried on and conducted its business in the same manner as heretofore carried on and conducted, provided, however, that the Company or any subsidiary of the Company may dispose of any business, premises, property or operation if in the reasonable opinion of the directors or officers of the Company or any subsidiary of the Company, as the case may be, it would be advisable and in the best interests of the Company or any subsidiary of the Company to do so; and subject to the express provisions hereof, it will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, provided, however, that (subject to compliance with the provisions of Article 4 hereof) nothing herein contained shall prevent the amalgamation, consolidation or merger of the Company or any subsidiary of the Company or the abandonment of any rights and franchises of the Company or any subsidiary of the Company if, in the reasonable opinion of the directors or officers of the Company, or the directors or officers of any subsidiary of the Company, as the case may be, it would be advisable and in the best interests of the Company or of such subsidiary of the Company to do so. The Company will keep or cause to be kept proper books of account in accordance with generally accepted accounting practice and will file with the Trustee copies of all annual statements of the Company furnished to its shareholders after the date hereof, forthwith following delivery to its shareholders. (e) To Deliver Information: The Company will send to each Special Warrantholder copies of all financial statements and other materials furnished from time to time to holders of Common Shares after the date hereof. (f) Performance of Covenants By Trustee: If the Company shall fail to perform any of its covenants contained in this Indenture the Trustee may notify the Special Warrantholders of such failure on the part of the Company or may iTSXlf perform any of the said covenants capable of being performed by it, but, subject to Section 8.3 hereof, the Trustee shall be under no obligation to do so or to notify any Special Warrantholder. All sums reasonably expended or advanced by the Trustee 13 in performance of its rights provided for in this Subsection 3.1(f) shall be repayable as provided in Subsection 3.1(b). No such performance, expenditure or advance by the Trustee shall be deemed to relieve the Company of any default hereunder. (g) Filings: The Company undertakes to file or cause to be filed all forms or undertakings required to be filed by the Company in connection with the issuance and sale of the Special Warrants so that the distribution of the Special Warrants may lawfully occur without the necessity of filing a prospectus or an offering memorandum in Canada (but on terms that will permit the Common Shares acquired by subscribers in the Qualifying Provinces upon exercise or deemed exercise of the Special Warrants to be sold by such subscribers at any time in the Qualifying Provinces subject to Applicable Securities Laws). All fees payable in connection with such filings shall be at the sole expense of the Company. (h) Reporting Issuer Status: The Company is a reporting issuer under the laws of the Qualifying Provinces, not in default of any requirements of such laws and the Company will use reasonable efforts to remain, a reporting issuer under the securities laws of the Qualifying Provinces, not in default of any requirement of such laws. (i) Stock Exchange Listing: The Company will use reasonable efforts to ensure that the Common Shares issuable upon exercise or deemed exercise of the Special Warrants will, as soon as practicable after the Closing Date, be listed and posted for trading on the TSX. The Company covenants to use reasonable efforts to maintain the listing of the Common Shares on such stock exchange. (j) Filing Prospectus: The Company will use reasonable efforts, as soon as possible after the Closing Date, to prepare, file and receive a receipt for a preliminary Prospectus in each of the Qualifying Provinces. If a preliminary Prospectus is filed and a receipt obtained therefore, the Company will use reasonable efforts to resolve any regulatory comments and satisfy any regulatory deficiencies in respect of the preliminary Prospectus and, as soon as practicable after such comments or deficiencies have been resolved or satisfied, shall use reasonable efforts to prepare, file and obtain a receipt from each of the securities commissions or similar regulatory authorities in each of the Qualifying Provinces for the final Prospectus and will take all other steps and proceedings that may reasonably be necessary in order to qualify the Common Shares issuable upon exercise or deemed exercise of the Special Warrants for distribution in each of the Qualifying Provinces to Special Warrantholders, subject to the control block provisions of Applicable Securities Laws. (k) Performance of Indenture: The Company will well and truly perform and carry out all of the acts or things to be done by it as provided in this Indenture. 3.2 NOTICE OF PROSPECTUS. The Company will give written notice to the Trustee of the issuance of the receipts for the final Prospectus referred to in Subsection 3.1(j) hereof forthwith 14 following such issuance, and in any event no later than the second Business Day thereafter, which notice will be accompanied by a sufficient number of commercial copies of such final Prospectus for distribution to each Special Warrantholder. The Trustee shall, on the Business Day following the receipt of such notice, deliver written notice thereof to the Special Warrantholders, which notice will be accompanied by a commercial copy of the final Prospectus and will include a statement to the effect that any Special Warrants not exercised by the Expiry Time will be deemed exercised and surrendered by the Trustee on behalf of the holder thereof. 3.3 SUITS BY SPECIAL WARRANTHOLDER. Subject to the provisions of this Indenture, all or any of the rights conferred upon a Special Warrantholder by the terms of a Special Warrant may be enforced by such Special Warrantholder by appropriate legal proceedings without prejudice to the right which is hereby conferred upon the Trustee to proceed in its own name to enforce each and all of the provisions herein contained for the benefit of the Special Warrantholders from time to time. 3.4 SECURITIES QUALIFICATION REQUIREMENTS. (a) If, in the opinion of counsel, any instrument (not including a prospectus, except as contemplated by Section 3.1 hereof) is required to be filed with or any permission, order or ruling is required to be obtained from any securities regulatory authority or any stock exchange or any other actions are required under any Canadian federal law or any provincial laws of the Qualifying Provinces or any stock exchange rules before any securities or property, including Common Shares, which a Special Warrantholder is entitled to receive pursuant to the exercise or deemed exercise of a Special Warrant may properly and legally be issued and delivered upon the exercise or deemed exercise of a Special Warrant and thereafter traded, the Company covenants that it will use reasonable efforts to file such instrument, obtain such permission, order or ruling or take all such other actions at its expense, as is required or appropriate in the circumstances. (b) The Company will give written notice of, and will make all necessary filings in respect of, the issue of the Common Shares pursuant to the exercise or deemed exercise of Special Warrants, in such detail as may be required, to any stock exchange upon which the Common Shares may be listed or to the securities regulatory authority in a Qualifying Province if there is therein any legislation, ruling or order requiring the giving of any such notice or the making of any such filings in order that the subsequent disposition of the Common Shares so issued will not be subject to the prospectus requirements of such legislation, ruling or order (subject to any applicable hold periods). (c) The Company has no obligation to register or qualify the Special Warrants or the Common Shares under the U.S. Securities Act or the securities laws of any state of the United States. 3.5 TRUSTEE MAY INSTITUTE PROCEEDINGS. The Trustee shall also have the power at any time and from time to time to institute and to maintain such suits and proceedings as it may 15 be advised shall be necessary or advisable to preserve and protect its interest and the interests of the Special Warrantholders. ARTICLE 4 ADJUSTMENT OF SUBSCRIPTION RIGHTS 4.1 ADJUSTMENT OF SUBSCRIPTION RIGHTS. The subscription rights attaching to the Special Warrants with respect to the Common Shares issuable upon the exercise or deemed exercise of the Special Warrants shall be subject to adjustment from time to time as follows: (a) if and whenever at any time from the date hereof and prior to the Expiry Time, the Company shall: (i) subdivide its outstanding Common Shares into a greater number of shares; or (ii) consolidate its outstanding Common Shares into a smaller number of shares; the number of Common Shares obtainable upon the exercise or deemed exercise of each Special Warrant shall be adjusted, at no cost to such holder, immediately after the effective date of such subdivision or consolidation by multiplying the number of Common Shares theretofore obtainable on the exercise or deemed exercise thereof by the fraction of which: (A) the numerator shall be the total number of Common Shares outstanding immediately after such date, or, in the case of the issuance of convertible securities, the total number of Common Shares outstanding immediately after such date plus the total number of Common Shares issuable upon conversion or exchange of such convertible securities, and (B) the denominator shall be the total number of Common Shares outstanding immediately prior to such date, and such adjustment shall be made successively whenever any event referred to in this Subsection 4.1(a) shall occur (and all adjustments in this Subsection are cumulative); (b) if and whenever at any time from the date hereof and prior to the Expiry Time, the Company shall issue or distribute to the holders of all or substantially all of the Company's outstanding Common Shares or any securities of the Company including rights, options or warrants to acquire shares of the Company or securities convertible into or exchangeable for shares of the Company or property or assets including cash or evidences of indebtedness, the holder of any Special Warrant who thereafter shall exercise or be deemed to have exercised his right to subscribe for Common Shares thereunder shall be entitled to receive, at no cost to such holder, and shall accept for the same aggregate consideration, in addition to 16 the Common Shares to which he was theretofore entitled upon such exercise or deemed exercise, the kind and amount of securities or property which such holder would have been entitled to receive as a result of such issue or distribution as if, on the effective date thereof, he had been the registered holder of the number of Common Shares to which he was theretofore entitled upon such exercise or deemed exercise and if determined appropriate by the directors, appropriate adjustments shall be made as a result of any such issue or distribution to the rights and interests of Special Warrantholders thereafter so that the provisions of this Article 4 shall thereafter apply correspondingly to any securities or other property thereafter deliverable upon the exercise or deemed exercise of any Special Warrant and any such adjustments shall be made by and set forth in an agreement supplemental hereto approved by the directors and shall for all purposes be conclusively deemed to be appropriate adjustments; (c) if and whenever at any time from the date hereof and prior to the Expiry Time, there is a reclassification of the Common Shares or a capital reorganization of the Company other than as described in Subsections 4.1(a) or (b) or a consolidation, amalgamation or merger of the Company with or into any other body corporate, trust, partnership or other entity, or a sale or conveyance of the property and assets of the Company as an entirety or substantially as an entirety, any Special Warrantholder who has not exercised his right of subscription prior to the effective date of such reclassification, reorganization, consolidation, amalgamation, merger, sale or conveyance, upon the exercise or deemed exercise of such right thereafter, shall be entitled to receive and shall accept the kind and number of securities or property that such Special Warrantholder would have been entitled to receive on such reclassification, capital reorganization, consolidation, amalgamation, merger, sale or conveyance, if, on the record date or the effective date thereof, as the case may be, the Special Warrantholder had been the registered holder of the number of Common Shares receivable upon the exercise or deemed exercise of Special Warrants then held, subject to adjustment thereafter in accordance with provisions the same, as nearly as may be possible, as those contained in this Section 4.1; provided that no such action shall be carried into effect unless all necessary steps shall have been taken so that the holders of the Special Warrants shall thereafter be entitled to receive such kind and number of securities and property. The Company, its successor, or the purchasing body corporate, partnership, trust or other entity, as the case may be, shall, as a condition precedent to any such reclassification, reorganization, consolidation, amalgamation, merger, sale or conveyance, take all necessary steps hereunder to enter into an agreement which shall provide, to the extent possible, for the application of the provisions set forth in this Indenture with respect to the rights and interests thereafter of the Special Warrantholders to the end that the provisions set forth in this Indenture shall thereafter correspondingly be made applicable, as nearly as may reasonably be, with respect to any shares other securities or property to which a Special Warrantholder is entitled on the exercise or deemed exercise of his Special Warrants thereafter. Any agreement entered into between the Company and the Trustee pursuant to the provisions of this 17 Subsection 4.1(c) shall be a supplemental agreement entered into pursuant to the provisions of Article 7 hereof. Any agreement entered into between the Company, any successor to the Company or any purchasing body corporate, partnership, trust or other entity and the Trustee shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided in this Section 4.1 and which shall apply to successive reclassifications, reorganizations, amalgamations, consolidations, mergers, sales or conveyances; (d) in any case in which this Section 4.1 shall require that an adjustment shall become effective immediately after a record date for an event referred to herein, the Company may defer, until the occurrence of such event, issuing to the holder of any Special Warrant exercising or deemed to be exercising his subscription rights after such record date the additional Common Shares or other securities or property issuable upon such exercise or deemed exercise by reason of the adjustment required by such event; provided, however, that the Company shall deliver to such holder an appropriate instrument evidencing such holder's right to receive such additional Common Shares or other securities or property, as the case may be, upon the occurrence of the event requiring such adjustment and the right to receive any distributions made on such additional Common Shares or other securities or property, as the case may be, declared in favour of holders of record of Common Shares or other securities or property, as the case may be, on and after the date of exercise or deemed exercise or such later date as such holder would but for the provisions of this Subsection 4.1(d), have become the holder of record of such additional Common Shares or other securities or property, as the case may be, pursuant to the exercise or deemed exercise of the Special Warrants held by such holder; (e) after any adjustment pursuant to this Section 4.1, the term "Common Shares" where used in this Indenture shall be interpreted to mean securities of any class or classes which, as a result of such adjustment and all prior adjustments pursuant to this Section 4.1, a Special Warrantholder is entitled to receive upon the exercise or deemed exercise of such holder's Special Warrants, and the number of Common Shares indicated in any exercise made pursuant to a Special Warrant shall be interpreted to include the number of Common Shares or other property or securities a Special Warrantholder is entitled to receive, as a result of such adjustment and all prior adjustments pursuant to this Section, upon the full exercise or deemed exercise of a Special Warrant; (f) all shares of any class or other securities or property which a Special Warrantholder is at the time in question entitled to receive on the full exercise or deemed exercise of his Special Warrant, whether or not as a result of adjustments made pursuant to this Section 4.1 shall, for the purposes of the interpretation of this Indenture, be deemed to be Common Shares which such Special Warrantholder is entitled to subscribe for pursuant to the exercise or deemed exercise of such Special Warrant; 18 (g) anything in this Section 4.1 to the contrary notwithstanding, no adjustment shall be made in the subscription rights attached to the Special Warrants if the issue of Common Shares is being made pursuant to any stock option or stock purchase plan in force from time to time for directors, officers or employees of the Company or any other currently existing obligation of the Company disclosed to the Trustee and the Special Warrantholders at the date hereof; and (h) in the event of any question arising with respect to the adjustments provided for in this Section 4.1 such question shall be conclusively determined, subject to the consent of any stock exchange upon which the Common Shares are then listed, by a firm of chartered accountants appointed by the Company and acceptable to the Trustee (which may be the Company's auditors). Such accountants shall have access to all necessary records of the Company, and such determination shall be binding upon the Company, the Trustee, all Special Warrantholders and all other persons interested therein. In the event that any such determination is made, the Company shall deliver a certificate to the Trustee describing such determination; provided that no adjustment will be required if the holder of a Special Warrant is otherwise entitled to participate in the event which triggers the adjustment pursuant to this Section 4.1 on the same basis as such Special Warrantholder would have been entitled had he exercised or been deemed to have exercised his Special Warrants and subscribed for Common Shares immediately prior to such event. Any such participation shall be subject to the prior consent of the TSX. 4.2 PROCEEDINGS PRIOR TO ANY ACTION REQUIRING ADJUSTMENT. As a condition precedent to the taking of any action which would require an adjustment in any of the subscription rights arising pursuant to the exercise or deemed exercise of any of the Special Warrants, including the number of Common Shares which are to be received upon the exercise or deemed exercise thereof, the Company shall take any corporate action which may, in the opinion of counsel, be necessary in order for the Company to allot and reserve for issuance and to validly and legally issue as fully paid and non-assessable, such number of Common Shares and validly and legally deliver all other securities or property in which the holders of such Special Warrants are entitled to receive on the full exercise or deemed exercise thereof in accordance with the provisions hereof. 4.3 CERTIFICATE OF ADJUSTMENT. The Company shall from time to time immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 4.1 hereof, deliver a certificate of the Company to the Trustee specifying the nature of the event requiring the same and the amount of the adjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based, which certificate and the amount of the adjustment specified therein shall be verified by the auditors of the Company, upon whose verification the Trustee shall be entitled to act and rely. When so verified, the Company shall, except in respect of any subdivision, or consolidation of the Common Shares, forthwith give written notice to the Special Warrantholders specifying the event requiring such adjustment or readjustment and the results thereof; provided that if the Company has already given the required notices under Section 4.5 hereof covering all the relevant facts in respect of such event and if the Trustee consents in writing, no further notice need be given under this Section 4.3. 19 4.4 ADJUSTMENT RULES. The adjustments provided for in this Article 4 are cumulative and shall apply (without duplication) to successive actions requiring an adjustment under the provisions of Section 4.1; provided that, notwithstanding any other provision of this Article 4, no adjustment shall be made in the number of Common Shares which may be subscribed for on the exercise or deemed exercise of a Special Warrant unless it would result in a change of at least one-hundredth of a Common Share (provided, however, that any adjustments which by reason of this Section 4.4 are not required to be made shall be carried forward and taken into account in any subsequent adjustment). In the event that the Company after the date of this Indenture shall take any action affecting the Common Shares other than action described in this Article 4, the directors of the Company may, but shall not be required to, make any other adjustments to the number of Common Shares which may be acquired upon exercise or deemed exercise of the Special Warrants, to the extent, if any, such directors deem appropriate, provided that no such adjustment shall be made which increases the Subscription Price or decreases the number of Common Shares which may be acquired upon exercise or deemed exercise of the Special Warrants. 4.5 NOTICE OF SPECIAL MATTERS. The Company covenants with the Trustee that so long as any Special Warrant remains outstanding it will give at least fourteen (14) days' prior written notice in the manner provided for in Article 9 to the Trustee and to each Special Warrantholder of any event which requires an adjustment to the subscription rights attaching to any of the Special Warrants pursuant to this Article 4. The Company covenants and agrees that such notice shall contain the particulars of such event in reasonable detail and, if determinable, the required adjustment in the manner provided for in this Article 4. The Company further covenants and agrees that it shall promptly as soon as the adjustment calculations are reasonably determinable, file a Certificate of the Company with the Trustee showing how such adjustment shall be computed and direct the Trustee to send a copy of such certificate to the Special Warrantholders. 4.6 NO ACTION AFTER NOTICE. The Company covenants with the Trustee that it will not close its transfer books or take any other corporate action which might deprive the holder of a Special Warrant of the opportunity of exercising his right of subscription pursuant thereto during the period of fourteen (14) days after the giving of the notice set forth in Section 4.3 and 4.5 hereof. 4.7 PROTECTION OF TRUSTEE. The Trustee: (a) shall not at any time be under any duty or responsibility to any Special Warrantholder to determine whether any facts exist which may require any adjustment contemplated by Section 4.1 hereof, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed in making the same; (b) shall not be accountable with respect to the validity or value (or the kind or amount) of any Common Share or of any shares or other securities or property which may at any time be issued or delivered upon the exercise or deemed exercise of the subscription rights attaching to any Special Warrant; 20 (c) shall not be responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver Common Shares or certificates for the same upon the surrender or deemed surrender of any Special Warrants for the purpose of the exercise or deemed exercise of such rights or to comply with any of the covenants contained in this Article 4; and (d) shall not incur any liability or responsibility whatever or be in any way responsible for the consequence of any breach on the part of the Company of any of the representations, warranties or covenants herein contained or of any acts of the agents or servants of the Company. ARTICLE 5 EXERCISE AND CANCELLATION OF SPECIAL WARRANTS 5.1 EXERCISE OF SPECIAL WARRANTS. Upon and subject to the provisions of this Article 5, any holder of a Special Warrant may exercise the right thereby conferred on him to subscribe for Common Shares for no additional consideration by surrendering to the Trustee after the issuance of the Special Warrants to such holder and until the Expiry Time at its principal office in the city of Vancouver, the Special Warrant Certificate evidencing the Special Warrants, with the exercise form attached to the Special Warrant Certificate duly completed and executed by the holder or his executors or administrators or other legal representatives or his or their attorney duly appointed by an instrument in writing in form and manner satisfactory to the Trustee. The Trustee may act and rely on the address form for determining residency of the subscribing holder. Unless the Company has instructed the Trustee in writing to waive any or all of the following requirements, the Special Warrants may not be exercised by or for the account or benefit of a U.S. Person or a person in the United States unless the holder certifies in writing to the Company and the Trustee that the holder is: (i) an original subscriber of Special Warrants who has re-confirmed in writing to the Company and the Trustee each of the representations and warranties made by the holder in connection with such holder's subscription for Special Warrants; or (ii) a registered transferee of such Special Warrants who has complied with Subsection 2.3(d) hereof provided that the Company may, in its sole discretion, accept, in substitution for the foregoing, evidence satisfactory to the Company and the Trustee, acting reasonably, to the effect that the Common Shares have been registered under the U.S. Securities Act and applicable state securities laws or that the Common Shares may be issued upon exercise of the Special Warrants without registration under the U.S. Securities Act and any applicable state securities laws. The foregoing requirements shall not apply to any deemed exercise by the Trustee of Special Warrants pursuant to the terms hereof as long as the holder is an original subscriber or a registered transferee of such Special Warrants. The exercise form attached to the Special Warrant Certificate shall be signed as set out above and shall specify: (a) the number of Common Shares which the Special Warrantholder wishes to subscribe for upon the exercise of the Special Warrants (being not greater than the 21 aggregate number of the Common Shares which such Special Warrantholder is entitled to acquire pursuant to the Special Warrants so surrendered); and (b) the person or persons in whose name or names the Common Shares are to be registered, the address or addresses and the social insurance number or numbers of such person or persons and the number of Common Shares to be issued to each such person if more than one is so specified, provided that the Special Warrantholder shall only be entitled to direct his entitlement to the Common Shares in a manner permitted by applicable securities legislation, and provided further that no certificates for Common Shares shall be registered at or delivered to an address in the United States unless the person in whose name the certificates are registered has complied with the requirements of Subsection 2.3(d) hereof and the Special Warrants will only be deemed to be surrendered when actually received by the Trustee. Any Special Warrants not exercised before the Expiry Date shall be deemed to be exercised and surrendered by the Trustee on behalf of the holder thereof as of 4:59 p.m. (Vancouver time) on the Expiry Date. If any of the Common Shares in respect of which the Special Warrants are exercised are to be issued to a person or persons other than the Special Warrantholder in accordance with the provisions of Section 2.3 hereof, the Special Warrantholder shall pay to the Trustee all requisite stamp or security transfer taxes or other governmental charges exigible in connection with the issue of such Common Shares to such other person or persons or shall establish to the satisfaction of the Trustee that such taxes and charges have been paid. If at the time of the exercise or deemed exercise of the Special Warrants, there remain trading restrictions on the Common Shares acquired, due to applicable securities legislation in the Qualifying Provinces, the Company may, on the advice of counsel, endorse the certificates evidencing such Common Shares accordingly until such time as the Company determines that such endorsement is no longer necessary to avoid a violation of such laws by the Company and so advises the Trustee in writing or the holder of any such endorsed certificate, at the holder's expense, provides the Company with evidence satisfactory in form and substance to the Company (which may include an opinion of counsel satisfactory to the Company) to the effect that such holder is entitled to sell or otherwise transfer such Common Shares in a transaction in which such endorsement is not required, whereupon such endorsed certificate may thereafter be surrendered to the Company in exchange for a certificate which does not bear such endorsement. After delivery of the certificates representing the Common Shares, in the event of non-receipt of any such certificates by the person to whom it is so sent as aforesaid, or the loss or destruction thereof, the Company shall issue and the Trustee shall countersign and deliver to such person a replacement certificate of like date and tenor in place of the one lost or destroyed upon being furnished with such evidence of ownership and non-receipt, loss or destruction and with such indemnity and surety bond or security as the Trustee may reasonably require. The Special Warrantholder shall bear the cost of the issue of such replacement certificates. 22 5.2 EFFECT OF EXERCISE OF SPECIAL WARRANTS. Upon valid exercise or deemed exercise of the Special Warrants as provided in Section 5.1 hereof, the Common Shares in respect of which the Special Warrants are validly or deemed exercised shall be deemed to have been issued, and such person or persons as are specified pursuant to Section 5.1 hereof shall be deemed to have become the holder or holders of record of such securities on the date of such valid exercise (herein called the "Exercise Date") unless the stock transfer books of the Company shall be closed by law on the said date of such valid exercise, in which case such securities shall be deemed to have been issued, such person or persons shall be deemed to have become the holder or holders of record of such securities and the Exercise Date shall be deemed to be on the date on which such stock transfer books are next re-opened. Upon valid exercise of the Special Warrants as aforesaid, the Trustee shall forthwith give written notice thereof to the Company. In the case of a Special Warrant which is exercised by a holder in accordance with the provisions of Section 5.1, within five Business Days after the Exercise Date of such Special Warrant, the Company shall: (a) cause to be mailed to the person in whose name the Common Shares so subscribed for are to be issued, as specified in the Special Warrant, at the address specified therein; (b) if so specified therein, cause to be delivered to such person at the office of the Trustee where such Special Warrant was surrendered; or (c) if no specification as contemplated by (a) or (b) is provided, cause to be mailed to the person in whose name the Common Shares are to be issued at the address of such person last appearing on the register maintained by the Trustee pursuant hereto or as such person may otherwise notify the Trustee in writing on or prior to the Exercise Date, certificates for the Common Shares to which the Special Warrantholder is entitled pursuant to the Special Warrants so exercised. In the case of a Special Warrant which is deemed to be exercised and surrendered by the Trustee on behalf of a Special Warrantholder in accordance with the provisions of Section 5.1, as soon as practicable following the deemed exercise by the Trustee of such Special Warrants, and provided that notice has not been given in accordance with the provisions of Section 3.2, the Trustee shall notify each of such holders in accordance with the provisions of Section 9.2 to the effect the Trustee has so exercised and surrendered the Special Warrants on behalf of the Special Warrantholder and that they shall be entitled to receive certificates for the Common Shares to which they have become entitled. Within five (5) Business Days after such deemed exercise and surrender of such Special Warrant, the Company shall cause certificates representing such Common Shares to be mailed to the address of the holder of the Special Warrants so exercised last appearing on the register maintained by the Trustee pursuant to Section 2.2 or as such person may otherwise notify the Trustee in writing on or prior to the Exercise Date. 23 5.3 POSTPONEMENT OF DELIVERY OF CERTIFICATES. The Company shall not be required to deliver certificates in respect of Common Shares during any period when the stock transfer books of the Company are closed by law and in the event of an exercise or deemed exercise of a Special Warrant during such period, the delivery of certificates evidencing such Common Shares may be postponed for a period not exceeding five (5) Business Days after the date of the re-opening of the stock transfer books. 5.4 SPECIAL WARRANTS VOID AFTER EXPIRY TIME. Upon the earlier of (i) the exercise or deemed exercise of the Special Warrants and (ii) the Expiry Time, the Special Warrants shall be void and of no value or effect. 5.5 FRACTIONS. To the extent that the holder of a Special Warrant is entitled to receive on the exercise or partial exercise thereof a fraction of a Common Share, such right may only be exercised in respect of such fraction in combination with another Special Warrant or other Special Warrants which in the aggregate entitle the holder to receive a whole number of Common Shares. If a holder is not able to, or elects not to, combine Special Warrants so as to be entitled to acquire a whole number of Common Shares, the Company shall make an appropriate cash adjustment to such holder in respect only of the entitlement to a fractional Common Share. In respect of any holder, the Company shall only be required to make such a cash adjustment once and for one (1) fractional Common Share and no more. The amount of the cash adjustment shall be equal to the fraction of a Common Share to which the holder would be entitled multiplied by the Current Market Price. The Company will not, under any circumstances, be obligated to issue a cheque to a Special Warrantholder of less than $10.00. The price to be paid shall be provided by the Company in writing to the Trustee on request. 5.6 PARTIAL EXERCISE OF SPECIAL WARRANTS. The holder of any Special Warrants may acquire a number of Common Shares less than the number which the holder is entitled to acquire pursuant to the surrendered Special Warrant Certificate(s). In the event of any exercise of a number of Special Warrants less than the number which the holder is entitled to exercise, the holder of the Special Warrants upon such exercise shall be entitled to receive, without charge therefor, a new Special Warrant Certificate(s) in respect of the balance of the Special Warrants represented by the surrendered Special Warrant Certificate(s) which were not then exercised. 5.7 ACCOUNTING AND RECORDING. The Trustee shall: (a) promptly account to the Company with respect to Special Warrants exercised or deemed exercised and any securities or other instruments, from time to time received by the Trustee shall be received in trust for, and shall be segregated and kept apart by the Trustee in trust for, the Company; and (b) record the particulars of Special Warrants exercised or deemed exercised, which particulars shall include the names and addresses of the persons who become holders of Common Shares on exercise and the Exercise Date in respect thereof. The Trustee shall provide such particulars in writing to the Company within five (5) Business Days of any request by the Company therefor. 24 ARTICLE 6 MEETINGS OF SPECIAL WARRANTHOLDERS 6.1 CONVENING OF MEETING. A meeting of Special Warrantholders may be convened at any time by the Trustee or the Company or by the Special Warrantholders holding not less than twenty-five per cent (25%) of the aggregate number of Special Warrants then outstanding, who shall serve the Trustee with a requisition signed by such holders and the Trustee, upon being funded and indemnified, shall then be bound to convene a meeting of Special Warrantholders. In the event that the Trustee fails to convene the meeting after being duly required to do so, the holders of the then outstanding Special Warrants representing no less than twenty-five per cent (25%) of the aggregate number of Special Warrants then outstanding may themselves convene a meeting, the notice of which shall be signed by any person as such Special Warrantholders may specify, provided that every such meeting shall be held at the City of Vancouver or such other place as the Trustee may approve and the Trustee and the Company shall receive notice of such meeting, as provided in Section 6.2 hereof. 6.2 NOTICE. At least twenty-one (21) days prior notice of a meeting of Special Warrantholders shall be given to all Special Warrantholders, the Trustee and the Company in accordance with Article 9 hereof, and the notice shall state the time, place and in general terms the nature of the business to be transacted but it shall not be necessary to specify the text of the resolutions to be considered. It shall not be necessary to specify the nature of business to be transacted at an adjourned meeting. 6.3 CHAIRMAN. The chairman of the meeting of Special Warrantholders shall be designated in writing by the Trustee and need not be a Special Warrantholder. If no person is so designated or if the person so designated is not present within twenty-five (25) minutes after the time fixed for the holding of a meeting, the Special Warrantholders and proxyholders for Special Warrantholders present at the meeting shall choose one of their members to be the chairman. 6.4 QUORUM. A quorum consists of those Special Warrantholders, whether present in person or represented by proxy, holding not less than twenty-five per cent (25%) of the aggregate number of Special Warrants then outstanding. If at a meeting, a quorum is not present or represented by proxy within thirty (30) minutes after the time appointed for the meeting, then the meeting, if called by or upon the requisition of Special Warrantholders shall be dissolved, but in any other case after the appointment of a chairman, the meeting shall stand adjourned to such day being not less than five (5) Business Days later and to such place and time as may be appointed by the chairman of the meeting. At the adjourned meeting, those persons present in person and owning Special Warrants or representing by proxy Special Warrantholders shall, in any event, constitute a quorum for the transaction of business for which the original meeting was convened. The chairman of any meeting at which a quorum of the Special Warrantholders is present may with the consent of the meeting, adjourn any such meeting, and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe. 6.5 SHOW OF HANDS. Subject to Section 6.6 hereof, every question submitted to a meeting, except one requiring an Extraordinary Resolution, shall be decided in the first instance by a majority of hands on a show of hands, the outcome of which will be declared by the chairman. Each Special Warrantholder present, in person or by proxy, shall have one vote. 25 6.6 POLL. A poll shall be taken when requested by a Special Warrantholder acting in person or by proxy and, when demanded on the election of a chairman or on the question of adjournment, it shall be taken forthwith. If demanded on any other question or on an Extraordinary Resolution, a poll shall be taken in such manner and either at once or after an adjournment as the chairman may direct. The result of a poll shall be the decision of the meeting at which the poll was demanded. On a poll vote, each Special Warrantholder acting in person or by proxy shall have one vote for each Special Warrant which he holds or represents. Votes may be given in person or by proxy and the proxyholder need not be a Special Warrantholder. The chairman of any meeting shall be entitled to vote in respect of any Special Warrants and proxies held by him. 6.7 REGULATIONS. The Trustee, or the Company with the approval of the Trustee, may from time to time make and from time to time vary such regulations not contrary to the provisions of this Indenture as it shall think fit providing for and governing: (a) the setting of the record date for a meeting for the purpose of determining Special Warrantholders entitled to receive notice of and to vote at a meeting; (b) voting by proxy, the form of instrument appointing proxyholders, the manner in which proxies are to be executed and the production of the authority of any persons signing on behalf of a Special Warrantholder; (c) the lodging of and means of forwarding the instruments appointing proxyholders and the time before the holding of a meeting or adjourned meeting by which the instruments appointing proxyholders are to be deposited; and (d) any other matter relating to the conduct of meetings of Special Warrantholders. Any regulations so made shall be binding and effective on the holders and votes given in accordance therewith shall be valid and counted. The Trustee may permit Special Warrantholders to provide proof of ownership of the Special Warrants in such manner as the Trustee may approve. Save as aforesaid, the only persons who shall be recognized at any meeting as Special Warrantholders or entitled to vote or, except as provided in Section 6.12 hereof, be present at the meeting in respect thereof shall be persons who are registered Special Warrantholders or are duly appointed proxyholders for registered Special Warrantholders. 6.8 MINUTES. Minutes of all resolutions passed and proceedings taken at every meeting as aforesaid shall be made and duly entered in books to be from time to time provided for that purpose by the Trustee at the expense of the Company and any such minutes as aforesaid, if signed by the chairman of the meeting at which such resolutions were passed or proceedings taken, or by the chairman of the next succeeding meeting of Special Warrantholders, shall be prima facie evidence of the matters therein stated and until the contrary is proved, every such meeting in respect of the proceedings of which minutes shall have been made shall be deemed to have been duly held and convened and all resolutions passed thereat or proceedings taken to have been duly passed and taken. 26 6.9 POWERS EXERCISABLE BY EXTRAORDINARY RESOLUTION. Subject to the prior approval of the TSX, the Special Warrantholders shall have the power from time to time by Extraordinary Resolution: (a) to agree to or sanction any modification, abrogation, alteration or compromise of the rights of the Special Warrantholders or the Trustee (subject to the consent of the Trustee) in its capacity as agent hereunder or on behalf of Special Warrantholders against the Company which shall be agreed to by the Company whether such rights arise under this Indenture or under the Special Warrants or otherwise; (b) to assent to any change in or omission from the provisions contained in the Special Warrants and this Indenture or any ancillary or supplemental instrument which may be agreed to by the Company and to authorize the Trustee to concur in and execute any ancillary or supplemental agreement embodying the change or omission; (c) with the consent of the Company, not to be unreasonably withheld, to remove the Trustee or its successor in office and to appoint a new agent or agents to take the place of the Trustee so removed; (d) to require, direct or authorize the Trustee to enforce any of the covenants on the part of the Company contained in this Indenture or the Special Warrants or to enforce any of the rights of the Special Warrantholders in any manner specified in such Extraordinary Resolution or to refrain from enforcing any such covenant or right upon the Trustee being furnished with an indemnity, and such funding as the Trustee may, in the reasonable exercise of its discretion determine it requires to so act; (e) to restrain any Special Warrantholder from instituting or continuing any suit or proceedings against the Company for the enforcement of the covenants on the part of the Company contained in this Indenture or any of the rights conferred upon the Special Warrantholders by the Special Warrants and this Indenture; (f) to direct any Special Warrantholder who, as such, has brought any suit, action or proceeding to stay or discontinue or otherwise deal with the same upon payment of the costs, charges and expenses reasonably and properly incurred by such Special Warrantholder in connection therewith; (g) to waive and direct the Trustee to waive any default on the part of the Company in complying with any of the provisions of this Indenture or the Special Warrants either unconditionally or upon any conditions specified in such Extraordinary Resolution; (h) to assent to any compromise or arrangement with any creditor or creditors or any class or classes of creditors, whether secured or unsecured, and with holders of any shares or other securities of the Company; and 27 (i) to amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the Special Warrantholders. An Extraordinary Resolution of the Special Warrantholders is binding upon all the Special Warrantholders whether present or not present at the meeting at which the Extraordinary Resolution was passed or whether or not assented to in writing and each Special Warrantholder, the Trustee and the Company shall be bound to give effect to the Extraordinary Resolution to the extent that the Extraordinary Resolution applies to such party. 6.10 MEANING OF "EXTRAORDINARY RESOLUTION". The expression "Extraordinary Resolution" when used in this Indenture means, subject to Section 6.13, a resolution proposed to be passed as an extraordinary resolution at a meeting of Special Warrantholders duly convened for the purpose and held in accordance with the provisions of this Article 6 and attended in person or by proxy by Special Warrantholders holding not less than fifty per cent (50%) of the Special Warrants outstanding and passed by not less than sixty-six and two-thirds per cent (66 2/3%) of the votes cast upon such resolution. If, at any meeting called for the purpose of passing an Extraordinary Resolution, Special Warrantholders holding at least fifty per cent (50%) of the aggregate number of Special Warrants are not present in person or by proxy within thirty (30) minutes after the time appointed for the meeting, then the meeting if convened by Special Warrantholders or on a Special Warrantholders' request, shall be dissolved; but in any other case it shall be adjourned to such day, being not less than fifteen (15) or more than thirty (30) days later, and to such place and time as may be appointed by the chairman. Not less than ten (10) days' prior notice shall be given of the time and place of such adjourned meeting in the manner provided in Section 9.2. Such notice shall state that at the adjourned meeting the Special Warrantholders present in person or by proxy shall form a quorum but it shall not be necessary to set forth the purposes for which the meeting was originally convened or any other particulars. At the adjourned meeting the Special Warrantholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened and a resolution proposed at such adjourned meeting and passed by the requisite vote as provided in this Section shall be an Extraordinary Resolution within the meaning of this Indenture notwithstanding that Special Warrantholders holding at least fifty per cent (50%) of the aggregate number of Special Warrants outstanding are not present in person or by proxy at such adjourned meeting. Subject to Section 6.13 hereof, votes on an Extraordinary Resolution shall always be given on a poll. 6.11 POWERS CUMULATIVE. It is hereby declared and agreed that any one or more of the powers or any combination of the powers in this Indenture stated to be exercisable by the Special Warrantholders by Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time to time shall not be deemed to exhaust the right of the Special Warrantholders to exercise the same or any other such power or powers or combination of powers then or thereafter from time to time. 6.12 COMPANY, SPECIAL WARRANTHOLDERS AND TRUSTEE MAY BE REPRESENTED. The Company and the Trustee, by their respective employees, officers and directors, and the legal and 28 financial advisors and auditors of the Company and the Trustee may attend any meeting of the Special Warrantholders, but they shall have no vote as such. In addition, any Special Warrantholder is entitled to have his legal or financial advisors present at any such meeting, but such advisors shall have no vote as such. 6.13 INSTRUMENTS IN WRITING. All actions that may be taken and all powers that may be exercised by the Special Warrantholders at a meeting as hereinbefore in this Article provided may also be taken and exercised by holders of not less than one hundred per cent (100%) of the aggregate number of Special Warrants then outstanding by an instrument in writing signed in one or more counterparts by such holders and the expression "Extraordinary Resolution" when used in this Indenture shall include an instrument so signed. 6.14 BINDING EFFECT OF RESOLUTIONS. Every resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article 6 at a meeting of Special Warrantholders shall be binding upon all the Special Warrantholders, whether present at or absent from such meeting, and every instrument in writing signed by Special Warrantholders in accordance with Section 6.13 shall be binding upon all the Special Warrantholders, whether signatories thereto or not and each and every Special Warrantholder and the Trustee (subject to the provisions for indemnity herein contained) shall be bound to give effect accordingly to every such resolution and Extraordinary Resolution. In the case of an Extraordinary Resolution in writing, the Trustee shall give notice in the manner contemplated in Article 9 of the effect of the Extraordinary Resolution in writing to all Special Warrantholders and the Company as soon as it is reasonably practicable. 6.15 HOLDINGS BY THE COMPANY OR SUBSIDIARIES OF THE COMPANY DISREGARDED. In determining whether Special Warrantholders holding the required number of Special Warrants are present at a meeting of Special Warrantholders for the purpose of determining a quorum or have concurred in any consent, waiver, resolution, Extraordinary Resolution or other action under this Indenture, Special Warrants owned legally or beneficially by the Company or any subsidiary of the Company shall be disregarded. The Company will provide the Trustee upon request, a certificate of the Company detailing its holdings and those of its subsidiaries and the various registrations. ARTICLE 7 SUPPLEMENTAL AGREEMENTS, MERGER, SUCCESSORS 7.1 PROVISION FOR SUPPLEMENTAL AGREEMENTS FOR CERTAIN PURPOSES. From time to time the Company (when authorized by a resolution of its directors) and the Trustee may, subject to the prior approval of the TSX and the provisions of these presents, and they shall, when so required by any provision of this Indenture, execute and deliver by their proper officers, deeds, agreements or instruments supplemental hereto, which thereafter shall form part hereof, for any one or more of the following purposes: (a) adding to the provisions hereof such additional covenants and enforcement provisions as, in the opinion of counsel, are necessary or advisable in the premises, provided that the same are not, in the opinion of the Trustee, relying on the advice of counsel, prejudicial to the interests of the Special Warrantholders; 29 (b) giving effect to any Extraordinary Resolution passed as provided in Article 6 hereof; (c) making such provisions not inconsistent with this Indenture as may be necessary or desirable with respect to matters or questions arising hereunder or for the purpose of obtaining a listing or quotation of the Common Shares issuable upon the exercise or deemed exercise of the Special Warrants thereof on any stock exchange, or for the purpose of complying with applicable laws, provided that such provisions are not, in the opinion of the Trustee, relying on the advice of counsel, prejudicial to the interests of the Special Warrantholders; (d) making any modification in the form of the Special Warrant Certificate which does not affect the substance of the Special Warrants; (e) evidencing any succession, or successive successions, of other bodies corporate to the Company and the assumption by any successor of the covenants of the Company herein and in the Special Warrant Certificates contained as provided hereafter in this Article 7; and (f) for any other purpose not inconsistent with the terms of this Indenture, including the correction or rectification of any ambiguities, defective provisions, errors or omissions herein, provided that, in the opinion of the Trustee, relying on the advice of counsel, the rights of the Trustee and of the Special Warrantholders are in no way prejudiced thereby and provided that the Trustee may in its uncontrolled discretion decline to enter into any such supplemental indenture which in its opinion may not afford adequate protection to the Trustee when the same shall become operative. 7.2 COMPANY MAY CONSOLIDATE, ETC. ON CERTAIN TERMS. Subject to Subsection 4.1(b), nothing in this Indenture shall prevent any consolidation, reorganization, arrangement, amalgamation or merger of the Company with or into any other body corporate, or bodies corporate, or person, or a conveyance or transfer of all or substantially all the properties and assets of the Company as an entirety to any body corporate or person lawfully entitled to acquire and operate the same, provided, however, that the body corporate or person formed by such consolidation or amalgamation or arrangement or into which such merger shall have been made or the person which acquires by conveyance or transfer all or substantially all the properties and assets of the Company as an entirety shall execute and deliver to the Trustee prior to or contemporaneously with such consolidation, reorganization, amalgamation, arrangement, merger, conveyance or transfer, and as a condition precedent thereto an agreement supplemental hereto wherein the due and punctual performance and observance of all the covenants and conditions of this Indenture to be performed or observed by the Company shall be assumed by such body corporate or person on terms and conditions not adverse to the Special Warrantholders. The Trustee shall be entitled to receive and shall be fully protected in relying upon an opinion of counsel and such other advisors as they deem necessary that any such consolidation, reorganization, amalgamation, arrangement, merger, conveyance or transfer and any supplemental agreement executed in connection therewith, complies with the provisions of this Section 7.2. 30 7.3 SUCCESSOR BODY CORPORATE SUBSTITUTED. In case the Company, pursuant to Section 7.2 hereof, shall be consolidated, amalgamated, reorganized, arranged or merged with or into any other body corporate, bodies corporate or person or shall convey or transfer all or substantially all of the properties and assets of the Company as an entirety to another body corporate or person, the successor body corporate or person formed by such consolidation, reorganization, arrangement or amalgamation or into which the Company shall have been merged or which shall have received a conveyance or transfer as aforesaid shall succeed to and be substituted for the Company hereunder with the same effect as nearly as may be possible as if it had been named herein as a party in substitution for the Company. Such changes may be made in the Special Warrants as may be appropriate in view of such consolidation, reorganization, amalgamation, merger, conveyance or transfer and as may be necessary to ensure that the Special Warrantholders are not adversely affected by such consolidation, organization, amalgamation, merger, conveyance or transfer. ARTICLE 8 CONCERNING THE TRUSTEE 8.1 NO CONFLICT OF INTEREST. The Trustee represents to the Company that, to the best of its knowledge, at the date of the execution and delivery of this Indenture, there exists no material conflict of interest in the role of the Trustee as a fiduciary hereunder and its role in any other capacity and agrees that in the event of a material conflict of interest arising hereafter it will, within ninety (90) days after ascertaining that it has such material conflict of interest, either eliminate the same or assign its trust hereunder to a successor trustee approved by the Company. Notwithstanding the foregoing provisions of this Section 8.1, if any such material conflict of interest exists or hereunder shall exist, the validity and enforceability of this Indenture and the Special Warrant Certificates shall not be affected in any manner whatsoever by reason thereof. 8.2 REPLACEMENT OF TRUSTEE. The Trustee may resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days notice in writing to the Company, provided that such shorter notice may be given as the Company shall accept as sufficient. In the event of the office of Trustee becoming vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a new trustee unless such new trustee has already been appointed by the Special Warrantholders pursuant to an Extraordinary Resolution. If the Company makes default for a period of ten (10) Business Days in making such appointment, then any Special Warrantholder or the retiring or former Trustee at the expense of the Company may apply to a judge of the Supreme Court of the Province of British Columbia for the appointment of a new trustee after such notification to the holders of the then outstanding Special Warrants and the Company as such judge may order. Upon appointment, the successor trustee shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Trustee without any further assurance, conveyance, act or deed; but if for any reason it becomes necessary or expedient to execute any further deed or assurance the same shall be done at the expense of the Company and may and shall be legally and validly executed by the former Trustee. Any company resulting from a merger, consolidation or amalgamation to which the Trustee for the time being is a party shall be the successor trustee under this Indenture without any further act. Any new trustee appointed under this Section 8.2 shall be a corporation authorized to carry on the business of a trust company in the Qualifying Provinces. Upon the 31 appointment of a new trustee, the Company shall promptly notify the Special Warrantholders thereof in the manner provided in Section 9.2. 8.3 DUTY OF TRUSTEE. In the exercise of the rights, duties and obligations prescribed or conferred by the terms of this Indenture, the Trustee shall exercise that degree of care, diligence and skill that a reasonably prudent trustee would exercise in comparable circumstances. 8.4 EXPERTS, ADVISORS AND AGENTS. The Trustee may: (a) in relation to these presents act and rely and shall be protected in acting and relying in good faith on the opinion or advice of or information obtained from any counsel, auditor, valuer, engineer, surveyor or other expert, whether obtained by the Trustee or by the Company or otherwise; and/or (b) employ such agents and other assistants as it may reasonably require for the proper determination and discharge of its duties hereunder and may pay reasonable remuneration without taxation of costs of any counsel for all services performed for it in the determination and discharge of the duties hereof and shall receive reimbursement from the Company for all disbursements, costs and expenses reasonably made or incurred by it in the determination and discharge of its duties hereunder and in the management of the trusts hereof. Any counsel employed or consulted by the Trustee may, but need not be, counsel for the Company. 8.5 TRUSTEE NOT REQUIRED TO GIVE SECURITY. The Trustee shall not be required to give security for its conduct or administration of the trusts hereof and shall not be responsible for the acts, omissions, defaults, errors or failures of any agents whom it may reasonably employ in the exercise of the powers conferred upon it hereby, nor for any loss occasioned by its own acts, omissions or defaults unless such acts, omissions or defaults constitute a wilful misconduct, wilful or negligent breach of trust or fraud. 8.6 TRUSTEE NOT ORDINARILY BOUND. Subject to Sections 6.1 and 6.9 hereof, the Trustee shall not be bound to do or to take any action for the enforcement of any of the obligations of the Company under this Indenture unless and until it is required to do so by an instrument in writing signed by the holders representing not less than twenty-five per cent (25%) of the aggregate number of Special Warrants then outstanding. The Trustee may, before taking the action, require the Special Warrantholders at whose instance the action is required to deposit with the Trustee the Special Warrants held by them for which the Trustee shall issue receipts. The obligation of the Trustee to commence or continue any act, action or proceeding shall be conditional upon such Special Warrantholders furnishing, when required in writing so to do by the Trustee, funds sufficient for commencing or continuing the act, action or proceeding and an indemnity reasonably satisfactory to the Trustee to protect and hold harmless the Trustee against any loss, damage or liability by reason thereof. None of the provisions contained in this Indenture shall require the Trustee to risk or expend its own funds or otherwise incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers unless funded and indemnified as aforesaid. 32 The Trustee shall not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it hereby unless and until it shall have been required so to do under the terms hereof; nor shall the Trustee be required to take notice of any default hereunder, unless and until notified in writing of such default, which notice shall distinctly specify the default desired to be brought to the attention of the Trustee and in the absence of any such notice the Trustee may for all purposes of this indenture conclusively assume that no default has been made in the observance or performance of any of the representations, warranties, covenants, agreements or conditions contained herein. Any such notice shall in no way limit any discretion herein given the Trustee to determine whether or not the Trustee shall take action with respect to any default. 8.7 TRUSTEE MAY RELY ON CERTIFICATES AND EVIDENCE. Whenever in the administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable that any matter be proved or established by the Company prior to taking or suffering any action to be taken hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate or instrument signed by any of the Chairman of the Board, the President, a Vice-President, the Secretary or the Treasurer of the Company and delivered to the Trustee and such certificate or instrument shall be full authority to the Trustee for any action taken or suffered by it under the provisions of this Indenture on the faith thereof; provided in its reasonable discretion the Trustee may in lieu thereof accept other evidence of such fact or matter or may require such further or additional evidence as to it may seem reasonable. In addition to the reports, certificates, opinions and other evidence required by this Indenture, the Company shall furnish to the Trustee such additional evidence of compliance with any provision hereof, and in such form as may be prescribed by Applicable Legislation or as the Trustee may reasonably require by written notice to the Company. In the exercise of its rights and duties, the Trustee may, if it is acting in good faith, act and rely as to the truth of the statements and the accuracy of the opinions expressed therein, upon statutory declarations, opinions, reports, certificates or other evidence furnished to the Trustee pursuant to a request of the Trustee, provided that such evidence complies with Applicable Legislation and that the Trustee examines the same and determines that such evidence complies with the applicable requirements of this Indenture. Whenever Applicable Legislation requires that evidence be in the form of a statutory declaration, the Trustee may accept such statutory declaration in lieu of a certificate of the Company required by any provision hereof. Any such statutory declaration may be made by any one or more of the Chairman or Chief Financial Officer of the Company or by any other officer(s) or director(s) of the Company to whom such authority is delegated by the directors from time to time. The Trustee may act and rely and shall be protected in acting and relying upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, letter, telegram, cablegram or other paper document believed by it to be genuine and to have been signed, sent or presented by or on behalf of the proper party or parties. 33 Proof of execution of any document or instrument in writing by a holder may be made by the certificate of a notary public, or other officer with similar powers, that the person signing such instrument acknowledged to him the execution thereof, or by an affidavit of a witness to such execution, or in any other manner the Trustee considers adequate. 8.8 TRUSTEE'S LIABILITY. The Trustee shall not be liable or accountable for any loss or damage whatsoever to any person caused by the performance or failure to perform by it of its responsibilities under this Indenture save only to the extent that such loss or damage is attributable to the negligence, wilful misconduct or fraud of the Trustee. The Trustee shall not be responsible for any misconduct on the part of any counsel, banker, receiver, agent or other person appointed with due care by it hereunder, or bound to supervise the proceedings of any such appointee. 8.9 INDEMNIFICATION. Without limiting any protection or indemnity of the Trustee under any other provision hereof, or otherwise at law, the Company hereby agrees to indemnify and hold harmless the Trustee from and against any and all liabilities, losses, damages, penalties, claims, actions, suits, costs, expenses and disbursements, including legal or advisor fees and disbursements, of whatever kind and nature which may at any time be imposed on, incurred by or asserted against the Trustee in connection with the performance of its duties and obligations hereunder, other than such liabilities, losses, damages, penalties, claims, actions, suits, costs, expenses and disbursements arising by reason of the negligence, wilful misconduct or fraud of the Trustee. This provision shall survive the resignation or removal of the Trustee, or the termination of this Indenture. 8.10 NO REPRESENTATION AS TO VALIDITY. The Trustee shall be under no responsibility in respect of the validity of this Indenture or the execution and delivery hereof by the Company or in respect of the validity or the execution by the Company of any Special Warrant Certificate issued hereunder; nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Indenture or in any Special Warrant Certificate; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Common Shares to be issued upon the right to acquire provided for in this Indenture and/or in any Special Warrant Certificate or as to whether any Common Shares will, when issued, be duly authorized or be validly issued and fully paid and non-assessable, it being hereby agreed and declared that as to all the matters and things referred to in this Section 8.11, the duty and responsibility shall rest upon the Company and not upon the Trustee and the failure of the Company to discharge any such duty and responsibility shall not in any way render the Trustee liable or place upon it any duty or responsibility for breach of which it would be liable. 8.11 ACCEPTANCE OF DUTIES. The Trustee hereby accepts the duties set out in this Indenture and agrees to perform the same upon the terms and conditions herein set forth or referred to unless and until discharged therefrom by resignation or in some other lawful manner. 8.12 CONTRACTING WITH COMPANY. The Trustee may contract with the Company and buy, lend upon and deal in shares in the capital of the Company and in the Special Warrants constituted hereunder without being accountable for profits arising therefrom. 34 8.13 TRUSTEE'S AUTHORITY TO CARRY ON BUSINESS. The Trustee represents to the Company that as at the date hereof it is authorized to carry on the business of a trust company in the Qualifying Provinces. If, notwithstanding the provisions of this Section 8.13, it ceases to be authorized to carry on such business in such provinces, the validity and enforceability of this Indenture and the Special Warrants issued hereunder shall not be affected in any manner whatsoever by reason only of such event provided that the Trustee shall, within thirty (30) days after ceasing to be authorized to carry on such business in such provinces, either become so authorized or resign in the manner and with the effects specified in Section 8.2 hereof. 8.14 MONETARY DISTRIBUTIONS. The Trustee will have no obligation to make any monetary distributions to the Special Warrantholders under this Indenture except to the extent that certified funds have been deposited with the Trustee. 8.15 TRUST INDENTURE LEGISLATION. In this section, the term "Applicable Legislation" means the provisions, if any, of any statute relating to trust indentures and the applicable rules and regulations thereunder or to the rights, duties and obligations of Trustees and of corporations under trust indentures, to the extent that such provisions are at the time in force and applicable to this Indenture. If and to the extent that such provisions of this Indenture limits, qualifies or conflicts with a mandatory requirement of Applicable Legislation, such mandatory requirement shall prevail. The Company and the Trustee agree that each will at all times in relation to this indenture and any action to be taken hereunder, observe and comply with and be entitled to the benefits of Applicable Legislation. 8.16 LIMITATIONS ON TRUSTEE. The parties agree that: (a) nothing in this Agreement will impose on the Trustee any obligation to see to, or to require evidence of, the registration or filing (or renewal thereof) of this indenture or any instrument ancillary or supplemental hereto; (b) the Trustee shall not be bound to give notice to any person of the execution hereof; (c) the Trustee shall not incur any liability or responsibility whatever or be in any way responsible for the consequences of any breach by the Company of any obligation herein contained or of any act of any director, officer, employee or agent of the Company; and (d) the Trustee and any person related to the Trustee will not be appointed a receiver or receiver and manager or liquidator of all or any part of the assets or undertaking of the Company. ARTICLE 9 NOTICE AND CERTIFICATES 9.1 NOTICE TO COMPANY. Unless and until the Company notifies the Trustee of a change of address, any notice or communication required or permitted to be given to the Company under the provisions of this Indenture shall be valid and effective if delivered to the 35 Company at World Trade Centre, Suite 654, 999 Canada Place, Vancouver, British Columbia, V6C 3E1 Attention: Secretary or sent by telecopier (and a copy by regular mail) or other means of prepaid transmitted or recorded communication to such address, or subject to the provisions of Section 9.4 hereof, if mailed by prepaid registered mail addressed to the Company at World Trade Centre, Suite 654, 999 Canada Place, Vancouver, British Columbia, V6C 3E1 Attention: Secretary, telecopier number (604) 682-2060. Any notice to the Company as aforesaid shall be deemed to have been effectively given on the earlier of: (a) the date of delivery, if delivered during normal business hours of the Company (and, if not, on the next following Business Day); (b) the Business Day immediately following the day of sending, if sent by telecopier (with receipt confirmed), or (c) on the fifth (5th) Business Day after effectual posting in Canada. 9.2 NOTICE TO SPECIAL WARRANTHOLDERS. Unless and until a Special Warrantholder notifies the Company of a change of address, any notice or communication required or permitted to be given to a Special Warrantholder under the provisions of this Indenture shall be valid and effective if delivered to such holders at their post office addresses appearing on the register to be kept by the Trustee or sent by telecopier (and a copy by regular mail) or other means of prepaid transmitted or recorded communication to such address, or subject to the provisions of Section 9.4 hereof, if mailed by prepaid registered mail addressed to such holders at their post office addresses appearing on the register to be kept by the Trustee. Accidental error or omission in giving notice or accidental failure to mail notice to any holder will not invalidate any action or proceeding founded thereon. All notice may be given to whichever one of the Special Warrantholders (if more than one) is named first in the appropriate register hereinbefore mentioned, and any notice so given shall be sufficient notice to all Special Warrantholders of and any other persons (if any) interested in such Special Warrants. Any notice to a Special Warrantholder as aforesaid shall be deemed to have been effectively given on the earlier of: (a) the date of delivery, if delivered during normal business hours (and, if not, on the next following Business Day); (b) the Business Day immediately following the day of sending, if sent by telex, telegram, cable or telecopier (with receipt confirmed), or (c) on the fifth (5th) Business Day after effectual posting in Canada. 9.3 NOTICE TO TRUSTEE. Unless and until the Trustee is changed in accordance with the provisions of this Indenture or the Trustee notifies the Company of a change of address, any notice or communication required or permitted to be given to the Trustee under the provisions of this Indenture shall be valid and effective if delivered to the Trustee at CIBC Mellon Trust Company (Attention: Manager, Corporate Trust Department) at 1066 West Hastings Street, Suite 1600, Vancouver, British Columbia, V6E 3X1 or sent by telecopier (and a copy by regular mail) or other means of prepaid transmitted or recorded communication to either of such addresses, or subject to the provisions of Section 9.4 hereof, if mailed by prepaid registered mail addressed to 36 the Trustee (Attention: Manager, Corporate Trust Department) in Vancouver at telecopier number: (604) 688-4301. Any notice to the Trustee as aforesaid shall be deemed to have been effectively given on the earlier of: (a) the date of delivery, if delivered during normal business hours of the Trustee (and, if not, on the next following Business Day); (b) the Business Day immediately following the day of sending, if sent by telex, telegram, cable or telecopier (with receipt confirmed), or (c) on the fifth (5th) Business Day after effectual posting in Canada. Surrender of a Special Warrant Certificate and evidence relating thereto pursuant to Section 2.2 hereof shall be valid and effective if delivered or mailed by prepaid registered mail to the Principal Office of the Trustee, (Attention: Manager, Corporate Trust Department) at 1066 West Hastings Street, Suite 1600, Vancouver, British Columbia, V6E 3X1 and shall be deemed to have been effectively surrendered on the date of delivery, if delivered during normal business hours of the Trustee (and, if not, on the next following Business Day) or, if mailed, on the fifth (5th) Business Day after effectual posting in Canada. 9.4 MAIL SERVICE INTERRUPTION. If by reason of strike, lockout or other work stoppage, actual or threatened, of postal employees, any notice to be given to the Trustee or the Company would be unreasonably delayed in reaching its destination, such notice shall be valid and effective only if delivered to an officer of the party to which it is addressed or if sent to such party, at the appropriate address in accordance with Sections 9.1 or 9.3 hereof, as the case may be, by telecopier or other means of prepaid transmitted or recorded communication, or, in the case of Special Warrantholders, if published once (i) in the national edition of The Globe & Mail; and (ii) in such other place or places and manner, if any, as the Trustee may require. Any notice given to Special Warrantholders by publication shall be deemed to have been given on the last day on which publication shall have been effected in all of the cities in which publication is required. 9.5 GENERAL PROVISIONS AS TO CERTIFICATES. Each Certificate of the Company, and opinion of counsel ("Document") required under or referred to in this Indenture or furnished in connection with any application, written order or written request made to the Trustee or a Special Warrantholder pursuant to any provisions of this Indenture shall specify the section under which such Document, application, written order or written request is being made and shall include: (a) a statement that the person signing such Document has read and understands the conditions precedent with respect to compliance with which such evidence is being given; (b) a description of the nature and scope of the examination or investigation upon which the Document is based; and 37 (c) a statement that the person providing the Document has made such examination or investigation as he believes is necessary to enable him to make the statements or give the opinions contained or expressed therein. Any application, written demand, statement, request, notice, designation, direction, nomination or other instrument to be made by the Company under any of the provisions of this Indenture shall, unless otherwise provided, be deemed sufficiently made and executed if executed by any one of the President, any Vice-President, the Secretary or the Chief Financial Officer of the Company and need not be under the corporate seal of the Company. The Trustee shall accept a certificate signed by the Secretary of the Company as sufficient evidence of the passage of any resolution by the directors. Any Document may be based, insofar as it relates to factual matters, upon information with respect to the Company which is in the possession of the Company or upon the certificate or opinion of or representations by an officer or officers of the Company, unless such counsel knows that the certificate or opinion or representations with respect to the matters upon which the certificate or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should have known that the same were erroneous. Counsel in giving any opinion under this Indenture may rely in whole or in part upon the opinion of other counsel provided that counsel shall consider such other counsel as one upon whom he may properly rely. Any certificate of any expert, insofar as it relates to matters outside of such expert's competence or responsibility, may be based upon a certificate or opinion of or upon representations by counsel or some other qualified expert, unless such first-mentioned expert knows that the certificate or opinion or representations with respect to the matters upon which his certificate may be based as aforesaid are erroneous, or in the exercise of reasonable care should have known that the same were erroneous. ARTICLE 10 GENERAL PROVISIONS 10.1 POWER OF BOARD OF DIRECTORS. In this Indenture, wherever the Company is required or empowered to exercise any acts, all such acts may be exercised by the directors of the Company or by those officers of the Company authorized to exercise such acts. 10.2 FORMAL DATE AND EXECUTION DATE. For the purpose of convenience this Indenture may be referred to as bearing the formal date of April 24, 2002 which shall be the date on which this Indenture shall become effective between the parties hereto, irrespective of the actual date of execution hereof. 10.3 FURTHER ASSURANCES. The parties hereto and each of them do hereby covenant and agree to do such things and execute such further documents, agreements and assurances as may be necessary or advisable from time to time in order to carry out the terms and conditions of this Indenture in accordance with their true intent. 38 10.4 UNENFORCEABLE TERMS. If any term, covenant or condition of this Indenture, or the application thereof to any party or circumstance shall be invalid or unenforceable to any extent, the remainder of this Indenture or application of such term, covenant or condition to a party or circumstance other than those to which it is held invalid or unenforceable shall not be affected thereby and each remaining term, covenant or condition of this Indenture shall be valid and shall be enforceable to the fullest extent permitted by law. 10.5 ENTIRE AGREEMENT. This Indenture constitutes the entire agreement between the parties hereto relating to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, of the parties and there are no general or specific warranties, representations or other agreements by or among the parties in connection with the entering into of this Indenture or the subject matter hereof except as specifically set forth herein. 10.6 AMENDMENTS. This Indenture may be altered or amended in any of its provisions when any such changes are reduced to writing and signed by the parties hereto but not otherwise. 10.7 COUNTERPARTS. This Indenture may be executed in one or more counterparts, each of which so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument. 10.8 NO WAIVER. Subject to the express provisions hereof, no consent or waiver, express or implied, by either party to or of any breach or default by the other party in the performance by the other party of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance of obligations hereunder by such party hereunder. Failure on the party of either party to complain of any act or failure to act of the other party or to declare the other party in default, irrespective of how long such failure continues, shall not constitute a waiver by such party of its rights hereunder. 10.9 ENUREMENT. This Indenture shall benefit and bind the parties to it and their respective successors and assigns. IN WITNESS WHEREOF the parties hereto have executed this Indenture as of the 23th day of April, 2002. IVANHOE MINES LTD. Per:____________________________________________ Per:____________________________________________ 39 CIBC MELLON TRUST COMPANY Per:____________________________________________ Per:____________________________________________ SCHEDULE "A" FORM OF SPECIAL WARRANT CERTIFICATE UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE [INSERT THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE DISTRIBUTION DATE] THE SPECIAL WARRANTS AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS SPECIAL WARRANT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THIS SPECIAL WARRANT MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT) OR A PERSON IN THE UNITED STATES UNLESS THIS SPECIAL WARRANT AND THE UNDERLYING SECURITIES ISSUABLE UPON THE EXERCISE THEREOF HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE SECURITIES LAWS OF ALL APPLICABLE STATES OF THE UNITED STATES OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. [U.S. HOLDERS ONLY] THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS THEY ARE OFFERED FOR SALE, SOLD, OR OTHERWISE TRANSFERRED ONLY: (A) TO THE COMPANY: (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144, IF APPLICABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) WITH THE PRIOR CONSENT OF THE COMPANY, PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 2 IVANHOE MINES LTD. (the "Company") THE SPECIAL WARRANTS REPRESENTED BY THIS CERTIFICATE WILL EXPIRE AS OF 5:00 P.M., VANCOUVER TIME, ON THE FIFTH (5TH) BUSINESS DAY FOLLOWING THE EARLIER OF: 1. THE DAY UPON WHICH A RECEIPT (OR A COPY THEREOF) FOR A FINAL PROSPECTUS IN RESPECT OF THE COMMON SHARES ISSUABLE UPON EXERCISE OF THE SPECIAL WARRANTS IS ISSUED BY THE LAST SECURITIES REGULATORY AUTHORITY OF THE QUALIFYING PROVINCES (AS DEFINED IN THE INDENTURE); AND 2. AUGUST 23, 2002 (THE "EXPIRY DATE"), UNLESS SPECIFICALLY EXERCISED OR DEEMED EXERCISED IN THE MANNER HEREINAFTER DESCRIBED PRIOR TO THE EXPIRY DATE. 3 SPECIAL WARRANTS IVANHOE MINES LTD. (the "Company") (Continued under the laws of the Yukon Territory) SPECIAL WARRANT CERTIFICATE NO. _________ __________ Special Warrants THIS IS TO CERTIFY that _____________________________________ _____________________________________________________ (the "holder") is entitled to subscribe for, in the manner herein provided, subject to the restrictions contained herein, at any time and from time to time on or prior to 5:00 p.m. Vancouver time (the "Expiry Time"), on the Expiry Date, subject to the adjustments described below, that number of Common Shares which is equal to the number of Special Warrants represented hereby without payment of any additional consideration. The Special Warrants represented by this certificate are issued under and pursuant to a Special Warrant Indenture (the "Indenture") made as of April 24, 2002 between the Company and the Trustee (which expression shall include any successor trustee appointed under the Indenture), to which Indenture (and any amendments thereto and instruments supplemental thereto) reference is hereby made for a full description of the rights of the holders of the Special Warrants and the terms and conditions upon which such Special Warrants are or are to be, issued and held, all to the same effect as if the provisions of the Indenture and all amendments thereto and instruments supplemental thereto were herein set forth and to all of which provisions the holder of these Special Warrants by acceptance hereof assents. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Indenture. In the event of any conflict or inconsistency between the provisions of the Indenture (and any amendments thereto and instruments supplemental thereto) and the provisions of this Special Warrant Certificate, except those that are necessary by context, the provisions of the Indenture (and any amendments thereto and instruments supplemental thereto) shall prevail. The terms and provisions of the Indenture (and any amendments thereto and instruments supplemental thereto) are incorporated herein by reference. The right to subscribe for Common Shares in the capital of the Company represented hereby may be exercised by either the holder hereof or the Trustee as follows: (1) The holder hereof may exercise the Special Warrants before the Expiry Date by: (a) duly completing in the manner indicated and executing the Exercise Form attached hereto; and (b) surrendering this Special Warrant Certificate to CIBC Mellon Trust Company (the "Trustee") as hereinafter set forth. This Special Warrant Certificate shall be validly surrendered only upon delivery thereof or by mailing the same to the Trustee at its principal office in the City of Vancouver (at the address hereinafter indicated). The Exercise Form attached hereto shall be deemed not to be duly completed if not fully completed in the manner indicated or if the name and 4 mailing address of the holder do not appear legibly on such Exercise Form or such Exercise Form is not signed by the holder. (2) Subject as provided herein, the Trustee will be deemed to have exercised and surrendered the Special Warrants represented by this Special Warrant Certificate on behalf of the holder thereof as of 4:59 p.m. (Vancouver time) on the Expiry Date if the holder fails to exercise the Special Warrants that may be exercised by it before the Expiry Time. All Special Warrants shall expire immediately after the Expiry Time. In the case of a Special Warrant which is deemed exercised and surrendered by the Trustee on behalf of a holder, as soon as practicable following the exercise by the Trustee of such Special Warrants, the Trustee shall immediately notify the holder hereof in accordance with the provisions of Section 9.2 of the Indenture to the effect the Trustee has so exercised the Special Warrants on behalf of the holder. Not later than the fifth (5th) Business Day after the surrender to the Trustee of the Special Warrant Certificate evidencing any Special Warrant with the attached Exercise Form duly completed or the deemed exercise and surrendered of any Special Warrant by the Trustee on behalf of the holder thereof, the Trustee will mail to the holder, or to such person as the holder may otherwise specify in the Exercise Form or by written notice given to the Trustee prior to such mailing, at the address of the holder or, if so specified, of such person, or, if specified in the Exercise Form or by written notice given to the Trustee prior to such mailing, will deliver to such holder or person at the place where such Special Warrant Certificate was surrendered certificates representing the number of Common Shares registered in the name of the holder or, if so specified, such person. In the event of non-receipt of any such certificate by the person to whom it is so sent as aforesaid, or the loss or destruction thereof, the Company shall issue and the Trustee shall countersign and deliver to such person a replacement certificate of like date and tenor in place of the one lost or destroyed upon being furnished with such evidence of ownership and non-receipt, loss or destruction and with such indemnity and surety bond or security as the Trustee may reasonably require. The holder shall bear the cost of the issue of such replacement certificate. Upon valid or deemed exercise of the Special Warrants as provided herein, the person or persons in whose name or names the Common Shares are issuable, shall be deemed for all purposes (except as provided in the Indenture) to be the holder or holders of record of such Common Shares and the Company covenants that it will (subject to and in accordance with the provisions of the Indenture) cause certificates representing such Common Shares to be delivered or mailed to such person or persons at the address or addresses specified in such Exercise Form. To the extent that the Special Warrants represented by this Special Warrant Certificate confer the right to subscribe for a fraction of a Common Share, such right may be exercised in respect of such fraction only in combination with an additional Special Warrant or Special Warrants which in the aggregate entitle the holder to acquire a whole number of Common Shares. No fractional Common Shares will be issued. If a holder is not able to, or elects not to, combine Special Warrants so as to be entitled to acquire a whole number of Common Shares, the Company shall make an appropriate cash adjustment. In respect of any holder, the Company shall only be required to make such a cash adjustment once and for one 5 fractional Common Share and no more. The amount of the cash adjustment shall be equal to the fraction of a Common Share to which the holder would be entitled multiplied by the Current Market Price. The Company will not, under any circumstances, be obligated to issue a cheque to a Special Warrantholder of less than $10.00. The Indenture provides for adjustments to the subscription rights attaching to these Special Warrants in certain events and also provides for the giving of notice by the Company prior to taking certain actions specified therein. The holding of the Special Warrants evidenced by this Special Warrant Certificate shall not constitute the holder hereof a shareholder of the Company or entitle such holder to any right or interest in respect thereof except as herein and in the Indenture expressly provided. The Special Warrants evidenced by this Special Warrant Certificate are transferable only in accordance with the terms and conditions set forth in Section 2.3 of the Indenture which makes reference to the fact that a person who furnishes evidence (unless the Company has instructed the Trustee in writing to waive such requirement) to the reasonable satisfaction of the Trustee that he is: (a) the executor, administrator, heir or legal representative of the heirs of the estate of a deceased Special Warrantholder, (b) a guardian, committee, trustee, curator or tutor representing a Special Warrantholder who is an infant, an incompetent person or a missing person, (c) a liquidator of, or a trustee in bankruptcy for, a Special Warrantholder, or (d) a transferee of a Special Warrantholder who provides the Trustee with evidence satisfactory to the Trustee and the Company, acting reasonably, including but not limited to a properly completed and executed declaration attached as Exhibit "A" to the transfer form attached to the Special Warrant Certificate, that such transferee is/was either: (i) not in the United States at the time the buy order for the Special Warrants was executed, not acquiring the Special Warrants for the account or benefit of a U.S. Person or a person in the United States and was not offered the Special Warrants in the United States, or (ii) a person that has purchased or acquired Special Warrants in a transaction exempt from registration under the U.S. Securities Act and has provided the Company with satisfactory evidence of the availability of such exemption which may, at the Company's discretion, include an opinion of counsel and was exempt from registration under any applicable securities laws of any state of the United States and that the securities laws of any other applicable jurisdiction(s) have been complied with in relation to the transfer of the Special Warrants involved, may, as set forth in the Indenture, by surrendering to the Trustee such evidence together with the Special Warrant Certificate in question with a duly executed instrument of transfer in the form attached and subject to such reasonable requirements relating to the payment of costs of the 6 transfer by the holder as the Trustee may prescribe and all applicable securities legislation and requirements of regulatory authorities, become noted upon the register of holders. If any of the Common Shares in respect of which the Special Warrants are exercised are to be issued to a person or persons other than the holder (as aforesaid), the holder shall pay to the Trustee all requisite stamp transfer taxes or other governmental charges exigible in connection with the issue of such Common Shares to such other person or persons or shall establish to the satisfaction of the Trustee that such taxes and charges have been paid. This Special Warrant Certificate shall not be valid for any purpose whatever unless and until it has been countersigned by or on behalf of the Trustee. Time shall be of the essence hereof. The Special Warrants and the Indenture (and any amendments thereto and instruments supplemental thereto) shall be governed by, performed, construed and enforced in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein and shall be treated in all respects as British Columbia contracts. Unless the Company has instructed the Trustee in writing to waive any or all of the following requirements, the Special Warrants may not be exercised by or for the account or benefit of a U.S. Person or a person in the United States unless the holder certifies in writing to the Company and the Trustee that the holder is: (i) an original subscriber of Special Warrants who has confirmed in writing to the Company and the Trustee each of the representations and warranties made by the holder in connection with such holder's subscription for Special Warrants; or (ii) a registered transferee of such Special Warrants who has complied with the terms of the Special Warrant Indenture provided that the Company may, in its sole discretion, accept, in substitution for the foregoing, evidence satisfactory to the Company and the Trustee, acting reasonably, to the effect that the Common Shares have been registered under the U.S. Securities Act and applicable state securities laws or that the Common Shares may be issued upon exercise of the Special Warrants without registration under the U.S. Securities Act and any applicable state securities laws. This Special Warrant may not be exercised in the United States or by or for the account or benefit of a U.S. Person or person in the United States other than by: (i) an original purchaser of the Special Warrants from the Company, or (ii) by a registered transferee of Special Warrants that acquired the Special Warrants in a transaction exempt from registration under the U.S. Securities Act and applicable state securities laws and in compliance with the Special Warrant Indenture. Unless otherwise determined by the Company by way of written instructions to the Trustee: (a) Certificates representing Common Shares issued to U.S. Persons and to persons in the United States upon the exercise or deemed exercise of Special Warrants shall bear the following legend, 7 "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS THEY ARE OFFERED FOR SALE, SOLD, OR OTHERWISE TRANSFERRED ONLY: (A) TO THE COMPANY: (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144, IF APPLICABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) WITH THE PRIOR CONSENT OF THE COMPANY, PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. PROVIDED THAT THE COMPANY IS A "FOREIGN ISSUER" WITHIN THE MEANING OF REGULATION S AT THE TIME OF SALE, A NEW CERTIFICATE, BEARING NO LEGEND MAY BE OBTAINED FROM THE REGISTRAR AND TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE REGISTRAR AND TRANSFER AGENT AND THE COMPANY, TO THE EFFECT THAT SUCH SALE IS BEING MADE IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT." (b) Certificates representing Common Shares issued upon the exercise of Special Warrants exercised or deemed exercise prior to the earlier of the Qualification Date or the Expiry Date, shall bear the following legend: "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE [INSERT THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE DISTRIBUTION DATE]" After the exercise or deemed exercise of any of the Special Warrants represented by this Special Warrant Certificate, the holder will no longer have any rights under either the Special Warrant Indenture or this Special Warrant Certificate with respect to such Special Warrants, other than the right to receive certificates representing the Common Shares issuable upon the exercise or deemed of the Special Warrants represented by this Special Warrant Certificate, and these Special Warrants shall be void and of no further value or effect. IN WITNESS WHEREOF the Company has caused this Special Warrant Certificate to be signed by its duly authorized officer as of April 24, 2002. 8 IVANHOE MINES LTD. Per:_________________________ Authorized Signatory Countersigned by: CIBC MELLON TRUST COMPANY Per:______________________________ Authorized Signatory EXERCISE INSTRUCTIONS TO SPECIAL WARRANTHOLDER The Special Warrantholder hereof may exercise his right to subscribe for Common Shares of IVANHOE MINES LTD. (the "Company"), by completing the Exercise Form and surrendering this Special Warrant Certificate and the duly completed Exercise Form to CIBC Mellon Trust Company by delivering or mailing it to CIBC Mellon Trust Company at its principal stock transfer office in the City of Vancouver at 1066 West Hastings Street, Suite 1600, Vancouver, British Columbia, V6E 3X1. For your own protection, it is suggested that all documentation be forwarded to the Trustee by registered mail. EXERCISE FORM To: Ivanhoe Mines Ltd. c/o CIBC Mellon Trust Company 1066 West Hastings Street, Suite 1600 Vancouver, British Columbia V6E 3X1 The undersigned holder of the within Special Warrant Certificate, pursuant to the Special Warrant Indenture mentioned therein hereby exercises of the Special Warrants (the "Exercised Special Warrants") evidenced thereby and hereby subscribes for a number of Common Shares of Ivanhoe Mines Ltd. equal to such number of Common Shares or number or amount of other shares or securities or property, or combination thereof, to which such exercise entitles him under the provisions of the Special Warrant Indenture and on the terms specified in such Special Warrant Certificate and the Special Warrant Indenture. The undersigned hereby irrevocably directs that such Common Shares be issued and delivered as follows: Number(s) or Amount(s) of Name(s) in Full Address(es) Common Shares __________________ ____________________ ____________________ __________________ ____________________ ____________________ __________________ ____________________ ____________________ NO CERTIFICATES WILL BE REGISTERED OR DELIVERED TO AN ADDRESS IN THE UNITED STATES UNLESS BOX B BELOW IS CHECKED. (Please print full name in which share and warrant certificates are to be issued. If any Common Shares are to be issued to a person or persons other than the Special Warrantholder, the Special Warrantholder must pay to the Trustee all exigible transfer taxes or other government charges.) THE UNDERSIGNED CERTIFIES THAT EACH OF THE REPRESENTATIONS AND WARRANTIES MADE BY THE UNDERSIGNED TO THE COMPANY IN CONNECTION WITH THE UNDERSIGNED'S ACQUISITION OF THE EXERCISED SPECIAL WARRANTS REMAINS TRUE AND CORRECT ON THE DATE HEREOF. The undersigned represents that it: [CHECK ONE ONLY] - 2 - [ ] A. is not in the United States or a U.S. Person as defined in Rule 902 of Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and is not exercising the Exercised Special Warrants for the account or benefit of a U.S. Person or a person in the United States. [ ] B. is an original subscriber of Special Warrants and each of the representations and warranties made by the Subscriber in its Special Warrant Subscription Agreement are true and correct on the date hereof. [ ] C. is a registered holder that acquired the Exercised Special Warrants in a transaction that was exempt from registration under the U.S. Securities Act and applicable state securities laws and in compliance with Subsection 2.3(d)(ii) of the Special Warrant Indenture. DATED at this - day of -, 2002. ___________________________________ ________________________________________ Signature Guaranty* Signature of Subscriber** ________________________________________ Name of Subscriber ________________________________________ Address (include Postal Code) ________________________________________ SIN/TIN Number (if any) * If the Common Shares are to be issued to a person other than the registered holder, then the signature of the Subscriber must be guaranteed by a bank, trust company or medallion guaranteed by a member of a recognized stock exchange. ** This signature must correspond exactly with the name appearing on the registration panel. Check box if the share and warrant certificates are to be delivered at the office where this Special Warrant is exercised, failing which they will be mailed. [ ] TRANSFER OF SPECIAL WARRANTS FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to: ______________________________________________________________ Name ______________________________________________________________ Address ______________________________________________________________ _________________ Special Warrants of Ivanhoe Mines Ltd. registered in the name of the undersigned on the records of Ivanhoe Mines Ltd. maintained by CIBC Mellon Trust Company represented by the Special Warrant Certificate attached and irrevocably appoints __________________________________ the attorney of the undersigned to transfer the said securities on the books or register with full power of substitution. DATED at this - day of -, 2002. ___________________________________ ________________________________________ Signature Guaranteed (Signature of Special Warrant Holder) ________________________________________ Print full Name ________________________________________ Print full address and SIN/TIN (if any) ________________________________________ Instructions 1. If the Transfer Form is signed by a trustee, executor, administrator, curator, guardian, attorney, officer of a corporation or any person acting in a fiduciary or representative capacity, the certificate must be accompanied by evidence of authority to sign satisfactory to the Trustee and the Company. 2. The signature on the Transfer Form must be guaranteed by an authorized officer of a chartered bank, trust company or medallion guaranteed by an investment dealer who is a member of a recognized stock exchange. 3. Special Warrants will only be transferable in accordance with applicable securities laws and stock exchange regulations. The transfer of Special Warrants to a transferee may, depending on the residency of such transferee, result in the securities obtained upon the exercise of the Special Warrants (whether after or before obtaining receipts for a final prospectus relating to the distribution of such securities upon exercise of Special Warrants) not being freely tradeable in the jurisdiction where the transferee is resident. 4. UNLESS THE COMPANY HAS OTHERWISE INSTRUCTED THE TRUSTEE IN WRITING, NO TRANSFER OF SPECIAL WARRANTS WILL BE VALID UNLESS THIS TRANSFER FORM IS ACCOMPANIED BY: (a) DULY EXECUTED DECLARATION BY THE TRANSFEREE OF 2 SPECIAL WARRANTS IN THE FORM ATTACHED AS EXHIBIT "A" TO THIS TRANSFER FORM; AND (B) SUCH OTHER EVIDENCE AS THE TRUSTEE MAY REASONABLY REQUIRE THAT THE TRANSFER OF SUCH SPECIAL WARRANTS IS BEING MADE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LEGISLATION. EXHIBIT "A" DECLARATION OF TRANSFEREE OF SPECIAL WARRANTS OF IVANHOE MINES LTD. TO: CIBC Mellon Trust Company, trustee of the Special Warrants of Ivanhoe Mines Ltd. AND TO: Ivanhoe Mines Ltd. (the "Company") The undersigned transferee ("Transferee") of special warrants of Ivanhoe Mines Ltd. ("Special Warrants") whose name appears as such on the form of transfer of such Special Warrants that accompanies this declaration, hereby declares and certifies, for himself and on behalf of each beneficial transferee of all or any part of such Special Warrants, that: [check one only] [ ] A. (i) no offers to sell the Special Warrants or the Subject Securities were made by any person to the Transferee or any beneficial transferee for whom he is acting while such persons were in the United States; (ii) the Transferee and each beneficial transferee for whom he is acting were outside the United States at the time of execution and delivery of the instrument by which the Transferee and each beneficial transferee for whom he is acting agreed to acquire the Special Warrants; and (iii) the Transferee is not, and is not acquiring the Special Warrants for the account or benefit of, a U.S. Person as defined in Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"). [ ] B. The Transferee has acquired the Special Warrants in a transaction exempt from registration under the U.S. Securities Act and applicable state securities laws and has provided herewith evidence (which the Transferee acknowledges must be satisfactory to the Company) of such exemption. 2 DATED at this - day of -, 2002. ___________________________________________ Name of Transferee By: ______________________________________ Signature of Authorized Representative ___________________________________________ Name of Person Signing ___________________________________________ Title TABLE OF CONTENTS

EX-4.3 9 o11180exv4w3.txt SPECIAL WARRANT INDENTURE DATED DECEMBER 12, 2002 EXHIBIT 4.3 IVANHOE MINES LTD. ARBN 075 217 097 - AND - CIBC MELLON TRUST COMPANY - -------------------------------------------------------------------------------- SPECIAL WARRANT INDENTURE DATED AS OF DECEMBER 12, 2002 PROVIDING FOR THE ISSUE OF SPECIAL WARRANTS OF IVANHOE MINES LTD. - -------------------------------------------------------------------------------- THIS SPECIAL WARRANT INDENTURE made as of the 12th day of December, 2002 B E T W E E N: IVANHOE MINES LTD. ARBN 075 217 097, a corporation continued under the laws of the Yukon Territory (the "Company") AND: CIBC MELLON TRUST COMPANY, a trust company incorporated under the laws of Canada and having an office in the City of Vancouver (the "Trustee") WHEREAS: (A) the Company proposes to create and issue Special Warrants to be constituted and issued in the manner set forth; (B) the Company is authorized to create and issue the Special Warrants; (C) each Special Warrant will entitle the holder to acquire upon exercise or deemed exercise thereof, and without payment of any additional consideration, one Common Share; (D) the Company represents to the Trustee that all necessary resolutions of the directors of the Company have been duly enacted, passed or confirmed and all other proceedings taken and conditions complied with to authorize the execution and delivery of this Indenture and the execution and issue of the Special Warrants and to make the same legal and valid and binding on the Company in accordance with the laws relating to the Company and the Trustee shall not be liable for or by reason of any statements of fact or recitals in this Indenture and all such statements are and shall be deemed to be made by the Company; (E) the foregoing recitals are made as representations and statements of fact by the Company and not by the Trustee; (F) the Trustee has agreed to act as trustee for the Special Warrantholders on the terms and conditions herein set forth; and (G) all things necessary have been done and performed to make the Special Warrants, when certified by the Trustee and issued as in this Indenture provided, legal, valid and binding upon the Company with the benefits of and subject to the terms of this Indenture. NOW THEREFORE, in consideration of the premises and in further consideration of the mutual covenants herein set forth, the parties hereto agree as follows: 2 ARTICLE 1 INTERPRETATION 1.1 DEFINITIONS. In this Indenture unless there is something in the subject matter or context inconsistent therewith, the following words have the respective meaning indicated below: (a) "Applicable Legislation" has the meaning set forth in Section 8.15; (b) "Applicable Securities Laws" means, collectively, the Corporations Act 2001 (Commonwealth of Australia) and the applicable securities laws of the Qualifying Province, the securities laws of the Provinces of Canada, the securities laws of the United States and the states thereof, the regulations, rules, rulings and orders made thereunder, the applicable policy statements issued by the securities regulatory authorities in the Provinces of Canada, the United States Securities Exchange Commission and the ASIC and the securities legislation and policies of each other relevant jurisdiction; (c) "ASIC" means the Australian Securities and Investments Commission; (d) "ASX" means the Australian Stock Exchange Limited; (e) "Australian Prospectus" means a prospectus under Chapter 6D of the Corporations Act 2001 (Commonwealth of Australia) in relation to the Common Shares issuable upon exercise of the Special Warrants; (f) "Business Day" means any day except Saturday, Sunday or a statutory holiday in Vancouver, British Columbia; (g) "Certificate of the Company" means a certificate signed by any one of the President, Vice-President, Secretary or Chief Financial Officer of the Company in accordance with Section 9.5; (h) "Closing Date" means such date as the Company may designate by notice in writing to the subscribers for the Special Warrants; (i) "Common Shares" means, collectively, the fully paid and non-assessable common shares in the capital of the Company as presently constituted and, except where the context hereof otherwise requires, includes common shares issued or to be issued in accordance with the exercise or deemed exercise of Special Warrants hereunder; (j) "Company's auditors" means the firm of accountants appointed by the shareholders of the Company as the auditors of the Company from time to time; (k) "counsel" means a barrister and solicitor or a firm of barristers and solicitors retained by the Trustee or retained by the Company and acceptable to the Trustee; 3 (l) "Current Market Price" in respect of a Common Share at any date means the weighted average price of a Common Share for any twenty-five (25) consecutive trading days ending on the third trading day before such date, on such primary stock exchange on which the Common Shares are then listed as may be selected for such purpose by the directors of the Company or, if the Common Shares are not then listed on more than one stock exchange, on such stock exchange on which the Common Shares are then listed or if the Common Shares are not then listed on any stock exchange, on the over-the-counter market, or, if the Common Shares are not then traded in the over-the-counter market, the Current Market Price of the Common Shares shall be the fair value of a Common Share as determined by the directors of the Company, after consultation with a nationally and internationally recognized investment banking firm with respect to the fair value of such securities. The weighted average price shall be determined by dividing the aggregate sale price of all the Common Shares sold on the said exchange or market, as the case may be, during the said twenty-five (25) consecutive trading days by the total number of Common Shares so sold provided that, if the date for which the Current Market Price to be determined is a record date for an event relating to the Common Shares (other than a record date in respect of a meeting of shareholders) the said twenty-five (25) consecutive trading days shall be determined as at, and shall not include, the five (5) trading days immediately preceding such record date; (m) "director" means a director of the Company for the time being and reference without more to action by the directors means action by the directors of the Company as a board or, whenever duly empowered, action by a committee of the board; (n) "Exercise Date" has the meaning set forth in Section 5.2 of this Indenture; (o) "Expiry Date" means the date which is the fifth (5th) Business Day following the earlier of (i) the Qualification Date, or (ii) the Qualification Deadline; (p) "Expiry Time" means 5:00 p.m. (Vancouver time) on the Expiry Date; (q) "Extraordinary Resolution" has the meaning attributed to it in Section 6.10 and 6.13 hereof; (r) "Indenture", "hereto", "hereunder", "hereof", "hereby" and similar expressions mean or refer to this Indenture and not to any particular Article, Section, Subsection, paragraph, clause, subdivision or portion hereof and include any agreement, deed or instrument supplemental or ancillary hereto and the expressions "Article", "Section", "Subsection" and "paragraph" followed by a number mean and refer to the specified Articles, Sections, Subsections or paragraphs of this Indenture; 4 (s) "person" means any entity whatsoever including, without limitation, an individual, a corporation, a partnership, a trust, an unincorporated organization, a syndicate and words importing persons have a similar meaning; (t) "Proceeds" means a sum of money equal to the Subscription Price multiplied by the aggregate number of Special Warrants issued pursuant to this Indenture, such amount being up to an aggregate of Cdn.$60,000,000; (u) "Prospectus", as the context may require, means the preliminary or final version of the prospectus to be filed in the Qualifying Province relating to the distribution of the Common Shares to the Special Warrantholders upon exercise thereof and, unless the context otherwise requires, includes any amendments or supplements thereto; (v) "Qualification Date" means the date which is the later of (i) date on which a receipt has been issued by the Securities Commission in the Qualifying Province for the final Prospectus qualifying the Common Shares to be issued upon the exercise of the Special Warrants; and (ii) the date on which an Australian Prospectus is lodged with ASIC; (w) "Qualification Deadline" means the date that is four (4) months from the Closing Date; (x) "Qualifying Province" means the Province of British Columbia; (y) "Regulation S" means Regulation S under the U.S. Securities Act; (z) "Special Warrant Certificate" means a certificate substantially in the form attached hereto as Schedule "A" evidencing one or more Special Warrants; (aa) "Special Warrantholder" or "holder" means the registered holder of a Special Warrant hereunder; (bb) "Special Warrants" means, collectively, the special warrants of the Company issued and certified hereunder entitling holders thereof to receive, upon the exercise or deemed exercise thereof and subject to adjustment hereunder, one Common Share, or such kind and amount of securities or property determined pursuant to Article 4 hereof; (cc) "Subscription Price" means the sum of Cdn.$3.00 per Special Warrant; (dd) "subsidiary of the Company" means a corporation of which voting securities carrying a majority of votes attached to all outstanding voting securities are owned, directly or indirectly, by the Company or by one or more subsidiaries of the Company, or by the Company and one or more subsidiaries of the Company, and, as used in this definition, voting securities means securities, other than debt securities, carrying a voting right to elect directors either under all circumstances or under some circumstances that may have occurred and are continuing; 5 (ee) "TSX" means the Toronto Stock Exchange; (ff) "United States" means the United States as that term is defined in Regulation S; (gg) "U.S. Person" means a U.S. Person as defined in Regulation S, which definition includes, but is not limited to, an individual resident in the United States, an estate or trust of which any executor, administrator or trustee, respectively, is a U.S. Person and any partnership or corporation organized or incorporated under the laws of the United States; (hh) "U.S. Securities Act" means the United States Securities Act of 1933, as amended; and (ii) "Written direction of the Company", "written order of the Company" and any other document required to be signed by the Company, mean, respectively, a written direction, order or request, consent or other document signed in the name of the Company by any of the President, the Vice-President, the Secretary or the Chief Financial Officer of the Company, and may consist of one or more instruments so executed. 1.2 HEADINGS. The division of this Indenture into Articles, Sections, Subsections, paragraphs or other subdivisions, the provision of a table of contents and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Indenture or the Special Warrants. 1.3 GENDER. In this Indenture wherever the context permits or requires words importing number shall include the singular and the plural and words importing gender shall include all genders. 1.4 BUSINESS DAY. In the event that any day on or before which any action is required to be taken hereunder is not a Business Day, then such action shall be required to be taken on or before the requisite time on the next succeeding day that is a Business Day. 1.5 MEANING OF "OUTSTANDING". Every Special Warrant represented by a Special Warrant Certificate countersigned and delivered by the Trustee hereunder shall be deemed to be outstanding until it shall be cancelled or delivered to the Trustee for cancellation or until the Expiry Time; provided that where a new Special Warrant Certificate has been issued pursuant to Section 2.7 hereof to replace one which has been mutilated, lost, stolen or destroyed, the Special Warrants represented by any such new Special Warrant Certificate shall be counted for the purpose of determining the aggregate number of Special Warrants outstanding. 1.6 TIME. Time shall be of the essence hereof and of the Special Warrants issued hereunder. 1.7 APPLICABLE LAW. This Indenture and the Special Warrants shall be governed by and construed in accordance with the laws of the Province of British Columbia. The parties hereto submit to the exclusive jurisdiction of the courts in the Province of British Columbia. The 6 parties agree that any litigation between the parties which arises pursuant to or in connection with this Indenture, or any of its provisions, shall be referred to the courts in the Province of British Columbia and shall not be referred to the courts in any other jurisdiction. 1.8 CURRENCY. All references to "US$" refer to lawful money of the United States unless otherwise indicated. All references to "Cdn.$" refer to lawful money of Canada. ARTICLE 2 ISSUE AND PURCHASE OF SPECIAL WARRANTS 2.1 CREATION AND ISSUE OF SPECIAL WARRANTS. A total of up to 20,000,000 Special Warrants are hereby created and authorized to be issued and shall be executed by the Company and certified by or on behalf of the Trustee upon the written order of the Company and delivered by the Trustee to the Company in accordance with the written direction of the Company. 2.2 FORM AND TERMS OF SPECIAL WARRANTS. Subject to the provisions hereof, the Special Warrants to be issued under this Indenture shall be limited in the aggregate to 20,000,000 Special Warrants and each Special Warrant shall entitle a holder, upon exercise or deemed exercise thereof to acquire, without the payment by such holder of any additional consideration, one (1) Common Share or such other kind and amount of securities or property determined pursuant to the provisions of Article 4, as the case may be. The Special Warrants may be exercised by the holder thereof, at no additional cost, at any time after the Qualification Date until the Expiry Time. Special Warrants not exercised or tendered for cancellation prior to the Expiry Time will be deemed to be exercised immediately prior thereto and surrendered to the Trustee on behalf of the holder thereof at the Expiry Time without any further action on the part of the holder or the Company. The Special Warrants shall be issued in registered form and the Special Warrant Certificates, including all replacements issued in accordance with this Indenture, shall be substantially in the form set out in Schedule "A" hereto with, subject to the provisions of this Indenture, such additions, variations and/or omissions as may from time to time be agreed upon between the Company and the Trustee, shall be dated as of the Closing Date, and shall be numbered in such manner as the Company, with the approval of the Trustee, may prescribe. All Special Warrants shall, save as to denominations, be of like tenor and effect. No change in the form of the Special Warrant Certificates shall be required by reason of any adjustment made pursuant to Article 4 hereof. The Trustee shall maintain a register of the holders at its principal stock transfer office in the City of Vancouver, which shall be open for inspection by any agent or representative of the Company or a Special Warrantholder, in which shall be entered the name and addresses of the Special Warrantholders and the number of Special Warrants held by them and all other information required by law. The Trustee shall, from time to time when requested to do so by the Company, furnish the Company with a list of the names and addresses of the Special Warrantholders entered in the registers kept by the Trustee and showing the number of Common Shares which might then be acquired upon the exercise or deemed exercise of the Special Warrants held by each such holder. 7 Special Warrant Certificates may be engraved, lithographed, printed or partly in one form and partly in another form as the Company with the approval of the Trustee may determine. 2.3 TRANSFER AND OWNERSHIP OF SPECIAL WARRANTS. Unless the Company has instructed the Trustee in writing to waive any or all of the following requirements, Special Warrants may be transferred upon receipt by the Trustee of a duly executed transfer instrument in the form attached to the Special Warrant Certificate together with evidence to its reasonable satisfaction that the transferee of such Special Warrants is: (a) the executor, administrator, heir or legal representative of the heirs of the estate of a deceased Special Warrantholder; (b) a guardian, committee, trustee, curator or tutor representing a Special Warrantholder who is an infant, an incompetent person or a missing person; (c) a liquidator of, or a trustee in bankruptcy for, a Special Warrantholder; or (d) a transferee of a Special Warrantholder who provides the Trustee with evidence satisfactory to the Trustee and the Company, acting reasonably, including but not limited to a properly completed and executed declaration attached as Exhibit "A" to the transfer form attached to the Special Warrant Certificate, that such transferee is/was either: (i) not in the United States at the time the buy order for the Special Warrants was executed, not acquiring the Special Warrants for the account or benefit of a U.S. Person or a person in the United States and was not offered the Special Warrants in the United States, or (ii) a person that has purchased or acquired Special Warrants in a transaction exempt from registration under the U.S. Securities Act and has provided the Company with satisfactory evidence of the availability of such exemption which may, at the Company's discretion, include an opinion of counsel and was exempt from registration under any applicable securities laws of any state of the United States and that the securities laws of any other applicable jurisdiction(s) have been complied with in relation to the transfer of the Special Warrants involved, together with the Special Warrant Certificate in question (by delivery or mail as set forth in Section 9.3 hereof), and subject to such reasonable requirements relating to the payment of costs of the transfer by the holder as the Trustee may prescribe and compliance with all applicable securities legislation and requirements of regulatory authorities. A transferee of Special Warrants who complies with the requirements of this Section 2.3 will be entitled to become noted upon the register of holders as a Special Warrantholder. After receiving the surrendered Special Warrant Certificate and upon the person surrendering the same meeting the requirements as hereinbefore set forth, the Trustee shall forthwith give written notice thereof together with confirmation as to the identity of the person entitled to become the holder to the Company. Forthwith after receiving written notice from the Trustee as aforesaid the Company shall, in accordance with the provisions of Section 2.8 hereof, cause a new Special Warrant Certificate to be issued and sent to the new holder and the Trustee shall alter its register of holders accordingly. 8 Each Special Warrant shall bear a legend as set forth below: "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE [INSERT THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE DISTRIBUTION DATE] THE SPECIAL WARRANTS AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS SPECIAL WARRANT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THIS SPECIAL WARRANT MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT) OR A PERSON IN THE UNITED STATES UNLESS THIS SPECIAL WARRANT AND THE UNDERLYING SECURITIES ISSUABLE UPON THE EXERCISE THEREOF HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE SECURITIES LAWS OF ALL APPLICABLE STATES OF THE UNITED STATES OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. UNTIL AN AUSTRALIAN PROSPECTUS IS LODGED WITH ASIC, THE SPECIAL WARRANTS MAY BE SUBJECT TO STATUTORY RESALE RESTRICTION IN AUSTRALIA UNDER THE CORPORATIONS ACT 2001 (COMMONWEALTH OF AUSTRALIA). THE HOLDER OF THE SPECIAL WARRANTS (AND THE COMMON SHARES ISSUED ON EXERCISE OF THE SPECIAL WARRANTS) IS ADVISED TO CONSULT ITS OWN LEGAL ADVISORS IN THIS REGARD." Each Special Warrant issued to a U.S. Person or a person in the United States, and each Common Share issuable upon the exercise or deemed exercise thereof, shall bear a legend as set forth below: "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS THEY ARE OFFERED FOR SALE, SOLD, OR OTHERWISE TRANSFERRED ONLY: (A) TO THE COMPANY: (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 9 THEREUNDER, IF APPLICABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) WITH THE PRIOR CONSENT OF THE COMPANY, PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. PROVIDED THAT THE COMPANY IS A "FOREIGN ISSUER" WITHIN THE MEANING OF REGULATION S AT THE TIME OF SALE, A NEW CERTIFICATE, BEARING NO LEGEND MAY BE OBTAINED FROM THE REGISTRAR AND TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE REGISTRAR AND TRANSFER AGENT AND THE COMPANY, TO THE EFFECT THAT SUCH SALE IS BEING MADE IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT." In addition, certificates representing Common Shares issued upon the exercise or deemed exercise of Special Warrants exercised prior to the earlier of the Qualification Date or the Expiry Date, shall bear the following legend: "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE [INSERT THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE DISTRIBUTION DATE]" Subject to the provisions of this Indenture and applicable law, the Special Warrantholder shall be entitled to the rights and privileges attaching to the Special Warrants free from all equities and rights of set-off or counter claim between the Company and the transferor or any previous Special Warrantholder and the issue of the Common Shares by the Company upon the exercise or deemed exercise of Special Warrants by any Special Warrantholder in accordance with the terms and conditions herein contained shall discharge all responsibilities of the Company and the Trustee with respect to such Special Warrants. 2.4 SPECIAL WARRANTHOLDERS NOT SHAREHOLDERS. A Special Warrantholder shall not, as such, be deemed to be or regarded as a shareholder of the Company nor shall such Special Warrantholder be entitled to any right or interest, including rights to receive dividends or vote at meetings of the shareholders of the Company, except as is expressly provided in this Indenture and in the Special Warrant Certificate. 2.5 SIGNING OF SPECIAL WARRANTS. The Special Warrant Certificates shall be signed either manually or by facsimile signature by any officer or director of the Company and may, but need not be, under the corporate seal of the Company. A facsimile signature upon any Special Warrant Certificate shall for all purposes hereof be deemed to be the signature of the person whose signature it purports to be and to have been signed at the time such facsimile signature is reproduced. If a person whose signature, either manually or in facsimile, appears on a Special Warrant Certificate is not a director or officer of the Company at the date of this Indenture or at 10 the date of the countersigning and delivery of such Special Warrant Certificate, such fact shall not affect in any way the validity of the Special Warrants or the entitlement of the holder thereof to the benefits of this Indenture. 2.6 COUNTERSIGNING. No Special Warrant Certificate shall be issued, or if issued, shall be valid or exercisable or entitle the holder thereof to the benefits of this Indenture until the Special Warrant Certificate has been countersigned by or on behalf of the Trustee. The Trustee will countersign the Special Warrant Certificates upon the written direction of the Company. The countersignature by or on behalf of the Trustee on any Special Warrant Certificate shall not be construed as a representation or warranty by the Trustee as to the validity of this Indenture or of the Special Warrants or as to the performance by the Company of its obligations under this Indenture and the Trustee shall in no way be liable or answerable for the use made of the Special Warrants or of the Proceeds except as specified herein. The countersignature of the Trustee shall, however, be a representation and warranty of the Trustee that the Special Warrant Certificate has been duly countersigned by or on behalf of the Trustee pursuant to the provisions of this Indenture and shall be conclusive evidence as against the Company that the Special Warrant Certificate so countersigned has been duly issued hereunder and the holder is entitled to the benefits hereof. 2.7 LOSS, MUTILATION, DESTRUCTION OR THEFT OF SPECIAL WARRANTS. In case any of the Special Warrant Certificates issued and countersigned hereunder shall become mutilated or be lost, destroyed or stolen, the Company shall, upon the holder complying with this Section 2.7, issue and thereupon the Trustee shall countersign and deliver a new Special Warrant Certificate of like date and tenor in exchange for and in place of the one mutilated, lost, destroyed or stolen and upon surrender and cancellation of such mutilated Special Warrant Certificate or in lieu of and in substitution for such lost, destroyed or stolen Special Warrant Certificate and the substituted Special Warrant Certificate shall be in a form approved by the Trustee and shall entitle the holder thereof to the benefits hereof and rank equally in accordance with its terms with all other Special Warrants issued hereunder. The applicant for the issue of a new Special Warrant Certificate pursuant to this Section 2.7 shall bear the reasonable costs including applicable taxes of the issue thereof and in case of loss, destruction or theft shall, as a condition precedent to the issue thereof, furnish to the Company and to the Trustee such evidence of ownership and of the loss, destruction or theft of the Special Warrant Certificate so lost, destroyed or stolen as shall be satisfactory to the Company and to the Trustee, in their discretion and such applicant may also be required to furnish an indemnity and a surety bond in amount and form satisfactory to the Company and the Trustee in their discretion, and shall pay the reasonable charges of the Company and the Trustee in connection therewith. 2.8 ISSUE OF SPECIAL WARRANTS. Special Warrant Certificates shall be signed by the Company as aforesaid and delivered to the Trustee from time to time. The Trustee shall countersign any Special Warrant Certificate delivered by the Company to the Trustee as aforesaid and shall forthwith deliver to the person or persons in whose name or names the Special Warrant Certificate is to be issued (as specified in any written order from time to time given by the Company to the Trustee and signed by the Chairman, President, Vice-President, Treasurer, Secretary or Assistant Secretary of the Company) or mail to such person or persons at their 11 respective addresses specified in the written order from the Company the Special Warrant Certificate for the appropriate number of Special Warrants. 2.9 FRACTIONS. Certificates representing fractional Special Warrants shall not be issued or otherwise provided for. 2.10 SPECIAL WARRANTS TO RANK PARI PASSU. All Special Warrants shall rank pari passu, whatever may be the actual date of issue of same. 2.11 EXCHANGE OF SPECIAL WARRANTS. Except as otherwise herein provided: (a) Special Warrant Certificates may, upon compliance with the reasonable requirements of the Trustee, be exchanged for Special Warrant Certificates in any other authorized denomination representing in the aggregate the same number of Special Warrants. The Company shall sign and the Trustee shall countersign, in accordance with Section 2.5 and 2.6, all Special Warrant Certificates necessary to carry out the exchanges contemplated herein; (b) Special Warrant Certificates may be exchanged only at the principal stock transfer office of the Trustee in the city of Vancouver. Any Special Warrant Certificates tendered for exchange shall be surrendered to the Trustee and cancelled; and (c) the Trustee may charge registered holders requesting an exchange a reasonable sum for each Special Warrant Certificate exchanged and payment of such charges and reimbursement of the Trustee or the Company for any and all taxes or governmental or other charges required to be paid shall be made by the party requesting such exchange as a condition precedent to such exchange. 2.12 RECOGNITION OF REGISTERED HOLDER. The Company and the Trustee may deem and treat the registered holder of any Special Warrant Certificate as the absolute beneficial owner of the Special Warrants represented thereby for all purposes under this Indenture, and the Company and the Trustee shall not be affected by any notice or knowledge to the contrary except where the Company or the Trustee is required to take notice by statute or by order of a court of competent jurisdiction. A Special Warrantholder shall be entitled to the rights evidenced by the Special Warrants registered in his name free from all equities or rights of set-off or counterclaim between the Company and the original or any intermediate holder thereof and all persons may act accordingly and the receipt by any such Special Warrantholder of the Common Shares issuable upon the exercise or deemed exercise thereof shall be a good discharge to the Company and the Trustee for the same and neither the Company nor the Trustee shall be bound to inquire into the title of any such holder except where the Company or the Trustee is required to take notice by statute or by order of a court of competent jurisdiction. ARTICLE 3 COVENANTS OF THE COMPANY 3.1 COVENANTS OF THE COMPANY. The Company represents, warrants, covenants and agrees with the Trustee for the benefit of the Trustee and the Special Warrantholders as follows: 12 (a) To Issue Special Warrants and Reserve Common Shares: The Company is duly authorized to create and issue the Special Warrants and that the Special Warrant Certificates, when issued and countersigned as herein provided, will be valid and enforceable against the Company and that, subject to the provisions of this Indenture, the Company will cause a sufficient number of the Common Shares from time to time issuable pursuant to the Special Warrants under this Indenture and the certificates representing such Common Shares to be duly issued and delivered in accordance with instructions on the Special Warrant Certificates and the terms hereof. At all times prior to and including the Expiry Time, while any of the Special Warrants are outstanding, the Company shall reserve and allot and conditionally issue out of its authorized capital a number of Common Shares sufficient to enable the Company to meet its obligation to issue Common Shares in respect of the exercise or deemed exercise of all Special Warrants outstanding hereunder from time to time. All Common Shares acquired pursuant to the exercise or deemed exercise of the Special Warrants shall be fully paid and non-assessable. (b) To Pay Trustee's Remuneration: The Company will pay to the Trustee from time to time reasonable remuneration for its services hereunder and will, upon the Trustee's request, pay to or reimburse the Trustee for all reasonable expenses, disbursements and advances made or incurred by the Trustee in the administration or execution of the trust hereof (including the compensation and disbursements of its counsel and other advisors and assistants not regularly in its employ), both before a default hereunder and thereafter until all duties of the Trustee hereunder have been finally and fully performed. (c) To Execute Further Assurances: The Company will do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered, all other acts, deeds and assurances in law as the Trustee may reasonably require for effecting the intentions and provisions of this Indenture. (d) To Carry on Business: Subject to the express provisions hereof, the Company will at all times maintain its corporate existence, carry on and conduct and will cause to be carried on and conducted its business in the same manner as heretofore carried on and conducted, provided, however, that the Company or any subsidiary of the Company may dispose of any business, premises, property or operation if in the reasonable opinion of the directors or officers of the Company or any subsidiary of the Company, as the case may be, it would be advisable and in the best interests of the Company or any subsidiary of the Company to do so; and subject to the express provisions hereof, it will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, provided, however, that (subject to compliance with the provisions of Article 4 hereof) nothing herein contained shall prevent the amalgamation, consolidation or merger of the Company or any subsidiary of the Company or the abandonment of any rights and franchises of the Company or any subsidiary of the Company if, in the reasonable opinion of the directors or officers of the Company, 13 or the directors or officers of any subsidiary of the Company, as the case may be, it would be advisable and in the best interests of the Company or of such subsidiary of the Company to do so. The Company will keep or cause to be kept proper books of account in accordance with generally accepted accounting practice and will file with the Trustee copies of all annual statements of the Company furnished to its shareholders after the date hereof, forthwith following delivery to its shareholders. (e) To Deliver Information: The Company will send to each Special Warrantholder copies of all financial statements and other materials furnished from time to time to holders of Common Shares after the date hereof. (f) Performance of Covenants By Trustee: If the Company shall fail to perform any of its covenants contained in this Indenture the Trustee may notify the Special Warrantholders of such failure on the part of the Company or may itself perform any of the said covenants capable of being performed by it, but, subject to Section 8.3 hereof, the Trustee shall be under no obligation to do so or to notify any Special Warrantholder. All sums reasonably expended or advanced by the Trustee in performance of its rights provided for in this Subsection 3.1(f) shall be repayable as provided in Subsection 3.1(b). No such performance, expenditure or advance by the Trustee shall be deemed to relieve the Company of any default hereunder. (g) Filings: The Company undertakes to file or lodge or cause to be filed or lodged all forms or undertakings required to be filed or lodged by the Company in connection with the issuance and sale of the Special Warrants so that the distribution of the Special Warrants may lawfully occur without the necessity of filing or lodging a prospectus or an offering memorandum in Canada or Australia (but on terms that will permit the Common Shares acquired by subscribers upon exercise or deemed exercise of the Special Warrants to be sold by such subscribers at any time in the Qualifying Province and Australia subject to Applicable Securities Laws). All fees payable in connection with such filings and lodgements shall be at the sole expense of the Company. (h) Reporting Issuer Status: The Company is a reporting issuer under the laws of the Qualifying Province, is not in default of any requirements of such laws and the Company will use reasonable efforts to remain, a reporting issuer under the securities laws of the Qualifying Province, not in default of any requirement of such laws. (i) Australian Disclosing Entity Status: The Company is a listed disclosing entity for the purposes of the Corporations Act 2001 (Commonwealth of Australia). (j) Stock Exchange Listing: The Company will use reasonable efforts to ensure that the Common Shares issuable upon exercise or deemed exercise of the Special Warrants will, as soon as practicable after the Closing Date, be listed and posted 14 for trading on the TSX. The Company covenants to use reasonable efforts to maintain the listing of the Common Shares on such stock exchange. (k) Australian Stock Exchange Listing: The Company will use reasonable efforts to ensure that the Common Shares issuable upon exercise or deemed exercise of the Special Warrants, will, as soon as practicable after the Qualification Date, be quoted on the ASX. (l) Filing Prospectus: The Company will use reasonable efforts, as soon as possible after the Closing Date, to prepare, file and receive a receipt for a preliminary Prospectus in the Qualifying Province. If a preliminary Prospectus is filed and a receipt obtained therefore, the Company will use reasonable efforts to resolve any regulatory comments and satisfy any regulatory deficiencies in respect of the preliminary Prospectus and, as soon as practicable after such comments or deficiencies have been resolved or satisfied, shall use reasonable efforts to prepare, file and obtain a receipt from the British Columbia Securities Commission for the final Prospectus and to lodge an Australian Prospectus with ASIC and will take all other steps and proceedings that may reasonably be necessary in order to qualify the Common Shares issuable upon exercise or deemed exercise of the Special Warrants for distribution in the Qualifying Province to Special Warrantholders, subject to the control block provisions of Applicable Securities Laws. (m) Performance of Indenture: The Company will well and truly perform and carry out all of the acts or things to be done by it as provided in this Indenture. 3.2 NOTICE OF PROSPECTUS. The Company will give written notice to the Trustee of the issuance of the receipts for the final Prospectus and lodging of an Australian Prospectus with ASIC referred to in Subsection 3.1(j) hereof forthwith following completion thereof, and in any event no later than the second Business Day thereafter, which notice will be accompanied by a sufficient number of commercial copies of such final Prospectus and Australian Prospectus (where applicable) for distribution to each Special Warrantholder. The Trustee shall, on the Business Day following the receipt of such notice, deliver written notice thereof to the Special Warrantholders, which notice will be accompanied by a commercial copy of the final Prospectus and Australian Prospectus and will include a statement to the effect that any Special Warrants not exercised by the Expiry Time will be deemed exercised and surrendered by the Trustee on behalf of the holder thereof. 3.3 SUITS BY SPECIAL WARRANTHOLDER. Subject to the provisions of this Indenture, all or any of the rights conferred upon a Special Warrantholder by the terms of a Special Warrant may be enforced by such Special Warrantholder by appropriate legal proceedings without prejudice to the right which is hereby conferred upon the Trustee to proceed in its own name to enforce each and all of the provisions herein contained for the benefit of the Special Warrantholders from time to time. 15 3.4 SECURITIES QUALIFICATION REQUIREMENTS. (a) If, in the opinion of counsel, any instrument (not including a prospectus, except as contemplated by Section 3.1 hereof) is required to be filed with or any permission, order or ruling is required to be obtained from any securities regulatory authority or any stock exchange or any other actions are required under any Canadian federal law or any provincial laws of the Qualifying Province or any stock exchange rules before any securities or property, including Common Shares, which a Special Warrantholder is entitled to receive pursuant to the exercise or deemed exercise of a Special Warrant may properly and legally be issued and delivered upon the exercise or deemed exercise of a Special Warrant and thereafter traded, the Company covenants that it will use reasonable efforts to file such instrument, obtain such permission, order or ruling or take all such other actions at its expense, as is required or appropriate in the circumstances. (b) The Company will give written notice of, and will make all necessary filings in respect of, the issue of the Common Shares pursuant to the exercise or deemed exercise of Special Warrants, in such detail as may be required, to any stock exchange upon which the Common Shares may be listed or to the securities regulatory authority in a Qualifying Province if there is therein any legislation, ruling or order requiring the giving of any such notice or the making of any such filings in order that the subsequent disposition of the Common Shares so issued will not be subject to the prospectus requirements of such legislation, ruling or order (subject to any applicable hold periods). (c) The Company has no obligation to register or qualify the Special Warrants or the Common Shares under the U.S. Securities Act or the securities laws of any state of the United States. 3.5 TRUSTEE MAY INSTITUTE PROCEEDINGS. The Trustee shall also have the power at any time and from time to time to institute and to maintain such suits and proceedings as it may be advised shall be necessary or advisable to preserve and protect its interest and the interests of the Special Warrantholders. ARTICLE 4 ADJUSTMENT OF SUBSCRIPTION RIGHTS 4.1 ADJUSTMENT OF SUBSCRIPTION RIGHTS. Subject to Section 4.1A, the subscription rights attaching to the Special Warrants with respect to the Common Shares issuable upon the exercise or deemed exercise of the Special Warrants shall be subject to adjustment from time to time as follows: (a) if and whenever at any time from the date hereof and prior to the Expiry Time, the Company shall: (i) subdivide its outstanding Common Shares into a greater number of shares; or 16 (ii) consolidate its outstanding Common Shares into a smaller number of shares; the number of Common Shares obtainable upon the exercise or deemed exercise of each Special Warrant shall be adjusted, at no cost to such holder, immediately after the effective date of such subdivision or consolidation by multiplying the number of Common Shares theretofore obtainable on the exercise or deemed exercise thereof by the fraction of which: (A) the numerator shall be the total number of Common Shares outstanding immediately after such date, or, in the case of the issuance of convertible securities, the total number of Common Shares outstanding immediately after such date plus the total number of Common Shares issuable upon conversion or exchange of such convertible securities, and (B) the denominator shall be the total number of Common Shares outstanding immediately prior to such date, and such adjustment shall be made successively whenever any event referred to in this Subsection 4.1(a) shall occur (and all adjustments in this Subsection are cumulative); (b) if and whenever at any time from the date hereof and prior to the Expiry Time, the Company shall issue or distribute to the holders of all or substantially all of the Company's outstanding Common Shares or any securities of the Company including rights, options or warrants to acquire shares of the Company or securities convertible into or exchangeable for shares of the Company or property or assets including cash or evidences of indebtedness, the holder of any Special Warrant who thereafter shall exercise or be deemed to have exercised his right to subscribe for Common Shares thereunder shall be entitled to receive, at no cost to such holder, and shall accept for the same aggregate consideration, in addition to the Common Shares to which he was theretofore entitled upon such exercise or deemed exercise, the kind and amount of securities or property which such holder would have been entitled to receive as a result of such issue or distribution as if, on the effective date thereof, he had been the registered holder of the number of Common Shares to which he was theretofore entitled upon such exercise or deemed exercise and if determined appropriate by the directors, appropriate adjustments shall be made as a result of any such issue or distribution to the rights and interests of Special Warrantholders thereafter so that the provisions of this Article 4 shall thereafter apply correspondingly to any securities or other property thereafter deliverable upon the exercise or deemed exercise of any Special Warrant and any such adjustments shall be made by and set forth in an agreement supplemental hereto approved by the directors and shall for all purposes be conclusively deemed to be appropriate adjustments; 17 (c) if and whenever at any time from the date hereof and prior to the Expiry Time, there is a reclassification of the Common Shares or a capital reorganization of the Company other than as described in Subsections 4.1(a) or (b) or a consolidation, amalgamation or merger of the Company with or into any other body corporate, trust, partnership or other entity, or a sale or conveyance of the property and assets of the Company as an entirety or substantially as an entirety, any Special Warrantholder who has not exercised his right of subscription prior to the effective date of such reclassification, reorganization, consolidation, amalgamation, merger, sale or conveyance, upon the exercise or deemed exercise of such right thereafter, shall be entitled to receive and shall accept the kind and number of securities or property that such Special Warrantholder would have been entitled to receive on such reclassification, capital reorganization, consolidation, amalgamation, merger, sale or conveyance, if, on the record date or the effective date thereof, as the case may be, the Special Warrantholder had been the registered holder of the number of Common Shares receivable upon the exercise or deemed exercise of Special Warrants then held, subject to adjustment thereafter in accordance with provisions the same, as nearly as may be possible, as those contained in this Section 4.1; provided that no such action shall be carried into effect unless all necessary steps shall have been taken so that the holders of the Special Warrants shall thereafter be entitled to receive such kind and number of securities and property. The Company, its successor, or the purchasing body corporate, partnership, trust or other entity, as the case may be, shall, as a condition precedent to any such reclassification, reorganization, consolidation, amalgamation, merger, sale or conveyance, take all necessary steps hereunder to enter into an agreement which shall provide, to the extent possible, for the application of the provisions set forth in this Indenture with respect to the rights and interests thereafter of the Special Warrantholders to the end that the provisions set forth in this Indenture shall thereafter correspondingly be made applicable, as nearly as may reasonably be, with respect to any shares other securities or property to which a Special Warrantholder is entitled on the exercise or deemed exercise of his Special Warrants thereafter. Any agreement entered into between the Company and the Trustee pursuant to the provisions of this Subsection 4.1(c) shall be a supplemental agreement entered into pursuant to the provisions of Article 7 hereof. Any agreement entered into between the Company, any successor to the Company or any purchasing body corporate, partnership, trust or other entity and the Trustee shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided in this Section 4.1 and which shall apply to successive reclassifications, reorganizations, amalgamations, consolidations, mergers, sales or conveyances; (d) in any case in which this Section 4.1 shall require that an adjustment shall become effective immediately after a record date for an event referred to herein, the Company may defer, until the occurrence of such event, issuing to the holder of any Special Warrant exercising or deemed to be exercising his subscription rights after such record date the additional Common Shares or other securities or property issuable upon such exercise or deemed exercise by reason of the 18 adjustment required by such event; provided, however, that the Company shall deliver to such holder an appropriate instrument evidencing such holder's right to receive such additional Common Shares or other securities or property, as the case may be, upon the occurrence of the event requiring such adjustment and the right to receive any distributions made on such additional Common Shares or other securities or property, as the case may be, declared in favour of holders of record of Common Shares or other securities or property, as the case may be, on and after the date of exercise or deemed exercise or such later date as such holder would but for the provisions of this Subsection 4.1(d), have become the holder of record of such additional Common Shares or other securities or property, as the case may be, pursuant to the exercise or deemed exercise of the Special Warrants held by such holder; (e) after any adjustment pursuant to this Section 4.1, the term "Common Shares" where used in this Indenture shall be interpreted to mean securities of any class or classes which, as a result of such adjustment and all prior adjustments pursuant to this Section 4.1, a Special Warrantholder is entitled to receive upon the exercise or deemed exercise of such holder's Special Warrants, and the number of Common Shares indicated in any exercise made pursuant to a Special Warrant shall be interpreted to include the number of Common Shares or other property or securities a Special Warrantholder is entitled to receive, as a result of such adjustment and all prior adjustments pursuant to this Section, upon the full exercise or deemed exercise of a Special Warrant; (f) all shares of any class or other securities or property which a Special Warrantholder is at the time in question entitled to receive on the full exercise or deemed exercise of his Special Warrant, whether or not as a result of adjustments made pursuant to this Section 4.1 shall, for the purposes of the interpretation of this Indenture, be deemed to be Common Shares which such Special Warrantholder is entitled to subscribe for pursuant to the exercise or deemed exercise of such Special Warrant; (g) anything in this Section 4.1 to the contrary notwithstanding, no adjustment shall be made in the subscription rights attached to the Special Warrants if the issue of Common Shares is being made pursuant to any stock option or stock purchase plan in force from time to time for directors, officers or employees of the Company or any other currently existing obligation of the Company disclosed to the Trustee and the Special Warrantholders at the date hereof; and (h) in the event of any question arising with respect to the adjustments provided for in this Section 4.1 such question shall be conclusively determined, subject to the consent of any stock exchange upon which the Common Shares are then listed, by a firm of chartered accountants appointed by the Company and acceptable to the Trustee (which may be the Company's auditors). Such accountants shall have access to all necessary records of the Company, and such determination shall be binding upon the Company, the Trustee, all Special Warrantholders and all other 19 persons interested therein. In the event that any such determination is made, the Company shall deliver a certificate to the Trustee describing such determination; provided that no adjustment will be required if the holder of a Special Warrant is otherwise entitled to participate in the event which triggers the adjustment pursuant to this Section 4.1 on the same basis as such Special Warrantholder would have been entitled had he exercised or been deemed to have exercised his Special Warrants and subscribed for Common Shares immediately prior to such event. Any such participation shall be subject to the prior consent of the TSX. 4.1A COMPLIANCE WITH ASX LISTING RULES REQUIREMENTS: The rights of a Special Warrantholder will be changed to the extent necessary to comply with the ASX Listing Rules applying to a reorganisation of capital at the time of the reorganisation. 4.2 PROCEEDINGS PRIOR TO ANY ACTION REQUIRING ADJUSTMENT. As a condition precedent to the taking of any action which would require an adjustment in any of the subscription rights arising pursuant to the exercise or deemed exercise of any of the Special Warrants, including the number of Common Shares which are to be received upon the exercise or deemed exercise thereof, the Company shall take any corporate action which may, in the opinion of counsel, be necessary in order for the Company to allot and reserve for issuance and to validly and legally issue as fully paid and non-assessable, such number of Common Shares and validly and legally deliver all other securities or property in which the holders of such Special Warrants are entitled to receive on the full exercise or deemed exercise thereof in accordance with the provisions hereof. 4.3 CERTIFICATE OF ADJUSTMENT. The Company shall from time to time immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 4.1 hereof, deliver a certificate of the Company to the Trustee specifying the nature of the event requiring the same and the amount of the adjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based, which certificate and the amount of the adjustment specified therein shall be verified by the auditors of the Company, upon whose verification the Trustee shall be entitled to act and rely. When so verified, the Company shall, except in respect of any subdivision, or consolidation of the Common Shares, forthwith give written notice to the Special Warrantholders specifying the event requiring such adjustment or readjustment and the results thereof; provided that if the Company has already given the required notices under Section 4.5 hereof covering all the relevant facts in respect of such event and if the Trustee consents in writing, no further notice need be given under this Section 4.3. 4.4 ADJUSTMENT RULES. The adjustments provided for in this Article 4 are cumulative and shall apply (without duplication) to successive actions requiring an adjustment under the provisions of Section 4.1; provided that, notwithstanding any other provision of this Article 4, no adjustment shall be made in the number of Common Shares which may be subscribed for on the exercise or deemed exercise of a Special Warrant unless it would result in a change of at least one-hundredth of a Common Share (provided, however, that any adjustments which by reason of this Section 4.4 are not required to be made shall be carried forward and taken into account in any subsequent adjustment). 20 In the event that the Company after the date of this Indenture shall take any action affecting the Common Shares other than action described in this Article 4, the directors of the Company may, but shall not be required to, make any other adjustments to the number of Common Shares which may be acquired upon exercise or deemed exercise of the Special Warrants, to the extent, if any, such directors deem appropriate, provided that no such adjustment shall be made which increases the Subscription Price or decreases the number of Common Shares which may be acquired upon exercise or deemed exercise of the Special Warrants. 4.5 NOTICE OF SPECIAL MATTERS. The Company covenants with the Trustee that so long as any Special Warrant remains outstanding it will give at least fourteen (14) days' prior written notice in the manner provided for in Article 9 to the Trustee and to each Special Warrantholder of any event which requires an adjustment to the subscription rights attaching to any of the Special Warrants pursuant to this Article 4. The Company covenants and agrees that such notice shall contain the particulars of such event in reasonable detail and, if determinable, the required adjustment in the manner provided for in this Article 4. The Company further covenants and agrees that it shall promptly as soon as the adjustment calculations are reasonably determinable, file a Certificate of the Company with the Trustee showing how such adjustment shall be computed and direct the Trustee to send a copy of such certificate to the Special Warrantholders. 4.6 NO ACTION AFTER NOTICE. The Company covenants with the Trustee that it will not close its transfer books or take any other corporate action which might deprive the holder of a Special Warrant of the opportunity of exercising his right of subscription pursuant thereto during the period of fourteen (14) days after the giving of the notice set forth in Section 4.3 and 4.5 hereof. 4.7 PROTECTION OF TRUSTEE. The Trustee: (a) shall not at any time be under any duty or responsibility to any Special Warrantholder to determine whether any facts exist which may require any adjustment contemplated by Section 4.1 hereof, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed in making the same; (b) shall not be accountable with respect to the validity or value (or the kind or amount) of any Common Share or of any shares or other securities or property which may at any time be issued or delivered upon the exercise or deemed exercise of the subscription rights attaching to any Special Warrant; (c) shall not be responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver Common Shares or certificates for the same upon the surrender or deemed surrender of any Special Warrants for the purpose of the exercise or deemed exercise of such rights or to comply with any of the covenants contained in this Article 4; and (d) shall not incur any liability or responsibility whatever or be in any way responsible for the consequence of any breach on the part of the Company of any 21 of the representations, warranties or covenants herein contained or of any acts of the agents or servants of the Company. ARTICLE 5 EXERCISE AND CANCELLATION OF SPECIAL WARRANTS 5.1 EXERCISE OF SPECIAL WARRANTS. Upon and subject to the provisions of this Article 5, any holder of a Special Warrant may exercise the right thereby conferred on him to subscribe for Common Shares for no additional consideration by surrendering to the Trustee after the issuance of the Special Warrants to such holder and after the Qualification Date until the Expiry Time at its principal office in the city of Vancouver, the Special Warrant Certificate evidencing the Special Warrants, with the exercise form attached to the Special Warrant Certificate (or another exercise form made available by the Company) duly completed and executed by the holder or his executors or administrators or other legal representatives or his or their attorney (which may be the Company) duly appointed by an instrument in writing in form and manner satisfactory to the Trustee. The Trustee may act and rely on the address form for determining residency of the subscribing holder. Unless the Company has instructed the Trustee in writing to waive any or all of the following requirements, the Special Warrants may not be exercised by or for the account or benefit of a U.S. Person or a person in the United States unless the holder certifies in writing to the Company and the Trustee that the holder is: (i) an original subscriber of Special Warrants who has re-confirmed in writing to the Company and the Trustee each of the representations and warranties made by the holder in connection with such holder's subscription for Special Warrants; or (ii) a registered transferee of such Special Warrants who has complied with Subsection 2.3(d) hereof provided that the Company may, in its sole discretion, accept, in substitution for the foregoing, evidence satisfactory to the Company and the Trustee, acting reasonably, to the effect that the Common Shares have been registered under the U.S. Securities Act and applicable state securities laws or that the Common Shares may be issued upon exercise of the Special Warrants without registration under the U.S. Securities Act and any applicable state securities laws. The foregoing requirements shall not apply to any deemed exercise by the Trustee of Special Warrants pursuant to the terms hereof as long as the holder is an original subscriber or a registered transferee of such Special Warrants. The exercise form attached to the Special Warrant Certificate shall be signed as set out above and shall specify: (a) the number of Common Shares which the Special Warrantholder wishes to subscribe for upon the exercise of the Special Warrants (being not greater than the aggregate number of the Common Shares which such Special Warrantholder is entitled to acquire pursuant to the Special Warrants so surrendered); and (b) the person or persons in whose name or names the Common Shares are to be registered, the address or addresses and the social insurance number or numbers of such person or persons and the number of Common Shares to be issued to each 22 such person if more than one is so specified, provided that the Special Warrantholder shall only be entitled to direct his entitlement to the Common Shares in a manner permitted by applicable securities legislation, and provided further that no certificates for Common Shares shall be registered at or delivered to an address in the United States unless the person in whose name the certificates are registered has complied with the requirements of Subsection 2.3(d) hereof and the Special Warrants will only be deemed to be surrendered when actually received by the Trustee. Any Special Warrants not exercised before the Expiry Date shall be deemed to be exercised and surrendered by the Trustee on behalf of the holder thereof as of 4:59 p.m. (Vancouver time) on the Expiry Date. If any of the Common Shares in respect of which the Special Warrants are exercised are to be issued to a person or persons other than the Special Warrantholder in accordance with the provisions of Section 2.3 hereof, the Special Warrantholder shall pay to the Trustee all requisite stamp or security transfer taxes or other governmental charges exigible in connection with the issue of such Common Shares to such other person or persons or shall establish to the satisfaction of the Trustee that such taxes and charges have been paid. If at the time of the exercise or deemed exercise of the Special Warrants, there remain trading restrictions on the Common Shares acquired, due to applicable securities legislation in the Qualifying Province or Australia, the Company may, on the advice of counsel, endorse the certificates evidencing such Common Shares accordingly until such time as the Company determines that such endorsement is no longer necessary to avoid a violation of such laws by the Company and so advises the Trustee in writing or the holder of any such endorsed certificate, at the holder's expense, provides the Company with evidence satisfactory in form and substance to the Company (which may include an opinion of counsel satisfactory to the Company) to the effect that such holder is entitled to sell or otherwise transfer such Common Shares in a transaction in which such endorsement is not required, whereupon such endorsed certificate may thereafter be surrendered to the Company in exchange for a certificate which does not bear such endorsement. After delivery of the certificates representing the Common Shares, in the event of non-receipt of any such certificates by the person to whom it is so sent as aforesaid, or the loss or destruction thereof, the Company shall issue and the Trustee shall countersign and deliver to such person a replacement certificate of like date and tenor in place of the one lost or destroyed upon being furnished with such evidence of ownership and non-receipt, loss or destruction and with such indemnity and surety bond or security as the Trustee may reasonably require. The Special Warrantholder shall bear the cost of the issue of such replacement certificates. 5.2 EFFECT OF EXERCISE OF SPECIAL WARRANTS. Upon valid exercise or deemed exercise of the Special Warrants as provided in Section 5.1 hereof, the Common Shares in respect of which the Special Warrants are validly or deemed exercised shall be deemed to have been issued, and such person or persons as are specified pursuant to Section 5.1 hereof shall be deemed to have become the holder or holders of record of such securities on the date of such valid exercise 23 (herein called the "Exercise Date") unless the stock transfer books of the Company shall be closed by law on the said date of such valid exercise, in which case such securities shall be deemed to have been issued, such person or persons shall be deemed to have become the holder or holders of record of such securities and the Exercise Date shall be deemed to be on the date on which such stock transfer books are next re-opened. Upon valid exercise of the Special Warrants as aforesaid, the Trustee shall forthwith give written notice thereof to the Company. In the case of a Special Warrant which is exercised by a holder in accordance with the provisions of Section 5.1, within five Business Days after the Exercise Date of such Special Warrant, the Company shall: (a) cause to be mailed to the person in whose name the Common Shares so subscribed for are to be issued, as specified in the Special Warrant, at the address specified therein; (b) if so specified therein, cause to be delivered to such person at the office of the Trustee where such Special Warrant was surrendered; or (c) if no specification as contemplated by (a) or (b) is provided, cause to be mailed to the person in whose name the Common Shares are to be issued at the address of such person last appearing on the register maintained by the Trustee pursuant hereto or as such person may otherwise notify the Trustee in writing on or prior to the Exercise Date, certificates for the Common Shares to which the Special Warrantholder is entitled pursuant to the Special Warrants so exercised. In the case of a Special Warrant which is deemed to be exercised and surrendered by the Trustee on behalf of a Special Warrantholder in accordance with the provisions of Section 5.1, as soon as practicable following the deemed exercise by the Trustee of such Special Warrants, and provided that notice has not been given in accordance with the provisions of Section 3.2, the Trustee shall notify each of such holders in accordance with the provisions of Section 9.2 to the effect the Trustee has so exercised and surrendered the Special Warrants on behalf of the Special Warrantholder and that they shall be entitled to receive certificates for the Common Shares to which they have become entitled. Within five (5) Business Days after such deemed exercise and surrender of such Special Warrant, the Company shall cause certificates representing such Common Shares to be mailed to the address of the holder of the Special Warrants so exercised last appearing on the register maintained by the Trustee pursuant to Section 2.2 or as such person may otherwise notify the Trustee in writing on or prior to the Exercise Date. 5.3 POSTPONEMENT OF DELIVERY OF CERTIFICATES. The Company shall not be required to deliver certificates in respect of Common Shares during any period when the stock transfer books of the Company are closed by law and in the event of an exercise or deemed exercise of a Special Warrant during such period, the delivery of certificates evidencing such Common Shares 24 may be postponed for a period not exceeding five (5) Business Days after the date of the re-opening of the stock transfer books. 5.4 SPECIAL WARRANTS VOID AFTER EXPIRY TIME. Upon the earlier of (i) the exercise or deemed exercise of the Special Warrants and (ii) the Expiry Time, the Special Warrants shall be void and of no value or effect. 5.5 FRACTIONS. To the extent that the holder of a Special Warrant is entitled to receive on the exercise or partial exercise thereof a fraction of a Common Share, such right may only be exercised in respect of such fraction in combination with another Special Warrant or other Special Warrants which in the aggregate entitle the holder to receive a whole number of Common Shares. If a holder is not able to, or elects not to, combine Special Warrants so as to be entitled to acquire a whole number of Common Shares, the Company shall make an appropriate cash adjustment to such holder in respect only of the entitlement to a fractional Common Share. In respect of any holder, the Company shall only be required to make such a cash adjustment once and for one (1) fractional Common Share and no more. The amount of the cash adjustment shall be equal to the fraction of a Common Share to which the holder would be entitled multiplied by the Current Market Price. The Company will not, under any circumstances, be obligated to issue a cheque to a Special Warrantholder of less than Cdn.$10.00. The price to be paid shall be provided by the Company in writing to the Trustee on request. 5.6 PARTIAL EXERCISE OF SPECIAL WARRANTS. The holder of any Special Warrants may acquire a number of Common Shares less than the number which the holder is entitled to acquire pursuant to the surrendered Special Warrant Certificate(s). In the event of any exercise of a number of Special Warrants less than the number which the holder is entitled to exercise, the holder of the Special Warrants upon such exercise shall be entitled to receive, without charge therefor, a new Special Warrant Certificate(s) in respect of the balance of the Special Warrants represented by the surrendered Special Warrant Certificate(s) which were not then exercised. 5.7 ACCOUNTING AND RECORDING. The Trustee shall: (a) promptly account to the Company with respect to Special Warrants exercised or deemed exercised and any securities or other instruments, from time to time received by the Trustee shall be received in trust for, and shall be segregated and kept apart by the Trustee in trust for, the Company; and (b) record the particulars of Special Warrants exercised or deemed exercised, which particulars shall include the names and addresses of the persons who become holders of Common Shares on exercise and the Exercise Date in respect thereof. The Trustee shall provide such particulars in writing to the Company within five (5) Business Days of any request by the Company therefor. 25 ARTICLE 6 MEETINGS OF SPECIAL WARRANTHOLDERS 6.1 CONVENING OF MEETING. A meeting of Special Warrantholders may be convened at any time by the Trustee or the Company or by the Special Warrantholders holding not less than twenty-five per cent (25%) of the aggregate number of Special Warrants then outstanding, who shall serve the Trustee with a requisition signed by such holders and the Trustee, upon being funded and indemnified, shall then be bound to convene a meeting of Special Warrantholders. In the event that the Trustee fails to convene the meeting after being duly required to do so, the holders of the then outstanding Special Warrants representing no less than twenty-five per cent (25%) of the aggregate number of Special Warrants then outstanding may themselves convene a meeting, the notice of which shall be signed by any person as such Special Warrantholders may specify, provided that every such meeting shall be held at the City of Vancouver or such other place as the Trustee may approve and the Trustee and the Company shall receive notice of such meeting, as provided in Section 6.2 hereof. 6.2 NOTICE. At least twenty-one (21) days prior notice of a meeting of Special Warrantholders shall be given to all Special Warrantholders, the Trustee and the Company in accordance with Article 9 hereof, and the notice shall state the time, place and in general terms the nature of the business to be transacted but it shall not be necessary to specify the text of the resolutions to be considered. It shall not be necessary to specify the nature of business to be transacted at an adjourned meeting. 6.3 CHAIRMAN. The chairman of the meeting of Special Warrantholders shall be designated in writing by the Trustee and need not be a Special Warrantholder. If no person is so designated or if the person so designated is not present within twenty-five (25) minutes after the time fixed for the holding of a meeting, the Special Warrantholders and proxyholders for Special Warrantholders present at the meeting shall choose one of their members to be the chairman. 6.4 QUORUM. A quorum consists of those Special Warrantholders, whether present in person or represented by proxy, holding not less than twenty-five per cent (25%) of the aggregate number of Special Warrants then outstanding. If at a meeting, a quorum is not present or represented by proxy within thirty (30) minutes after the time appointed for the meeting, then the meeting, if called by or upon the requisition of Special Warrantholders shall be dissolved, but in any other case after the appointment of a chairman, the meeting shall stand adjourned to such day being not less than five (5) Business Days later and to such place and time as may be appointed by the chairman of the meeting. At the adjourned meeting, those persons present in person and owning Special Warrants or representing by proxy Special Warrantholders shall, in any event, constitute a quorum for the transaction of business for which the original meeting was convened. The chairman of any meeting at which a quorum of the Special Warrantholders is present may with the consent of the meeting, adjourn any such meeting, and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe. 6.5 SHOW OF HANDS. Subject to Section 6.6 hereof, every question submitted to a meeting, except one requiring an Extraordinary Resolution, shall be decided in the first instance by a majority of hands on a show of hands, the outcome of which will be declared by the chairman. Each Special Warrantholder present, in person or by proxy, shall have one vote. 26 6.6 POLL. A poll shall be taken when requested by a Special Warrantholder acting in person or by proxy and, when demanded on the election of a chairman or on the question of adjournment, it shall be taken forthwith. If demanded on any other question or on an Extraordinary Resolution, a poll shall be taken in such manner and either at once or after an adjournment as the chairman may direct. The result of a poll shall be the decision of the meeting at which the poll was demanded. On a poll vote, each Special Warrantholder acting in person or by proxy shall have one vote for each Special Warrant which he holds or represents. Votes may be given in person or by proxy and the proxyholder need not be a Special Warrantholder. The chairman of any meeting shall be entitled to vote in respect of any Special Warrants and proxies held by him. 6.7 REGULATIONS. The Trustee, or the Company with the approval of the Trustee, may from time to time make and from time to time vary such regulations not contrary to the provisions of this Indenture as it shall think fit providing for and governing: (a) the setting of the record date for a meeting for the purpose of determining Special Warrantholders entitled to receive notice of and to vote at a meeting; (b) voting by proxy, the form of instrument appointing proxyholders, the manner in which proxies are to be executed and the production of the authority of any persons signing on behalf of a Special Warrantholder; (c) the lodging of and means of forwarding the instruments appointing proxyholders and the time before the holding of a meeting or adjourned meeting by which the instruments appointing proxyholders are to be deposited; and (d) any other matter relating to the conduct of meetings of Special Warrantholders. Any regulations so made shall be binding and effective on the holders and votes given in accordance therewith shall be valid and counted. The Trustee may permit Special Warrantholders to provide proof of ownership of the Special Warrants in such manner as the Trustee may approve. Save as aforesaid, the only persons who shall be recognized at any meeting as Special Warrantholders or entitled to vote or, except as provided in Section 6.12 hereof, be present at the meeting in respect thereof shall be persons who are registered Special Warrantholders or are duly appointed proxyholders for registered Special Warrantholders. 6.8 MINUTES. Minutes of all resolutions passed and proceedings taken at every meeting as aforesaid shall be made and duly entered in books to be from time to time provided for that purpose by the Trustee at the expense of the Company and any such minutes as aforesaid, if signed by the chairman of the meeting at which such resolutions were passed or proceedings taken, or by the chairman of the next succeeding meeting of Special Warrantholders, shall be prima facie evidence of the matters therein stated and until the contrary is proved, every such meeting in respect of the proceedings of which minutes shall have been made shall be deemed to have been duly held and convened and all resolutions passed thereat or proceedings taken to have been duly passed and taken. 27 6.9 POWERS EXERCISABLE BY EXTRAORDINARY RESOLUTION. Subject to the prior approval of the TSX, the Special Warrantholders shall have the power from time to time by Extraordinary Resolution: (a) to agree to or sanction any modification, abrogation, alteration or compromise of the rights of the Special Warrantholders or the Trustee (subject to the consent of the Trustee) in its capacity as agent hereunder or on behalf of Special Warrantholders against the Company which shall be agreed to by the Company whether such rights arise under this Indenture or under the Special Warrants or otherwise; (b) to assent to any change in or omission from the provisions contained in the Special Warrants and this Indenture or any ancillary or supplemental instrument which may be agreed to by the Company and to authorize the Trustee to concur in and execute any ancillary or supplemental agreement embodying the change or omission; (c) with the consent of the Company, not to be unreasonably withheld, to remove the Trustee or its successor in office and to appoint a new agent or agents to take the place of the Trustee so removed; (d) to require, direct or authorize the Trustee to enforce any of the covenants on the part of the Company contained in this Indenture or the Special Warrants or to enforce any of the rights of the Special Warrantholders in any manner specified in such Extraordinary Resolution or to refrain from enforcing any such covenant or right upon the Trustee being furnished with an indemnity, and such funding as the Trustee may, in the reasonable exercise of its discretion determine it requires to so act; (e) to restrain any Special Warrantholder from instituting or continuing any suit or proceedings against the Company for the enforcement of the covenants on the part of the Company contained in this Indenture or any of the rights conferred upon the Special Warrantholders by the Special Warrants and this Indenture; (f) to direct any Special Warrantholder who, as such, has brought any suit, action or proceeding to stay or discontinue or otherwise deal with the same upon payment of the costs, charges and expenses reasonably and properly incurred by such Special Warrantholder in connection therewith; (g) to waive and direct the Trustee to waive any default on the part of the Company in complying with any of the provisions of this Indenture or the Special Warrants either unconditionally or upon any conditions specified in such Extraordinary Resolution; (h) to assent to any compromise or arrangement with any creditor or creditors or any class or classes of creditors, whether secured or unsecured, and with holders of any shares or other securities of the Company; and 28 (i) to amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the Special Warrantholders. An Extraordinary Resolution of the Special Warrantholders is binding upon all the Special Warrantholders whether present or not present at the meeting at which the Extraordinary Resolution was passed or whether or not assented to in writing and each Special Warrantholder, the Trustee and the Company shall be bound to give effect to the Extraordinary Resolution to the extent that the Extraordinary Resolution applies to such party. 6.10 MEANING OF "EXTRAORDINARY RESOLUTION". The expression "Extraordinary Resolution" when used in this Indenture means, subject to Section 6.13, a resolution proposed to be passed as an extraordinary resolution at a meeting of Special Warrantholders duly convened for the purpose and held in accordance with the provisions of this Article 6 and attended in person or by proxy by Special Warrantholders holding not less than fifty per cent (50%) of the Special Warrants outstanding and passed by not less than sixty-six and two-thirds per cent (66 2/3%) of the votes cast upon such resolution. If, at any meeting called for the purpose of passing an Extraordinary Resolution, Special Warrantholders holding at least fifty per cent (50%) of the aggregate number of Special Warrants are not present in person or by proxy within thirty (30) minutes after the time appointed for the meeting, then the meeting if convened by Special Warrantholders or on a Special Warrantholders' request, shall be dissolved; but in any other case it shall be adjourned to such day, being not less than fifteen (15) or more than thirty (30) days later, and to such place and time as may be appointed by the chairman. Not less than ten (10) days' prior notice shall be given of the time and place of such adjourned meeting in the manner provided in Section 9.2. Such notice shall state that at the adjourned meeting the Special Warrantholders present in person or by proxy shall form a quorum but it shall not be necessary to set forth the purposes for which the meeting was originally convened or any other particulars. At the adjourned meeting the Special Warrantholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened and a resolution proposed at such adjourned meeting and passed by the requisite vote as provided in this Section shall be an Extraordinary Resolution within the meaning of this Indenture notwithstanding that Special Warrantholders holding at least fifty per cent (50%) of the aggregate number of Special Warrants outstanding are not present in person or by proxy at such adjourned meeting. Subject to Section 6.13 hereof, votes on an Extraordinary Resolution shall always be given on a poll. 6.11 POWERS CUMULATIVE. It is hereby declared and agreed that any one or more of the powers or any combination of the powers in this Indenture stated to be exercisable by the Special Warrantholders by Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time to time shall not be deemed to exhaust the right of the Special Warrantholders to exercise the same or any other such power or powers or combination of powers then or thereafter from time to time. 6.12 COMPANY, SPECIAL WARRANTHOLDERS AND TRUSTEE MAY BE REPRESENTED. The Company and the Trustee, by their respective employees, officers and directors, and the legal and 29 financial advisors and auditors of the Company and the Trustee may attend any meeting of the Special Warrantholders, but they shall have no vote as such. In addition, any Special Warrantholder is entitled to have his legal or financial advisors present at any such meeting, but such advisors shall have no vote as such. 6.13 INSTRUMENTS IN WRITING. All actions that may be taken and all powers that may be exercised by the Special Warrantholders at a meeting as hereinbefore in this Article provided may also be taken and exercised by holders of not less than one hundred per cent (100%) of the aggregate number of Special Warrants then outstanding by an instrument in writing signed in one or more counterparts by such holders and the expression "Extraordinary Resolution" when used in this Indenture shall include an instrument so signed. 6.14 BINDING EFFECT OF RESOLUTIONS. Every resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article 6 at a meeting of Special Warrantholders shall be binding upon all the Special Warrantholders, whether present at or absent from such meeting, and every instrument in writing signed by Special Warrantholders in accordance with Section 6.13 shall be binding upon all the Special Warrantholders, whether signatories thereto or not and each and every Special Warrantholder and the Trustee (subject to the provisions for indemnity herein contained) shall be bound to give effect accordingly to every such resolution and Extraordinary Resolution. In the case of an Extraordinary Resolution in writing, the Trustee shall give notice in the manner contemplated in Article 9 of the effect of the Extraordinary Resolution in writing to all Special Warrantholders and the Company as soon as it is reasonably practicable. 6.15 HOLDINGS BY THE COMPANY OR SUBSIDIARIES OF THE COMPANY DISREGARDED. In determining whether Special Warrantholders holding the required number of Special Warrants are present at a meeting of Special Warrantholders for the purpose of determining a quorum or have concurred in any consent, waiver, resolution, Extraordinary Resolution or other action under this Indenture, Special Warrants owned legally or beneficially by the Company or any subsidiary of the Company shall be disregarded. The Company will provide the Trustee upon request, a certificate of the Company detailing its holdings and those of its subsidiaries and the various registrations. ARTICLE 7 SUPPLEMENTAL AGREEMENTS, MERGER, SUCCESSORS 7.1 PROVISION FOR SUPPLEMENTAL AGREEMENTS FOR CERTAIN PURPOSES. From time to time the Company (when authorized by a resolution of its directors) and the Trustee may, subject to the prior approval of the TSX and the provisions of these presents, and they shall, when so required by any provision of this Indenture, execute and deliver by their proper officers, deeds, agreements or instruments supplemental hereto, which thereafter shall form part hereof, for any one or more of the following purposes: (a) adding to the provisions hereof such additional covenants and enforcement provisions as, in the opinion of counsel, are necessary or advisable in the premises, provided that the same are not, in the opinion of the Trustee, relying on the advice of counsel, prejudicial to the interests of the Special Warrantholders; 30 (b) giving effect to any Extraordinary Resolution passed as provided in Article 6 hereof; (c) making such provisions not inconsistent with this Indenture as may be necessary or desirable with respect to matters or questions arising hereunder or for the purpose of obtaining a listing or quotation of the Common Shares issuable upon the exercise or deemed exercise of the Special Warrants thereof on any stock exchange, or for the purpose of complying with applicable laws, provided that such provisions are not, in the opinion of the Trustee, relying on the advice of counsel, prejudicial to the interests of the Special Warrantholders; (d) making any modification in the form of the Special Warrant Certificate which does not affect the substance of the Special Warrants; (e) evidencing any succession, or successive successions, of other bodies corporate to the Company and the assumption by any successor of the covenants of the Company herein and in the Special Warrant Certificates contained as provided hereafter in this Article 7; and (f) for any other purpose not inconsistent with the terms of this Indenture, including the correction or rectification of any ambiguities, defective provisions, errors or omissions herein, provided that, in the opinion of the Trustee, relying on the advice of counsel, the rights of the Trustee and of the Special Warrantholders are in no way prejudiced thereby and provided that the Trustee may in its uncontrolled discretion decline to enter into any such supplemental indenture which in its opinion may not afford adequate protection to the Trustee when the same shall become operative. 7.2 COMPANY MAY CONSOLIDATE, ETC. ON CERTAIN TERMS. Subject to Subsection 4.1(b), nothing in this Indenture shall prevent any consolidation, reorganization, arrangement, amalgamation or merger of the Company with or into any other body corporate, or bodies corporate, or person, or a conveyance or transfer of all or substantially all the properties and assets of the Company as an entirety to any body corporate or person lawfully entitled to acquire and operate the same, provided, however, that the body corporate or person formed by such consolidation or amalgamation or arrangement or into which such merger shall have been made or the person which acquires by conveyance or transfer all or substantially all the properties and assets of the Company as an entirety shall execute and deliver to the Trustee prior to or contemporaneously with such consolidation, reorganization, amalgamation, arrangement, merger, conveyance or transfer, and as a condition precedent thereto an agreement supplemental hereto wherein the due and punctual performance and observance of all the covenants and conditions of this Indenture to be performed or observed by the Company shall be assumed by such body corporate or person on terms and conditions not adverse to the Special Warrantholders. The Trustee shall be entitled to receive and shall be fully protected in relying upon an opinion of counsel and such other advisors as they deem necessary that any such consolidation, reorganization, amalgamation, arrangement, merger, conveyance or transfer and any supplemental agreement executed in connection therewith, complies with the provisions of this Section 7.2. 31 7.3 SUCCESSOR BODY CORPORATE SUBSTITUTED. In case the Company, pursuant to Section 7.2 hereof, shall be consolidated, amalgamated, reorganized, arranged or merged with or into any other body corporate, bodies corporate or person or shall convey or transfer all or substantially all of the properties and assets of the Company as an entirety to another body corporate or person, the successor body corporate or person formed by such consolidation, reorganization, arrangement or amalgamation or into which the Company shall have been merged or which shall have received a conveyance or transfer as aforesaid shall succeed to and be substituted for the Company hereunder with the same effect as nearly as may be possible as if it had been named herein as a party in substitution for the Company. Such changes may be made in the Special Warrants as may be appropriate in view of such consolidation, reorganization, amalgamation, merger, conveyance or transfer and as may be necessary to ensure that the Special Warrantholders are not adversely affected by such consolidation, organization, amalgamation, merger, conveyance or transfer. ARTICLE 8 CONCERNING THE TRUSTEE 8.1 NO CONFLICT OF INTEREST. The Trustee represents to the Company that, to the best of its knowledge, at the date of the execution and delivery of this Indenture, there exists no material conflict of interest in the role of the Trustee as a fiduciary hereunder and its role in any other capacity and agrees that in the event of a material conflict of interest arising hereafter it will, within ninety (90) days after ascertaining that it has such material conflict of interest, either eliminate the same or assign its trust hereunder to a successor trustee approved by the Company. Notwithstanding the foregoing provisions of this Section 8.1, if any such material conflict of interest exists or hereunder shall exist, the validity and enforceability of this Indenture and the Special Warrant Certificates shall not be affected in any manner whatsoever by reason thereof. 8.2 REPLACEMENT OF TRUSTEE. The Trustee may resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days notice in writing to the Company, provided that such shorter notice may be given as the Company shall accept as sufficient. In the event of the office of Trustee becoming vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a new trustee unless such new trustee has already been appointed by the Special Warrantholders pursuant to an Extraordinary Resolution. If the Company makes default for a period of ten (10) Business Days in making such appointment, then any Special Warrantholder or the retiring or former Trustee at the expense of the Company may apply to a judge of the Supreme Court of the Province of British Columbia for the appointment of a new trustee after such notification to the holders of the then outstanding Special Warrants and the Company as such judge may order. Upon appointment, the successor trustee shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Trustee without any further assurance, conveyance, act or deed; but if for any reason it becomes necessary or expedient to execute any further deed or assurance the same shall be done at the expense of the Company and may and shall be legally and validly executed by the former Trustee. Any company resulting from a merger, consolidation or amalgamation to which the Trustee for the time being is a party shall be the successor trustee under this Indenture without any further act. Any new trustee appointed under this Section 8.2 shall be a corporation authorized to carry on the business of a trust company in the Qualifying Province. Upon the 32 appointment of a new trustee, the Company shall promptly notify the Special Warrantholders thereof in the manner provided in Section 9.2. 8.3 DUTY OF TRUSTEE. In the exercise of the rights, duties and obligations prescribed or conferred by the terms of this Indenture, the Trustee shall exercise that degree of care, diligence and skill that a reasonably prudent trustee would exercise in comparable circumstances. 8.4 EXPERTS, ADVISORS AND AGENTS. The Trustee may: (a) in relation to these presents act and rely and shall be protected in acting and relying in good faith on the opinion or advice of or information obtained from any counsel, auditor, valuer, engineer, surveyor or other expert, whether obtained by the Trustee or by the Company or otherwise; and/or (b) employ such agents and other assistants as it may reasonably require for the proper determination and discharge of its duties hereunder and may pay reasonable remuneration without taxation of costs of any counsel for all services performed for it in the determination and discharge of the duties hereof and shall receive reimbursement from the Company for all disbursements, costs and expenses reasonably made or incurred by it in the determination and discharge of its duties hereunder and in the management of the trusts hereof. Any counsel employed or consulted by the Trustee may, but need not be, counsel for the Company. 8.5 TRUSTEE NOT REQUIRED TO GIVE SECURITY. The Trustee shall not be required to give security for its conduct or administration of the trusts hereof and shall not be responsible for the acts, omissions, defaults, errors or failures of any agents whom it may reasonably employ in the exercise of the powers conferred upon it hereby, nor for any loss occasioned by its own acts, omissions or defaults unless such acts, omissions or defaults constitute a wilful misconduct, wilful or negligent breach of trust or fraud. 8.6 TRUSTEE NOT ORDINARILY BOUND. Subject to Sections 6.1 and 6.9 hereof, the Trustee shall not be bound to do or to take any action for the enforcement of any of the obligations of the Company under this Indenture unless and until it is required to do so by an instrument in writing signed by the holders representing not less than twenty-five per cent (25%) of the aggregate number of Special Warrants then outstanding. The Trustee may, before taking the action, require the Special Warrantholders at whose instance the action is required to deposit with the Trustee the Special Warrants held by them for which the Trustee shall issue receipts. The obligation of the Trustee to commence or continue any act, action or proceeding shall be conditional upon such Special Warrantholders furnishing, when required in writing so to do by the Trustee, funds sufficient for commencing or continuing the act, action or proceeding and an indemnity reasonably satisfactory to the Trustee to protect and hold harmless the Trustee against any loss, damage or liability by reason thereof. None of the provisions contained in this Indenture shall require the Trustee to risk or expend its own funds or otherwise incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers unless funded and indemnified as aforesaid. 33 The Trustee shall not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it hereby unless and until it shall have been required so to do under the terms hereof; nor shall the Trustee be required to take notice of any default hereunder, unless and until notified in writing of such default, which notice shall distinctly specify the default desired to be brought to the attention of the Trustee and in the absence of any such notice the Trustee may for all purposes of this indenture conclusively assume that no default has been made in the observance or performance of any of the representations, warranties, covenants, agreements or conditions contained herein. Any such notice shall in no way limit any discretion herein given the Trustee to determine whether or not the Trustee shall take action with respect to any default. 8.7 TRUSTEE MAY RELY ON CERTIFICATES AND EVIDENCE. Whenever in the administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable that any matter be proved or established by the Company prior to taking or suffering any action to be taken hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate or instrument signed by any of the Chairman of the Board, the President, a Vice-President, the Secretary or the Treasurer of the Company and delivered to the Trustee and such certificate or instrument shall be full authority to the Trustee for any action taken or suffered by it under the provisions of this Indenture on the faith thereof; provided in its reasonable discretion the Trustee may in lieu thereof accept other evidence of such fact or matter or may require such further or additional evidence as to it may seem reasonable. In addition to the reports, certificates, opinions and other evidence required by this Indenture, the Company shall furnish to the Trustee such additional evidence of compliance with any provision hereof, and in such form as may be prescribed by Applicable Legislation or as the Trustee may reasonably require by written notice to the Company. In the exercise of its rights and duties, the Trustee may, if it is acting in good faith, act and rely as to the truth of the statements and the accuracy of the opinions expressed therein, upon statutory declarations, opinions, reports, certificates or other evidence furnished to the Trustee pursuant to a request of the Trustee, provided that such evidence complies with Applicable Legislation and that the Trustee examines the same and determines that such evidence complies with the applicable requirements of this Indenture. Whenever Applicable Legislation requires that evidence be in the form of a statutory declaration, the Trustee may accept such statutory declaration in lieu of a certificate of the Company required by any provision hereof. Any such statutory declaration may be made by any one or more of the Chairman or Chief Financial Officer of the Company or by any other officer(s) or director(s) of the Company to whom such authority is delegated by the directors from time to time. The Trustee may act and rely and shall be protected in acting and relying upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, letter, telegram, cablegram or other paper document believed by it to be genuine and to have been signed, sent or presented by or on behalf of the proper party or parties. 34 Proof of execution of any document or instrument in writing by a holder may be made by the certificate of a notary public, or other officer with similar powers, that the person signing such instrument acknowledged to him the execution thereof, or by an affidavit of a witness to such execution, or in any other manner the Trustee considers adequate. 8.8 TRUSTEE'S LIABILITY. The Trustee shall not be liable or accountable for any loss or damage whatsoever to any person caused by the performance or failure to perform by it of its responsibilities under this Indenture save only to the extent that such loss or damage is attributable to the negligence, wilful misconduct or fraud of the Trustee. The Trustee shall not be responsible for any misconduct on the part of any counsel, banker, receiver, agent or other person appointed with due care by it hereunder, or bound to supervise the proceedings of any such appointee. 8.9 INDEMNIFICATION. Without limiting any protection or indemnity of the Trustee under any other provision hereof, or otherwise at law, the Company hereby agrees to indemnify and hold harmless the Trustee from and against any and all liabilities, losses, damages, penalties, claims, actions, suits, costs, expenses and disbursements, including legal or advisor fees and disbursements, of whatever kind and nature which may at any time be imposed on, incurred by or asserted against the Trustee in connection with the performance of its duties and obligations hereunder, other than such liabilities, losses, damages, penalties, claims, actions, suits, costs, expenses and disbursements arising by reason of the negligence, wilful misconduct or fraud of the Trustee. This provision shall survive the resignation or removal of the Trustee, or the termination of this Indenture. 8.10 NO REPRESENTATION AS TO VALIDITY. The Trustee shall be under no responsibility in respect of the validity of this Indenture or the execution and delivery hereof by the Company or in respect of the validity or the execution by the Company of any Special Warrant Certificate issued hereunder; nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Indenture or in any Special Warrant Certificate; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Common Shares to be issued upon the right to acquire provided for in this Indenture and/or in any Special Warrant Certificate or as to whether any Common Shares will, when issued, be duly authorized or be validly issued and fully paid and non-assessable, it being hereby agreed and declared that as to all the matters and things referred to in this Section 8.11, the duty and responsibility shall rest upon the Company and not upon the Trustee and the failure of the Company to discharge any such duty and responsibility shall not in any way render the Trustee liable or place upon it any duty or responsibility for breach of which it would be liable. 8.11 ACCEPTANCE OF DUTIES. The Trustee hereby accepts the duties set out in this Indenture and agrees to perform the same upon the terms and conditions herein set forth or referred to unless and until discharged therefrom by resignation or in some other lawful manner. 8.12 CONTRACTING WITH COMPANY. The Trustee may contract with the Company and buy, lend upon and deal in shares in the capital of the Company and in the Special Warrants constituted hereunder without being accountable for profits arising therefrom. 35 8.13 TRUSTEE'S AUTHORITY TO CARRY ON BUSINESS. The Trustee represents to the Company that as at the date hereof it is authorized to carry on the business of a trust company in the Qualifying Province and is not required to hold an Australian Financial Services licence under the Corporations Act 2001 (Commonwealth of Australia). If, notwithstanding the provisions of this Section 8.13, it ceases to be authorized to carry on such business in such provinces, the validity and enforceability of this Indenture and the Special Warrants issued hereunder shall not be affected in any manner whatsoever by reason only of such event provided that the Trustee shall, within thirty (30) days after ceasing to be authorized to carry on such business in such provinces, either become so authorized or resign in the manner and with the effects specified in Section 8.2 hereof. 8.14 MONETARY DISTRIBUTIONS. The Trustee will have no obligation to make any monetary distributions to the Special Warrantholders under this Indenture except to the extent that certified funds have been deposited with the Trustee. 8.15 TRUST INDENTURE LEGISLATION. In this section, the term "Applicable Legislation" means the provisions, if any, of any statute relating to trust indentures and the applicable rules and regulations thereunder or to the rights, duties and obligations of Trustees and of corporations under trust indentures, to the extent that such provisions are at the time in force and applicable to this Indenture but excludes Chapters 2L and 5C of the Corporations Act 2001 (Commonwealth of Australia). If and to the extent that such provisions of this Indenture limits, qualifies or conflicts with a mandatory requirement of Applicable Legislation, such mandatory requirement shall prevail. The Company and the Trustee agree that each will at all times in relation to this indenture and any action to be taken hereunder, observe and comply with and be entitled to the benefits of Applicable Legislation. 8.16 LIMITATIONS ON TRUSTEE. The parties agree that: (a) nothing in this Agreement will impose on the Trustee any obligation to see to, or to require evidence of, the registration or filing (or renewal thereof) of this indenture or any instrument ancillary or supplemental hereto; (b) the Trustee shall not be bound to give notice to any person of the execution hereof; (c) the Trustee shall not incur any liability or responsibility whatever or be in any way responsible for the consequences of any breach by the Company of any obligation herein contained or of any act of any director, officer, employee or agent of the Company; and (d) the Trustee and any person related to the Trustee will not be appointed a receiver or receiver and manager or liquidator of all or any part of the assets or undertaking of the Company. 36 ARTICLE 9 NOTICE AND CERTIFICATES 9.1 NOTICE TO COMPANY. Unless and until the Company notifies the Trustee of a change of address, any notice or communication required or permitted to be given to the Company under the provisions of this Indenture shall be valid and effective if delivered to the Company at World Trade Centre, Suite 654, 999 Canada Place, Vancouver, British Columbia, V6C 3E1 Attention: Secretary or sent by telecopier (and a copy by regular mail) or other means of prepaid transmitted or recorded communication to such address, or subject to the provisions of Section 9.4 hereof, if mailed by prepaid registered mail addressed to the Company at World Trade Centre, Suite 654, 999 Canada Place, Vancouver, British Columbia, V6C 3E1 Attention: Secretary, telecopier number (604) 682-2060. Any notice to the Company as aforesaid shall be deemed to have been effectively given on the earlier of: (a) the date of delivery, if delivered during normal business hours of the Company (and, if not, on the next following Business Day); (b) the Business Day immediately following the day of sending, if sent by telecopier (with receipt confirmed), or (c) on the fifth (5th) Business Day after effectual posting in Canada. 9.2 NOTICE TO SPECIAL WARRANTHOLDERS. Unless and until a Special Warrantholder notifies the Company of a change of address, any notice or communication required or permitted to be given to a Special Warrantholder under the provisions of this Indenture shall be valid and effective if delivered to such holders at their post office addresses appearing on the register to be kept by the Trustee or sent by telecopier (and a copy by regular mail) or other means of prepaid transmitted or recorded communication to such address, or subject to the provisions of Section 9.4 hereof, if mailed by prepaid registered mail addressed to such holders at their post office addresses appearing on the register to be kept by the Trustee. Accidental error or omission in giving notice or accidental failure to mail notice to any holder will not invalidate any action or proceeding founded thereon. All notice may be given to whichever one of the Special Warrantholders (if more than one) is named first in the appropriate register hereinbefore mentioned, and any notice so given shall be sufficient notice to all Special Warrantholders of and any other persons (if any) interested in such Special Warrants. Any notice to a Special Warrantholder as aforesaid shall be deemed to have been effectively given on the earlier of: (a) the date of delivery, if delivered during normal business hours (and, if not, on the next following Business Day); (b) the Business Day immediately following the day of sending, if sent by telex, telegram, cable or telecopier (with receipt confirmed), or (c) on the fifth (5th) Business Day after effectual posting in Canada. 9.3 NOTICE TO TRUSTEE. Unless and until the Trustee is changed in accordance with the provisions of this Indenture or the Trustee notifies the Company of a change of address, any 37 notice or communication required or permitted to be given to the Trustee under the provisions of this Indenture shall be valid and effective if delivered to the Trustee at CIBC Mellon Trust Company (Attention: Manager, Corporate Trust Department) at 1066 West Hastings Street, Suite 1600, Vancouver, British Columbia, V6E 3X1 or sent by telecopier (and a copy by regular mail) or other means of prepaid transmitted or recorded communication to either of such addresses, or subject to the provisions of Section 9.4 hereof, if mailed by prepaid registered mail addressed to the Trustee (Attention: Manager, Corporate Trust Department) in Vancouver at telecopier number: (604) 688-4301. Any notice to the Trustee as aforesaid shall be deemed to have been effectively given on the earlier of: (a) the date of delivery, if delivered during normal business hours of the Trustee (and, if not, on the next following Business Day); (b) the Business Day immediately following the day of sending, if sent by telex, telegram, cable or telecopier (with receipt confirmed), or (c) on the fifth (5th) Business Day after effectual posting in Canada. Surrender of a Special Warrant Certificate and evidence relating thereto pursuant to Section 2.2 hereof shall be valid and effective if delivered or mailed by prepaid registered mail to the Principal Office of the Trustee, (Attention: Manager, Corporate Trust Department) at 1066 West Hastings Street, Suite 1600, Vancouver, British Columbia, V6E 3X1 and shall be deemed to have been effectively surrendered on the date of delivery, if delivered during normal business hours of the Trustee (and, if not, on the next following Business Day) or, if mailed, on the fifth (5th) Business Day after effectual posting in Canada. 9.4 MAIL SERVICE INTERRUPTION. If by reason of strike, lockout or other work stoppage, actual or threatened, of postal employees, any notice to be given to the Trustee or the Company would be unreasonably delayed in reaching its destination, such notice shall be valid and effective only if delivered to an officer of the party to which it is addressed or if sent to such party, at the appropriate address in accordance with Sections 9.1 or 9.3 hereof, as the case may be, by telecopier or other means of prepaid transmitted or recorded communication, or, in the case of Special Warrantholders, if published once (i) in the national edition of The Globe & Mail; and (ii) in such other place or places and manner, if any, as the Trustee may require. Any notice given to Special Warrantholders by publication shall be deemed to have been given on the last day on which publication shall have been effected in all of the cities in which publication is required. 9.5 GENERAL PROVISIONS AS TO CERTIFICATES. Each Certificate of the Company, and opinion of counsel ("Document") required under or referred to in this Indenture or furnished in connection with any application, written order or written request made to the Trustee or a Special Warrantholder pursuant to any provisions of this Indenture shall specify the section under which such Document, application, written order or written request is being made and shall include: (a) a statement that the person signing such Document has read and understands the conditions precedent with respect to compliance with which such evidence is being given; 38 (b) a description of the nature and scope of the examination or investigation upon which the Document is based; and (c) a statement that the person providing the Document has made such examination or investigation as he believes is necessary to enable him to make the statements or give the opinions contained or expressed therein. Any application, written demand, statement, request, notice, designation, direction, nomination or other instrument to be made by the Company under any of the provisions of this Indenture shall, unless otherwise provided, be deemed sufficiently made and executed if executed by any one of the President, any Vice-President, the Secretary or the Chief Financial Officer of the Company and need not be under the corporate seal of the Company. The Trustee shall accept a certificate signed by the Secretary of the Company as sufficient evidence of the passage of any resolution by the directors. Any Document may be based, insofar as it relates to factual matters, upon information with respect to the Company which is in the possession of the Company or upon the certificate or opinion of or representations by an officer or officers of the Company, unless such counsel knows that the certificate or opinion or representations with respect to the matters upon which the certificate or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should have known that the same were erroneous. Counsel in giving any opinion under this Indenture may rely in whole or in part upon the opinion of other counsel provided that counsel shall consider such other counsel as one upon whom he may properly rely. Any certificate of any expert, insofar as it relates to matters outside of such expert's competence or responsibility, may be based upon a certificate or opinion of or upon representations by counsel or some other qualified expert, unless such first-mentioned expert knows that the certificate or opinion or representations with respect to the matters upon which his certificate may be based as aforesaid are erroneous, or in the exercise of reasonable care should have known that the same were erroneous. ARTICLE 10 GENERAL PROVISIONS 10.1 POWER OF BOARD OF DIRECTORS. In this Indenture, wherever the Company is required or empowered to exercise any acts, all such acts may be exercised by the directors of the Company or by those officers of the Company authorized to exercise such acts. 10.2 FORMAL DATE AND EXECUTION DATE. For the purpose of convenience this Indenture may be referred to as bearing the formal date of December 11, 2002 which shall be the date on which this Indenture shall become effective between the parties hereto, irrespective of the actual date of execution hereof. 10.3 FURTHER ASSURANCES. The parties hereto and each of them do hereby covenant and agree to do such things and execute such further documents, agreements and assurances as 39 may be necessary or advisable from time to time in order to carry out the terms and conditions of this Indenture in accordance with their true intent. 10.4 UNENFORCEABLE TERMS. If any term, covenant or condition of this Indenture, or the application thereof to any party or circumstance shall be invalid or unenforceable to any extent, the remainder of this Indenture or application of such term, covenant or condition to a party or circumstance other than those to which it is held invalid or unenforceable shall not be affected thereby and each remaining term, covenant or condition of this Indenture shall be valid and shall be enforceable to the fullest extent permitted by law. 10.5 ENTIRE AGREEMENT. This Indenture constitutes the entire agreement between the parties hereto relating to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, of the parties and there are no general or specific warranties, representations or other agreements by or among the parties in connection with the entering into of this Indenture or the subject matter hereof except as specifically set forth herein. 10.6 AMENDMENTS. This Indenture may be altered or amended in any of its provisions when any such changes are reduced to writing and signed by the parties hereto but not otherwise. 10.7 COUNTERPARTS. This Indenture may be executed in one or more counterparts, each of which so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument. 10.8 NO WAIVER. Subject to the express provisions hereof, no consent or waiver, express or implied, by either party to or of any breach or default by the other party in the performance by the other party of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance of obligations hereunder by such party hereunder. Failure on the party of either party to complain of any act or failure to act of the other party or to declare the other party in default, irrespective of how long such failure continues, shall not constitute a waiver by such party of its rights hereunder. 10.9 ENUREMENT. This Indenture shall benefit and bind the parties to it and their respective successors and assigns. 40 IN WITNESS WHEREOF the parties hereto have executed this Indenture as of the 12th day of December, 2002. IVANHOE MINES LTD. Per: _____________________________________ Per: _____________________________________ CIBC MELLON TRUST COMPANY Per: _____________________________________ Per: _____________________________________ SCHEDULE "A" FORM OF SPECIAL WARRANT CERTIFICATE UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE [INSERT THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE DISTRIBUTION DATE] THE SPECIAL WARRANTS AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS SPECIAL WARRANT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THIS SPECIAL WARRANT MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT) OR A PERSON IN THE UNITED STATES UNLESS THIS SPECIAL WARRANT AND THE UNDERLYING SECURITIES ISSUABLE UPON THE EXERCISE THEREOF HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE SECURITIES LAWS OF ALL APPLICABLE STATES OF THE UNITED STATES OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. [U.S. HOLDERS ONLY] THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS THEY ARE OFFERED FOR SALE, SOLD, OR OTHERWISE TRANSFERRED ONLY: (A) TO THE COMPANY: (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144, IF APPLICABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) WITH THE PRIOR CONSENT OF THE COMPANY, PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY BE SUBJECT TO STATUTORY RESALE RESTRICTIONS IN AUSTRALIA FOR A LIMITED PERIOD UNDER THE CORPORATIONS ACT 2001 (COMMONWEALTH OF AUSTRALIA). THE HOLDER OF THE SECURITIES IS ADVISED TO CONSULT ITS OWN LEGAL ADVISORS IN THIS REGARD. 2 IVANHOE MINES LTD. ARBN 075 217 097 (the "Company") THE SPECIAL WARRANTS REPRESENTED BY THIS CERTIFICATE WILL EXPIRE AS OF 5:00 P.M., VANCOUVER TIME, ON THE FIFTH (5TH) BUSINESS DAY FOLLOWING THE EARLIER OF: 1. THE LATER OF (I) THE DAY UPON WHICH A RECEIPT (OR A COPY THEREOF) FOR A FINAL PROSPECTUS IN RESPECT OF THE COMMON SHARES ISSUABLE UPON EXERCISE OF THE SPECIAL WARRANTS IS ISSUED BY THE BRITISH COLUMBIA SECURITIES COMMISSION; AND (II) THE DATE ON WHICH A PROSPECTUS UNDER CHAPTER 6D OF THE CORPORATIONS ACT 2001 (AUSTRALIA) IS LODGED WITH THE AUSTRALIAN SECURITIES AND INVESTMENT COMMISSION IN RELATION TO THE COMMON SHARES ISSUABLE UPON EXERCISE OF THE SPECIAL WARRANTS; AND 2. APRIL -, 2003 (THE "EXPIRY DATE"), UNLESS SPECIFICALLY EXERCISED OR DEEMED EXERCISED IN THE MANNER HEREINAFTER DESCRIBED ON OR PRIOR TO THE EXPIRY DATE. 3 SPECIAL WARRANTS IVANHOE MINES LTD. - ARBN 075 217 097 (the "Company") (Continued under the laws of the Yukon Territory) SPECIAL WARRANT CERTIFICATE NO. _________ __________ Special Warrants THIS IS TO CERTIFY that _____________________________________ _____________________________________________________ (the "holder") is entitled to subscribe for, in the manner herein provided, subject to the restrictions contained herein, at any time and from time to time on or prior to 5:00 p.m. Vancouver time (the "Expiry Time"), on the Expiry Date, subject to the adjustments described below, that number of Common Shares which is equal to the number of Special Warrants represented hereby without payment of any additional consideration. The Special Warrants represented by this certificate are issued under and pursuant to a Special Warrant Indenture (the "Indenture") made as of December 11, 2002 between the Company and the Trustee (which expression shall include any successor trustee appointed under the Indenture), to which Indenture (and any amendments thereto and instruments supplemental thereto) reference is hereby made for a full description of the rights of the holders of the Special Warrants and the terms and conditions upon which such Special Warrants are or are to be, issued and held, all to the same effect as if the provisions of the Indenture and all amendments thereto and instruments supplemental thereto were herein set forth and to all of which provisions the holder of these Special Warrants by acceptance hereof assents. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Indenture. In the event of any conflict or inconsistency between the provisions of the Indenture (and any amendments thereto and instruments supplemental thereto) and the provisions of this Special Warrant Certificate, except those that are necessary by context, the provisions of the Indenture (and any amendments thereto and instruments supplemental thereto) shall prevail. The terms and provisions of the Indenture (and any amendments thereto and instruments supplemental thereto) are incorporated herein by reference. The right to subscribe for Common Shares in the capital of the Company represented hereby may be exercised by either the holder hereof or the Trustee as follows: (1) The holder hereof may exercise the Special Warrants after the Qualification Date and before the Expiry Date by: (a) duly completing in the manner indicated and executing the Exercise Form attached hereto; and (b) surrendering this Special Warrant Certificate to CIBC Mellon Trust Company (the "Trustee") as hereinafter set forth. This Special Warrant Certificate shall be validly surrendered only upon delivery thereof or by mailing the same to the Trustee at its principal office in the City of Vancouver (at the address hereinafter indicated). The Exercise Form attached hereto shall be deemed 4 not to be duly completed if not fully completed in the manner indicated or if the name and mailing address of the holder do not appear legibly on such Exercise Form or such Exercise Form is not signed by the holder. (2) Subject as provided herein, the Trustee will be deemed to have exercised and surrendered the Special Warrants represented by this Special Warrant Certificate on behalf of the holder thereof as of 4:59 p.m. (Vancouver time) on the Expiry Date if the holder fails to exercise the Special Warrants that may be exercised by it before the Expiry Time. All Special Warrants shall expire immediately after the Expiry Time. In the case of a Special Warrant which is deemed exercised and surrendered by the Trustee on behalf of a holder, as soon as practicable following the exercise by the Trustee of such Special Warrants, the Trustee shall immediately notify the holder hereof in accordance with the provisions of Section 9.2 of the Indenture to the effect the Trustee has so exercised the Special Warrants on behalf of the holder. Not later than the fifth (5th) Business Day after the surrender to the Trustee of the Special Warrant Certificate evidencing any Special Warrant with the attached Exercise Form duly completed or the deemed exercise and surrendered of any Special Warrant by the Trustee on behalf of the holder thereof, the Trustee will mail to the holder, or to such person as the holder may otherwise specify in the Exercise Form or by written notice given to the Trustee prior to such mailing, at the address of the holder or, if so specified, of such person, or, if specified in the Exercise Form or by written notice given to the Trustee prior to such mailing, will deliver to such holder or person at the place where such Special Warrant Certificate was surrendered certificates representing the number of Common Shares registered in the name of the holder or, if so specified, such person. In the event of non-receipt of any such certificate by the person to whom it is so sent as aforesaid, or the loss or destruction thereof, the Company shall issue and the Trustee shall countersign and deliver to such person a replacement certificate of like date and tenor in place of the one lost or destroyed upon being furnished with such evidence of ownership and non-receipt, loss or destruction and with such indemnity and surety bond or security as the Trustee may reasonably require. The holder shall bear the cost of the issue of such replacement certificate. Upon valid or deemed exercise of the Special Warrants as provided herein, the person or persons in whose name or names the Common Shares are issuable, shall be deemed for all purposes (except as provided in the Indenture) to be the holder or holders of record of such Common Shares and the Company covenants that it will (subject to and in accordance with the provisions of the Indenture) cause certificates representing such Common Shares to be delivered or mailed to such person or persons at the address or addresses specified in such Exercise Form. To the extent that the Special Warrants represented by this Special Warrant Certificate confer the right to subscribe for a fraction of a Common Share, such right may be exercised in respect of such fraction only in combination with an additional Special Warrant or Special Warrants which in the aggregate entitle the holder to acquire a whole number of Common Shares. No fractional Common Shares will be issued. If a holder is not able to, or elects not to, combine Special Warrants so as to be entitled to acquire a whole number of Common Shares, the Company shall make an appropriate cash adjustment. In respect of any 5 holder, the Company shall only be required to make such a cash adjustment once and for one fractional Common Share and no more. The amount of the cash adjustment shall be equal to the fraction of a Common Share to which the holder would be entitled multiplied by the Current Market Price. The Company will not, under any circumstances, be obligated to issue a cheque to a Special Warrantholder of less than Cdn.$10.00. The Indenture provides for adjustments to the subscription rights attaching to these Special Warrants in certain events and also provides for the giving of notice by the Company prior to taking certain actions specified therein. The holding of the Special Warrants evidenced by this Special Warrant Certificate shall not constitute the holder hereof a shareholder of the Company or entitle such holder to any right or interest in respect thereof except as herein and in the Indenture expressly provided. The Special Warrants evidenced by this Special Warrant Certificate are transferable only in accordance with the terms and conditions set forth in Section 2.3 of the Indenture which makes reference to the fact that a person who furnishes evidence (unless the Company has instructed the Trustee in writing to waive such requirement) to the reasonable satisfaction of the Trustee that he is: (a) the executor, administrator, heir or legal representative of the heirs of the estate of a deceased Special Warrantholder, (b) a guardian, committee, trustee, curator or tutor representing a Special Warrantholder who is an infant, an incompetent person or a missing person, (c) a liquidator of, or a trustee in bankruptcy for, a Special Warrantholder, or (d) a transferee of a Special Warrantholder who provides the Trustee with evidence satisfactory to the Trustee and the Company, acting reasonably, including but not limited to a properly completed and executed declaration attached as Exhibit "A" to the transfer form attached to the Special Warrant Certificate, that such transferee is/was either: (i) not in the United States at the time the buy order for the Special Warrants was executed, not acquiring the Special Warrants for the account or benefit of a U.S. Person or a person in the United States and was not offered the Special Warrants in the United States, or (ii) a person that has purchased or acquired Special Warrants in a transaction exempt from registration under the U.S. Securities Act and has provided the Company with satisfactory evidence of the availability of such exemption which may, at the Company's discretion, include an opinion of counsel and was exempt from registration under any applicable securities laws of any state of the United States and that the securities laws of any other applicable jurisdiction(s) have been complied with in relation to the transfer of the Special Warrants involved, may, as set forth in the Indenture, by surrendering to the Trustee such evidence together with the Special Warrant Certificate in question with a duly executed instrument of transfer in the form attached and subject to such reasonable requirements relating to the payment of costs of the 6 transfer by the holder as the Trustee may prescribe and all applicable securities legislation and requirements of regulatory authorities, become noted upon the register of holders. If any of the Common Shares in respect of which the Special Warrants are exercised are to be issued to a person or persons other than the holder (as aforesaid), the holder shall pay to the Trustee all requisite stamp transfer taxes or other governmental charges exigible in connection with the issue of such Common Shares to such other person or persons or shall establish to the satisfaction of the Trustee that such taxes and charges have been paid. This Special Warrant Certificate shall not be valid for any purpose whatever unless and until it has been countersigned by or on behalf of the Trustee. Time shall be of the essence hereof. The Special Warrants and the Indenture (and any amendments thereto and instruments supplemental thereto) shall be governed by, performed, construed and enforced in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein and shall be treated in all respects as British Columbia contracts. Unless the Company has instructed the Trustee in writing to waive any or all of the following requirements, the Special Warrants may not be exercised by or for the account or benefit of a U.S. Person or a person in the United States unless the holder certifies in writing to the Company and the Trustee that the holder is: (i) an original subscriber of Special Warrants who has confirmed in writing to the Company and the Trustee each of the representations and warranties made by the holder in connection with such holder's subscription for Special Warrants; or (ii) a registered transferee of such Special Warrants who has complied with the terms of the Special Warrant Indenture provided that the Company may, in its sole discretion, accept, in substitution for the foregoing, evidence satisfactory to the Company and the Trustee, acting reasonably, to the effect that the Common Shares have been registered under the U.S. Securities Act and applicable state securities laws or that the Common Shares may be issued upon exercise of the Special Warrants without registration under the U.S. Securities Act and any applicable state securities laws. This Special Warrant may not be exercised in the United States or by or for the account or benefit of a U.S. Person or person in the United States other than by: (i) an original purchaser of the Special Warrants from the Company, or (ii) by a registered transferee of Special Warrants that acquired the Special Warrants in a transaction exempt from registration under the U.S. Securities Act and applicable state securities laws and in compliance with the Special Warrant Indenture. Unless otherwise determined by the Company by way of written instructions to the Trustee: (a) Certificates representing Common Shares issued to U.S. Persons and to persons in the United States upon the exercise or deemed exercise of Special Warrants shall bear the following legend, 7 "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS THEY ARE OFFERED FOR SALE, SOLD, OR OTHERWISE TRANSFERRED ONLY: (A) TO THE COMPANY: (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144, IF APPLICABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) WITH THE PRIOR CONSENT OF THE COMPANY, PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. PROVIDED THAT THE COMPANY IS A "FOREIGN ISSUER" WITHIN THE MEANING OF REGULATION S AT THE TIME OF SALE, A NEW CERTIFICATE, BEARING NO LEGEND MAY BE OBTAINED FROM THE REGISTRAR AND TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE REGISTRAR AND TRANSFER AGENT AND THE COMPANY, TO THE EFFECT THAT SUCH SALE IS BEING MADE IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT." (b) Certificates representing Common Shares issued upon the exercise of Special Warrants exercised or deemed exercise prior to the earlier of the Qualification Date or the Expiry Date, shall bear the following legend: "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE [INSERT THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE DISTRIBUTION DATE]" After the exercise or deemed exercise of any of the Special Warrants represented by this Special Warrant Certificate, the holder will no longer have any rights under either the Special Warrant Indenture or this Special Warrant Certificate with respect to such Special Warrants, other than the right to receive certificates representing the Common Shares issuable upon the exercise or deemed of the Special Warrants represented by this Special Warrant Certificate, and these Special Warrants shall be void and of no further value or effect. IN WITNESS WHEREOF the Company has caused this Special Warrant Certificate to be signed by its duly authorized officer as of December 11, 2002. 8 IVANHOE MINES LTD. Per: ____________________________________ Authorized Signatory Countersigned by: CIBC MELLON TRUST COMPANY Per: __________________________________ Authorized Signatory EXERCISE INSTRUCTIONS TO SPECIAL WARRANTHOLDER The Special Warrantholder hereof may exercise his right to subscribe for Common Shares of IVANHOE MINES LTD. ARBN 075 217 097 (the "Company"), by completing the Exercise Form and surrendering this Special Warrant Certificate and the duly completed Exercise Form to CIBC Mellon Trust Company by delivering or mailing it to CIBC Mellon Trust Company at its principal stock transfer office in the City of Vancouver at 1066 West Hastings Street, Suite 1600, Vancouver, British Columbia, V6E 3X1. For your own protection, it is suggested that all documentation be forwarded to the Trustee by registered mail. EXERCISE FORM To: Ivanhoe Mines Ltd. c/o CIBC Mellon Trust Company 1066 West Hastings Street, Suite 1600 Vancouver, British Columbia V6E 3X1 The undersigned holder of the within Special Warrant Certificate, pursuant to the Special Warrant Indenture mentioned therein hereby exercises of the Special Warrants (the "Exercised Special Warrants") evidenced thereby and hereby subscribes for a number of Common Shares of Ivanhoe Mines Ltd. ARBN 075 217 097 equal to such number of Common Shares or number or amount of other shares or securities or property, or combination thereof, to which such exercise entitles him under the provisions of the Special Warrant Indenture and on the terms specified in such Special Warrant Certificate and the Special Warrant Indenture. The undersigned hereby irrevocably directs that such Common Shares be issued and delivered as follows:

NO CERTIFICATES WILL BE REGISTERED OR DELIVERED TO AN ADDRESS IN THE UNITED STATES UNLESS BOX B BELOW IS CHECKED. (Please print full name in which share and warrant certificates are to be issued. If any Common Shares are to be issued to a person or persons other than the Special Warrantholder, the Special Warrantholder must pay to the Trustee all exigible transfer taxes or other government charges.) THE UNDERSIGNED CERTIFIES THAT EACH OF THE REPRESENTATIONS AND WARRANTIES MADE BY THE UNDERSIGNED TO THE COMPANY IN CONNECTION WITH THE UNDERSIGNED'S ACQUISITION OF THE EXERCISED SPECIAL WARRANTS REMAINS TRUE AND CORRECT ON THE DATE HEREOF. The undersigned represents that it: [CHECK ONE ONLY] [ ] A. is not in the United States or a U.S. Person as defined in Rule 902 of Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities 2 Act") and is not exercising the Exercised Special Warrants for the account or benefit of a U.S. Person or a person in the United States. [ ] B. is an original subscriber of Special Warrants and each of the representations and warranties made by the Subscriber in its Special Warrant Subscription Agreement are true and correct on the date hereof. [ ] C. is a registered holder that acquired the Exercised Special Warrants in a transaction that was exempt from registration under the U.S. Securities Act and applicable state securities laws and in compliance with Subsection 2.3(d)(ii) of the Special Warrant Indenture. The undersigned elects that its Ivanhoe Mines Ltd. Common Shares are to be held (please tick one box below) [ ] on the Canadian principal register; OR [ ] on the Australian branch register in certificated form; OR [ ] by way of CHESS Depositary Interests ("CDIS") on the Sponsored Subregister for CDIs; OR [ ] by way of CDIs on the CHESS Subregister for CDIs under HIN (please provide your CHESS HIN) DATED at this - day of -, 200_. ____________________________________ ___________________________________ Signature Guaranty* Signature of Subscriber** ___________________________________ Name of Subscriber ___________________________________ Address (include Postal Code) ___________________________________ SIN/TIN Number (if any) * If the Common Shares are to be issued to a person other than the registered holder, then the signature of the Subscriber must be guaranteed by a bank, trust company or medallion guaranteed by a member of a recognized stock exchange. ** This signature must correspond exactly with the name appearing on the registration panel. Check box if the share and warrant certificates are to be delivered at the office where this Special Warrant is exercised, failing which they will be mailed. [ ] TRANSFER OF SPECIAL WARRANTS FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to: ______________________________________________________________ Name ______________________________________________________________ Address ______________________________________________________________ _________________ Special Warrants of Ivanhoe Mines Ltd. registered in the name of the undersigned on the records of Ivanhoe Mines Ltd. maintained by CIBC Mellon Trust Company represented by the Special Warrant Certificate attached and irrevocably appoints _________________________ the attorney of the undersigned to transfer the said securities on the books or register with full power of substitution. DATED at this - day of -, 200_. _______________________________ _______________________________________ Signature Guaranteed (Signature of Special Warrant Holder) _______________________________________ Print full Name _______________________________________ Print full address and SIN/TIN (if any) _______________________________________ Instructions 1. If the Transfer Form is signed by a trustee, executor, administrator, curator, guardian, attorney, officer of a corporation or any person acting in a fiduciary or representative capacity, the certificate must be accompanied by evidence of authority to sign satisfactory to the Trustee and the Company. 2. The signature on the Transfer Form must be guaranteed by an authorized officer of a chartered bank, trust company or medallion guaranteed by an investment dealer who is a member of a recognized stock exchange. 3. Special Warrants will only be transferable in accordance with applicable securities laws and stock exchange regulations. The transfer of Special Warrants to a transferee may, depending on the residency of such transferee, result in the securities obtained upon the exercise of the Special Warrants (whether after or before obtaining receipts for a final prospectus relating to the distribution of such securities upon exercise of Special Warrants) not being freely tradeable in the jurisdiction where the transferee is resident. 4. UNLESS THE COMPANY HAS OTHERWISE INSTRUCTED THE TRUSTEE IN WRITING, NO TRANSFER OF SPECIAL WARRANTS WILL BE VALID UNLESS THIS TRANSFER FORM IS ACCOMPANIED BY: (a) DULY EXECUTED DECLARATION BY THE TRANSFEREE OF SPECIAL WARRANTS IN THE FORM ATTACHED AS EXHIBIT "A" TO THIS TRANSFER FORM; AND (b) SUCH OTHER EVIDENCE AS THE TRUSTEE MAY REASONABLY REQUIRE THAT THE TRANSFER OF SUCH SPECIAL WARRANTS IS BEING MADE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LEGISLATION. 2 EXHIBIT "A" DECLARATION OF TRANSFEREE OF SPECIAL WARRANTS OF IVANHOE MINES LTD. TO: CIBC Mellon Trust Company, trustee of the Special Warrants of Ivanhoe Mines Ltd. AND TO: Ivanhoe Mines Ltd. (the "Company") ARBN 075 217 097 The undersigned transferee ("Transferee") of special warrants of Ivanhoe Mines Ltd. ARBN 075 217 097 ("Special Warrants") whose name appears as such on the form of transfer of such Special Warrants that accompanies this declaration, hereby declares and certifies, for himself and on behalf of each beneficial transferee of all or any part of such Special Warrants, that the Transferee is not a `retail client' as defined in Section 761G of the Corporations Act 2001 (Commonwealth of Australia): [check one only] [ ] A. (i) no offers to sell the Special Warrants or the Subject Securities were made by any person to the Transferee or any beneficial transferee for whom he is acting while such persons were in the United States; (ii) the Transferee and each beneficial transferee for whom he is acting were outside the United States at the time of execution and delivery of the instrument by which the Transferee and each beneficial transferee for whom he is acting agreed to acquire the Special Warrants; and (iii) the Transferee is not, and is not acquiring the Special Warrants for the account or benefit of, a U.S. Person as defined in Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"). [ ] B. The Transferee has acquired the Special Warrants in a transaction exempt from registration under the U.S. Securities Act and applicable state securities laws and has provided herewith evidence (which the Transferee acknowledges must be satisfactory to the Company) of such exemption. DATED at this - day of -, 200_. Name of Transferee By:_________________________________________ Signature of Authorized Representative _________________________________________ Name of Person Signing _________________________________________ Title TABLE OF CONTENTS

EX-4.4 10 o11180exv4w4.txt SPECIAL WARRANT INDENTURE AMENDMENT AGREEMENT EXHIBIT 4.4 SPECIAL WARRANT INDENTURE AMENDMENT AGREEMENT This Agreement dated for reference January 6, 2003 is BETWEEN: IVANHOE MINES LTD., a company incorporated under the laws of the Yukon Territory (the "Company") AND CIBC MELLON TRUST COMPANY, a Trust Company incorporated under the laws of Canada and having an office in the City of Vancouver (the "Warrant Agent") RECITALS: A. The Company and the Warrant Agent entered into a Special Warrant Indenture (the "Special Warrant Indenture") dated as of December 12, 2002 in respect of 20,000,000 special warrants exercisable into common shares in the capital of the Company. B. The parties have agreed to amend the Special Warrant Indenture in accordance with the terms set forth below. AGREEMENTS: For good and valuable consideration and receipt of which is hereby acknowledged, the parties agree as follows: 1. The definition of "Qualification Date" in section 1.1(v) of the Special Warrant Indenture is deleted in its entirety and replaced as follows: "Qualification Date" means the date which is the later of (i) the date on which a receipt has been issued by the British Columbia Securities Commission and, in respect of subscribers for Special Warrants that are resident in the Province of Ontario only, the Ontario Securities Commission for the Final Prospectus qualifying the Common Shares issuable upon exercise of the Special Warrants; and (ii) the date on which an Australian Prospectus is lodged with ASIC in relation to the Shares; 2. The definition of "Qualifying Province" in section 1.1(x) of the Special Warrant Indenture is deleted in its entirety and replaced as follows: "Qualifying Provinces" means the Province of British Columbia and the Province of Ontario; 3. Page two of Schedule A to the Special Warrant Indenture is deleted in its entirety and replaced with the page attached as Schedule A to this Agreement. 4. All references in the Special Warrant Indenture to "Qualifying Province" will be deemed to refer to "Qualifying Provinces". 5. This Agreement will be governed by and construed in accordance with the laws of British Columbia and the federal laws of Canada applicable thereto. 6. This Agreement may be executed in one or more counterparts, each of which so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument. 7. This Agreement shall benefit and bind the parties to it in respect to its successors and assigns. IN WITNESS WHEREOF the parties have executed this Agreement as of the 17th day of January, 2003. IVANHOE MINES LTD. Per:_____________________________ Authorized Signatory CIBC MELLON TRUST COMPANY Per:_____________________________ Authorized Signatory SCHEDULE A IVANHOE MINES LTD. ARBN 075 217 097 (the "Company") THE SPECIAL WARRANTS REPRESENTED BY THIS CERTIFICATE WILL EXPIRE AS OF 5:00 P.M., VANCOUVER TIME, ON THE FIFTH (5TH) BUSINESS DAY FOLLOWING THE EARLIER OF: 1. THE LATER OF (I) THE DAY UPON WHICH A RECEIPT (OR A COPY THEREOF) FOR A FINAL PROSPECTUS IN RESPECT OF THE COMMON SHARES ISSUABLE UPON EXERCISE OF THE SPECIAL WARRANTS IS ISSUED BY THE BRITISH COLUMBIA SECURITIES COMMISSION [FOR ONTARIO SUBSCRIBERS ONLY: AND THE ONTARIO SECURITIES COMMISSION]; AND (II) THE DATE ON WHICH A PROSPECTUS UNDER CHAPTER 6D OF THE CORPORATIONS ACT 2001 (AUSTRALIA) IS LODGED WITH THE AUSTRALIAN SECURITIES AND INVESTMENT COMMISSION IN RELATION TO THE COMMON SHARES ISSUABLE UPON EXERCISE OF THE SPECIAL WARRANTS; AND 2. -, 2003 (THE "EXPIRY DATE"), UNLESS SPECIFICALLY EXERCISED OR DEEMED EXERCISED IN THE MANNER HEREINAFTER DESCRIBED ON OR PRIOR TO THE EXPIRY DATE. EX-10.1 11 o11180exv10w1.txt MATERIAL CHANGE REPORT DATED JANUARY 7, 2002 Exhibit 10.1 FORM 53-901F (PREVIOUSLY FORM 27) 1. REPORTING ISSUER Ivanhoe Mines Ltd. (the "Company") Suite 654 -- 999 Canada Place Vancouver, B.C. V6C 3E1 2. DATE OF MATERIAL CHANGE December 31, 2001 3. PRESS RELEASE Date of Issuance: January 7, 2002 Place of Issuance: Vancouver, British Columbia 4. SUMMARY OF MATERIAL CHANGE Loans owed by certain subsidiaries of the Company to entities (the "Lenders") controlled by Robert M. Friedland, the Chairman of the Company, were converted by the Lenders into 30,625,000 common shares of the Company. 5. FULL DESCRIPTION OF MATERIAL CHANGE In connection with the Company's acquisition of ABM Mining Limited ("ABM") in December, 2000, loans owed by ABM and its subsidiaries to the Lenders were made convertible into common shares of the Company, at a price of CDN$1.20 per share, subject to the issuance of a maximum of 30,625,000 common shares. All of the Lenders are controlled by Robert M. Friedland and the loans were convertible at the Lenders' option. Since the loans have been converted into the maximum number of common shares issuable, approximately US$5 million of the loans remain outstanding and no longer carry conversion rights. As a result of the conversion, the Company has a total of 171,158,484 common shares issued and outstanding. Mr. Friedland now controls 100,758,334 common shares, amounting to approximately 59% of the Company's outstanding common shares. Mr. Friedland has announced that he is holding his newly acquired shares for investment purposes. - 2 - 6. RELIANCE ON SECTION 75(3) OF THE ACT Not applicable 7. OMITTED INFORMATION Not applicable 8. SENIOR OFFICER For further information contact: Beverly Bartlett, Corporate Secretary Ivanhoe Mines Ltd. Suite 654 -- 999 Canada Place Vancouver, B.C. V6C 3E1 Telephone: (604) 688-5755 9. STATEMENT OF SENIOR OFFICER The foregoing accurately discloses the material change referred to herein. DATED at Vancouver this 7th day of January, 2002. IVANHOE MINES LTD. Per: -------------------------------------------- Beverly Bartlett Corporate Secretary EX-10.2 12 o11180exv10w2.txt MATERIAL CHANGE REPORT DATED FEBRUARY 12,2002 Exhibit 10.2 FORM 53-901F Section 85 (1) -- Securities Act (British Columbia) (or the equivalent thereof under Canadian Provincial Securities Legislation) 1. REPORTING ISSUER Ivanhoe Mines Ltd. ("Ivanhoe") World Trade Centre Suite 654 - 999 Canada Place Vancouver, British Columbia V6C 3E1 2. DATE OF MATERIAL CHANGE February 4, 2002 3. PRESS RELEASE Date of Issuance: February 4, 2002 Place of Issuance: Vancouver, British Columbia 4. SUMMARY OF MATERIAL CHANGE Ivanhoe fulfilled its earn-in obligations to acquire 100% of the Turquoise Hill (Oyu Tolgoi) mineral exploration project in Mongolia (the "Oyu Tolgoi Project") from BHP Minerals International Exploration Inc. ("BHP"), by completing a US$3,000,000 first phase exploration program on the subject property and paying US$5,000,000 to BHP. 5. FULL DESCRIPTION OF MATERIAL CHANGE BHP holds four non-contiguous mineral exploration licenses in the Turquoise Hill area of South Gobi, Mongolia which together comprise the Oyu Tolgoi Project. On May 5, 2000, Ivanhoe entered into an earn-in agreement (the "Earn-in Agreement") with BHP whereunder Ivanhoe could earn a 100% participating interest in the Oyu Tolgoi Project by incurring minimum exploration expenditures of US$3,000,000 within three years and paying US$5,000,000 to BHP. Having completed these earn-in obligations, Ivanhoe is deemed to have earned a 100% participating interest in the licenses comprising the Oyu Tolgoi Project. Ivanhoe remains contractually committed, under the terms of the Earn-in Agreement, to complete a second phase exploration program by incurring additional expenditures of US$3,000,000. BHP retains a 2% net smelter returns royalty and certain back-in rights which become exercisable if, prior to the completion of the second phase exploration program, - 2 - mineralization meeting certain contractually defined parameters is identified. Depending on the quantity of mineralization identified and the means by which it is amenable to extraction, BHP would be entitled to back-in to either a 40% or a 60% participating interest. In either case, BHP would be required to relinquish its 2% net smelter returns royalty and pay to Ivanhoe an amount equal to three times the amount of exploration expenditures incurred. RELIANCE ON SECTION 85 (2) OF THE ACT Not applicable 6. OMITTED INFORMATION Not applicable 7. SENIOR OFFICER For further information contact: Beverly Bartlett Ivanhoe Mines Ltd. World Trade Centre Suite 654 - 999 Canada Place Vancouver, British Columbia V6C 3E1 Telephone: (604) 688-5755 8. STATEMENT OF SENIOR OFFICER The foregoing accurately discloses the material change referred to herein. DATED at Vancouver, British Columbia this 12th day of February, 2002. IVANHOE MINES LTD. Per: "Beverly Bartlett" -------------------------------------------- Beverly Bartlett Corporate Secretary EX-10.3 13 o11180exv10w3.txt MATERIAL CHANGE REPORT DATED MARCH 21, 2002 Exhibit 10.3 FORM 53-901F Section 85 (1) -- Securities Act (British Columbia) (or the equivalent thereof under Canadian Provincial Securities Legislation) 1. REPORTING ISSUER Ivanhoe Mines Ltd. ("Ivanhoe") World Trade Centre Suite 654 - 999 Canada Place Vancouver, British Columbia V6C 3E1 2. DATE OF MATERIAL CHANGE March 11, 2002 3. PRESS RELEASE Date of Issuance: March 11, 2002 Place of Issuance: Toronto, Ontario 4. SUMMARY OF MATERIAL CHANGE AMEC E&C Services Limited ("AMEC") of Toronto, Ontario has completed an independent preliminary copper and gold resource estimate for the northern portion of the Southwest Oyu zone of Ivanhoe's Oyu Tolgoi mineral exploration project in Mongolia. Dr. Harry Parker of AMEC supervised the preparation of the estimate and is an independent qualified person for the purposes of National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101"). AMEC estimated an inferred mineral resource of 587,700,000 tonnes, grading 0.53 grams per tonne of gold and 0.41% copper above a cut-off grade of 0.3% copper equivalent. The copper equivalent cut-off grade has been established at an assumed recovery of 100% of both gold and copper and prices of US$300 per ounce for gold and US$0.80 per pound for copper. AMEC's resource estimate was reviewed and verified by Dr. Gildar J. Arseneau, P.Geo. of Roscoe Postle Associates Inc. ("RPA") of Toronto, Ontario. Dr. Arseneau is a qualified person for the purposes of NI43-101. 5. FULL DESCRIPTION OF MATERIAL CHANGE AMEC has prepared an independent preliminary resource estimate in respect of the Southwest Oyu zone of Ivanhoe's Oyu Tolgoi mineral exploration project in Mongolia. The estimated mineral resource has been classified in accordance with the standards of - 2 - the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM Standards"). The estimate was prepared under the supervision of Dr. Harry Parker of AMEC. Dr. Parker is an independent qualified person for the purposes of NI 43-101. AMEC reported an inferred mineral resource at the Southwest Oyu zone, using various copper equivalent cut-off grades, as follows:

Note: (1) Based on US$300 per ounce gold and US$0.80 per pound copper at 100% metal recovery. In January 2002, RPA prepared a technical report under NI 43-101 in respect of the Oyu Tolgoi property. In an addendum to its technical report, RPA reviewed and verified the AMEC mineral resource estimate of the Southwest Oyu zone. RPA's review and verification of AMEC's resource estimate was undertaken by, or under the supervision of, Dr. Gildar J. Arseneau, P.Geo., of RPA. Dr. Arseneau is an independent qualified person for the purposes of NI 43-101. The Southwest Oyu mineral resource was estimated by AMEC with a 3-dimensional block model utilizing MineSight(R) a commercial mine planning software. To carry out its review of the Southwest Oyu mineral resource estimate, RPA converted the 3-dimensional database to Gemcom(R), another commercially available mine planning software. RPA re-estimated the Southwest Oyu mineral resource using the same and different interpolation parameters as utilized by AMEC. - 3 - The Southwest Oyu database consists of assay data for 32 diamond drill holes totalling 16,991 metres. The drill core was logged at the site and geological information was transferred to digital files containing drill hole survey locations, down hole survey data, geological, geophysical and assay data. RPA carried out checks and validations for both copper and gold assays. RPA believes that the analytical reproducibility of the data is better for copper than gold. The quality of the assay database is adequate for the estimation of an inferred mineral resource but, until better reproducibility can be demonstrated for gold assays, the resource must remain at an inferred level of classification. The digital drill hole database is adequate for resource estimation and the information collected is in keeping with standard industry practices for this type of exploration target. The Southwest Oyu block model was organized on an orthogonal grid with a 20 metre by 20 metre block size and a 15 metre bench height. Copper and gold grades were composited to 15 metres before grade interpolation. Each block in the model is comprised of six separate models: rock code, density, copper grade, gold grade, copper equivalent grade and percent ore. Rock codes were assigned to the block model by first constructing 3-dimensional solids of the high grade portion of the deposit, the three major post-mineral dikes, the Southwest fault zone and the top of the hypogene mineralization. Because the bulk of the mineralization is within basaltic andesite, a bulk density of 2.80 was selected for the resource estimation. RPA recommends that the bulk density determination program be continued and expanded to include both mineralized and unmineralized samples. Copper and gold values were interpolated into the model by ordinary kriging. RPA has reviewed the variography study undertaken by AMEC and concurs with its conclusions. Interpolation was restricted within zone boundaries. As such, samples from zone 1 were not used to interpolate grades into blocks of zone 2 and vice-versa. A maximum of 15 composites were used to estimate a block grade. The minimum number of composites required to estimate a block was set at 4 for zone 2 and 3 for zone 1. A maximum of 3 composites (zone 2) and 2 composites (zone 1) were allowed per drill hole. RPA re-estimated the mineral resource using the same interpolation parameters as defined by AMEC. RPA also estimated the mineral resource using inverse distance weighting to the second power to interpolate the grades. RPA also re-composited the assay data to 5 metre lengths within the geological domains and re-estimated the mineral resource using ordinary kriging and inverse distance to the second power. Based on the data reviewed, RPA concluded that the mineral resource at the Southwest Oyu zone was estimated by AMEC in a manner consistent with standard industry practice for this type of deposit. The mineral resource for the Southwest Oyu zone is classified as an inferred mineral resource in accordance with CIM Standards. The mineral resource was reported at CuEQ ($0.80) copper equivalent cut-off grades. The copper equivalent was calculated, after copper and gold grades were estimated into the block model, using the following formula: - 4 - CuEQ ($0.80) = % Cu + (Au g/t * 9.65)/17.64 The equivalent grade was calculated to reflect a price of US$0.80 per pound of copper and US$300 per ounce of gold and 100% metal recovery. RPA believes that it is premature at this stage to use an equivalent copper grade as cut-off because inadequate metallurgical testing has been performed. RPA also believes that some of the mineral resource at the Southwest Oyu zone could be re-classified as indicated under CIM Standards if better reproducibility could be achieved with the gold assays. RPA recommends that all assays that returned copper grades in excess of 0.5% copper should be re-assayed for gold and the mineral resource be re-estimated using the new assay data. RPA validated the resource model by inspection of plans and sections. The plots included drill hole composite values to allow direct comparison of composite grades to kriged block values. The checks showed good agreement between drill hole composite values and kriged model cell values. The Oyu Tolgoi project is still at the exploration stage and it is too early to assess the possible effect on the resource estimate of factors such as environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other potential issues. At this time, however, RPA has no reason to believe that any of these potential issues will be an impediment to development of the project. Insofar as the inferred mineral resources estimated in the Southwest Oyu zone are not mineral reserves, they do not have demonstrated economic viability. 6. RELIANCE ON SECTION 85 (2) OF THE ACT Not applicable 7. OMITTED INFORMATION Not applicable - 5 - 8. SENIOR OFFICER For further information please contact: Beverly Bartlett Ivanhoe Mines Ltd. World Trade Centre Suite 654 - 999 Canada Place Vancouver, British Columbia V6C 3E1 Telephone: (604) 688-5755 9. STATEMENT OF SENIOR OFFICER The foregoing accurately discloses the material change referred to herein. DATED at Vancouver, British Columbia this 21st day of March, 2002. IVANHOE MINES LTD. Per: "Beverly Bartlett" -------------------------------------------- Beverly Bartlett Corporate Secretary EX-10.4 14 o11180exv10w4.txt MATERIAL CHANGE REPORT DATED MARCH 22, 2002 Exhibit 10.4 FORM 53-901F Section 85 (1) -- Securities Act (British Columbia) (or the equivalent thereof under Canadian Provincial Securities Legislation) 1. REPORTING ISSUER Ivanhoe Mines Ltd. ("Ivanhoe") World Trade Centre Suite 654 - 999 Canada Place Vancouver, British Columbia V6C 3E1 2. DATE OF MATERIAL CHANGE March 13, 2002 3. PRESS RELEASE Date of Issuance: March 13, 2002 Place of Issuance: Vancouver, British Columbia 4. SUMMARY OF MATERIAL CHANGE Ivanhoe arranged an underwritten equity financing of approximately $55 million with a syndicate of underwriters led by Griffiths McBurney & Partners and including HSBC Securities (Canada) Inc. and Haywood Securities Inc. (collectively, the "Underwriters"). 5. FULL DESCRIPTION OF MATERIAL CHANGE Pursuant to an underwriting agreement dated March 13, 2002 between Ivanhoe and the Underwriters, the Underwriters agreed to purchase 12,000,000 common shares (the "Common Shares") of Ivanhoe at a price of Cdn$3.25 per share. The Underwriters were also granted an option (the "Underwriters' Option"), exercisable in whole or in part at the sole discretion of the Underwriters, to purchase up to an additional 8,000,000 Common Shares at a price of Cdn$3.25 per share, on or before March 18, 2002. Ivanhoe agreed to pay to the Underwriters a fee equal to $0.1625 per Common Share (5% of the issue price) in consideration of the underwriting services rendered by the Underwriters in connection with the offering. On March 15, 2002 Ivanhoe filed a preliminary short form prospectus in all provinces of Canada other than Quebec to qualify for distribution 12,000,000 Common Shares, plus up to 8,000,000 Common Shares issuable pursuant to the Underwriters' Option, at a price of $3.25 per Common Share. On March 18, 2002, the Underwriters elected to partially - 2 - exercise the Underwriters' Option by agreeing to purchase an additional 5,450,000 Common Shares. The transaction is scheduled to close on or about April 3, 2002. 6. RELIANCE ON SECTION 85 (2) OF THE ACT Not applicable 7. OMITTED INFORMATION Not applicable 8. SENIOR OFFICER For further information contact: Beverly Bartlett Ivanhoe Mines Ltd. World Trade Centre Suite 654 - 999 Canada Place Vancouver, British Columbia V6C 3E1 Telephone: (604) 688-5755 9. STATEMENT OF SENIOR OFFICER The foregoing accurately discloses the material change referred to herein. DATED at Vancouver, British Columbia this 22nd day of March, 2002. IVANHOE MINES LTD. Per: "Beverly Bartlett" ----------------------------- Beverly Bartlett Corporate Secretary EX-10.5 15 o11180exv10w5.txt MATERIAL CHANGE REPORT DATED SEPTEMBER 16, 2002 Exhibit 10.5 FORM 53-901F Section 85 (1) -- Securities Act (British Columbia) (or the equivalent thereof under Canadian Provincial Securities Legislation) 1. REPORTING ISSUER Ivanhoe Mines Ltd. ("Ivanhoe") World Trade Centre Suite 654 - 999 Canada Place Vancouver, British Columbia V6C 3E1 2. DATE OF MATERIAL CHANGE September 10, 2002 3. PRESS RELEASE Date of Issuance: September 10, 2002 Place of Issuance: Vancouver, British Columbia 4. SUMMARY OF MATERIAL CHANGE ABM Mining Ltd. ("ABM"), a wholly-owned subsidiary of Ivanhoe, indirectly acquired approximately Aus$74.9 million (U.S.$41 million) of project debt obligations owed to a third party institutional lender by ABM's wholly-owned subsidiary Goldamere Pty. Ltd. ("Goldamere"), the owner and operator of the Savage River iron ore mine and the Port Latta pellet plant (the "Savage River Project"), in consideration for a cash payment of Aus$15 million (U.S.$8.2 million). 5. FULL DESCRIPTION OF MATERIAL CHANGE BACKGROUND Pursuant to a Project Facility Agreement dated January 12, 1998, as amended (the "Project Facility Agreement") UBS Australia Limited (the "Lender") agreed to provide credit facilities to Goldamere in the aggregate amount of approximately Aus$43 million (U.S.$23.6 million) (collectively the "Project Debt"). Pursuant to a Security Trust Deed dated November 13, 1998, as amended (the "Security Trust Deed"), the Project Debt is secured by a first lien over the assets of the Savage River Project. Under the terms of the Project Facility Agreement, Goldamere was required to implement a risk management program which involved, among other things, hedging currency risk in respect of the proceeds of the sale of iron ore from the Savage River Project (the "Hedging Arrangements"). Under the Hedging Arrangements, Goldamere was required to deliver to - 2 - the hedge counterparty U.S.$5 million of currency per month at an exchange rate of U.S.$0.6817:Aus$1. Pursuant to an asset purchase agreement dated December 10, 1996, as amended (the "Asset Purchase Agreement"), Goldamere agreed to purchase from the Crown in Right of the State of Tasmania (the "State"), the assets of the Savage River Project in consideration for a deferred payment of Aus$13 million (U.S.$7.1 million) (the Asset Purchase Price"). Under the terms of the Asset Purchase Agreement, the Asset Purchase Price was to be satisfied by way of environmental remediation expenditures to be made by Goldamere in respect of the past operation of the Savage River Project by the previous owner. Under the terms of the Security Trust Deed, the Asset Purchase Price was secured by a second lien over the assets of the Savage River Project. As a result of a significant weakening of the Australian dollar in relation to the U.S. dollar, the Hedging Arrangements required Goldamere to incur substantial ongoing currency exchange losses. As an interim relief measure, the Lender agreed to allow Goldamere to make the monthly U.S. dollar payments required pursuant to the Hedging Arrangements at the then prevailing Aus$:U.S.$ exchange rate rather than at the specified contract rate. An amount equal to the difference between the amount otherwise payable at the specified contract rate and the amount actually paid at the then prevailing exchange rate was then added to the principal amount of the Project Debt. Faced with a deteriorating international market for iron ore and continuing weakness in the Australian dollar, the management of Goldamere concluded that the economic viability of the Savage River Project could not be sustained under the burden of the Project Debt and Hedging Arrangement obligations and, in August 2001, approached the principal Savage River Project stakeholders to discuss alternatives for restructuring the mine plan and financial arrangements of the Savage River Project. PURCHASE AND SALE OF PROJECT DEBT Pursuant to a Project Facility Agreement Substitution Deed dated September 10, 2002, Arbutus Holding Ltd. ("Arbutus"), a wholly-owned subsidiary of ABM, acquired all of the Lender's rights in respect of the Project Debt and assumed all of the Lender's liabilities and obligations under the Project Facility Agreement. Pursuant to a Security Trust Deed Substitution Deed dated September 10, 2002, Arbutus succeeded to all of the Lender's rights, liabilities and obligations under the Security Trust Deed. In connection with, and as part of, these transactions, all remaining currency exchange transactions and obligations under the Hedging Arrangements were closed out and the residual liabilities resulting from the closing out of these transactions and obligations (the "Close Out Amounts") were added to the Project Debt acquired by Arbutus. As consideration for the Project Debt (including the Close Out Amounts), Arbutus paid to the Lender cash in the amount of Aus$15 million (U.S.$8.2 million). - 3 - Prior to the close out of the Hedging Arrangements, the aggregate principal amount and all accrued interest in respect of the Project Debt was approximately Aus$61.5 million (U.S.$33.7 million). After the addition of the Close Out Amounts, the total Project Debt acquired by Arbutus from the Lender was approximately Aus$74.9 million (U.S.$41 million). REORGANIZATION OF STATE SECURITY In connection with Arbutus' acquisition from the Lender of the Project Debt and related security, the State agreed to relinquish its security under the Security Trust Deed in respect of the unpaid Asset Purchase Price. As consideration for the relinquishment, Goldamere agreed to lodge with the State a bank guarantee in the amount of Aus$2.8 million (U.S.$1.5 million) as substitute security for Goldamere's obligations under the Asset Purchase Agreement to either pay the deferred Asset Purchase Price in cash or to incur environmental remediation expenditures in respect of the Savage River Project in an aggregate amount equal to the deferred Purchase Price plus accrued interest. Goldamere and the State also agreed upon a variation of the time for, and manner of payment of, interest in respect of the Asset Purchase Price. FINANCIAL IMPACT The acquisition of the Project Debt and the related elimination of the Hedging Arrangements is expected to save Goldamere approximately Aus$21.5 million (U.S.$11.8 million) in annual currency exchange losses, Aus$4.3 million (U.S.$2.4 million) per year in related interest charges and Aus$74.9 million (U.S.$41 million) in principal repayment obligations to the Lender. The transaction will have the effect of reducing current and long term liabilities on Ivanhoe's consolidated balance sheet by approximately Aus$74.9 million (U.S.$41 million). As a result of the substantial write-down in the carrying value of the Savage River Project recorded as of the end of fiscal 2001, Ivanhoe expects its financial statements for the fiscal quarter ending September 30, 2002 to reflect an extraordinary gain, based on the acquisition of the Project Debt, of approximately Aus$53 million (U.S.$29 million). 6. RELIANCE ON SECTION 85 (2) OF THE ACT Not applicable 7. OMITTED INFORMATION Not applicable - 4 - 8. SENIOR OFFICER For further information contact: Beverly Bartlett Ivanhoe Mines Ltd. World Trade Centre Suite 654 - 999 Canada Place Vancouver, British Columbia V6C 3E1 Telephone: (604) 688-5755 9. STATEMENT OF SENIOR OFFICER The foregoing accurately discloses the material change referred to herein. DATED at Vancouver, British Columbia this 16th day of September, 2002. IVANHOE MINES LTD. Per: "Beverly Bartlett" -------------------------------------------- Beverly Bartlett Corporate Secretary EX-10.6 16 o11180exv10w6.txt MATERIAL CHANGE REPORT DATED MARCH 7, 2003 Exhibit 10.6 FORM 53-901F Section 85 (1) -- Securities Act (British Columbia) (or the equivalent thereof under Canadian Provincial Securities Legislation) 1. REPORTING ISSUER Ivanhoe Mines Ltd. ("Ivanhoe") World Trade Centre Suite 654 - 999 Canada Place Vancouver, British Columbia V6C 3E1 2. DATE OF MATERIAL CHANGE February 26, 2003 3. PRESS RELEASE Date of Issuance: February 26, 2003 Place of Issuance: Toronto, Ontario 4. SUMMARY OF MATERIAL CHANGE An updated independent resource estimate (the "Estimate") for Ivanhoe's Oyu Tolgoi mineral exploration project (the "Project") in Mongolia has been completed. The Estimate was prepared by AMEC E&C Services Limited ("AMEC") of Vancouver, Canada. The Estimate covers the four principal exploration zones of the Project: Southwest Oyu, Central Oyu, South Oyu and Far North Oyu. AMEC estimated inferred mineral resources of approximately 1.60 billion tonnes, grading 0.63% copper and 0.17 g/t of gold at a 0.30% copper equivalent cut-off grade. AMEC also estimated indicated mineral resources at Southwest Oyu of an additional 509 million tonnes grading 0.40% copper and 0.59 g/t of gold at a 0.30% copper equivalent cut-off grade. 5. FULL DESCRIPTION OF MATERIAL CHANGE AMEC has prepared an updated Estimate in respect of the Project. The estimated mineral resource has been classified in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum. The Estimate was prepared under the supervision of Dr. Harry Parker and Dr. Stephen Juras of AMEC. Dr. Parker and Dr. Juras are independent qualified persons for the purposes of National Instrument 43-101 ("NI 43-101"). AMEC's Estimate covers the four principal exploration zones of the Project: Southwest Oyu, South Oyu, Central Oyu and Far North Oyu. Details of the Estimate are as follows: - 2 - TABLE 1: TURQUOISE HILL RESOURCE TABLE BY ZONE (BASED ON A 0.30% COPPER EQUIVALENT CUT-OFF)1

TABLE 2: TURQUOISE HILL RESOURCE TABLE BY ZONE (BASED ON A 0.60% COPPER EQUIVALENT CUT-OFF)

- 3 -

Note: 1 Copper equivalent cut-off grades have been calculated using assumed metal prices (US$0.80/lb. for copper and US$350/oz for gold); %Cu eq. = %Cu + Au (g/t) x (11.25/17.64). 2 Gold equivalents have been calculated using assumed metal prices of US$350 per ounce gold and US$0.80 per pound copper; in situ pounds of copper multiplied by US$0.80 per pound copper and divided by $US350 per ounce gold added to the in situ ounces of gold. The contained gold, copper and gold equivalents represent estimated contained metal in the ground and have not been adjusted for the metallurgical recoveries of gold and copper. The determination of an adjustment factor to account for differences in relative metallurgical recoveries between gold and copper will depend upon the completion of definitive metallurgical testing. The Estimate includes results from 71 drill holes from Southwest Oyu, 68 drill holes from South Oyu, 61 drill holes from Central Oyu and 63 drill holes from Far North Oyu. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Ivanhoe is continuing its core drilling program using fifteen drill rigs, with twelve drill rigs drilling at Far North Oyu. The drill program is intended to upgrade some or all of the existing inferred resources to the indicated and measured categories, to test the extension of the Far North Oyu mineralized zone and to test numerous geologic targets that exist within the Project. In particular, the drilling at Far North Oyu is focussing on the extension of a copper-rich high sulfidation system to the north northeast of the mineralized zone and on a deep seated, circular magnetic feature that also lies on a north northeast trend. The Far North Oyu zone remains open to depth to the south and the northeast from the mineralized zone identified in the resource estimate for approximately another 1,500 metres based on detailed induced polarization and ground magnetic surveys. Ivanhoe completed two step-out holes to the northeast of the mineralized zone at Far North Oyu subsequent to the cut-off date for the Estimate. Ivanhoe encountered encouraging mineralization in these holes, and they suggest the extension of the Far North Oyu mineralized zone by another 600 metres to the northeast. Ivanhoe has appointed AMEC and Ausenco Limited to jointly provide comprehensive consulting and engineering services for a pre-feasibility study of the Project. The objective of the pre-feasibility study will be to consider a range of mining, processing, infrastructure, development alternatives and varying production rates. Ivanhoe has also retained SRK Consulting of Perth, Australia to review bulk underground mining options for the Far North Oyu zone and the deep portions of the Southwest Oyu zone. Charles Forster, P.Geo., Ivanhoe Mines' Project Manager and full-time employee and a qualified person as defined by NI 43-101, supervised the preparation of the technical information on which this material change report was prepared. SGS Analabs Pty. Ltd. prepared the split core at the Project site and assays all samples at its facility in Ulanbaataar, Mongolia. Ivanhoe operates a quality control program, which is monitored by independent consultant Dr. Barry Smee, P.Geo., to ensure that NI 43-101 requirements for sampling and assaying are met or exceeded. - 4 - The program includes the insertion of prepared standards and blanks at the sample preparation lab on the Project site to monitor the quality control of the assay data. 6. RELIANCE ON SECTION 85 (2) OF THE ACT Not applicable 7. OMITTED INFORMATION Not applicable 8. SENIOR OFFICER For further information please contact: Beverly Bartlett Ivanhoe Mines Ltd. Suite 654 - 999 Canada Place Vancouver, British Columbia V6C 3E1 Telephone: (604) 688-5755 9. STATEMENT OF SENIOR OFFICER The foregoing accurately discloses the material change referred to herein. DATED at Vancouver, British Columbia this 7th day of March, 2003. IVANHOE MINES LTD. Per: "Beverly Bartlett" -------------------------------------------- Beverly Bartlett Corporate Secretary EX-10.7 17 o11180exv10w7.txt MATERIAL CHANGE REPORT DATED JULY 31, 2003 Exhibit 10.7 FORM 53-901F Section 85 (1) -- Securities Act (British Columbia) (or the equivalent thereof under Canadian Provincial Securities Legislation) 1. REPORTING ISSUER Ivanhoe Mines Ltd. ("Ivanhoe") World Trade Centre Suite 654 - 999 Canada Place Vancouver, British Columbia V6C 3E1 2. DATE OF MATERIAL CHANGE July 21, 2003 3. PRESS RELEASE Date of Issuance: July 21, 2003 Place of Issuance: Vancouver, British Columbia 4. SUMMARY OF MATERIAL CHANGE A new independent estimate prepared by AMEC E&C Services Limited ("AMEC") of Vancouver, Canada indicates that the Far North Zone at Ivanhoe's Turquoise Hill (Oyu Tolgoi) Project now contains estimated inferred resources of 618 million tonnes, grading 1.19% copper and 0.10 grams of gold per tonne ("g/t") of gold, at a 0.60% copper equivalent cut off, containing approximately 7.4 million tonnes (16.3 billion pounds) of copper and 2.0 million ounces of gold. 5. FULL DESCRIPTION OF MATERIAL CHANGE The new estimate for the Far North Zone at Ivanhoe's Turquoise Hill Project was prepared by AMEC in conformance with the requirements set out in National Instrument 43-101 ("N143-101") under the direction of Dr. Harry Parker, Ch. P. Geol., and Dr. Stephen Juras, P.Geo., independent qualified persons as defined by NI 43-101. AMEC's latest estimate is that the Far North Zone at Ivanhoe's Turquoise Hill (Oyu Tolgoi) Project contains inferred resources of 618 million tonnes grading 1.19% copper and 0.10 g/t of gold, at a 0.60% copper equivalent cut off, containing approximately 7.4 million tonnes (16.3 billion pounds) of copper and 2.0 million ounces of gold. Drilling at the Far North Zone also has delineated a high-grade core of inferred resources greater than 2% copper equivalent within this larger mineralized envelope that is estimated to contain 68.8 million tonnes grading 2.92% copper and 0.28 g/t gold. - 2 - AMEC now estimates that the Turquoise Hill Project contains inferred resources totaling 2.4 billion tonnes grading 0.61% copper and 0.14 g/t gold, at a 0.30% copper equivalent cut-off, containing approximately 14.7 million tonnes (32.4 billion pounds) of copper and 11.2 million ounces of gold. This represents an increase of 45% in the amount of copper and a 24% increase in the amount of gold since AMEC's previous estimate issued on February 26, 2003 (the "February 2003 Estimate"). At a higher cut-off grade of 0.60% copper equivalent, AMEC estimates an inferred resource for the entire project of 941 million tonnes grading 1.01% copper and 0.21 g/t gold, containing approximately 9.5 million tonnes (20.9 billion pounds) of copper and 6.3 million ounces of gold. This represents an increase of 29% in the amount of copper and a 41% increase in the amount of gold over the previous inferred resource at the higher cutoff in the February 2003 Estimate. The project's indicated resources are approximately the same as the February 2003 Estimate, as Ivanhoe has conducted only a minimal amount of drilling in the Southwest Zone since February, 2003. All indicated resources identified to date are in the Southwest Zone. The Far North deposit and its newly discovered, deeply buried porphyry system is one of four co-genetic copper and gold zones delineated to date along a five-kilometre-long chain of deposits at Turquoise Hill. Analyses of the updated mineral resources for the project, at 0.30% and 0.60% copper equivalent cut-off grades, are provided in the following two tables. As the company's drilling since February has focused on expanding and delineating the Far North Zone, AMEC has not updated its February resource estimates for the Southwest, South and Central zones. The resource estimates for the Southwest, South and Central deposits were prepared by AMEC, in February, 2003, and were previously reported in the February 2003 Estimate. UPDATED TURQUOISE HILL RESOURCE TABLE BY ZONE (BASED ON A 0.30% COPPER EQUIVALENT CUT-OFF)1

- 3 -

UPDATED TURQUOISE HILL RESOURCE TABLE BY ZONE (BASED ON A 0.60% COPPER EQUIVALENT CUT-OFF)1

1. Copper equivalent grades have been calculated using assumed metal prices (US$0.80/lb. for copper and US$350/oz. for gold); %Cu eq. = %Cu + Au (g/t) x (11.25/17.64). - 4 - 2. The contained gold and copper represent estimated contained metal in the ground and have not been adjusted for the metallurgical recoveries of gold and copper. The determination of an adjustment factor to account for differences in relative metallurgical recoveries between gold and copper will depend upon the completion of definitive metallurgical testing. 3. Resource classifications conform to CIM Standards on Mineral Resources and Reserves referred to in National Instrument 43-101. Mineral resources that are not reserves do not have demonstrated economic viability. An indicated mineral resource is that part of a mineral resource for which quantity and grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. An inferred mineral resource is that part of a mineral resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified. AMEC's updated estimate for Far North inferred resources incorporated results from 100 drill holes. Since its discovery in the fall of 2002, the Far North Zone has developed into the project's most important deposit. It contains approximately 76% of the copper and 36% of the gold in Turquoise Hill's total inferred resources defined to date, using a 0.30% copper equivalent cut off. Given the open-ended nature of the zone and the increasing gold grades recently announced from this area, Ivanhoe has directed the main effort of the 13 drill rigs on site on rapidly exploring the extent of the high-grade discovery. Ivanhoe is reviewing various potential production scenarios that could involve early-stage mining, including potential open-pit shell in the Southwest Zone and bulk underground mining in a high-grade copper and gold core in the Far North Zone. Neither scenario has been subjected to an economic analysis, and they are still in the early planning stage. New drill holes on the western side of the Far North Zone have encountered chalcopyrite and bornite mineralization in a large, quartz monzodiorite intrusion underlying the southwestern flank. This zone lies 500 to 700 metres north of holes drilled early in the Far North exploration program and 500 to 1000 metres northwest of the Central Zone. The holes were drilled specifically to test the southwestern side of a chargeability anomaly (the "IP Anomaly") identified in a recent induced polarization survey of the Far North Zone. These early holes intersected ignimbrite containing pyrite, chalcopyrite and enargite mineralization that overlies and/or flanks the chalcopyrite, bornite and chalcocite mineralization in the main, high-grade Far North deposit. One of these holes, OTD267, encountered 56 metres grading 0.50% copper and 0.45 g/t gold starting at 68 metres down hole. OTD188, collared 400 metres southeast of OTD 267, mid-way to the Central Zone, encountered 42 metres grading 0.52% copper and 0.13 g/t gold at 132 metres down hole and bottomed in 0.88% copper and 0.81 g/t gold at 554 metres due to the depth limitation of the drill rig. This sparsely drilled area is broadly connected by the western flank of the IP Anomaly. Future exploration drilling will target this broad western flank of the IP Anomaly for rear surface and deep copper and gold mineralization. The increase in gold grades within the high-grade core of the deposit is attributable to drill holes in the northern portion of the Far North Zone that have encountered strong gold mineralization occurring in bornite-rich, quartz stockwork in altered basalt similar to the high-grade, Southwest Zone. Numerous intersections of highly mineralized porphyry - 5 - beneath the northern portion of the Far North Zone indicate that a deep-seated porphyry is the source of the mineralization. The total strike length of the Far North Zone now included in the 0.6% copper equivalent inferred resource estimate is approximately two kilometres and remains open. The deposit plunges shallowly north and can be partitioned into two mineralized zones. The northern portion, referred to as the Far North Extension, is hosted by basalt with the highest-grade intersections occurring in quartz stock work that replaces up to 90% of the basalt. Intense chlorite, hematite after biotite and magnetite alteration reinforces the gold-rich porphyry association. Drilling for groundwater resources for the project is continuing and several aquifers have recently been discovered near the project, the largest identified being in a broad regional drainage basin in the Galbyn Gobi and Javkhlant areas between 30 to 50 kilometres south of Turquoise Hill. Another potential source of the water may be in an aquifer in the Gunii Hooloi area, a drainage basin approximately 30 kilometres north of Turquoise Hill. Assessment of these and other sites will continue as part of Ivanhoe's groundwater exploration and resource evaluation work. Charles Forster, P.Geo., Ivanhoe Mines' Turquoise Hill Manager, a qualified person as defined by National Instrument 43-101, supervised the preparation of the information upon which this material change report is based. SGS Analabs Pty. Ltd. prepares the split core at the project site and assays all samples at its facility in Ulaanbaatar, Mongolia. Ivanhoe's quality assurance/quality control program is monitored by independent consultant Dr Barry Smee, P.Geo., and managed on site by Dale Sketchley, M.Sc., P.Geo. Prepared standards and blanks are inserted at the sample preparation lab on the project site to monitor the quality control of the assay data. 6. RELIANCE ON SECTION 85 (2) OF THE ACT Not applicable 7. OMITTED INFORMATION Not applicable 8. SENIOR OFFICER For further information please contact: Beverly Bartlett Ivanhoe Mines Ltd. Suite 654 - 999 Canada Place Vancouver, British Columbia V6C 3E1 - 6 - Telephone: (604) 688-5755 9. STATEMENT OF SENIOR OFFICER The foregoing accurately discloses the material change referred to herein. DATED at Vancouver, British Columbia this 31st day of July, 2003. IVANHOE MINES LTD. Per: "Beverly Bartlett" -------------------------------------------- Beverly Bartlett Corporate Secretary EX-10.8 18 o11180exv10w8.txt AMENDED MATERIAL CHANGE REPORT OF AUGUST 18, 2003 Exhibit 10.8 AMENDED AND RESTATED FORM 53-901F Section 85 (1) -- Securities Act (British Columbia) (or the equivalent thereof under Canadian Provincial Securities Legislation) 1. REPORTING ISSUER Ivanhoe Mines Ltd. ("Ivanhoe") World Trade Centre Suite 654 - 999 Canada Place Vancouver, British Columbia V6C 3E1 2. DATE OF MATERIAL CHANGE July 21, 2003 3. PRESS RELEASE Date of Issuance: July 21, 2003 Place of Issuance: Vancouver, British Columbia 4. SUMMARY OF MATERIAL CHANGE A new independent estimate prepared by AMEC E&C Services Limited ("AMEC") of Vancouver, Canada indicates that the Far North Zone at Ivanhoe's Turquoise Hill (Oyu Tolgoi) Project now contains estimated inferred resources of 642.8 million tonnes, grading 1.19% copper and 0.10 grams of gold per tonne ("g/t") of gold, at a 0.60% copper equivalent cut off, containing approximately 7.66 million tonnes (16.9 billion pounds) of copper and 2.1 million ounces of gold. Subsequent to the initial filing of this Form 53-901F Material Change Report, AMEC advised Ivanhoe that, due to a computer error, the resource estimate for the Far North Zone understated overall resource tonnages by approximately 4% and gold grades by approximately 4% to 7%. Accordingly, this Form 53-901F Material Change Report has been amended and restated to reflect corrections made by AMEC to the overall resource tonnages and gold grades. 5. FULL DESCRIPTION OF MATERIAL CHANGE The new estimate for the Far North Zone at Ivanhoe's Turquoise Hill Project was prepared by AMEC in conformance with the requirements set out in National Instrument 43-101 ("N143-101") under the direction of Dr. Harry Parker, Ch. P. Geol., and Dr. Stephen Juras, P.Geo., independent qualified persons as defined by NI 43-101. - 2 - AMEC's latest estimate is that the Far North Zone at Ivanhoe's Turquoise Hill (Oyu Tolgoi) Project contains inferred resources of 642.8 million tonnes grading 1.19% copper and 0.10 g/t of gold, at a 0.60% copper equivalent cut off, containing approximately 7.66 million tonnes (16.9 billion pounds) of copper and 2.1 million ounces of gold. Drilling at the Far North Zone also has delineated a high-grade core of inferred resources greater than 2% copper equivalent within this larger mineralized envelope that is estimated to contain 70.8 million tonnes grading 2.92% copper and 0.30 g/t gold. AMEC now estimates that the Turquoise Hill Project contains inferred resources totaling 2.45 billion tonnes grading 0.61% copper and 0.14 g/t gold, at a 0.30% copper equivalent cut-off, containing approximately 15.1 million tonnes (33.2 billion pounds) of copper and 11.4 million ounces of gold. This represents an increase of 45% in the amount of copper and a 24% increase in the amount of gold since AMEC's previous estimate issued on February 26, 2003 (the "February 2003 Estimate"). At a higher cut-off grade of 0.60% copper equivalent, AMEC estimates an inferred resource for the entire project of 965 million tonnes grading 1.01% copper and 0.21 g/t gold, containing approximately 9.8 million tonnes (21.5 billion pounds) of copper and 6.4 million ounces of gold. This represents an increase of 29% in the amount of copper and a 41% increase in the amount of gold over the previous inferred resource at the higher cutoff in the February 2003 Estimate. The project's indicated resources are approximately the same as the February 2003 Estimate, as Ivanhoe has conducted only a minimal amount of drilling in the Southwest Zone since February, 2003. All indicated resources identified to date are in the Southwest Zone. The Far North deposit and its newly discovered, deeply buried porphyry system is one of four co-genetic copper and gold zones delineated to date along a five-kilometre-long chain of deposits at Turquoise Hill. Analyses of the updated mineral resources for the project, at 0.30% and 0.60% copper equivalent cut-off grades, are provided in the following two tables. As the company's drilling since February has focused on expanding and delineating the Far North Zone, AMEC has not updated its February resource estimates for the Southwest, South and Central zones. The resource estimates for the Southwest, South and Central deposits were prepared by AMEC, in February, 2003, and were previously reported in the February 2003 Estimate. UPDATED TURQUOISE HILL RESOURCE TABLE BY ZONE (BASED ON A 0.30% COPPER EQUIVALENT CUT-OFF)1

- 3 -

UPDATED TURQUOISE HILL RESOURCE TABLE BY ZONE (BASED ON A 0.60% COPPER EQUIVALENT CUT-OFF)1

- 4 -

1. Copper equivalent grades have been calculated using assumed metal prices (US$0.80/lb. for copper and US$350/oz. for gold); %Cu eq. = %Cu + Au (g/t) x (11.25/17.64). 2. The contained gold and copper represent estimated contained metal in the ground and have not been adjusted for the metallurgical recoveries of gold and copper. The determination of an adjustment factor to account for differences in relative metallurgical recoveries between gold and copper will depend upon the completion of definitive metallurgical testing. 3. Resource classifications conform to CIM Standards on Mineral Resources and Reserves referred to in National Instrument 43-101. Mineral resources that are not reserves do not have demonstrated economic viability. An indicated mineral resource is that part of a mineral resource for which quantity and grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. An inferred mineral resource is that part of a mineral resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified. AMEC's updated estimate for Far North inferred resources incorporated results from 100 drill holes. Since its discovery in the fall of 2002, the Far North Zone has developed into the project's most important deposit. It contains approximately 76% of the copper and 36% of the gold in Turquoise Hill's total inferred resources defined to date, using a 0.30% copper equivalent cut off. Given the open-ended nature of the zone and the increasing gold grades recently announced from this area, Ivanhoe has directed the main effort of the 13 drill rigs on site on rapidly exploring the extent of the high-grade discovery. Ivanhoe is reviewing various potential production scenarios that could involve early-stage mining, including potential open-pit shell in the Southwest Zone and bulk underground mining in a high-grade copper and gold core in the Far North Zone. Neither scenario has been subjected to an economic analysis, and they are still in the early planning stage. New drill holes on the western side of the Far North Zone have encountered chalcopyrite and bornite mineralization in a large, quartz monzodiorite intrusion underlying the southwestern flank. This zone lies 500 to 700 metres north of holes drilled early in the Far North exploration program and 500 to 1000 metres northwest of the Central Zone. The holes were drilled specifically to test the southwestern side of a chargeability anomaly (the "IP Anomaly") identified in a recent induced polarization survey of the Far North Zone. These early holes intersected ignimbrite containing pyrite, chalcopyrite and enargite mineralization that overlies and/or flanks the chalcopyrite, bornite and chalcocite mineralization in the main, high-grade Far North deposit. One of these holes, OTD267, encountered 56 metres grading 0.50% copper and 0.45 g/t gold starting at 68 metres down hole. OTD188, collared 400 metres southeast of OTD 267, mid-way to the Central - 5 - Zone, encountered 42 metres grading 0.52% copper and 0.13 g/t gold at 132 metres down hole and bottomed in 0.88% copper and 0.81 g/t gold at 554 metres due to the depth limitation of the drill rig. This sparsely drilled area is broadly connected by the western flank of the IP Anomaly. Future exploration drilling will target this broad western flank of the IP Anomaly for rear surface and deep copper and gold mineralization. The increase in gold grades within the high-grade core of the deposit is attributable to drill holes in the northern portion of the Far North Zone that have encountered strong gold mineralization occurring in bornite-rich, quartz stockwork in altered basalt similar to the high-grade, Southwest Zone. Numerous intersections of highly mineralized porphyry beneath the northern portion of the Far North Zone indicate that a deep-seated porphyry is the source of the mineralization. The total strike length of the Far North Zone now included in the 0.6% copper equivalent inferred resource estimate is approximately two kilometres and remains open. The deposit plunges shallowly north and can be partitioned into two mineralized zones. The northern portion, referred to as the Far North Extension, is hosted by basalt with the highest-grade intersections occurring in quartz stock work that replaces up to 90% of the basalt. Intense chlorite, hematite after biotite and magnetite alteration reinforces the gold-rich porphyry association. Drilling for groundwater resources for the project is continuing and several aquifers have recently been discovered near the project, the largest identified being in a broad regional drainage basin in the Galbyn Gobi and Javkhlant areas between 30 to 50 kilometres south of Turquoise Hill. Another potential source of the water may be in an aquifer in the Gunii Hooloi area, a drainage basin approximately 30 kilometres north of Turquoise Hill. Assessment of these and other sites will continue as part of Ivanhoe's groundwater exploration and resource evaluation work. Charles Forster, P.Geo., Ivanhoe Mines' Turquoise Hill Manager, a qualified person as defined by National Instrument 43-101, supervised the preparation of the information upon which this material change report is based. SGS Analabs Pty. Ltd. prepares the split core at the project site and assays all samples at its facility in Ulaanbaatar, Mongolia. Ivanhoe's quality assurance/quality control program is monitored by independent consultant Dr Barry Smee, P.Geo., and managed on site by Dale Sketchley, M.Sc., P.Geo. Prepared standards and blanks are inserted at the sample preparation lab on the project site to monitor the quality control of the assay data. Subsequent to the initial filing of this Form 53-901F Material Change Report, AMEC advised Ivanhoe that the computer that calculated and assigned copper equivalent values in the Far North Zone resource model was not set to assign such values below +20m bench elevation. As a result of this error, AMEC's resource estimate for the Far North Zone understated overall resource tonnages by approximately 4% and gold grades by approximately 4% to 7%. This variance reflects the resource that resides at the lowest elevations of the deposit (from +20m to -115m elevation). Accordingly, this Form 53-901F Material Change Report has been amended and restated to reflect corrections made by AMEC to the overall resource tonnages and gold grades. - 6 - 6. RELIANCE ON SECTION 85(2) OF THE ACT Not applicable 7. OMITTED INFORMATION Not applicable SENIOR OFFICER For further information please contact: Beverly Bartlett Ivanhoe Mines Ltd. Suite 654 - 999 Canada Place Vancouver, British Columbia V6C 3E1 Telephone: (604) 688-5755 8. STATEMENT OF SENIOR OFFICER The foregoing accurately discloses the material change referred to herein. DATED at Vancouver, British Columbia this 31st day of July, 2003 and amended and restated this 18th day of August, 2003. IVANHOE MINES LTD. Per: "Beverly Bartlett" -------------------------------------------- Beverly Bartlett Corporate Secretary EX-10.9 19 o11180exv10w9.txt MATERIAL CHANGE REPORT DATED NOVEMBER 6, 2003 Exhibit 10.9 FORM 53-901F Section 85 (1) -- Securities Act (British Columbia) (or the equivalent thereof under Canadian Provincial Securities Legislation) 1. REPORTING ISSUER Ivanhoe Mines Ltd. ("Ivanhoe") World Trade Centre Suite 654 - 999 Canada Place Vancouver, British Columbia V6C 3E1 2. DATE OF MATERIAL CHANGE November 1, 2003 3. PRESS RELEASE Date of Issuance: November 3, 2003 Place of Issuance: Vancouver, British Columbia 4. SUMMARY OF MATERIAL CHANGE Ivanhoe has reached an agreement with BHP Minerals International Exploration Inc. ("BHP") to purchase BHP's 2% net smelter returns royalty (the "BHP Royalty") in respect of the Oyu Tolgoi copper and gold project in Mongolia (the "Oyu Tolgoi Project"). 5. FULL DESCRIPTION OF MATERIAL CHANGE On November 1 2003 Ivanhoe entered into an agreement with BHP to purchase the BHP Royalty. The purchase price is US$37 million, payable in two installments. The first installment of US17 million must be paid on or before November 7, 2003. The second installment of US$20 million must be paid on or before February 5, 2004. The BHP Royalty arose under the terms of an earn-in agreement dated May 5, 2000 between BHP and Ivanhoe. BHP received the BHP Royalty when Ivanhoe earned its 100% participating interest in the Oyu Tolgoi Project. The BHP Royalty represents BHP's only remaining interest in the Oyu Tolgoi Project. 6. RELIANCE ON SECTION 85(2) OF THE ACT Not applicable - 2 - 7. OMITTED INFORMATION Not applicable 8. SENIOR OFFICER For further information please contact: Beverly Bartlett Ivanhoe Mines Ltd. Suite 654 - 999 Canada Place Vancouver, British Columbia V6C 3E1 Telephone: (604) 688-5755 9. STATEMENT OF SENIOR OFFICER The foregoing accurately discloses the material change referred to herein. DATED at Vancouver, British Columbia this 6th day of November, 2003. IVANHOE MINES LTD. Per: "Beverly Bartlett" -------------------------------------------- Beverly Bartlett Corporate Secretary EX-13.1 20 o11180exv13w1.txt ANNUAL REPORT YEAR ENDED DECEMBER 31, 2001 Exhibit 13.1 [IVANHOE MINES LOGO] www.ivanhoemines.com IVANHOE MINES LTD. [IVANHOE LOGO] MANAGEMENT'S DISCUSSION AND ANALYSIS OVERVIEW On December 31, 2000, in a transaction valued at $43 million, the Corporation acquired all of the outstanding shares of ABM. Part of the $43 million proceeds involved the issuance by the Corporation of 50,322,533 common shares. Reference is made to Note 4 of the Corporation's consolidated financial statements for the year ended December 31, 2000. Only the assets and liabilities of ABM have been included in the Corporation's consolidated financial statements for the year ended December 31, 2000. The operations of ABM will be consolidated in the Corporation's financial statements starting in 2001. Ivanhoe Mines experienced a consolidated net loss for the year ended December 31, 2000 of $17.9 million or $ 0.24 per share, compared with a consolidated net loss of $7.6 million or $0.10 per share in 1999. The higher net loss is mainly attributable to write downs in the Corporation's shares of Emperor Mines Limited ($4.6 million) and in the Corporation's Asian exploration mineral properties ($6.4 million). The operating cash flow deficit, before changes to non-cash working capital items, was $1.9 million compared with $2.8 million in 1999. The bulk of the $0.9 million increase in cash flow is attributable to increased copper revenue. Working capital at December 31, 2000 was $25.8 million, including cash of $40.4 million, compared with working capital of $49.1 million and cash of $50.8 million at the end of 1999. Consolidated long-term debt and loans payable to related parties, net of current portion, was $75.7 million, which represents 24% of total liabilities and shareholders' equity. 1 [IVANHOE LOGO] RESULTS OF OPERATIONS FINANCIAL DATA

REVENUES & OPERATING PROFIT In 2000, the Corporation's share of revenue from it's 50%-owned S&K Mine in Myanmar was $22.5 million compared with $20.6 million in 1999. The bulk of the 9% increase in revenue is the net result of a 19% increase in copper prices offset by a 9% reduction in the amount of copper sold. Copper sales averaged $0.82 per pound in 2000 compared to $0.69 per pound in 1999. During 2000, the S&K Mine produced 26,711 tonnes of copper compared with 26,738 tonnes in 1999. The copper sold in 2000 was all produced during the year, while sales for 1999 included unsold 1998 production inventory of 2,564 tonnes. The net increase in copper sales resulted in improved mine operating income (after depreciation, before inventory allowances) in 2000 of $10.0 million compared to $7.2 million in 1999. During 2000, the S&K Mine experienced some unfavourable copper solution recoveries as a result of clay bearing material being stacked on the leach heaps. The ultimate copper recoveries from the various heap cells containing this clay bearing material is presently uncertain. Therefore, the S&K Mine has written down the value of its heap inventory by $4.4 million (net $2.2 million to the Corporation). Beginning in the fourth quarter of 2000, Ivanhoe Mines was successful in controlling the recovery problems caused by the clay bearing material by blending regular and clay bearing ore and separating the clay. Management is confident that the recovery problems caused by the clay bearing material are under control and does not expect to take any further inventory write-downs as a result. 2 [IVANHOE LOGO] Political unrest in Fiji during 2000 contributed to a further deterioration in the equity market conditions for Emperor Mines Limited. Accordingly the Corporation made an impairment provision of $4.6 million against its investment in Emperor Mines Limited. In the fourth quarter of 2000, the Corporation made a strategic decision to concentrate its future exploration efforts in Korea, Mongolia and Myanmar. As a result, previously capitalized exploration expenditures in Indonesia and Thailand totalling $6.4 million were written down. The 1999 write-down of $0.5 million was related to the Corporation's investment in the Bakyrchik gold project in Kazakhstan. Bakyrchik remained on care and maintenance status throughout the year 2000. The Corporation was able to reduce its maintenance costs from $3.2 million in 1999 to $2.5 million in 2000. Exploration costs decreased from $6.0 million in 1999 to $5.3 million in 2000. During 2000 and 1999, exploration expenditures were allocated as follows:

Other income decreased from $1.9 million in 1999 to $1.2 million in 2000. A $1.3 million reversal of a previous Kazakhstani withholding tax provision made up the majority of the 1999 balance. The majority of the $1.2 million balance earned in 2000 resulted from the Corporation's receipt of the final instalment of common shares of Olympus Pacific Minerals Inc. issuable as part of the purchase price from the 1997 sale by the Corporation to Olympus of its Vietnam exploration properties. In 2000, the Corporation experienced a foreign exchange loss of $0.7 million compared to a foreign exchange gain of $1.5 million in 1999. In both years, the foreign exchange gains and losses were related to the fluctuation of the Canadian dollar against the U.S. dollar and its impact on Canadian money market funds held by the Corporation. The Corporation adopted a new accounting standard for future income tax liabilities commencing in the first quarter of 2000. Under the new standard, the Corporation adjusts its tax liability account to reflect new developments such as tax rate changes and legislated amendments by charging current earnings. In 2000, the Corporation recorded a $7.6 million future income tax asset and a $12.4 million future income tax liability resulting in a $4.8 million decrease in the net assets of the Corporation. This change resulted in a $0.7 million decrease in the net loss for 2000. FINANCIAL POSITION AND LIQUIDITY OPERATING CASH FLOW Higher copper revenues from the S&K Mine were the main contributor to the improvements in the Mine's operating cash flow in 2000 over 1999. INVESTING ACTIVITIES On December 31, 2000 the Corporation acquired all of the outstanding shares of ABM in a transaction valued at $43 million. ABM is engaged in the operation of an iron ore mine and integrated pellet production facilities in Tasmania, Australia, and plans to re-develop an iron ore mine and integrated pellet production facilities in Norway. 3 [IVANHOE LOGO] Capital expenditures totalling $2.7 million in 2000 and $3.7 million in 1999 consisted primarily of expansion and construction programs at the S&K Mine. The $1.6 million subsidiary acquisition balance in 2000 represents the ABM cash acquired at December 31, 2000 less the Corporation's acquisition costs related to the acquisition. FINANCING ACTIVITIES S&K Mine, Myanmar The S&K Mine is the first phase of the development of the Monywa copper project in Myanmar. The project, a 50/50 joint venture between the Corporation and a Myanmar state owned company, is consolidated by the Corporation on a proportionate basis. In 2000, the S&K Mine initiated a series of plant modifications at the Mine designed to raise annual production to approximately 29,500 tonnes by March 2003. The modifications are being funded from the Mine's cash flow. The Corporation's share of the estimated S&K Mine capital expenditures in 2001 is $3.9 million. The S&K Mine reduced its bank loan by $15 million ($7.5 million net to the Corporation) in 2000. In 1999, the Corporation's share in the S&K Mine's increase in loan facility totalled $4.9 million. Savage River Mine, Tasmania The Corporation plans to increase its annual iron ore pellet sales from Savage River from 2.1 million tonnes in 2000 to approximately 2.8 million tonnes by 2003. In order to increase production capacity, the Corporation plans to spend approximately $35 million between 2001 and the end of 2002 on various project expansion initiatives. Major items include south deposit crusher construction, preproduction development of the south deposit, engineering and construction of an expansion of the concentrator grinding section, grinding mill gears and pinion upgrade of tailings water return, concentrator and pellet plant control system upgrade, rebricking of No.4 pellet furnace, conversion of the pellet plant to natural gas, and construction of a new stack at the pellet plant to comply with local air emissions requirements. As part of the Tasmanian deferred purchase obligation, the Corporation is required to put in place a cash guarantee by the end of 2001. The Corporation intends to negotiate in 2001 the replacement of the cash guarantee with a general corporate undertaking. In March, 2001 the Corporation and Duke Energy International announced of an agreement for Duke Energy to supply natural gas to the Savage River Mine. In conjunction with this agreement, the Corporation plans to convert the Mine's pellet plant furnaces from oil to cleaner burning natural gas by 2002. The conversion to gas is expected to generate energy savings of $3 million per annum. Letpadaung Project In May 2000, the Corporation completed its comprehensive development plan for the Letpadaung copper deposit, which will be the second phase of the Monywa copper project. The plan calls for annual production of 125,000 tonnes of cathode copper, with estimated minegate cash operating costs of $0.35 per pound over a projected 20-year mine life. The Corporation is currently in discussions with prospective lenders respecting project financing for Letpadaung. In the first quarter of 2001 , the Corporation received, from a large Japanese trading house, a letter of intent to cover the financing and construction of the project. The capital cost of construction is estimated at $389 million. Subject to financing and government approval, copper production from Letpadaung could commence in January 2004. 4 [IVANHOE LOGO] Bjornevatn Project, Norway Subject to the successful conclusion of ongoing financing negotiations, the Corporation intends to redevelop the Bjornevatn mine, and the iron ore pellet and concentrate production facilities at Kirkenes, Norway. A 15 to 18 month period of pre-stripping and refurbishment will precede the first production and shipping of pellets. A total of approximately $37 million, including $6 million in working capital, will be required to develop the Bjornevatn Project. Ongoing project maintenance costs including loan and interest payments will average $2 to $3 million per year for the next two to three years. Bakyrchik Mine, Kazakhstan The Bakyrchik gold mine remained on care and maintenance throughout 2000. As part of its ongoing efforts to conserve cash, the Corporation intends to divest its interest in this project sometime in 2001 if no joint venture partners can be found. Exploration Exploration activities totalled $5.4 million in 2000 compared to $6.0 million in 1999. During 2000, the Corporation concentrated its efforts in Korea, Mongolia and Vietnam. By the end of 2000, the Corporation had terminated all of its exploration activities in Indonesia and Thailand. During 2001, the Corporation intends to spend a total of $2.3 million in exploration on its mineral properties located in Myanmar, Korea and Mongolia. The Corporation has a contractual commitment to spend $3.0 million prior to May 2003 exploring its Mongolia property. At the end of 2000, the Corporation had spent approximately $1 million against its $3 million commitment. Other In 2000, the Corporation initiated a review of its non-core investments and the Corporation intends to dispose of these investments in 2001. The investments are described in Note 9 of the Consolidated Financial Statements. CASH RESOURCES AND LIQUIDITY At December 31, 2000 consolidated working capital was $25.8 million including cash of $40.4 million, compared with working capital of $49.1 million and cash of $50.8 million at the end of 1999. The $10.4 million decrease in cash during 2000 was mainly the result of the following activities:

The $23.3 million decrease in working capital is mainly attributed to the $10.4 million decrease in cash plus the $10.8 million current portion of the $23 million increase in liabilities due to the mark to market accounting at December 31, 2000 of the $130 million ABM foreign currency commitment. Reference is made to Note 22 of the Corporation's Consolidated Financials Statements for the year ended December 31, 2000. At December 31, 2000, restrictions on the Corporation's cash balances totalled $13.0 million consisting of the Corporation's share of the S&K Mine's $20 million cash balance at December 31, 2000 (net $10 million) and a total of $3.0 million restricted by letters of credit issued by the Corporation with respect to its other mineral property assets. At December 31, 2000, of the $20 million S&K Mine's cash balance, $12.3 million is restricted to the servicing of the S&K Mine interest and loan repayments and the remainder of the balance is limited to the funding of the mine operations. 5 [IVANHOE LOGO] OUTLOOK 2001 will be the first year in which the operations of ABM will be consolidated with those of Ivanhoe Mines. As such, 2001 earnings and operating cash flow will reflect the consolidated performance of the Ivanhoe Mines' copper and iron ore operations. In 2001, annual copper production at the S&K Mine is expected to increase to 28,300 tonnes while the pellet and iron concentrate production at the Savage River Mine is expected to increase to 2.37 million tonnes. Apart from production volumes, the Corporation's earnings and cash flow are directly affected by metal prices and variations in the exchange rate between the U.S. dollar and the Australian dollar and variations in U.S. interest rates. The sensitivity of the Corporation's earnings to metal prices, exchange rates and interest rates is summarized in the table below. Earnings Sensitivity (Based on 2001 plan, no hedging)

Various risks, including fluctuations in commodity prices and foreign exchange, and customer, financing and political uncertainties, can impact on the Corporation's future profitability and anticipated increases in production capacity. In an effort to manage the risks of fluctuating metal prices and exchange rates, the Corporation engages, from time to time, in hedging transactions in respect of copper prices and the rate of exchange of the U.S. dollar relative to other currencies used by the Corporation. At December 31, 2000 the Corporation's had no copper hedging contracts outstanding. ABM has a commitment, totalling $130 million, to sell $5 million per month of U.S. currency until February 2003 at $0.6817 per Australian dollar. Unlike copper, iron ore is not a fungible commodity and it is therefore more affected by direct customer and producer relationships. With only a few customers, the Savage River Mine's operations could be adversely affected, in the short and medium term, by the loss of a key customer. A limited customer base is also a major risk to the S&K Mine as a substantial part of its copper production is sold, following a take or pay contract, to a single Japanese buyer. The S&K Mine's profitability could be negatively affected if economic sanctions or boycotts against trade with Myanmar were enacted in the future by major Asian countries. The Corporation's existing cash resources are insufficient to meet all of its planned capital expenditures. The Corporation will therefore need to obtain additional funding, recruit third parties to participate in selected projects or prioritise expenditures. Insofar as factors beyond the Corporation's control may adversely affect its access to funding, there can be no assurance the any such additional funding will be available to the Corporation or, if available, that it will be on acceptable terms. Since the majority of the Corporation's indebtedness is not at fixed interest rate, future fluctuations in interest rates will have a significant impact on the profitability of both the S&K Mine and the Savage River Mine as well as the Corporation's ability to successfully finance the Letpadaung project and re-opening the Bjornevatn mine. 6 [IVANHOE LOGO] QUARTERLY DATA ($ in millions except per share information)

COMPARATIVE FIGURES ($ in million except per share information)

7 EX-13.2 21 o11180exv13w2.txt QUARTERLY REPORT PERIOD ENDED MARCH 31, 2002 Exhibit 13.2 IVANHOE MINES FIRST QUARTER REPORT MARCH 31, 2002 TABLE OF CONTENTS ITEM 1. FINANCIAL STATEMENTS Consolidated Balance Sheets at March 31, 2002 (unaudited) and December 31, 2001 Unaudited Consolidated Statements of Operations and Deficit for the Three Month Period ended March 31, 2002 and 2001 Unaudited Consolidated Statements of Cash Flows for the Three Month Period ended March 31, 2002 and 2001 Notes to the Unaudited Consolidated Financial Statements ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. IVANHOE MINES LTD. CONSOLIDATED BALANCE SHEETS - --------------------------------------------------------------------------------

APPROVED BY THE BOARD: - ----------------------------------- ----------------------------------- Director Director IVANHOE MINES LTD. CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT (UNAUDITED) - --------------------------------------------------------------------------------

IVANHOE MINES LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - --------------------------------------------------------------------------------

Supplementary information (Note 7) IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. dollars) (Unaudited) - -------------------------------------------------------------------------------- 1) BASIS OF PRESENTATION a) These interim financial statements do not contain all the information required by generally accepted accounting principles for annual financial statements and therefore should be read in conjunction with the most recent annual financial statements of the Company for the year ended December 31, 2001. b) The Company has adopted the recommendations of the new CICA Handbook Section 3870, Stock-based Compensation and Other Stock-based Payments, effective January 1, 2002. This section establishes standards for the recognition, measurement and disclosure of stock-based compensation and other stock-based payments made in exchange for goods and services. The standard requires that all stock-based awards made to non-employees be measured and recognized using a fair value based method. The standard encourages a fair value based method for all awards granted to employees, but only requires the use of a fair value based method for direct awards of stock, stock appreciation rights, and awards that call for settlement in cash or other assets. Awards that an entity has the ability to settle in stock are recorded as equity, whereas awards that the entity is required to or has a practice of settling in cash are recorded as liabilities. The Company has adopted the intrinsic value method in accounting for stock options granted to employees and directors and the disclosure only provision with respect to the fair-value method (Note 5). In all other respects, these financial statements follow the same accounting policies and methods of their application as the most recent annual financial statements. c) The comparatives figures in these interim financial statements have been restated to give retroactive effect to the accounting change with respect to foreign currency translation as described in Note 3 (b) to the annual financial statements for the year ended December 31, 2001. This change has resulted in a decrease of $2,232,000 ($0.02 per share) in the net loss for the three months ended March 31, 2001. 2) ABM MINING LIMITED ("ABM") The recent sharp global slow down in the steel industry has resulted in reduced demand for iron ore pellets. As there are no immediate prospects for an early recovery in the iron ore market, the Savage River operation commenced, in the third quarter of 2001, a restructuring of the mine plan and negotiated additional bank loans aggregating Australian ("A") A$19.3 million to March 31, 2002. The Savage River operation is continuing its efforts in negotiating with its major stakeholders but there can be no assurance that the Savage River operation will be able to obtain the desired additional suitable concessions from the major stakeholders. If suitable concessions from the major stakeholders are not obtained, or if the Savage River operations deteriorate, the Company may not continue to provide financial support to ABM. In this case, ABM may not be able to continue as a going concern and accordingly, adjustments may be required to the carrying values and classifications of its assets and liabilities. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. dollars) (Unaudited) - -------------------------------------------------------------------------------- 2) ABM MINING LIMITED ("ABM") (CONTINUED) In 2001, the Company made an impairment provision of $53.8 million with respect to this project. The Company will continue to review the carrying value of the Savage River capital assets on a regular basis for indications of further impairment. The economics of the Savage River Mine Project are particularly sensitive to changes in selling prices and operating costs. As a consequence, any adverse changes in those selling prices and/or operating costs would result in further impairment provisions and those provisions may be material. As at March 31, 2002, the carrying value of the Savage River capital assets was $47.0 million. 3) MYANMAR IVANHOE COPPER COMPANY LIMITED ("JVCO") At March 31, 2002, JVCo was not in compliance with its credit agreement's minimum working capital requirement. If JVCo receives a notice of default from its lenders, JVCo will have 20 banking days to cure this non-compliance. At the end of that period, if the non-compliance remains uncured, the lenders will have the right to demand immediate repayment of the loan from JVCo. In that case, the long-term portion of the project loan, amounting to $18.75 million at March 31, 2002, would be reclassified to current liabilities. JVCo is confident that this non-compliance will be resolved by negotiating with its lenders an amendment to the credit agreement. There can be no assurance, however, that an amendment to the credit agreement will be obtained. 4) COMMITMENT ABM has entered into a contract to deliver U.S.$5 million of currency each month until February 2003 at U.S. $0.6817 per A$1. This forward sales contract is not designated as a hedge by the Company and, as a result, marked to market gains or losses are recognized in operations in the period in which changes in the market value of the contract occurs. At March 31, 2002, the remaining obligation under this contract was $54.2 million. The accrued unrealized loss at March 31, 2002 amounts to $12.5 million. Commencing in the third quarter of 2001, ABM negotiated a deferral of this currency contract with the holder, UBS Australia Limited, resulting in an increase in the existing bank loan facilities since that time (Note 2). The additional loan facility is repayable in various payments between May 2002 to December 2004. 5) SHARE CAPITAL During the three month period ended March 31, 2002 the Company completed financings consisting of the issue of 6,452,800 Common Shares at an issue price of $1.55 and 2,932,364 Common Shares at an issue price of $1.71. Aggregate gross proceeds to the Company from these financings was $15 million. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. dollars) (Unaudited) - -------------------------------------------------------------------------------- 5) SHARE CAPITAL (CONTINUED) In the first quarter of 2002, the Company granted a total of 100,000 stock options, 710,475 options were exercised, and 465,000 options were cancelled. Stock options outstanding at May 28, 2002 totaled 12,823,769 with exercise prices and expiry dates ranging from Cdn $0.95 to Cdn $12.05 and November 8, 2003 to May 10, 2008, respectively. At May 28, 2002, a total of 199,151,572 Common Shares of the Company were outstanding. The Company accounts for its stock-based compensation plan using the intrinsic-value method. Under this method, compensation costs are not recognized in the financial statements for stock options granted to employees and directors when issued at market value. Effective January 1, 2002, Canadian accounting standards require disclosure on a pro-forma basis of the impact on net income of using the fair-value method for stock options issued on or after January 1, 2002. If the fair-value method had been used, the effect on the Company's net income and net income per share for the three months ended March 31, 2002 would have been immaterial based on the number of stock options granted in this period. 6) SEGMENTED INFORMATION

(1) This amount excludes $3.95 million of realized foreign exchange losses arising from the foreign exchange contract discussed in Note 4 which became due during the quarter, as these losses had been previously accrued by the Company at December 31, 2001. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. dollars) (Unaudited) - -------------------------------------------------------------------------------- 6) SEGMENTED INFORMATION (CONTINUED)

7) SUPPLEMENTARY CASH FLOW INFORMATION a) During the three months ended March 31, 2002, the Company exchanged its investment in GTL Resources Plc, which had a carrying value of $ 1.4 million, for an equity interest in Resource Investment Trust with a fair value of $1.9 million. Also, during that period, the Company completed the earn-in of a 100% interest in the Oyu Tolgoi project in Mongolia by paying cash of $1 million and by incurring an obligation to make a $4 million payment within one year. b)

8) SUBSEQUENT EVENTS a) In April 2002, the Company issued 17,450,000 Common Shares at a price of Cdn.$3.25 (U.S.$2.05) per share for total proceeds of Cdn.$56.7 million (U.S.$35.7 million). b) In April 2002, the Company agreed to issue 2,550,000 Special Warrants for total proceeds of approximately Cdn.$8.3 million (U.S.$5.2 million). Each Special Warrant will entitle the holder to acquire, at no additional cost, one Common Share at any time until the close of business on the fifth business day after the earlier of: (i) the date upon which the applicable Canadian provincial securities commissions issue receipts for the Company's final prospectus, and (ii) 120 days after the closing of the financing IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. dollars) (Unaudited) - -------------------------------------------------------------------------------- 8) SUBSEQUENT EVENTS (CONTINUED) c) In May 2002, the Company acquired a total of 29 million shares (representing 19.8% of the total outstanding shares) of Intec Limited, a company listed on the Australian Stock Exchange. Total consideration paid for this acquisition consisted of cash of $3,660,000 and 287,678 Common Shares of the Company with a fair value of $597,000. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW Net income for the quarter was $0.7 million or $ nil per share, compared with a loss of $8.9 million or $0.07 per share in 2001. The Company spent a total of $ 2.9 million in exploration activities in the quarter, including $2.2 million on its Mongolian properties. At the end of January 2002, the Company acquired a 100% interest in the Oyu Tolgoi project in Mongolia by paying the sum of $1 million cash and incurring an obligation to make a final $4 million payment within a year. In early April 2002, the Company's cumulative exploration expenditures on the Oyu Tolgoi property exceeded $6 million, which completed the entire exploration obligations under the property earn-in agreement. An exploration budget of approximately $10 to $15 million is planned for 2002. The Copper division's operating profit after depreciation and depletion decreased by $846,000. The Iron division's operating profit after depreciation and depletion decreased by $114,000. The Iron division operating results do not include foreign exchange cash losses of $3.95 million realized in the quarter on the commitment discussed in Note 4 to the financial statements as the losses were previously accrued. Also, the 2002 quarterly operating expenses exclude $1.6 million of capitalized pre-stripping expenses. Cash flow used for operations decreased from $6.7 million in 2001 to $0.5 million in 2002 attributed largely to a decrease in 2002 in the net change in non-cash working capital items. At March 31, 2002 working capital was $6.9 million, including cash of $36.1 million compared with working capital of $5.7 million and cash of $25.8 million at the end of 2001. The $10.3 million increase in cash was mainly caused by the issuance of Common Shares totaling $15.4 million less expenditures on mining property, plant and equipment of $5.2 million. In April of 2002, the Company raised a total of $40.9 million by issuing an aggregate of 20 million Common Shares and Special Warrants in order to finance expected future investments and exploration activities in Mongolia, and for working capital purposes. OPERATIONS COPPER OPERATION

In 2002, in an effort to maintain the previous year cathode production level, JCCo increased the total tonnage mined in order to offset the decrease in both the grade mined and copper recoveries resulting from both the mining of clay ore and the increase stacking of run of mine ore. As a result, higher fuel and equipment rental charges and higher maintenance charges of mining equipment constituted the majority of the increase in cost of operations. The decrease in interest charges and interest income is attributed to lower loan and cash balances, respectively, and to lower interest rates. IRON OPERATION The production of iron products in both quarters was very similar as shown in the table below.

The majority of the decrease in the sales unit price is due to increased commission charges in 2002 and higher sales of concentrate in the first quarter of 2001. The increase in the cost of operations is mainly attributed to higher tonnage sold and higher mining and processing costs. The majority of the increase in mining costs is attributed to higher fuel, drilling and blasting and equipment rental charges. The increase in processing costs is mainly attributed to higher electricity and maintenance charges less a decrease in depreciation charges resulting from the $53.8 million write-down of capital assets at the end of 2001. The Iron division operating results do not include the foreign exchange cash losses realized in the quarter on the commitment discussed in Note 4 to the financial statements as these losses were previously accrued. The cash losses realized in the first quarter of 2002 totaled $3.95 million. Also, the 2002 quarterly operating expenses exclude $1.6 million of capitalized pre-stripping expenses. If these cash losses and the deferred pre-stripping expenses had been included in operations, the $3.3 operating profit for the second quarter of 2002 would have been an operating loss of $2.3 million. The decrease in interest expense is mainly attributed to the reduction in related party loans at the end of 2001. The decrease in the foreign exchange loss is attributed to the strengthening of the Australian currency against the U.S. currency. The Australian dollar hit a low point of US$0.5069 per Australian dollar at the end of January 2002. By the end of March 2002, the Australian dollar had increased by 5% to US$0.5328. The resulting reduction in accrued foreign exchange losses on the Company's U.S. dollar commitment exceeded the increase in foreign exchange losses on the Company's Australian monetary assets. GOLD The majority of expenditures on the Korea projects were capitalized in the first quarter of 2002 and the Company expects to start production at its Eunsan gold and silver mine in the second quarter of 2002. The Bakyrchik gold mine produced a total of 720 ounces of gold in the first quarter of 2002. The revenues from this mine are netted against the mine's care and maintenance costs. EXPLORATION Exploration expenses in the first quarter totaled $2.9 million compared to $0.9 million in 2001. The $2.0 million increase is a result of the increased activities in the Mongolia Oyu Tolgoi property. An exploration budget of approximately $10 to $15 million is planned for 2002. CORPORATE The increase in general and administrative expenses is mainly attributed to higher consulting and travel expenses related to the Company's financing efforts during the quarter. The decrease in mining property shut-down costs is mainly attributed to the gold revenues netted against the care and maintenance costs at the Bakyrchik gold mine and the reduction of the care and maintenance costs at the Bjonevatn iron ore mine. The Company intends to divest itself of the Bjonevatn facilities in the second quarter of 2002. Other income for $3.0 million resulted mainly from the receipt in January of 2002 of 3.78 million shares of Olympus Pacific Minerals Inc. ("Olympus") and $1.32 million in cash. The receipt of these proceeds resulted from the renegotiation of the $3.75 million receivable from Olympus as a result of the 1997 sale of the Company's Vietnam exploration properties. This receivable was written-off by the Company in previous years. LIQUIDITY In the first quarter of 2002, the Savage River operation received a total of A$9.4 million from its lenders to offset the exchange losses generated by the U.S. dollar exchange commitment. In April of 2002, the Company raised a total of $40.9 million by issuing an aggregate of 20 million Common Shares and Special Warrants of the Company. The proceeds will be used for funding future investments and exploration in Mongolia, and for working capital purposes. EX-13.3 22 o11180exv13w3.txt QUARTERLY REPORT PERIOD ENDED JUNE 30, 2002 Exhibit 13.3 IVANHOE MINES SECOND QUARTER REPORT JUNE 30, 2002 TABLE OF CONTENTS ITEM 1. FINANCIAL STATEMENTS Consolidated Balance Sheets at June 30, 2002 (unaudited) and December 31, 2001 Unaudited Consolidated Statements of Operations and Deficit for the Six and Three Month Periods ended June 30, 2002 and 2001 Unaudited Consolidated Statements of Cash Flows for the Six and Three Month Period ended June 30, 2002 and 2001 Notes to the Unaudited Consolidated Financial Statements ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. IVANHOE MINES LTD. CONSOLIDATED BALANCE SHEETS - --------------------------------------------------------------------------------

APPROVED BY THE BOARD: John Weatherall Kjeld Thyegsen - ----------------------------------- ------------------------------------ Director Director IVANHOE MINES LTD. CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT (UNAUDITED) - --------------------------------------------------------------------------------

IVANHOE MINES LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - --------------------------------------------------------------------------------

IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. dollars) (Unaudited) - -------------------------------------------------------------------------------- 1) BASIS OF PRESENTATION a) These interim financial statements do not contain all the information required by generally accepted accounting principles for annual financial statements and therefore should be read in conjunction with the most recent annual financial statements of the Company for the year ended December 31, 2001 (the "Annual Financial Statements"). b) The Company has adopted the recommendations of the new CICA Handbook Section 3870, Stock-based Compensation and Other Stock-based Payments, effective January 1, 2002. This section establishes standards for the recognition, measurement and disclosure of stock-based compensation and other stock-based payments made in exchange for goods and services. The standard requires that all stock-based awards made to non-employees be measured and recognized using a fair value based method. The standard encourages a fair value based method for all awards granted to employees, but only requires the use of a fair value based method for direct awards of stock, stock appreciation rights, and awards that call for settlement in cash or other assets. Awards that an entity has the ability to settle in stock are recorded as equity, whereas awards that the entity is required to or has a practice of settling in cash are recorded as liabilities. The Company has adopted, commencing in the three months ended June 30, 2002, the fair value method of accounting for stock options granted to employees and directors. The comparative figures in these interim financial statements have been restated to give retroactive effect to this accounting change with respect to stock-based compensation, which resulted in an increase in the net loss for the three and six months ended June 30, 2002 by $412,000 ($ nil per share) and $655,000 ($nil per share), respectively, and an increase in the deficit as at January 1, 2002 by $2,372,000. In all other respects, these financial statements follow the same accounting policies and methods of their application as the most recent annual financial statements. c) The comparative figures in these interim financial statements have been restated to give retroactive effect to the accounting change with respect to foreign currency translation as described in Note 3 (b) to the annual financial statements for the year ended December 31, 2001. This change has resulted in an increase of $496,000 ($ Nil per share) in the net loss for the three months ended June 30, 2001 and a decrease of $ 1,736,000 ($ 0.01 per share) in the net loss for the six months ended June 30, 2001. 2) ABM MINING LIMITED ("ABM") During 2001, a sharp global slow down in the steel industry resulted in reduced demand for iron ore pellets. Management therefore commenced a restructuring of the mine plan and negotiated additional bank loans aggregating Australian ("A") A$21 million (U.S. $14 million) to June 30, 2002. The Savage River operation is continuing its efforts in negotiating with its major stakeholders. In particular, discussion among the major stakeholders in the Savage River project, aimed at restructuring ABM project debt and foreign currency commitment, are progressing. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. dollars) (Unaudited) - -------------------------------------------------------------------------------- 2) ABM MINING LIMITED ("ABM") (CONTINUED) If suitable concessions from the major stakeholders are not obtained, or if the Savage River Operations deteriorate, ABM will probably not receive the continued financial support of those stakeholders. In this case, ABM will not be able to continue as a going concern and accordingly, adjustments would be required to the carrying values and classifications of its assets and liabilities. In 2001, the Company made an impairment provision of $53.8 million with respect to this project. The Company will continue to review the carrying value of the Savage River capital assets on a regular basis for indications of further impairment The economics of the Savage River Mine Project are particularly sensitive to changes in selling prices and operating costs. As a consequence, any adverse changes in those selling prices and/or operating costs would result in further impairment provisions and those provisions may be material. As at June 30, 2002, the carrying value of the Savage River capital assets was $50.4 million. 3) MYANMAR IVANHOE COPPER COMPANY LIMITED ("JVCO") The Annual Financial Statements disclosed that it was likely that JVCo would not be in compliance with the minimum working capital requirement in its credit agreement during 2002. JVCo is currently in discussions with its lenders regarding the interpretation of the definition of this requirement. In the meantime, JVCo has received a waiver from its lenders with respect to this requirement at June 30, 2002. JVCo expects that the loan agreement will be amended during its fiscal year ending March 31, 2003 to clarify the definition of the minimum working capital requirement, and that JVCo will be in compliance with the requirement, as amended. 4) COMMITMENT ABM has entered into a contract to deliver U.S.$5 million of currency each month until February 2003 at U.S. $0.6817 per A$1. This forward sales contract is not designated as a hedge by the Company and, as a result, marked to market gains or losses are recognized in operations in the period in which changes in the market value of the contract occurs. At June 30, 2002, the remaining obligation under this contract was $36.5 million. The accrued unrealized loss at June 30, 2002 amounts to $6.8 million. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. dollars) (Unaudited) - -------------------------------------------------------------------------------- 5) LONG-TERM DEBT

All of the long-term debt is non-recourse to the Company. 6) SHARE CAPITAL During the three-month period ended June 30, 2002 the Company completed a financing consisting of the issue of 17,450,000 Common Shares at an issue price of $2.05 (Cdn $3.25) and issued 2,550,000 Common Shares as a result of the exercise of outstanding share purchase warrants at an exercise price of $2.05 (Cdn $3.25). Aggregate gross proceeds to the Company from these share issuances were $41 million. In addition, a total of 287,678 Common Shares were issued at a deemed value of $2.08 in respect of the purchase of 7.4 million common shares of Intec Ltd, an Australian Stock Exchange listed company. This transaction was part of a larger transaction whereby the Company acquired an aggregate of 29 million shares of Intec Ltd. for cash and Common Share consideration totalling $ 2.6 million. In the three month ended June 30, 2002, the Company granted a total of 700,000 stock options, 147,500 options were exercised, and 282,500 options were cancelled. Stock options outstanding at August 28, 2002 totaled 13,048,269 with exercise prices and expiry dates ranging from Cdn $0.95 to Cdn $12.05 and November 8, 2003 to May 10, 2008, respectively. At August 28, 2002, a total of 201,799,213 Common Shares of the Company were outstanding. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. dollars) (Unaudited) - -------------------------------------------------------------------------------- 7) SEGMENTED INFORMATION

(1) This foreign exchange gain includes a $4.2 million gain on the mark to market accrual of the foreign exchange contract and it excludes $7.0 million of realized foreign exchange losses arising from the foreign exchange contract discussed in Note 4 which became due during the period, as these losses had been previously accrued by the Company at December 31, 2001. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. dollars) (Unaudited) - -------------------------------------------------------------------------------- 7) SEGMENTED INFORMATION (CONTINUED)

(2) This foreign exchange gain includes a $1.7 million gain on the mark to market accrual of the foreign exchange contract and it excludes $3.9 million of realized foreign exchange losses arising from the foreign exchange contract discussed in Note 4 which became due during the period, as these losses had been previously accrued by the Company at December 31, 2001. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. dollars) (Unaudited) - -------------------------------------------------------------------------------- 7) SEGMENTED INFORMATION (CONTINUED)

8) SUPPLEMENTARY CASH FLOW INFORMATION a) During the three months ended June 30, 2002, the Company issued 287,678 Common Shares at a deemed value of $600,000 in respect of the purchase of 7.4 million common shares of Intec Ltd. (Note 5). During the three months ended June 30, 2002, the Company divested itself of its iron ore project in Norway and extinguished the related outstanding debt of $3.5 million. During the three months ended March 31, 2002, the Company exchanged its investment in GTL Resources Plc, which had a carrying value of $1.4 million, for an equity interest in Resource Investment Trust with a fair value of $1.9 million. Also during the three months ended March 31, 2002, the Company completed the earn-in of a 100% interest in the Oyu Tolgoi project in Mongolia by paying cash of $1 million and by incurring an obligation to make a $4 million payment within one year. b)

EX-13.4 23 o11180exv13w4.txt QUARTERLY REPORT PERIOD ENDED SEPTEMBER 30, 2002 Exhibit 13.4 IVANHOE MINES THIRD QUARTER REPORT SEPTEMBER 30, 2002 . . . TABLE OF CONTENTS

IVANHOE MINES LTD. CONSOLIDATED BALANCE SHEETS

APPROVED BY THE BOARD: /s/ John Weatherall /s/ Kjeld Thyegsen - ------------------------- ------------------------- Director Director IVANHOE MINES LTD. CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT

IVANHOE MINES LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS

Supplementary information (Notes 2 and 7) IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. dollars) (Unaudited) 1) BASIS OF PRESENTATION a) These interim financial statements do not contain all the information required by Canadian generally accepted accounting principles ("GAAP") for annual financial statements and therefore should be read in conjunction with the most recent annual financial statements of the Company for the year ended December 31, 2001 (the "Annual Financial Statements"). b) The Company has adopted the recommendations of the new CICA Handbook Section 3870, Stock-based Compensation and Other Stock-based Payments, effective January 1, 2002. This section establishes standards for the recognition, measurement and disclosure of stock-based compensation and other stock-based payments made in exchange for goods and services. The standard requires that all stock-based awards made to non-employees be measured and recognized using a fair value based method. The standard encourages a fair value based method for all awards granted to employees, but only requires the use of a fair value based method for direct awards of stock, stock appreciation rights, and awards that call for settlement in cash or other assets. Awards that an entity has the ability to settle in stock are recorded as equity, whereas awards that the entity is required to or has a practice of settling in cash are recorded as liabilities. The Company has adopted, on a retroactive basis without restatement of prior periods, the fair value method of accounting for stock options granted to employees and directors. This accounting change with respect to stock-based compensation resulted in an increase in the net loss for the three and nine months ended September 30, 2002 by $524,000 ($ nil per share) and $1,179,000 ($nil per share), respectively, and an increase in the deficit as at January 1, 2002 by $2,372,000. In all other respects, these financial statements follow the same accounting policies and methods of their application as the Annual Financial Statements. c) The comparative figures in these interim financial statements have been restated to give retroactive effect to the accounting change with respect to foreign currency translation as described in Note 3 (b) to the Annual Financial Statements. This change has resulted in a decrease of $445,000 ($ Nil per share) in the net loss for the three months ended September 30, 2001 and a decrease of $2,181,000 ($0.02 per share) in the net loss for the nine months ended September 30, 2001. 2) ABM MINING LIMITED ("ABM") During 2001, a global slow down in the steel industry resulted in reduced demand for iron ore pellets. Management therefore commenced a restructuring of the mine plan and negotiated additional bank loans aggregating Australian ("A") A$21 million (U.S. $14 million) to June 30, 2002. In September 2002, the Company completed the debt restructuring negotiations with the major stakeholders in the Savage River project. As a result, the Company acquired outstanding third-party project debt and foreign currency exchange contract obligations totaling $41 million (A$75 million) at a cash cost of $8.1 million (A$15 million). This transaction has resulted in a non-cash $32.5 million gain on settlement of debt, and a provision for future income taxes of $2.1 million. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. dollars) (Unaudited) 2) ABM MINING LIMITED ("ABM") (CONTINUED) As a result of the debt restructuring, the Company has revised its mine plan at the Savage River project and completed a review of the carrying values of the Savage River mining property, plant and equipment. This review has resulted in an impairment provision of $18 million being made at September 30, 2002 for the estimated other than temporary decline in value and a recovery of future income taxes of $2.1 million. The Company will continue to review the carrying value of the Savage River capital assets on a regular basis for indications of further impairment. The economics of the Savage River Mine Project are particularly sensitive to changes in selling prices and operating costs. As a consequence, any adverse changes in those selling prices and/or operating costs would result in further impairment provisions and those provisions may be material. As at September 30, 2002, the carrying value of the Savage River capital assets was $36.7 million. 3) MYANMAR IVANHOE COPPER COMPANY LIMITED ("JVCO") The Annual Financial Statements disclosed that it was likely that JVCo would not be in compliance with the minimum working capital requirement in its credit agreement during 2002. JVCo is currently in discussions with its lenders regarding clarification of the definition of this requirement. However, JVCo has not received a waiver from its lenders with respect to this requirement at September 30, 2002 and also with respect to the non-compliance with certain other financial covenants in the credit agreement. Accordingly, as required by Canadian GAAP, the entire amount of the Company's share of JVCo's loan payable aggregating $22.5 million at September 30, 2002 has been included in current liabilities. Notwithstanding the foregoing, JVCo has met all principal and interest payment obligations to date, which include aggregate principal payments of $45 million since the inception of the loan, of which $15 million was paid during the nine months ended September 30, 2002. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. dollars) (Unaudited) 4) LONG-TERM DEBT

All of the long-term debt is non-recourse to Ivanhoe Mines Ltd. 5) SHARE CAPITAL Since December 31, 2001, the Company has issued the following share capital:

In the nine-month period ended September 30, 2002, the Company granted a total of 1,620,000 stock options, 1,048,475 options were exercised, and 995,875 options were cancelled. Stock options outstanding at November 15, 2002 totalled 12,032,594 with exercise prices and expiry dates ranging from Cdn $0.95 to Cdn $6.74 and November 8, 2003 to May 10, 2008, respectively. At November 15, 2002, a total of 205,147,382 Common Shares of the Company were outstanding. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. dollars) (Unaudited) 6) SEGMENTED INFORMATION

(1) This foreign exchange gain includes a $500,000 loss on the mark to market accrual of a foreign exchange contract and it excludes $300,000 of realized foreign exchange losses arising from the foreign exchange contract which became due during the period, as these losses had been previously accrued by the Company at December 31, 2001.

IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. dollars) (Unaudited) 6) SEGMENTED INFORMATION (CONTINUED)

(2) This foreign exchange gain includes a $3.7 million gain on the mark to market accrual of a foreign exchange contract and it excludes $7.3 million of realized foreign exchange losses arising from the foreign exchange contract which became due during the period, as these losses had been previously accrued by the Company at December 31, 2001.

IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. dollars) (Unaudited) - ------------------------------------------------------------------------------- 7) SUPPLEMENTARY CASH FLOW INFORMATION a) During the three months ended June 30, 2002, the Company issued 287,678 Common Shares at a deemed value of $599,000 in respect of the purchase of 7.4 million common shares of Intec Ltd. During the three months ended June 30, 2002, the Company divested itself of its iron ore project in Norway and extinguished the related outstanding debt of $3.5 million. During the three months ended March 31, 2002, the Company exchanged its investment in GTL Resources Plc, which had a carrying value of $1.4 million, for an equity interest in Resource Investment Trust with a fair value of $1.9 million. Also during the three months ended March 31, 2002, the Company completed the earn-in of a 100% interest in the Oyu Tolgoi project in Mongolia by paying cash of $1 million and by incurring an obligation to make a $4 million payment within one year. b)

c) Net change in non-cash working capital items:

8) SUBSEQUENT EVENT Subsequent to September 30, 2002, the Company acquired 2 million Units of Pacific Minerals Inc. ("Pacific") for cash of $1,256,000 (Cdn. $2,000,000). Each Unit consists of one common share and one share purchase warrant of Pacific which is exercisable for a period of two years at an exercise price of Cdn. $1.10. In addition, the Company acquired from former shareholders of Pacific an additional 6.6 million common shares of Pacific in exchange for 2,374,960 Common Shares of the Company with a deemed value of $4,818,000. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW Net income for the quarter was $0.5 million or $0.0 per share, compared with a loss of $6.0 million or $0.05 per share in 2001. The Company spent a total of $ 10.0 million on exploration activities in the quarter, the majority of which was spent on the Company's Mongolian properties. In Mongolia, as a result of its exploration and drilling efforts, the Company has identified several zones of mineralization. Drilling on the Far North zone of Oyu Tolgoi, has discovered an extensive zone of high grade copper-rich mineralization. Drilling on the Southwest, South and Central zones of Oyu Tolgoi has discovered thick intercepts of gold and copper mineralization. Drilling on the Kharmagtai project located 120 kilometers north of Oyu Tolgoi, intercepted near-surface high grade gold and copper porphyry mineralization similar to mineralization encountered on some mineralized zones at Oyu Tolgoi. In the third quarter of 2002, the copper division's operating profit after depreciation and depletion totaled $1.5 million, representing an increase of $0.8 million over the same period in 2001. In the third quarter of 2002, the iron division's operating profit after depreciation and depletion decreased by $0.7 million over the same period in 2001. Excluded from the 2002 third quarter operating expenses was $4.2 million (year to date $8.0 million) in capitalized pre-stripping charges. In the third quarter of 2002, the Company acquired, through a A$15 million cash payment, approximately A$75 million in the iron division's outstanding bank debt and currency hedge obligations, resulting in a non-cash US$32.5 million pre-tax gain on the transaction. As well, the Company wrote-down its investment in Savage River by US$18 million based on a decrease in estimated recoverable reserves and the recent strengthening of the Australian dollar resulting in a decrease in estimated future cash flows. In the third quarter of 2002, cash out-flow from operations increased from $4.7 million in 2001 to an $11.2 million cash out-flow in 2002. At September 30, 2002, working capital was $20.9 million, including cash of $34.7 million compared with working capital of $40.1 million and cash of $62.4 million at the end of June 2002. OPERATIONS COPPER OPERATION

During the third quarter of 2002, JVCo increased its cathode production by 21% over a year ago. JVCo's ability to increase production was the result of the multi-stages expansion program instigated early in 2002. Current plans call for an increase in cathode throughput from 28,700 tonnes per year capacity achieved in September 2002 to a target of 33,000 tonnes per year by April 2003. In the third quarter of 2002, in order to achieve higher copper production levels, total ore mined increased by 43% and the ore grade decreased by 19%. As a result, total cost of operation increased by 32%, representing a 6% increase in unit operating costs. The reduction in interest expense is mainly the result of lower interest rates and a reduction in the total amount of debt. In the first nine months of 2002, JVCo made debt repayments of $15 million. IRON OPERATION

In the third quarter of 2002 tonnages of pellet sold increased by 25% over a year ago and as a result of a 5% decrease in the pellet unit sales price, sales increased by 19%. During the third quarter of 2002, operating costs increased by 31% over the same period in 2001 representing a net unit cost increase of 4%. Excluded form the 2002 third quarter operating expenses was $4.2 million (year to date $8.0 million) in capitalized pre-stripping charges. Total depreciation in the third quarter increased by 18% over the same period last year due to a lowering in that quarter of estimated recoverable reserves. This decrease in estimated recoverable reserves and the expected strengthening of the Australian dollar over the next few years resulted in a $18.0 million impairment provision against the value of the Savage River assets. The Australian dollar reached a low point of US$0.5272 per A$ at the beginning of August, following which it steadily strengthened to a high of US$0.5669 (+7.5%) in early November. The US$18.0 million impairment provision at the end of September 2002 assumes US$0.57 as the estimated Australian exchange rate in years subsequent to 2002. In the fourth quarter of 2002, the Savage River operation is expected to increase its reliance on the softer ore from the South deposit which will require blending of stockpiled low-grade material. In order to maintain the same level of pellet productivity, the Savage River operation expects to offset this anticipated decrease in grade with improvements in the mill throughput. GOLD BAKYRCHIK GOLD MINE -- As a result of additional controls imposed in the second quarter of 2002 by the government of Kazakhstan on the import of hazardous material, production at the Bakyrchik gold mine was stopped for most of the third quarter due to a shortage of cyanide. Gold production in the third quarter of 2002 totaled 177 ounces. Revenues from the gold sales were netted against the mining property shut-down costs. In November 2002, the Company's subsidiary "Bakyrchik Mining Venture" was notified by the Government of Kazakhstan that its application for an extension of certain exploration rights under a mining license had been denied. The Company's position is that "Bakyrchik Mining Venture" is legally entitled to the extension and that the Government does not have the right to deny granting it. The Company plans to pursue its legal rights to the extent necessary to protect its interests in Kazakhstan. It is too early to assess the extent, if any, to which the failure to obtain the extension sought would adversely affect those interests. EUNSAN GOLD MINE -- During the third quarter of 2002, the Eunsan mine continued its test mining and milling program resulting in the production and sale of 3,248 ounces of gold and 125,039 ounces of silver contained in dore. Production in the fourth quarter of 2002 will be considerably lower as the feed to the mill will switch from the high-grade to the low-grade portion of the stockpile. While the mine operated throughout the third quarter from ore stockpiled on surface, the Eunsan operations continued its efforts to complete the development of the underground ramp. Following the completion of the ramp in October of 2002, an infill underground drilling program is scheduled to be completed in the fourth quarter of 2002. Once the infill program has been completed and an updated block model and mine plan is completed, underground mining is expected to re-commence on a commercial basis. As a result, all underground development costs have been expensed and revenues generated from the processing of stockpiled ore have been netted against exploration and development costs. EXPLORATION Exploration expenses in the third quarter of 2002 totaled $10.0 million compared to $2.0 million for the same period in 2001. The majority of the $8.0 million increase is due to increased activities at the Oyu Tolgoi project and other Mongolian properties. OYU TOLGOI, MONGOLIA -- During the third quarter of 2002, work at Oyu Tolgoi tested the high priority targets in the Far North IP anomaly with continued delineation drilling in the Central, SW Oyu and South Oyu Zones. Several metallurgical core holes were drilled in Central Oyu to collect large diameter core for test work on leaching and concentrating. In-fill drilling will resume in Central when Far North drilling has finished. During the quarter approximately 20,115 meters of core drilling was completed on the Oyu Tolgoi property using a total of nine drilling rigs. Four more drilling rigs are expected to be used in the fourth quarter of 2002. KHARMAGTAI, MONGOLIA -- During the third quarter of 2002, the Company started drilling on the Kharmagtai project, located 120 kilometers north of the Oyu Tolgoi project. Field sampling, mapping and geophysical surveys completed on the Kharmagtai project during 2002 have delineated a series of porphyry-related targets which the Company intends to drill in the fourth quarter of 2002. MONGOLIA RECONNAISSANCE -- The Company has plans to test other targets uncovered by its field sampling and mapping activities, including Oyut Ulaan , Oyut Ovoo, Saran Uul, Chandman Yul and Shuteen. CHINA -- In conjunction with its exploration efforts in Mongolia, the Company is also pursuing various gold and platinum opportunities in China through a joint venture with Pacific Minerals Inc. The Company has the right to participate in the development of Pacific's 217 Gold project in Inner Mongolia, the JBS Platinum Palladium project in Yunnan Province, and a right of first refusal to participate in all new mineral projects discovered by Pacific in China. MODI TAUNG, MYANMAR -- The Modi Taung gold project mainly consists of the driving of underground exploration adits and surface diamond drilling. Since inception, 4,200 meters of adits were driven on five separate vein systems. Total exploration expenditures in third quarter of 2002 were as follows:

CORPORATE General and administrative expenses increased from $1.4 million in the third quarter of 2001 to $3.1 million in the same period in 2002. The $1.7 million increase is mainly attributed to higher travel, legal and administrative expenses related to the Company's expansion programs and activities throughout the year. The increase in mining property shut-down costs is mainly attributed to the lower gold revenues netted against the care and maintenance costs at the Bakyrchik gold mine. The majority of the $0.05 million loss on foreign exchange in the third quarter of 2002 resulted from the weakening of the Canadian dollar as the majority of the equity raised in the second quarter of 2002 was invested in money instruments denominated in Canadian dollars. In the third quarter of 2002, the Company acquired, through a A$15 million cash payment, approximately A$75 million in outstanding debt and currency hedge obligations owed by Savage River to a third party bank. This debt acquisition resulted in a pre-tax gain on debt settlement of US$32.5 million. LIQUIDITY In the third quarter of 2002, the Company's cash balances decreased from $62.4 million at the beginning of the quarter to $34.7 million at the end of the quarter. The $27.7 million decrease in cash included $4.5 million in debt repayments, $8.1 million in debt acquisition, $5 million in capital asset expenditures and $11.2 million in expenditures for operating activities. In the fourth quarter of 2002, the Company through a $1.3 million (Canadian $2.0 million) private placement acquired 2.0 million shares of Pacific Minerals Inc. The Company also acquired 6.6 million shares of Pacific Minerals Inc. in exchange for the issuance of 2.4 million Ivanhoe common shares. In the third quarter of 2002, the Company negotiated a settlement with the banker for Savage River whereby it extinguished, by making a cash payment of A$15 million, outstanding bank debts and all remaining currency hedge obligations valued at a total of approximately A$75 million. At September 30, 2002, the $22.5 million long-term debt obligation of the copper operations in Myanmar has been classified as current liabilities as a result of non-compliance with certain covenants of the S&K credit agreement. To date, the S&K operation has met all principal and interest obligations and the Company is of the opinion that the lenders will not demand repayment of the loan, notwithstanding the foregoing. The Company's existing cash resources are sufficient to meet all of its currently planned expenditures and the Company's ongoing exploration activities in Mongolia and elsewhere will require ongoing funding in order to continue development of such properties. Over the long term, the Company still needs to obtain additional funding for, or third party participation in, its undeveloped or partially developed projects in order to bring them into full production. Such projects include the Letpadaung Copper project, the Mongolia properties, the Bakyrchik Gold Mine and the Eunsan Gold Mine. Since factors beyond the Company's control may adversely affect its access to funding or its ability to recruit third party participants, there can be no assurance the Company's undeveloped or partially developed projects can be fully developed in whole or in part. EX-13.5 24 o11180exv13w5.txt ANNUAL REPORT YEAR ENDED DECEMBER 31, 2002 Exhibit 13.5 (IVANHOE LOGO) IVANHOE MINES www.ivanhoemines.com IVANHOE MINES LTD. FINANCIAL STATEMENTS December 31, 2001 and 2000 (IVANHOE LOGO) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) OVERVIEW Between May 2000 and December 2001, the Company drilled in excess of 25,000 meters on its Oyu Tolgoi property. In 2001 the Company spent a total of $3.8 million in Mongolia, including $3.4 million on its Oyu Tolgoi property. On the strength of exploration results to date on its Mongolian properties, the Company raised a total of $72.7 million through the issue of 44.6 million common shares of the Company during the second half of 2001 and through the 2002 year to date. These financings will enable the Company to further advance the exploration of the properties. The net loss for the year was $85.0 million, or $0.66 per share, compared with $17.9 million or $0.24 per share in 2000. Included in the 2001 loss is: - A profit of $2.5 million from the S&K Mine copper operations in Myanmar. - A loss of $66.2 million from the Savage River Mine operation in Australia, including a $53.8 million write-down of the Savage River Mine assets and a foreign exchange loss of $7.9 million. The revaluation of the mine assets was necessitated by the effects of the softening of world iron ore markets in 2001 on the economics of the mine. - Exploration division expenses, net after tax, of $6.3 million including total expenditures of $3.8 million in Mongolia. - Corporate expenses of $15.0 million, including $3.7 million of mining property care and maintenance costs in Kazakhstan and Norway, a $5.4 million write-down of Norway assets and $5.7 million of general and administrative expenses. In the fourth quarter of 2001, the Company initiated the construction of a 150 tonne a day gold and silver operation at its Eunsan project in South Korea. The Eunsan Gold and Silver Mine, which is being developed at an estimated cost of $3.3 million, started its milling operation in the first quarter of 2002 and is scheduled to reach full commercial production during the second quarter of 2002. In the third quarter of 2001, the Company reinstated gold production at its Bakyrchik property in Kazakhstan. The economics of the project are being tested on oxidized ore material stockpiled on surface from previous operations. If successful, the Company plans, beginning in the middle of 2002, to start contract mining 500 tonnes a day of oxidized ore from shallow satellite deposits. The Company is continuing to hold project financing negotiations on its Letpadaung Copper project in 2002. The Company plans to abandon its interest in its Norway project in 2002. 1 (IVANHOE LOGO) RESULTS OF OPERATIONS FINANCIAL DATA

2 (IVANHOE LOGO) CRITICAL ACCOUNTING POLICIES Management is required to make assumptions and estimates that affect the valuation of its mineral assets. Significant estimates used in the valuation of mineral assets include quantities of mineral in heaps and in circuit, proven and probable ore reserves, the estimated recoverable tonnes of ore, the expected economic life of and the estimated future operating results and net cash flows from mining property, plant and equipment, and the anticipated reclamation costs of mine sites. Following generally accepted accounting principles, decreases in the valuation of mineral assets must be recorded in the Company's consolidated financial statements, while increases in the valuation of mineral assets are not permitted. The most likely changes in estimates used in the valuation of mineral assets are the changes in estimates based on noticeable changes in trends of operating costs and commodity prices. A small percentage change in costs or revenues, when spread over the remaining life of a mining project ,that can exceed twenty years, can have a significant impact on the valuation calculation, resulting in a material reduction in the valuation of the Company's mineral assets. Based on Company's evaluation of the events of 2001 and the negative outlook for iron ore and pellet prices, the Savage River Mine assets were written-down by $53.8 million. See discussion on the Iron operation. OPERATIONS COPPER OPERATION The production and sales for 2001 and 2000 are shown in the table below: COPPER S&K MINE, MYANMAR Year ended December 31, 2001

The net income in 2001 was $2.5 million compared to $3.4 million in 2000. This decrease was primarily the result of a 13% percent decrease in copper sales which resulted from a 2% reduction in copper production combined with a 10% decrease in copper prices. Copper production was negatively affected during the first three quarters of 2001 by slow leaching of clay-bearing ore material. Copper production dropped from an annualized production rate of 28,000 tonnes per annum in the first quarter of 2001 to a low of 21,000 tonnes per annum at the end of September 2001. In the last quarter of 2001, improvements instigated by mine management, including tighter ore control in the pit, construction of a fines screening and washing plant to remove clay fines from the ore, re-mining of poorly leached cells and increased leaching of run of mine material, increased the annualized copper cathode production rate. Total copper production gradually increased from September 2001 onward and reached an average annualized rate in excess of 30,000 tonnes per year during the month of March 2002. 3 (IVANHOE LOGO) The bulk of the $1.1 million increase in operating costs is attributable to the increase in the following expenses:

IRON OPERATION Production and sales of iron products during 2001 are shown in the table below. The acquisition of the iron operation was completed effective December 31, 2000. The year 2000 comparative operating results are presented on a pro forma basis as if the iron operation had been acquired at the beginning of 2000. IRON SAVAGE RIVER MINE, TASMANIA Year ended December 31, 2001

Total pellet production in 2001 was 2% below 2000 production, however, total pellet tonnage sold in 2001 was 14% below the amount sold during the previous year. The approximate 300,000 tonne decrease can be attributed to the following: (a) a 200,000 tonne increase in pellet inventory at December 2001 over the previous year end and, (b) a 100,000 tonne decrease in pellet shipments in December 2001 caused by customers deferring December shipments into January 2002. As a result, January 2002 pellet sales totalled 275,000 tonnes compared to 75,000 tonnes in December 2001. Unusually hard ore encountered during mining in the second quarter of 2001 required management to almost double the mine's low-grade run of mine inventory, from 1.2 million tonnes at the end of 2000 to 2.0 million tonnes at December 2001, in order to increase the mill's ability to successfully blend feed material as needed. Operating and maintenance costs in 2001 were about 7% higher than in the previous year. Maintenance costs in 2001 were approximately 30% higher, mainly as a result of an overall increase in mechanical repairs necessitated by the processing of the unusually hard ore. Operating profit totalled $3.7 million for the 2001 year compared to $2.9 million for the nine months ended September 31, 2001. The net operating income before non-cash expenses, including depreciation and depletion, write-down of capital assets, loss on foreign exchange and income taxes, totalled $6.2 million at the end of September 2001 and $5.1 million for the 2001 year. A $2.6 million write-down of run of mine inventory at the end of 2001 contributed to the $1.1 million decrease in profit over the previous quarter. 4 (IVANHOE LOGO) Capital expenditures during 2001 totalled $ 8.1 million. The Savage River mine received a total of $10.4 million in funding during 2001 from the Company. The Savage River operations were acquired in December 31, 2000 based on the assumption that the operation would experience increases in pellet prices of 14% over the 2000 prices over the first three years following the acquisition. As a result, during the same three-year period, an expansion of the plant facilities was envisaged, with a resulting 27% increase in tonnage sold by the end of 2003. In the second quarter of 2001, the global steel industry experienced a sharp slowdown which resulted in a reduced demand for iron ore pellets. The first indication of softening of iron ore markets came in mid-2001 when the increase in pellet prices for the 2001 year was negotiated at 1.75% rather than the expected 5%. This softening in demand was followed in August by the cancellation of several pellet shipments from ABM customers. Tariffs, in some cases up to 30 percent, imposed during the first quarter of 2002 on steel exported to the United States are negatively affecting ongoing 2002 price negotiations. Current market expectations are that these negotiations, which should conclude in the second quarter of 2002, will result in a decrease in pellet prices of between 5% and 8%. In view of this downturn and continuing negative trend in world iron markets, the Company is shelving its original plans to incrementally increase, over a period of two years, total iron production from the current 2.0 million tonnes per annum to 2.9 million tonnes per annum. Based on Company's evaluation of the events of 2001 and the negative outlook for iron ore and pellet prices, the Savage River Mine assets were written-down by $53.8 million, and future income tax assets associated with the mine's cumulative net operating losses at September 30, 2001 were also written off. OTHER PROJECTS LETPADAUNG COPPER PROJECT, MYANMAR During the first half of 2001, the Company completed a major power study for the Letpadaung project to identify viable sources of power in order to support ongoing project financing negotiations with potential lenders. During the last quarter of 2001, various parties interested in the financing and development of the Letpadaung project were approached with a request for a formal financing proposal. The Company may sell a portion of its interest in the project in connection with a project financing transaction. No major expenditures are expected on the project pending the successful conclusion of project financing negotiations. EUNSAN GOLD AND SILVER MINE, SOUTH KOREA During the first quarter of 2002, the Company completed the construction of a 150 tonne per day gold and silver plant at its Eunsan project in the south-western region of South Korea. During this period, a 100,000 tonne open pit was also excavated to provide portal access for underground development and production as well as the establishment of a stockpile of approximately 26,000 tonnes of high-grade gold and silver ore. The mill became operational at the end of March 2002 and is scheduled to start full commercial production in May 2002. A seven-month, $2.0 million underground development program began in March 2002. During 2002, the total cost of the project, including construction, open pit pre-production and underground development costs, is estimated at approximately $3.3 million. During the underground development program, the Eunsan mine is expected to produce up to 8,500 ounces of gold and up to 350,000 ounces of silver from ore previously stockpiled on surface. Reserve and resources estimates will be prepared at the end of 2002, following completion of the underground development program. 5 (IVANHOE LOGO) BAKYRCHIK GOLD MINE, KAZAKHSTAN Gold production at the Bakyrchik property in Kazakhstan was reactivated in the last quarter of 2001 and the Company poured its first gold dore bars from Bakyrchik at the end of October 2001. Processing inventories of oxidized gold bearing ore stockpiled during previous operations, the Company produced a total of 910 ounces of gold from Bakyrchik during the fourth quarter of 2001. The main purpose in reactivating the Bakyrchik operation is to evaluate the ability of the existing plant facilities to produce gold on an economic basis. Revenues generated in the fourth quarter of 2001 from mine activities were netted against the mine's care and maintenance costs. The process plant experienced difficulties in its recovery of gold pregnant carbon solutions and management is presently working on rectifying and improving the plant's gold circuit recoveries. As a result of well-executed care and maintenance efforts in prior years, total capital costs required to restart the small scale oxide operation were less than $300,000. These costs have been expensed and added to the total care and maintenance costs for 2001, which were $2.6 million compared to $2.5 million in 2000. If satisfactory gold recoveries can be established during the first half of 2002, the Company intends to start mining, using a contract miner, small scale open pit satellite deposits in order to feed oxidized ore to the plant at a rate of 15,000 tonnes per month at an estimated average gold grade of 3.23 grams per tonne and an anticipated recovery rate of up to eighty percent gold. The plan also calls for more selective mining to increase to 4 grams per tonne the target head grade from the pit. BJ0RNEVATN IRON ORE MINE, NORWAY The Bj0rnevatn mine in Norway remained on care and maintenance throughout 2001. The company's objective when this asset was acquired was to secure equity financing from a third party for the development of this asset. To date, the Company has been unsuccessful in securing the additional third party financing necessary to refurbish the mine and recommence operations. In early 2002, the Company tried unsuccessfully to negotiate with the mine's existing Norway lenders for a further deferral of the mine's loan repayment obligations. The Company intends to exit from the project and return the mine and related assets to the lenders in exchange for cancellation of the existing project debts, all of which are non-recourse to the Company. The Company expects to conclude these negotiations in the second quarter of 2002. The Company spent a total of $1.1 million in care and maintenance costs on the property during 2001. EXPLORATION The Exploration Division operating expenses increased from $7.2 million in 2000 to $7.3 million in 2001. Most of the 2001 exploration expenses were concentrated on the Mongolia properties. In 2001, the Company completed the initial $3 million exploration phase on its Oyu Tolgoi property. At the end of January 2002, the Company exercised an earn-in right to acquire a 100% interest in the Oyu Tolgoi property from BHP Minerals International Exploration Inc. ("BHP") by committing to make a $5 million property payment to BHP and to complete a $3 million second phase of exploration expenditures. In April 2002, the Company gave notice to BHP that it had completed the $3 million expenditure requirement for the second phase exploration program. During the second half of 2001 and through early 2002, the Company increased its Mongolian mineral property holdings to approximately 50,000 square kilometres. The Company plans to spend between $11 million to $15 million in exploration activities during 2002 on its Oyu Tolgoi property and on various reconnaissance work on the balance of its Mongolian property holdings. During the second half of 2001 and through the 2002 year to date, the Company raised a total of $72.7 million primarily to finance its planned Mongolian exploration activities over the next few years. 6 (IVANHOE LOGO) During 2001 and 2000, exploration expenditures were geographically allocated as follows:

GENERAL Interest expense increased from $4.5 million in 2000 to $9.9 million in 2001, most of which is attributable to the additional debt acquired as part of the Company's acquisition of ABM at the end of 2000. A weakening of the Australian dollar in 2001 and its impact on the ABM foreign currency commitment accounted for the majority of the $7.7 million foreign exchange loss. At December 31, 2001 ABM has a $70.7 million commitment to sell $5 million each month in exchange for Australian $7.3 million. This commitment will expire at the end of February 2003. Except for the U.S. dollar foreign currency commitment mentioned above, the Company had no other currency or commodity hedge positions at the end of 2001. CASH RESOURCES AND LIQUIDITY At December 31, 2001 consolidated working capital was $3.7 million including cash of $25.8 million compared with working capital of $29.0 million and cash of $40.4 million at the end of 2000. The $25.3 million decrease in working capital is mainly attributable to a $14.6 million decrease in cash, a $3.6 million increase in accounts payable, a $4.7 million increase in the mark to market of the U.S.$ hedge commitment, and a $7.9 million increase in the current portion of the Company's long-term debt, less a $3.6 million net increase in combined accounts receivable and inventory balances and a $1.4 million increase in future income tax assets. Included in the current portion of long-term debt is an amount of $2.9 million obligation of the Company's Norway subsidiary related to the Bj0rnevatn iron ore mine. This obligation is non-recourse, and is expected to be eliminated in the second quarter of 2002 from the Company's consolidated accounts, once the property is transferred to its original owner in exchange for the extinguishment of the debt. The restrictions on the Company's cash balances at December 31, 2001 totaled $10.5 million, consisting of the Company's share of the S&K Mine's $14.8 million cash balance (net $7.4 million), the Savage River cash balance of $1.1 million, and $2.0 million restricted by letters of credit issued by the Company to secure obligations with respect to one of its Mongolia properties. Since the third quarter of 2001, the Savage River operation has been successful in deferring, on a monthly basis, its foreign currency commitments to its lenders. At the end of March 2002, a total of A$17.8 million in additional funds had been advanced to the Savage River operation by its lenders through deferrals of the foreign currency commitment, resulting in an equivalent increase in the outstanding principal amount of the existing Savage River loan facility. In August 2001, the Company ceased to advance funds to its Savage River operations and ABM commenced negotiations with the existing project lenders with a view to restructuring the project's finances. Pending a satisfactory restructuring of the project's finances, the Company does not intend to advance any further funds to the operation. During the second half of 2001 through the 2002 year to date, the Company has raised a total of $72.7 million through the sale of a total of 44.6 million common shares and equity securities exchangeable for common shares of 7 (IVANHOE LOGO) the Company. The proceeds will be used for working capital and to fund the Mongolia exploration and property acquisition activities over the next few years. Total expenditures in 2002, including all exploration, mine care and maintenance costs and corporate administrative costs, are estimated to range between $22 million to $30 million. OUTLOOK For fiscal 2002, annual copper production at the S&K Mine is expected to increase to 29,500 tonnes while annual pellet and iron concentrate production at the Savage River Mine is expected to remain at approximately 2.0 million tonnes. Apart from variations in production volumes, the Company's earnings and cash flows are directly affected by metal prices, variations in the exchange rate between the U.S. dollar and the Australian dollar and variations in interest rates. The sensitivity of the Company's earnings to metal prices, exchange rates and interest rates is summarized in the table below. Earnings Sensitivity (Based on 2002 plan)

Various risks, including fluctuations in commodity prices, foreign exchange, customer demand, financing and political uncertainties, can adversely affect the Company's future profitability and its ability to realize anticipated increases in production capacity. At December 31, 2001 the Company's had no copper hedging contracts outstanding. ABM has an obligation expiring in February 2003, nominally totalling $70.7 million, to sell $5 million per month of U.S. currency at $0.6817 per Australian dollar. At April 30, 2002 the Australian exchange rate was $ 0.5382 Australian dollar to 1 U.S.$ dollar. Unlike copper, iron ore is not a fungible commodity and it is therefore more affected by direct customer and producer relationships. With only a few customers, the Savage River Mine's operations could be adversely affected, in the short and medium term, by the loss of a key customer. A limited customer base is also a risk to the S&K Mine as a substantial part of its copper production is sold, under a take or pay contract, to a single Japanese buyer. The buyer resells the cathode to customers through out Asia. The S&K Mine's profitability could be negatively affected if economic sanctions or boycotts against trade with Myanmar were enacted in the future by major Asian countries. The Company's existing cash resources are sufficient to meet all of its planned capital expenditures during 2002. However, over the long term, the Company still needs to obtain additional funding for, or third party participation in, its undeveloped or partially developed projects in order to bring them into full production. Such projects include the Letpadaung Copper project, the Mongolia properties and the Bakyrchik Gold Mine. Since factors beyond the Company's control may adversely affect its access to funding or its ability to recruit third party participants, there can be no assurance the Company's undeveloped or partially developed projects can be fully developed in whole or in part. Since the majority of the Company's indebtedness is not at fixed interest rates, future fluctuations in interest rates will have a significant impact on the profitability of both the S&K Mine and the Savage River Mine as well as the Company's ability to successfully finance its other undeveloped or partially developed projects. 8 (IVANHOE LOGO) QUARTERLY DATA ($ in millions except per share information)

COMPARATIVE FIGURES ($ in million except per share information)

9 [IVANHOE LOGO] AUDITORS' REPORT To the Shareholders of Ivanhoe Mines Ltd. We have audited the consolidated balance sheets of Ivanhoe Mines Ltd. as at December 31, 2001 and 2000 and the consolidated statements of operations and deficit and cash flows for each of the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2001 and 2000 and the results of its operations and its cash flows for each of the years then ended in accordance with Canadian generally accepted accounting principles. [DELOITTE & TOUCHE LLP SIGNATURE] Deloitte & Touche LLP (signed) Chartered Accountants Vancouver, British Columbia April 18, 2002 (except as to Note 25 (f) which is as of April 22, 2002) 10 [IVANHOE LOGO] Consolidated Balance Sheets (Stated in thousands of U.S. dollars)

COMMITMENTS (Note 23) APPROVED BY THE BOARD: /s/ John Weatherall /s/ R. Edward Flood - --------------------------------- --------------------------------- John Weatherall (signed) Director R. Edward Flood (signed) Director 11 [IVANHOE LOGO] Consolidated Statements of Operations and Deficit (Stated in thousands of U.S. dollars)

12 [IVANHOE LOGO] Consolidated Statements of Cash Flows (Stated in thousands of U.S. dollars)

13 [IVANHOE LOGO] Notes to the Consolidated Financial Statements (Stated in U.S. dollars; tabular dollar amounts in thousands) 1. NATURE OF OPERATIONS Ivanhoe Mines Ltd. (the "Company"), together with its subsidiaries and joint venture (collectively referred to as "Ivanhoe Mines"), is an international mineral exploration and development company holding interests in mineral resource projects principally in Southeast and Central Asia, Australia and Norway. 2. SIGNIFICANT ACCOUNTING POLICIES These consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles ("Canadian GAAP"). The significant accounting policies used in these consolidated financial statements are as follows: (a) Principles of consolidation These consolidated financial statements include the accounts of the Company and all of its subsidiaries. The principal subsidiaries of the Company are ABM Mining Limited (Yukon, Canada), Ivanhoe Mines Mongolia Inc. (B.V.I.), Korea Gold Mines Limited (Malta) and their respective subsidiaries, Ivanhoe Myanmar Holdings Limited (Myanmar) and Bakyrchik Mining Venture ("BMV") (Kazakhstan) (70% owned). ABM Mining Limited and its subsidiaries are individually and collectively referred to in these financial statements as "ABM". Ivanhoe Mines' investment in Myanmar Ivanhoe Copper Company Limited ("JVCo") (Myanmar) (50% owned), which is subject to joint control, is consolidated on a proportionate basis whereby the Company includes in these consolidated financial statements its proportionate share of the assets, liabilities, revenues and expenses of JVCo. All intercompany transactions and balances have been eliminated. (b) Accounting estimates Generally accepted accounting principles require management to make assumptions and estimates that affect the reported amounts and other disclosures in these consolidated financial statements. Actual results may differ from those estimates. Significant estimates used in the preparation of these consolidated financial statements include, amongst other things, the recoverability of accounts receivable, notes receivable and investments, the quantities of copper in heap and circuit, the proven and probable ore reserves, the estimated recoverable tonnes of ore, the estimated net realizable value of metals inventories, the expected economic lives of and the estimated future operating results and net cash flows from mining property, plant and equipment, and the anticipated reclamation costs of mine sites. (c) Foreign currencies The Company considers the U.S. dollar to be its functional currency as it is the currency of the primary economic environment in which the Company and its foreign subsidiaries operate. Accordingly, monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect at the balance sheet date and non-monetary assets and liabilities at the exchange rates in effect at the time of acquisition or issue. Revenues and expenses are translated at rates approximating the exchange rates in effect at the time of the transactions. All exchange gains or losses are included in operations. (d) Cash Cash includes short-term money market instruments with terms to maturity, at the date of acquisition, not exceeding ninety days. 14 [IVANHOE LOGO] 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (e) Inventories Metals inventories are valued at the lower of the weighted average cost of production and net realizable value. Mine stores and supplies are valued at the lower of the weighted average cost, less allowances for obsolescence, and replacement cost. (f) Other investments Investments in companies 20% to 50% owned, where Ivanhoe Mines has the ability to exercise significant influence, are accounted for using the equity method. Under this method, Ivanhoe Mines' share of their earnings and losses is included in operations and its investments therein are adjusted by a like amount. Dividends received are credited to the investment accounts. The remaining investments are accounted for using the cost method, whereby income is included in operations when received or receivable. Provisions for impairment of investments are made, where necessary, to recognize other than temporary declines in value. (g) Mining property, plant and equipment Mining property, plant and equipment are carried at cost (including development and preproduction costs, capitalized interest, other financing costs and all direct administrative support costs incurred during the construction period, net of cost recoveries and incidental revenues) less accumulated depletion and depreciation including write-downs. Following the construction period, interest, other financing costs and administrative costs are expensed as incurred. On the commencement of commercial production, depletion of each mining property is provided on the unit-of-production basis using estimated proven and probable reserves as the depletion basis. The mining plant and equipment are depreciated, following the commencement of commercial production, over their expected economic lives using either the unit-of-production method or the straight-line method (over three to fifteen years), as appropriate. Capital projects in progress are not depreciated until the capital asset has been put into operation. Mining costs associated with waste rock removal are deferred or accrued, as appropriate, and charged to operations on the basis of the average stripping ratio for each mine area. The average stripping ratio is calculated as the ratio of the tonnes of waste material estimated to be mined to the estimated recoverable tonnes of metals from that mine area. Ivanhoe Mines reviews the carrying values of its mining property, plant and equipment on a regular basis, primarily by reference to estimated future operating results and undiscounted net cash flows. When the carrying values of these assets exceed their estimated net recoverable amounts, an impairment provision is made for the other than temporary decline in value. (h) Other mineral property interests All direct costs related to the acquisition of other mineral property interests are capitalized by property. Exploration costs are charged to operations in the period incurred until such time as it has been determined that a property has economically recoverable reserves, in which case subsequent exploration costs and the costs incurred to develop a property are capitalized. 15 [IVANHOE LOGO] 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (h) Other mineral property interests (continued) Gains or losses are recognized on property dispositions when the value of the consideration received exceeds or is less than, respectively, the carrying value of the property. Partial dispositions or option proceeds with respect to undeveloped properties are credited against the cost of the related property except that, when the proceeds exceed the cost, the excess is credited to operations. The aggregate costs related to abandoned properties are charged to operations. Ivanhoe Mines reviews the carrying values of its other mineral property interests on a regular basis by reference to the project economics, including the timing of the exploration and/or development work, the work programs and exploration results experienced by Ivanhoe Mines and others. When the carrying value of a property exceeds its estimated net recoverable amount, an impairment provision is made for the other than temporary decline in value. Certain of Ivanhoe Mines' exploration activities are conducted jointly with others. These consolidated financial statements reflect only Ivanhoe Mines' interests in such activities. (i) Environmental protection practices Ivanhoe Mines is subject to the laws and regulations relating to environmental matters in the jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material and other matters. Environmental obligations for the mining activities of ABM at Savage River have been specifically addressed in the Goldamere Act passed by the Tasmanian Parliament. Under this Act, the Tasmanian Government covenants to indemnify Ivanhoe Mines from any environmental claims arising out of operations of the Savage River Project prior to acquisition by ABM. (j) Future mine reclamation costs Ivanhoe Mines reviews, from time to time, the anticipated costs associated with the reclamation of mine sites. These costs are accrued and charged to operations over the estimated life of each mine using the unit-of-production method based on proven and probable reserves. (k) Revenue recognition Revenue from the sale of metals is recognized, net of related royalties and sales commissions, when: (i) the risks and rewards of ownership pass to the purchaser including delivery of the product; (ii) the selling price is fixed or determinable, and (iii) collectibility is reasonably assured. Settlement adjustments, if any, are reflected in revenue when the amounts are known. (l) Equity incentive plan The Company has an Employees' and Directors' Equity Incentive Plan which is disclosed in Note 18 (b). No compensation expense is recognized for this plan when share options are issued to employees and directors. The Company recognizes compensation expense for the fair value of shares issued, pursuant to the share bonus plan and the share purchase plan, in excess of any contributions by employees. Any consideration paid by employees and directors on exercise of share options or purchase of shares is credited to share capital. 16 [IVANHOE LOGO] 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (m) Commodity contracts Ivanhoe Mines uses, from time to time, forward sales and option contracts to effectively provide a minimum sales price for a portion of metals inventories and future production. Gains or losses on these contracts are recognized in revenues when the related product is sold. (n) Foreign exchange contracts ABM has entered into a forward currency contract that the Company has not designated as a hedge. Unrealized gains or losses on this forward currency contract are included in operations. (o) Income taxes Future income tax assets and liabilities are computed based on differences between the carrying amount of assets and liabilities on the balance sheet and their corresponding tax values, generally using the enacted income tax rates at each balance sheet date. Future income tax assets also result from unused loss carry-forwards and other deductions. The valuation of future income tax assets is reviewed quarterly and adjusted, if necessary, by use of a valuation allowance to reflect the estimated realizable amount. (p) Loss per share The basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the year. The fully diluted loss per share reflects the potential dilution of common share equivalents, such as shares issuable on conversion of convertible debt, outstanding stock options and outstanding warrants, in the weighted average number of common shares outstanding during the year, if dilutive. For this purpose, the "if-converted" method is used for the assumed conversion of convertible debt at the beginning of the year. In addition, the "treasury stock method" is used for the assumed proceeds upon the exercise of stock options and warrants that are used to purchase common shares at the average market price during the year. (q) Comparative figures Certain of the comparative figures have been reclassified to conform with the presentation as at and for the year ended December 31, 2001. In particular, the Company has reclassified to current assets $3,240,000 of future income tax assets at December 31, 2000 previously included in noncurrent assets. 3. ACCOUNTING CHANGES (a) In 2001, the Company adopted the new accounting recommendations of The Canadian Institute of Chartered Accountants (the "CICA") with respect to the loss per share, as described in Note 2 (p). In prior years, the computation of the fully diluted loss per share used the imputed earnings approach for determining the common share equivalents with respect to outstanding stock options and warrants to be included in the weighted average number of common shares outstanding. This change has been applied retroactively; however, there was no change to the prior year's previously reported basic and fully diluted loss per share. (b) In 2001, the Company also adopted the new accounting recommendations of the CICA with respect to foreign currency translation, as described in Note 2 (c). Prior to 2001, the unrealized exchange gains or losses relating to term debt denominated in foreign currencies were deferred and amortized over the remaining term of the underlying debt. These exchange gains or losses are 17 [IVANHOE LOGO] 3. ACCOUNTING CHANGES (CONTINUED) now included in operations. This change has resulted in a decrease of $2,150,000 ($0.02 per share) in the net loss for the year ended December 31, 2001. There were no such unrealized exchange gains or losses as at December 31, 2000 and accordingly, this change did not have any effect on the net loss for the year ended December 31, 2000. 4. BUSINESS ACQUISITION On December 31, 2000, the Company acquired all of the outstanding shares of ABM Mining Limited ("ABM") by the issue of 50,322,533 common shares with a fair value, based on the closing price of the Company's common shares for a period before and after the acquisition date, aggregating $31,064,000. The Company also acquired all of the outstanding stock options of ABM by the grant of an aggregate of 4,455,344 stock options of the Company with a fair value, based on a Black-Scholes Model, aggregating $1,750,000. In addition, the Company also granted the holders of amounts due to related parties an option to convert their outstanding debt into a maximum of 30,625,000 common shares. The fair value of this option, based on a Black-Scholes Model, aggregated $8,625,000. ABM, through its subsidiaries, is engaged in the operation of an iron ore mine in Tasmania, Australia, and in the development of an open pit mine leading to the production and sale of iron ore pellets in Kirkenes, Norway. ABM was previously controlled by a director and officer of the Company. This acquisition has been accounted for using the purchase method of accounting. The fair value of the net assets acquired was as follows: Current assets (including cash of $3,209,000) $ 16,874 Mining property, plant and equipment 104,779 Future income tax assets 6,900 Current liabilities (25,977) Due to related parties (21,588) Long-term debt (24,138) Other liabilities (12,200) Future income tax liabilities (1,577) ---------------- $ 43,073 ================ Consideration comprised of: 50,322,533 common shares of the Company with a fair value of $0.62 per share $ 31,064 Conversion option to acquire 30,625,000 common shares with a fair value of $0.28 per share 8,625 4,455,344 stock options with a fair value of $0.39 per option 1,750 Transaction costs 1,634 ---------------- $ 43,073 ================

In 2001, the Company revised its accounting for the acquisition of ABM as a result of new information becoming available. This revision was accounted for in 2001 by increasing the cost of operations and the recovery of income and capital taxes by $1,700,000 with no effect on the net loss for the year. The fair values of the conversion option and the stock options, aggregating $10,375,000 at December 31, 2000, were credited to additional paid-in capital. In 2001, an amount of $8,625,000 was transferred to share capital on exercise of the conversion option (Note 13) and $53,000 was transferred to share capital on exercise of certain of the stock options (Note 18(a)). 18 [IVANHOE LOGO] 4. BUSINESS ACQUISITION (CONTINUED) ABM's operating results are included in the operating results of Ivanhoe Mines from January 1, 2001. ABM had, for the year ended December 31, 2000, net income of $714,000 (including a gain of $11,539,000 resulting from the forgiveness of interest by related parties) with revenue from iron ore sales of $60,823,000. The pro forma operating results of Ivanhoe Mines for the year ended December 31, 2000, assuming that the Company had acquired ABM on January 1, 2000, are as follows:
Revenue: Copper sales $ 22,470 Iron ore sales 60,823 ---------- $ 83,293 ========== Net loss (including a provision of $14,000,000 for an unrealized loss on forward currency contract (Note 23 (f)) and net of a gain of $11,539,000 resulting from the forgiveness of interest by related parties) $ 29,715 ---------- Basic and fully diluted loss per share $ 0.24 ---------- Weighted average number of shares outstanding (in 000's) 124,814 ==========
5. INVESTMENT IN ABM The global slow down during 2001 in the steel industry has resulted in reduced demand for iron ore pellets. As there were no immediate prospects for an early recovery in the iron ore market, the Savage River operation of ABM commenced, in the third quarter of 2001, negotiations for a restructuring of its financing package with its major lenders and other stakeholders. The Savage River operation is continuing with these negotiations, but there can be no assurance that the desired additional suitable concessions will be obtained from those stakeholders. If suitable concessions from the major stakeholders are not obtained, or if the Savage River operations deteriorate, ABM may not be able to continue as a going concern and accordingly, adjustments may be required to the carrying values and classifications of its assets and liabilities, and those adjustments may be material. 19 [IVANHOE LOGO] 5. INVESTMENT IN ABM (CONTINUED) The following is a summary of the carrying values of the Savage River operation's assets and liabilities as at December 31, 2001, which are included in these financial statements:
ASSETS CURRENT Cash $ 1,077 Accounts receivable 1,285 Inventories 15,396 Prepaid expenses 397 Future income taxes 4,635 ------------- 22,790 MINING PROPERTY, PLANT AND EQUIPMENT (Note 11) 45,295 FUTURE INCOME TAXES 775 ------------- 68,860 ------------- LIABILITIES Accounts payable and accrued liabilities 26,397 Current portion of long-term debt 10,794 ------------- 37,191 LOAN PAYABLE TO RELATED PARTIES (non-recourse to the Company) 4,696 LONG-TERM DEBT (non-recourse to the Company) 17,757 FUTURE INCOME TAXES 2,917 OTHER LIABILITIES 2,582 ------------- 65,143 ------------- CARRYING VALUE OF NET ASSETS $ 3,717 =============
6. INVESTMENT IN JOINT VENTURE Ivanhoe Mines has a 50% interest in JVCo, a joint venture formed to develop open-pit coppermining operations at Monywa in the Union of Myanmar. JVCo has a term, with respect to each deposit, of twenty years from the date of commercial production, which is renewable in certain circumstances for an additional five years. JVCo completed construction of a mining complex in 1998 to develop the Sabetaung and Kyisintaung ("S&K") deposits within the Monywa Copper Project. Commercial production from these deposits commenced during the first quarter of 1999. 20 [IVANHOE LOGO] 6. INVESTMENT IN JOINT VENTURE (CONTINUED) These consolidated financial statements include Ivanhoe Mines' proportionate share of JVCo's assets, liabilities, revenues, expenses, net income and cash flows as follows:
December 31, ---------------------------------------- 2001 2000 ------------- ------------ Current assets $ 14,998 $ 16,439 Capital assets 133,597 133,752 Current liabilities (12,080) (12,412) Other liabilities (12,507) (12,006) Long-term debt (22,500) (30,000) Retained earnings (9,093) (6,580) ------------- ------------ Investment in JVCo eliminated on consolidation $ 92,415 $ 89,193 ============= ============

Years ended December 31, ----------------------------------------- 2001 2000 ------------- ------------ Revenues $ 19,556 $ 22,394 Expenses (17,043) (19,157) ------------- ------------ Net income $ 2,513 $ 3,237 ------------- ------------ Cash flows From operating activities $ 8,183 $ 9,367 For investing activities (3,335) (1,494) For financing activities (7,500) (7,500) ------------- ------------ $ (2,652) $ 373 ------------- ------------
Ivanhoe Mines investment in JVCo includes costs incurred with respect to JVCo's Monywa Copper Project in Myanmar in excess of its equity contribution of $28,001,000 to JVCo. These costs have been allocated to capital assets. JVCo has been granted certain exemptions and relief from income taxes payable under the laws of Myanmar including, amongst other things, an exemption from income taxes for a period of four consecutive years commencing on January 1, 1999, the date of commencement of commercial production. JVCo may also apply to the appropriate authority in Myanmar for certain other exemptions following the four-year tax holiday period. 7. CASH Cash at December 31, 2001 and 2000 included Ivanhoe Mines' share of JVCo's cash balances of approximately $7,396,000 and $10,048,000, respectively, which were not available for Ivanhoe Mines' general corporate purposes. Cash at December 31, 2001 and 2000 was also restricted to the extent of support for outstanding letters of credit discussed in Note 23 (a). 21 [IVANHOE LOGO] 8. ACCOUNTS RECEIVABLE
December 31, -------------------------- 2001 2000 ------ ------ Trade $ 960 $3,341 Refundable taxes 600 545 Accrued interest -- 620 Other 863 1,015 ------ ------ $2,423 $5,521
9. INVENTORIES
December 31, ------------------------ 2001 2000 ------- ------- Metals Finished goods $ 6,701 $ 3,100 Work in progress 10,065 6,622 Mine stores, supplies and other 5,763 6,066 ------- ------- $22,529 $15,788 ======= =======
During 2000, JVCo experienced some unfavourable copper solution recoveries due to the stacking of clay bearing material on the heaps. As the ultimate recovery of copper from the various heap cells containing these clay bearing materials was uncertain, the Company made a one-time non-recurring write down to the work in progress heap inventory of approximately $2,209,000. Management of the Company believes that, with the change that has been made to JVCo's mining plan, the clay issue is under control and that future inventory write-downs related to this issue are unlikely. During 2001, ABM wrote down its run-of-mine work in progress iron ore inventory by $2,584,000 as a result of declining grades. 10. OTHER INVESTMENTS
December 31, ------------------- 2001 2000 ------ ------ GTL Resources Plc ("GTL")(a) $1,400 $1,644 Emperor Mines Limited ("Emperor")(b) 2,084 2,084 Olympus Pacific Minerals Inc. ("Olympus")(c) 1,339 1,339 ------ ------ $4,823 $5,067 ====== ======
(a) The quoted market value of the Company's equity interest in GTL at December 31, 2001 was $1,978,000 (December 31, 2000 - $4,237,000). This equity interest was subsequently exchanged for another investment (Note 25(c)). (b) The equity market conditions for Emperor deteriorated during the second half of 2000 with the result that the quoted market value of Ivanhoe Mines' investment in Emperor decreased significantly below its carrying value. Accordingly, the Company made an impairment provision of $4,645,000 in 2000 against this investment. 22 [IVANHOE LOGO] 10. OTHER INVESTMENTS (CONTINUED) At December 31, 2001 and 2000, Ivanhoe Mines held approximately 18% of the outstanding common shares of Emperor which, through its subsidiaries, operates the Emperor Gold Mine located at Vatukoula, Fiji. The quoted market value of its investment at those dates was $2,665,000 and $2,926,000, respectively. (c) The investment currently consists of 5,065,867 common shares of Olympus, representing approximately 11% of the issued and outstanding common shares of Olympus. The estimated market value of the Company's investment in Olympus at December 31, 2001 was $2,449,000 (December 31, 2000 - $2,465,000). The Company's equity interest in Olympus was subsequently increased as discussed in Note 25(b)). 11. MINING PROPERTY, PLANT AND EQUIPMENT
December 31, ------------------------------------------------------------ 2001 2000 ------------------------------------------ ---------------- Accumulated Depletion and Depreciation, Including Net Book Net Book Cost Write-downs Value Value ----------- -------------- ------------ -------------- Mining properties, including development and preproduction costs $ 150,466 $ (44,732) $ 105,734 $ 106,364 Mine buildings 20,258 (12,164) 8,094 14,798 Plant and equipment 145,427 (77,792) 67,635 117,157 Other 353 (146) 207 212 ---------- ----------- ---------- ---------- $ 316,504 $ (134,834) $ 181,670 $ 238,531 ========== =========== ========== ==========
Capital projects in progress at December 31, 2001 amounted to $3,636,000. In view of the operating results of the Savage River iron ore mine in Tasmania during 2001, Ivanhoe Mines has completed a review of the carrying values of its Savage River mining property, plant and equipment with the result that an impairment provision of $53,812,000 has been made at December 31, 2001 for the estimated other than temporary decline in value. The Company will continue to review the carrying value of the Savage River mining property, plant and equipment on a regular basis for indications of further impairment. The economics of the Savage River Mine Project are particularly sensitive to changes in selling prices and operating costs. As a consequence, any adverse changes in those selling prices and/or operating costs would result in further impairment provisions and those provisions may be material. Ivanhoe Mines iron ore mine in Norway remains on a care-and-maintenance basis. In 2001, management of the Company concluded that this mine is a non-core asset and that no further expenditures of a material nature should be made in respect of that operation. As a consequence, Ivanhoe Mines has made an impairment provision of $5,380,000 for the estimated other than temporary decline in value. During 2002, Ivanhoe Mines intends to abandon the Norway Mine Project, which is carried at $3,366,000 at December 31, 2001. Ivanhoe Mines placed the BMV on a care and maintenance basis in prior years, pending a sustained recovery in the price of gold, at which time the Company intends to seek project financing in order to complete development of the Bakyrchik Mine Project. The Bakyrchik Mine Project, which has a cost of $90,814,000 as at December 31, 2001 and 2000, is carried at a nominal value. 23 [IVANHOE LOGO] 12. OTHER MINERAL PROPERTY INTERESTS
December 31, ----------------------------------------- 2001 2000 -------------- ------------- Mongolia(a) $ -- $ -- South Korea(b) -- 687 Myanmar(c) -- -- Vietnam(d) -- -- -------- ------- $ -- $ 687 ======== =======
The foregoing table reflects the application of Ivanhoe Mines' accounting policy discussed in Note 2(h). (a) Mongolia - Ivanhoe Mines has acquired from BHP Minerals International Exploration Inc. ("BHP") the right to earn a 100% interest in the Turquoise Hill (Oyu Tolgoi) copper/gold project in Mongolia. Ivanhoe Mines is required to incur a minimum of $3,000,000 in exploration expenditures during the first three years of the agreement (which amount has been spent). To complete its earn-in, Ivanhoe Mines is required to pay BHP a total of $5,000,000 after the initial three-year period and to incur an additional $3,000,000 of exploration expenditures over a further four year period (which amounts have been paid or spent subsequent to December 31, 2001). BHP has limited back-in rights which, if not exercised, will result in BHP retaining a 2% net smelter returns royalty. Subsequent to December 31, 2001, the Company acquired additional mineral exploration licenses in the same geological province as the Turquoise Hill project in Mongolia. Mineral exploration licenses are valid for a period of three years and, through renewals, can be extended to a maximum of seven years. These rights are maintained in good standing through the payment of an annual license fee. (b) South Korea - Ivanhoe Mines has a 90% interest in an exploration project in the Cholla-namdo Province of South Korea. Ivanhoe Mines is required to fund all of the exploration costs and land rents, both of which are reimbursable to Ivanhoe Mines from the revenues from the project. Construction of the mine and mine facilities commenced in January 2002, and it is currently anticipated that commercial production will commence during the second quarter of 2002. Accordingly, accumulated costs of acquisition and development of $926,000 to December 31, 2001 have been reclassified to Mining Property, Plant and Equipment. Ivanhoe Mines has also acquired the mining rights to certain other mining prospects. (c) Myanmar Exploration Projects - Ivanhoe Mines has entered into agreements with the Myanmar Department of Geological Survey and Mineral Exploration ("DGSE"), whereby Ivanhoe Mines has been granted the exclusive right to undertake gold and copper prospecting and exploration activities on certain exploration blocks located in the Union of Myanmar. These agreements provide that, upon the determination of economically recoverable reserves in any of these exploration blocks, Ivanhoe Mines and the appropriate state mining entity nominated by the government of Myanmar will each hold an 83% and 17% equity interest, respectively, in any joint venture company formed to develop the project. (d) Vietnam - Ivanhoe Mines owns a 32.6% interest in a joint venture with Olympus and Zedex Limited to explore and develop two exploration licences in the Phuoc Son area of Vietnam. Olympus is the operator of the joint venture. 24 [IVANHOE LOGO] 12. OTHER MINERAL PROPERTY INTERESTS (CONTINUED) During 2000, Ivanhoe Mines determined that no further exploration work would be conducted on its mineral property interests in Indonesia and Thailand and accordingly, acquisition costs of $6,134,000 and $232,000, respectively, were written off. 13. OTHER ASSETS
December 31, -------------------------- 2001 2000 --------- ---------- ~~Due from joint venture partner $ 1,420 $ 1,404~~
The amount due from the joint venture partner is unsecured with no fixed terms of repayment and bears interest at LIBOR plus 2%. Ivanhoe Mines charged net interest of $78,000 in 2001 and $102,000 in 2000, which is included in the balance receivable. 14. LOANS PAYABLE TO RELATED PARTIES
December 31, --------------------- 2001 2000 ------- ------- Companies with directors in common 11.50% loan payable of $2,874,000 $ -- $ 2,336 Loan payable of $7,222,000 with interest at Citibank U.S. prime rate plus 3% -- 6,170 Director, officer and controlling shareholder of the Company Loan payable of $5,470,000 with interest at Bank of Montreal U.S. prime rate plus 2.5% -- 4,559 Company under common control Loan payable of $5,088,000 at December 31, 2001 and $9,977,000 at December 31, 2000 with interest at Bank of Montreal U.S. prime rate plus 3% 4,696 8,523 ------- ------- $ 4,696 $21,588 ======= =======
These loans are all unsecured and repayable in U.S. dollars. Certain of these loans with outstanding principal and accrued interest aggregating $23,075,000 were converted into 30,625,000 common shares of the Company on December 31, 2001. These related parties have, amongst other things, postponed the repayment of their loans and accrued interest until ABM and its subsidiaries begin to generate positive cash flow, as defined in an agreement entered into on November 6, 2000 (the "Amending Agreement"). These loans are carried at their fair value as determined in Ivanhoe Mines' accounting for the acquisition of ABM's net assets (Note 4). The carrying value of these loans will be accreted to their face value over the period to December 31, 2005 as an adjustment to interest expense. For those loans converted into common shares on December 31, 2001, the unamortized loan discount balance has been charged to share capital. 25 [IVANHOE LOGO] 14. LOANS PAYABLE TO RELATED PARTIES (CONTINUED) It is unlikely that ABM and its subsidiaries will achieve positive cash flow (as defined in the Amending Agreement) prior to January 1, 2003. These loans, including accrued interest, were therefore classified as non-current liabilities. These loans are subordinated to ABM's bank term loan discussed in Note 15 and are non-recourse to the Company. 15. LONG-TERM DEBT
December 31, ------------------------ 2001 2000 -------- -------- JVCo: Share of loan payable (a) $ 30,000 $ 37,500 ABM: Bank term loan (b) 22,292 19,876 Deferred purchase obligation (c) 3,933 4,037 Equipment purchase loans (d) 2,325 -- Equipment purchase loan (e) 2,880 4,439 Unsecured loan (f) 540 551 -------- -------- 61,970 66,403 Less: Amount included in current liabilities (20,133) (12,265) -------- -------- $ 41,837 $ 54,138 ======== ========
All of the long-term debt is non-recourse to the Company. The future principal repayments required on the debt outstanding at December 31, 2001 is as follows:
2002 $ 20,133 2003 14,326 2004 14,770 2005 7,528 2006 1,280 Deferred purchase obligation to be settled through future remediation work to be performed (Note 23 (d)) 3,933 -------------- $ 61,970 ==============
(a) JVCo's loan of $60,000,000 bears interest at a rate equal to LIBOR plus 2.5%, subject to certain adjustments, and is repayable in minimum semi-annual instalments of $7,500,000 (of which $3,750,000 is attributable to Ivanhoe Mines), which commenced in February 2000, until maturity in August 2005. JVCo will also be required to make additional principal repayments in certain circumstances based on certain financial ratios and the level of cash flow above specified levels. The credit agreement requires that JVCo maintain working capital of not less than $5,000,000. In addition, the credit agreement contains certain restrictions regarding, amongst other things, the ability of JVCo to incur additional indebtedness and the payment of cash dividends in certain circumstances. The loan facility is secured by, amongst other things, a fixed charge on the Monywa Copper Mine Project assets, an assignment of JVCo's operating and restricted cash balances, and a floating charge on all other assets of JVCo. 26 [IVANHOE LOGO] 15. LONG-TERM DEBT (CONTINUED) At December 31, 2001, JVCo is in compliance with the minimum working capital requirement discussed above. However, it is likely that JVCo will not be in compliance with this requirement during 2002. In such event, management of the Company believes that JVCo will request and obtain a waiver from the lenders. However, there can be no assurance that such a waiver will be obtained, in which case the loan plus all accrued and unpaid interest would be payable on demand. JVCo is required to pay a non-refundable management fee of 0.75% per annum on the amounts drawn-down. This amount is included in interest on long-term debt. The effective interest rate on the loan facility was 7.82% at December 31, 2001 and 10.08% at December 31, 2000. Ivanhoe Mines' share of the interest incurred on this loan during the year ended December 31, 2001 and 2000 amounted to $4,032,000 and $4,534,000, respectively, of which $422,000 and $Nil, respectively, was capitalized to mining property, plant and equipment. (b) ABM's bank term loan is part of a senior secured credit facility aggregating Australian ("A")$43,891,000, including a project financing facility of A$39,891,000, an environmental letter of credit facility of A$1,500,000 and a working capital facility of A$2,500,000. This credit facility matures on December 31, 2004. Included in the project financing facility is an aggregate of A$7,141,000 resulting from the conversion, during 2001, of foreign exchange losses attributable to the foreign exchange contract discussed in Note 23 (f). The project financing facility bears interest at a rate equal to the rate displayed on the Reuter's screen BBSY page on the first day of each funding period (4.29% at December 31, 2001 and 5.98% at December 31, 2000) plus 2% to 2.5% and is repayable in semi-annual instalments of varying amounts until maturity in December 2004. The senior credit facility contains certain restrictive covenants regarding, amongst other things: (i) the creation of liens, (ii) dispositions of assets, (iii) the incurrence of additional indebtedness, (iv) transactions with affiliates, (v) sale and leaseback transactions, and (vi) dividends and other payments. The facility is secured by a first lien over ABM's Australian assets, including the mining lease over the mineral rights to the Savage River Project. ABM also has an outstanding A$1,500,000 obligation secured by a bond issued pursuant to the environmental letter of credit facility to partially pay for implementation of an environmental rehabilitation plan in the event of cessation of operations at the Savage River Project. (c) A subsidiary of ABM has an agreement with the Tasmanian Parliament to defer the payment for the purchase of the assets of the Savage River Project. This deferred obligation, which amounted to A$13,869,000 at December 31, 2001 and A$13,719,000 at December 31, 2000, is secured by an A$13,000,000 second mortgage on the assets of one of ABM's subsidiaries and is repayable by December 24, 2014, primarily by carrying out remediation work for the purpose of rehabilitating areas disturbed by operations prior to ABM's acquisition of an interest in the site (Note 22 (d)). The obligation amounted to $7,065,000 at December 31, 2001 and $7,672,000 at December 31, 2000, and bears interest on a basis agreed to with the Tasmanian government, payable on specified dates. Thereafter, the obligation will not bear interest, but the balance will increase annually by the change in the Australian All Groups Consumer Price Index. For accounting purposes, this obligation has been discounted using an interest rate of 10% to its present value of $3,933,000 at December 31, 2001 and $4,037,000 at December 31, 2000. 27 [IVANHOE LOGO] 15. LONG-TERM DEBT (CONTINUED) (d) These equipment purchase loans of A$4,566,000 bear interest at rates between 5.64% and 6.60% and are repayable in monthly instalments of $155,000, including interest, until maturity in June 2004. These loans are secured by the related equipment. (e) This equipment purchase loan of Norwegian Kroner ("NOK") 25,799,000 bears interest at 6% and is repayable in quarterly instalments of NOK 2,639,000, including interest, until maturity in April 2003. The loan is secured by a charge against certain accounts receivable and capital assets of ABM's Norwegian subsidiary. This loan has been classified as a current liability at December 31, 2001, as ABM has ceased payments of principal and interest (Note 11). (f) This loan of NOK 4,840,000 is unsecured and bears interest at a variable rate, which at December 31, 2001 was 9.9%. The loan is repayable in semi-annual instalments of NOK 484,000, commencing in January 2002, until maturity in July 2006. 16. INCOME TAXES Ivanhoe Mines' provision for (recovery of) income and capital taxes consists of the following:
Years ended December 31, ------------------------- 2001 2000 ----- ----- Future income taxes $ 168 $(836) Capital taxes (95) 73 ----- ----- $ 73 $(763) ===== =====
28 [IVANHOE LOGO] 16. INCOME TAXES (CONTINUED) Future income tax assets and liabilities at December 31, 2001 and 2000 arise from the following:
2001 2000 -------- -------- Future income tax assets Investments $ 11,050 $ 14,049 Mining property, plant and equipment 1,537 11,797 Accrued loss on a foreign currency contract 5,410 6,900 Loss carry-forwards 29,303 24,922 -------- -------- 47,300 57,668 Valuation allowance (40,225) (32,380) -------- -------- Net future income tax assets 7,075 25,288 -------- -------- Future income tax liabilities Mining property, plant and equipment 12,751 27,799 Long-term debt 980 2,277 -------- -------- 13,731 30,076 -------- -------- Future income tax liabilities, net $ 6,656 $ 4,788 ======== ======== Disclosed on the Consolidated Balance Sheets as: Future income tax assets (including current portion of $4,635,000 in 2001 and $3,240,000 in 2000 arising from the current portion of the accrued loss on a foreign currency contract) $ 7,075 $ 7,588 Future income tax liabilities 13,731 12,376 -------- -------- Future income tax liabilities, net $ 6,656 $ 4,788 ======== ========
A reconciliation of the (provision for) recovery of income and capital taxes is as follows:
Years ended December 31, ----------------------- 2001 2000 -------- ------- Provision for recovery of income taxes based on combined Canadian federal and provincial statutory rates of 44.6% in 2001 and 45.6% in 2000 $ 37,908 $ 8,144 Add (deduct) Capital taxes 95 (74) Lower foreign tax rates (12,169) (1,569) JVCo's relief from income taxes 391 388 Adjustment arising from revision to the accounting for the acquisition of ABM (Note 4) 1,700 -- Tax effect of losses not recognized (10,119) (6,814) Tax benefits recognized on prior year losses 1,112 -- Change in valuation allowance for future income tax assets (16,161) 688 Other (2,830) -- -------- ------- (Provision for) recovery of income and capital taxes $ (73) $ 763 ======== =======
29 [IVANHOE LOGO] 16. INCOME TAXES (CONTINUED) At December 31, 2001, Ivanhoe Mines had deductible temporary differences aggregating approximately $6,035,000 and the following unused tax losses, for which no future income tax assets had been recognized:
LOCAL U.S. DOLLAR EXPIRY CURRENCY EQUIVALENT DATE ----------------- ----------- ------------ Canada Cdn $ 21,919 $ 13,760 2003 to 2008 Australia A 130,975 66,719 (a) Mongolia Mnt 3,943,500 3,585 (b)
(a) These losses can be carried forward indefinitely, subject to continuity of ownership and business tests. (b) These losses are carried forward indefinitely until such time as production from a mine commences; thereafter, they can be amortized on a straight-line basis over a period of five years. Ivanhoe Mines also has unused tax losses in certain other foreign jurisdictions that are not disclosed above, as it is currently highly unlikely that these losses will be utilized. 17. OTHER LIABILITIES
December 31, ------------------- 2001 2000 ------- ------- Royalty payable $ 1,281 $ 868 Provision for future waste mining costs and mine reclamation obligations 1,130 1,023 Accrued loss on foreign exchange contract (Note 23 (f)) 2,582 12,200 Employee entitlements 1,184 838 ------- ------- $ 6,177 $14,929 ======= =======
JVCo is required to pay a royalty to the Ministry of Mines of the Union of Myanmar on the value of Copper Cathode sold. However, during the first five years following the commencement of sales of Copper Cathode, payment of one-half of the royalty is deferred and is payable in equal instalments over the next five years. Accounts payable and accrued liabilities at December 31, 2001 and 2000 include Ivanhoe Mines' share of the current amount of the royalty payable. 30 [IVANHOE LOGO] 18. SHARE CAPITAL (a) Since December 31, 1999, the Company has issued the following Common Shares:
Number of Shares Amount ------------ -------- Balance, December 31, 1999 74,411,194 $383,349 Shares issued for: Share purchase plan 115,326 76 Acquisition of ABM (Note 4) 50,322,533 31,064 ------------ -------- Balance, December 31, 2000 124,849,053 414,489 Shares issued for: Private placement 15,227,139 16,349 Exercise of stock options 371,500 325 Share purchase plan 85,792 66 Conversion of loans payable to related parties (Note 14) 30,625,000 29,160 ------------ -------- 171,158,484 $460,389 ============ ========
(b) The Company has an Employees' and Directors' Equity Incentive Plan (the "Equity Incentive Plan "), which includes three components: (i) a Share Option Plan; (ii) a Share Bonus Plan; and (iii) a Share Purchase Plan. The Share Option Plan authorizes the Board of Directors of the Company to grant options, which vest over a period of years, to directors, executive officers and employees of Ivanhoe Mines to acquire Common Shares of the Company at a price based on the weighted average trading price of the Common Shares for the five days preceding the date of the grant. The Share Bonus Plan permits the Board of Directors of the Company to authorize the issuance, from time to time, of Common Shares of the Company to employees of the Company and its affiliates. The Share Purchase Plan entitles each eligible employee of Ivanhoe Mines to contribute a percentage of his or her annual basic salary in semi-monthly instalments. Each participant is, at the end of each calendar quarter during which he or she participates in the Share Purchase Plan, issued Common Shares of the Company equal to 1.5 times the aggregate amount contributed by the participant, based on the weighted average trading price of the Common Shares during the preceding three months. 31 [IVANHOE LOGO] 18. SHARE CAPITAL (CONTINUED) (c) A summary of share option activity and information concerning outstanding and exercisable options at December 31, 2001 is as follows:
Options Outstanding -------------------------------- Options Number of Weighted Available Common Average for Grant Shares Exercise Price ---------- ---------- -------------- (Expressed in Canadian dollars) Balances, December 31, 1999 3,040,209 4,352,233 $ 4.41 Options authorized 7,000,000 -- -- Options granted on exchange of ABM's outstanding options (4,455,344) 4,455,344 1.20 Options cancelled 2,608,500 (2,608,500) 5.23 Shares issued under share purchase plan (115,326) -- -- ---------- ---------- ------------- Balances, December 31, 2000 8,078,039 6,199,077 1.76 Options granted (8,747,167) 8,747,167 1.31 Options exercised -- (371,500) 1.13 Options cancelled 980,500 (980,500) 4.02 Shares issued under share purchase plan (85,792) -- -- Shares issued under share bonus plan (6,250) -- -- ---------- ---------- ------------- Balances, December 31, 2001 219,330 13,594,244 $ 1.40 ========== ========== =============
32 [IVANHOE LOGO] 18. SHARE CAPITAL (CONTINUED) (d) The following table summarizes information concerning outstanding and exercisable options at December 31, 2001:
Options Outstanding Options Exercisable ---------------------------------------------------------- ----------------------------- Average Weighted Weighted Remaining Average Average Number Contractual Exercise Price Number Exercise Price Outstanding Life (in years) Per Share Exercisable Per Share ----------- -------------- --------------- ----------- -------------- (Expressed in (Expressed in Canadian Canadian dollars) dollars) 321,900 1.86 $ 0.95 165,300 $ 0.95 190,833 3.79 1.08 130,833 1.08 9,118,511 4.11 1.20 3,510,977 1.20 1,100,000 4.73 1.60 330,000 1.60 70,000 4.25 1.61 21,000 1.61 1,990,000 4.08 1.70 15,000 1.70 350,000 4.81 2.12 315,000 2.12 190,000 4.89 2.31 57,000 2.31 200,000 4.86 2.50 60,000 2.50 35,000 5.77 6.74 35,000 6.74 28,000 0.37 12.05 28,000 12.05 ---------- ---- ---------- --------- --------- 13,594,244 4.16 $ 1.40 4,668,110 $ 1.40 ========== ==== ========== ========= =========
19. WRITE-DOWN OF CARRYING VALUES OF OTHER ASSETS
Years ended December 31, ----------------------- 2001 2000 ------- ------- Investment in Emperor (Note 10) $ -- $ 4,645 Savage River Mine Project (Note 11) 53,812 -- Norway Mine Project (Note 11) 5,380 -- Other mineral property interests (Note 12) -- 6,366 ------- ------- $59,192 $11,011 ======= =======
33 [IVANHOE LOGO] 20. OTHER RELATED PARTY TRANSACTIONS (a) Ivanhoe Mines incurred the following expenses with companies related by way of directors or shareholders in common:
Years ended December 31, ----------------------- 2001 2000 ------ ------ Consulting $ 39 $ 40 Interest 3,643 -- Office and administrative 641 583 Salaries and benefits 1,560 822 Travel 837 523 ------ ------ $6,720 $1,968 ====== ======
(b) Accounts receivable and accounts payable at December 31, 2001 included $206,000 and $480,000, respectively, (December 31, 2000 - $109,000 and $534,000, respectively) which were due from/to directors of the Company or its subsidiaries, a company under common control or companies related by way of directors in common. 21. CASH FLOW INFORMATION (a) Net change in non-cash operating working capital items
Years ended December 31, ------------------------- 2001 2000 -------- ------- (Increase) decrease in: Accounts receivable $ 3,098 $ 1,506 Inventories (7,625) (1,940) Prepaid expenses (342) 598 Increase (decrease) in: Accounts payable and accrued liabilities (7,617) (2,616) Increase in employee entitlements 346 838 -------- ------- $(12,140) $(1,614) ======== =======
34 [IVANHOE LOGO] 21. CASH FLOW INFORMATION (CONTINUED) (b) Supplementary information regarding other non-cash transactions
Years ended December 31, ----------------------- 2001 2000 -------- -------- INVESTING ACTIVITIES: Acquisition of ABM (Note 4) $ -- $(41,439) Note receivable -- 613 Other investments -- (613) Expenditures on mining property, plant and equipment (2,704) -- -------- -------- FINANCING ACTIVITIES: Conversion of long-term debt $(20,535) $ -- (Transfers from) additional paid-in capital (8,678) 10,375 Share capital issued 29,213 31,064 Proceeds from long-term debt 2,704 -- -------- --------
(c) Other supplementary information
Years ended December 31, --------------------------- 2001 2000 ------ ------ Interest received $1,840 $3,050 ------ ------ Interest paid $4,127 $2,141 ------ ------
35 [IVANHOE LOGO] 22. SEGMENT DISCLOSURES Throughout 2000, Ivanhoe Mines had two operating segments, its copper division (Note 6) and its exploration division (Note 12). On December 31, 2000, Ivanhoe Mines acquired its third operating segment, the iron ore division (Note 4).
Operating Segments ---------------------------- Year ended Copper Iron Ore Exploration December 31, 2001 Division Division Division Corporate Consolidated ---------- --------- ----------- --------- ------------ Revenue $ 19,556 $ 55,778 $ -- $ -- $ 75,334 Cost of operations (9,246) (43,590) -- -- (52,836) Depreciation and depletion (4,021) (8,524) -- -- (12,545) ---------- --------- -------- --------- -------- Operating profit (loss) 6,289 3,664 -- -- 9,953 Other expenses General and administrative (385) (79) -- (5,699) (6,163) Interest (3,779) (4,843) -- (1,307) (9,929) Exploration -- -- (7,192) -- (7,192) Depreciation -- -- (131) (14) (145) Write-down of inventories -- (2,584) -- -- (2,584) ---------- --------- -------- --------- -------- Profit (loss) before the following 2,125 (3,842) (7,323) (7,020) (16,060) ---------- --------- -------- --------- -------- Other income (expenses) Mining property shut-down costs -- -- -- (3,744) (3,744) Interest income 368 110 4 738 1,220 Foreign exchange loss -- (7,873) (52) 256 (7,669) Write-down of carrying values of other assets -- (53,812) -- (5,380) (59,192) Other -- 312 (3) 211 520 ---------- --------- -------- --------- -------- 368 (61,263) (51) (7,919) (68,865) ---------- --------- -------- --------- -------- Income and capital taxes 20 (1,130) 1,096 (59) (73) ---------- --------- -------- --------- -------- Net income (loss) $ 2,513 $ (66,235) $ (6,278) $ (14,998) $(84,998) ========== ========= ======== ========= ========
36 [IVANHOE LOGO] 22. SEGMENT DISCLOSURES (CONTINUED)
Operating Segments ---------------------------------------- Year ended Copper Iron Ore Exploration December 31, 2000 Division Division Division Corporate Consolidated -------- -------- ----------- --------- ------------ Revenue $ 22,470 $ -- $ -- $ -- $ 22,470 Cost of operations (8,188) -- -- -- (8,188) Depreciation and depletion (4,318) -- -- -- (4,318) -------- -------- -------- -------- -------- Operating profit (loss) 9,964 -- -- -- 9,964 Other expenses General and administrative (528) -- (1,660) (3,724) (5,912) Interest (4,534) -- -- -- (4,534) Exploration -- -- (5,339) -- (5,339) Depreciation -- -- (173) (9) (182) Write-down of inventories (2,209) -- -- -- (2,209) -------- -------- -------- -------- -------- Profit (loss) before the following 2,693 -- (7,172) (3,733) (8,212) -------- -------- -------- -------- -------- Other income (expenses) Mining property shut-down costs -- -- -- (2,531) (2,531) Interest income 547 -- 31 2,061 2,639 Foreign exchange loss -- -- -- (726) (726) Write-down of carrying values of other assets -- -- (6,366) (4,645) (11,011) Other 19 -- -- 1,199 1,218 -------- -------- -------- -------- -------- 566 -- (6,335) (4,642) (10,411) -------- -------- -------- -------- -------- Income and capital taxes 148 -- (14) 629 763 -------- -------- -------- -------- -------- Net income (loss) $ 3,407 $ -- $(13,521) $ (7,746) $(17,860) -------- -------- -------- -------- -------- Total assets 2001 $147,027 $ 68,860 $ 4,025 $ 27,690 $247,602 2000 150,191 128,554* 2,208 35,406 316,359 ======== ======== ======== ======== ========
* ABM's assets acquired on December 31, 2000 (Note 4).
December 31, --------------------- 2001 2000 -------- -------- Capital assets at the end of the year Australia $ 45,295 $ 95,933 Mongolia 256 -- Myanmar 132,125 133,812 Norway 3,420 8,846 South Korea 951 717 Other 147 319 -------- -------- $182,194 $239,627 ======== ========
Capital assets consist of mining property, plant and equipment, other mineral property interests and other capital assets. 37 [IVANHOE LOGO] 23. COMMITMENTS (a) Ivanhoe Mines has exploration commitments in the ordinary course of business to expend funds towards retaining its interests in mineral properties (Note 12). In that regard, Ivanhoe Mines has lodged letters of credit aggregating $2,000,000 at December 31, 2001 and $3,000,000 at December 31, 2000 in support of certain of these commitments. (b) JVCo has entered into an agreement for the sale of a guaranteed quantity of Grade A Product (as defined in the agreement) from the Monywa Copper Mine Project to a company (the "Major Customer") affiliated with one of the lenders of the project financing. This agreement terminates no later than December 31, 2005, but may terminate earlier if certain events occur. During the years ended December 31, 2001 and 2000, substantially all of the Copper Division sales were made to the Major Customer. (c) ABM has, in the normal course of its business, entered into various long-term contracts which include commitments for future payments under contracts for capital expenditures, power, port operations, equipment rentals and other arrangements as follows: (i) Capital expenditure commitments
2002 $ 1,362 -------------- (ii) Operating expenditure commitments 2002 $ 8,060 2003 4,784 2004 3,700 2005 3,195 2006 1,930 Thereafter 429 -------------- $ 22,098 ==============
(d) ABM is committed, pursuant to the deferred purchase obligation (Note 15), to co-manage with the Tasmanian Government the remediation of environmental exposures created by prior operations on the Savage River site. The cost of the remediation work will be offset against the face value of the deferred purchase obligation over the term of the agreement, with the balance to be paid in cash over the remaining 13 year term of the deferred purchase obligation. The remediation work may be carried out by ABM in conjunction with normal mining operations. (e) ABM has entered into contracts with two of its major customers for the sale of a guaranteed quantity of iron ore. The sales price of iron ore specified in these agreements is renegotiated annually. (f) ABM has agreed to deliver U.S.$5,000,000 of currency each month until February 2003 at an exchange rate of U.S.$0.6817 per 1A$. The remaining obligation under this contract was U.S.$70,700,000 at December 31, 2001 and U.S.$130,000,000 at December 31, 2000. This commitment has been marked to market for accounting purposes. The accrued loss at December 31, 2001 and 2000 amounted to $18,032,000 and $23,000,000, respectively, of which $2,582,000 and $12,200,000, respectively, was included in other liabilities and the balance of $15,450,000 and $10,800,000, respectively, in accounts payable and accrued liabilities. 38 [IVANHOE LOGO] 23. COMMITMENTS (CONTINUED) (g) Ivanhoe Mines has commitments aggregating $470,000 for the construction of a mine and mine facilities in Korea. Total costs to develop the mine are estimated at approximately $3.3 million. 24. DISCLOSURES REGARDING FINANCIAL INSTRUMENTS (a) The estimated fair value of Ivanhoe Mines' financial instruments was as follows:
December 31, -------------------------------------------- 2001 2000 -------------------- ------------------- CARRYING FAIR Carrying Fair AMOUNT VALUE Amount Value -------- ------- -------- ------- Cash $25,805 $25,805 $40,373 $40,373 Accounts receivable 2,423 2,423 5,521 5,521 Investments 4,823 7,092 5,067 9,628 Due from joint venture partner 1,420 1,420 1,404 1,404 Accounts payable and accrued liabilities 30,857 30,857 23,116 23,116 Loans payable to related parties 4,696 4,696 21,588 21,588 Royalty payable 1,281 -- 868 -- Long-term debt 61,970 61,970 66,403 66,403 Accrued loss on foreign exchange contract 2,582 2,582 12,200 12,200
The fair value of Ivanhoe Mines' other investments and accrued loss on a foreign exchange contract were determined by reference to published market quotations or by use of a discounted present value calculation, all of which may not be reflective of future values. Ivanhoe Mines' loans due from joint venture partner, loans payable to related parties and long-term debt bear effective interest rates principally at current market rates and accordingly, their fair value approximates their carrying value. The fair value of the royalty payable is not readily determinable. The fair value of Ivanhoe Mines' remaining financial instruments was estimated to approximate their carrying value due primarily to the immediate or short-term maturity of these financial instruments. (b) Ivanhoe Mines is exposed to credit risk with respect to its accounts receivable. The significant concentrations of credit risk are situated in Australia and Myanmar. ABM mitigates this risk by obtaining letters of credit in advance of the shipment of iron ore. Historically, Ivanhoe Mines has not experienced any significant credit losses, other than a provision for losses made in 1998, and this is not expected to change. (c) The credit agreement discussed in Note 15 provides that JVCo shall, at the request of the lenders, from time to time maintain one or more swaps, caps, collars or similar hedge products commonly used to hedge against interest rate fluctuations, to protect itself against the LIBOR interest rate rising more than 2% per annum above that in effect on January 13, 1998 and as to a notional principal amount equal to 75% of the principal amount outstanding from time to time. JVCo will, however, be subject to interest rate risk on the remaining unhedged amount. 39 [IVANHOE LOGO] 24. DISCLOSURES REGARDING FINANCIAL INSTRUMENTS (CONTINUED) (d) Ivanhoe Mines is subject to interest rate cash flow risk on its loans payable to related parties and its long-term debt since a significant portion of these liabilities bear interest at floating rates. (e) Ivanhoe Mines is subject to market risk arising from revenues from the sale of metals, which are subject to price fluctuations beyond its control. Management of Ivanhoe Mines attempts to reduce its exposure to this market risk through the use of sale contracts designed to fix the sales prices of metals on a monthly or annual basis. (f) Ivanhoe Mines earns its revenues in U.S. dollars, but incurs certain of its expenses in currencies other than the U.S. dollar. As such, Ivanhoe Mines is subject to foreign exchange risk as a result of fluctuations in exchange rates. ABM enters into forward foreign currency contracts to mitigate some of its exposure to foreign currency risk. 25. SUBSEQUENT EVENTS (a) In January 2002, the Company issued 6,452,800 Special Warrants at a price of $1.55 and 2,932,364 Special Warrants at a price of $1.71 for aggregate proceeds of $15 million. Each Special Warrant was converted into one Common Share in March 2002. (b) In January 2002, the Company received $1,320,000 in cash, 3,780,000 common shares of Olympus with a fair value of $1,248,000 and a credit of $1,430,000 against the Company's future obligations with respect to its interest in an exploration joint venture in Vietnam, in payment of a note receivable that had been written off in prior years. As a result, the Company's equity interest in Olympus (Note 10) increased to 19.4%. (c) In January 2002, the Company exchanged its equity interest in GTL (Note 10) for an equity interest in Resource Investment Trust with a fair value of $1.9 million. (d) In February 2002, the Company completed its earn-in of a 100% interest in the Oyu Tolgoi project in Mongolia (Note 12 (a)) by paying to BHP the sum of $1 million cash and by issuing a letter of credit in the amount of $4 million. In addition, a second letter of credit in the amount of $3 million was issued to BHP as security for the second exploration commitment of $3 million required under the earn-in agreement. (e) In April 2002, the Company issued 17,450,000 Common Shares at a price of Cdn.$3.25 (U.S.$2.05) per share for total proceeds of Cdn.$56.7 million (U.S.$35.7 million). (f) In April 2002, the Company agreed to issue 2,550,000 Special Warrants for total proceeds of approximately Cdn.$8.3 million (U.S.$5.2 million). Each Special Warrant will entitle the holder to acquire, at no additional cost, one Common Share at any time until the close of business on the fifth business day after the earlier of: (i) the date upon which the applicable Canadian provincial securities commissions issue receipts for the Company's final prospectus, and (ii) 120 days after the closing of the financing. 40 EX-13.6 25 o11180exv13w6.txt FINANCIAL STATEMENTS FOR 2002, 2001 Exhibit 13.6 Independent Auditors' Report and Consolidated Financial Statements of IVANHOE MINES LTD. December 31, 2002 and 2001 INDEPENDENT AUDITORS' REPORT To the Board of Directors of Ivanhoe Mines Ltd. We have audited the consolidated balance sheets of Ivanhoe Mines Ltd. as at December 31, 2002 and 2001 and the consolidated statements of operations, shareholders' equity and cash flows for each of the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2002 and 2001 and the results of its operations, changes in its shareholders' equity and its cash flows for each of the years then ended in accordance with Canadian generally accepted accounting principles. (SIGNED) DELOITTE & TOUCHE LLP Chartered Accountants Vancouver, British Columbia March 14, 2003 COMMENTS BY INDEPENDENT AUDITORS ON CANADA - UNITED STATES OF AMERICA REPORTING DIFFERENCES In the United States of America, reporting standards for auditors require the addition of an explanatory paragraph (following the opinion paragraph) when there are changes in accounting principles that have a material effect on the comparability of the Company's financial statements, such as the changes described in Note 3 to the consolidated financial statements. Our report to the shareholders dated March 14, 2003 is expressed in accordance with Canadian reporting standards which do not require a reference to such changes in accounting principles in the auditors' report when the changes are properly accounted for and adequately disclosed in the financial statements. In the United States of America, reporting standards for auditors also require the addition of an explanatory paragraph (following the opinion paragraph) when the financial statements are affected by conditions and events such as those described in Note 4 to the consolidated financial statements. Our report to the shareholders dated March 14, 2003 is expressed in accordance with Canadian reporting standards which do not permit a reference to such conditions and events in the auditor's report when these are adequately disclosed in the financial statements. (SIGNED) DELOITTE & TOUCHE LLP Chartered Accountants Vancouver, Canada March 14, 2003 IVANHOE MINES LTD. CONSOLIDATED BALANCE SHEETS (STATED IN THOUSANDS OF U.S. DOLLARS) - --------------------------------------------------------------------------------
December 31, ------------------------- ASSETS 2002 2001 --------- --------- CURRENT Cash (Note 6) $ 46,912 $ 25,805 Accounts receivable (Note 7) 3,425 2,423 Inventories (Note 8) 22,935 22,309 Prepaid expenses 1,971 1,333 Future income taxes (Note 16) -- 4,635 --------- --------- 75,243 56,505 INVESTMENTS (Note 9) 15,537 4,823 MINING PROPERTY, PLANT AND EQUIPMENT (Note 10) 166,500 180,744 OTHER MINERAL PROPERTY INTERESTS (Note 11) 6,748 687 OTHER CAPITAL ASSETS (Note 12) 3,481 763 FUTURE INCOME TAXES (Note 16) 1,041 2,440 OTHER ASSETS (Note 13) 3,004 1,870 --------- --------- $ 271,554 $ 247,832 ========= ========= LIABILITIES CURRENT Accounts payable and accrued liabilities $ 29,174 $ 15,187 Accrued loss on foreign exchange contract (Note 15 (b)) -- 15,450 Current portion of long-term debt (Note 15) 23,766 20,133 --------- --------- 52,940 50,770 LOANS PAYABLE TO RELATED PARTIES (Note 14) 5,088 4,696 LONG-TERM DEBT (Note 15) 5,534 41,837 FUTURE INCOME TAXES (Note 16) 12,642 13,731 OTHER LIABILITIES (Note 17) 6,358 6,627 --------- --------- 82,562 117,661 --------- --------- SHAREHOLDERS' EQUITY SHARE CAPITAL (Note 18) Authorized Unlimited number of preferred shares without par value Unlimited number of common shares without par value Issued and outstanding 205,163,382 (2001 - 171,158,484) common shares 522,199 460,389 SPECIAL WARRANTS (Note 25 (b)) 26,516 -- ADDITIONAL PAID-IN CAPITAL 1,508 1,697 CONTRIBUTED SURPLUS 3,520 -- DEFICIT (364,751) (331,915) --------- --------- 188,992 130,171 --------- --------- $ 271,554 $ 247,832 ========= =========
COMMITMENTS (Note 23) IVANHOE MINES LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (STATED IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS) - --------------------------------------------------------------------------------
Years ended December 31, ------------------------- 2002 2001 --------- --------- REVENUE $ 87,121 $ 75,334 COST OF OPERATIONS (64,124) (52,836) DEPRECIATION AND DEPLETION (11,540) (12,545) --------- --------- OPERATING PROFIT 11,457 9,953 EXPENSES General and administrative (12,426) (6,163) Interest on long-term debt (3,867) (9,929) Exploration (33,934) (7,192) Depreciation (839) (145) Write-down of inventories (Note 8) (1,049) (2,584) --------- --------- LOSS BEFORE THE FOLLOWING (40,658) (16,060) --------- --------- OTHER INCOME (EXPENSES) Interest income 1,101 1,220 Foreign exchange gains (losses) 2,208 (7,669) Mining property shut-down costs (Note 10) (2,995) (3,744) Share of loss of significantly influenced investee (Note 9 (a)) (847) -- Gain on settlement of debt (Note 15 (b)) 32,466 -- Write-down of carrying values of other assets (Note 19) (19,890) (59,192) Other (Note 9 (b)) 2,641 520 --------- --------- 14,684 (68,865) --------- --------- LOSS BEFORE INCOME AND CAPITAL TAXES (25,974) (84,925) (Provision for) recovery of income and capital taxes (Note 16) (4,259) (73) --------- --------- NET LOSS $ (30,233) $ (84,998) ========= ========= BASIC AND DILUTED LOSS PER SHARE $ (0.16) $ (0.66) ========= ========= WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (000's) 194,551 128,866 ========= =========
IVANHOE MINES LTD. CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (STATED IN THOUSANDS OF U.S. DOLLARS) - --------------------------------------------------------------------------------
Share Capital ------------------------- Additional Number Special Paid-In Contributed of Shares Amount Warrants Capital Surplus Deficit Total ----------- ----------- ----------- ----------- ----------- ----------- ----------- Balances, December 31, 2000 124,849,053 $ 414,489 $ -- $ 10,375 $ -- $ (246,917) $ 177,947 Shares issued for: Private placement 15,227,139 16,349 -- -- -- -- 16,349 Exercise of stock options 371,500 325 -- (53) -- -- 272 Share purchase plan 85,792 66 -- -- -- -- 66 Conversion of loans payable to related parties 30,625,000 29,160 -- (8,625) -- -- 20,535 Net loss -- -- -- -- -- (84,998) (84,998) ----------- ----------- ----------- ----------- ----------- ----------- ----------- Balances, December 31, 2001 171,158,484 460,389 -- 1,697 -- (331,915) 130,171 Effect of accounting change (Note 3 (a)) -- -- -- -- 2,603 (2,603) -- Shares issued for: Private placements 29,385,164 53,811 -- -- -- -- 53,811 Exercise of stock options 1,906,775 2,491 -- (189) (698) -- 1,604 Share purchase plan 50,321 91 -- -- -- -- 91 Acquisition of investments (Note 9) Pacific Minerals Inc. 2,374,960 4,818 -- -- -- -- 4,818 Intec Ltd. 287,678 599 -- -- -- -- 599 Special Warrants issued (Note 25 (b)) 26,516 -- -- -- 26,516 Stock compensation charged to operations -- -- -- -- 1,615 -- 1,615 Net loss -- -- -- -- -- (30,233) (30,233) ----------- ----------- ----------- ----------- ----------- ----------- ----------- Balances, December 31, 2002 205,163,382 $ 522,199 $ 26,516 $ 1,508 $ 3,520 $ (364,751) $ 188,992 =========== =========== =========== =========== =========== =========== ===========
IVANHOE MINES LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (STATED IN THOUSANDS OF U.S. DOLLARS) - --------------------------------------------------------------------------------
Years ended December 31, ------------------------ 2002 2001 -------- --------- OPERATING ACTIVITIES Net loss $(30,233) $(84,998) Items not involving use of cash Depreciation and depletion 12,379 12,690 Non-cash stock based compensation 1,615 -- Non-cash interest expense 392 5,803 Write-down of inventories 1,049 2,584 Unrealized foreign exchange (gains) losses (8,221) 3,107 Share of loss of significantly influenced investee 847 -- Gain on settlement of debt (32,466) -- Write-down of carrying values of other assets 19,890 59,192 Non-cash recovery of bad debt (1,248) -- Gain on sale of investments (508) (171) Future income taxes 3,951 168 Increase in non-current portion of royalty payable 418 413 Provision for employee entitlements 959 346 Provision for future waste mining costs (1,072) (236) Provision for mine reclamation obligations 936 343 -------- -------- (31,312) (759) Net change in non-cash operating working capital items (Note 21 (a)) 6,671 (12,486) -------- -------- (24,641) (13,245) -------- -------- INVESTING ACTIVITIES Expenditures on mining property, plant and equipment (18,641) (11,487) Expenditures on other mineral property interests (1,142) -- Expenditures on other capital assets (3,557) (269) Purchase of investments (6,288) -- Proceeds from sale of investments 10 429 Other (62) (16) -------- -------- (29,680) (11,343) -------- -------- FINANCING ACTIVITIES Issue of share capital 55,506 16,687 Issue of special warrants 26,516 -- Proceeds from long-term debt 10,306 3,671 Repayment of long-term debt (16,900) (10,338) -------- -------- 75,428 10,020 -------- -------- NET CASH INFLOW (OUTFLOW) 21,107 (14,568) CASH, BEGINNING OF YEAR 25,805 40,373 -------- -------- CASH, END OF YEAR $ 46,912 $ 25,805 ======== ======== CASH IS COMPRISED OF: Cash on hand and demand deposits $ 11,870 $ 17,700 Time deposits Restricted 5,467 4,850 Short-term money market instruments Restricted 6,000 2,000 Unrestricted 23,575 1,255 -------- -------- $ 46,912 $ 25,805 ======== ========
SUPPLEMENTARY INFORMATION (Note 21 (b) and (c)) IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 1. NATURE OF OPERATIONS Ivanhoe Mines Ltd. (the "Company"), together with its subsidiaries and joint venture (collectively referred to as "Ivanhoe Mines"), is an international mineral exploration and development company holding interests in mineral resource projects principally in Southeast and Central Asia and Australia. 2. SIGNIFICANT ACCOUNTING POLICIES These consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles ("Canadian GAAP"). In the case of the Company, Canadian GAAP differs in certain respects from accounting principles generally accepted in the United States ("US GAAP") as explained in Note 26. The significant accounting policies used in these consolidated financial statements are as follows: (a) Principles of consolidation These consolidated financial statements include the accounts of the Company and all of its subsidiaries. The principal subsidiaries of the Company are ABM Mining Limited (Yukon, Canada), Ivanhoe Mines Mongolia Inc. (B.V.I.), Korea Gold Mines Limited (Malta), Ivanhoe Myanmar Holdings Limited (Myanmar) and their respective subsidiaries, and Bakyrchik Mining Venture (Kazakhstan) (70% owned). ABM Mining Limited and its subsidiaries are individually and collectively referred to in these financial statements as "ABM". Ivanhoe Mines' investment in Myanmar Ivanhoe Copper Company Limited ("JVCo") (Myanmar) (50% owned), which is subject to joint control, is consolidated on a proportionate basis whereby the Company includes in these consolidated financial statements its proportionate share of the assets, liabilities, revenues and expenses of JVCo. All intercompany transactions and balances have been eliminated. (b) Accounting estimates Generally accepted accounting principles require management to make assumptions and estimates that affect the reported amounts and other disclosures in these consolidated financial statements. Actual results may differ from those estimates. Significant estimates used in the preparation of these consolidated financial statements include, amongst other things, the recoverability of accounts receivable, future income tax assets and investments, the quantities of copper in heap and circuit, the proven and probable ore reserves, the estimated recoverable tonnes of ore, the estimated net realizable value of metals inventories, the expected economic lives of and the estimated future operating results and net cash flows from mining property, plant and equipment, and the anticipated reclamation costs of mine sites. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (c) Foreign currencies The Company considers the U.S. dollar to be its functional currency as it is the currency of the primary economic environment in which the Company and its foreign subsidiaries operate. Accordingly, monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect at the balance sheet date and non-monetary assets and liabilities at the exchange rates in effect at the time of acquisition or issue. Revenues and expenses are translated at rates approximating the exchange rates in effect at the time of the transactions. All exchange gains and losses are included in operations. (d) Cash Cash includes short-term money market instruments with terms to maturity, at the date of acquisition, not exceeding ninety days. (e) Inventories Metals inventories are valued at the lower of the weighted average cost of production and net realizable value. Mine stores and supplies are valued at the lower of the weighted average cost, less allowances for obsolescence, and replacement cost. (f) Investments Investments in companies 20% to 50% owned, where Ivanhoe Mines has the ability to exercise significant influence, are accounted for using the equity method. Under this method, Ivanhoe Mines' share of their earnings and losses is included in operations and its investments therein are adjusted by a like amount. Dividends received are credited to the investment accounts. The remaining investments are accounted for using the cost method, whereby income is included in operations when received or receivable. Provisions for impairment of investments are made, where necessary, to recognize other than temporary declines in value. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TUBULAR AMOUNTS IN THOUSANDS) - ------------------------------------------------------------------------------- 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (g) Mining property, plant and equipment and other capital assets Mining property, plant and equipment and other capital assets are carried at cost (including development and preproduction costs, capitalized interest, other financing costs and all direct administrative support costs incurred during the construction period, net of cost recoveries and incidental revenues) less accumulated depletion and depreciation including write-downs. Following the construction period, interest, other financing costs and administrative costs are expensed as incurred. On the commencement of commercial production, depletion of each mining property is provided on the unit-of-production basis using estimated proven and probable reserves as the depletion basis. The mining plant and equipment and other capital assets are depreciated, following the commencement of commercial production, over their expected economic lives using either the unit-of-production method or the straight-line method (over three to fifteen years), as appropriate. Capital projects in progress are not depreciated until the capital asset has been put into operation. Mining costs associated with waste rock removal are deferred or accrued, as appropriate, and charged to operations on the basis of the average stripping ratio for each mine area. The average stripping ratio is calculated as the ratio of the tonnes of waste material estimated to be mined to the estimated recoverable tonnes of metals from that mine area. Ivanhoe Mines reviews the carrying values of its mining property, plant and equipment on a regular basis, primarily by reference to estimated future operating results and undiscounted net cash flows. When the carrying values of these assets exceed their estimated net recoverable amounts, an impairment provision is made for the other than temporary decline in value. (h) Other mineral property interests All direct costs related to the acquisition of other mineral property interests are capitalized by property. Exploration costs are charged to operations in the period incurred until such time as it has been determined that a property has economically recoverable reserves, in which case subsequent exploration costs and the costs incurred to develop a property are capitalized. Exploration costs include value-added taxes incurred in foreign jurisdictions when recoverability of those taxes is uncertain. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (h) Other mineral property interests (continued) Gains and losses are recognized on property dispositions when the value of the consideration received exceeds or is less than, respectively, the carrying value of the property. Partial dispositions or option proceeds with respect to undeveloped properties are credited against the cost of the related property except that, when the proceeds exceed the cost, the excess is credited to operations. The aggregate costs related to abandoned properties are charged to operations. Ivanhoe Mines reviews the carrying values of its other mineral property interests on a regular basis by reference to the project economics, including the timing of the exploration and/or development work, the work programs and exploration results experienced by Ivanhoe Mines and others. When the carrying value of a property exceeds its estimated net recoverable amount, an impairment provision is made for the other than temporary decline in value. Certain of Ivanhoe Mines' exploration activities are conducted jointly with others. These consolidated financial statements reflect only Ivanhoe Mines' interests in such activities. (i) Environmental protection practices Ivanhoe Mines is subject to the laws and regulations relating to environmental matters in the jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material and other matters. Environmental obligations for the mining activities of ABM at Savage River have been specifically addressed in the Goldamere Act passed by the Tasmanian Parliament. Under this Act, the Tasmanian Government covenants to indemnify Ivanhoe Mines from any environmental claims arising out of operations of the Savage River Project prior to acquisition by ABM. (j) Future mine reclamation costs Ivanhoe Mines reviews, from time to time, the anticipated costs associated with the reclamation of mine sites. These costs are accrued and charged to operations over the estimated life of each mine using the unit-of-production method based on proven and probable reserves. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (k) Revenue recognition Revenue from the sale of metals is recognized, net of related royalties and sales commissions, when: (i) persuasive evidence of an arrangement exists; (ii) the risks and rewards of ownership pass to the purchaser including delivery of the product; (iii) the selling price is fixed or determinable, and (iv) collectibility is reasonably assured. Settlement adjustments, if any, are reflected in revenue when the amounts are known. (l) Stock-based compensation The Company has an Employees' and Directors' Equity Incentive Plan which is disclosed in Note 18. The Company accounts for its grants under that Plan using the fair value based method of accounting for stock-based compensation. Accordingly, the fair value of the options at the date of grant is accrued and charged to operations, with an offsetting credit to contributed surplus, on a straight-line basis over the vesting period. In situations where Ivanhoe Mines grants stock options in connection with a business acquisition, the fair value of the options at the date of grant is included in the cost of the acquisition, with an offsetting credit to additional paid-in capital. If and when the stock options are ultimately exercised, the applicable amounts of additional paid-in capital and contributed surplus are transferred to share capital. (m) Commodity and foreign exchange contracts Ivanhoe Mines uses, from time to time, forward sales and option contracts to effectively provide a minimum sales price for a portion of metals inventories and future production. Gains or losses on these contracts are recognized in revenues when the related product is sold. Ivanhoe Mines also uses, from time to time, forward currency contracts that are not designated as a hedge. Unrealized gains and losses on these contracts are included in operations. (n) Income taxes Future income tax assets and liabilities are computed based on differences between the carrying amounts of assets and liabilities on the balance sheet and their corresponding tax values, using the enacted or substantially enacted, as applicable, income tax rates at each balance sheet date. Future income tax assets also result from unused loss carry-forwards and other deductions. The valuation of future income tax assets is reviewed quarterly and adjusted, if necessary, by use of a valuation allowance to reflect the estimated realizable amount. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (o) Loss per share The basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the year. The diluted loss per share reflects the potential dilution of common share equivalents, such as outstanding stock options, in the weighted average number of common shares outstanding during the year, if dilutive. For this purpose, the "treasury stock method" is used for the assumed proceeds upon the exercise of stock options that are used to purchase common shares at the average market price during the year. (p) Comparative figures Certain of the comparative figures have been reclassified to conform with the presentation as at and for the year ended December 31, 2002. 3. ACCOUNTING CHANGES (a) In 2002, the Company adopted the new accounting recommendations of The Canadian Institute of Chartered Accountants (the "CICA") with respect to stock-based compensation and other stock-based payments. These recommendations established standards for the recognition, measurement and disclosure of stock-based compensation and other stock-based payments in exchange for goods and services. In 2001 and prior years, no stock-based compensation expense was recognized when share options were granted to employees and directors. The Company has adopted the fair value based method of accounting for stock-based compensation, as described in Note 2 (l). This change has been applied retroactively; however, financial statement amounts for 2001 and prior years have not been restated. The effect of this change was to increase the deficit as at January 1, 2002 by $2,603,000 and to increase the net loss for the year ended December 31, 2002 by $1,615,000 ($0.01 per share). (b) In 2001, the Company adopted the new accounting recommendations of the CICA with respect to the loss per share, as described in Note 2 (o). In prior years, the computation of the fully diluted loss per share used the imputed earnings approach for determining the common share equivalents with respect to outstanding stock options to be included in the weighted average number of common shares outstanding. This change did not have any effect on the basic and diluted loss per share for 2002 and 2001. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 3. ACCOUNTING CHANGES (CONTINUED) (c) In 2001, the Company also adopted the new accounting recommendations of the CICA with respect to foreign currency translation, as described in Note 2 (c). Prior to 2001, the unrealized exchange gains or losses relating to term debt denominated in foreign currencies were deferred and amortized over the remaining term of the underlying debt. These exchange gains or losses are now included in operations. This change has resulted in a decrease in the net loss for the year ended December 31, 2001 of $2,150,000 ($0.02 per share). 4. INVESTMENT IN ABM ABM will likely need to supplement its anticipated cash flow from the Savage River operations with additional capital from external sources in order to cover expected operating costs. The extent of the funding shortfall will largely depend upon fluctuations in foreign currency exchange rates and ABM's ability to attract new customers. A number of options are currently being considered by ABM in order to meet the anticipated cash flow shortfalls and to mitigate the foreign currency risks, including arranging a credit facility with a third party lender and new currency hedging arrangements. There can be no assurance that ABM will be able to make suitable external financing arrangements. However, a failure to do so will have an adverse effect on ABM's ability to continue as a going concern. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 4. INVESTMENT IN ABM (CONTINUED) The following is a summary of the carrying values of the Savage River operation's assets and liabilities as at December 31, 2002, which are included in these financial statements: ASSETS Current Cash $ 5,979 Accounts receivable 1,778 Inventories 14,940 Prepaid expenses 556 ------- 23,253 Mining property, plant and equipment (Note 10) 35,602 ------- $58,855 ======= LIABILITIES Current Accounts payable and accrued liabilities $10,924 Current portion of long-term debt 1,266 ------- 12,190 Loans payable to related parties (non-recourse to the Company) 5,088 Long-term debt (non-recourse to the Company) 5,534 Future income taxes 978 Other liabilities 3,654 ------- 27,444 ------- INVESTMENT IN ABM ELIMINATED ON CONSOLIDATION $31,411 =======

5. JOINT VENTURE Ivanhoe Mines has a 50% interest in JVCo, a joint venture formed to develop open-pit copper mining operations at Monywa in the Union of Myanmar. JVCo has a term, with respect to each deposit, of twenty years from the date of commercial production, which is renewable in certain circumstances for an additional five years. JVCo completed construction of a mining complex in 1998 to develop the Sabetaung and Kyisintaung ("S&K") deposits within the Monywa Copper Project. Commercial production from these deposits commenced during the first quarter of 1999. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 5. JOINT VENTURE (CONTINUED) These consolidated financial statements include Ivanhoe Mines' proportionate share of JVCo's assets, liabilities, revenues, expenses, net income and cash flows as follows:
December 31, ------------------------- 2002 2001 --------- --------- Current assets $ 12,902 $ 14,998 Capital assets 130,898 132,177 Other assets 1,680 1,420 Current liabilities (27,309) (12,080) Other liabilities (13,448) (12,507) Long-term debt -- (22,500) Retained earnings (12,050) (9,093) --------- --------- Investment in JVCo eliminated on consolidation $ 92,673 $ 92,415 ========= =========

Years ended December 31, ------------------------ 2002 2001 -------- -------- Revenues $ 20,227 $ 19,556 Expenses (17,270) (17,043) -------- -------- Net income $ 2,957 $ 2,513 ======== ======== Cash flows From operating activities $ 7,388 $ 8,183 For investing activities (3,410) (3,335) For financing activities (7,500) (7,500) -------- -------- $ (3,522) $ (2,652) ======== ========
Ivanhoe Mines investment in JVCo includes costs incurred with respect to JVCo's Monywa Copper Project in Myanmar in excess of its equity contribution of $28,001,000 to JVCo. These costs have been allocated to capital assets. JVCo has been granted certain exemptions and relief from income taxes payable under the laws of Myanmar including, amongst other things, an exemption from income taxes for a period of four consecutive years commencing on January 1, 1999, the date of commencement of commercial production. JVCo may also apply to the appropriate authority in Myanmar for certain other exemptions following the four-year tax holiday period. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 6. CASH Cash at December 31, 2002 and 2001 included Ivanhoe Mines' share of JVCo's cash balances of approximately $3,874,000 and $7,396,000, respectively, which were not available for Ivanhoe Mines' general corporate purposes. Cash at December 31, 2002 and 2001 was also restricted to the extent of support for outstanding letters of credit discussed in Note 23(a). 7. ACCOUNTS RECEIVABLE
December 31, -------------------- 2002 2001 ------- ------- Trade $ 2,091 $ 960 Refundable taxes 267 600 Accrued interest 142 -- Other 925 863 ------- ------- $ 3,425 $ 2,423 ======= =======
8. INVENTORIES
December 31, -------------------- 2002 2001 ------- ------- Metals Finished goods $ 9,220 $ 6,701 Work in progress 7,284 10,065 Mine stores, supplies and other 6,431 5,543 ------- ------- $22,935 $22,309 ======= =======
During 2002 and 2001, ABM wrote down its run-of-mine work in progress iron ore inventory by $1,049,000 and $2,584,000, respectively, primarily as a result of declining grades. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 9. INVESTMENTS
DECEMBER 31, 2002 December 31, 2001 ------------------------------ ------------------------------- Quoted Quoted Equity Carrying Market Equity Carrying Market Interest Value Value Interest Value Value -------- -------- ------ -------- -------- ------ Investment in company subject to significant influence: Pacific Minerals Inc. ("Pacific") (a) 38.2% $8,270 $13,943 --% $ -- $ -- Portfolio investments: Emperor Minerals Ltd. (Note 23 (a)) 13.7% 2,084 6,568 17.6% 2,084 2,665 Olympus Pacific Minerals Inc. (b) 17.6% 2,587 2,813 11.0% 1,339 2,449 Intec Ltd. ("Intec") (c) 19.9% 1,384 1,384 --% - - Resource Investment Trust ("RIT") (d) 6.2% 1,212 1,212 --% - - GTL Resources Plc ("GTL") (d) --% -- -- 5.0% 1,400 1,978 -------- ------ ------ ------ $15,537 $25,920 $4,823 $7,092 ======= ======= ====== ======
(a) This investment was acquired during 2002 for cash of $4,299,000 and 2,374,960 shares of the Company with a fair value of $4,818,000. The cost of the Company's investment in Pacific exceeded its share of the underlying book value of Pacific's net assets at September 30, 2002, the deemed date of acquisition for accounting purposes, by approximately $6,989,000. This excess is attributable to mineral properties and will be amortized, on a unit-of-production basis, against the Company's share of Pacific's post-acquisition net income or losses in accordance with the accounting policy described in Note 2 (g). At March 14, 2003, the quoted market value of the Company's investment was $9,110,000. (b) In January 2002, the Company received from Olympus $1,320,000 in cash, 3,780,000 common shares of Olympus with a fair value of $1,248,000 and a credit of $1,430,000 against the Company's future obligations with respect to its interest in an exploration joint venture in Vietnam, in payment of a note receivable that had been written off in prior years. This resulted in a gain of $2,568,000 which is included in other income. (c) This investment was acquired during 2002 for cash of $1,989,000 and 287,678 shares of the Company with a fair value of $599,000. The equity market conditions for Intec deteriorated during the second half of 2002 with the result that the quoted market value of Ivanhoe Mines' investment in Intec decreased significantly below its carrying value. Accordingly, the Company made an impairment provision of $1,204,000 against this investment. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 9. INVESTMENTS (CONTINUED) (d) This investment was acquired during 2002 through an exchange of the Company's previous investment in GTL. The equity market conditions for RIT deteriorated during the second half of 2002 with the result that the quoted market value of Ivanhoe Mines' investment in RIT decreased significantly below its carrying value. Accordingly, the Company made an impairment provision of $686,000 against this investment. 10. MINING PROPERTY, PLANT AND EQUIPMENT
December 31, -------------------------------------------------------- 2002 2001 ----------------------------------------- --------- Accumulated Depletion and Depreciation, Including Net Book Net Book Cost Write-downs Value Value --------- ------------- --------- --------- Mining properties, including development and preproduction costs $ 155,318 $ (46,185) $ 109,133 $ 104,808 Mine buildings 20,834 (12,992) 7,842 8,094 Plant and equipment 150,699 (101,174) 49,525 67,635 Other -- -- -- 207 --------- --------- --------- --------- $ 326,851 $(160,351) $ 166,500 $ 180,744 ========= ========= ========= =========
Capital projects in progress amounted to $1,490,000 at December 31, 2002 and $3,636,000 at December 31, 2001. In view of the operating results of the Savage River iron ore mine in Tasmania during 2001, Ivanhoe Mines reviewed the carrying values of its mining property, plant and equipment with the result that an impairment provision of $53,812,000 was made in the fourth quarter of 2001 for the estimated other than temporary decline in value. Following the restructuring discussed in Note 15 (b), Ivanhoe Mines revised its mine plan at the Savage River Project and completed an updated review of the carrying values of the Project's mining property, plant and equipment, with the result that a further impairment provision of $18,000,000 was made in the third quarter of 2002. The Company continues to review the carrying value of these assets on a regular basis for indications of further impairment. The economics of the Savage River Mine Project are particularly sensitive to changes in selling prices, operating costs and foreign currency exchange rate fluctuations. As a consequence, any adverse changes in those selling prices, operating costs and/or exchange rates would result in further impairment provisions and those provisions may be material. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 10. MINING PROPERTY, PLANT AND EQUIPMENT (CONTINUED) In 2001, management of the Company concluded that Ivanhoe Mines' iron ore mine in Norway, which was on a care-and-maintenance basis since its acquisition, was a non-core asset and that no further expenditures of a material nature would be made with respect to that project. As a consequence, Ivanhoe Mines made an impairment provision in 2001 of $5,380,000 for the estimated other than temporary decline in value. This project had a carrying value of $3,366,000 at December 31, 2001. During 2002, Ivanhoe Mines divested itself of this project, with no gain or loss. Ivanhoe Mines placed the Bakyrchik Mining Venture on a care and maintenance basis in prior years. During 2002, Ivanhoe Mines continued work on the process development for the primary sulphide resources at the Bakyrchik Mine Project, and work is also progressing on methods of oxidation of the concentrates. This project, which had a cost of $90,814,000 as at December 31, 2002 and 2001, is carried at a nominal value. 11. OTHER MINERAL PROPERTY INTERESTS
December 31, ------------------ 2002 2001 ------ ------ Mongolia (a) $5,882 $ -- South Korea (b) 866 687 ------ ------ $6,748 $ 687 ====== ======
The foregoing table reflects the application of Ivanhoe Mines' accounting policy discussed in Note 2 (h). (a) Mongolia - Ivanhoe Mines has a 100% interest in the Turquoise Hill (Oyu Tolgoi) copper/gold project in Mongolia. Ivanhoe Mines has also acquired interests in additional mineral exploration licenses in the same geological province as the Turquoise Hill project and elsewhere in Mongolia. Mineral exploration licenses are valid for a period of three years and, through renewals, can be extended to a maximum of seven years. These rights are maintained in good standing through the payment of an annual license fee. (b) South Korea - Ivanhoe Mines has a 90% interest in an exploration project in the Chollanamdo Province of South Korea. Ivanhoe Mines is required to fund all of the exploration costs and land rents, both of which are reimbursable to Ivanhoe Mines from the revenues from the project. Construction of the mine and mine facilities was completed in 2002. However, commercial production is subject to the successful completion of an underground mine plan based on updated reserve estimates. Ivanhoe Mines has also acquired the mining rights to certain other mining prospects. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 11. OTHER MINERAL PROPERTY INTERESTS (CONTINUED) (c) Myanmar Exploration Projects - Ivanhoe Mines has entered into agreements with the Myanmar Department of Geological Survey and Mineral Exploration ("DGSE"), whereby Ivanhoe Mines has been granted the exclusive right to undertake gold and copper prospecting and exploration activities on certain exploration blocks located in the Union of Myanmar. These agreements provide that, upon the determination of economically recoverable reserves in any of these exploration blocks, Ivanhoe Mines and the appropriate state mining entity nominated by the government of Myanmar will each hold a 65% and 35% equity interest, respectively, in any joint venture company formed to develop the project. (d) Vietnam - Ivanhoe Mines owns a 32.6% interest in a joint venture with Olympus and Zedex Limited to explore and develop two exploration licenses in the Phuoc Son area of Vietnam. Olympus is the operator of the joint venture. In November 2002, Ivanhoe Mines reached an agreement with Olympus and Zedex Limited to sell a 10.18% interest in the joint venture to Olympus in exchange for 8.5 million common shares of Olympus. The closing is subject to regulatory and Olympus shareholder approval. Upon completion of the transaction, Ivanhoe Mines will own a direct 22.46% participating interest in the Phuoc Son joint venture and its equity interest in Olympus will be approximately 25%. (e) China - Ivanhoe Mines has entered into an agreement with a Chinese government agency which contemplates the negotiation of definitive joint venture agreements whereby Ivanhoe Mines would conduct exploration activities in order to earn an 80% interest in certain properties. 12. OTHER CAPITAL ASSETS
December 31, ------------------------------------------------- 2002 2001 ------------------------------------ -------- Accumulated Net Book Net Book Cost Depreciation Value Value ------- ------------ -------- -------- Non-producing mining plant and equipment $ 3,217 $ (490) $ 2,727 $ 239 Furniture and fixtures 1,735 (981) 754 524 ------- ------- ------- ------- $ 4,952 $(1,471) $ 3,481 $ 763 ======= ======= ======= =======
The non-producing mining plant and equipment are for the Mongolia and South Korea projects referred to in Notes 11 (a) and (b), respectively. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 13. OTHER ASSETS
December 31, ------------------ 2002 2001 ------ ------ Due from joint venture partner $1,482 $1,420 Provision for future waste mining costs 1,522 450 ------ ------ $3,004 $1,870 ====== ======
The amount due from the joint venture partner is unsecured with no fixed terms of repayment and bears interest at LIBOR plus 2%. Ivanhoe Mines charged interest of $60,000 in 2002 and $78,000 in 2001, which is included in the balance receivable. 14. LOANS PAYABLE TO RELATED PARTIES
December 31, ------------------ 2002 2001 ------ ------ Loans payable to the chairman of the Company or a company controlled by him, with interest at Bank of Montreal U.S. prime rate plus 2.5% to 3% $5,088 $4,696 ====== ======
These loans are all unsecured, repayable in U.S. dollars and are non-recourse to the Company. These related parties have, amongst other things, postponed the repayment of their loans and accrued interest until ABM and its subsidiaries begin to generate positive cash flow, as defined in an agreement entered into on November 6, 2000 (the "Amending Agreement"). These related parties waived the interest charges for the year ended December 31, 2002. It is unlikely that ABM and its subsidiaries will achieve positive cash flow (as defined in the Amending Agreement) prior to January 1, 2004. These loans, including accrued interest, are therefore classified as a non-current liability. 29 IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 15. LONG-TERM DEBT
December 31, ----------------------- 2002 2001 -------- -------- JVCo: Share of loan payable (a) $ 22,500 $ 30,000 ABM: Bank term loan (b) -- 22,292 Deferred purchase obligation (c) 5,130 3,933 Equipment purchase loans (d) 1,670 2,325 Other loans (e) -- 3,420 -------- -------- 29,300 61,970 Less: Amount included in current liabilities (a) (23,766) (20,133) -------- -------- $ 5,534 $ 41,837 ======== ========
All of the long-term debt is non-recourse to the Company. The future principal repayments required on the debt outstanding at December 31, 2002 is as follows: 2003 $23,766 2004 404 Deferred purchase obligation to be settled through future remediation work to be performed (Note 23 (e)) 5,130 ------- $29,300 =======

(a) JVCo's loan of $22,500,000 at December 31, 2002 bears interest at a rate equal to LIBOR plus 2.5%, subject to certain adjustments, and is repayable in minimum semi-annual instalments of $7,500,000 (of which $3,750,000 is attributable to Ivanhoe Mines) until maturity in August 2005. JVCo will also be required to make additional principal repayments in certain circumstances based on certain financial ratios and the level of cash flow above specified levels. The credit agreement requires that JVCo maintain working capital of not less than $5,000,000. In addition, the credit agreement contains certain restrictions regarding, amongst other things, the ability of JVCo to incur additional indebtedness and the payment of cash dividends in certain circumstances. The loan facility is secured by, amongst other things, a fixed charge on the Monywa Copper Mine Project assets, an assignment of JVCo's operating and restricted cash balances, and a floating charge on all other assets of JVCo. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 15. LONG-TERM DEBT (CONTINUED) (a) (continued) At December 31, 2002, JVCo was not in compliance with the minimum working capital requirement in its credit agreement, and had not received a waiver from its lenders with respect to this requirement and also with respect to the non-compliance with certain other financial covenants in the credit agreement. Accordingly, as required by GAAP, the entire amount of the Company's share of JVCo's loan payable aggregating $22,500,000 at December 31, 2002 has been included in current liabilities. Management of the Company is of the opinion that the lenders will not demand repayment of the loan, notwithstanding the foregoing. JVCo is required to pay a non-refundable management fee of 0.75% per annum on the amounts drawn-down. This amount is included in interest on long-term debt. The effective interest rate on the loan facility was 5.05% at December 31, 2002 and 7.82% at December 31, 2001. Ivanhoe Mines' share of the interest incurred on this loan during the year ended December 31, 2002 and 2001 amounted to $1,389,000 and $4,032,000, respectively, of which $Nil and $422,000, respectively, was capitalized to mining property, plant and equipment. (b) ABM's bank term loan was part of a senior secured credit facility including a project financing facility, an environmental letter of credit facility and a working capital facility. This credit facility was to mature on December 31, 2004. In 2002, the Company completed debt restructuring negotiations which resulted in the Company acquiring, for cash of approximately $8,100,000, this bank term loan and an outstanding foreign currency exchange contract obligation aggregating approximately $41 million. This transaction resulted in a non-cash gain of $32,466,000 on settlement of debt. (c) A subsidiary of ABM has an agreement with the Tasmanian Parliament to defer the payment for the purchase of the assets of the Savage River Project. This deferred obligation, which amounted to Australian ("A") $14,342,000 at December 31, 2002 and A$13,869,000 at December 31, 2001, is non-interest bearing, is secured in part by a bank letter of credit for A$2,800,000 and is repayable by December 24, 2014, primarily by carrying out remediation work for the purpose of rehabilitating areas disturbed by operations prior to ABM's acquisition of an interest in the site (Note 23 (e)). The U.S. equivalent of this obligation amounted to $8,093,000 at December 31, 2002 and $7,065,000 at December 31, 2001. For accounting purposes, this obligation has been discounted using an interest rate of 10% to its present value of $5,130,000 at December 31, 2002 and $3,933,000 at December 31, 2001. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 15. LONG-TERM DEBT (CONTINUED) (d) These equipment purchase loans of A$2,958,000 at December 31, 2002 and A$4,566,000 at December 31, 2001 bear interest at rates between 5.64% and 6.60% and are repayable in monthly instalments of A$155,000, including interest, until maturity in June 2004. These loans are secured by the related equipment. (e) These loans, which aggregated Norwegian Kroner 30,639,000 at December 31, 2001, were extinguished during 2002 by Ivanhoe Mines on divestiture of its iron ore mine project in Norway. 16. INCOME TAXES Ivanhoe Mines' provision for (recovery of) income and capital taxes consists of the following:
Years ended December 31, ------------------ 2002 2001 ------ ------ Future income taxes $3,951 $ 168 Capital taxes 308 (95) ------ ------ $4,259 $ 73 ====== ======
IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 16. INCOME TAXES (CONTINUED) Future income tax assets and liabilities at December 31, 2002 and 2001 arise from the following:
2002 2001 -------- -------- Future income tax assets Investments $ 3,419 $ 11,050 Mining property, plant and equipment -- 1,537 Accrued loss on a foreign currency contract -- 5,410 Loss carry-forwards 43,650 31,361 Other 3,967 3,332 -------- -------- 51,036 52,690 Valuation allowance (49,995) (45,615) -------- -------- Net future income tax assets 1,041 7,075 -------- -------- Future income tax liabilities Mining property, plant and equipment 11,664 12,751 Long-term debt 978 980 -------- -------- 12,642 13,731 -------- -------- Future income tax liabilities, net $ 11,601 $ 6,656 ======== ======== Disclosed on the Consolidated Balance Sheets as: Future income tax assets (including current portion of $4,635,000 in 2001 arising from the current portion of an accrued loss on a foreign currency contract) $ 1,041 $ 7,075 Future income tax liabilities 12,642 13,731 -------- -------- Future income tax liabilities, net $ 11,601 $ 6,656 ======== ========
IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 16. INCOME TAXES (CONTINUED) A reconciliation of the (provision for) recovery of income and capital taxes is as follows:
Years ended December 31, ------------------------ 2002 2001 -------- --------- Provision for recovery of income taxes based on combined Canadian federal and provincial statutory rates of 39.6% in 2002 and 44.6% in 2001 $ 11,974 $ 37,908 Add (deduct) JVCo's relief from income taxes 443 391 Lower foreign tax rates (5,711) (12,169) Tax effect of losses not recognized (4,621) (10,119) Change in valuation allowance for future income tax assets (4,380) (15,049) Capital taxes (309) 95 Other (1,655) (1,130) -------- -------- Provision for income and capital taxes $ (4,259) $ (73) ======== ========
At December 31, 2002, Ivanhoe Mines had deductible temporary differences aggregating approximately $13,127,000 and the following unused tax losses, for which no future income tax assets had been recognized:
Local U.S. Dollar Expiry Currency Equivalent Dates ----------------- ---------- ------------ Non-capital losses: Canada Cdn. $ 46,481 $29,572 2003 to 2009 Australia A $ 96,599 $54,511 (a) Korea Krw 9,858,171 7,768 2003 to 2007 Mongolia Mnt 29,255,091 26,596 (b) Capital losses: Canada Cdn. $ 68,515 $43,590 (c)
(a) These losses are carried forward indefinitely, subject to continuity of ownership and business tests. (b) These losses are carried forward indefinitely until such time as production from a mine commences; thereafter, they can be amortized on a straight-line basis over a period of five years. (c) These losses are carried forward indefinitely for utilization against any future net realized capital gains. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 16. INCOME TAXES (CONTINUED) Ivanhoe Mines also has deductible temporary differences and unused tax losses in certain other foreign jurisdictions that are not disclosed above, as it is currently highly unlikely that these items will be utilized. 17. OTHER LIABILITIES
December 31, ------------------ 2002 2001 ------ ------ Accrued loss on foreign exchange contract (Note 15 (b)) $ -- $2,582 Royalty payable 1,699 1,281 Provision for employee entitlements 2,143 1,184 Provision for mine reclamation obligations 2,516 1,580 ------ ------ $6,358 $6,627 ====== ======
JVCo is required to pay a royalty to the Ministry of Mines of the Union of Myanmar on the value of Copper Cathode sold. However, during the first five years following the commencement of sales of Copper Cathode, payment of one-half of the royalty is deferred and is payable in equal instalments over the next five years. Ivanhoe Mines' share of the amount of the royalty payable due within one year is included in accounts payable and accrued liabilities. 18. EQUITY INCENTIVE PLAN The Company has an Employees' and Directors' Equity Incentive Plan (the "Equity Incentive Plan"), which includes three components: (i) a Share Option Plan; (ii) a Share Bonus Plan; and (iii) a Share Purchase Plan. The Share Option Plan authorizes the Board of Directors of the Company to grant options, which vest over a period of years, to directors and employees of Ivanhoe Mines to acquire Common Shares of the Company at a price based on the weighted average trading price of the Common Shares for the five days preceding the date of the grant. The Share Option Plan also provides that these options may, upon approval of the Board of Directors, be converted into stock appreciation rights. The Share Bonus Plan permits the Board of Directors of the Company to authorize the issuance, from time to time, of Common Shares of the Company to employees of the Company and its affiliates. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 18. EQUITY INCENTIVE PLAN (CONTINUED) The Share Purchase Plan entitles each eligible employee of Ivanhoe Mines to contribute a percentage of his or her annual basic salary in semi-monthly instalments. Each participant is, at the end of each calendar quarter during which he or she participates in the Share Purchase Plan, issued Common Shares of the Company equal to 1.5 times the aggregate amount contributed by the participant, based on the weighted average trading price of the Common Shares during the preceding three months. The Company is authorized to issue a maximum of 20,000,000 Common Shares pursuant to the Equity Incentive Plan. At December 31, 2002, an aggregate of 4,547,384 Common Shares are available for future grants of awards under the plan. A summary of share option activity and information concerning outstanding and exercisable options at December 31, 2002 is as follows:
Options Outstanding ----------------------------- Options Number of Weighted Available Common Average for Grant Shares Exercise Price ----------- ----------- -------------- (Expressed in Canadian dollars) Balances, December 31, 2000 8,078,039 6,199,077 $1.76 Options granted (8,747,167) 8,747,167 1.31 Options exercised -- (371,500) 1.13 Options cancelled 980,500 (980,500) 4.02 Shares issued under share purchase plan (85,792) -- -- Shares issued under share bonus plan (6,250) -- -- ----------- ----------- ----- Balances, December 31, 2001 219,330 13,594,244 1.40 Increase in amount authorized 5,000,000 -- -- Options granted (2,234,500) 2,234,500 3.23 Options exercised -- (1,906,775) 1.32 Options cancelled 1,612,875 (1,612,875) 2.26 Shares issued under share purchase plan (50,321) -- -- ----------- ----------- ----- Balances, December 31, 2002 4,547,384 12,309,094 $1.64 =========== =========== =====
At December 31, 2002, the U.S. dollar equivalent of the weighted average exercise price was $1.04. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 18. EQUITY INCENTIVE PLAN (CONTINUED) The following table summarizes information concerning outstanding and exercisable options at December 31, 2002:
Options Outstanding Options Exercisable -------------------------------------------------------- ---------------------------------- Weighted Average Weighted Weighted Remaining Average Average Number Contractual Exercise Price Number Exercise Price Outstanding Life (in years) Per Share Exercisable Per Share ----------- --------------- -------------- ----------- -------------- (Expressed in (Expressed in Canadian Canadian dollars) dollars) 163,200 0.85 $ 0.95 163,200 $ 0.95 118,333 2.94 1.08 102,333 1.08 7,807,561 3.12 1.20 4,294,159 1.20 1,000,000 3.73 1.60 550,000 1.60 70,000 3.25 1.61 38,500 1.61 315,000 3.12 1.70 292,500 1.70 400,000 3.07 1.85 -- 1.85 155,000 3.30 2.12 155,000 2.12 190,000 3.89 2.31 104,500 2.31 200,000 3.86 2.50 110,000 2.50 120,000 4.30 3.00 39,600 3.00 100,000 4.10 3.05 30,000 3.05 1,434,500 3.54 3.25 346,900 3.25 200,000 4.41 3.50 60,000 3.50 35,500 4.77 6.74 35,500 6.74 ---------- ---- ------- --------- ------- 12,309,094 4.16 $ 1.64 6,322,192 $ 1.50 ========== ==== ======= ========= =======
The weighted average grant-date fair value of stock options granted during 2002 was Cdn$1.93. The fair values of these options were determined using a Black-Scholes option pricing model, recognizing forfeitures as they occur, using the following weighted average assumptions: Risk-free interest rate 4.76% Expected life 5.0 years Expected volatility 71.25% Expected dividends $Nil IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 19. WRITE-DOWN OF CARRYING VALUES OF OTHER ASSETS
Years ended December 31, ------------------------ 2002 2001 ------- ------- Investments (Note 9): Intec $ 1,204 $ -- RIT 686 -- Savage River Mine Project (Note 10) 18,000 53,812 Norway Mine Project (Note 10) -- 5,380 ------- ------- $19,890 $59,192 ======= =======
20. OTHER RELATED PARTY TRANSACTIONS (a) Ivanhoe Mines incurred the following expenses with a company subject to significant influence, and with companies related by way of directors or shareholders in common:
Years ended December 31, ------------------------ 2002 2001 ------ ------ Consulting $ 75 $ 39 Exploration 261 -- Interest (Note 14) -- 3,643 Management fees 294 705 Office and administrative 1,234 641 Salaries and benefits 1,095 831 Travel (including aircraft rental) 2,184 837 ------ ------ $5,143 $6,696 ====== ======
(b) Accounts receivable and accounts payable at December 31, 2002 included $107,000 and $2,003,000, respectively, (December 31, 2001 - $206,000 and $916,000, respectively) which were due from/to directors of the Company or its subsidiaries, a company under common control or companies related by way of directors in common. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 21. CASH FLOW INFORMATION (a) Net change in non-cash operating working capital items
Years ended December 31, ------------------------ 2002 2001 -------- -------- (Increase) decrease in: Accounts receivable $ (1,002) $ 3,098 Inventories (1,456) (7,405) Prepaid expenses (638) (342) Increase (decrease) in: Accounts payable and accrued liabilities 9,767 (7,837) -------- -------- $ 6,671 $(12,486) ======== ========
(b) Supplementary information regarding other non-cash transactions
Years ended December 31, ------------------------ 2002 2001 -------- -------- INVESTING ACTIVITIES: Purchase of investments $ (7,315) $ -- Sale of investment 1,898 -- Acquisition of mineral property interest (4,000) -- Expenditures on mining property, plant and equipment 3,466 (2,704) FINANCING ACTIVITIES: Amount payable on acquisition of mineral property interest 4,000 -- Proceeds from long-term debt -- 2,704 Conversion of long-term debt -- (20,535) Divesture of long-term debt (3,466) -- Issue of share capital 6,304 29,213 (Transfers from) additional paid-in capital (189) (8,678) (Transfers from) contributed surplus (698) --
(c) Other supplementary information
Years ended December 31, ------------------ 2002 2001 ------ ------ Interest received $ 959 $1,840 ====== ====== Interest paid $3,475 $4,127 ====== ======
IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 22. SEGMENT DISCLOSURES Ivanhoe Mines has three operating segments, its copper division, its iron ore division and its exploration division. Capital assets consist of mining property, plant and equipment, other mineral property interests and other capital assets.
Operating Segments ------------------------------------------ Copper Iron Ore Exploration Year ended December 31, 2002 Division Division Division Corporate Consolidated ---------------------------- --------- --------- ----------- --------- ------------ Revenue $ 20,227 $ 66,894 $ -- $ -- $ 87,121 Cost of operations (10,795) (53,329) -- -- (64,124) Depreciation and depletion (4,607) (6,933) -- -- (11,540) --------- --------- --------- --------- --------- Operating profit 4,825 6,632 -- -- 11,457 Other expenses General and administrative (493) (144) -- (11,789) (12,426) Interest on long-term debt (1,614) (2,253) -- -- (3,867) Exploration -- -- (33,934) -- (33,934) Depreciation -- -- (789) (50) (839) Write-down of inventories -- (1,049) -- -- (1,049) --------- --------- --------- --------- --------- Income (loss) before the following 2,718 3,186 (34,723) (11,839) (40,658) Other income (expenses) Interest income 80 147 26 848 1,101 Foreign exchange gains (losses) (33) 1,922 80 239 2,208 Mining property shut-down costs -- -- -- (2,995) (2,995) Share of loss of significantly influenced investee -- -- -- (847) (847) Gain on settlement of debt -- 32,466 -- -- 32,466 Write-down of carrying values of other assets -- (18,000) -- (1,890) (19,890) Other 21 (513) 60 3,073 2,641 --------- --------- --------- --------- --------- Income (loss) before income and capital taxes 2,786 19,208 (34,557) (13,411) (25,974) Income and capital taxes 171 (3,483) (1,199) 252 (4,259) --------- --------- --------- --------- --------- Net income (loss) $ 2,957 $ 15,725 $ (35,756) $ (13,159) $ (30,233) ========= ========= ========= ========= ========= Expenditures on capital assets Pre-stripping costs $ -- $ 12,120 $ -- $ -- $ 12,120 Other 3,393 3,120 4,655 52 11,220 --------- --------- --------- --------- --------- $ 3,393 $ 15,240 $ 4,655 $ 52 $ 23,340 ========= ========= ========= ========= ========= Total assets $ 145,521 $ 56,842 $ 12,564 $ 56,627 $ 271,554 ========= ========= ========= ========= =========
IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 22. SEGMENT DISCLOSURES (CONTINUED)
Operating Segments ------------------------------------------ Copper Iron Ore Exploration Year ended December 31, 2001 Division Division Division Corporate Consolidated --------- --------- ----------- --------- ------------ Revenue $ 19,556 $ 55,778 $ -- $ -- $ 75,334 Cost of operations (9,246) (43,590) -- -- (52,836) Depreciation and depletion (4,021) (8,524) -- -- (12,545) --------- --------- --------- --------- --------- Operating profit 6,289 3,664 -- -- 9,953 Other expenses General and administrative (385) (79) -- (5,699) (6,163) Interest on long-term debt (3,779) (4,843) -- (1,307) (9,929) Exploration -- -- (7,192) -- (7,192) Depreciation -- -- (131) (14) (145) Write-down of inventories -- (2,584) -- -- (2,584) --------- --------- --------- --------- --------- Income (loss) before the following 2,125 (3,842) (7,323) (7,020) (16,060) Other income (expenses) Interest income 368 110 4 738 1,220 Foreign exchange gains (losses) -- (7,873) (52) 256 (7,669) Mining property shut-down costs -- -- -- (3,744) (3,744) Write-down of carrying values of other assets -- (53,812) -- (5,380) (59,192) Other -- 312 (3) 211 520 --------- --------- --------- --------- --------- Income (loss) before income and capital taxes 2,493 (65,105) (7,374) (14,939) (84,925) Income and capital taxes 20 (1,130) 1,096 (59) (73) --------- --------- --------- --------- --------- Net income (loss) $ 2,513 $ (66,235) $ (6,278) $ (14,998) $ (84,998) ========= ========= ========= ========= ========= Expenditures on capital assets Pre-stripping costs $ -- $ 2,264 $ -- $ -- $ 2,264 Other 2,288 6,730 -- 474 9,492 --------- --------- --------- --------- --------- $ 2,288 $ 8,994 $ -- $ 474 $ 11,756 --------- --------- --------- --------- --------- Total assets $ 147,476 $ 68,641 $ 4,025 $ 27,690 $ 247,832 ========= ========= ========= ========= =========
IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 22. SEGMENT DISCLOSURES (CONTINUED)
December 31, ---------------------- 2002 2001 -------- -------- Capital assets at the end of the year: Australia $ 35,602 $ 45,295 Mongolia 7,782 256 Myanmar 131,067 132,125 Norway -- 3,420 South Korea 2,122 951 Other 156 147 -------- -------- $176,729 $182,194 ======== ========
The capital assets in Australia include unamortized pre-stripping costs of $18,146,000 at December 31, 2002 and $11,095,000 at December 31, 2001. 23. COMMITMENTS (a) Ivanhoe Mines has commitments in the ordinary course of business to expend funds towards retaining its interests in mineral properties (Note 11). In that regard, Ivanhoe Mines has lodged letters of credit aggregating $6,000,000 at December 31, 2002 and $2,000,000 at December 31, 2001 in support of certain of these commitments. (b) JVCo has entered into an agreement for the sale of a guaranteed quantity of Grade A Product (as defined in the agreement) from the Monywa Copper Mine Project to a company (the "Major Customer") affiliated with one of the lenders of the project financing. This agreement terminates no later than December 31, 2005, but may terminate earlier if certain events occur. During the years ended December 31, 2002 and 2001, substantially all of the Copper Division sales were made to the Major Customer. (c) ABM has entered into contracts with two of its major customers for the sale of a guaranteed quantity of iron ore. The sales price of iron ore specified in these agreements is renegotiated annually. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 23. COMMITMENTS (CONTINUED) (d) Ivanhoe Mines has, in the normal course of its business, entered into various long-term contracts which include commitments for future operating payments under contracts for power, port operations, equipment rentals and other arrangements as follows: 2003 $ 15,090 2004 14,341 2005 8,733 2006 6,506 2007 4,695 Thereafter -- -------- $ 49,365 ========

Approximately 90% of these commitments relate to natural gas, power and a mining contract. (e) ABM is committed, pursuant to the deferred purchase obligation (Note 15 (c)), to co-manage with the Tasmanian Government the remediation of environmental exposures created by prior operations on the Savage River site. The cost of the remediation work will be offset against the face value of the deferred purchase obligation over its remaining 12 year term, with the balance to be paid in cash. The remediation work may be carried out by ABM in conjunction with normal mining operations. At December 31, 2002, the estimated cost of this remediation work in excess of the deferred purchase obligation was $3,860,000, of which $1,511,000 had been accrued. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 24. DISCLOSURES REGARDING FINANCIAL INSTRUMENTS (a) The estimated fair value of Ivanhoe Mines' financial instruments was as follows:
December 31, ---------------------------------------------- 2002 2001 ------------------- --------------------- Carrying Fair Carrying Fair Amount Value Amount Value -------- ----- -------- ------- Cash $46,912 $46,912 $25,805 $25,805 Accounts receivable 3,425 3,425 2,423 2,423 Investments 15,537 25,920 4,823 7,092 Due from joint venture partner 1,482 1,482 1,420 1,420 Accounts payable and accrued liabilities 29,174 29,174 15,187 15,187 Loans payable to related parties 5,088 5,088 4,696 4,696 Accrued loss on foreign exchange contract Current -- -- 15,450 15,450 Long-term -- -- 2,582 2,582 Long-term debt 29,300 29,300 61,970 61,970 Royalty payable 1,699 -- 1,281 --
The fair value of Ivanhoe Mines' investments and the accrued loss on a foreign exchange contract were determined by reference to published market quotations or by use of a discounted present value calculation, all of which may not be reflective of future values. Ivanhoe Mines' loan due from joint venture partner, loan payable to related party and long-term debt bear effective interest rates principally at current market rates and accordingly, their fair value approximates their carrying value. The fair value of the royalty payable is not readily determinable. The fair value of Ivanhoe Mines' remaining financial instruments was estimated to approximate their carrying value due primarily to the immediate or short-term maturity of these financial instruments. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 24. DISCLOSURES REGARDING FINANCIAL INSTRUMENTS (CONTINUED) (b) Ivanhoe Mines is exposed to credit risk with respect to its accounts receivable. The significant concentrations of credit risk are situated in Myanmar and Australia. JVCo does not mitigate this risk in light of the credit worthiness of its major customer. ABM mitigates this risk by obtaining letters of credit in advance of the shipment of iron ore. Historically, Ivanhoe Mines has not experienced any significant credit losses, other than a provision for losses made in 1998, and this is not expected to change. (c) The credit agreement discussed in Note 15 (a) provides that JVCo shall, at the request of the lenders, from time to time maintain one or more swaps, caps, collars or similar hedge products commonly used to hedge against interest rate fluctuations, to protect itself against the LIBOR interest rate rising more than 2% per annum above that in effect on January 13, 1998 and as to a notional principal amount equal to 75% of the principal amount outstanding from time to time. JVCo will, however, be subject to interest rate cash flow risk on the remaining unhedged amount. Ivanhoe Mines is also subject to interest rate cash flow risk on its loans payable to related parties and its other long-term debt since a significant portion of these liabilities bear interest at floating rates. (d) Ivanhoe Mines is subject to market risk arising from revenues from the sale of metals, which are subject to price fluctuations beyond its control. Management of Ivanhoe Mines attempts to reduce its exposure to this market risk through the use of sale contracts designed to fix the sales prices of metals on a monthly or annual basis. (e) Ivanhoe Mines earns its revenues in U.S. dollars, but incurs certain of its expenses in currencies other than the U.S. dollar. As such, Ivanhoe Mines is subject to foreign exchange risk as a result of fluctuations in exchange rates. 25. SUBSEQUENT EVENTS (a) In January 2003, the Company sold its entire investment in Emperor (Note 9) for A$0.75 per share, generating proceeds of $6,709,000 (A$11,542,000). This transaction resulted in a pre-tax gain of $4,625,000. (b) In January 2003, the Company completed a financing that consisted of 20 million Special Warrants at a price of $1.92 (C$3.00) each. Each Special Warrant entitled the holder to acquire one common share of the Company, at no additional cost. The Special Warrants were issued between December 13, 2002 and January 21, 2003. At December 31, 2002, 14,500,000 Special Warrants had been issued for proceeds of $26,516,000, net of issue costs of $1,441,000. Subsequent to the year end, the balance of 5,500,000 Special Warrants were issued for gross and net proceeds of $10,679,000. The Special Warrants were converted into common shares of the Company in February 2003. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 26. DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES As indicated in Note 2, these consolidated financial statements have been prepared in accordance with Canadian GAAP, which, in the case of the Company, conforms in all material respects with US GAAP, except as set forth below. CONSOLIDATED STATEMENTS OF OPERATIONS (a) (in thousands, except per share amounts)
Years ended December 31, ------------------------- 2002 2001 --------- --------- Net loss in accordance with Canadian GAAP $ (30,233) $ (84,998) Amortization of deferred stock compensation (b) (251) (251) Adjustment to write-down of Savage River Project (c) 9,693 (39,661) Amortization of other mineral property interests (d) (2,941) -- --------- --------- Net loss in accordance with US GAAP $ (23,732) $(124,910) ========= ========= Weighted-average number of shares outstanding under US GAAP (in thousands) 194,551 128,866 ========= ========= Basic and diluted loss per share in accordance with US GAAP $ (0.12) $ (0.97) ========= ========= Net loss under US GAAP $ (23,732) $(124,910) Unrealized gain (loss) on investments, net of income taxes (e) 1,668 (2,293) --------- --------- Comprehensive loss under US GAAP (f) $ (22,064) $(127,203) ========= =========
IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 26. DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (CONTINUED) CONSOLIDATED BALANCE SHEETS
December 31, ------------------------- 2002 2001 --------- --------- Total assets in accordance with Canadian GAAP $271,554 $247,832 Reduction in fair value of the Savage River Project assets acquired (b) (5,634) (5,634) Adjustment to write-down of the Savage River Project (c) (29,968) (39,661) Amortization of other mineral property interests (d) (2,941) -- Adjustment to carrying value of investments (e) 4,710 2,269 -------- -------- Total assets in accordance with US GAAP $237,721 $204,806 ======== ======== Total liabilities in accordance with Canadian GAAP $ 82,562 $117,661 Income tax effect of US GAAP adjustments for investments (e) 773 -- -------- -------- Total liabilities in accordance with US GAAP $ 83,335 $117,661 ======== ======== Total shareholders' equity in accordance with Canadian GAAP $188,992 $130,171 Reduction in fair value of shares issued to acquire ABM (b) (4,930) (4,930) Deferred stock compensation arising on acquisition of ABM (b) (202) (453) (Increase) decrease in the deficit for: Amortization of deferred stock compensation (b) (502) (251) Adjustment to write-down of the Savage River Project (c) (29,968) (39,661) Amortization of other mineral property interests (d) (2,941) -- Other comprehensive income (f) 3,937 2,269 -------- -------- Total shareholders' equity in accordance with US GAAP $154,386 $ 87,145 ======== ========
Under US GAAP, the components of shareholders' equity would be as follows:
As at December 31, ------------------------- 2002 2001 --------- --------- Share capital $ 517,269 $ 455,459 Special warrants 26,516 -- Additional paid-in capital 7,363 1,697 Deferred stock compensation (2,537) (453) Other comprehensive income 3,937 2,269 Deficit (398,162) (371,827) --------- --------- $ 154,386 $ 87,145 ========= =========
IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 26. DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (CONTINUED) CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, ------------------------ 2002 2001 -------- -------- Net cash used in operating activities in accordance with Canadian GAAP $(24,641) $(13,245) Adjustments to net loss involving use of cash: Write off expenditures on other mineral interests (d) (1,142) -- -------- -------- Net cash used in operating activities in accordance with US GAAP (25,783) (13,245) -------- -------- Net cash used in investing activities in accordance with Canadian GAAP (29,680) (11,343) Reclassification of expenditures on mineral property interests (d) 1,142 -- Cash restricted for future commitments (g) (4,617) 2,289 -------- -------- Net cash used in investing activities in accordance with US GAAP (33,155) (9,054) -------- -------- Net cash flows from financing activities in accordance with Canadian and US GAAP 75,428 10,020 -------- -------- Net increase (decrease) in cash and cash equivalents in accordance with US GAAP 16,490 (12,279) Cash, beginning of year in accordance with US GAAP 18,955 31,234 -------- -------- Cash, end of year in accordance US GAAP $ 35,445 $ 18,955 ======== ========
IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 26. DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (CONTINUED) (a) Statements of operations Under US GAAP, the operating profit would include the write-down of inventories and the loss before other income (expenses) would include mining property shut-down costs and the write-down of carrying values of other assets. (b) Acquisition of ABM Under Canadian GAAP, the fair value of the shares issued in 2000 to effect the acquisition of ABM were measured at the transaction date whereas, under US GAAP, the shares issued would be measured at the date the acquisition is announced and the terms agreed to. This difference would have resulted in the cost of the acquisition under US GAAP being $4,930,000 lower than under Canadian GAAP. Under Canadian GAAP, the Company included in the cost of the acquisition of ABM $1,750,000 for the fair value of stock options granted by the Company in 2000 as consideration for the acquisition of all of the outstanding stock options of ABM. Under US GAAP, the intrinsic value of the unvested options granted by the Company would be allocated to deferred stock compensation included in shareholders' equity. This difference would have resulted in the cost of the acquisition under US GAAP being $704,000 lower than under Canadian GAAP. Under US GAAP, the deferred stock compensation would be recognized as a compensation cost over the remaining future vesting period of the options. (c) Impairment of long-lived assets Under Canadian GAAP, impairment charges on long-lived assets are recorded as the excess of the carrying amount over the recoverable amount, which is determined based on the undiscounted estimated future net cash flows, whereas under US GAAP impairment charges are recorded based on the discounted estimated future net cash flows. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 26. DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (CONTINUED) (c) Impairment of long-lived assets (continued) Under US GAAP, the Savage River Project would be fully written off as at December 31, 2001. In 2002, additional amounts capitalized under Canadian GAAP would also be written off under US GAAP and the related depreciation and depletion would be reversed. The differences between Canadian and US GAAP are as follows:
2002 2001 -------- -------- Increase in the impairment charge $ -- $(39,661) Impairment of amounts capitalized in 2002 under Canadian GAAP (15,240) -- Reversal of impairment charge recorded under Canadian GAAP 18,000 -- Reversal of depreciation and depletion recorded in 2002 under Canadian GAAP 6,933 -- -------- -------- $ 9,693 $(39,661) ======== ========
(d) Other mineral property interests Under Canadian GAAP, the costs of acquisition of mineral property interests are capitalized. Under US GAAP, where the interests are without, at the date of acquisition, economically recoverable reserves, these costs are generally considered to be exploration costs which are expensed as incurred. Under Canadian GAAP, the cost of acquisition of the Company's mineral exploration licenses in Mongolia are capitalized as other mineral property interests. Under US GAAP, these costs would be classified as intangible assets and, since the property is without proven and probable reserves, amortized over the term of the licenses. As a result, for US GAAP purposes, the Company has provided $2,941,000 in amortization of other mineral property interests for the year ended December 31, 2002. For purposes of the Consolidated Statements of Cash Flows, these costs are classified as cash used in investing activities under Canadian GAAP and cash used in operating activities under US GAAP. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 26. DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (CONTINUED) (e) Investments Portfolio of investments are carried at their original cost less provisions for impairment under Canadian GAAP. Under US GAAP, these investments would be classified as available-for-sale securities, which are carried at market value. The resulting unrealized gains or losses would be included in the determination of comprehensive income, net of income taxes. (f) Other comprehensive income US GAAP requires that a statement of comprehensive income be displayed with the same prominence as other financial statements and that the aggregate amount of comprehensive income excluding the deficit be disclosed separately in shareholders' equity. Comprehensive income, which incorporates the net loss, includes all changes in shareholders' equity during a period except those resulting from investments by and distributions to owners. There is currently no requirement to disclose comprehensive income under Canadian GAAP. (g) Restricted cash Under US GAAP, restricted cash is not included in the definition of cash. This difference would have resulted in cash as presented under US GAAP being $11,467,000 and $6,850,000 lower than under Canadian GAAP as at December 31, 2002 and 2001, respectively. (h) Income taxes Under Canadian GAAP, future income taxes are calculated based on enacted or substantially enacted tax rates applicable to future years. Under US GAAP, only enacted rates are used in the calculation of future income taxes. This difference in GAAP did not have any effect on the financial position or results of operations of the Company for the years ended December 31, 2002 and 2001. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 26. DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (CONTINUED) (i) Stock-based compensation During 2002, the Company adopted the fair-value based method of accounting under Canadian GAAP for stock-based compensation, as described in Notes 2(l) and 3(a), with retroactive application without restatement of prior years' income statements. This approach, the "modified prospective method", is permissible under Statement of Financial Accounting Standard ("SFAS") No. 148, Accounting for Stock-Based Compensation - Transition and Disclosure, issued by the United States Financial Accounting Standards Board ("FASB"), which provides alternative methods of transition for entities that voluntarily change to the fair value based method of accounting and amends the disclosure provisions of SFAS No. 123, Accounting for Stock-Based Compensation. Under Canadian GAAP, the measurement of the recorded stock-based compensation, as well as the assumptions and methodology, are consistent with those prescribed by SFAS No. 123. (j) Joint venture Under Canadian GAAP, the Company has accounted for its joint venture interest in JVCo (Note 5) on a proportionate consolidation basis. Under US GAAP, interests in joint ventures are accounted for using the equity method. However, in accordance with practices prescribed by the United States Securities and Exchange Commission ("SEC") for foreign filing companies, if JVCo meets certain conditions, the Company is exempt from applying the equity method to its investment therein. JVCo satisfies the SEC conditions and, accordingly, there is no adjustment required for US GAAP purposes. (k) Inventories Under US GAAP, the cost of metals currently contained on leach pads would be reported as a separate balance sheet item, rather than included in work in progress metals inventories. Broken ore on the leach pads as at December 31, 2002 and 2001 amounted to $6,424,000 and $5,317,000, respectively. There is no such disclosure requirement under Canadian GAAP. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 26. DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (CONTINUED) (l) Commodity and foreign exchange contracts As stated in Note 2 (m), from time to time the Company uses forward sales and options contracts to hedge its metals inventories and future production, recognizing the gains or losses at the settlement date of the transaction. Under US GAAP, unless the Company has formal documentation designating the derivative instruments as a hedge of a specific transaction, any unrealized gain or loss on such transactions at the balance sheet date should be recognized in operations. This GAAP difference did not have any effect on the financial position or results of operations of the Company for the years ended December 31, 2002, 2001 and 2000. (m) Recently released accounting standards In June 2001, the FASB issued SFAS No. 143, Accounting for Asset Retirement Obligations ("SFAS 143"), which addresses financial accounting and reporting for obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and (or) the normal operation of long-lived assets, except for certain obligations of leases. SFAS 143 requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred. When the liability is initially recorded an entity capitalizes the cost by increasing the carrying amount of the related long-lived assets. Over time the liability is accreted to its present value each period, and the capitalized cost is amortized over the useful life of the related asset. Upon settlement of the liability, an entity either settles the obligation for its recorded amount or incurs a gain or loss upon settlement. SFAS 143 is effective for financial statements issued for fiscal years beginning after June 15, 2002 with earlier application encouraged. The Company is currently evaluating the effects of SFAS 143 on its results of operations and financial position. In August 2001, the FASB issued SFAS 144, Accounting for the Impairment or Disposal of Long-lived Assets. SFAS 144 replaced SFAS 121, Accounting for the Impairment of long-lived Assets and for Long-lived Assets to be Disposed of. The FASB issued SFAS 144 to establish a single accounting model, based on the framework established in SFAS 121, as SFAS 121 did not address the accounting for a segment of a business accounted for as a discontinued operation under Accounting Principles Board Opinion No. 30, Reporting The Results of Operations - Reporting The Effects of Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring Events and Transactions. SFAS 144 also resolved significant implementation issues related to SFAS 121. The Company early adopted SFAS 144 as of December 31, 2001. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (STATED IN U.S. DOLLARS; TABULAR AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- 26. DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (CONTINUED) (m) Recently released accounting standards (continued) In June 2002, the FASB issued SFAS No. 146, Accounting for Costs Associated with Exit or Disposal of Activities. SFAS No. 146 requires that the liability for a cost associated with an exit or disposal activity is recognized at its fair value when the liability is incurred. Under previous guidance, a liability for certain exit costs was recognized at the date that management committed to an exit plan, which was generally before the actual liability had been incurred. SFAS No. 146 is effective only for exit or disposal activities initiated after December 31, 2002. In November 2002, the FASB issued FASB Interpretation No. 45, Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others, ("FIN 45"). FIN 45 requires that upon issuance of a guarantee, the guarantor must recognize a liability for the fair value of an obligation assumed under a guarantee. FIN 45 also requires additional disclosures by a guarantor in its interim and annual financial statements about the obligations associated with guarantees issued. The recognition provisions of FIN 45 will be effective for any guarantees that are issued or modified after December 31, 2002. The Company is currently evaluating the effects of FIN 45; however, it expects that the adoption of FIN 45 will not have a material effect on its results of operations or financial position. In January 2003, the FASB issued FIN No. 46, Consolidation of Variable Interest Entities, ("FIN 46"), an interpretation of Accounting Research Bulletin No. 51. FIN 46 requires certain variable interest entities to be consolidated by the primary beneficiary of the entity if the equity investors in the entity do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. FIN 46 is effective immediately for all variable interest entities created after January 31, 2003 and for the first annual reporting period ending after June 15, 2003 for variable interests entities created before February 1, 2003. It is expected that the adoption of FIN 46 will not have a material effect on the Company's financial position or results of operations. EX-13.7 26 o11180exv13w7.txt QUARTERLY REPORT PERIOD ENDED MARCH 31, 2003 Exhibit 13.7 IVANHOE MINES LTD. FIRST QUARTER REPORT MARCH 31, 2003 TABLE OF CONTENTS ITEM 1. FINANCIAL STATEMENTS Consolidated Balance Sheets at March 31, 2003 (unaudited) and December 31, 2002 Unaudited Consolidated Statements of Operations for the Three Month Periods ended March 31, 2003 and 2002 Unaudited Consolidated Statement of Shareholders' Equity for the Three Month Period ended March 31, 2003 Unaudited Consolidated Statements of Cash Flows for the Three Month Periods ended March 31, 2003 and 2002 Notes to the Unaudited Consolidated Financial Statements ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. IVANHOE MINES LTD. CONSOLIDATED BALANCE SHEETS - --------------------------------------------------------------------------------
MARCH 31, December 31, (STATED IN U.S. $000'S) 2003 2002 - ---------------------- --------- --------- (UNAUDITED) ASSETS CURRENT Cash $ 42,516 $ 46,912 Accounts receivable 4,474 3,425 Inventories 23,006 22,935 Prepaid expenses 3,211 1,971 --------- --------- 73,207 75,243 INVESTMENTS 13,224 15,537 MINING PROPERTY, PLANT AND EQUIPMENT 168,391 166,500 OTHER MINERAL PROPERTY INTERESTS 6,748 6,748 OTHER CAPITAL ASSETS 3,361 3,481 FUTURE INCOME TAXES 193 1,041 OTHER ASSETS 3,490 3,004 --------- --------- $ 268,614 $ 271,554 --------- --------- LIABILITIES CURRENT Accounts payable and accrued liabilities $ 25,027 $ 29,174 Current portion of long-term debt (Note 4) 20,087 23,766 --------- --------- 45,114 52,940 LOAN PAYABLE TO RELATED PARTIES 5,088 5,088 LONG-TERM DEBT (NOTE 4) 5,926 5,534 FUTURE INCOME TAXES 12,674 12,642 OTHER LIABILITIES 6,949 6,358 --------- --------- 75,751 82,562 --------- --------- SHAREHOLDERS' EQUITY SHARE CAPITAL Authorized Unlimited number of preferred shares without par value Unlimited number of common shares without par value Issued and outstanding 226,637,564 (2002-205,163,382) Common Shares 561,544 522,199 SPECIAL WARRANTS -- 26,516 ADDITIONAL PAID-IN CAPITAL 1,251 1,508 CONTRIBUTED SURPLUS 3,272 3,520 DEFICIT (373,204) (364,751) --------- --------- 192,863 188,992 --------- --------- $ 268,614 $ 271,554 ========= =========
APPROVED BY THE BOARD: IVANHOE MINES LTD. CONSOLIDATED STATEMENTS OF OPERATIONS - --------------------------------------------------------------------------------
Three months ended March 31, ---------------------------- (STATED IN U.S. $000'S) 2003 2002 - ---------------------- --------- --------- (UNAUDITED) REVENUE $ 20,548 $ 21,775 COST OF OPERATIONS (18,061) (15,041) DEPRECIATION AND DEPLETION (1,946) (2,261) --------- --------- OPERATING PROFIT 541 4,473 EXPENSES General and administrative (2,982) (1,925) Interest on long-term debt (447) (1,230) Exploration expenses (10,807) (2,878) Depreciation (221) (40) --------- --------- LOSS BEFORE THE FOLLOWING (13,916) (1,600) OTHER INCOME (EXPENSES) Mining property shut-down costs (857) (622) Interest income 331 194 Foreign exchange gain (loss) 2,666 305 Gain on sale of investments 4,625 508 Share of loss of significantly influenced investee (229) -- Other (Note 7 (a)) 11 2,461 --------- --------- 6,547 2,846 --------- --------- INCOME (LOSS) BEFORE INCOME AND CAPITAL TAXES (7,369) 1,246 (Provision for) recovery of income and capital taxes (1,084) (801) --------- --------- NET INCOME (LOSS) $ (8,453) $ 445 ========= ========= INCOME (LOSS) PER SHARE Basic $ (0.04) $ 0.00 Diluted $ (0.04) $ 0.00 ========= ========= WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (IN 000'S) 218,109 172,144 ========= =========
IVANHOE MINES LTD. CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (STATED IN THOUSANDS OF U.S. DOLLARS) - -------------------------------------------------------------------------------- (Unaudited)
Share Capital ------------------------- Additional Number Special Paid-In Contributed of Shares Amount Warrants Capital Surplus Deficit Total ----------- ----------- ----------- ----------- ----------- ----------- ----------- Balances, December 31, 2002 205,163,382 $ 522,199 $ 26,516 $ 1,508 $ 3,520 $ (364,751) $ 188,992 Special warrants issued -- -- 10,679 -- -- -- 10,679 Shares issued for: Exercise of stock options 1,331,799 1,855 -- (257) (505) -- 1,093 Exercise of warrants 20,000,000 37,195 (37,195) -- -- -- -- Share purchase plan 17,383 32 -- -- -- -- 32 Bonus shares 125,000 263 -- -- -- -- 263 Stock compensation charged to operations -- -- -- -- 257 -- 257 Net loss -- -- -- -- -- (8,453) (8,453) ----------- ----------- ----------- ----------- ----------- ----------- ----------- Balances, March 31, 2003 226,637,564 $ 561,544 $ -- $ 1,251 $ 3,272 $ (373,204) $ 192,863 =========== =========== =========== =========== =========== =========== ===========
IVANHOE MINES LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS - --------------------------------------------------------------------------------
Three Months Ended March 31 --------------------------- (STATED IN U.S. $000'S) 2003 2002 - ---------------------- ----------- ------------- (UNAUDITED) OPERATING ACTIVITIES Net income (loss) $ (8,453) $ 445 Items not involving use of cash Depreciation and depletion 2,167 2,301 Non-cash interest expense 75 684 Unrealized foreign exchange (gain) loss 344 (3,752) Share of loss of significantly influenced investee 229 -- Provision for employee entitlements 217 29 Provision for future waste mining costs (474) (103) Provision for mine reclamation obligation 281 143 Gain on sale of investments (4,625) (508) Non-cash recovery of bad debt -- (1,248) Non-cash stock-based compensation 257 243 Future income taxes 880 679 Increase in non-current portion of royalty payable 93 95 -------- -------- (9,009) (992) Net change in non-cash operating working capital items (Note 7(c)) (2,244) 475 -------- -------- (11,253) (517) -------- -------- INVESTING ACTIVITIES Proceeds from sale of investments 6,709 10 Expenditures on mining property, plant and equipment (3,837) (4,248) Expenditures on other mineral property interests (4,000) (1,000) Expenditures on other capital assets (101) (252) Other (11) (18) -------- -------- (1,240) (5,508) -------- -------- FINANCING ACTIVITIES Share capital and special warrants issued 11,804 15,399 Proceeds from long-term debt -- 4,946 Repayment of long-term debt (3,707) (4,015) -------- -------- 8,097 16,330 -------- -------- NET CASH (OUTFLOW) INFLOW (4,396) 10,305 CASH, BEGINNING OF PERIOD 46,912 25,805 -------- -------- CASH, END OF PERIOD $ 42,516 $ 36,110 ======== ======== CASH IS COMPRISED OF: Cash on hand and demand deposits $ 5,831 $ 16,128 Time deposits Restricted 4,246 4,456 Short-term money market instruments Restricted 2,000 9,000 Unrestricted 30,439 6,526 -------- -------- $ 42,516 $ 36,110 ======== ========
Supplementary information (Note 7) IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) - -------------------------------------------------------------------------------- IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) - -------------------------------------------------------------------------------- 1. BASIS OF PRESENTATION These interim financial statements do not contain all the information required by Canadian generally accepted accounting principles ("GAAP") for annual financial statements and therefore should be read in conjunction with the most recent annual financial statements of the Ivanhoe Mines Ltd. ("the Company") for the year ended December 31, 2002 (the "Annual Financial Statements"). The Company and its subsidiaries and joint venture are collectively referred to as "Ivanhoe Mines". These financial statements follow the same accounting policies and methods of their application as the Annual Financial Statements. Certain of the comparative figures have been reclassified to conform with the presentation in the Annual Financial Statements. 2. ABM MINING LIMITED ("ABM") ABM management has advised Ivanhoe Mines that ABM will likely need to supplement anticipated cash flow from project operations with additional capital in order to cover budgeted operating costs. The funding shortfall has arisen because of the recent rapid appreciation of the Australian dollar (A$) against the US dollar. ABM management recently sought to arrange a working capital credit facility and new currency hedging arrangements with a third party lender in order to meet cash flow shortfalls and mitigate currency risks but has since advised Ivanhoe Mines that recent currency exchange rate fluctuations have made that alternative unavailable for the foreseeable future. ABM has further advised Ivanhoe Mines that a failure to make suitable financial contingency arrangements to meet anticipated shortfalls could have an adverse impact on ABM's ability to continue as a going concern. ABM management has requested, and Ivanhoe Mines has agreed to make available, an A$8 million working capital credit facility to enable ABM to meet any such shortfalls that may arise in the immediate future. ABM management has advised Ivanhoe Mines that it plans to continue exploring suitable alternatives for obtaining any future credit facilities it requires from external sources but that there is no assurance that it will be successful in doing so. As at March 31, 2003, the net carrying value of the Savage River operation's assets and liabilities which are included in these financial statements is $30,857,000 (December 31, 2002 -$31,411,000). IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) - -------------------------------------------------------------------------------- 3. MYANMAR IVANHOE COPPER COMPANY LIMITED ("JVCO") The Annual Financial Statements disclosed that at December 31, 2002, JVCo was not in compliance with the minimum working capital requirement in its credit agreement, and had not received a waiver from its lenders with respect to this requirement and also with respect to the non-compliance with certain other financial covenants in the credit agreement. During the three-month period ended March 31, 2003, JVCo made a debt repayment of approximately $8.7 million and contributed approximately $1.4 million into a debt service account. However, JVCo's contribution into the debt service account was deficient by approximately $7.3 million, as it should have covered the next principal and interest payments due at the end of August 2003. Accordingly, as required by GAAP, the entire amount of Ivanhoe Mines' share of JVCo's loan payable aggregating $18,750,000 at March 31, 2003 and $22,500,000 at December 31, 2002 has been included in current liabilities. Management of the JVCo is of the opinion that, if current copper prices are maintained, its operations will generate sufficient cash flow to meet the next semi-annual debt payment due at the end of August 2003 and that the lenders will not demand repayment of the loan, notwithstanding the foregoing. There is no assurance, however, that the lenders will not make such a demand. 4. LONG-TERM DEBT
March 31, December 31, 2003 2002 -------- ------------ JVCo: Share of loan payable $ 18,750 $ 22,500 ABM: Deferred purchase obligation 5,497 5,130 Equipment purchase loans 1,766 1,670 ======== ======== 26,013 29,300 Less: Amount included in current liabilities (20,087) (23,766) ======== ======== $ 5,926 $ 5,534 ======== ========
All of the long-term debt is non-recourse to the Company. 5. SHARE CAPITAL In the three-month period ended March 31, 2003, 1,507,900 options were exercised, 389,350 options were cancelled and no new stock options were granted. Stock options outstanding at May 28, 2003 totalled 10,526,844 with exercise prices and expiry dates ranging from Cdn $0.95 to Cdn $6.74 and November 8, 2003 to May 10, 2008, respectively. At May 28, 2003, a total of 226,762,786 Common Shares of the Company were outstanding. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) - -------------------------------------------------------------------------------- 6. SEGMENTED INFORMATION
THREE MONTHS ENDED MARCH 31, 2003 - ----------------------------------------------------------------------------------------------------------------------------- (Stated in 000's) COPPER IRON EXPLORATION CORPORATE TOTAL - ----------------- --------- --------- ----------- --------- --------- REVENUE $ 4,580 $ 15,968 $ -- $ -- $ 20,548 COST OF OPERATIONS (2,219) (15,842) -- -- (18,061) DEPRECIATION AND DEPLETION (1,113) (833) -- -- (1,946) --------- --------- --------- --------- --------- OPERATING PROFIT 1,248 (707) -- -- 541 General and administrative (140) (27) -- (2,815) (2,982) Interest on long-term debt (304) (143) -- -- (447) Exploration expenses -- -- (10,807) -- (10,807) Depreciation -- -- (221) -- (221) --------- --------- --------- --------- --------- INCOME (LOSS) BEFORE THE FOLLOWING 804 (877) (11,028) (2,815) (13,916) Mining property shut-down costs -- -- -- (857) (857) Interest income 7 89 -- 235 331 Foreign exchange gain (loss) (40) 53 (83) 2,736 2,666 Gain on sale of investments -- -- -- 4,625 4,625 Share of loss of significantly influenced investee -- -- -- (229) (229) Other income (expense) 2 10 (1) -- 11 --------- --------- --------- --------- --------- INCOME (LOSS) BEFORE INCOME AND CAPITAL TAXES 773 (725) (11,112) 3,695 (7,369) (Provision for) recovery of income and capital taxes (165) (44) (11) (864) (1,084) --------- --------- --------- --------- --------- NET INCOME (LOSS) $ 608 $ (769) $ (11,123) $ 2,831 $ (8,453) ========= ========= ========= ========= ========= EXPENDITURES ON CAPITAL ASSETS Pre-stripping costs $ 474 $ 2,412 $ -- $ -- 2,886 Other 463 1,153 139 (229) 1,526 --------- --------- --------- --------- --------- $ 937 $ 3,565 $ 139 $ (229) $ 4,412 ========= ========= ========= ========= ========= TOTAL ASSETS $ 144,588 $ 58,982 $ 12,062 $ 52,982 $ 268,614 ========= ========= ========= ========= =========

THREE MONTHS ENDED MARCH 31, 2002 - ----------------------------------------------------------------------------------------------------------------- (Stated in 000's) COPPER IRON EXPLORATION CORPORATE TOTAL - ----------------- --------- --------- ----------- ---------- --------- REVENUE 4,653 17,122 -- -- 21,775 COST OF OPERATIONS (2,374) (12,667) -- -- (15,041) DEPRECIATION AND DEPLETION (1,084) (1,177) -- -- (2,261) --------- --------- --------- --------- --------- OPERATING PROFIT 1,195 3,278 -- -- 4,473 General and administrative (87) (9) -- (1,829) (1,925) Interest on long-term debt (525) (705) -- -- (1,230) Exploration expenses -- -- (2,878) -- (2,878) Depreciation -- -- (40) -- (40) --------- --------- --------- --------- --------- INCOME (LOSS) BEFORE THE FOLLOWING 583 2,564 (2,918) (1,829) (1,600) Mining property shut-down costs -- -- -- (622) (622) Interest income 36 24 6 128 194 Foreign exchange gain (loss) -- 202 (9) 112 305 Gain on sale of investments -- -- -- 508 508 Other income (expense) 2 (141) 31 2,569 2,461 --------- --------- --------- --------- --------- INCOME (LOSS) BEFORE INCOME AND CAPITAL TAXES 621 2,649 (2,890) 866 1,246 (Provision for) recovery of income and capital taxes (134) (1,721) 472 582 (801) --------- --------- --------- --------- --------- NET INCOME (LOSS) 487 928 (2,418) 1,448 445 ========= ========= ========= ========= ========= EXPENDITURES ON CAPITAL ASSETS Pre-stripping costs $ 103 $ 1,556 $ -- $ -- 1,659 Other 487 1,281 6,175 1 7,944 --------- --------- --------- --------- --------- $ 590 $ 2,837 $ 6,175 $ 1 $ 9,603 ========= ========= ========= ========= ========= TOTAL ASSETS $ 144,844 $ 72,490 $ 10,136 $ 41,384 $ 268,854 ========= ========= ========= ========= =========
IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) - -------------------------------------------------------------------------------- 7. SUPPLEMENTARY CASH FLOW INFORMATION (a) During the three months ended March 31, 2002, Ivanhoe Mines exchanged its investment in GTL Resources Plc, which had a carrying value of $1.4 million, for an equity interest in Resource Investment Trust with a fair value of $1.9 million. Also during the three months ended March 31, 2002, Ivanhoe Mines completed the earn-in of a 100% interest in the Oyu Tolgoi project in Mongolia by paying cash of $1 million and by incurring an obligation to make a $4 million payment within one year. Lastly, during the three months ended March 31, 2002, Ivanhoe Mines realized a gain of $2,568,000, of which $1,248,000 was non-cash, relating to the payment of a note receivable from Olympus Pacific Minerals Ltd. that had been written off in prior years. (b)
Three Months Ended March 31, -------------------- $(000) 2003 2002 ------ ------- ------- ~~Interest paid $354 $546 Income and capital taxes paid 204 122~~
(c) Net change in non-cash working capital items:
March 31, -------------------- $(000) 2003 2002 ------ ------- ------- Accounts receivable $(1,049) $(1,668) Inventories (71) (311) Prepaid expenses (1,240) (572) Accounts payable and accrued liabilities 116 3,026 ------- ------- $(2,244) $ 475 ======= =======
8. SUBSEQUENT EVENTS In April 2003, the Company completed a private placement financing for US$50.7 million (Cdn$74.5 million). This financing consisted of 21.3 million Special Warrants at a price of Cdn$3.50 (US$2.38) each. Each Special Warrant entitles the holder to acquire one common share of the Company at no additional cost, following the clearing of a prospectus or four months after the closing date, which ever occurs first. Also in April 2003, Ivanhoe Mines entered into a joint venture agreement in Inner Mongolia which provides that Ivanhoe Mines can earn an 80% interest in the joint venture by contributing US$2.8 million over a three-year period, with a minimum contribution of US$250,000. The agreement is subject to Chinese government approval. The joint venture has also agreed, subject to due diligence, Chinese government approvals and certain other conditions, to purchase the leasehold rights to a small scale mine and related assets at an acquisition cost of approximately Cdn$2,300,000. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) - -------------------------------------------------------------------------------- Lastly in April 2003, Ivanhoe Mines entered into an agreement, subject to due diligence, Chinese government approvals and certain other conditions , to purchase another small-scale mining property located in Inner Mongolia for an acquisition cost of approximately Cdn$1,800,000. In May 2003, the Company entered into a letter of intent with MX Capital Corp. ("MX") to jointly develop certain early-stage exploration and mining projects in Mongolia and South Korea. The agreement in principle calls for the Company to transfer certain projects to MX in consideration for approximately 75% of MX's then outstanding share capital. The Company has also agreed to provide MX with a Cdn$1 million convertible non-interest bearing loan facility that will be converted into additional equity upon the closing of the transaction, increasing the Company's equity in MX to approximately 80% on a fully diluted basis. EX-13.8 27 o11180exv13w8.txt QUARTERLY REPORT PERIOD ENDED JUNE 30, 2003 Exhibit 13.8 IVANHOE MINES LTD. SECOND QUARTER REPORT JUNE 30, 2003 TABLE OF CONTENTS ITEM 1. FINANCIAL STATEMENTS Consolidated Balance Sheets at June 30, 2003 (unaudited) and December 31, 2002 Unaudited Consolidated Statements of Operations for the Three and Six Month Periods ended June 30, 2003 and 2002 Unaudited Consolidated Statement of Shareholders' Equity for the Six Month Period ended June 30, 2003 Unaudited Consolidated Statements of Cash Flows for the Three and Six Month Periods ended June 30, 2003 and 2002 Notes to the Unaudited Consolidated Financial Statements ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. IVANHOE MINES LTD. CONSOLIDATED BALANCE SHEETS
JUNE 30, December 31, (STATED IN U.S. $000'S) 2003 2002 --------------- --------------- (UNAUDITED) ASSETS CURRENT Cash $ 76,192 $ 46,912 Accounts receivable 6,618 3,425 Inventories 18,446 22,935 Prepaid expenses 3,969 1,971 --------------- --------------- 105,225 75,243 INVESTMENTS 12,839 15,537 MINING PROPERTY, PLANT AND EQUIPMENT 172,028 168,022 OTHER MINERAL PROPERTY INTERESTS 6,893 6,748 OTHER CAPITAL ASSETS 3,403 3,481 FUTURE INCOME TAXES -- 1,041 OTHER ASSETS 1,802 1,482 --------------- --------------- $ 302,190 $ 271,554 =============== =============== LIABILITIES CURRENT Accounts payable and accrued liabilities $ 26,922 $ 29,174 Current portion of long-term debt (Note 4) 20,224 23,766 --------------- --------------- 47,146 52,940 LOAN PAYABLE TO RELATED PARTIES 5,088 5,088 LONG-TERM DEBT (NOTE 4) 6,610 5,534 FUTURE INCOME TAXES 12,630 12,642 OTHER LIABILITIES 7,865 6,358 --------------- --------------- 79,339 82,562 --------------- --------------- SHAREHOLDERS' EQUITY SHARE CAPITAL (NOTE 5) Authorized Unlimited number of preferred shares without par value Unlimited number of common shares without par value Issued and outstanding 248,133,621 (2002-205,163,382) Common Shares 610,556 522,199 SPECIAL WARRANTS -- 26,516 ADDITIONAL PAID-IN CAPITAL 1,251 1,508 CONTRIBUTED SURPLUS 3,517 3,520 DEFICIT (392,473) (364,751) --------------- --------------- 222,851 188,992 --------------- --------------- $ 302,190 $ 271,554 =============== ===============
APPROVED BY THE BOARD: /s/ John Weatherall /s/ Kjeld Thyegsen - -------------------------------------- -------------------------------------- Director Director IVANHOE MINES LTD. CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended Six months ended June 30, June 30, ----------------------- ------------------------- (STATED IN U.S. $000'S) 2003 2002 2003 2002 ---------- ---------- ---------- ---------- (UNAUDITED) REVENUE $ 23,018 $ 24,804 $ 43,566 $ 46,579 COST OF OPERATIONS (21,608) (17,349) (39,669) (32,390) WRITE-DOWN OF WORK IN PROGRESS INVENTORY (NOTE 7) (4,287) -- (4,287) -- DEPRECIATION AND DEPLETION (2,464) (1,888) (4,410) (4,149) ---------- ---------- ---------- ---------- OPERATING (LOSS) PROFIT (5,341) 5,567 (4,800) 10,040 EXPENSES General and administrative (3,330) (2,899) (6,312) (4,824) Interest on long-term debt (447) (1,207) (894) (2,437) Exploration expenses (15,186) (5,435) (25,993) (8,313) Depreciation (404) (73) (625) (113) ---------- ---------- ---------- ---------- LOSS BEFORE THE FOLLOWING (24,708) (4,047) (38,624) (5,647) OTHER INCOME (EXPENSES) Mining property shut-down costs (667) (325) (1,524) (947) Interest income 610 376 941 570 Foreign exchange gain (loss) 5,467 2,603 8,133 2,908 Gain on sale of investments -- -- 4,625 -- Share of loss of significantly influenced investee (384) -- (613) -- Other (Note 8 (a)) 724 154 735 3,123 ---------- ---------- ---------- ---------- (LOSS) INCOME BEFORE INCOME AND CAPITAL TAXES (18,958) (1,239) (26,327) 7 Provision for income and capital taxes (311) (1,348) (1,395) (2,149) ---------- ---------- ---------- ---------- NET LOSS $ (19,269) $ (2,587) (27,722) (2,142) ========== ========== ========== ---------- LOSS PER SHARE Basic $ (0.08) $ (0.01) $ (0.12) $ (0.01) Diluted $ (0.08) $ (0.01) $ (0.12) $ (0.01) ========== ========== ========== ========== WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (IN 000'S) 246,057 199,284 235,624 185,789 ---------- ---------- ---------- ----------
IVANHOE MINES LTD. CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (STATED IN THOUSANDS OF U.S. DOLLARS) - -------------------------------------------------------------------------------- (Unaudited)
Share Capital ------------------------- Additional Number Special Paid-In Contributed of Shares Amount Warrants Capital Surplus Deficit Total ----------- ----------- ----------- ----------- ----------- ----------- ----------- Balances, December 31, 2002 205,163,382 $ 522,199 $ 26,516 $ 1,508 $ 3,520 $ (364,751) $ 188,992 Special warrants issued -- -- 59,259 -- -- -- 59,259 Shares issued for: Exercise of stock options 1,472,632 2,152 -- (257) (604) -- 1,291 Exercise of special warrants 41,296,080 85,775 (85,775) -- -- -- -- Share purchase plan 31,292 61 -- -- -- -- 61 Bonus shares 125,000 263 -- -- -- -- 263 Consulting fees 45,235 106 -- -- -- -- 106 Stock compensation charged to operations -- -- -- -- 601 -- 601 Net loss -- -- -- -- -- (27,722) (27,722) ----------- ----------- ----------- ----------- ----------- ----------- ----------- Balances, June 30, 2003 248,133,621 $ 610,556 $ -- $ 1,251 $ 3,517 $ (392,473) $ 222,851 =========== =========== =========== =========== =========== =========== ===========
IVANHOE MINES LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS - --------------------------------------------------------------------------------
Three Months Ended Six Months Ended June 30 June 30 ---------------------- ----------------------- (STATED IN U.S. $000'S) 2003 2002 2003 2002 ---------- ---------- ---------- ---------- (UNAUDITED) OPERATING ACTIVITIES Net loss $ (19,269) $ (2,587) $ (27,722) $ (2,142) Items not involving use of cash Depreciation and depletion 2,868 1,961 5,035 4,262 Non-cash interest expense 194 711 269 1,395 Unrealized foreign exchange (gain) loss 730 (3,702) 1,074 (7,454) Share of loss of significantly influenced investee 384 -- 613 -- Provision for employee entitlements 405 196 622 225 Provision for mine reclamation obligation 396 170 677 313 Write-down of work in progress inventory 4,287 -- 4,287 -- Gain on sale of investments -- -- (4,625) (508) Non-cash recovery of bad debt -- -- -- (1,248) Non-cash recovery of mine shut down costs -- (205) -- (205) Non-cash stock-based compensation 344 412 601 655 Future income taxes 149 1,215 1,029 1,894 Increase in non-current portion of royalty payable 113 108 206 203 ---------- ---------- ---------- ---------- (9,399) (1,721) (17,934) (2,610) Net change in non-cash operating working capital items (Note 8(c)) (734) (2,370) (2,978) (1,895) ---------- ---------- ---------- ---------- (10,133) (4,091) (20,912) (4,505) ---------- ---------- ---------- ---------- INVESTING ACTIVITIES Purchase of investments (294) (4,981) (294) (4,981) Proceeds from sale of investments -- -- 6,709 10 Expenditures on mining property, plant and equipment (4,105) (6,251) (8,416) (11,602) Expenditures on other mineral property interests (145) -- (4,145) -- Expenditures on other capital assets (443) (648) (544) (900) Other (14) (16) (25) (34) ---------- ---------- ---------- ---------- (5,001) (11,896) (6,715) (17,507) ---------- ---------- ---------- ---------- FINANCING ACTIVITIES Share capital and special warrants issued 48,913 39,093 60,717 54,492 Proceeds from long-term debt -- 3,516 -- 8,462 Repayment of long-term debt (103) (296) (3,810) (4,311) ---------- ---------- ---------- ---------- 48,810 42,313 56,907 58,643 ---------- ---------- ---------- ---------- NET CASH INFLOW 33,676 26,326 29,280 36,631 CASH, BEGINNING OF PERIOD 42,516 36,110 46,912 25,805 ---------- ---------- ---------- ---------- CASH, END OF PERIOD 76,192 $ 62,436 $ 76,192 $ 62,436 ========== ========== ========== ========== CASH IS COMPRISED OF: Cash on hand and demand deposits 10,615 $ 14,068 $ 10,615 $ 14,068 Time deposits Restricted 4,279 4,456 4,279 4,456 Short-term money market instruments Restricted 2,000 9,000 2,000 9,000 Unrestricted 59,298 34,912 59,298 34,912 ---------- ---------- ---------- ---------- 76,192 $ 62,436 $ 76,192 $ 62,436 ========== ========== ========== ==========
Supplementary information (Note 8) IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) - -------------------------------------------------------------------------------- 1. BASIS OF PRESENTATION These interim financial statements do not contain all the information required by Canadian generally accepted accounting principles ("GAAP") for annual financial statements and therefore should be read in conjunction with the most recent annual financial statements of Ivanhoe Mines Ltd. ("the Company") for the year ended December 31, 2002 (the "Annual Financial Statements"). The Company and its subsidiaries and joint venture are collectively referred to as "Ivanhoe Mines". These financial statements follow the same accounting policies and methods of their application as the Annual Financial Statements. Certain of the comparative figures have been reclassified to conform with the presentation in the Annual Financial Statements. 2. ABM MINING LIMITED ("ABM") In the first quarter of 2003, the management of ABM advised Ivanhoe Mines that ABM would likely need to supplement anticipated cash flow from project operations with additional capital in order to cover budgeted operating costs. The funding shortfall had arisen because of the recent rapid appreciation of the Australian dollar (A$) against the US dollar. ABM management requested, and Ivanhoe Mines agreed to make available, an A$8 million working capital credit facility to enable ABM to meet any such shortfalls that may arise in the immediate future. ABM management also advised Ivanhoe Mines that it planned to continue exploring suitable alternatives for obtaining any future credit facilities it requires from external sources but that there is no assurance that it would be successful in doing so. In May 2003, Ivanhoe Mines advanced ABM A$5 million from the working capital credit facility and, based on current foreign currency exchange rates, ABM expects to drawdown the balance of the facility by September 30, 2003. As at June 30, 2003, the net carrying value of the Savage River operation's assets and liabilities which are included in these financial statements is $30,241,000 (December 31, 2002 -$31,411,000). 3. MYANMAR IVANHOE COPPER COMPANY LIMITED ("JVCO") The Annual Financial Statements disclosed that at December 31, 2002, JVCo was not in compliance with the minimum working capital requirement in its credit agreement, and had not received a waiver from its lenders with respect to this requirement and also with respect to the non-compliance with certain other financial covenants in the credit agreement. During the six-month period ended June 30, 2003, JVCo made a debt repayment of approximately $8.7 million and contributed approximately $1.4 million into a debt service account. However, JVCo's contribution into the debt service account was deficient by approximately $7.3 million, as it should have covered the next principal and interest payments due at the end of August 2003. Management of the JVCo is of the opinion that JVCo will make the next semi-annual debt payment due at the end of August 2003 and that the lenders will not demand repayment of the loan, notwithstanding the foregoing. There is no assurance, however, that the lenders will not make such a demand. Accordingly, as required by GAAP, the entire amount of Ivanhoe Mines' share of JVCo's loan payable aggregating $18,750,000 at June 30, 2003 and $22,500,000 at December 31, 2002 has been included in current liabilities. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) - -------------------------------------------------------------------------------- 4. LONG-TERM DEBT
JUNE 30, December 31, 2003 2002 ---------- ------------ JVCo: Share of loan payable $ 18,750 $ 22,500 ABM: Deferred purchase obligation 6,134 5,130 Equipment purchase loans 1,950 1,670 ---------- ------------ 26,834 29,300 Less: Amount included in current liabilities (20,224) (23,766) ---------- ------------ $ 6,610 $ 5,534 ========== ============
All of the long-term debt is non-recourse to the Company. 5. SHARE CAPITAL In the three-month period ended June 30, 2003, 450,000 options were granted, 140,833 options were exercised and 166,667 options were cancelled. Stock options outstanding at August 28, 2003 totalled 9,909,844 with exercise prices and expiry dates ranging from Cdn $0.95 to Cdn $6.74 and November 8, 2003 to June 12, 2013, respectively. At August 28, 2003, a total of 248,785,622 Common Shares of the Company were outstanding. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) - -------------------------------------------------------------------------------- 6. SEGMENTED INFORMATION
THREE MONTHS ENDED JUNE 30, 2003 --------------------------------------------------------------- (Stated in 000's) COPPER IRON EXPLORATION CORPORATE TOTAL - ----------------- ----------- ----------- ----------- ----------- ----------- REVENUE $ 5,532 $ 17,486 $ -- $ -- $ 23,018 COST OF OPERATIONS (2,637) (18,971) -- -- (21,608) WRITE-DOWN OF WORK IN PROGRESS INVENTORY (4,287) -- -- -- (4,287) DEPRECIATION AND DEPLETION (1,289) (1,175) -- -- (2,464) ----------- ----------- ----------- ----------- ----------- OPERATING LOSS (2,681) (2,660) -- -- (5,341) General and administrative (147) (39) -- (3,144) (3,330) Interest on long-term debt (278) (169) -- -- (447) Exploration expenses -- -- (15,186) -- (15,186) Depreciation -- -- (392) (12) (404) ----------- ----------- ----------- ----------- ----------- INCOME (LOSS) BEFORE THE FOLLOWING (3,106) (2,868) (15,578) (3,156) (24,708) Mining property shut-down costs -- -- -- (667) (667) Interest income 2 17 5 586 610 Foreign exchange gain (loss) (52) (493) (35) 6,047 5,467 Share of loss of significantly influenced investee -- -- -- (384) (384) Other income 1 450 -- 273 724 ----------- ----------- ----------- ----------- ----------- INCOME (LOSS) BEFORE INCOME AND CAPITAL TAXES (3,155) (2,894) (15,608) 2,699 (18,958) (Provision for) recovery of income and capital taxes (205) 18 (42) (82) (311) ----------- ----------- ----------- ----------- ----------- NET INCOME (LOSS) $ (3,360) $ (2,876) $ (15,650) $ 2,617 $ (19,269) =========== =========== =========== =========== =========== EXPENDITURES ON CAPITAL ASSETS Pre-stripping costs $ 352 $ 2,966 $ -- $ -- $ 3,318 Other 388 160 591 236 1,375 ----------- ----------- ----------- ----------- ----------- $ 740 $ 3,126 $ 591 $ 236 $ 4,693 ----------- ----------- ----------- ----------- ----------- TOTAL ASSETS $ 140,823 $ 63,127 $ 15,166 $ 83,074 $ 302,190 ----------- ----------- ----------- ----------- -----------

THREE MONTHS ENDED JUNE 30, 2002 --------------------------------------------------------------- (Stated in 000's) COPPER IRON EXPLORATION CORPORATE TOTAL - ----------------- ----------- ----------- ----------- ----------- ----------- REVENUE 5,434 19,370 -- -- 24,804 COST OF OPERATIONS (2,719) (14,630) -- -- (17,349) DEPRECIATION AND DEPLETION (986) (902) -- -- (1,888) ----------- ----------- ----------- ----------- ----------- OPERATING PROFIT 1,729 3,838 -- -- 5,567 General and administrative (196) (27) -- (2,676) (2,899) Interest on long-term debt (373) (834) -- -- (1,207) Exploration expenses -- -- (5,435) -- (5,435) Depreciation -- -- (66) (7) (73) ----------- ----------- ----------- ----------- ----------- INCOME (LOSS) BEFORE THE FOLLOWING 1,160 2,977 (5,501) (2,683) (4,047) Mining property shut-down costs -- -- -- (325) (325) Interest income 18 29 6 323 376 Foreign exchange gain (loss) (23) 843 73 1,710 2,603 Other income (expense) 4 173 (22) (1) 154 ----------- ----------- ----------- ----------- ----------- INCOME (LOSS) BEFORE INCOME AND CAPITAL TAXES 1,159 4,022 (5,444) (976) (1,239) (Provision for) recovery of income and capital taxes 11 (1,933) 173 401 (1,348) ----------- ----------- ----------- ----------- ----------- NET INCOME (LOSS) 1,170 2,089 (5,271) (575) (2,587) =========== =========== =========== =========== =========== EXPENDITURES ON CAPITAL ASSETS Pre-stripping costs $ 68 $ 5,573 $ -- $ -- $ 5,641 Other 650 (1,136) 1,681 63 1,258 ----------- ----------- ----------- ----------- ----------- $ 718 $ 4,437 $ 1,681 $ 63 $ 6,899 ----------- ----------- ----------- ----------- ----------- TOTAL ASSETS $ 146,521 $ 74,285 $ 13,332 $ 69,449 $ 303,587 ----------- ----------- ----------- ----------- -----------
IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) 6. SEGMENTED INFORMATION (CONTINUED)
SIX MONTHS ENDED JUNE 30, 2003 --------------------------------------------------------------- (Stated in 000's) COPPER IRON EXPLORATION CORPORATE TOTAL - ----------------- ----------- ----------- ----------- ----------- ----------- REVENUE $ 10,112 $ 33,454 $ -- $ -- $ 43,566 COST OF OPERATIONS (4,856) (34,813) -- -- (39,669) WRITE-DOWN OF WORK IN PROGRESS INVENTORY (4,287) -- -- -- (4,287) DEPRECIATION AND DEPLETION (2,402) (2,008) -- -- (4,410) ----------- ----------- ----------- ----------- ----------- OPERATING LOSS (1,433) (3,367) -- -- (4,800) General and administrative (287) (66) -- (5,959) (6,312) Interest on long-term debt (582) (312) -- -- (894) Exploration expenses -- -- (25,993) -- (25,993) Depreciation -- -- (613) (12) (625) ----------- ----------- ----------- ----------- ----------- LOSS BEFORE THE FOLLOWING (2,302) (3,745) (26,606) (5,971) (38,624) Mining property shut-down costs -- -- -- (1,524) (1,524) Interest income 9 106 5 821 941 Foreign exchange gain (loss) (92) (440) (118) 8,783 8,133 Gain on sale of investments -- -- -- 4,625 4,625 Share of loss of significantly influenced investee -- -- -- (613) (613) Other income (expense) 3 460 (1) 273 735 ----------- ----------- ----------- ----------- ----------- INCOME (LOSS) BEFORE INCOME AND CAPITAL TAXES (2,382) (3,619) (26,720) 6,394 (26,327) Provision for income and capital taxes (370) (26) (53) (946) (1,395) ----------- ----------- ----------- ----------- ----------- NET INCOME (LOSS) $ (2,752) $ (3,645) $ (26,773) $ 5,448 $ (27,722) =========== =========== =========== =========== =========== EXPENDITURES ON CAPITAL ASSETS Pre-stripping costs $ 826 $ 5,378 $ -- $ -- 6,204 Other 851 1,313 730 7 2,901 ----------- ----------- ----------- ----------- ----------- $ 1,677 $ 6,691 $ 730 $ 7 $ 9,105 ----------- ----------- ----------- ----------- ----------- TOTAL ASSETS $ 140,823 $ 63,127 $ 15,166 $ 83,074 $ 302,190 ----------- ----------- ----------- ----------- -----------

SIX MONTHS ENDED JUNE 30, 2002 -------------------------------------------------------------- (Stated in 000's) COPPER IRON EXPLORATION CORPORATE TOTAL - ----------------- ----------- ----------- ----------- ----------- ----------- REVENUE 10,087 36,492 -- -- 46,579 COST OF OPERATIONS (5,093) (27,297) -- -- (32,390) DEPRECIATION AND DEPLETION (2,070) (2,079) -- -- (4,149) ----------- ----------- ----------- ----------- ----------- OPERATING PROFIT 2,924 7,116 -- -- 10,040 General and administrative (283) (36) -- (4,505) (4,824) Interest on long-term debt (898) (1,539) -- -- (2,437) Exploration expenses -- -- (8,313) -- (8,313) Depreciation -- -- (106) (7) (113) ----------- ----------- ----------- ----------- ----------- INCOME (LOSS) BEFORE THE FOLLOWING 1,743 5,541 (8,419) (4,512) (5,647) Mining property shut-down costs -- -- -- (947) (947) Interest income 54 53 12 451 570 Foreign exchange gain (loss) (23) 1,045 64 1,822 2,908 Other income 6 32 9 3,076 3,123 ----------- ----------- ----------- ----------- ----------- INCOME (LOSS) BEFORE INCOME AND CAPITAL TAXES 1,780 6,671 (8,334) (110) 7 (Provision for) recovery of income and capital taxes (123) (3,654) 645 983 (2,149) ----------- ----------- ----------- ----------- ----------- NET INCOME (LOSS) 1,657 3,017 (7,689) 873 (2,142) =========== =========== =========== =========== =========== EXPENDITURES ON CAPITAL ASSETS Pre-stripping costs $ 171 $ 7,129 $ -- $ -- $ 7,300 Other 1,137 145 7,856 64 9,202 ----------- ----------- ----------- ----------- ----------- $ 1,308 $ 7,274 $ 7,856 $ 64 $ 16,502 ----------- ----------- ----------- ----------- ----------- TOTAL ASSETS $ 146,521 $ 74,285 $ 13,332 $ 69,449 $ 303,587 ----------- ----------- ----------- ----------- -----------
IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) - -------------------------------------------------------------------------------- 7. INVENTORY WRITE-DOWN During the three months ended June 30, 2003, Ivanhoe Mines wrote down its copper inventory as a result of a downward adjustment in the estimated recoverable quantities of copper on the heaps. Ivanhoe Mines continues to review the underlying technical data and accordingly may subsequently increase or decrease the amount of this write-down. The amount of any adjustment may be material. 8. SUPPLEMENTARY CASH FLOW INFORMATION (a) During the three months ended June 30, 2003, 21,290,080 Special Warrants were exercised resulting in the issue of 21,290,090 common shares of the Company. During the three months ended March 31, 2003, 20,000,000 Special Warrants were exercised resulting in the issue of 20,000,000 common shares of the Company. During the three months ended June 30, 2002, the Company issued 287,678 Common Shares at a deemed value of $600,000 in respect of the purchase of 7.4 million common shares of Intec Ltd. During the three months ended June 30, 2002, the Company divested itself of its iron ore project in Norway and extinguished the related outstanding debt of $3.5 million. During the three months ended March 31, 2002, Ivanhoe Mines exchanged its investment in GTL Resources Plc, which had a carrying value of $1.4 million, for an equity interest in Resource Investment Trust with a fair value of $1.9 million. Also during the three months ended March 31, 2002, Ivanhoe Mines completed the earn-in of a 100% interest in the Oyu Tolgoi project in Mongolia by paying cash of $1 million and by incurring an obligation to make a $4 million payment within one year. Lastly, during the three months ended March 31, 2002, Ivanhoe Mines realized a gain of $2,568,000 (included in other income), of which $1,248,000 was non-cash, relating to the payment of a note receivable from Olympus Pacific Minerals Ltd. that had been written off in prior years. (b)
Three Months Ended June 30, Six Months Ended June 30, --------------------------- ------------------------- $(000) 2003 2002 2003 2002 - ------ --------- --------- --------- ----------- ~~Interest paid $ 271 $ 496 $ 625 $ 1,042 Income and capital taxes paid 162 134 366 256~~
IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) - -------------------------------------------------------------------------------- 8. SUPPLEMENTARY CASH FLOW INFORMATION (CONTINUED) (c) Net change in non-cash working capital items:
Three Months Ended June 30, Six Months Ended June 30, --------------------------- ------------------------- $(000) 2003 2002 2003 2002 - ------ --------- --------- --------- ----------- Accounts receivable $ (2,144) $ (252) $ (3,193) $ (1,920) Inventories 273 (1,752) 202 (2,063) Prepaid expenses (758) (417) (1,998) (989) Accounts payable and accrued liabilities 1,895 51 2,011 3,077 --------- --------- --------- ----------- $ (734) $ (2,370) $ (2,978) $ (1,895) --------- --------- --------- -----------
9. SUBSEQUENT EVENTS (a) On July 31, 2003, the Company completed the MX Capital Corp. ("MX") transaction. The Company and MX have agreed to jointly develop certain early-stage exploration and mining projects in Mongolia and South Korea. The Company transferred certain projects to MX in consideration for 36,781,479 shares of MX, representing approximately 75% of MX's outstanding share capital. The transfer of these projects will be accounted for at their carrying value with no gain or loss being recognized by the Company. At June 30, 2003 the carrying value of these assets was $2.3 million. Prior to the transfer, MX had a nominal amount of assets and liabilities other than to the Company. Also in July 2003, the Company provided MX with the final Cdn$0.6 million of the Cdn$1.0 million convertible non-interest bearing loan facility. This loan was converted on July 31, 2003 into 5,000,000 shares of MX, increasing the Company's equity to approximately 80% of MX's outstanding share capital. At June 30, 2003, Cdn$0.4 million (US$0.3 million) of the convertible loan had been drawn down and is included in Other Assets. In August 2003, the Company entered into an agreement to loan MX a further US$1 million. The loan is interest bearing and matures 90 days after the date of demand by the Company. The Company has the option to convert the loan into shares of MX, in whole or part, at Cdn$0.25 per share. (b) In August 2003, Intec Ltd ("Intec"), a company in which Ivanhoe Mines has a 19.9% interest, announced a three for five renounceable entitlements issue of 87.6 million new shares at A$0.03 per share. Under the issue Ivanhoe Mines has advised Intec that it intends to take up its 17.4 million entitlement shares (A$0.5 million or approximately $0.3 million) as well as to act as priority sub-underwriter for up to 32.6 million shares (A$1.0 million or approximately $0.6 million). If Ivanhoe Mines receives the maximum possible shortfall of 32.6 million shares, in addition, to its entitlement of 17.4 million shares, it will increase its shareholding in Intec to 33.8%. The renounceable entitlements issue is expected to close in September 2003. (c) In August 2003, the Company entered into an agreement to acquire a capital asset for approximately $2.4 million. (d) In August 2003, the Company entered into an agreement to acquire certain mineral property interests for approximately $3.9 million. IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) - -------------------------------------------------------------------------------- OVERVIEW Ivanhoe Mines is an international mining company developing a major new discovery of gold and copper at the Turquoise Hill project (Oyu Tolgoi) in southern Mongolia. It also has regional exploration programs, targeting gold and copper principally in Mongolia and China. Ivanhoe produces copper, gold and iron ore products from various mines in the Asia Pacific region. During the second quarter Ivanhoe Mines continued to concentrate the majority of it's cash resources and management time to the Turquoise Hill project. The Company spent a total of $15.2 million in exploration during the quarter of which $12.8 million was spent in Mongolia. MONGOLIA o In Q2'03, Ivanhoe Mines accelerated its drilling efforts on the Far North Zone. In July 2003, Ivanhoe Mines announced the highest-grade intersections of copper and gold mineralization that have been encountered to date on the Turquoise Hill project. Following the last two years of exploration, the Turquoise Hill project is now ranked as one of the largest copper and gold porphyry deposits in the world. o In August 2003, Ivanhoe Mines received from AMEC E&C Services Limited a revised update of the existing mineral resources. AMEC estimated that the Turquoise Hill project contained at July 7, 2003 the following inferred and additional indicated mineral resources, using a 0.3% copper equivalent cut-off grade:
Gold Copper Gold Tonnes Copper gram/tonne Million Million Mineral Resource Million % ("g/t") Tonnes Ounces - ---------------- ------- ------ ---------- ------- ------- ~~Inferred 2,450 0.61% 0.14 15.1 11.4 Indicated 509 0.40% 0.59 2.1 9.7~~
o Scoping studies to formulate optimal project development concepts are underway. Current studies are investigating the development of an open-pit/underground operation that would process between 40,000 to 100,000 tonnes of ore per day. o In July 2003, Ivanhoe Mines announced the discovery of several large aquifers near the site of the Turquoise Hill project. Independent consultants are currently estimating that the aquifers are capable of providing sufficient water to meet the process requirements for a 50,000 tonne-per day mining operation. Page 1 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) - -------------------------------------------------------------------------------- CORPORATE o In April 2003, the Company raised a total of approximately $50.8 million (Cdn$74.5 million) through the issue of 21.3 million common shares of the Company at Cdn$3.50 per share. The majority of the proceeds from the financing will be used to finance the exploration and development of the Mongolian properties. o The net loss for the Q2'03 was $19.3 million, or $0.08 per share, compared with a loss of $2.6 million or $0.01 per share in Q2'02. Included in the Q2'03 loss is: o Exploration division expenses, net after tax, of $15.7 million (Q2'02 - $5.3 million) including total expenditures of $12.8 million in Mongolia. o A loss of $3.4 million (Q2'02 - $1.2 million profit), including a $4.3 million inventory write-down, from the S&K Mine copper operations in Myanmar. o A loss of $2.9 million (Q2'02 - $2.1 million profit) from the Savage River Mine operation in Australia. o Corporate division profit of $2.6 million (Q2'02 - $0.6 million loss), including a gain on foreign exchange of $6.0 million, general and administrative expenses of $3.1 million and mining property care and maintenance costs in Kazakhstan of $0.7 million. Page 2 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) - -------------------------------------------------------------------------------- CRITICAL ACCOUNTING POLICIES A detailed summary of all of Ivanhoe Mines Ltd.'s (the "Company") significant accounting policies is included in Note 2 to the annual Consolidated Financial Statements for the year ended December 31, 2002. Management is required to make assumptions and estimates that affect the valuation of its mineral assets. Significant estimates used in the valuation of inventories and capital assets include quantities of mineral in heaps and in circuit, proven and probable ore reserves, the estimated recoverable tonnes of ore, the expected economic life of and the estimated future operating results and net cash flows from mining property, plant and equipment, and the anticipated reclamation costs of mine sites. Following generally accepted accounting principles, impairments in the valuation of mineral assets are recorded in the Company's consolidated financial statements, while increases in the valuation of mineral assets are not permitted. The most likely changes in estimates used in the valuation of mineral assets are the changes in estimates based on noticeable changes in trends of operating costs and commodity prices. A small percentage change in costs or revenues, when spread over the remaining life of a mining project, that can exceed twenty years, can have a significant impact on the valuation calculations, resulting in a material reduction in the valuation of Ivanhoe Mines' mineral assets. FORWARD LOOKING STATEMENTS Except for statements of historical fact relating to the Company together with its subsidiaries and joint venture (collectively referred to as "Ivanhoe Mines"), certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project costs overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors described in this report under the heading "Outlook". The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements. Page 3 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) - -------------------------------------------------------------------------------- EXPLORATION AND DEVELOPMENT Exploration and development expenses in Q2'03 totalled $15.2 million, compared to $5.4 million in Q2'02. The majority of the $9.8 million increase is due to the increased activities in the Turquoise Hill project and other Mongolian properties. a) MONGOLIA - At the end of June 2003, Ivanhoe Mines held 111 exploration licenses covering approximately 9.5 million hectares and has applications on 3 licenses totalling an additional 243,000 hectares. In Q2'03 Ivanhoe Mines spent $12.8 million on Mongolian properties and the main focus of exploration and development activities was on the Turquoise Hill project ($9.0 million) and the Kharmagtai, Shuteen and the Saran Uul projects. i) TURQUOISE HILL DEVELOPMENT- Several engineering studies were ongoing at Turquoise Hill during Q2'03. The studies included open pit and underground mining methods for the Southwest and Far North deposits, metallurgical studies on the Southwest, Central Oyu and Far North deposits and acid rock drainage studies on Southwest and Central Oyu deposits. In July 2003, Ivanhoe Mines announced that the drilling for groundwater resources, in areas surrounding the Turquoise Hill project, had discovered aquifers with estimated capacity sufficient to generate water volumes necessary to support a 50,000 tonne per day mining operation. In Q2'03 Chinese authorities in the province of Inner Mongolia announced the approval of construction for an upgraded 226-kilometre highway that will provide a direct link between the Mongolian border crossing, 80 kilometres south of the Turquoise Hill project, and the Trans-China Railway system. Ivanhoe has initiated discussions with Mongolian and Chinese government authorities to extend the highway by an additional 80 kilometres to the Turquoise Hill site. ii) TURQUOISE HILL EXPLORATION - In August 2003, AMEC E&C Services Inc. released a revised update to its Q1'03 estimate of the existing mineral resources of the Far North Extension at Turquoise Hill. AMEC increased the Far North Extension inferred resource, using a 0.60% copper equivalent cut-off grade, from 489 million tonnes grading 1.08% copper and 0.07 g/t gold to 643 million tonnes grading 1.19% copper and 0.10 g/t gold. Drilling at the Far North Zone also has delineated a high-grade core of inferred resources greater than 2% copper equivalent within this larger mineralized envelope that contains 70.8 million tonnes grading 2.92% copper and 0.30 g/t gold. The tonnage in the high-grade zone is more than double the amount of AMEC's previous estimate issued in Q1'03 and is expected to greatly enhance the parameters of various commercial mining scenarios currently being modelled by Ivanhoe's independent consultants. AMEC, using a 0.30% copper equivalent cut-off, now estimates that the Turquoise Hill project contains estimated inferred resources totalling 2.4 billion tonnes grading Page 4 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) - -------------------------------------------------------------------------------- 0.61% copper and 0.14 g/t gold. This represents an increase of 40% in the amount of copper and a 12% increase in the amount of gold previously reported by AMEC in their mineral resource report issued in Q1'03. In addition, using the same 0.30% copper equivalent cut-off grade, 509 million tonnes of indicated resources are estimated in the Southwest Zone grading 0.4% copper and 0.59 g/t gold.
Copper Gold Tonnes Copper Gold Million Million Mineral Resource Million % g/t Tonnes Ounces - ---------------- ------- ------ ---- ------- ------- ~~Inferred 2,450 0.61% 0.14 15.1 11.4 Indicated 509 0.40% 0.59 2.1 9.7~~
A summary extracted from the AMEC report containing details of the mineral resource estimates at various copper equivalent cut-off grades is available on Ivanhoe Mines's web site at http://www.ivanhoe-mines.com. iii) KHARMAGTAI AND OVOOT HYAR PROJECTS - These two properties contain several copper/gold targets. During Q2'03, a second phase of diamond drilling was completed on the Gold Hill prospect and a first phase of drilling was completed on the Chun prospect. Regional reconnaissance work was performed on the remaining projects. In Q2'03 a total of approximately $1.1 million was spent on these various projects. iv) SARAN UUL - Based on the results from a gradient array induced polarization survey completed in Q1'03, a total of 25 trenches totalling approximately 17,000 metres and 13 diamond drill holes totalling 3,844 metres were completed during Q2'03. In Q2'03 a total of approximately $0.6 million was spent on this project. v) OYUT ULAAN - Following detailed geological mapping and induced polarization surveys in 2002, diamond drilling started in June 2003 on this gold-copper project. Assay results are pending. In Q2'03 a total of approximately $0.3 million was spent on this project. vi) SHUTEEN - Four diamond drill holes totalling almost 2,000 metres were completed in Q2'03. In Q2'03 a total of approximately $0.4 million was spent on this project. vii) MX CAPITAL - In July 2003 Ivanhoe Mines completed a transaction with MX Capital Corp. ("MX"), a private Canadian mineral exploration company, whereby Ivanhoe Mines transferred to MX a series of early-stage Mongolian exploration licenses covering approximately 3.1 million hectares (31,000 sq. km) in the South Gobi region of Mongolia, and located approximately 150 kilometres west of the Turquoise Hill project. These licenses, combined with MX's existing Mongolia licenses, cover approximately 4.0 million hectares (40,000 sq. km.) throughout the prospective South Gobi porphyry belt. In addition, Ivanhoe transferred to MX its Page 5 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) - -------------------------------------------------------------------------------- Korean gold and silver projects, including the Eunsan gold and silver mine, located in Chollanam-Do Province, South Korea. In consideration for these assets, MX issued approximately 36.8 million MX common shares to Ivanhoe Mines. Ivanhoe Mines also invested Cdn$1,000,000 in cash to purchase 5,000,000 MX units, each consisting of one MX common share and one share purchase warrant exercisable for a period of one year to purchase one additional MX common share at a price of Cdn$0.22, thereby increasing Ivanhoe Mines' equity interest in MX to approximately 80% on a fully diluted basis. Ivanhoe Mines has also agreed in principle to loan to MX up to an additional US$1,000,000, convertible, subject to certain restrictions, into MX common shares at a price of Cdn$0.25. b) MYANMAR - Underground work continued at Modi Taung during Q2'03, including a total of approximately 829 meters of adit extension following the Shwesin and the Htongyi Taung vein systems. During Q2'03 a surface diamond drilling program was undertaken on the southeast projection of the Htongyi Taung vein system. A total of 1,393 metres was drilled during Q2'03. Total exploration expenditures in Q2'03 totalled approximately $0.7 million. c) OTHER - i) CHINA: PACIFIC MINERALS - Ivanhoe is exploring for gold, copper and platinum-group metals ("PGMs") in China primarily through a joint venture with Pacific Minerals Inc. Ivanhoe has the right to participate in the development of Pacific's 217 Gold project in Inner Mongolia, the JBS Platinum Palladium project in Yunnan Province, and a right of first refusal to participate in any new mineral projects discovered by Pacific in China (excluding Anhui Province). In each case, Ivanhoe will have the right to earn an 80% interest in each property by advancing it to production. ii) INNER MONGOLIA: IVANHOE MINES - Throughout Q2'03, Ivanhoe conducted extensive reconnaissance programs to identify high-priority targets based upon geologic models developed at Turquoise Hill and other epithermal-style deposits. In August 2003, Ivanhoe announced that the Company entered into a comprehensive joint venture with a Chinese government entity to explore for and develop gold, copper, silver, molybdenum and other minerals on three advanced projects in Inner Mongolia. The three projects are in addition to the Oblaga gold-copper-molybdenum project also located in Inner Mongolia. Page 6 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) - -------------------------------------------------------------------------------- OPERATIONS COPPER OPERATION S&K MINE, MYANMAR
Three months ended June 30, 2003 ------------------------------------------------------------------------------------- Total Operation Company's 50% net share ---------------------------- ----------------------------- % Increase % Increase 2003 2002 (decrease) 2003 2002 (decrease) ------ ----- ---------- ----- ---- ---------- Total tonnes moved Tonnes (000's) 4,548 3,623 26% Tonnes of ore to heap Tonnes (000's) 2,260 1,842 23% Grade CuCn % 0.57% 0.66% (14%) Strip ratio Waste/Ore 0.86 0.40 115% Cathode production Tonnes 6,744 7,143 (6%) 3,372 3,572 (6%) Tonnage sold Tonnes 7,112 7,050 1% 3,556 3,525 1% Average sale price received US$/pound $0.74 $0.73 2% Sales US$(000) 5,532 5,434 2% Cost of operations US$(000) 2,637 2,719 (3%) Write-down of inventory US$(000) 4,287 -- 100% Operating profit (loss) US$(000) (2,681) 1,729 (255%)

Six months ended June 30, 2003 --------------------------------------------------------------------------------------- Total Operation Company's 50% net share --------------------------------- ------------------------------ % Increase % Increase 2003 2002 (decrease) 2003 2002 (decrease) ------- ------- ---------- ------ ------- ---------- Total tonnes moved Tonnes (000's) 9,957 6,374 56% Tonnes of ore to heap Tonnes (000's) 4,530 3,396 33% Grade CuCn % 0.56% 0.60% (7%) Strip ratio Waste/Ore 0.93 0.47 98% Cathode production Tonnes 12,874 13,628 (6%) 6,437 6,814 (6%) Tonnage sold Tonnes 12,966 13,558 (4%) 6,483 6,779 (4%) Average sale price received US$/pound $0.74 $0.71 5% Sales US$(000) 10,112 10,087 0% Cost of operations US$(000) 4,856 5,093 (5%) Write-down of inventory US$(000) 4,287 - 100% Operating profit (loss) US$(000) (1,433) 2,924 (149%)
In Q2'03, the S&K Mine's operations experienced both the lowest and the highest levels of monthly copper production since the start of operations in 1998. In April 2003, as a result of a major electrical equipment breakdown, the mine was shutdown for 10 days and produced only 1,608 tonnes of copper. In May 2003, a total of 2,601 tonnes of copper was produced, the highest level since the start of operations. This increased production was the result of improved copper production capacity from the pilot plant and the mine's efforts undertaken over the last twelve months to increase the heap capacity. In May and June 2003, the S&K Mine produced copper cathode at an annual average rate of 30,700 tonnes per annum. The management of the S&K Mine is confident that it will be successful in maintaining production at a similar rate for the remainder of fiscal 2003. Page 7 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) - -------------------------------------------------------------------------------- The mine moved a total of 4.5 million tonnes in Q2'03 compared to 3.6 million tonnes in Q2'02. The construction and stacking of various heap cells continued during the quarter resulting in a 23% increase in total ore stacked in Q2'03 compared to Q2'02. Total copper sale revenues in Q2'03 increased by 2% over Q2'02 as a result of increased copper prices. Excluding a $4.3 million write-down against heaps metal inventories, operating costs in Q2'03 decreased by 3% over Q2'02 mainly due to decreases in extractant, freight and insurance net of increases in equipment rental charges, explosives, and electrical parts. During Q2'03, Ivanhoe Mines wrote down its share of the S&K Mine inventory of metal on the heaps by approximately $4.3 million, as a result of a downward adjustment in the estimated recoverable quantities of copper on the heaps. Ivanhoe Mines continues to review the underlying technical data and accordingly may subsequently increase or decrease the amount of this write-down. The amount of any adjustment may be material. In Q2'03, the mine capitalized approximately $352,000 in costs of removing additional waste material. No decisions have been made to implement the expansion plan contemplated by the scoping study submitted in Q1'03 or any other plan for developing the Letpadaung deposit. The new economic sanctions against Myanmar recently enacted by the United States and Great Britain prohibit the exportation or re-exportation of financial services to Myanmar either from the United States or by any United States person. The management of the S&K Mine is hopeful it will be able to adapt to these new sanctions and continue to maintain the mine operations. For the last several years, the S&K Mine has not transferred funds to nor received any transfer of funds from the Company. At the end of July 2003, the S&K Mine had $3.4 million in cash. The management of the S&K Mine intends to assign most of its August's cash flows to repay the $8.7 million in principal and interest loan payment due at the end of the August. Page 8 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) - -------------------------------------------------------------------------------- IRON OPERATION SAVAGE RIVER MINE, TASMANIA
Three months ended June 30, 2003 ----------------------------------------------------- Percent Increase 2003 2002 (decrease) -------- ------- ---------- Total volumes moved BCM (000's) 2,586 2,397 8% Tonnes milled (000's) 1,278 1,238 3% Strip ratio BCM waste/BCM ore 7.6 7.4 3% Concentrate production (000's) 513 587 (13%) Iron content Fe% 30.5% 36.0% (15%) Pellet production Tonnes 534,172 576,264 (7%) Pellet sales Tonnes 556,839 607,275 (8%) Sales US$/tonne $31 $32 (2%) US$(000) 17,486 19,370 (10%) Cost of operations US$(000) 18,971 14,630 30% Operating profit (loss) US$(000) (2,660) 3,838 (169%) Average foreign exchange rate US$/AUD$ 0.6409 0.5511 16%

Six months ended June 30, 2003 ------------------------------------------------------- Percent Increase 2003 2002 (decrease) -------- --------- ---------- Total volumes moved BCM (000's) 5,318 4,872 9% Tonnes milled (000's) 2,673 2,374 13% Strip ratio BCM waste/BCM ore 7.9 6.4 24% Concentrate production (000's) 1,121 1,132 (1%) Iron content Fe% 31.8% 36.1% (12%) Pellet production Tonnes 1,112,851 1,109,759 0% Pellet sales Tonnes 1,128,244 1,194,460 (6%) Sales US$/tonne $30 $31 (3%) US$(000) 33,454 36,492 (8%) Cost of operations US$(000) 34,813 27,297 28% Operating profit (loss) US$(000) (3,367) 7,116 (147%) Average foreign exchange rate US$/AUD$ 0.6169 0.5348 15%
Page 9 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) - -------------------------------------------------------------------------------- Total pellet production in Q2'03 decreased by 7% over Q2'02. The decrease in production was a combination of a 15% decrease in grade offset by a 3% increase in tonnes milled resulting in a 13% decrease in concentrate tonnage production. Total tonnage of pellets sold in Q2'03 decreased by 8% over Q2'02. The majority of the second quarter decrease in sale volumes is attributed to lower concentrate production and shipment delays at the end of the quarter. The average pellet prices remained approximately the same for both quarters. Highly competitive conditions continued to prevail in iron ore markets throughout 2003. Most of Savage River's planned production over the next 3-4 years has now been taken up in supply contracts. Prices for iron ore lumps and fines were settled during the quarter and negotiations for pellet prices should be finalized in the third quarter with expected price increase in the 9-10% range. Operating profit decreased from $3.8 million in Q2'02 to a loss of $2.7 million in Q2'03. The $6.5 million decrease in profit is the result of a $1.9 million decrease in revenue, a $4.3 million increase in cost of operations and a $0.3 million increase in depreciation. In Q2'03, the cost of operations in US dollars were up 30% over the same period in Q2'02. The 30% increase is the combined result of a 12% increase in operating costs plus a nominal 16% increase in US$ denominated costs due to the strengthening of the Australian dollar. The majority of the 12% increase in operating costs is mainly attributable to increases in wages, fleet rental charges, explosives and consumables offset by a decrease in fuel and insurance charges attributed to self insuring on some plant assets and business interruption coverage. The conversion to natural gas of four of the five furnaces at the pellet plant was completed. The conversion of the fifth furnace will be completed only when higher production throughput is required. In June 2003, due to a shortage of sufficient hard ore, the grinding capacity was reduced which resulted in lower pellet production for the month. During the second quarter, the redesign of the North Pit Extension was completed in order to improve the continuity of ore supply over the next five years. In the South Center pit, improved ore supply planning should be achieved from improved scheduling of various cut back sequences. In Q2'03 the total tonnages moved increased by 8% over Q2'02. The removal of waste constitutes the majority of the increase in volumes moved, resulting in a capitalized pre-stripping charge of $3.0 million in Q2'03 and $5.6 million in Q2'02. In May 2003, the Company agreed to make available an AUD$8 million working capital credit facility to enable Savage River to meet any cash shortfalls that may arise in fiscal 2003. A total of AUD$5 million was advanced by the Company during the quarter. The management of Savage River is anticipating that it will request the transfer of the remaining AUD$3 million by the end of September 2003. Page 10 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) - -------------------------------------------------------------------------------- OTHER PROJECTS EUNSAN GOLD AND SILVER MINE, SOUTH KOREA The mill remained on care and maintenance and there was no gold produced during Q2'03. Underground development continued throughout Q2'03 with the intention to continue mining the high grade eastern shoot using a combination of cut and fill and shrinkage stoping mining method. In Q2'03 a total of approximately 6,200 tonnes grading 26 g/t gold equivalent (Q1'03 - 2,700 tonnes grading 15 g/t gold) was hauled and stored on surface. During Q2'03, a second mine access, via an open pit, was developed. The purpose of the second mine access is to allow for the mining of the high-grade eastern shoot beneath the original open pit. As the existing site tailings pond is nearly full, other means of dewatering and transporting milled tailings to the Sanbong pit were investigated in connection with a possible re-commissioning of the mill in the next quarter. On the nearby Gasado Island prospect, significant gold and silver intercepts were encountered in Q2'03 through exploration drilling. Exploration and underground development expenditures in Q2'03 totalled $0.2 million. On July 31, 2003 Ivanhoe transferred all of its Korean assets and certain Mongolian exploration licenses to MX Capital Corp. in exchange for common shares of MX Capital Corp. (see "Exploration and Development - MX Capital). BAKYRCHIK GOLD MINE, KAZAKHSTAN Mining property care and maintenance costs totalled $0.7 million in Q2'03 compared to $0.3 million in Q2'02. The majority of the increase in costs in Q2'03 is due to additional consultant engineering work and lower revenue from gold sales. The mine initiated the treatment of oxide ore from stockpiled ore in May 2003. During the quarter, a total of 23,000 tonnes were processed generating approximately 920 ounces of gold. In mid July the mining of remaining oxide ore stockpiles was completed and the focus of the operation will shift to the possibility of mining and treatment of sulphide ores. Work continued throughout the quarter on the sulphide ore feasibility and test work programs. Test work has focussed on a roasting process, but other processes including bacterial and chemical oxidation were also tested during the quarter. GENERAL The corporate general and administrative expenses increased from $2.7 million in Q2'02 to $3.1 million in Q2'03. The majority of the increase during Q2'03 is attributed to increased expenses related to investor relations tours, additional office charges in Asia, travel and legal costs related to financing activities and negotiation of various Chinese joint venture agreements and alliances. All funds received in 2003 from private placement financings were transacted in Canadian dollars and the funds were converted to US dollars only when required. The Page 11 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) - -------------------------------------------------------------------------------- majority of the $6.0 million corporate foreign exchange gain in Q2'03 mainly relates to the strengthening of the Canadian dollar by approximately 9% during the quarter. CASH RESOURCES AND LIQUIDITY At June 30, 2003, consolidated working capital was $58.1 million including cash of $76.2 million compared with working capital of $22.3 million and cash of $46.9 million at December 31, 2002. From late December to April 2003 the Company raised a total of $89.4 million (Cdn$134.5 million) through the issue of 20 million common shares of the Company at Cdn$3.00 per share and the issue of 21,296,080 common shares of the Company at Cdn$3.50 per share. The proceeds will be used for working capital and to fund the Mongolia exploration and property acquisition activities in 2003. Total expenditures for the balance of 2003, including all exploration, mine care and maintenance costs and corporate administrative costs, are estimated to range between $55 million to $65 million. OUTLOOK In the third quarter of 2003, annual copper production at the S&K Mine is expected to increase from 30,000 to 33,000 tonnes while annual pellet and iron concentrate production at the Savage River Mine is expected to remain at approximately 2.2 million tonnes per annum. Apart from variations in production volumes, Ivanhoe Mines' earnings and cash flows are directly affected by metal prices, variations in the exchange rates between the Australian and U.S. dollars, and the Canadian and U.S. dollars. Various risks, including fluctuations in commodity prices, foreign exchange rates, customer demand, and financ ing and political uncertainties, can adversely affect Ivanhoe Mines' future profitability and its ability to realize anticipated increases in production capacity. Unlike copper cathode, whose characteristics are set by commonly agreed standards, iron ore products need to reflect the specific requirements and limitations of customers. With only a few customers, the Savage River Mine's operations could be adversely affected, in the short and medium term, by the loss of a key customer. A limited customer base is also a risk to the S&K Mine as a substantial part of its copper production is sold, under a take or pay contract, to a single Japanese buyer. The buyer resells the cathode to customers throughout Asia. The S&K Mine's profitability could be negatively affected if economic sanctions or boycotts against trade with Myanmar were enacted in the future by major Asian countries. The S&K Mine is currently not in compliance with certain covenants in its bank loan agreement. For the last twelve months, the debt service reserve (an amount to cover the next principal and interest payments) has been deficient. The management of the S&K Page 12 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) - -------------------------------------------------------------------------------- Mine is of the opinion that the lenders will not demand repayment of the loan notwithstanding the foregoing. The S&K Mine's bank loan is non-recourse to the Company. Ivanhoe Mines' existing cash resources are sufficient to meet all of its planned capital expenditures for the next six months. However, over the long term, Ivanhoe Mines still needs to obtain additional funding for, or third party participation in, its undeveloped or partially developed projects in order to bring them into full production. Such projects include the Mongolia properties and the Bakyrchik Gold Mine. Since the S&K Mine's loan is not at fixed interest rates, future fluctuations in interest rates will have a significant impact on the profitability of the S&K Mine and also on Ivanhoe Mines' ability to successfully finance its other undeveloped or partially developed projects. Since factors beyond Ivanhoe Mines' control may adversely affect its access to funding or its ability to recruit third party participants, there can be no assurance Ivanhoe Mines' undeveloped or partially developed projects can be fully developed in whole or in part. Page 13 of 13 EX-13.9 28 o11180exv13w9.txt REVISED AIF FOR YEAR ENDED DECEMBER 31, 2001 Exhibit 13.9 IVANHOE MINES LTD. Annual Information Form FOR THE YEAR ENDED DECEMBER 31, 2001 DATED MAY 16, 2002 2 TABLE OF CONTENTS
ITEM 1: COVER PAGE.......................................................................................................1 ITEM 2: CORPORATE STRUCTURE..............................................................................................7 NAME AND INCORPORATION................................................................................................7 SUBSIDIARIES AND MANAGEMENT STRUCTURE.................................................................................7 ITEM 3: GENERAL DEVELOPMENT OF THE BUSINESS..............................................................................9 ITEM 4 -- NARRATIVE DESCRIPTION OF BUSINESS.............................................................................10 OYU TOLGOI GOLD AND COPPER PROJECT, MONGOLIA.........................................................................11 MONYWA COPPER PROJECT, MYANMAR.......................................................................................23 SAVAGE RIVER IRON ORE PROJECT, TASMANIA..............................................................................31 OTHER PROJECTS.......................................................................................................40 EQUITY INVESTMENTS...................................................................................................46 HUMAN RESOURCES......................................................................................................47 RISK FACTORS.........................................................................................................48 ITEM 5: SELECTED CONSOLIDATED FINANCIAL INFORMATION.................................................................56 ITEM 6: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.......................57 ITEM 8: DIRECTORS AND OFFICERS......................................................................................57 ITEM 9: ADDITIONAL INFORMATION......................................................................................59
3 FORWARD-LOOKING STATEMENTS Certain statements contained in this Annual Information Form respecting reserves, resources, plans, objectives and future performance of Ivanhoe' business are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", or "continue" or the negative thereof or variations thereon or similar terminology. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in commodity prices, unanticipated reserve and resource grades, geological, metallurgical, processing, transportation, infrastructure and other problems, results of exploration activities, cost overruns, availability of materials and equipment, timeliness of government approvals, political risk and related economic risk, actual performance of plant, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, those set forth herein under "Risk Factors". CURRENCY AND EXCHANGE RATES In this Annual Information Form, all funds are quoted in United States dollars unless otherwise indicated. References to "$" are to United States dollars, references to "Cdn.$" are to Canadian dollars and references to "AUD$" are to Australian dollars. The Bank of Canada noon buying rates for the purchase of one United States dollar using Canadian dollars were as follows during the indicated periods: (Stated in Canadian dollars)
YEAR ENDED DECEMBER 31 ---------------------------------------------------- 2001 2000 1999 1998 1997 ------ ------ ------ ------ ------ End of period 1.5928 1.4995 1.4440 1.5333 1.4291 High for the period 1.6052 1.5601 1.5302 1.5225 1.4292 Low for the period 1.4901 1.4349 1.4440 1.5544 1.3368 Average for the period 1.5484 1.4859 1.4858 1.4831 1.3846
The Bank of Canada noon buying rate on May 15, 2002 for the purchase of one United States dollar using Canadian dollars was Cdn.$1.5559 (one Canadian dollar on that date equalled US$0.6427). The Bank of Canada noon buying rate on December 31, 2001 and May 15, 2002, respectively, for the purchase of one United States dollar using Australian dollars was AUD$1.95 and AUD$1.82 (one Australian dollar on those dates equalled US$0.51 and US$0.5486, respectively). 4 CONVERSION FACTORS For ease of reference, the following conversion factors are provided:
IMPERIAL MEASURE = METRIC UNIT METRIC UNIT = IMPERIAL MEASURE - ------------------------- ---------------------- ------------------------ ------------------------- 2.47 acres 1 hectare 0.4047 hectares 1 acre 3.28 feet 1 metre 0.3048 metres 1 foot 0.62 miles 1 kilometre 1.609 kilometres 1 mile 0.032 ounces (troy) 1 gram 31.1 grams 1 ounce (troy) 2.205 pounds 1 kilogram 0.454 kilograms 1 pound 1.102 tons (short) 1 tonne 0.907 tonnes 1 ton 0.029 ounces (troy)/ton 1 gram/tonne 34.28 grams/tonne 1 ounce (troy)/ton
GLOSSARY OF GEOLOGICAL AND MINING TERMS BRECCIA: rock consisting of fragments, more or less angular, in a matrix of finer-grained material or of cementing material. BRECCIA PIPE: a pipe or funnel shaped structure filled with angular fragments held together with a fine grained cement. The feature may be formed in a variety of different ways. It is likely to be a hydrothermal or explosion-induced pipe in which fluids have deposited ore-forming minerals. CARBONACEOUS: containing carbon or coal, especially shale or other rock containing small particles of carbon distributed throughout the whole mass. CONCENTRATE: a product containing the valuable metal and from which most of the waste material in the ore has been eliminated. CONCENTRATOR: a plant for recovery of valuable minerals from ore in the form of concentrate. The concentrate must then be treated in some other type of plant, such as a smelter, to effect recovery of the pure metal. CUT-OFF GRADE: the lowest grade of mineral resources considered economic; used in the calculation of reserves and resources in a given deposit. DILUTION: an estimate of the amount of waste or low-grade mineralized rock which will be mined with the ore as part of normal mining practices in extracting an orebody. DIORITE: a granular, crystalline igneous rock commonly of acid plagioclase and hornblende, pyroxene or biotite. ELECTROWINNING: recovery of a metal from an ore by means of electro-chemical processes. FLOTATION: a milling process by which some mineral particles are induced to become attached to bubbles of froth and float, and others to sink, so that the valuable minerals are concentrated and separated from the gangue. FOLD: a curve or bend of a planar structure such as a rock bed or a fault plane. The result of deformation processes in the earth's crust. 5 FOOTWALL: the mass of rock beneath a geological structure (orebody, fault, etc.). GANGUE: valueless rock or mineral material in ore. GRANODIORITE: a plutonic rock consisting of quartz, calcic oligoclase or andesine and orthoclase with biotite, hornblende or pyroxene as mafic constituents. GRAVITY CONCENTRATION: a metallurgical process that separates metals from gangue using the specific gravity differential between the metal and the gangue. GREENSTONE: a metamorphic (cooked) rock whose green colour is due to the presence of chlorite, epidote or actinolite. Commonly a loose term used to describe deformed, recrystallized volcanic and/or sedimentary rock which has a high amphibole content as a result of its original bulk composition. HANGING WALL: the mass of rock above a geological structure (orebody, fault, etc.). HYPOGENE: primary mineralization formed by mineralizing solutions emanating up from a deep magnetic source. IGNEOUS ROCK: rock which is magmatic in origin. INDICATED MINERAL RESOURCE: that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and test information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed. INFERRED MINERAL RESOURCE: that part of a mineral resource for which the quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. INTRUSIVE: rock which while molten, penetrated into or between other rocks but solidified before reaching the surface. KRIGED RESOURCE: resource grades estimated using weighted averages of the surrounding samples. The weights are based on the mineralization's spatial continuity which has been statistically quantified beforehand. LEACH/HEAP LEACH: to dissolve minerals or metals out of ore with chemicals. Heap leaching copper involves the percolation of a cyanide solution through crushed ore heaped on an impervious pad or base. MEASURED MINERAL RESOURCE: that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity. 6 MINERAL RESOURCE (DEPOSIT): a concentration or occurrence of natural, solid, inorganic or fossilized organic material in or on the earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource (deposit) are known, estimated or interpreted from specific geological evidence and knowledge. ORE RESERVE: the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. An ore reserve includes diluting materials and allowances for losses that may occur when the material is mined. PORPHYRY: any igneous rock in which relatively large, conspicuous crystals (called phenocrysts) are set in a fine-grained ground mass. PORPHYRY DYKES: a tabular body of igneous rock that cuts across the structure of adjacent rocks, and contains conspicuous phenocryst in a fine grained or aphanites ground mass. PROBABLE ORE RESERVE: the economically mineable part of an indicated and, in some circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. PROTEROZOIC ROCK: a rock of Proterozoic age, the younger of two Precambrian eons. PROVEN ORE RESERVE: the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. QUALIFIED PERSON: an individual who: (a) is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation, or mineral project assessment, or any combination of these; (b) has experience relevant to the subject matter of the mineral project; and (c) is a member in good standing of a professional association as defined by National Instrument 43-101 of the Canadian Securities Administrators. SCHIST: a strongly foliated crystalline rock which readily splits into sheets or slabs as a result of the planar alignment of the constituent crystals. The constituent minerals are commonly specified (e.g. "quartz-muscovite-chlorite schist"). SHEAR ZONE: a tabular zone of rock which has been crushed and brecciated by parallel fractures due to "shearing" along a fault or zone of weakness. These can be mineralized with ore-forming solutions. STRIKE: the direction, or course or bearing, of a vein or rock formation measured on a level surface. STRIP (OR STRIPPING) RATIO: the tonnage or volume of waste material which must be removed to allow the mining of one tonne of ore in an open pit. SULPHIDES: compounds of sulphur with other metallic elements. 7 SUPERGENE: ore or ore minerals that have been formed by the effects (usually oxidization and secondary sulphide enrichment) produced by descending ground water. SX-EW PROCESSING: solvent extraction and electrowinning processing. Recovery of a metal from an ore by means of acid leaching and organic extraction, combined with electro-chemical processes. TAILING: material rejected from a mill after the recoverable valuable minerals have been extracted. VEIN: sheet-like body of minerals formed by fracture filling or replacement of host rock. VUG: small cavity in vein or rock usually lined with crystals. ITEM 2: CORPORATE STRUCTURE NAME AND INCORPORATION Ivanhoe Mines Ltd. ("Ivanhoe" or the "Corporation") was incorporated under the Company Act (British Columbia) on January 25, 1994 under the name 463212 B.C. Ltd. In February, 1994 the Corporation changed its name to Indochina Goldfields Ltd. In March, 1994 the Corporation increased its authorized capital from 10,000 common shares without par value to 100,000,000 common shares without par value and created 100,000,000 preferred shares without par value. In February, 1995 the Corporation was continued under the Business Corporations Act (Yukon). In July, 1997 the Corporation increased its authorized capital to an unlimited number of common shares without par value and an unlimited number of preferred shares without par value. In June, 1999 the Corporation changed its name to Ivanhoe Mines Ltd. The Corporation's North American headquarters are located at 654, 999 Canada Place, Vancouver, British Columbia, Canada, V6C 3E1. The Corporation's Asian headquarters are located at 37th Floor #2, Millenia Tower, 1 Temasek Avenue, Singapore 039192. The Corporation's registered office is located at Suite 300, 204 Black Street, Whitehorse, Yukon, Canada, Y1A 2M9. SUBSIDIARIES AND MANAGEMENT STRUCTURE In this Annual Information Form, the "Ivanhoe Group" or the "Group" means, collectively, the Corporation and its subsidiaries or a particular subsidiary or group of subsidiaries, as the context requires. The corporate structure of the Corporation, its active subsidiaries, the percentage ownership in subsidiaries which are not wholly-owned by the Corporation and the jurisdiction of incorporation of such corporations as at December 31, 2001 are set out in the following chart. 8 IVANHOE MINES LTD. -- CORPORATE STRUCTURE [CHART OMMITTED] Note: All subsidiaries are wholly-owned unless otherwise indicated "BVI" means British Virgin Islands 9 ITEM 3: GENERAL DEVELOPMENT OF THE BUSINESS OVERVIEW Ivanhoe is an international mineral exploration and development company. The Ivanhoe Group holds interests in mineral resource properties in Mongolia, Myanmar, Australia, South Korea, Norway, Kazakhstan and Vietnam. The Ivanhoe Group also holds investments in Resource Investment Trust Plc., a company listed on the London Stock Exchange, Emperor Mines Limited, a company listed on the Australian Stock Exchange, Olympus Pacific Minerals Inc., a company listed on the TSX Venture Exchange and Intec Ltd., a company listed on the Australian Stock Exchange. The Ivanhoe Group's principal mineral resource properties are the Oyu Tolgoi gold and copper exploration project (the "Oyu Tolgoi Project") in Mongolia, the Monywa copper project (the "Monywa Copper Project") in Myanmar and the Savage River iron ore mine (the "Savage River Project") in Tasmania, Australia. The Ivanhoe Group holds a 100% interest in the Oyu Tolgoi Project and the Savage River Project and a 50% interest in the Monywa Copper Project. HISTORY In June, 1996, the Corporation completed an initial public offering of its common shares from which it realized net proceeds of approximately Cdn.$250 million. The Corporation also listed its common shares on the Toronto Stock Exchange (the "TSX"). Throughout 1996, the Ivanhoe Group was principally engaged in developing the first phase of the Monywa Copper Project and exploring for gold in Indonesia and elsewhere in Southeast Asia. In late 1996 the Group acquired an equity interest in Bakyrchik Gold Plc. (now GTL Resources Plc.), a London based gold exploration and development company engaged in a joint venture with the government of Kazakhstan to develop the Bakyrchik gold mine in northeast Kazakhstan. Through a series of transactions in 1997 and 1999, the Corporation acquired a 70% interest in the Bakyrchik gold project at an aggregate acquisition cost of approximately $65 million. In late 1997, the Group began construction of the S&K Mine, the first phase of development of the Monywa Copper Project. In late 1998, following a $140 million development and construction program, the S&K Mine commenced production of cathode copper at a rate of approximately 25,000 tonnes per annum. A severe economic crisis in Southeast Asia coupled with a dramatic decline in the price of gold in 1998 adversely affected the economics of the Bakyrchik gold project and the Group postponed its development plans and placed the project on care and maintenance, curtailing further development expenditures. In the fall of 2001, the Group restarted limited production of stockpiled oxide ore deposits on the property, but currently has no plans to commence full-scale production. The Group also significantly scaled back its exploration programs, particularly in Indonesia where serious political and social unrest hampered the Group's ability to carry out exploration activities. In response to these changing circumstances, the Corporation implemented measures to conserve its financial resources and, in late 1998 and early 1999, began to consider various potential asset acquisition and merger opportunities as strategic alternatives to diversify its geographic and commodity focus. The Corporation's primary objective was to place greater emphasis on establishing additional production and increasing cash flow and less emphasis on exploration. In keeping with this new strategy, the Group curtailed most of its exploration activities other than those in Mongolia, South Korea and Myanmar. 10 In May, 2000, Ivanhoe entered into an earn-in agreement with BHP Minerals International Exploration Inc. ("BHP Exploration") to earn a 100% interest in the Oyu Tolgoi Project in Mongolia and, in 2001, encountered encouraging drill results at Oyu Tolgoi for gold and copper mineralization. Accordingly, the Ivanhoe Group commenced a substantial exploration program in Mongolia, focussing in particular on the Oyu Tolgoi Project. The Group continues to actively explore the property for gold, copper and molybdenum resources. In December, 2000, the Corporation acquired all of the issued and outstanding shares of ABM Mining Limited ("ABM") by issuing 50,322,533 common shares of the Corporation to the shareholders of ABM. ABM owns and operates the Savage River Project in Tasmania, Australia and the inactive Bjornevatn iron ore mine in Kirkenes, Norway. The Savage River Project was adversely affected in 2001 by a downturn in the global steel industry. The resulting decline in demand for iron ore pellets contributed to a $54 million write down in the value of its assets. In 2001, ABM also commenced negotiations with its existing project lenders with a view to restructuring the Savage River Project's finances. For a description see the Management Discussion and Analysis of Financial Condition and Results of Operations" (the "MD&A") which accompanies the Corporation's comparative consolidated financial statements for the years ended December 31, 2001 and 2000. ITEM 4 -- NARRATIVE DESCRIPTION OF BUSINESS OVERVIEW For the purposes of Form 44-101F1 under National Instrument 44-101 of the Canadian Securities Administrators, the Oyu Tolgoi Project, the Monywa Copper Project and the Savage River Project have been identified as the mineral properties which are material to the Ivanhoe Group. None of the Group's other mineral property interests are considered material for the purposes of Form 44-101F1 insofar as none of them represents 10% or more of the book value, as of December 31, 2001, of the total of the Ivanhoe Group's mineral resource property interests and related plant and equipment. QUALIFIED PERSONS The bulk of the disclosure of a scientific or technical nature in this Annual Information Form respecting the Oyu Tolgoi Project is based upon and summarized from a technical report dated January 11, 2002 prepared by D. George Cargill, Ph.D., P. Eng. of Roscoe Postle Associates Inc. ("RPA") as amended March 9, 2002 by Gildar J. Arseneau, Ph.D., P. Geo. of RPA (the "Roscoe Postle Report"). All disclosure of a scientific or technical nature in this Annual Information respecting the Group's Mongolian properties which was not based upon and summarized from the Roscoe Postle Report was prepared by or under the supervision of Mr. Charles P.N. Forster, P. Geo. Mr. Forster is an employee of Ivanhoe. Messrs. Cargill, Arseneau and Forster are all "qualified persons" under National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101"). All disclosure of a scientific or technical nature in this Annual Information Form respecting the Monywa Copper Project, the Bakyrchik gold project and the Ivanhoe Group's mineral properties in Myanmar, South Korea and Vietnam was prepared by, or under the supervision of, James Currie, P.Eng. Mr. Currie is an employee of Ivanhoe and a "qualified person" under NI 43-101. All disclosure of a scientific or technical nature in this Annual Information Form respecting the Savage River Project was prepared under the supervision of Mr. Anson Griffith, MAusIMM, an employee of ABM. Mr. Griffith is a "qualified person" under NI 43-101. 11 OYU TOLGOI GOLD AND COPPER PROJECT, MONGOLIA PROJECT DESCRIPTION AND LOCATION Ivanhoe is conducting a series of exploration programs at Oyu Tolgoi in the south Gobi Region of Mongolia through its wholly-owned subsidiary, Ivanhoe Mines Mongolia Inc. The objective of these programs is to define the nature and scope of a recently discovered copper and gold porphyry zone containing an, as yet, indeterminate amount of gold, copper and molybdenum mineralization. Mineralization has been identified in four areas of the Oyu Tolgoi Project, within an area of 3 kilometres north-south by 2 kilometres east-west, designated by Ivanhoe as the Central Oyu, North Oyu, South Oyu and Southwest Oyu zones. The right to explore for minerals in these zones is held through four non-contiguous mineral licences encompassing approximately 24,000 hectares of surface area. In May 2000, Ivanhoe entered into an earn-in agreement (the "Earn-in Agreement") with BHP Exploration to earn a 100% interest in the Oyu Tolgoi property. Ivanhoe earned its 100% interest in February, 2002 by incurring US$3,000,000 in exploration expenditures, paying to BHP Exploration $1,000,000 and delivering to BHP Exploration a $4,000,000 non-interest bearing promissory note with a one year term. The Earn-in Agreement also requires Ivanhoe to incur additional exploration expenditures of $3,000,000 by February, 2006. BHP Exploration retains a 2% net smelter returns royalty and certain back-in rights. BHP Exploration's back-in rights become exercisable if, on or before June 7, 2002, a "significant mineral occurrence" is identified on the property consisting of not less than 250,000,000 tonnes of 1% copper extractable by heap leaching and SX-EW processing. In that event, BHP Exploration has the right to re-purchase a 40% interest in the significant mineral occurrence. If the significant mineral occurrence consists of not less than 300,000,000 tonnes of ore grading 1% copper recoverable by conventional means of extraction, BHP Exploration has the right to re-purchase a 60% interest in the significant mineral occurrence. If BHP Exploration exercises the back-in right, it will be required to relinquish its royalty and pay to Ivanhoe an amount equal to three times the amount of exploration expenditures incurred. If the significant mineral occurrence lies within the "Central Oyu" zone, BHP Exploration must also repay to Ivanhoe the $5,000,000 paid by Ivanhoe to BHP Exploration to exercise the option. If BHP Exploration were to exercise its back-in rights, BHP Exploration and Ivanhoe would form a joint venture in which the party with the larger participating interest would be entitled to be the operator. Ongoing expenditure obligations for exploration and development would be in proportion to each party's participation in the joint venture. In April, 2002, Ivanhoe notified BHP Exploration that it had completed the additional $3,000,000 expenditure program required under the Earn-in Agreement. BHP Exploration's back-in right expires on June 7, 2002. The original exploration licence for the Oyu Tolgoi Project was granted to BHP Exploration in 1997 as Mineral Exploration Licence ("MEL") 210. MEL 210 was later re-designated as MEL 66X when new mining legislation was enacted in Mongolia in 1997. Certain areas originally covered by MEL 66X were relinquished in September, 2000, and MEL 66X was converted into four separate licences, MELs 66X, 66X1, 66X2 and 66X3. The licences, which expire on February 17, 2004, permit Ivanhoe to conduct drilling and other exploration work on the property. Ivanhoe must pay a yearly per hectare fee to the Mongolian government in order to maintain the licences in good standing. If Ivanhoe intends to commence mining activity on the property, it must apply to the Mongolian government for a mining 12 licence prior to the expiry of the corresponding MEL. Mining licences are typically granted for a term of 60 years, and are renewable for up to an additional 40 years. The Mongolian government also imposes a royalty of 2.5% on the sale value of all minerals mined in the country. Ivanhoe also recently acquired MEL 3677, which is adjacent to the other MELs and covers an additional 109,145 hectares of land located in the same geological province that hosts the Oyu Tolgoi Project. MEL 3677 has an initial term of three years, and is renewable for two additional extensions totalling four years. 59,743 hectares of MEL 3677 overlap areas originally covered by MEL 66X. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES AND PHYSIOGRAPHY The Oyu Tolgoi Project is located in the south Gobi Region of Mongolia, approximately 560 kilometres south of the capital city, Ulaanbaatar. Road access to the property follows a well-defined track directly south from Ulaanbaatar requiring 12 hours travel time in a four-wheel drive vehicle. Ivanhoe has also constructed a 1,400 metre airstrip which allows the property to be reached by small aircraft. Mongolian rail service and a large electric power line lie 350 kilometres east of the property at the main rail line between Ulaanbaatar and China. The China-Mongolia border is located approximately 80 kilometres south of Oyu Tolgoi and the Trans-China Rail line following the Yellow River is approximately 160 kilometres south of the border. A small diesel power station is located 60 kilometres east in Handbogd. The nearest significant population centre is the regional provincial capital at Dalandzadgad, located 240 kilometres west northwest of Oyu Tolgoi with a population of approximately 12,500 people. Dalandzadgad is accessible by unpaved road. Although the climate at Oyu Tolgoi is relatively severe, including frequent strong wind conditions and cold winters with temperatures ranging between --2 degrees to --30 degrees Celsius, Ivanhoe believes that it is possible to conduct exploration and mining operations on a year round basis. The property has an average elevation of 1,160 metres above sea level, and has a relatively flat, undulating topography with less than 50 metres of relief. The surface area is a semi-desert steppe, with minimal rainfall and vegetation cover of approximately 20 to 25% of the ground surface. Ivanhoe's surface rights on the Oyu Tolgoi Project are governed by the Minerals Law and the Land Law. Water rights are governed by the Water Law and the Minerals Law. These laws permit Ivanhoe to use the land and water in connection with exploration operations, subject to the discretionary authority of Mongolian national, provincial and regional governmental authorities. Ivanhoe expects that it will have to negotiate with all three levels of government to ensure access to appropriate land and water rights prior to the commencement of any mining operations. Power and water sources are currently sufficient for exploration activities. However, additional power and water sources will need to be developed prior to the commencement of mining operations. The nearest power line is 350 kilometres away. Water is typically drawn from underground aquifers in the area. Ivanhoe has not analyzed the sufficiency of such water sources for production purposes. The area is relatively flat, and should be amenable to the construction of the necessary infrastructure for a mining operation, including tailings storage sites, heap leach pads, waste disposal and processing plant sites. 13 HISTORY Old diggings and small amounts of slag found in the area indicate that the Oyu Tolgoi area was subject to small scale mining activity in ancient times. However, modern mineral exploration did not commence in the area until 1995, when the Magma Copper Company Ltd. ("Magma") began a reconnaissance program which examined more than 60 copper occurrences in various parts of Mongolia. In 1996, after BHP Exploration acquired Magma, BHP Exploration continued the reconnaissance program in western and southern Mongolia. BHP Exploration first visited the Oyu Tolgoi Project in September, 1996 as part of its regional reconnaissance program of the south Gobi region. BHP Exploration subsequently applied for, and was granted, an exploration concession covering 1,350 square kilometres. After geological mapping, stream and soil sediment surveys and magnetic and induced polarization ("IP") surveys, BHP Exploration completed 6 diamond core holes totalling 1,000 metres during September and October, 1997. With encouraging results from two of the holes, a second phase of drilling was undertaken in 1998, consisting of an additional 13 core holes totalling 2,000 metres. Positive results were obtained in four of the holes prompting a third phase of drilling in August and September 1998 consisting of 4 holes totalling 800 metres. These holes failed to return significant mineralization and BHP Exploration suspended the project pending economic review. In 1999, following a review of past results, additional drilling and continued exploration on the property was planned but never carried out. In 2000, after entering into the Earn-in Agreement with BHP Exploration, Ivanhoe carried out a reverse circulation ("RC") drill program to delineate a chalcocite blanket intersected in one of BHP Exploration's diamond drill holes. This program consisted of 109 RC holes totalling 8,828 metres. The holes were targeted to define supergene mineralization that might be amenable to a heap leaching SX-EW process similar to the one used at Ivanhoe's Monywa copper mine in Myanmar. Ivanhoe reviewed the results and decided that the chalcocite blanket at Central Oyu was neither large enough nor high grade enough to be economic as a stand-alone deposit. In 2001, Ivanhoe began its current drilling program. GEOLOGY AND MINERALIZATION The Oyu Tolgoi Project lies near the boundary of the South Mongolian and the South Gobi tectonic units, in the Kazakh Mongol Belt. The area contains a mixture of arc and back arc rocks that accreted to southern Mongolia during the Paleozoic age. Within the Oyu Tolgoi Project area, the geology is dominated by a Siluro-Carboniferous sequence of basalts, basaltic andesites and sedimentary sequences. Overlying these sequences are Cretaceous-age, flat-lying sediments consisting of pebbly gravel, sandy silt, sand and clay, with an average thickness of between 15 to 20 metres. The volcanic rocks are intruded by a complex variety of feldspar porphyry, feldspar-hornblende porphyry and quartz-feldspar porphyry stocks and dykes. Ivanhoe has gathered the most comprehensive understanding of the property geology from its detailed mapping and extensive drilling of the Southwest Oyu zone. Ivanhoe believes that the mineralized areas consist of mafic volcanic rocks intruded by quartz monzodiorite intrusions. Copper and gold mineralization appears to lie in both the basaltic volcanic country rocks and the intrusions. There are also barren quartz monzonite porphyries, hornblende, biotite andesite and rhyolite dykes that regularly cut the quartz monzodiorite intrusions. 14 The Oyu Tolgoi Project contains both hypogene and supergene copper mineralization. The hypogene deposits appear to belong to a porphyry copper-gold system of the potassic-calcalkaline type. Ivanhoe has discovered evidence of hypogene deposits in all four zones. At South Oyu and Southwest Oyu, copper and gold mineralization is found primarily in intensely veined (stockwork and sheeted) magnetite-rich, pyrite-poor assemblages dominated by quartz and chalcopyrite, with minor amounts of bornite and traces of molybdenum in basaltic volcanics and quartz monzodiorite intrusives. Ivanhoe suspects that South Oyu and Southwest Oyu belong to the same zone offset by a northeast trending fault. The correlation between gold and copper grades suggest that the gold distribution is in the form of attachments to or inclusions in copper sulphides. Molybdenum grades are erratic and Ivanhoe has not determined the nature of its distribution. Ivanhoe's preliminary metallurgical work indicates that at least some of the molybdenum is enriched in rhenium. High values of rhenium in molybdenum is a feature of some gold-rich porphyry copper deposits. In North Oyu, copper mineralization occurs in breccias at depths greater than 100 metres below the surface. There appears to be some supergene chalcocite and covellite, but the higher grade intercepts are associated with veins containing pyrite, chalcopyrite and traces of covellite and chalcocite, which appear to be hypogene. Gold values are usually low but sometimes higher in copper-rich zones. Molybdenum values are usually low. The principal supergene deposit at Oyu Tolgoi is located at Central Oyu. It consists of a chalcocite blanket beneath a leached cap. Rock chip samples across the leached cap contain anomalous concentrations of copper and gold. Meanwhile, supergene mineralization occurs 40 to 80 metres below the surface. The upper 20 to 40 metres of the enrichment blanket is made up of chalcocite with minor covellite and digenite as coatings on pyrite. The lower parts of the blanket which have lower copper grades are dominated by covellite. The upper chalcocite and lower covellite zones are a standard feature of enrichment blankets. Distribution of gold is not well known. Most of the system contains less than 30 parts per billion of gold but there are erratic values of 0.1 parts per million ("ppm") of gold to 1 ppm of gold. The best gold values are in the west side of Central Oyu, in both the chalcocite blanket and the underlying basaltic volcanics. There is also hypogene mineralization beneath the enrichment blanket. 2001/2002 DRILLING PROGRAM The Ivanhoe Group commenced its drilling program in 2001 by drilling RC holes at South Oyu, to test its supergene and hypogene potential. Ivanhoe then expanded the exploration project to encompass all four zones, and by February 27, 2002 had completed 23 RC holes, 3 combined RC and diamond drill ("RCD") holes and 30 diamond drill holes. In July, 2001 the Group encountered a long intersection of high grade hypogene copper and gold mineralization at OTRCD-150 (508 metres averaging 0.81% copper and 1.17 grams per tonne ("g/t") gold) at Southwest Oyu. Following this discovery, the Ivanhoe Group undertook a surface program of magnetic and IP surveys over an area of roughly 4 kilometres by 3 kilometres. Two magnetic surveys were performed, each covering an area of 2 kilometres by 3 kilometres. The southern part of the area was surveyed on north-south lines, 25 metres apart with stations 5 metres apart. The northern area was surveyed on east-west lines, 50 metres apart with stations at 5 metre intervals. The surveys identified target areas at Southwest Oyu, South Oyu, Central Oyu, North Oyu, the Airstrip and anomalies in the far northern end of the Oyu Tolgoi Project. The Group has used the preliminary maps from the IP survey as the basis for its ongoing drilling program. The results indicate that the most promising exploration target in the area is a zone of high- 15 grade mineralization around hole OTRCD-150 at the Southwest Oyu zone. Accordingly, the Ivanhoe Group changed its focus from testing for supergene mineralization at Central Oyu to drilling activity on Southwest Oyu in order to further define the hypogene zone of mineralization. By the end of January, 2002, the Group had completed 24 holes at Southwest Oyu. The drilling indicates that there is a wide zone of mineralization encompassing a narrow high grade zone. Exploration to date indicates that a zone of mineralization grading at least 0.3% copper equivalent (a combination of copper and gold expressed as a copper equivalent and based on 100% recovery for both metals, as metallurgical studies are still too preliminary to predict recoveries in a commercial process) is contained within a shell which extends approximately 1,200 metres in a northeast-southwest direction and 350 metres in a northwest-southeast direction. The zone extends to at least a vertical depth of approximately 750 metres, commencing at a depth of approximately 50 metres. OTRCD-180, 183 and 185 returned encouraging mineralization at lower depths. OTRCD-180 graded 2.37 g/t gold and 1.05% copper for 208 metres beginning at a down-hole depth of 618 metres. OTRCD-185 intersected 1.31 g/t gold and 0.45% copper for 400 metres beginning at a down-hole depth of 498 metres. The Ivanhoe Group drilled diamond drill holes OTD-184, 185 and 190 as cross-holes (125 degree azimuth) across the general northeasterly trend of drill holes OTRCD-150 and OTD-160 through 173, which established the horizontal dimensions of the steeply to vertically plunging mineralized body. The drill results from the 035 degree azimuth holes OTRCD-150 and 169 indicate the longitudinal width of the high grade core zone (grading in excess of 0.7% copper and 0.7 g/t gold) is up to 315 metres in length at a depth of 250 metres below surface. Hole OTD-177's (125 degree azimuth) drill results suggest that the thickness of this zone is approximately 230 metres at the same depth. OTD-185, drilled steeply below OTD-177, indicates a thickness of 250 metres approximately 500 metres below surface narrowing to 180 metres thickness in OTD-190, 80 metres to the southwest. Surrounding the high grade core is lower grade mineralization, generally in the 0.3% to 0.5% copper and 0.3 to 0.5 g/t gold range extending 100 metres to 200 metres laterally and northwest, 700 metres southeast to the collar of OTD--167 and approximately 600 metres northeast to OTD-12. On the southeast margin of Southwest Oyu, the high grade core is cut off by a post mineral fault and on the northeast margin it is cut off by late mineral dykes. The results of significant intercepts from the recent drilling at Southwest Oyu's discovery zone are summarized below. 16 SOUTHWEST OYU "DISCOVERY ZONE" SUMMARY OF SIGNIFICANT INTERCEPTS
HOLE NO. FINAL DEPTH CORE LENGTH (M) GOLD ("AU") COPPER ("CU") METRES ("M") G/T % - ------------------------- ------------ -------------- ---------- ------------ 150 590 508 1.17 0.81 160 460.7 288 1.68 0.80 161 472 358 1.70 0.71 162 360.5 190 1.76 0.75 166 601.9 478 1.38 0.74 171 614.3 100 1.29 0.67 172 772 116 2.35 0.88 173 692 24 1.32 0.82 174 554 74 0.45 0.58 175 461 138 0.35 0.45 176 674 146 1.49 0.76 177 591 192 1.10 0.56 178 449 128 1.01 0.59 179 490.4 14 0.32 0.57 180 895 120 3.44 1.37 183 853 454 1.71 0.92 184 705 216 1.87 0.97 185 1015 400 1.31 0.56 189 322 200 1.9 0.77 190 913 178 1.55 0.46
The southern extension of Southwest Oyu was also drilled to test the continuation of mineralization to the southwest as inferred by IP survey results and to follow up on previous drilling by BHP Exploration which intersected 142 metres of 0.93 g/t gold and 0.53% copper. The results of this drilling are summarized below. SOUTHWESTERN OYU -- SOUTHERN EXTENSION
HOLE NO. CORE LENGTH AU CU (M) G/T % - ----------------------- ---------------- ------------ ------------ 165 466 0.31 0.41 167 318 0.52 0.49 168 382 0.30 0.21
The Group has also conducted recent drilling on the South Oyu zone. The drilling is designed to test adjacent magnetic and IP chargeability anomalies that underlie outcroppings of copper oxide mineralization. Previous drilling by the Group identified areas of significant copper and gold mineralization in a series of shallow holes. OTRCD-149 drilled to a depth of 405 metres averaged 1.08% copper and 0.31 g/t gold in a 63 metre thick supergene blanket, underlain by 52 metres at 1.73% copper and 0.23 g/t gold, followed by 82 metres at 0.57% copper and 0.27 g/t gold and then 76 metres at 0.49% copper and 0.38 g/t gold. OTD-164 was drilled under OTRCD-149 to a down-hole depth of 516.9 metres to test the depth of mineralization. OTD-164 returned similar results to the lower-grade intervals of OTRCD-149, indicating that mineralization continues to a depth of at least 500 metres. Hole OTD-170 drilled between Southwest Oyu and South Oyu returned weaker levels of gold and copper. Ivanhoe believes a major northeast trending fault cuts off mineralization on the southeast side of Southwest Oyu, 17 and that South Oyu may be an offset of this mineralization. The Group drilled OTD-186 to the west of OTRCD-149 in order to test an anomaly identified from the magnetic survey, but did not intersect significant mineralization. Central Oyu is a separate system with different mineralogy and geochemistry. At Central Oyu, BHP Exploration's hole OTD-3 intersected a 30 metre thick, supergene-enriched, chalcocite blanket. The Group's RC drill program in 2000 outlined an area of 1,100 metres by 600 metres that is underlain by the chalcocite blanket and copper oxide mineralization averaging 20 metres to 35 metres in thickness at depths varying from 20 metres below the surface to 100 metres below the surface. Primary covellite and chalcopyrite occurs below the chalcocite blanket at Central Oyu, indicating the potential for hypogene mineralization. Ivanhoe drilled hole OTD-159 in this area to test for hypogene potential. OTD-159 intersected 301 metres (from 47 to 348 metres) of chalcocite-covellite mineralization averaging 0.71% copper, within a broader intercept of 375 metres, from 47 to 422 metres, grading 0.69% copper. This includes 30 metres of dominantly chalcocite mineralization from 47 to 77 metres, grading 1.50% copper and 0.22 g/t gold. The hole was a twin, and a deeper re-drill, of a 130-metre-deep, RC hole, OTRC-94, and extends significant copper grades to a depth of at least 422 metres below surface. The PQ-sized drill core in the top 130 metres also indicates a general increase in copper grades compared to the earlier RC chip samples. Ivanhoe received further evidence of hypogene mineralization at Central Oyu from its IP survey, which identified an IP chargeability anomaly covering the northwest flank of Central and Northern Oyu. The anomaly has a strike length of 1,600 metres with a width of 400 metres. The Ivanhoe Group recently completed hole OTD-187 to test the hypogene potential of the IP chargeability anomaly in Central Oyu. OTD-187 was drilled to a depth of 532.6 metres grading 1.40 g/t gold and 0.84% copper for 102 metres between 334 and 436 metres. Ivanhoe drilled OTD-188 385 metres northwest of OTD-187 to test the extent of the zone of copper mineralization, but intersected only weak mineralization. The Group is currently drilling additional diamond drill holes at Central Oyu to further define the zone of hypogene mineralization. In North Oyu, BHP Exploration's hole OTO-02 intersected narrow zones of chalcopyrite-rich stockwork mineralization grading up to 1% copper in volcanic rocks sandwiched between post-mineral, syenite dykes. The Ivanhoe Group plans to drill more than 50,000 metres to test the hypogene potential of the Southwest, Central, North and South Oyu zones and explore for additional high-grade zones based on the IP and magnetic surveys. Starting in early 2002, the Group broadened its focus from drilling the Southwest Oyu zone in order to gather sufficient data to estimate the mineral resource on the discovery zone to include drilling in other areas with potential significant mineralization as indicated by the IP and magnetic surveys. The Ivanhoe Group has completed an additional twenty-five diamond drill holes in Southwest Oyu, Central Oyu and South Oyu for which assay results are currently pending. MINERAL RESOURCES AND RESERVES The process of determining the extent of mineralization at the Oyu Tolgoi Project is still at a preliminary stage. To date, an inferred resource has been estimated at two of the zones of mineralization. These estimates have been verified and adopted by RPA in the Roscoe Postle Report. Insofar as the inferred mineral resource estimates identified to date are not mineral reserves, they do not have demonstrated economic viability. 18 The mineral resources of the Oyu Tolgoi Property are estimated as follows: MINERAL RESOURCES MARCH 9, 2002
DEPOSIT INFERRED TONNES AVERAGE AVERAGE CU GRADE(1) AU GRADE(1) - ------------- ----------- ---------- ---------- ~~Central Oyu 39,200,000 0.73% N/A Southwest Oyu 703,000,000 0.37% 0.47g/t~~
(1) The cut-off grade for Central Oyu and Southwest Oyu is 0.2% Cu and 0.2% CuEQ respectively. The formula used for the calculation of CuEQ is set forth below under the heading Southwest Oyu Resource Estimate. Central Oyu Resource Estimate The Central Oyu estimate was based on an internal copper resource estimate of Ivanhoe from its 2000 drill program of Central Oyu's supergene deposit. RPA verified and adopted the resource estimate in the Roscoe Postle Report. D. George Cargill, Ph.D., P.Eng., reviewed and verified the estimate for RPA. The database used for the estimate was in keeping with industry standards. For the estimate, a cut-off grade of 0.2% Cu was used. In RPA's view, this is an appropriate cut-off grade for this type of resource estimate. Original assays for total copper were done by Analabs Pty. Ltd. ("Analabs") in Ulaanbaatar. No acid soluble or cyanide soluble copper assays were done but may be warranted in the future. Total copper check assays were done at Indo Assay lab in Indonesia, and results were reported to be acceptable. Checks on assay values over 1% Cu were within 5% to 10% of the original assays and for assay values less than 1% were within 10% to 20%. RPA had check assays carried out at XRAL laboratory in Canada on nine samples from the Central Oyu zone. The check assays gave reasonable correlation with the original assays. Vertical RC holes were used for the estimate. Although a few diamond drill holes were within the resource area, they were not used. The RC holes were spaced 100 m to 200 m apart along east-west section lines 100 m to 200 m apart. The Central Oyu zone consists of an essentially continuous blanket of supergene copper mineralization which covers an area approximately 1,100 m north-south by 600 m east-west. In places the supergene zone consists of two layers (main and upper zones) separated by waste material. The deeper main zone predominates and extends to a depth of 40 metres to 80 metres in most places. It has been drilled to a maximum depth of about 120 metres. Ivanhoe used a polygonal estimation method, whereby drill hole intercepts on plan were assigned an area of influence midway to adjacent drill holes up to a maximum of 100 metres. Polygon areas were measured by planimeter and multiplied by drill hole intersection length and by a density factor of 2.3 tonnes per cubic metre to derive tonnage. This density factor is appropriate. Tonnages were summed and the grades for each intersection were weighted by tonnage to determine the average grade of the mineral resource. 19 The Oyu Tolgoi Project is still at the exploration stage and it is too early to assess the possible effect on the resource estimate of factors such as environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other potential issues. At this time, however, RPA has no reason to believe that any of these potential issues will be an impediment to development of the project. Infrastructure is sparse in the area of the Oyu Tolgoi Project and any mining operation would need suitable infrastructure to be developed. Metallurgical testwork was carried out on three samples from Central Oyu. The copper minerals reported to be in the samples are enargite, covellite and digenite. Flotation tests produced good copper recoveries (82%) for sample S4 ("chalcocite zone") and sample S6 ("covellite zone"). Column leach and bottle roll tests on sample S4 gave 62% to 82% copper recovery and on sample S5 gave 5% to 7% copper recovery. In RPA's opinion, the Central Oyu supergene zone estimate should be classified as an inferred mineral resource. It should be considered a preliminary estimate at this time. It has been done by a manual method and may be done in future as a computerized block model. Although Ivanhoe considers the Central Oyu zone to be uneconomic for a stand-alone mining operation, RPA considers that it has reasonable prospects for economic extraction in combination with or as a satellite deposit to other mineral deposits. The geometry of the Central Oyu supergene zone lends itself readily to open pit mining with a low strip ratio. Southwest Oyu Resource Estimate The Southwest Oyu resource estimate was originally prepared by AMEC E & C Services Limited ("AMEC") in March, 2002, who completed a preliminary copper and gold resource estimate for the northern portion of the Southwest Oyu hypogene zone. RPA reviewed and verified the resource estimate in its March 9, 2002 amendment to the Roscoe Postle Report. The Southwest Oyu mineral resource was estimated with a 3-dimensional block model utilizing MineSight(R) a commercial mine planning software. To carry out its review of the Southwest Oyu mineral resource estimate, RPA converted the 3-dimensional database to Gemcom(R), another commercially available mine planning software. For the resource estimate, the Southwest Oyu database contained assay data for 32 diamond drill holes totalling 16,991 metres. The drill core was logged at the site and geological information was transferred to digital files containing drill hole survey locations, down hole survey data, geological, geophysical and assay data. RPA carried out checks and validations for both copper and gold assays. RPA believes that the analytical reproducibility of the data is better for copper than gold. The quality of the assay database is adequate for the estimation of an inferred mineral resource but, until better reproducibility can be demonstrated for gold assays, the resource must remain at an inferred level of classification. The digital drill hole database is adequate for resource estimation and the information collected is in keeping with standard industry practices for this type of exploration target. The Southwest Oyu block model was organized on an orthogonal grid with a 20 metre by 20 metre block size and a 15 metre bench height. Copper and gold grades were composited to 15 metres before grade interpolation. Each block in the model is comprised of six separate models: rock code, density, copper grade, gold grade, copper equivalent grade and percent ore. Rock codes were assigned to the block model by first constructing 3-dimensional solids of the high grade portion of the deposit, the three major post-mineral dikes, the Southwest fault zone and the top of the hypogene mineralization. Because the 20 bulk of the mineralization is within basaltic andesite, a bulk density of 2.80 was selected for the resource estimation. RPA recommends that the bulk density determination program be continued and expanded to include both mineralized and unmineralized samples. Copper and gold values were interpolated into the model by ordinary kriging. Interpolation was restricted within zone boundaries. As such, samples from zone 1 were not used to interpolate grades into blocks of zone 2 and vice-versa. A maximum of 15 composites were used to estimate a block grade. The minimum number of composites required to estimate a block was set at 4 for zone 2 and 3 for zone 1. A maximum of 3 composites (zone 2) and 2 composites (zone 1) were allowed per drill hole. RPA re-estimated the mineral resource using the same interpolation parameters as defined by AMEC. RPA also estimated the mineral resource using inverse distance weighting to the second power to interpolate the grades. RPA also re-composited the assay data to 5 metre lengths within the geological domains and re-estimated the mineral resource using ordinary kriging and inverse distance to the second power. Based on the data reviewed, RPA concluded that the mineral resource at the Southwest Oyu zone was estimated in a manner consistent with standard industry practice for this type of deposit. The mineral resource for the Southwest Oyu zone is classified as an inferred mineral resource in accordance with CIM Standards. The mineral resource was reported at copper equivalent ("CuEQ") ($0.80) cut-off grades. The copper equivalent was calculated, after copper and gold grades were estimated into the block model, using the following formula: CuEQ ($0.80) = % Cu + (Au g/t * 9.65)/17.64 The equivalent grade was calculated to reflect a price of US$0.80 per pound of copper and US$300 per ounce of gold and 100% metal recovery. RPA believes that it is premature at this stage to use an equivalent copper grade as cut-off because inadequate metallurgical testing has been performed. RPA also believes that some of the mineral resource at the Southwest Oyu zone could be re-classified as indicated under CIM Standards if better reproducibility could be achieved with the gold assays. RPA recommends that all assays that returned copper grades in excess of 0.5% copper should be re-assayed for gold and the mineral resource be re-estimated using the new assay data. RPA validated the resource model by inspection of plans and sections. The plots included drill hole composite values to allow direct comparison of composite grades to kriged block values. The checks showed good agreement between drill hole composite values and kriged model cell values. The Oyu Tolgoi project is still at the exploration stage and it is too early to assess the possible effect on the resource estimate of factors such as environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other potential issues. At this time, however, RPA has no reason to believe that any of these potential issues will be an impediment to development of the project. 21 SAMPLING AND ANALYSIS The Group's sampling procedure consists of drilling diamond drill holes on 80 metre to 120 metre centres at --55 degrees on parallel sections spaced from 80 metres to 100 metres apart. The diameter of the drill core obtained from the Ivanhoe Group's diamond drill holes varies between 42.0 millimetres (BTW size) and 85.0 millimetres (PQ size), with the majority being 47.5 millimetres (NQ size) and 63.5 millimetres (HQ size). Ivanhoe has generally been able to recover greater than 95% of the core, which is carefully pieced together and cut along the core axis with a diamond saw. The Group places one half of all BTW, NQ and HQ core samples in boxes for future reference and the other half is placed into numbered bags for shipment to the laboratory for sample preparation and assay. PQ core is quartered with one quarter of the core shipped for assay. Typically the core is composited in two metre lengths to make an assay sample, although RC holes are typically one metre long. The drill holes are generally oriented on an azimuth of 35 degrees because it is roughly perpendicular to the observed quartz veins in weathered bedrock at the surface. Given the intensity of the stockwork vein system (up to 30% over broad mineralized intervals), Ivanhoe does not anticipate that there will be a significant bias on the vein set by the drill holes. To verify this assumption, Ivanhoe has drilled seven holes perpendicular to 35 degrees. The Ivanhoe Group uses a standard two-metre sampling interval on its drill holes, regardless of the rock type and internal vein structure. This minimizes the possibility of improper data entry into the sampling database and will be compatible with the expected future uses of the sampling database, as pre-feasibility and feasibility studies will likely rely on between six to twelve metre intervals. In addition, mining operations will likely employ large capacity bulk mining equipment that negates detailed analytical mining data. Barren dykes are assayed with the mineralized zones and included in average grade intervals unless they are wider than ten metres, which would make them amenable to selective waste mining. Samples of previously assayed core are inserted into the sample stream at the project site on a 1 in 40 basis to provide a check on the sample preparation and analytical results. Similarly, barren, unmineralized core samples are added into the sample stream on an alternate 1 in 40 basis to provide an assay blank in the analytical process. This helps monitor the sample integrity during transport to the lab in Ulaanbaatar and for contamination in the system. Analabs, of Ulaanbaatar, Mongolia, has performed the assays of the Group's drill holes. Chemex Labs and Bondar Clegg, both of Vancouver, British Columbia, previously performed check assays on 79 of those samples selected on a 1-in-10 basis from hole OTRCD-149 and holes OTD-150. The results of these check analyses indicate that Analabs' gold fire-assays and copper assays are statistically similar to both Chemex Labs and Bondar Clegg. However, Analabs reported gold samples systematically higher than Chemex Labs and Bondar Clegg. A subsequent check assay on 81 samples by Bondar Clegg resulted in a satisfactory correlation of both copper and gold compared to Analabs' results. Analabs' molybdenum assays are consistently running higher than those of both Chemex Labs and Bondar Clegg. Ivanhoe retained Barry W. Smee, Ph.D., P.Geo., an independent geochemist, in order to determine the appropriate corrective measures. The Group had independent check assays performed on a 1-in-20 basis on all assayed holes until February, 2002, when standards prepared from coarse rejects selected from drill holes OTD-150 and 159 and certified by Dr. Smee were inserted into the sample stream at the project site on a 1 in 20 basis. In February and March, 2002, three batches of sample pulp totalling approximately 600 samples were submitted to Assayers Canada in Vancouver for a check assay. The results of these assays were 22 compiled with assays from samples previously submitted to Chemex Labs and Bondar Clegg and analyzed by Dr. Smee. He determined that the Analabs' gold assays are 4.3% higher than those of Assayers Canada , while the copper assays are 3% lower. Assay standards were only inserted in the last two sample batches submitted to Assayers Canada, so the Group has not yet determined which laboratory has the most accurate assay results. The Group also retained Dr. Smee to audit the Analabs assay facility in Ulaanbaatar and the Oyu Tolgoi Project site in March, 2002. The Ivanhoe Group has implemented quality control and sampling recommendations arising from that audit, including the use of 3 certified standards representative of the primary mineral types and assay grades encountered in the drilling, the use of field blanks derived from a barren intrusive outside of the mineralized area, the use of core duplicates taken from the other half of the split core and the use of splitter duplicates from coarse sample rejects and pulp duplicates taken by the assay lab in Ulaanbaatar. The Ivanhoe Group has also implemented Dr. Smee's recommendation that the Group re-assay sample batches whose standards and field blanks fail the quality control protocol. Accordingly, only assays that pass quality control standards will be entered into the final database and reported to the public. To verify the integrity of the previous gold assays in accordance with the recommendations of the Roscoe Postle Report, the Ivanhoe Group intends to re-sample between 10% and 20% of the samples from all mineralized intervals within the Southwest Oyu resource block and re-assay for gold and copper. In 2001, The Group shipped six 50 kilogram core samples from OTRCD-149 (South Oyu zone), OTD-150 (Southwest Oyu zone) and OTD-159 (Central Oyu zone) to Lakefield Research in Canada for preliminary metallurgical testing of typical intercepts of high-grade and intermediate grade supergene and hypogene mineralization. Lakefield conducted preliminary froth flotation tests and column leach tests on the samples. All samples with the exception of the sample of chalcocite mineralization, responded well to copper mineral concentration by flotation. Commercial grade copper mineral concentrates, containing 26 - 30% copper, were achieved at metal recoveries between 81 - 91% of the copper in the feed sample. Gold recoveries were approximately 76 - 77% of the metal in the feed. The sample from the chalcocite blanket at Central Oyu did not respond well to the recovery of copper by flotation but did respond well to bacterial leaching in a column. The column leach is designed to test the amenability of the sample to a low cost bacterial heap leaching method of copper extraction. Projected copper extraction from the chalcocite sample is in the 65-82% range after approximately 3 months. The tests are still in progress. Seven samples of core were shipped to Minnovex Technologies in Toronto, Ontario for comminution testing. In general, the results of the tests indicated that the rock could be classified as "hard". However, the program was performed on a limited number of samples and significantly more testing is required before final conclusions can be drawn. RPA collected seven samples of drill core from OTRCD-149 and 150 and OTD-159. RPA engaged XRAL Laboratories of Toronto to perform specific gravity testing on the samples. RPA reported that XRAL Laboratories' testing returned a satisfactory degree of correlation between its results and those of Analabs' original assays. 23 MONYWA COPPER PROJECT, MYANMAR PROJECT DESCRIPTION AND LOCATION The Ivanhoe Group operates the Monywa Copper Project in west central Myanmar, approximately 5 kilometres west of the town of Monywa at 22(degree)05' north and 95(degree)00' west. The site is approximately 110 kilometres west of Mandalay and 832 kilometres by road nORTH OF THE capital city of Yangon, and is situated on the west bank of the Chindwin River, near its confluence with Yama Stream. The Monywa Copper Project comprises four mineralized deposits: Sabetaung, Sabetaung South, Kyisintaung and Letpadaung. The two Sabetaung deposits and Kyisintaung are adjacent to each other and have been developed as the S&K Mine, the first phase of the Monywa Copper Project. The fourth deposit, Letpadaung, is approximately seven kilometres southeast of the S&K Mine site and is to be the subject of the second future development phase of the Monywa Copper Project. The S&K Mine site property covers approximately 3,059 hectares and the Letpadaung deposit covers approximately 3,269 hectares. The Monywa Copper Project is a joint venture between Ivanhoe and Mining Enterprise No. 1 ("ME1"), an entity wholly-owned by the Government of Myanmar. Ivanhoe holds a 50% interest in the joint venture, which operates through Myanmar Ivanhoe Copper Company Limited ("JVCo"), a company incorporated under the laws of Myanmar. JVCo operates the S&K Mine, an open-pit mine using heap leach SX-EW technology designed to produce 25,000 tonnes per annum of London Metal Exchange ("LME") Grade A cathode copper. JVCo also plans to develop a copper mine on the Letpadaung deposit. JVCo pays royalties to the Myanmar Ministry of Mines in respect of cathode copper sold by the Monywa Joint Venture at a rate of 2% of the value of cathode copper sold during the first five years of commercial production. Thereafter, the royalty rate increases to 4% plus an amount equal to 2% of the value of cathode copper sold during the first five years of commercial production, amortized and payable in equal instalments over the following five years. JVCo must pay all such royalties in cash or in kind at the option of the Myanmar Ministry of Mines. JVCo must also pay rent to the Myanmar Ministry of Mines at an annual rate of $500 per square kilometre. The Monywa joint venture is governed by a joint venture agreement which provides that the joint venture will operate on each deposit for twenty years from the date of commencement of commercial production on such deposit. The joint venture may apply for an extension for an additional five-year period if the board of directors of JVCo determines that further production is technically feasible and economically viable, subject to receipt from applicable Myanmar governmental authorities of all necessary approvals to continue operations. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY The Monywa Copper Project is located approximately 110 kilometres west of Mandalay, Myanmar's second largest city. Several villages are located in and near the mine site. The mine townsite, Nyaungbingyi on the west bank of the Chindwin River and Monywa on the east bank are the nearest population centres. Monywa, which is the main supply centre in the area, has a population of approximately 500,000. The mine site is situated on the west bank of the Chindwin River to the east of the Chin Hills, within Myanmar's flat central plains. Elevations range from 75 metres above sea level on the banks of the 24 Chindwin River, to about 330 metres above sea level at the crest of the Letpadaung Hills. The area is characterized by dry zone vegetation consisting mostly of low growing shrubs and grasses together with cultivated fields. The area has a dry, continental monsoon type climate. Winters are warm and very dry, while summers can be extremely hot with thunderstorm activity and localized flooding. Yangon is the major entry point for Myanmar with regular air service from Yangon to Mandalay. The mine site is accessible by paved road from Mandalay. The drive takes about three hours and culminates in a ferry crossing of the Chindwin River. The mine site can also be reached from the town of Pakokku on the Irrawaddy River by way of an unimproved road on the western bank of the Chindwin River. The town of Monywa is also linked by rail to Mandalay and Yangon. The Irrawaddy and Chindwin Rivers also provide a viable shipment route for copper, bulk supplies and heavy equipment to and from Yangon and the mine site. HISTORY The existence of copper mineralization in the Monywa area has been known for centuries. Ancient copper extraction from shallow oxidised ores is evidenced by slag remnants in some of the villages surrounding Sabetaung. In the early 1900s, a British company registered gold and copper claims in the Letpadaung area. Several existing small adits were probably excavated around that time. During the 1930s, attempts were made to extract copper from malachite and other minerals which occur locally within the Letpadaung deposit. Extensive workings were opened, but soon abandoned, as the attempts were unsuccessful. In the mid-1950s, the Burma Geological Department and a survey team from Yugoslavia visited the area as part of a regional reconnaissance and recommended further study. Between 1957 and 1960, the Burma Geological Department, using a foreign contractor, undertook an economic survey of the Monywa copper region. This work was followed up with additional drilling by the Burma Geological Department. From 1972 until 1976, the Japanese Overseas Technical Co-operation Agency financed a programme of exploration and pilot plant studies leading to a feasibility study for the Sabetaung and Kyisintaung deposits. The programme included underground exploration at Sabetaung. A number of holes were drilled in the Sabetaung and Kyisintaung deposits. The Japanese built and operated a 50 tonne per day pilot plant and planned a mill and smelter project that was never implemented. In June 1978, an agreement for development of the Sabetaung and Kyisintaung deposits was signed between ME-1 and Bor Copper Institute of Yugoslavia ("Bor"). The programme was funded, in part, by the government of Yugoslavia. Bor prepared a full feasibility study and mine plan which served as the basis for construction of a concentrator complex to process 8,000 tonnes per day of ore from Sabetaung, Sabetaung South and Kyisintaung and to produce copper concentrates for export. During the mid-1980s the parties mined feed ore from the Sabetaung pit only, although they also carried out limited stripping at Kyisintaung. Ivanhoe and ME-1 entered into an agreement in March 1994 to carry out feasibility studies on the Sabetaung and Kyisintaung deposits, to construct a pilot plant to test the use of an SX/EW process on Sabetaung ores and, subject to feasibility, to enter into a joint venture to develop the Monywa Copper Project. The parties also agreed to carry out additional feasibility studies on the Letpadaung deposit. In April 1996, Ivanhoe and ME-1 entered into a joint venture agreement to develop the S&K Mine. In September 1997, Ivanhoe and ME1 entered into project financing, construction and marketing 25 agreements with Marubeni U.K. P.L.C. and Nissho Iwai Europe P.L.C., a syndicate of Japanese trading houses, for a $90 million project loan facility to finance construction of the S&K Mine. During 1998 and 1999, the project loan facility was used, in part, to pay a $77 million lump sum engineering, procurement and construction contract that was awarded to a consortium of Marubeni Corporation ("Marubeni") and Chiyoda Corporation, a Japanese engineering and construction concern. JVCo also entered into a long-term sales agreement with Marubeni in which Marubeni agreed to purchase copper cathode produced by the S&K mine during the first seven years of operation. JVCo completed construction of the S&K Mine mining and processing facilities in 1998 and the project achieved full commercial production at a rate of 25,000 tonnes of copper cathode per annum by the end of 1998. GEOLOGICAL SETTING AND MINERALIZATION Regional Geology The Monywa copper district is located along the generally north-trending Inner Volcanic Arc which bisects the Inner Burman Tertiary Basin tectonic province. That province coincides with the Central Lowlands physiographic province. Elevations in the district range from about 70 to 330 meters. There are four known copper deposits within the district: Sabetaung, Sabetaung South, Kyisintaung, and Letpadaung, all of which occur in andesitic intrusive plugs of late Tertiary age and associated older Tertiary pyroclastics and sediments. The plugs form hills above a generally flat plain. Pyrite and primary and secondary copper sulfide minerals, mainly chalcocite, occur in hydrothermal breccias, as fracture fillings, and as disseminations in a supergene enriched zone, in a mixed secondary and primary zone, and in a primary zone below an oxidized leached cap that contains essentially no copper values. The hydrothermal breccias are controlled primarily by fractures, and the primary copper mineralization occurs predominantly in and associated with the breccias and in fractures. Local and Property Geology The Sabetaung deposit is currently being mined by open pit methods. The dimensions of the mineralized zone are approximately 500 metres by 500 metres and the deposit has been tested by drilling to depths of 300 metres. Copper mineralization in the zone occurs as subparallel narrow chalcocite-pyrite veinlets, fracture fillings and irregular hydrothermal breccia bodies hosted in intermediate volcanic rocks, dacite porphyries and possibly tuffs. Chalcocite appears to be replacing pyrite to varying degrees and some veinlets up to 10 centimetres wide contained better than 50% chalcocite. The Sabetaung South deposit is located some 500 metres southeast of the Sabetaung pit. The host rock is comprised of hydrothermal breccias which typically display rounded and mixed clasts of either sediment fragments or tuffs in a matrix comprised of rock, flour-silica and iron oxides after sulphides. The surface dimensions of the brecciated zone are approximately 200 metres by 250 metres. Drillhole data indicates that leaching extends to a depth of 40 metres, and that a chalcocite-bearing zone is developed over a depth of more than 100 metres below the leached zone. The Kyisintaung deposit is an area of widespread intense acid sulphate leaching developed over dacite porphyry-hosted fracture and breccia-related chalcocite mineralization. Silicification predominates, with minor kaolinite being developed in the argillized periphery of the deposit. Drilling indicates that the thickness of the intensely leached cap is up to 200 metres and that it is underlain by a major zone of chalcocite enrichment. Chalcocite occurs predominately as thin coatings on pyrite which occurs as disseminations and fracture fillings in the host rock. Mineralized hydrothermal breccias often contain greater than 2% total copper and appear to be the primary mineralization within the deposit. 26 The Letpadaung deposit encompasses approximately five square kilometres and crops out as a cluster of fault bounded hills above a generally flat plain. The Letpadaung deposit is bounded on the north by the Chindwin Basin Fault and approximately 1,000 metres to the south by the subparallel Monastery Fault Zone. The block bounded by the Chindwin and the Monastery faults hosts the majority of the Letpadaung ore body. Within this fault bounded block is a complex system of northeast and northwest faults. Episodic hydrothermal brecciation is the most striking geologic feature related to mineralization at the Letpadaung deposit. Hydrothermal breccia occurs within northwest and northeast trending, lozenge shaped breccia dikes which pinch and swell in all directions. Individual breccia dikes range from a few centimetres to over five metres in thickness. The breccias are the main control of high-grade copper mineralization and are preferentially developed in the more brittle, silicified alteration zones. These northeast trending zones and swarms were considered to be the dominant control on mineralization, but the recently recognised northwest trending zones and swarms are now known to exert a strong control on the location and orientation of mineralization along the Monastery and northwest faults. Mineralization Chalcocite is the predominant copper sulfide mineral in the Monywa deposits. The chalcocite is believed to be mostly secondary and occurs as thin coatings on pyrite. Pyrite occurs in fracture fillings (veins), breccias and vugs, and is disseminated in the groundmass of the rock. Primary chalcocite also occurs in crystalline form in vugs, fractures, and breccias and as graphic intergrowths in pyrite. The deposits can be classified as belonging to the acid-sulfate (high-sulfidation) type. EXPLORATION, DRILLING, SAMPLING AND ANALYSIS Exploration drilling was carried out by JVCo on the Sabetaung, Sabetaung South and Kyisintaung deposits consisting of 101 exploration holes totalling 18,000 metres. In addition, another 102 holes for condemnation, continuity studies, water and geotechnical studies were drilled. JVCo has information on 269 historical core holes totalling about 52,000 metres drilled by third parties in the Kyisintaung, Sabetaung, and Sabetaung South deposits from 1958 to 1983. All of these holes have been included in the JVCo computer database. All but six of these holes are vertical. In 1994 and 1995, JVCo drilled 101 exploration-development core holes totalling about 18,000 metres, 18 core holes totalling about 2,000 metres for metallurgical test samples, and 24 reverse circulation holes for a grade continuity study in the Sabetaung pit, totalling 730 metres, for a total of 143 holes and about 21,000 metres. Sixty-three of the exploration-development holes are angle holes and 38 are vertical holes. JVCo has also established a computer database in respect of the Letpadaung deposit based on information received from a total of 533 drill holes, of which 304 are exploration drill holes totalling 92,575 metres of diamond drill core which were drilled, sampled and assayed under JVCo' supervision between 1994 and 1996. The remaining drill holes were completed for hydrological, metallurgical or condemnation purposes. JVCo also recovered information and compiled an electronic database for 143 drill holes totalling 31,286 metres which were drilled between 1957 and 1986 under the direction of a number of Burmese and Myanmar governmental agencies. Due to data inaccuracies, including unreliable drill hole location, poor core recovery, unsatisfactory assay reliability and potentially inadequate drilling direction, JVCo disregarded these drilling results for resource evaluation purposes. However, JVCo used the data from these holes for statistical comparison with its own database. 27 All drill core from the JVCo drilling was logged systematically by Ivanhoe Group geologists for geotechnical and geological information. The core was photographed and sampled, generally in two-metre intervals. Sampling was done by sawing the core in half. One half is stored at the Monywa Copper Project site. The other half was sent to the joint venture's analytical laboratory, where it was crushed and pulverised. The coarse rejects and a subsample of the pulverised core are stored at the laboratory. An identical subsample was sent to Inchcape Testing Services of Jakarta, Indonesia, for total copper analysis. JVCo also analysed onsite most copper-mineralised samples for total copper by atomic absorption analysis. Partial copper analyses, (acid-soluble and cyanide-soluble copper) were performed on part of the database. Cyanide-soluble copper assay results were then used to establish numerical relationships between total copper and cyanide-soluble copper. Quality control procedures were followed for the JVCo sample preparation and all analytical processes. An electronic database was created at the Monywa mine site office and contains all the geological and related exploration data, including analytical data. All original hard copy documentation is kept at that office. MINERAL RESOURCES AND RESERVES Estimates of reserves and resources at the Sabetaung, South Sabetaung, Kyisintaung and Letpadaung deposits are as of December 31, 200l. Reserves and resources are categorized in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (the "JORC Code"). The principles and procedures of the JORC Code and those of the Standards on Mineral Resources and Reserves Definitions and Guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM Standards") are closely aligned and mineralization categorized as measured, indicated and inferred resources and as proved and probable reserves under the JORC Code would be reported under identical categories pursuant to CIM Standards. Estimated resources include estimated reserves. Resources which are not reserves do not have demonstrated economic viability. Reserve and resource estimates reflect 100% of the deposit. Ivanhoe's share is 50%. ORE RESERVES DECEMBER 31, 2001
DEPOSIT PROVEN PROBABLE TOTAL - ------- -------------------- --------------------- --------------------- TONNES GRADE(1) TONNES GRADE(1) TONNES GRADE(1) (MILLIONS) (%) (MILLIONS) (%) (MILLIONS) (%) Sabetaung - - 25.4 0.42 25.4 0.42 South Sabetaung - - 12.9 0.40 12.9 0.40 Kyisintaung - - 185.8 0.40 185.8 0.40 Letpadaung 506 0.45 298 0.40 804 0.43
(1) Cutoff grade for all deposits other than Letpadaung is 0.15%. Cutoff grade for Letpadaung is 0.1%. 28 MINERAL RESOURCES DECEMBER 31, 2001
DEPOSIT MEASURED INDICATED TOTAL(1) INFERRED ------- -------------------- -------------------- ---------------------- --------------------- TONNES GRADE(2) TONNES GRADE(2) TONNES GRADE(2) TONNES GRADE(2) (MILLIONS) (%) (MILLIONS) (%) (MILLIONS) (%) (MILLIONS) (%) S&K Mine(3) - - 349 0.34 349 0.34 204 0.28 Letpadaung 576 0.43 491 0.35 1,067 0.39 408 0.31
(1) Represents aggregate measured and indicated resources excluding inferred resources. (2) Cutoff grade for all deposits other than Letpadaung is 0.15%. Cutoff grade for Letpadaung is 0.1%. (3) Includes Sabetaung, Sabetaung South and Kyisintaung deposits. The Sabetaung resource model was estimated using the technique of multiple indicator kriging, while the South Sabetaung and Kyisintaung deposits were estimated using the technique of ordinary kriging. The Sabetaung South and Kyisintaung reserves were estimated by running the Whittle Pit Optimization computer program to determine the economic ultimate pit limits. The estimates assume mining costs of $0.44 per tonne, processing costs of $1.75 per tonne, general and administrative costs of $0.87 per tonne, production at the rate of 25,000 tonnes of cathode copper per year, 81% recovery and a copper price of $0.80 per pound. The Letpadaung resource model was estimated using the technique of multiple indicator kriging. The reserve was then estimated by running the Whittle Pit Optimization computer program to determine the economic ultimate pit limits. The estimates assume mining costs of between $1.10 and $1.78 per tonne, processing costs of $0.76 per tonne, general and administrative costs of $0.23 per tonne, production at the rate of 125,000 tonnes of cathode copper per year, 81% recovery and a copper price of $0.80 per pound. Mining costs at Letpadaung may be higher than at S&K if the decision is made to use contract mining in the Letpadaung development plan to offset capital costs. Processing costs at Letpadaung are lower than at S&K based on the Letpadaung development plan's concept of using run-of-mine leaching on the bulk of the ore. General and administrative costs at Letpadaung are lower than at S&K based on the significantly larger scale of the operation. MINING OPERATIONS The S&K Mine was designed to produce 25,000 tonnes per annum of LME grade A cathode copper using heap-leach, SX/EW extraction technology. Construction commenced in September, 1997 and JVCo produced its first copper from the mine on November 1, 1998. JVCo's capital cost of the S&K Mine to December 31, 2001 was approximately $143 million of which $90 million was provided under a credit facility agreement with Marubeni U.K., PLC and Nissho Iwai Europe, PLC. In August 1999, JVCo completed construction of the S&K Mine, at which time the project loan, previously non-recourse only to ME1, also became non-recourse to Ivanhoe. As of March 31, 2002, JVCo has repaid approximately $30 million in principal against the credit facility and all accrued interest and has accumulated a sufficient cash reserve to make the next semi-annual instalment payment. The S&K Mine consists of an ore plant and processing related facilities and mining operations on the Sabetaung, Kyisintaung and Sabetaung South deposits. JVCo uses heap leach pads to process the ore. 29 In the past three years, JVCo's production at the S&K Mine has exceeded the annual target capacity for production of 25,000 tonnes of cathode copper, producing 25.856 tonnes of cathode copper in 2001, 26,699 tonnes of cathode copper in 2000 and 26,736 tonnes of cathode copper in 1999. JVCo's cash costs for the S&K Mine during 2001 (before inventory allowances) averaged $0.412 per pound of copper compared to $0.345 per pound of copper in 2000. Average sales price for cathode copper produced from the mine in 2001 was $0.71 per pound compared to $0.82 in 2000. In 2001, all Sabetaung, Sabetaung South and Kyisintaung exploration drill core was re-logged to determine clay content in order to address an increase in clay content in ores in 2000. The clay content information was incorporated into a computer database, allowing JVCo to generate mine plans, and thereby ensure that clay ores are blended with harder ores so as to ensure maximum percolation of solutions through the heap. JVCo has developed and implemented an environmental reclamation plan for the S&K Mine. Under the plan, JVCo will perform reclamation procedures during and subsequent to the mine's operating life. Reclamation will be funded by ongoing operating and capital allowances and by an estimated US$5 million cash accrual during the operating period. This plan has been reviewed and accepted by an independent engineer and adopted by the JVCo Board of Directors. Environmental management at the site is under the direction of a permanently employed environmental manager. An Environmental, Health & Safety Report ("EHS") for 1999/2000 was prepared by the National Occupational Safety Association Limited ("NOSA") and PPK Environment & Infrastructure Pty Ltd. ("PPK"). These independent organizations have audited the Monywa Copper Project operations and produced a publicly available report. JVCo staff will prepare the EHS in accordance with NOSA and PPK guidelines. Similar reviews will be conducted annually. JVCo achieved ISO 14001 environmental certification for the S&K Mine in January 2001. MARKETING ARRANGEMENTS JVCo is a party to a copper sales agreement dated September 23, 1997 with Marubeni Corporation, of Japan whereunder JVCo has agreed to sell, and Marubeni has agreed to purchase, 25,000 tonnes per annum of cathode copper from the S&K Mine. Sale prices are negotiated from year to year based on the market price of LME Grade A cathode copper. Shipping rates and insurance costs are adjusted annually to reflect actual costs. Marubeni receives a sales commission of one percent (1%) of the negotiated sale price. Throughout the term of the copper sales agreement, Marubeni has the exclusive right to market copper produced from the Monywa Copper Project throughout the world. The copper sales agreement will expire on December 31, 2005 unless, prior to that date, copper shipments to Marubeni exceed 175,000 tonnes or JVCo entirely repays all outstanding Monywa Copper Project construction loans, in which case the agreement will expire on December 31 of the year in which either such event first occurs. In December, 2001, the London Metals Exchange ("LME") registered cathode copper produced from S&K. LME registration certifies that copper produced from the mine meets LME standards for purity, shape and weight as specified by its special contract rules. LME registration means that S&K produced copper cathode can be sold at premium prices. PLANNED DEVELOPMENT ACTIVITIES The Ivanhoe Group plans to develop the Letpadaung deposit as the second phase of the Monywa Copper Project. The Letpadaung development plan contemplates production from the Letpadaung deposit at a rate of 167,000 tonnes per annum. The project has been modelled using an annual production range of 30 50,000 to 125,000 tonnes of cathode copper over 20 years. A production rate of 125,000 tonnes per annum was determined to maximize the use of the resource and the net present value of the project. The estimated mine gate cash operating costs over the life of the project are estimated to be $0.35 per pound. The Letpadaung development plan assumes a conventional truck and shovel open pit mining operation with large electric rope shovels and mechanical drive haul trucks. The pit optimisation analysis carried out in the modelling of the project used costs and production assumptions developed from supplier and mining contractor quotations, information from previously prepared Letpadaung feasibility studies and information from other testwork and studies subsequently available. This data was further evaluated in light of actual operating experience from the S&K Mine's operation. Fractured rock aquifer systems traverse the deposit, which are hydrologically connected to other nearby water bearing formations. Thus, groundwater inflow will require mitigation procedures to avoid significant impact on the open pit operating costs. An open pit hydrogeological drilling and testing program was completed in late 1997. Acid rock drainage ("ARD") from the pit and waste rock dump could be a major environmental management concern. The basic concepts behind ARD management involve preventing the ARD reaction, restricting migration of ARD products and mitigating ARD leachate. Acidic run-off high in iron will be collected and pumped (along with pit inflow water) to the overflow basin and overflow pond where it can evaporate or be recycled as make up water to the raffinate pond. The water management plan is similar to that currently in place for the S&K Mine except that excess water will be disposed of via a neutralisation plant for discharge to the Chindwin River. This discharge alternative is only a backup solution in case the capacity of the storm water system is overwhelmed by a large storm event. Like the S&K Mine, the Letpadaung project will fundamentally be managed on a zero discharge basis. The Letpadaung development plan envisages a heap leach facility with capacity to stack up to 17.5 million tonnes per annum of higher grade crushed ore and a parallel lower grade run of mine ("ROM") ore dump being placed under leach at rates, dependent on grade, of up to 30 million tonnes per annum. A phased approach to the construction of the leach pads is expected to minimise up-front capital costs. Crushed ore, at a 50 millimetre nominal rock size, will be stacked on the leach pads in controlled heap lifts by conveyor stacking operations to a maximum heap height of 78 metres. The planned height of each heap lift will be six metres. The ore is expected to be clean and free draining. Leach cycles will be of 200 days duration with an optimum solution application rate of six litres per hour per square metre. ROM leach dumps will be created by end tipping from haulage trucks in ten metre lifts up to a maximum heap height of 80 to 90 metres. Leach solution will be sprayed first on the ROM dumps to generate an intermediate grade leach solution which will then be sprayed on the higher grade and faster leaching crushed ore pads to generate the ultimate pregnant leach solution for feed to the solvent extraction plant. Pregnant solution from the heaps will be concentrated by solvent extraction and the copper will be plated by electrowinning. The solvent extraction plant will treat solution at a rate of 6,800 cubic metres per hour and will incorporate an organic scrub circuit to control iron transfer to the electrowinning circuit. To further control iron build up in the electrowinning circuit, an ion exchange-based iron removal process unit has been included in the design. Testwork has indicated that the Letpadaung rock types are likely to rapidly become net acid generators. A limestone neutralisation circuit has been included in the design to neutralise solvent extraction plant raffinate to control acid accumulation in the leaching circuit. A representative source of limestone has 31 been identified, sampled, and successfully tested for its acid neutralisation potential. This limestone source is currently being used at the S&K Mine for the same purpose. In general, the process plant and project development design have been optimised based on the experience of the S&K Mine. The approach to infrastructure and services has been to allow for Letpadaung facilities to complement those already in existence or being developed as part of the S&K Mine. Onsite facilities to support the mine and process facilities include a mine workshop/warehouse, a plant workshop/warehouse, gatehouse, plant offices, magazine and guardhouse, main control room incorporating wet laboratory for plant chemical analysis, and mobile plant. Myanmar Electric Power Enterprise ("MEPE") is responsible for supplying power to the project. The total estimated average power requirement for the project is estimated to be 70 megavolt amperes. The Letpadaung development plan contemplates the installation of a 215 kilometre, 230 kilovolt, 90 megavolt ampere overhead transmission line from Thazi to Letpadaung. Thazi is located south of Mandalay on the main national electricity distribution grid. This connection was chosen after extensive study of power supply options by the Group's advisors in consultation with MEPE. As an alternate source of power, JVCo has encouraged several interested parties to study the possibility of building a natural gas or coal-fired power plant in the Monywa area. A Japanese group has funded a study which would involve using local coal from deposits north of Monywa. Several companies are also reviewing the use of domestic sources of natural gas as a fuel source. Water is to be supplied from wells to be drilled adjacent to the Chindwin River within two to three kilometres of the site. To improve access to the site for the import of supplies and the export of the finished copper product, the Letpadaung development plan contemplates an upgrading of the existing road from Nyaunbingyi to Pakokku. A dock and goods handling facilities will be constructed at Pakokku, which can be operated year round independent of seasonal water levels on the Chindwin River. The estimated initial capital cost of developing the Letpadaung deposit will be approximately $389 million. The use of contract mining would reduce the initial capital to $320 million. Ivanhoe is investigating ways to reduce the initial capital cost of developing Letpadaung including contract mining, leasing of the mining fleet and infrastructural streamlining. Ivanhoe is seeking project financing for the development of the Letpadaung deposit. Non-binding proposals have been received from several sources for financing and development of the project. The parties intend to refine the proposals and seek firm commitments during 2002. Development of the Letpadaung deposit remains subject to Myanmar government approval. Following government approval and receipt of project financing, production at Letpadaung would be scheduled to commence following a twenty-eight month construction period. SAVAGE RIVER IRON ORE PROJECT, TASMANIA PROPERTY DESCRIPTION AND LOCATION Ivanhoe, through its wholly-owned subsidiary ABM and its subsidiaries (for the purposes of this part, collectively referred to as "ABM"), operates an iron ore (magnetite) mine and produces iron ore pellets and magnetite concentrate at its integrated Savage River and Port Latta facilities in Tasmania, Australia. The Savage River iron ore mining operation is situated on approximately 2,400 hectares of leasehold land, 110 kilometres by paved all-weather road from the City of Burnie on the northwest coast of Tasmania. ABM uses an 83 kilometre pipeline to transport concentrate, in the form of slurry, from 32 Savage River to Port Latta. At Port Latta, ABM processes the bulk of the concentrate into iron ore pellets which are stockpiled and loaded onto ships for delivery to ABM customers. The Savage River magnetite deposit is located on the northwest coast of Tasmania, within the municipality of Wynyard-Waratah, (latitude 41(degree)29'25"S, longitude 145(degree)12'03"E) at an elevation of 229 metres. The regional terrain is rugged and mountainous, and covered with dense rain forest. Local vegetation includes undisturbed rain forest but in the area of the mine it is mainly wet eucalyptus and acacia with open heathland. The mine and concentrating plant are both in the Savage River valley, with the Savage River flowing through the mine site and ultimately discharging into the Pieman River, which then flows westward to the coast. The Port Latta pelletising and shiploading facility is located on Sawyer Bay, on Tasmania's northwestern coast approximately 20 kilometres east of Stanley and 50 kilometres west of Burnie. The pelletising plant is situated on a narrow strip of relatively flat coastal land. ABM holds the Savage River Project through its indirect subsidiary, Goldamere Pty Ltd. ("Goldamere"). In September 1996, Goldamere entered into an agreement with the State Government of Tasmania pursuant to which Goldamere agreed to carry out a feasibility study respecting the possible redevelopment of mining operations at the Savage River mining site. In December 1996, Goldamere and the Government entered into an asset purchase agreement whereby Goldamere agreed to purchase from the government the assets relating to the Savage River mining operation and the Port Latta pelletising and shiploading facilities for a deferred payment of AUD$13 million. The government further agreed to indemnify Goldamere against liability resulting from any pre-existing or on-going environmental pollution or contamination caused by past operations. In May 1, 1997, Goldamere and the government entered into a mining lease for a term of 30 years, whereby Goldamere leased the Savage River iron ore mine site for the purpose of carrying on mining operations. Goldamere agreed to pay annual rent in the form of royalties. The royalty rate comprises an ad valorem royalty of 1.6% of net sales plus an annual profit royalty of a maximum of 40% of the profit margin for the immediately preceding year. The sum of both royalty payments is limited to a maximum of 5% of net sales. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY Accessibility The Savage River iron ore mine is relatively isolated, being situated 43 kilometres off the Murchison Highway which links the northwest and western coasts of Tasmania. The nearest major town by road is Burnie (population 20,000) located about 98 kilometres from the mine site. The Port Latta pelletising and shiploading facilities are located on Sawyer Bay, on Tasmania's northwestern coast approximately 144 kilometres north (by road) of the mine site. The nearest towns are Stanley (population 576), 21 kilometres to the northwest (by road), Smithton (population 3,495), 29 kilometres to the west and Wynyard/Burnie, which lies 59 kilometres to the southeast on the north coast. Climate There are no climatic extremes experienced at the Savage River mine site or the Port Latta facilities and few conditions which affect production operations. Mine haulage can be affected by high rainfall and 33 shiploading operations may be delayed by winds above 30 knots. Rainfall distribution in western Tasmania is generally high throughout the year, with June to September being the wettest months and December to March the driest. Drought conditions are rare. Average annual rainfall at the Savage River mine site is 1,953.9 millimetres while average annual rainfall at Stanley and Port Latta are 935.8 millimetres and 940.4 millimetres, respectively. At Savage River, mean monthly minimum and maximum temperatures range from between 3.5 and 9.3(degree)C in July to between 9.9 and 20.1(degree)C in February. Mean monthly minimum and maximum temperatures at Stanley range from between 6.5 and 12.0(degree)C in July to between 12.9 and 20.6(degree)C in February, and at Port Latta from between 4.8 and 12.5(degree)C in July to between 12.4 and 21.4(degree)C in January. Although not exposed to extreme and persistent winter conditions, the Savage River mine area is subject to an average of 24.6 days of frost and 5.5 days of snow per year. The coastal setting at Stanley experiences an average of 11.3 days of frost per year and no snow. Local Resources and Infrastructure All surface rights necessary to carry on mining operations at the Savage River mine site are held on a leasehold basis. The initial mining lease (11M/97), entered into in 1997, has a term of 30 years. Goldamere applied for 4 additional leasehold areas contiguous with its existing leasehold to accommodate all foreseen extensions of the pit on the south ore body and for tailings and waste dump purposes. Mining Lease 2M/2001 was granted on November 7, 2001 for thirty (30) years, to replace 11M/97 and incorporates the additional lease areas into a single mining lease over the operation. Infrastructure is well established from previous operations and Goldamere has undertaken extensive refurbishment of facilities. Maintenance buildings and offices are appropriate to the needs of the operation. The workforce is generally drawn from local towns in the immediate area, with on-site single status accommodation provided at Savage River on a weekly basis for most employees. Experienced plant operators, backed by technical and professional staff, run the Savage River processing and plant operations. Activities carried on by previous operators ran continuously for 30 years from 1967. This has resulted in a large pool of experienced operations and maintenance personnel who live in the local area. Tasmania is considered to be highly liveable location and ABM has had no difficulty in recruiting suitably trained and experienced personnel. Heavy parts and bulk materials are transported from the mainland by sea to the local port of Burnie. Road access to the mine site is via the all-weather Murchison Highway south from Burnie and thence west to the mine site on a sealed road. Burnie is served by commercial commuter air service from Melbourne several times daily. Concentrate from the mine is transported in slurry form via an 83 kilometre pipeline to the pelletising plant at Port Latta. Final product pellet shipments are loaded onto bulk carriers at the purpose-built jetty, which can accommodate vessels of up to 125,000 tonnes capacity. The jetty, adjacent to the pellet plant, is equipped with bulk loading facilities and is serviced by tugboats to assist in the berthing of bulk carriers. Both sites are connected to the Tasmanian power grid and electricity is purchased from Aurora Energy, the Tasmanian power retailer. Available power is sufficient for the project and future expansion. Water supplies to the concentrator operation are plentiful through local established storage dams and reclamation from tailings. Water at Port Latta is reclaimed from the concentrate slurry and is supplemented by a local borefield. 34 Physiography The Savage River mine site is located in a steep valley incising the easternmost extension of the Western Ranges physiographic region of central west Tasmania. The mine site lies at an elevation of between 200 and 350 metres in the Savage River valley. The immediate surroundings consist of a series of sub-parallel ridges to the northwest and southeast. Further to the northwest and southeast, the ridges give way to more mountainous terrain with peaks of 700 to 800 metres. Mount Bertha, which peaks at 703 metres and is the highest mountain in the northwest of Tasmania, is located north of the mine site. The slurry pipeline to Port Latta traverses east of Mount Bertha, climbing from the Savage River mine site for 25 kilometres to an altitude of approximately 520 metres. It then descends over 56 kilometres to the northwestern coastline, crossing the Rapid, Arthur and Black rivers en route. Port Latta itself is located on the foreshore of Sawyer Bay, which is an open, 25 kilometre stretch of coast, protected to the northwest by a headland leading out to North Point and to the east by Rocky Cape. HISTORY Magnetite mineralization was discovered at Savage River in 1877. For many years, interest in the deposit centred on the copper and gold potential of the area. Adits were developed in the hillsides but no significant base or precious metal mineralization was identified. Exploration of the prospect was carried out by the Bureau of Mineral Resources in 1956, including ground and air magnetometer surveys. In 1957 and 1959, diamond drilling was undertaken. In 1965, Savage River Mines Limited ("SRM"), a joint venture of Australian, Japanese and United States interests, was formed to develop the Savage River deposit. Open cut mining commenced in 1967 and continued until 1996. A magnetite concentrate was produced and exported, principally to Japan. Between four and six million tonnes of ore were mined per annum producing approximately 1.5 to 2.3 million tonnes of concentrate averaging 67% iron in grade. Over a 30 year period 137 million tonnes of ore were mined and processed and 58 million tonnes of magnetite concentrate was produced, pelletised and exported. In 1995, SRM decided to close the operation and mining ceased in April 1996. However, in October 1995, Goldamere commenced discussions with the Tasmanian government to take over the Savage River mine site and continue the mining, production and export of pellets. Plans were based on a cut back and expansion of the open pits, a river diversion to provide access to high grade ore, and changes to the mining and ore haulage methods. After various discussions and proposals, Goldamere was granted an Authority to Prospect and commenced an infill and confirmatory drilling programme. During 1996, Goldamere carried out feasibility studies and entered into a series of agreements with the Tasmanian government to acquire and operate the Savage River mine. See "Property Description and Location". Goldamere commenced site construction work in 1997. A third party contractor was retained to undertake mining and to operate and maintain the conveyor, concentrator, slurry pipeline system, pelletising plant and shiploading facilities. Waste stripping commenced in September 1997 and mining and milling began the following month. Goldamere began replacing the third party contractor's personnel with its own staff and eventually assumed full control of operations in May 1999. In December 2000, the Corporation acquired all of the issued and outstanding shares of Goldamere's parent, ABM Mining Limited in exchange for common shares of the Corporation. 35 GEOLOGICAL SETTING AND MINERALIZATION Regional Geology The Savage River magnetite deposit lies within and near the eastern margin of the Proterozoic Arthur Metamorphic Complex in northwestern Tasmania. This complex is exposed along a northeast-southwest trending structural corridor, the Arthur Lineament, which separates Proterozoic sedimentary rocks to the northwest from a variety of Palaeozoic rocks to the southeast. The Arthur Metamorphic Complex in the vicinity of Savage River is dominated by the Whyte Schist that is subdivided into an eastern and western sequence. The eastern sequence consists predominantly of quartz-mica rocks including thin micaceous quartzite beds, schist and phyllite. The western sequence is characterised by amphibolite, chlorite and albite schist or quartz-muscovite schist. The grade of metamorphism has been interpreted to range from upper greenschist to amphibolite facies metamorphism. Local and Property Geology The magnetite deposits at the Savage River mine site represent the largest of a series of discontinuous lenses that extend in a narrow belt for some 25 kilometres south of what was formerly the Savage River township. The deposit is subdivided into sections on the basis of areas that have been mined. These areas are referred to as Centre Pit, South Lens and North Pit. A new deposit has been discovered to the south of Centre Pit and is referred to as the South Deposit. The South Deposit comprises two, elongated lenses of magnetite referred to as the Eastern and Western Zones that strike roughly north to south and extend along strike for up to 400 metres. The magnetite ore bodies are enclosed within a highly sheared and strike-faulted belt of mafic and ultramafic schist and mylonite. The belt is approximately 500 metres in width, strikes north-northeast to south-southwest and is enclosed within the Whyte Schist. The magnetite ore, which is almost entirely enclosed within ultramafic rocks, specifically serpentinite and talc-carbonate schist, ranges in thickness from 40 to 150 metres in width in what is known as the Main Ore Zone. The Main Ore Zone has a known strike length of 4 kilometres and can occur as two or more thinner lenses. Down dip continuity is indicated to depths of up to 600 metres. Mineralization The Savage River deposits are all relatively similar, comprising sub-vertical north-south striking magnetite lodes within a schist-serpentinite sequence. The mineral occurrence is subdivided into several deposits, based largely on structural breaks in the ore sequence which are reflected in the pit designs. The ore may be massive, layered or disseminated and range from being fine-grained to coarsely crystalline. Within the main ore zones the magnetite lenses can be massive, or can be associated with varying amounts of gangue minerals. The magnetite ores comprise three volumetrically important groups: pyritic ores, serpentinitic ores and talc-carbonate ores. Pyrite and serpentinite are ubiquitous. Talc, tremolite, actinolite, chlorite, epidote and apatite occur in varying amounts. Massive magnetite is generally defined as having a Davis Tube Recovery ("DTR") of greater than 40%. The DTR approximately indicates the percentage of recoverable magnetite in the rock. A lower cut off of 15% DTR is used to define ore. Below this cut off the rocks are considered waste. 36 EXPLORATION, DRILLING, SAMPLING AND ANALYSIS ABM has surveyed all pits and dumps and the current topography is well defined. All drill hole collars have been surveyed. Down hole surveys have been undertaken to determine the inclination of the holes, but because of the presence of magnetite, standard hole deviation surveying has not been carried out. A check has been carried out on a single hole using a non-magnetic survey method. Relatively minor deviation was recorded. Given the scale of the ore zone, it is not considered that hole deviation will materially affect the total resource or reserve estimates. ABM has identified two sub-outcropping lodes of magnetite-rich material in the southwest portion of its mining leasehold, approximately 3 kilometres southwest of the plant site. ABM geologists identified the source of the anomaly on the ground and carried out ground magnetic traverses, trenching and mapping. Two north-south striking magnetic lodes, approximately 100 metres apart, have been mapped over a 400 metre strike length. The thickness of the lodes at surface ranges from less than 5 metres to more than 30 metres. ABM has conducted a diamond drilling programme to establish the true thickness, grade and continuity of the mineralization. Twenty-six diamond drill holes, for a total advance of 4,052 metres, were completed at the South Deposit by December 2001. Two of these holes were drilled to provide whole core samples for metallurgical testwork. Grid drilling was completed at an initial 100 metre by 100 metre grid spacing to broadly define the extent of the magnetite mineralization. Infill drilling was completed at 50 metre by 50 metre grid spacing. Drilling completed during the fourth quarter 2001 has been directed at defining depth and strike extensions of the magnetite mineralization to the south of the existing resources and reserves on sections 4200N, 4150N, 4100N and 4050N. ABM supplemented previous SRM drilling with a further 20 holes (approximately 4,000 metres) drilled from June to October 1996. The maximum depth drilled by ABM was 300 metres. Recoveries were generally in excess of 90%. As all the pits were flooded at the time, some of the preferred drill sites were inaccessible. Holes comprised: o North Pit - five holes to confirm existing geology drilled mainly towards the southern end of the pit. o South Lens - five holes were drilled mainly between South Lens and North Pit where the Main Ore Zone is relatively thin. Drilling confirmed a sufficient width to justify a cut back of the pit. o Centre Pit North - two holes confirmed a wide Main Ore Zone, less interrupted by intrusives than previously interpreted. o Centre Pit South - eight holes were drilled and the previous geological interpretations and ore widths were generally confirmed. ABM carried out limited additional infill drilling between 1998 and 2001. Infill diamond drilling was completed during 2001 in the Centre Pit North-South Lens pit areas. Nine diamond drill holes for a total advance of 2,475 metres was completed. The program was designed to improve the geological confidence and upgrade existing resources and reserves previously defined in the area. Mineralised core samples have been cut by diamond saw and half the core sent for analysis. ABM sampled principally in 2 metre intervals and the core was crushed and split at the Savage River Laboratory and analysed for DTR. These samples were then sent to Port Latta for further chemical 37 analysis. Blast hole cuttings are analysed in situ in the pit using a magnetic susceptibility meter, with some samples collected and assayed to maintain the correct calibration of the meters. The susceptibility meter values provide a general crosscheck on the DTR results. Scatter plots of the two sets of values show a good correlation. Routine cross checks of DTR values between laboratories have been undertaken, and historically product grades and production reconciliation figures have given confirmation that the sampling and DTR values are generally satisfactory. Data quality is reasonable. The primary data comprises DTR factors based on diamond drill samples. The DTR values are a measure of the percentage of recoverable magnetite that can be achieved in the magnetite concentration plant. A 95% `efficiency factor' is applied by the mill to the mine DTR estimates. The database includes holes drilled by SRM and more recent holes drilled by ABM. DTR values are from different source laboratories. Limited cross-checking has been undertaken but available evidence suggests the data is comparable and satisfactory. SRM carried out a number of density determinations in 1977 and a regression curve was defined based on the DTR value. ABM determined density values on all new diamond drill core to more accurately define the density/DTR relationships in the different areas of the deposit. Waste density is taken as 2.81 tonnes per cubic metre. Ore density ranges from approximately 3 tonnes per cubic metre (20% DTR) to 4 tonnes per cubic metre (70% DTR) and averages approximately 3.5 tonnes per cubic metre (50% DTR). MINERAL RESOURCES AND RESERVES Estimates of reserves and resources at the Savage River iron ore mine are as of December 31, 2001. Resources and reserves are categorized in accordance with the JORC Code. The principles and procedures of the JORC Code and those of the CIM Standards are closely aligned and mineralization categorized as measured, indicated and inferred resources and as proved and probable reserves under the JORC Code would be reported under identical categories pursuant to CIM Standards. Estimated resources include estimated reserves. Resources which are not reserves do not have demonstrated economic viability. ORE RESERVES DECEMBER 31, 2001
DEPOSIT PROVED PROBABLE TOTAL - -------------- --------------------- -------------------- ---------------------- TONNES GRADE TONNES GRADE TONNES GRADE (MILLIONS) (DTR %) (MILLIONS) (DTR %) (MILLIONS) (DTR %) ~~Savage River(1) 49.5 49.3 39.0 47.2 88.5 48.4~~
(1) Includes North Pit, Centre Pit and recently drilled areas of the South Deposit. MINERAL RESOURCES DECEMBER 31, 2001
DEPOSIT MEASURED INDICATED TOTAL(1) INFERRED - ------- --------------------- -------------------- --------------------- --------------------- TONNES GRADE TONNES GRADE TONNES GRADE TONNES GRADE (MILLIONS) (DTR %) (MILLIONS) (DTR %) (MILLIONS) (DTR %) (MILLIONS) (DTR %) ~~Savage River(2) 67.3 53.0 65.2 52.0 132.5 52.5 73.7 52.1~~
38 (1) Represents aggregate measured and indicated resources excluding inferred resources. (2) Includes North Pit, Centre Pit and recently drilled areas of the South Deposit. Historically, SRM estimated the resource using a sectional estimation method. The initial ABM resource estimate was derived by block modelling using an inverse distance cubed grade interpolation algorithm. More recently, geostatistical analysis and kriging methods have been applied. The blocks of the Main Ore Zone fall within a "wire-frame" which has been geologically constrained. Mineralised blocks have been categorised as measured, indicated and inferred resources or proved and probable reserves based primarily on the distance from the nearest drill hole. The reserve represents that part of the resource which is planned to be mined taking into account economic factors. The reserve at Savage River has been estimated by the conventional process of pit optimization followed by the development of a practical pit design. The optimization stage incorporates prevailing economic factors, such as mining cost and its variation with depth, the grade, processing costs and selling price. The overall slope of the pit walls based on operational geotechnical experience are also entered into the optimizer which generates a series of pit envelopes used as the basis of the pit designs. Selected pit envelopes are next turned into practical designs that incorporate haulage ramps, ramp grades mining widths, berm widths, batter angles and other practical operational and scheduling considerations. Measured and indicated resources which fall within the final designed pit envelope are categorized as proved and probable reserves and represent that part of the resource planned to be mined. The reserves incorporate expected mining recovery and dilution. Factors, equivalent to approximately 11% dilution and 95% mining recovery, have been applied to the resource tonnes and DTR. In areas of broad continuous mineralization, losses and dilution may be minimal but will be more significant where zones are thinner or cross-cutting intrusives are common. The factors applied by ABM are consistent with historical data from the Savage River deposit. MINING OPERATIONS Mining activities in the open pit involve the use of conventional off-highway rear-dump trucks of 100 to 150 tonnes capacity and hydraulic excavators, with contract drilling and blasting being used to prepare the ground ahead of mining. Ore processing operations at Savage River comprise primary crushing and stockpiling of crushed ore, followed by autogenous milling, rougher magnetic concentration of magnetite, regrinding of the rougher magnetic concentrate, hydroseparation to remove fine gangue minerals and finisher magnetic separation to produce a final magnetite concentrate which is stored in agitated tanks prior to being pumped to the pellet plant at Port Latta. The pipeline pump station is located at the concentrator. Tailings are thickened prior to pumping to the tailings dam. ABM's production is controlled by the concentrator capacity. The additional grinding capacity proposed to enable the capacity of the plant to be increased to 2.9 million tonnes per annum, fully utilizing the capacity of the concentrate pipeline has been postponed due to the downturn in demand experienced in the Asia Pacific iron ore market. The concentrate slurry pipeline is approximately 83 kilometres in length and has an internal diameter of 229 millimetres. Buried sections of the pipe are wrapped and cathodically protected against corrosion. 39 A corrosion inhibitor, pH control and an oxygen scavenger are used to control internal corrosion. Regular surveys in recent years have shown that the rate of wear and corrosion in the line has been reduced to negligible levels. The Port Latta pellet plant receives the concentrate slurry from the pipeline, thickens and filters it prior to agglomeration into green balls and induration of the balls into fired pellets. The pellets are screened to remove fine chips and coarse pellet clusters and then stored in a yard pending shipment by sea. The externally fired furnaces were designed to use fuel oil as the plant's energy source. In March 2001 ABM signed a 10 year gas supply agreement with Duke Energy International to supply natural gas to ABM at the Port Latta pellet plant. The gas is to be supplied by marine pipeline across the Bass Strait from Longford in Victoria to Bell Bay in northern Tasmania, where it will supply gas to the Bell Bay power station which is being converted to gas. From here it will have two branch lines, one to Hobart in southern Tasmania and the other to Port Latta in northwestern Tasmania. ABM has committed to switch from fuel oil to natural gas in August 2002 with a commissioning period to be completed in the first quarter of 2003. The potential operating cost savings will be in excess of AUD$2 to 5 per tonne of pellets, and will provide ABM with a significant competitive advantage compared to the current pricing levels of fuel oil. Goldamere's operating plan contemplates the production of approximately 2.2 million tonnes of iron ore products in 2002. MARKETING ARRANGEMENTS The bulk of the production from the Savage River Project is sold under long term contracts. Two major customers, The Broken Hill Proprietary Company Limited ("BHP") and Pohang Steel Australia Pty. Ltd. ("POSA") take most of the product. Other purchasers on short term annual contracts include Baoshan Steel of China. Goldamere is a party to an agreement with BHP (the "BHP Sales Agreement") dated August 1997 for the sale of approximately 750,000 to 1.25 million dry metric tonnes of iron ore pellets during each contract year until the BHP Sales Agreement expires on June 30, 2002. Discussions for a new 5 year contract (July, 2002 to June, 2007) have commenced. All payments under the BHP Sales Agreement are made in U.S. dollars. The base price for the current contract year is set at $0.4482 for each 1% of iron per dry metric tonne, equating to approximately $29.36 per metric tonne. Price adjustments are provided for in the BHP Sales Agreement depending on the quality and content of the iron ore pellets. Goldamere is also a party to an agreement with POSA (the "POSA Sales Agreement") dated August 1997 for the sale of approximately 500,000 to 700,000 dry long tons of iron ore pellets and 100,000 to 300,000 dry long tons of iron ore concentrate each contract year (April 1 to March 31) until the POSA Sales Agreement expires on November 30, 2002. The price under the POSA Sales Agreement is the price applied to similar products supplied to Japanese steel mills during the corresponding period. The price for the product currently being supplied is $0.4456 for each 1% of iron per dry metric tonne, equating to approximately $29.19 per dry metric tonne. Current iron ore pricing negotiations have proceeded slowly with finalisation not expected until the end of the second quarter of 2002. 40 PLANNED DEVELOPMENT ACTIVITIES Due to the softening of the Asia Pacific iron ore markets and an only marginal increase in pellet prices (1.75% compared to 5% expected), ABM's planned production expansion program for the Savage River Project was postponed. An AUD$2.8 million Automation and Gas Conversion project has been approved for the conversion of all furnaces at Port Latta. This project will modernize the control system to current gas standards, install a gas let down and reticulation system and modify burner trains and fuel guns to allow conversion from fuel oil to gas in August 2002. A marketing study on the direct marketing of concentrate into the Australian coal wash market is also being undertaken. The coal wash market is a niche market offering high value sales potential for ABM magnetite concentrate. OTHER PROJECTS MONGOLIA In October 2001 Ivanhoe acquired four new copper-gold porphyry-related exploration projects in Mongolia. The Oyut Ulaan and Chandman Uul prospects are located in southeastern Mongolia and the Oyut Ovoo and Saran Uul prospects are located in central Mongolia. The Oyut Ulaan prospect consists of two targets, Oyut Ulaan and Stariy. The Oyut Ulaan target, a mineralized tourmaline breccia pipe complex situated in the southwest part of the licence area, has a surface area of 2.5 square kilometres. Intense, secondary copper staining occurs within and at the south margin of the most prominent pipe. Peripheral sheeted quartz-tourmaline chalcopyrite veins occur northeast and southwest of the pipe and are hosted in Carboniferous granodiorite. Assays for sixteen reconnaissance rock-chip samples were highly anomalous in copper (fourteen samples contained more than 5% copper), molybdenum (30-87 ppm) and gold (up to 0.30 g/t). The Stariy target is a low-relief area with abundant copper-stained colluvium and subcrops within a five-square-kilometre zone in the north-central part of the licence area. Widespread vein quartz (+/-magnetite) and gossanous, magnetite-bearing, hydrothermal breccias imply underlying porphyry-type copper-gold systems. Assays for 35 reconnaissance rock-chip samples reported high copper (18 samples ranging between 1-10%), gold (seven samples ranging between 0.25-16.8 g/t) and molybdenum (three samples ranging between 200-709 ppm). The Chandman Uul prospect consists of a large, copper-bearing, magnetite skarn. The skarn is massive and outcrops extensively as a prominent line of hills over a distance of approximately three kilometres. The skarn is associated with the contact of Proterozoic limestones and Devonian granodioritic intrusions. Assays for 55 reconnaissance rock-chip samples reported high copper (26 samples ranging between 1-8%) and anomalous gold (a maximum of 2.3 g/t). No molybdenum assays were done. The Saran Uul prospect is a porphyry copper system hosted in upper Carboniferous diorites and syenites. A stockwork quartz-vein zone target has surface dimensions of 1.5 kilometres by 700 metres. The terrain is flat to undulating and much of the area is weathered and leached. Assays from 54 reconnaissance rock-chip samples were highly anomalous in copper (22 samples ranging between 0.1-0.5% and 11 samples ranging between 0.5-5%), gold (six samples ranging between 0.5-4.9 g/t) and molybdenum (14 samples ranging between 100-2000 ppm). 41 The Oyut Ovoo prospect is centred on a group of prominent hills comprising copper-bearing magnetite skarns and hydrothermal breccia pipes hosted in Permian granitoid stocks. The mineralized zone has a surface area of approximately four square kilometres and is surrounded by recent alluvium. Assays from 43 reconnaissance rock-chip samples reported anomalous values for copper (17 samples ranging between 1-10%), gold (nine samples ranging between 0.3-0.7 g/t) and molybdenum (16 samples ranging between 100ppm and 1%). Analabs performed the sample preparation and (for consistency) analysis of the rock-chip samples at its regional laboratory in Ulaanbaatar. Ivanhoe recently acquired an interest in three new exploration licences in the South Gobi region: the Kharmagtai Property, the Shuteen Property and the Ovoot Hyar Property. Ivanhoe holds a MEL over the Kharmagtai Property, but has agreed to convey a 10% interest to an arm's length private company in exchange for exploration data owned by that company in respect of the property. Ivanhoe has the right to earn an 80% interest in both the Shuteen Property and the Ovoot Hyar Property upon completion of a US$1,500,000 work program over three years on the Shuteen Property and a US$500,000 work program over one year on the Ovoot Hyar Property, with the remaining 20% interest to be held by an arm's length private company. Ivanhoe acquired exploration data from the previous owner of the respective properties in connection with the transactions. Ivanhoe intends to review this data and based on that review integrate the properties into its exploration program in Mongolia. SOUTH KOREA Ivanhoe holds a 90% interest in two South Korean mineral projects, Seongsan and Gasado, both located in Chollonamdo Province, in the southwestern part of South Korea. Seongsan The Seongsan Project contains outcropping, low sulphidation, epithermal gold-silver mineralized systems occurring as veins, breccias, stockworks and zones of silicification along a cumulative strike length of at least 3.2 kilometres. To date, the Ivanhoe Group has identified four low-sulphidation epithermal prospects at Seongsan, which have been designated the Moisan, Eunsan, Kunsan and Hoisan prospects. These vein systems occur within several kilometres of each other and are adjacent to the Seongsan Clay Mine, which is currently owned and operated by a South Korean company. The Group has discovered gold and silver mineralization on all four prospects of the Seongsan project and has drilled more than 100 diamond drill holes on the property with 49 holes being drilled at Eunsan, 46 holes at Moisan, 6 at Hoisan and 3 at Kunsan. The Group has also performed geological mapping and rock chip sampling and soil sampling at all of these prospects. The Eunsan prospect, located approximately two kilometres northwest of the Seongsan Clay Mine, is the most advanced prospect of the Seongan project. The Group has completed an internal resource estimate on the Eunsan prospect, which is estimated to contain an inferred resource of 251,800 tonnes grading 15 g/t gold and 83.8 g/t silver. The Group has begun pre-production mining operations from a small, high-grade open pit at Eunsan, which was excavated to provide a portal access to high-grade underground ore. The Group has excavated approximately 26,000 tonnes of oxidized gold and silver ore from the pit and stockpiled it for milling, of which approximately 11,000 tonnes contain an estimated gold equivalent grade (silver converted to gold 42 at a 1:65 price ratio) of 1.32 ounces per tonne and approximately 15,000 tonnes contain an estimated gold equivalent grade of 0.26 ounces of per tonne. The Group has also commenced pre-production of an underground development program. The program will start at the open-pit portal and follow the high-grade main ore shoot identified by its drilling program and also attempt to delineate additional mineralization. Underground mining is expected to commence in the third quarter of 2002. The Group plans to complete more than 1.5 kilometres of tunnelling, cross-cuts and raises by the end of 2002. In March 2002, the Ivanhoe Group completed construction of a mill and site facilities for milling operations. The milling facility has been located in an area central to all of the prospects, as The Group intends to use the facility to mill ore from the whole Seongsan project. The mill is currently processing the stockpiled open-pit ore from Eunsan, and also plans to mill high-grade ore from the underground mining operations. The mill is expected to process approximately 150 tonnes of ore per day once underground operations reach a commercial scale. The mine will follow a ramp-up schedule, blending stockpiled ore with underground ore. The open-pit ore will be processed over the balance of the year to recover an estimated 9,000 ounces of gold and 400,000 ounces of silver at an estimated cash cost of US$30 per ounce of gold, using silver as a production credit. Ivanhoe plans to recover gold and silver using gravity concentration and a flotation circuit to produce gold and silver concentrate. The concentrate will be smelted on site to produce gold bullion and dore bars. Gold recoveries are expected to be approximately 85% from the oxidized surface ore and approximately 95% from the unoxidized underground ore. The Kunsan prospect is located approximately one kilometre to the northeast of the Seongsan Clay Mine. Surface rock chip assays on the Kunsan prospect are consistently gold-silver anomalous and peak assays of 8.58 ppm gold and 10.2 ppm silver were obtained. All holes drilled by the Group are gold-silver anomalous and potentially economic gold-silver mineralization was intercepted in three of the holes. The best intercept at Kunsan was a 1.0 metre intercept, which graded 24.02 ppm (0.70 ounces per ton) gold and 70 ppm (2.05 ounces per ton) silver. The Group plans to conduct additional drilling later in 2002. Mineralization at Moisan can be traced on surface along a 400 metre long and 70 metre high ridge outcrop. Mineralization occurs in veins, breccias, stockwork and zones of flat lying sediments. The best intercept of the drill program was in Hole MS001, which had a 3.05 metre intercept grading 120.13 parts per million ("ppm") gold (3.51 ounces per ton) and 680 ppm silver (19.9 ounces per ton). Additional drilling is currently in progress. The Hoisan prospect is located one kilometre north of the Kunsan prospect and approximately two kilometres north of the Seongsan Clay Mine. Geological mapping in conjunction with rock chip sampling has revealed consistently anomalous values of gold and silver. A peak assay of 23.8 ppm (0.70 ounces per ton) gold and 119 ppm (3.5 ounces per ton) silver was obtained from a float sample of limonite stained, crystalline comb vein quartz. Soil sampling has defined a coherent +0.1 ppm gold anomaly (maximum 2.89 ppm), which broadly correlates with areas of silicified outcrop and float. Soil sampling is ongoing as crops are harvested from cultivated areas. A scout-drilling program is proposed for this prospect. Gasado The Group conducted drilling on the Gasado Island prospect between April and December 1999, drilling eleven holes totalling 1,724 metres on four targets, referred to as the Lighthouse vein, the Lighthouse 43 East vein, the Stork vein and the Spad vein. The best drill results were on the Lighthouse vein, with gold values between the two to five ppm gold and silver values averaging five ounces per tonne. Drilling of the Lighthouse prospect demonstrated continuity of gold and silver mineralization at depth. The Group is conducting a trenching and mapping program and plans to commence further diamond drilling in the second quarter of 2002. MYANMAR The Group conducts exploration in Myanmar through an exploration agreement with the government of Myanmar. The Group has the right to establish a joint venture with the government of Myanmar in which the Group would hold an 83% interest. Exploration is focussed primarily in Kyauksayit, which is situated in the southern part of the exploration concession known as Block 10, approximately 150 kilometres southeast of Mandalay. The Group has discovered an area of mineralization in Kyauksayit three kilometres long and 1.5 kilometres wide which contains several auriferous quartz veins of mesothermal origin. The Group originally discovered five veins, which are approximately 200 metres apart and hosted by metasediments, with widths varying between 10 centimetres to four metres and thickness between 30 centimetres to 2.7 metres. The Group is exploring the Kyauksayit property through a series of trenches, adits, drives and crosscuts and has discovered gold on the Kyauksayit property, primarily in the quartz veins. The gold is both of primary and secondary origin and occurs as free gold, in vugs and in direct contact with pyrite. The vein system is still open along strike and down-dip and the textural characteristics of the mesothermal veins remain unchanged over a vertical distance of 250 metres. The gold vein system itself was not discovered until late 2000. Gold mineralization was originally discovered by the Group's geologists in the vicinity of Kyauksayit in April, 1997. New veins with visible gold were uncovered at four locations in the south and east of the area. The new veins, and the four vein systems with adits, demonstrate that the mineralized structures at Modi Taung lie within a 1,100-metre by 3,000-metre, north-northwest trending zone. The zone is potentially open to the southeast and vein outcrops to the northwest have visible gold. Mineralized veins in adits occur over a 360-metre vertical interval without systematic change in style or grade. The largest vein exposed to date is known as Southwest Zone 3, which has an open-ended strike length of 600 metres. The Group has intercepted the vein with six adits and 26 trenches over a vertical interval of 250 metres. Vein width varies from tens of centimetres up to 4 metres and visible gold can be observed in most of the adit exposures. Unoxidized portions of the vein contain coarse pyrite which has visible gold on fractures and as inclusions in the pyrite aggregates. The Kyauksayit property is a mesothermal gold deposit, which is difficult to objectively sample due to irregularly distributed coarse gold. Local sampling of the Kyauksayit property shows highly erratic gold values and the Group is using a combination of channel sampling, bulk sampling, panning and visible gold observations to ascertain the economics of the deposit. Deeper drilling will be required in order to determine the resource potential of the site and economics of extraction. Preliminary metallurgical work indicates gold recoveries of 97% are attainable with conventional processing. The camp capacity at Modi Taung is being doubled, to accommodate up to 12 aditing teams that use mine explosives below the softer, oxidized zone. Commencing in mid-2002, the Group intends to drill holes at Modi Taung to a depth of 500 metres below adit 1 to test the down-dip continuity of the vein structure. 44 KAZAKHSTAN The Corporation's subsidiary Central Asian Mining Limited ("CAML") holds a 70% interest in a joint venture with the government of Kazakhstan (the "Bakyrchik Mining Venture") to develop the Bakyrchik gold project in northeastern Kazakhstan. The Bakyrchik Mining Venture holds mining and exploration licenses from the government of Kazakhstan covering an area of approximately 86 square kilometres surrounding the existing Bakyrchik gold mine. The Bakyrchik property is located in the village of Auezov in north-eastern Kazakhstan, about 1,100 kilometres north-east of Almaty, the country's largest city. The site consists of a number of mine shafts and associated facilities, process plant, workshops, warehouses, administration buildings and accommodations. The gold deposits at Bakyrchik consist of a series of mineralized lenses or lodes lying within a large shear zone, which is 11.5 kilometres in length. Gold mineralization is hosted within sheared carbonaceous sediments of the fault zones, and is principally contained within sulfide mineralization occurring in association with quartz stockworks, which crosscuts and parallels the foliation of the sediments. Mineralogical studies indicate that the majority of the gold is encapsulated by arsenopyrite and to a lesser extent, pyrite. As the associated sediments contain up to 4% carbon, the deposit is said to be "double refractory" in nature, which makes processing very difficult. The Bakyrchik mine commenced ore production in 1956 to provide gold bearing flux to a copper smelter at Ust-Kamenogorsk and later to smelting facilities in Russia. A total of five shafts were sunk on the Bakyrchik deposit, and the underground has been explored and developed for mining from a series of development drifts driven at 40 metre vertical intervals. Engineering studies commissioned by the Ivanhoe Group in 1996 and 1997 recommended development of a mining operation capable of producing between 500,000 and 1,000,000 tonnes of ore per annum at a capital cost ranging from $100 million to $222 million. However, a precipitous decline in the price of gold in the late 1990s dramatically changed the economic assumptions upon which these engineering studies were based and the Group's development plans for the Bakyrchik gold project were indefinitely postponed. In January 1998, the Group placed the Bakyrchik gold project on care and maintenance status pending a sustained recovery of the price of gold. The Bakyrchik property contains an outcropping of oxide ore which can be processed without the technical difficulties and costs associated with sulphide ore, which constitutes the bulk of the Bakyrchik deposit. In May 2001, management decided to resume mining of oxide ore on a limited basis as a means of offsetting the annual holding costs of the project. Mining resumed in the fall of 2001 and focussed initially on processing existing stockpiles containing approximately 117,000 tonnes of oxidized ore. The Group is currently processing the stockpiled oxide ore at a rate of between 400 and 500 tonnes per day. The gold is recovered using the carbon-in-leach recovery method. Initial recoveries of gold from oxide ore were expected to be in the order of 90% but the uneven nature of the stockpiled material has resulted in an average recovery rate to date of approximately 45%. These operational difficulties have now been resolved and future recovery rates are expected to be in the order of 70% to 80%. Depending on whether or not the existing small scale operation achieves the expected recovery rates from the stockpiled material, the Group may extend existing shallow open pits containing oxide ore deposits on the Globoki Log and Sarbas deposits once the stockpiles are exhausted. At this time, management is uncertain as to the ultimate viability of the project. 45 There can be no assurance that any larger scale production of sulphide ore necessary to generate significant cash flow in excess of the holding costs of the mine can be made economically viable under existing conditions. Even if oxide ore production significantly reduces the annual holding cost of the Bakyrchik gold project, management, in an effort to conserve the Group's cash resources, intends to continue to evaluate other alternatives for effectively eliminating the holding cost of the Bakyrchik gold mine, including a total relinquishment of the Group's interest in the project. The government of Kazakhstan recently put its 30% interest in the Bakyrchik Mining Venture up for sale and received bids from a number of third parties. In order to protect its own interest in the project, CAML informed the government that it planned to exercise its pre-emptive rights under the relevant project agreements to acquire the government's interest. The government has not, to date, accepted CAML's entitlement to exercise its pre-emptive rights. Discussions between CAML and the government aimed at resolving the issues remain ongoing. In order to preserve its rights should the discussions prove to be unsuccessful, CAML has delivered a notice of dispute to the government, which triggers a formal 30-day negotiation period under the relevant project agreements. CAML has advised the government that it will pursue a variety of remedies should the discussions fail, including arbitration. There can be no assurance that CAML's discussions with the government concerning the pre-emptive rights will lead to a resolution of the relevant issues nor that any attempt by CAML to enforce its legal rights will effectively protect CAML's investment in the Bakyrchik gold project. VIETNAM The Group owns a 32.6% interest in a joint venture with Olympus Pacific Minerals Inc. ("Olympus") and Zedex Limited (the "Phuoc Son Joint Venture") to explore and develop two exploration licences in the Phuoc Son area of Vietnam. The Phuoc Son Joint Venture was formed in 1997 in connection with the Group's sale of its Vietnam assets to Olympus. Olympus is the operator of the joint venture. Olympus has discovered gold/silver mineralization at Phuoc Son. Olympus has reported that it has identified three parallel mineralized structures on the property. It states that it has directed the Phuoc Son Joint Venture's drilling program at extending high grade zones of mineralization and delineating mineralization that has a potential mineable resource. By the end of 2001, Olympus reported that it had completed 11,642 metres of drilling, which had intercepted two open-ended structures containing potentially recoverable gold mineralization with significant silver, lead and zinc credits. Olympus drilled 18 drill holes on the Bai Dat structure, and intersected a vein/breccia zone that averages 20.63 g/t gold over a true average thickness of 3.56 metres. In the Bai Go structure, 24 drill holes have intersected a large sheeted vein system. Each hole averages about 3 mineralized intercepts, having an aggregate thickness of 5.16 metres at a weighted average grade of 8.82 g/t gold. The Phuoc Son Joint Venture recently completed a drilling program at a second property, called Khe Rin, which is believed to have skarn potential. The joint venture completed 2,100 metres of drilling on the property, and assays are pending. BJORNEVATN On December 31, 2000, the Ivanhoe Group acquired the Bjornevatn iron ore mine located in northern Norway. The mine was previously operated by a company controlled by the Norwegian government, who had closed the mine in April, 1997. The Group has held the Bjornevatn iron ore mine on care and maintenance since its acquisition. The Corporation, through its wholly-owned Norwegian subsidiary Arctic Bulk Minerals AS ("Arctic Bulk"), 46 had planned to refurbish the pellet and concentrate production facilities at Bjornevatn based on a 1998 engineering and cost study. However, during 2001 Arctic Bulk was unable to secure financing from investors to re-start production. The Group decided that, insofar as Bjornevatn is a non-core asset, its other projects elsewhere in the world should take priority in the Group's capital expenditure budget. Accordingly, the Group decided that no further expenditures of a material nature should be made in respect of the Bjornevatn iron ore mine and plans to restart production were postponed indefinitely. In early 2002, Arctic Bulk was unsuccessful in further deferring its purchase payment obligations to the previous owner of the Bjornevatn iron ore mine. The Group is currently negotiating a settlement of the obligations, which may include the sale of all of the assets of the Bjornevatn iron ore mine. Arctic Bulk's payment obligations are not guaranteed by Ivanhoe and there is no recourse on those obligations to Ivanhoe. EQUITY INVESTMENTS The Ivanhoe Group is the largest shareholder in Emperor Mines Limited, a public company listed on the Australian Stock Exchange, which owns and operates the Emperor Gold Mine at Vatukoula, Fiji. The Group has two representatives on the Board of Directors of Emperor Mines Limited. The Company owns 15,385,232 Emperor ordinary shares, which represent approximately 17.6% of the outstanding shares. The Ivanhoe Group also holds 8,845,867 common shares of Olympus, representing approximately 19.4% of the issued and outstanding common shares of Olympus. Olympus' common shares are listed on the TSX Venture Exchange. In May 2002, the Ivanhoe Group acquired 29,000,000 ordinary shares in the capital of Intec Limited, representing approximately 19% of its issued and outstanding share capital. Intec Limited is listed on the Australian Stock Exchange. In 2001, the Ivanhoe Group exchanged its 6% equity interest in GTL Resources Plc. for 1,265,092 shares in the capital of Resource Investment Trust Plc. Resource Investment Trust Plc.'s shares are listed on the London Stock Exchange. The following table outlines the equity investments held by the Ivanhoe Group and their quoted market value:
COMPANY NUMBER OF VALUE SHARES (US$) - ------------------------------ ---------- ------------- Resource Investment Trust Plc. 1,265,092 $1,855,598(1) Emperor Mines Ltd. 15,385,232 $2,665,786(2) Olympus Pacific Minerals Inc. 8,845,867 $4,352,836(3) Intec Limited 29,000,000 $3,734,906(4)
(1) Calculated as at January 29, 2002, the date that it was listed on the London Stock Exchange. (2) Calculated as at December 31, 2001. (3) Calculated as at January 17, 2002, the date the Group acquired 3,780,000 shares of the Company. (4) Calculated as at May 2, 2002, the date that it was listed on the Australian Stock Exchange. 47 EXPLORATION EXPENDITURES Total exploration and related expenses, categorized by country, for the years 2001 and 2000 were as follows:
COUNTRY 2001 2000 - ------- ----------- ----------- (US$ Million) (US$ Million) Indonesia 0.2 2.3 Mongolia 3.8 1.0 Kazakhstan 2.6 2.5 Norway 1.1 - Thailand 0.5 0.6 South Korea 1.7 2.6 Myanmar 1.1 0.5 ---- --- TOTAL 11.0 9.5
HUMAN RESOURCES At December 31, 2001 the Ivanhoe Group had 1,318 employees working at various locations. The Group's proportionate share of employees at its operations, and those partnerships and joint ventures which are accounted for on a proportionate basis, was 971 employees at December 31, 2001. Total employees were allocated as follows:
Total employees Proportionate share Dec./01 Dec./01 --------------- ------------------- Monywa 693 346 Savage River / Port Latta 257 257 Mongolia 22 22 Bjornevatn 3 3 South Korea 7 7 Bakyrchik 296 296 Exploration 22 22 Head office 18 18 ----- --- 1,318 971 ===== ===
48 RISK FACTORS Investment in the common shares of the Corporation involves a significant degree of risk and should be considered speculative due to the nature of the Corporation's business and the present stage of its development. Prospective investors should carefully review the following factors together with other information contained in this Annual Information Form before making an investment decision. IVANHOE'S BUSINESS IN MONGOLIA MAY BE HARMED IF THE COUNTRY FAILS TO COMPLETE ITS TRANSITION FROM STATE SOCIALISM AND A PLANNED ECONOMY TO POLITICAL DEMOCRACY AND A FREE MARKET ECONOMY. Since 1990, Mongolia has been in transition from state socialism and a planned economy to a political democracy and a free market economy. Much progress has been made in this transition but much progress remains to be made, particularly with respect to the rule of law. Many laws have been enacted, but in many instances they are neither understood nor enforced. For decades Mongolians have looked to politicians and bureaucrats as the sources of the "law". This has changed in theory, but often not in practice. With respect to most day-to-day activities in Mongolia government civil servants interpret, and often effectively make, the law. This situation is gradually changing but at a relatively slow pace. Laws may be applied in an inconsistent, arbitrary and unfair manner and legal remedies may be uncertain, delayed or unavailable. FUTURE AMENDMENTS TO MONGOLIAN LAWS COULD WEAKEN, SHORTEN OR CURTAIL THE GROUP'S MINERAL EXPLORATION RIGHTS OR MAKE IT MORE DIFFICULT OR EXPENSIVE TO OBTAIN MINING RIGHTS AND CARRY OUT MINING. Mongolia's Minerals Law was drafted with the assistance of Western legal experts and is regarded as one of the most logical, internally consistent and effective pieces of mining legislation among all of the developing countries of Asia. However, future amendments to the Minerals Law or new legislation covering ostensibly unrelated matters could affect the existing tenure regime under the Minerals Law and harm Ivanhoe's ability to carry on business in Mongolia. Mongolian government civil servants have, in the past, unsuccessfully attempted to introduce amendments to the Minerals Law which would, from the perspective of the international mining industry, be regarded as counterproductive. Future amendments to the Minerals Law or new legislation, if implemented, could vary or abrogate key provisions of the Minerals Law in a manner that impairs the Group's ability to conduct exploration and mining in Mongolia. THE MINERAL RESOURCES IDENTIFIED ON THE OYU TOLGOI PROJECT DO NOT HAVE DEMONSTRATED ECONOMIC VIABILITY AND THE FEASIBILITY OF MINING HAS NOT BEEN ESTABLISHED. The mineral resources identified to date on the Oyu Tolgoi Project are not mineral reserves and do not have demonstrated economic viability. There can be no assurance that mineral reserves will be identified on the property. The feasibility of mining on the Oyu Tolgoi Project has not been, and may never be, established. 49 LACK OF INFRASTRUCTURE IN PROXIMITY TO THE OYU TOLGOI PROJECT COULD ADVERSELY AFFECT MINING FEASIBILITY. The Oyu Tolgoi Project is located in an extremely remote area which lacks basic infrastructure, including sources of power, water, housing, food and transport. While the Ivanhoe Group has established the limited infrastructure necessary to conduct exploration activities, it would need to establish substantially greater sources of power, water, physical plant and transport infrastructure in the area before it could conduct mining operations. The availability of such sources may adversely affect mining feasibility and will, in any event, require Ivanhoe to arrange significant financing, locate adequate supplies and obtain necessary approvals from national, provincial and regional governments, none of which can be assured. THE IVANHOE GROUP'S EXPLORATION LICENCES COULD EXPIRE BEFORE THE GROUP IS READY OR ABLE TO OBTAIN A MINING LICENCE. The exploration licences for the Oyu Tolgoi Project expire in less than two years, and renewals of those licences are unavailable under the Minerals Law. Prior to such expiry, Ivanhoe will have to convert the exploration licences to mining licences or risk losing its rights to the Oyu Tolgoi Project. Ivanhoe may not be ready to commence mining activities when the exploration licences expire. Early in 2002, a law on Licences for Business Activities was enacted which has been interpreted by Mongolian bureaucrats as requiring aimag (provincial) government level approval as a condition to the grant of exploration and mining licences. There can be no assurance that Ivanhoe will be able to obtain such approval on acceptable terms or at all when applying for mining licences and exploration licences in the future. ECONOMIC SANCTIONS IMPOSED BY THE UNITED STATES AND CANADA AGAINST MYANMAR MAY ADVERSELY AFFECT THE MONYWA COPPER PROJECT. In May 1997, the United States government imposed economic sanctions on Myanmar, banning new investments in Myanmar by any United States investor. In August 1997, the Canadian government imposed selective economic sanctions on Myanmar, directed against imports and exports between Canada and Myanmar. These sanctions were imposed based on the United States and Canadian governments' belief that the current government of Myanmar has repressed opposition to the government. While the sanctions in their current form do not affect the Corporation's investments in Myanmar, there can be no assurances that the sanctions will not be broadened or that other countries will not adopt sanctions in the future. The existence of United States sanctions may restrict the ability of United States companies to participate in the Monywa Copper Project. It is not possible to assess whether additional legislation will be enacted by the United States, Canada or elsewhere or, if enacted, will ultimately affect the Corporation or investment in the Corporation. THE IVANHOE GROUP FACES GEOTECHNICAL AND DEVELOPMENT RISKS AT THE MONYWA COPPER PROJECT, INCLUDING GENERATING CAPACITY SHORTAGES AND LEACHING PROCESS TECHNICAL RISKS. Ivanhoe faces a number of potential risks with respect to the proposed development of the Letpadaung deposit and the proposed expansion of the S&K mine as part of the Monywa Copper Project. Myanmar is currently short of the generating capacity necessary to deliver sufficient power to Letpadaung and there can be no assurance that improvements to Myanmar's national power system, sufficient to furnish the required power, will be made on a timely basis or at all. If not, it may be necessary to construct a local source of power which may not be feasible or which may render the project uneconomic. The high lift leach piles planned for both the S&K mine and the Letpadaung deposit carry technical risks. These risks include geotechnical failure, chemical degradation of the heap material, compaction and loss 50 of permeability, lack of oxygen, excessive iron build-up and excessive acid generation. Manifestation of these risks could adversely affect operating costs. Although Ivanhoe believes that the Letpadaung pit run ore will exhibit the same heap leaching characteristics as the Sabetaung ore currently being mined at the S&K mine, this assumption cannot be confirmed prior to mining. Different metallurgical characteristics in the Letpadaung deposit, if and to the extent they might exist, could adversely affect the technical feasibility and economics of Ivanhoe's Letpadaung development plans. THERE CAN BE NO ASSURANCE THAT THE IVANHOE GROUP WILL BE CAPABLE OF RAISING THE ADDITIONAL FUNDING THAT IT NEEDS TO CARRY OUT ITS DEVELOPMENT AND EXPLORATION OBJECTIVES. The further development and exploration of the various mineral properties in which it holds interests depends upon the Ivanhoe Group's ability to obtain financing through joint ventures, debt financing, equity financing or other means. There is no assurance that the Group will be successful in obtaining required financing as and when needed. Depressed markets for precious and base metals may make it difficult or impossible for the Group to obtain debt financing or equity financing on favourable terms or at all. The Group operates in a region of the world that is prone to economic and political upheaval and certain mineral properties held by the Group are located in politically and economically unstable countries, which may make it more difficult for the Group to obtain debt financing from project lenders. The Ivanhoe Group must arrange significant project financing for development of the Oyu Tolgoi Project and the Letpadaung phase of the Monywa Copper Project. Failure to obtain additional financing on a timely basis may cause the Group to postpone its development plans, forfeit rights in some or all of its properties or joint ventures or reduce or terminate some or all of its operations. THE IVANHOE GROUP HAS A LIMITED CUSTOMER BASE FOR ITS PRODUCTS AND NEEDS TO SECURE ADDITIONAL MARKETS. The Savage River Project has only a few customers and the pricing of its iron ore products is subject to annual negotiations. Demand for ABM's iron ore products can fluctuate based on market conditions in the international steel industry. ABM's supply contracts with its two principal customers expire this year, and it must negotiate renewals of these contracts in order to secure these customers. The loss of a key customer or a material decrease in sales to a key customer could have an adverse impact on short to medium term cash flow and adversely affect the project's economic viability. All of the Group's production from the Monywa Copper Project is sold to a single Japanese buyer. If, for any reason, the Group was unable to sell all of its production to its existing buyer, economic sanctions against trade with Myanmar may significantly reduce the number of potential alternative buyers. THE SAVAGE RIVER PROJECT IS DEPENDENT ON OLDER PROCESS FACILITIES AND PIPELINE OPERATIONS WHICH MAY BE PRONE TO FAILURE OR BREAKDOWN. Savage River operations are heavily dependent upon the successful operation of the concentrator and pipeline apparatus. All the process facilities and the pipeline have been in operation for over 30 years and are subject to potentially higher rates of failure than a new plant. Despite a comprehensive maintenance program there can be no assurance that the operating availabilities required to achieve planned product output can be sustained. THERE IS A RISK OF LONG TERM DECLINE IN PELLET GRADE AT THE SAVAGE RIVER PROJECT. 51 Since inception in 1967, the grade of Savage River iron pellets has declined as mining was extended to deeper levels in the pit and as the pit was extended northwards. Ivanhoe has had geological and mineralogical data independently examined and the preliminary opinion is that this trend will not continue in the future. However, there can be no assurance that a long term decline in pellet grade, which may affect marketability, will not occur. THE PIT WALL OF THE SAVAGE RIVER PIT REQUIRES ADDITIONAL WORK TO ENSURE ITS STABILITY. The stability of the walls of the Savage River open pit have, historically, been problematic. Although the Corporation has retained expert advice in this area and is pro-actively managing the pit wall stability, there can be no assurance that a failure, large enough to cause an extended interruption in production, will not occur during the life of the project. LEGAL UNCERTAINTY MAY ADVERSELY AFFECT THE IVANHOE GROUP'S ACTIVITIES IN KAZAKHSTAN. The Bakyrchik gold project, originally a wholly-owned enterprise of the government of Kazakhstan, was privatized under the country's privatization, foreign investment and mining laws, which are intended, among other things, to provide legislative protection against expropriation without proper compensation and the retroactive application of new laws. Although the legislation is consistent with the government's expressed intention of attracting foreign investment, the country's relatively short legislative, judicial and administrative history make it difficult or impossible to predict how these laws will be interpreted in a given set of circumstances. Certain laws contain inconsistencies and contradictions. Many of them are structured to bestow on government bureaucrats substantial administrative discretion in their application and enforcement with the result that the laws are subject to changing and different interpretations. As such, even the Corporation's best efforts to comply with the laws may not result in effective compliance in the determination of government bureaucrats who have, in the past, interfered with CAML's ability to carry on business in Kazakhstan through arbitrary and capricious interpretations and enforcement of relevant laws and project agreement terms, thereby damaging the commercial value of the Bakyrchik gold project. CAML is currently involved in discussions with the government aimed at resolving a dispute concerning the interpretation of a fundamental provision of Kazakhstani law involving rights of first refusals in limited liability partnerships. CAML's position is that the government's purported sale of its 30% interest in the project triggered a right of first refusal in favour of CAML. The government's position is that the right is inapplicable to the circumstances of its purported sale. If the government prevails in its interpretation, which CAML believes is completely without merit, the integrity of all of the legislation and agreements under which CAML holds its interest in the Bakyrchik project will be potentially vulnerable. CAML has advised the government that if the ongoing discussions do not yield a satisfactory result, it will pursue a variety of remedies, including international arbitration, although there can be no assurance that any such remedy will effectively protect CAML's legal position in Kazakhstan. THERE CAN BE NO ASSURANCE THAT THE INTEREST HELD BY THE IVANHOE GROUP IN ITS EXPLORATION, DEVELOPMENT AND MINING PROPERTIES IS FREE FROM DEFECTS NOR THAT MATERIAL CONTRACTUAL ARRANGEMENTS BETWEEN THE GROUP AND ENTITIES OWNED OR CONTROLLED BY FOREIGN GOVERNMENTS WILL NOT BE UNILATERALLY ALTERED OR REVOKED. The Group has investigated its rights to explore and exploit its various properties and, to the best of its knowledge, those rights are in good standing but no assurance can be given that such rights will not be revoked, or significantly altered, to the detriment of the Group. There can also be no assurance that the 52 Group's rights will not be challenged or impugned by third parties. The Group has also applied for rights to explore, develop and mine various properties, but there is no certainty that such rights, or any additional rights applied for, will be granted on terms satisfactory to the Group or at all. COMPETITION FOR NEW MINING PROPERTIES BY LARGER, MORE ESTABLISHED COMPANIES MAY PREVENT IVANHOE FROM ACQUIRING INTERESTS IN ADDITIONAL PROPERTIES OR MINING OPERATIONS. Significant and increasing competition exists for mineral acquisition opportunities throughout the world. As a result of this competition, some of which is with large, better established mining companies with substantial capabilities and greater financial and technical resources, the Ivanhoe Group may be unable to acquire rights to exploit additional attractive mining properties on terms it considers acceptable. Accordingly, there can be no assurance that the Group will acquire any interest in additional operations that would yield reserves or result in commercial mining operations. IVANHOE HAS A LIMITED OPERATING HISTORY, AND THERE IS NO ASSURANCE THAT IT WILL BE CAPABLE OF CONSISTENTLY PRODUCING POSITIVE CASH FLOWS. The Corporation has paid no dividends on its common shares since incorporation and does not anticipate doing so in the foreseeable future. The Ivanhoe Group only recently began to generate positive cash flow from its Monywa Copper Project and is currently producing negative cash flows from the Savage River Project and its other exploration and development projects. Ivanhoe has a limited operating history and there can be no assurance of its ability to operate its projects profitably. While the Ivanhoe Group may in the future generate additional working capital through the operation, development, sale or possible syndication of its properties, there is no assurance that the Group will be capable of producing positive cash flow on a consistent basis or that any such funds will be available for exploration and development programs. A SUBSTANTIAL PORTION OF THE IVANHOE GROUP'S OPERATIONS INVOLVE EXPLORATION AND DEVELOPMENT AND THERE IS NO GUARANTEE THAT ANY SUCH ACTIVITY WILL RESULT IN COMMERCIAL PRODUCTION OF MINERAL DEPOSITS. None of the exploration properties in which the Ivanhoe Group holds an interest host a known body of commercial ore and proposed programs on such properties are exploratory in nature. Development of these mineral properties is contingent upon obtaining satisfactory exploration results. Mineral exploration and development involves substantial expenses and a high degree of risk, which even a combination of experience, knowledge and careful evaluation may not be able to adequately mitigate. There is no assurance that commercial quantities of ore will be discovered on any of the Group's exploration properties. There is also no assurance that, even if commercial quantities of ore are discovered, a mineral property will be brought into commercial production. The discovery of mineral deposits is dependent upon a number of factors not the least of which is the technical skill of the exploration personnel involved. The commercial viability of a mineral deposit, once discovered, is also dependent upon a number of factors, some of which are the particular attributes of the deposit, such as size, grade and proximity to infrastructure, metal prices and government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals, and environmental protection. In addition, assuming discovery of a commercial ore body, depending on the type of mining operation involved, several years can elapse from the initial phase of drilling until commercial operations are commenced. Most of the above factors are beyond the control of Ivanhoe. 53 MINING OPERATIONS ARE SUBJECT TO NUMEROUS HAZARDS THAT COULD HAVE A MATERIAL ADVERSE EFFECT ON THE FINANCIAL POSITION OF IVANHOE. The business of mining is subject to a variety of risks such as ground fall, explosions and other accidents, flooding, environmental hazards, the discharge of toxic chemicals and other risks. Such occurrences, against which the Ivanhoe Group cannot, or may elect not to, insure, may result in destruction of mines and other production facilities, damage to life and property, environmental damage, delayed production, increased production costs and possible legal liability for any and all damages. Such liabilities may have a material adverse effect on Ivanhoe's financial position. CALCULATION OF RESERVES AND METAL RECOVERY IS ONLY AN ESTIMATE, AND THERE CAN BE NO ASSURANCE ABOUT THE QUANTITY AND GRADE OF MINERALS UNTIL RESERVES OR RESOURCES ARE ACTUALLY MINED. There is a degree of uncertainty attributable to the calculation of reserves, resources and corresponding grades being mined or dedicated to future production. Until reserves or resources are actually mined and processed, the quantity of reserves or resources and grades must be considered as estimates only. In addition, the quantity of reserves or resources may vary depending on metal prices. Any material change in the quantity of reserves, resources, grade or stripping ratio may affect the economic viability of Ivanhoe' properties. In addition, there can be no assurance that metal recoveries in small-scale laboratory tests will be duplicated in larger scale tests under on-site conditions or during production. FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND FAILURE TO RESTRUCTURE EXISTING SAVAGE RIVER DEBT FACILITIES MAY ADVERSELY AFFECT THE CORPORATION'S FINANCIAL POSITION. Fluctuations in currency exchange rates, particularly operating costs denominated in currencies other than United States dollars, may significantly impact Ivanhoe's financial position and results. The Group receives United States dollars from the bulk of its sales of iron ore products but pays most of its operating costs in Australian dollars. The Group therefore faces risks associated with fluctuations in Australian currency relative to United States currency. ABM agreed to forward sell $5 million in currency each month from January 2000 to February 2003, at $0.6817 per one Australian dollar. The Australian dollar's exchange rate to United States dollars has been substantially lower than the negotiated forward sale rate since 2000. This has resulted in a significant cash outflow by ABM each month to cover the deficiency between the actual Australian exchange rate and the forward sale rate. ABM negotiated short-term relief from this obligation in September, 2001 pursuant to which its lender has converted the net amount owing under the forward sale obligation to long-term debt. However, ABM may be forced to recommence paying the currency hedge outflows at any time. ABM is attempting to restructure financing terms with its lenders on a long-term basis (for a description refer to the Corporation's MD&A). The results of the restructuring of financing terms will have a substantial impact on the financial viability of ABM. If ABM is unable to derive these funds from normal operations, it would be forced to acquire United States dollars at a rate different than that forward sold. Prior to March, 2003, a strengthening of the Australian currency would be detrimental to the Savage River operations for monthly expenditures in excess of $5 million. After February, 2003, a strengthening of the Australian currency would be detrimental to the Savage River operation to the extent of all monthly expenditures. CERTAIN IVANHOE GROUP INDEBTEDNESS IS SUBJECT TO FLOATING INTEREST RATES. The majority of the Ivanhoe Group's indebtedness accrues interest at a floating interest rate. As a result, fluctuations in interest rates may have a significant impact on the profitability of the Group's mining 54 operations, and on the Group's ability to successfully finance the development of its development projects. METAL PRICES ARE VOLATILE. The mining industry is intensely competitive and there is no assurance that, even if commercial quantities of a mineral resource are discovered, a profitable market will exist for the sale of same. There can be no assurance that metal prices will be such that the Ivanhoe Group's properties can be mined at a profit. Factors beyond the control of the Ivanhoe Group may affect the marketability of any minerals discovered. Metal prices are subject to volatile price changes from a variety of factors including international economic and political trends, expectations of inflation, global and regional demand, currency exchange fluctuations, interest rates and global or regional consumption patterns, speculative activities and increased production due to improved mining and production methods. The supply of, and demand for, Ivanhoe's principal products, iron ore and copper, is affected by various factors, including political events, economic conditions and production costs. Unlike most metals, iron ores are not fungible commodities, as each is somewhat different in composition and usage characteristics. The iron ore market behaves like a product, rather than a commodity, market, with zones of competition and zones of exclusion. The market is one of direct customer to producer relationships, without middlemen, warehousing or buffer stocks, speculators or futures market. The market is imperfect and oligopolistic. Prices are not set by the market clearance principle, but to optimize returns to producers within the constraint of the total market size. THE IVANHOE GROUP IS EXPOSED TO RISKS OF CHANGING POLITICAL STABILITY AND GOVERNMENT REGULATION IN THE COUNTRIES IN WHICH IT OPERATES. The Group holds mineral interests in countries which may be affected in varying degrees by political stability, government regulations relating to the mining industry and foreign investment therein, and the policies of other nations in respect of these countries. Any changes in regulations or shifts in political conditions are beyond the control of the Group and may adversely affect its business. The Group's operations may be affected in varying degrees by government regulations, including those with respect to restrictions on production, price controls, export controls, income taxes, expropriation of property, employment, land use, water use, environmental legislation and mine safety. In certain areas where the Group is active, the regulatory environment is in a state of continuing change, and new laws, regulations and requirements may be retroactive in their effect and implementation. The Group's operations may also be affected in varying degrees by political and economic instability, economic or other sanctions imposed by other nations, terrorism, military repression, crime, extreme fluctuations in currency exchange rates and high inflation. THE IVANHOE GROUP IS SUBJECT TO SUBSTANTIAL ENVIRONMENTAL AND OTHER REGULATORY REQUIREMENTS AND SUCH REGULATIONS ARE BECOMING MORE STRINGENT. NON-COMPLIANCE WITH SUCH REGULATIONS, EITHER THROUGH CURRENT OR FUTURE OPERATIONS OR A PRE-EXISTING CONDITION COULD MATERIALLY ADVERSELY AFFECT IVANHOE. All phases of the Group's operations are subject to environmental regulations in the various jurisdictions in which it operates. Environmental legislation is evolving in a manner which will require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their officers, directors and employees. There is no assurance that future changes in environmental regulation, if any, will not adversely affect the Group's operations. Environmental hazards may exist on 55 the properties in which the Group holds interests which are presently unknown to the Group and which have been caused by previous or existing owners or operators of the properties. Government approvals and permits are sometimes required in connection with the Group's operations. To the extent such approvals are required and not obtained, the Group may be delayed or prohibited from proceeding with planned exploration or development of mineral properties. Failure to comply with applicable laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining operations may be required to compensate those suffering loss or damage by reason of the mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations. Amendments to current laws, regulations and permits governing operations and activities of mining companies, or more stringent implementation thereof, could have a material adverse impact on Ivanhoe and cause increases in capital expenditures or production costs or reductions in levels of production at producing properties or require abandonment or delays in development of new mining properties. PREVIOUS MINING OPERATIONS MAY HAVE CAUSED ENVIRONMENTAL DAMAGE AT IVANHOE GROUP MINING SITES, AND IF THE GROUP CANNOT PROVE THAT IT WAS CAUSED BY SUCH PRIOR OPERATORS, ITS INDEMNITIES AND EXEMPTIONS FROM LIABILITY MAY NOT BE EFFECTIVE. The Group has received exemptions from liability from relevant governmental authorities for environmental damage caused by previous mining operations at the Savage River Project and the Monywa Copper Project. There is a risk, however, that, if an environmental accident occurred at those sites, it may be difficult or impossible to assess the extent to which environmental damage was caused by the Group's activities or the activities of previous operators. In that event, the indemnities could be ineffective and possibly worthless. THE IVANHOE GROUP'S PROSPECTS DEPEND ON ITS ABILITY TO ATTRACT AND RETAIN KEY PERSONNEL. Recruiting and retaining qualified personnel is critical to the Group's success. The number of persons skilled in the acquisition, exploration and development of mining properties is limited and competition for such persons is intense. The Corporation believes that it has been successful in recruiting excellent personnel to meet its corporate objectives but, as the Group's business activity grows, it will require additional key financial, administrative, mining, marketing and public relations personnel as well as additional staff on the operations side. Although the Corporation believes that it will be successful in attracting and retaining qualified personnel, there can be no assurance of such success. CERTAIN DIRECTORS OF IVANHOE ARE DIRECTORS OR OFFICERS OF, OR HAVE SIGNIFICANT SHAREHOLDINGS IN OTHER MINERAL RESOURCE COMPANIES AND THERE IS THE POTENTIAL THAT SUCH DIRECTORS WILL ENCOUNTER CONFLICTS OF INTEREST WITH THE GROUP. Certain of the directors of the Corporation are directors or officers of, or have significant shareholdings in, other mineral resource companies and, to the extent that such other companies may participate in ventures in which the Ivanhoe Group may participate, the directors of Ivanhoe may have a conflict of interest in negotiating and concluding terms respecting the extent of such participation. Such other companies may also compete with the Group for the acquisition of mineral property rights. In the event that any such conflict of interest arises, a director who has such a conflict will disclose the conflict to a meeting of the directors of the Corporation and will abstain from voting for or against the approval of 56 such a participation or such terms. In appropriate cases, Ivanhoe will establish a special committee of independent directors to review a matter in which several directors, or management, may have a conflict. From time to time, several companies may participate in the acquisition, exploration and development of natural resource properties thereby allowing their participation in larger programs, permitting involvement in a greater number of programs and reducing financial exposure in respect of any one program. It may also occur that a particular company will assign all or a portion of its interest in a particular program to another of these companies due to the financial position of the company making the assignment. In accordance with the laws of the Yukon, the directors of the Corporation are required to act honestly, in good faith and in the best interests of the Corporation. In determining whether or not the Group will participate in a particular program and the interest therein to be acquired by it, the directors will primarily consider the potential benefits to Ivanhoe, the degree of risk to which Ivanhoe may be exposed and its financial position at that time. ITEM 5: SELECTED CONSOLIDATED FINANCIAL INFORMATION The following table shows selected consolidated financial information related to the Corporation for the periods indicated: SELECTED ANNUAL INFORMATION (STATED IN THOUSAND OF U.S. DOLLARS EXCEPT PER SHARE INFORMATION)
Year ended December 31 ------------------------------ 2001 2000 1999 -------- -------- -------- Revenues 75,334 22,470 20,579 Loss from continuing operations 13,245 3,489 5,791 Loss from continuing operations per share $ 0.10 $ 0.05 $ 0.08 Total Assets 247,602 316,359 206,206 Long-term debt 46,533 75,726 37,500 Net Loss 84,998 17,860 7,607 Net Loss per share $ 0.66 $ 0.24 $ 0.10
DIVIDEND POLICY The Corporation has not paid any dividends on its outstanding common shares since its inception and does not anticipate that it will do so in the foreseeable future. The declaration of dividends on the common shares of the Corporation is within the discretion of the Corporation's Board of Directors and will depend upon their assessment of, among other factors, earnings, capital requirements and the operating and financial condition of the Corporation. At the present time, the Corporation's anticipated capital requirements are such that it intends to follow a policy of retaining earnings in order to finance further development of its business. The Corporation is restricted in its ability to pay dividends on its common shares by limitations under the Business Corporations Act (Yukon) relating to the sufficiency of profits from which dividends may be paid. 57 ITEM 6: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Reference is made to the MD&A which accompanies the Corporation's comparative consolidated financial statements for the years ended December 31, 2001 and 2000. The MD&A is incorporated by reference into this Annual Information Form. ITEM 7: MARKET FOR SECURITIES The common shares of the Corporation are traded in Canada on the TSX and in Australia on the Australian Stock Exchange ("ASX"). Based on a change to the ASX listing maintenance requirements for foreign companies, the Corporation plans to de-list its common shares from the ASX later this year. The closing price of the Corporation's common shares on the TSX on May 15, 2002 was Cdn.$3.40. The following sets forth the high and low market prices and the volume of the common shares traded on the TSX during the periods indicated:
(stated in Canadian dollars) PERIOD HIGH LOW VOLUME - -------------------------------- ----- ----- ---------- Quarter ended March 31, 1999 $0.90 $0.67 2,059,680 Quarter ended March 31, 2000 $1.10 $0.83 5,496,873 Quarter ended June 30, 2000 $1.05 $0.83 2,801,838 Quarter ended September 30, 2000 $1.34 $0.80 3,215,856 Quarter ended December 31, 2000 $1.34 $0.60 14,519,282 Quarter ended March 31, 2001 $2.25 $0.95 13,228,956 Quarter ended June 30, 2001 $2.10 $1.26 4,719,183 Quarter ended September 31, 2001 $3.04 $1.28 6,833,345 Quarter ended December 31, 2001 $2.60 $1.58 12,983,791 Quarter ended March 31, 2002 $3.65 $2.03 26,090,076 Month ended April 30, 2002 $3.50 $2.85 9,410,505 May 1 to May 15, 2002 $3.62 $3.35 2,968,300
ITEM 8: DIRECTORS AND OFFICERS The name, municipality of residence and position with the Corporation of each director and officer of the Corporation, and the principal business or occupation in which each director or officer has been engaged during the immediately preceding five years is as follows:
PRINCIPAL OCCUPATION DURING PAST NAME AND MUNICIPALITY OF RESIDENCE POSITION WITH CORPORATION FIVE YEARS - ---------------------------------- --------------------------- --------------------------------------- ROBERT M. FRIEDLAND Chairman and Director Chairman and President, Ivanhoe Capital Hong Kong (Director since March 1994) Corporation (venture capital firm).
58
PRINCIPAL OCCUPATION DURING PAST NAME AND MUNICIPALITY OF RESIDENCE POSITION WITH CORPORATION FIVE YEARS - ---------------------------------- --------------------------- --------------------------------------- R. EDWARD FLOOD Deputy Chairman and Director Deputy Chairman of the Corporation (May Reno, Nevada (Director since March 1994) 1999 to present); Senior Mining Analyst, Haywood Securities Inc. (May 1999 to November 2001); President of the Corporation (August 1995 to May, 1999). GORDON L. TOLL Deputy Chairman and Director Senior Vice-President, Ivanhoe Capital Singapore (Director since March 1996) Corporation (December 1995 to present); Executive Vice-President and Chief Operating Officer of the Corporation (December 1995 to October 1998). DANIEL KUNZ President and Director President of the Corporation (June 2000 to Boise, Idaho (Director since January 2001) present); Chief Operating Officer of the Corporation (November 1998 to June 2000); Executive Vice-President of the Corporation (October 1997 to June 2000); President and Chief Executive Officer of Sonoma Resource Corporation (November 1995 to October 1997). ROBERT HANSON Director Chairman, Hanson Capital (1998 to present); London, England (Director since February 2001) Chairman, Hanson Transport Group (1996 to 1998); Chairman, Hanson Pacific Limited (1994 to 1996). KJELD THYGESEN Director Managing Director, Lion Resources London, England (Director since February 2001) Management. ERIC V. FRIEDLAND Director Independent businessman (July 1997 to Vancouver, British Columbia (Director since March 1994) present); Director, DiamondWorks Ltd. (December 1993 to May 1999). JOHN WEATHERALL Director President of Scarthingmoor Asset Management Toronto, Ontario (Director since June 1996) Inc. MARKUS FABER Director Managing Director, Marc Faber Limited Hong Kong (Director since February 2002) PIERRE MASSE Chief Financial Officer Chief Financial Officer of the Corporation West Vancouver, BC (November 2001 to present); Controller of the Corporation (October 1998 to November 2001); Chief Financial Officer, Canarc Resources Ltd. January 1997 to September 1998
59
PRINCIPAL OCCUPATION DURING PAST NAME AND MUNICIPALITY OF RESIDENCE POSITION WITH CORPORATION FIVE YEARS - ---------------------------------- --------------------------- --------------------------------------- DOUGLAS KIRWIN Executive Vice-President, Senior Vice-President, Exploration of the Townsville, Australia Exploration Corporation (September 1995 to present). EDWARD C. ROCHETTE Executive Vice-President, Legal & Executive Vice-President, Legal & Jakarta, Indonesia Administration Administration of the Corporation (September 1995 to present). BEVERLY A. BARTLETT Corporate Secretary Corporate Secretary of the Corporation and New Westminster, British Columbia Corporate Secretary, Ivanhoe Energy Inc. (June 2001 to present); Compliance Manager, Global Mining Management Corporation (April 1997 to present); Assistant Secretary, Ivanhoe Energy Inc. (1999 -- 2001); Assistant Secretary, Diamondworks Ltd. (January 1999 to December 1999), Corporate Secretary, Credit Union Central of Canada (August 1993 to March 1997)
SHAREHOLDINGS OF DIRECTORS AND SENIOR OFFICERS As at May 3, 2002, the directors and senior officers, as a group, beneficially owned, directly or indirectly, or exercised control or direction over, 101,397,642 common shares of the Corporation representing 50.92% of the outstanding common shares of the Corporation. COMMITTEES OF THE BOARD The Corporation has an Audit Committee and a Compensation Committee. During the most recently completed fiscal year, the members of the Audit Committee were R. Edward Flood, Kjeld Thygesen and John Weatherall and the members of the Compensation Committee were Robert Friedland, R. Edward Flood and Gordon Toll. The Corporation does not have an Executive Committee. ITEM 9: ADDITIONAL INFORMATION The Corporation will provide, upon request to its Secretary, at 654 -- 999 Canada Place, Vancouver, British Columbia, V6C 3E1: (a) when its securities are in the course of a distribution pursuant to a short form prospectus or when a preliminary short form prospectus has been filed in respect of a distribution of its securities: (i) one copy of this Annual Information Form together with a copy of the MD&A; (ii) one copy of its comparative consolidated financial statements for the year ended December 31, 2001, and auditors' report thereon; 60 (iii) one copy of its most recent interim consolidated financial statements issued subsequent to December 31, 2001; (iv) one copy of its management information circular dated May 10, 2002 in respect of its 2002 annual meeting of shareholders on June 25, 2002; and (v) one copy of any other documents that are incorporated by reference into the aforementioned short form or preliminary short form prospectus; (b) at any other time, one copy of the documents referred to in (a)(i), (ii), (iii) and (iv) above provided that the Corporation may require the payment of a reasonable charge if the request is made by a person or company who is not a securityholder of the Corporation. Additional information, including directors' and officers' remuneration and indebtedness, principal holders of the Corporation's securities, options to purchase the Corporation's Common Shares and interests of insiders in material transactions is contained in the management information circular for the annual general meeting of the Corporation to be held on June 25, 2002. Additional financial information is contained in the Corporation's comparative financial statements for year ended December 31, 2001. Copies of the information circular and financial statements may be obtained upon request from the Corporation at 654 -- 999 Canada Place, Vancouver, British Columbia, V6C 3E1. EX-13.10 29 o11180exv13w10.txt RENEWAL AIF FOR YEAR ENDED DECEMBER 31, 2002 Exhibit 13.10 IVANHOE MINES LTD. Renewal Annual Information Form FOR THE YEAR ENDED DECEMBER 31, 2002 DATED MAY 20, 2003 2 TABLE OF CONTENTS ITEM 1: COVER PAGE.......................................................................................................1 ITEM 2: CORPORATE STRUCTURE..............................................................................................7 NAME AND INCORPORATION................................................................................................7 SUBSIDIARIES AND MANAGEMENT STRUCTURE.................................................................................7 ITEM 3: GENERAL DEVELOPMENT OF THE BUSINESS..............................................................................9 ITEM 4: NARRATIVE DESCRIPTION OF BUSINESS..............................................................................10 OYU TOLGOI GOLD AND COPPER PROJECT, MONGOLIA.........................................................................11 MONYWA COPPER PROJECT, MYANMAR.......................................................................................21 SAVAGE RIVER IRON ORE PROJECT, TASMANIA, AUSTRALIA...................................................................29 OTHER PROJECTS.......................................................................................................38 MONGOLIA.......................................................................................................38 CHINA..........................................................................................................43 SOUTH KOREA....................................................................................................45 KAZAKHSTAN.....................................................................................................47 MYANMAR........................................................................................................49 VIETNAM........................................................................................................50 EQUITY INVESTMENTS...................................................................................................50 EXPLORATION EXPENDITURES.............................................................................................51 HUMAN RESOURCES......................................................................................................51 RISK FACTORS.........................................................................................................52 ITEM 5: SELECTED CONSOLIDATED FINANCIAL INFORMATION.....................................................................60 ITEM 6: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS...........................60 ITEM 7: MARKET FOR SECURITIES...........................................................................................61 ITEM 8: DIRECTORS AND OFFICERS..........................................................................................61 ITEM 9: ADDITIONAL INFORMATION..........................................................................................63

3 FORWARD-LOOKING STATEMENTS Certain statements contained in this Annual Information Form respecting reserves, resources, plans, objectives and future performance of IVN's business are forward-looking statements including, without limitation, the discussion about a feasibility study being performed on the Oyu Tolgoi Project and the discussion about a scoping study in respect of development of the Letpadaung deposit of the Monywa Copper Project. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", or "continue" or the negative thereof or variations thereon or similar terminology. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in commodity prices, unanticipated reserve and resource grades, geological, metallurgical, processing, transportation, infrastructure and other problems, results of exploration activities, cost overruns, availability of materials and equipment, timeliness of government approvals, political risk and related economic risk, actual performance of plant, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, those set forth herein under "Risk Factors". CURRENCY AND EXCHANGE RATES In this Annual Information Form, all funds are quoted in United States dollars unless otherwise indicated. References to "$" are to United States dollars, references to "Cdn$" are to Canadian dollars and references to "Aus$" are to Australian dollars. The Bank of Canada noon buying rates for the purchase of one United States dollar using Canadian dollars were as follows during the indicated periods: (Stated in Canadian dollars)
YEAR ENDED DECEMBER 31 ---------------------------------------------------------- 2002 2001 2000 1999 1998 ---- ---- ---- ---- ---- End of period 1.5796 1.5928 1.4995 1.4440 1.5333 High for the period 1.6184 1.6052 1.5601 1.5302 1.5225 Low for the period 1.5155 1.4901 1.4349 1.4440 1.5544 Average for the period 1.5703 1.5484 1.4859 1.4858 1.4831
The Bank of Canada noon buying rate on May 16, 2003 for the purchase of one United States dollar using Canadian dollars was Cdn$1.3667 (one Canadian dollar on that date equalled US$0.732). The Bank of Canada noon buying rate on December 31, 2002 and May 16, 2003, respectively, for the purchase of one United States dollar using Australian dollars was Aus$1.7770 and Aus$1.5377 (one Australian dollar on those dates equalled US$0.5627 and US$0.6503, respectively). 4 CONVERSION FACTORS For ease of reference, the following conversion factors are provided:
IMPERIAL MEASURE = METRIC UNIT METRIC UNIT = IMPERIAL MEASURE ------------------ ----------- ------------- ----------------- 2.47 acres 1 hectare 0.4047 hectares 1 acre 3.28 feet 1 metre 0.3048 metres 1 foot 0.62 miles 1 kilometre 1.609 kilometres 1 mile 0.032 ounces (troy) 1 gram 31.1 grams 1 ounce (troy) 2.205 pounds 1 kilogram 0.454 kilograms 1 pound 1.102 tons (short) 1 tonne 0.907 tonnes 1 ton 0.029 ounces (troy)/ton 1 gram/tonne 34.28 grams/tonne 1 ounce (troy)/ton
GLOSSARY OF GEOLOGICAL AND MINING TERMS ANDESITE: a dark-coloured, fine grained extrusive rock. ANOMALY: a departure from the norm which may indicate the presence of mineralization in the underlying bedrock. ASSAY: the chemical analysis of an ore, mineral or concentrate of metal to determine the amount of valuable species. BRECCIA: rock consisting of fragments, more or less angular, in a matrix of finer-grained material or of cementing material. CARBONACEOUS: containing carbon or coal, especially shale or other rock containing small particles of carbon distributed throughout the whole mass. CHALCOCITE: a form of copper mineral ore that generally contains a high copper content. CHALCOPYRITE: a form of copper mineral ore that generally contains a low copper content. CONCENTRATE: a product containing valuable metal from which most of the waste material in the ore has been eliminated. CONCENTRATOR: a plant for recovery of valuable minerals from ore in the form of concentrate. The concentrate must then be treated in some other type of plant, such as a smelter, to effect recovery of the pure metal. COVELLITE: a supergene mineral found in copper deposits; a source of copper. CUT-OFF GRADE: the lowest grade of mineral resources considered economic; used in the calculation of reserves and resources in a given deposit. DILUTION: an estimate of the amount of waste or low-grade mineralized rock which will be mined with the ore as part of normal mining practices in extracting an orebody. 5 DACITIC: fine grained extrusive rock having the same general composition as andesite, but with less plagioclase and more quartz. DYKE: a tabular igneous intrusion that cuts across the bedding or foliation of the country rock. DTR: means "Davis Tube Recovery", which is a measure of the percentage of magnetite mineral that will be recovered into concentrate from a magnetite ore. The iron content of pure magnetite is approximately 72%. Accordingly, to determine the iron content of a magnetite ore from a DTR grade, multiply the grade by 0.72. ELECTROWINNING: recovery of a metal from an ore by means of electro-chemical processes. FLOTATION: a milling process by which some mineral particles are induced to become attached to bubbles of froth and float, and others to sink, so that the valuable minerals are concentrated and separated from the gangue. GANGUE: valueless rock or mineral material in ore. HEAP LEACHING: a process whereby valuable metals are leached from a heap, or pad, of crushed ore by leaching solutions percolating down through the heap and are collected from a sloping, impermeable liner. HYPOGENE: primary mineralization formed by mineralizing solutions emanating up from a deep magnetic source. HQ: diamond drilling equipment that produces a 63.5 millimetre ("mm") core diameter. IGNEOUS ROCK: rock which is magmatic in origin. INDICATED MINERAL RESOURCE: that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and test information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed. INFERRED MINERAL RESOURCE: that part of a mineral resource for which the quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. INTRUSIVE: rock which while molten, penetrated into or between other rocks but solidified before reaching the surface. KRIGED RESOURCE: resource grades estimated using weighted averages of the surrounding samples. The weights are based on the mineralization's spatial continuity which has been statistically quantified beforehand. LEACH: to dissolve minerals or metals out of ore with chemicals. MEASURED MINERAL RESOURCE: that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, 6 sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity. MINERAL RESOURCE (DEPOSIT): a concentration or occurrence of natural, solid, inorganic or fossilized organic material in or on the earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource (deposit) are known, estimated or interpreted from specific geological evidence and knowledge. NQ: diamond drilling equipment that produces a 47.5 mm core diameter. ORE RESERVE: the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. An ore reserve includes diluting materials and allowances for losses that may occur when the material is mined. PORPHYRY: any igneous rock in which relatively large, conspicuous crystals (called phenocrysts) are set in a fine-grained ground mass. PROBABLE ORE RESERVE: the economically mineable part of an indicated and, in some circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. PROVEN ORE RESERVE: the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. PQ: diamond drilling equipment that produces an 85 mm core diameter. QUALIFIED PERSON: an individual who: (a) is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation, or mineral project assessment, or any combination of these; (b) has experience relevant to the subject matter of the mineral project; and (c) is a member in good standing of a professional association as defined by National Instrument 43-101 of the Canadian Securities Administrators. SCHIST: a strongly foliated crystalline rock which readily splits into sheets or slabs as a result of the planar alignment of the constituent crystals. The constituent minerals are commonly specified (e.g. "quartz-muscovite-chlorite schist"). SCOPING STUDY: the first level of a study performed on a mineral deposit to determine its economic viability. SHEAR ZONE: a tabular zone of rock which has been crushed and brecciated by parallel fractures due to "shearing" along a fault or zone of weakness. Shear zones can be mineralized with ore-forming solutions. SHOOT: a body of ore, usually in elongated form, extending downward or upward in a vein. 7 STRIKE: the direction, or course or bearing, of a vein or rock formation measured on a level surface. SULPHIDES: compounds of sulphur with other metallic elements. SUPERGENE: ore minerals that have been formed by the effects (usually oxidization and secondary sulphide enrichment) of descending ground water. SX-EW PROCESSING: solvent extraction and electrowinning processing. Recovery of a metal from an ore by means of acid leaching and organic extraction, combined with electro-chemical processes. TAILING: material rejected from a mill after the recoverable valuable minerals have been extracted. TUFFS: a general term used for all consolidated pyroclastic rocks. VEIN: sheet-like body of minerals formed by fracture filling or replacement of host rock. VUG: a small cavity in a vein or rock usually lined with crystals. ITEM 2: CORPORATE STRUCTURE NAME AND INCORPORATION Ivanhoe Mines Ltd. ("IVN" or the "Corporation") was incorporated under the Company Act (British Columbia) on January 25, 1994 under the name 463212 B.C. Ltd. In February, 1994 the Corporation changed its name to Indochina Goldfields Ltd. In March, 1994 the Corporation increased its authorized capital from 10,000 common shares without par value to 100,000,000 common shares without par value and created 100,000,000 preferred shares without par value. In February, 1995 the Corporation was continued under the Business Corporations Act (Yukon). In July, 1997 the Corporation increased its authorized capital to an unlimited number of common shares without par value and an unlimited number of preferred shares without par value. In June, 1999 the Corporation changed its name to Ivanhoe Mines Ltd. The Corporation's North American headquarters are located at 654, 999 Canada Place, Vancouver, British Columbia, Canada, V6C 3E1. The Corporation's Asian headquarters are located at 37th Floor #2, Millenia Tower, 1 Temasek Avenue, Singapore 039192. The Corporation's registered office is located at Suite 300, 204 Black Street, Whitehorse, Yukon, Canada, Y1A 2M9. SUBSIDIARIES AND MANAGEMENT STRUCTURE In this Annual Information Form, the "IVN Group" means, collectively, the Corporation and its subsidiaries or a particular subsidiary or group of subsidiaries, as the context requires. The corporate structure of the Corporation, its active subsidiaries, the percentage ownership in subsidiaries which are not wholly-owned by the Corporation and the jurisdiction of incorporation of such corporations as at December 31, 2002 are set out in the following chart. 8 (FLOW CHART) 9 ITEM 3: GENERAL DEVELOPMENT OF THE BUSINESS OVERVIEW IVN is an international mineral exploration and development company. The IVN Group holds interests in mineral resource properties in Mongolia, Myanmar, Australia, China, South Korea, Kazakhstan and Vietnam. The IVN Group also holds investments in Pacific Minerals Inc., a company listed on the TSX Venture Exchange, Resource Investment Trust Plc., a company listed on the London Stock Exchange, Olympus Pacific Minerals Inc., a company listed on the TSX Venture Exchange and Intec Ltd., a company listed on the Australian Stock Exchange. The IVN Group's principal mineral resource properties are the Oyu Tolgoi gold and copper exploration project (the "Oyu Tolgoi Project") in Mongolia, the Monywa copper project (the "Monywa Copper Project") in Myanmar and the Savage River iron ore mine (the "Savage River Project") in Tasmania, Australia. The IVN Group holds a 100% interest in the Oyu Tolgoi Project and the Savage River Project and a 50% interest in the Monywa Copper Project. HISTORY In June, 1996, the Corporation completed its initial public offering and listed its common shares on the Toronto Stock Exchange ("TSX"). Between 1996 and 1998, the IVN Group successfully developed the first phase of the Monywa Copper Project in Myanmar, engaged in extensive mineral exploration activities in Indonesia and elsewhere in Southeast Asia and acquired the Bakyrchik gold project in Kazakhstan. A severe economic crisis in Southeast Asia coupled with a dramatic decline in the price of gold in 1998 adversely affected the economics of the Bakyrchik gold project and the IVN Group postponed its development plans and placed the project on care and maintenance, curtailing further development expenditures. The IVN Group also curtailed most of its exploration activities, other than those in Mongolia, South Korea and Myanmar. In May, 2000, IVN entered into an earn-in agreement with BHP Minerals International Exploration Inc. ("BHP Exploration") to earn a 100% interest in the Oyu Tolgoi Project in Mongolia. IVN carried out an extensive exploration program on the Oyu Tolgoi property and, by February 2002, had incurred the expenditures necessary to earn a 100% interest in the project. BHP retains a 2% net smelter returns royalty. By March 2002, IVN had completed a sufficient amount of drilling to complete a resource estimate. This resource estimate was updated in February 2003. See "ITEM 4. NARRATIVE DESCRIPTION OF BUSINESS - Oyu Tolgoi Gold and Copper Project, Mongolia - Mineral Resources". In December 2000, the Corporation acquired all of the issued and outstanding shares of ABM Mining Limited ("ABM") by issuing 50,322,533 common shares of the Corporation to the shareholders of ABM. IVN's Chairman and largest shareholder, Robert M. Friedland was also the largest shareholder of ABM. ABM owns and operates the Savage River Project in Tasmania, Australia. As part of the transaction, certain outstanding loans owed by ABM and its subsidiaries to entities controlled by Mr. Friedland were made convertible into IVN common shares at a conversion rate of Cdn$1.20. In December 2001, these loans were converted into 30,625,000 common shares., The Savage River Project was adversely affected in 2001 by a downturn in the global steel industry. The resulting decline in demand for iron ore pellets contributed to a $54 million write down in the value of its assets. In 2001, ABM also commenced negotiations with its existing project lenders with a view to restructuring the Savage River Project's finances. In September 2002, IVN, through a wholly-owned 10 subsidiary, acquired all of the rights of the project lenders under the Savage River Project credit facilities, including project debt, currency hedging obligations and security interests. See "ITEM 4. NARRATIVE DESCRIPTION OF BUSINESS - Savage River Iron Ore Project, Tasmania, Australia - Financial Developments". In January 2002, IVN raised approximately Cdn$24.2 million through the sale of approximately 9.39 million special warrants. Each special warrant was exercisable to acquire one common share for no additional consideration. In March 2002, all of the special warrants were exercised and approximately 9.39 million common shares were issued. In April 2002, IVN raised approximately Cdn$56.7 million through the sale of 17.45 million common shares. In December 2002 and January 2003, IVN raised an additional Cdn$60 million through the sale of 20 million special warrants. Each special warrant was exercisable to acquire one common share for no additional consideration. In February 2003, all of the special warrants were exercised and 20 million common shares were issued. In April 2003, IVN raised an additional Cdn$74.5 million through the sale of approximately 21.3 million special warrants. Each special warrant entitles the holder to acquire one IVN common share, for no additional consideration, following the issuance of receipts for a prospectus by applicable regulatory authorities or the lapse of four months, whichever occurs first. ITEM 4: NARRATIVE DESCRIPTION OF BUSINESS OVERVIEW For the purposes of Form 44-101F1 under National Instrument 44-101 of the Canadian Securities Administrators ("NI 44-101"), the Oyu Tolgoi Project, the Monywa Copper Project and the Savage River Project have been identified as the mineral properties which are material to the IVN Group. None of the IVN Group's other mineral property interests are considered material for the purposes of Form 44-101F1 insofar as none of them represents 10% or more of the book value, as of December 31, 2002, of the IVN Group's total mineral resource property interests and related plant and equipment. QUALIFIED PERSONS Disclosure of a scientific or technical nature in this Annual Information Form in respect of each of the mineral resource properties of the IVN Group was prepared by or under the supervision of the "qualified person" (as that term is defined in National Instrument 43-101 ("NI 43-101")) listed below:
PROPERTY QUALIFIED PERSON RELATIONSHIP TO CORPORATION -------- ---------------- --------------------------- Oyu Tolgoi Project(1) Harry Parker / Stephen Juras Independent Consultant (AMEC) Monywa Copper Project(2) Paul Chare Full Time Employee Savage River Project(2) Anson Griffiths Full Time Employee Mongolia (other than Oyu Tolgoi) Chris Wilson Full Time Employee South Korea Paul Chare Full Time Employee Bakyrchik Gordon Toll Full Time Employee China Douglas Kirwin Full Time Employee Myanmar (other than Monywa) Paul Chare Full Time Employee
(1) Disclosure regarding exploration results and other recent developments on the Oyu Tolgoi Project subsequent to the January 30, 2003 cut-off date for the AMEC Technical Report (as defined below) was prepared under the supervision of Charles P.N. Forster, P. Geo., an employee of IVN. Mr. Forster is a qualified person within the meaning of NI 43-101. 11 (2) The reports respecting mineral resources and ore reserves for the Monywa Copper Project and the Savage River Project were prepared in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (the "JORC Code"). Both Mr. Chare and Mr. Griffiths are "competent persons" within the meaning of the JORC Code. The reports in this document relating to mineral resources and ore reserves have been based on information compiled by the person noted above for the applicable property. Each such person has consented to the inclusion in this report of the matters based on the information compiled by him in the form and context in which it appears. OYU TOLGOI GOLD AND COPPER PROJECT, MONGOLIA On February 26, 2003, AMEC E&C Services Ltd. ("AMEC") completed a technical report on the Oyu Tolgoi Project (the "AMEC Technical Report"), prepared in accordance with NI 43-101. Dr. Harry Parker, Ch. P. Geol. and Dr. Stephen Juras, P. Geo, both independent, qualified persons for the purposes of NI 43-101, were the authors of the AMEC Technical Report. PROJECT DESCRIPTION AND LOCATION IVN's wholly-owned subsidiary, Ivanhoe Mines Mongolia Inc. ("IMM"), is conducting an exploration and development program at Oyu Tolgoi in the south Gobi Region of Mongolia. The objective of the program is to define the nature and scope of a porphyry zone containing gold, copper and molybdenum mineralization. IMM has focused its efforts on four areas of mineralization on the property within an area of 5 kilometres ("km") north-south by 3 km east-west, delineating four mineral deposits known as the Central Oyu, Far North Oyu, South Oyu and Southwest Oyu zones. The Oyu Tolgoi Project is located in the Aimag (province) of Omnigov, approximately 530 km south of the capital city of Ulaanbaatar and 80 km north of the border with China. IMM holds the right to conduct drilling and other exploration work on the Oyu Tolgoi Project through Mongolian Mineral Exploration License ("MEL") 66X, which comprises approximately 8,496 hectares of property. This license was originally granted to BHP Exploration in 1997. The license expires on February 2, 2004 and, as it is the second and final extension of the MEL, it is not renewable. IMM must apply for a mining license prior to February 2, 2004 in order to maintain its right to develop the Oyu Tolgoi Project. IMM originally acquired MEL 66X from BHP Exploration pursuant to a May 2000 Earn-in Agreement (the "Earn-in Agreement"). In 2002, IMM completed the earn-in requirements under the Earn-in Agreement. After certain back-in rights held by BHP Exploration expired, BHP Exploration transferred title to MEL 66X to IMM in the summer of 2002. Pursuant to the Earn-in Agreement, BHP Exploration retains a 2% net smelter returns royalty on production from the Oyu Tolgoi Project. IMM must pay a yearly per hectare fee to the Mongolian government in order to maintain the MEL in good standing. IMM must apply to the Mongolian government for a mining license prior to the expiry of the corresponding MEL before it can commence mining activity on the property. Mining licenses are typically granted for a term of 60 years, and are renewable for up to an additional 40 years. The Mongolian government also imposes a royalty of 2.5% on the sale value of all minerals mined in the country. Holders of a MEL in Mongolia must comply with environmental protection obligations. These obligations include submitting an environmental plan along with annual work plans and posting a bond against completion of environmental compliance obligations with the relevant Soum (district), which in the case of MEL 66X is the Khan Bogd Soum. In October 2002, IMM completed and submitted to the Mongolian government an environmental baseline study respecting the Oyu Tolgoi Project. The study will be used for the preparation of 12 guidelines for an environmental impact assessment (an "EIA") of the project. An EIA will be required prior to commencement of project development work, and IMM has retained independent consultants to assist in the preparation of the EIA with a target completion date of the first quarter of 2004. IMM pays to the Khan Bogd Soum an annual fee to account for water and road usage. IMM also retained the Institute of Archaeology at the Mongolian Academy of Science to complete archaeological studies of the Oyu Tolgoi Project, and has now received approval from archaeological regulatory authorities in Mongolia to disturb the property for the purposes of exploration and development of the property. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES AND PHYSIOGRAPHY The Oyu Tolgoi Project is located in the south Gobi Region of Mongolia, approximately 530 km south of the capital city, Ulaanbaatar. Road access to the property follows a well-defined track directly south from Ulaanbaatar requiring approximately 12 hours travel time in a four-wheel drive vehicle. The IVN Group has also constructed a 1,400 metre ("m") airstrip which allows the property to be reached by small aircraft. Mongolian rail service and a large electric power line lie 350 km east of the property at the main rail line between Ulaanbaatar and China. The China-Mongolia border is located approximately 80 km south of Oyu Tolgoi. A major thermal coal deposit is located at Tavan Tolgoi, approximately 110 km west-northwest of Oyu Tolgoi. A small diesel power station is located 60 km east of the Oyu Tolgoi Project in Handbogd. The nearest significant population centre is the regional provincial capital at Dalandzadgad, located 240 km west northwest of Oyu Tolgoi with a population of approximately 12,500 people. Dalandzadgad is accessible by unpaved road and regular, scheduled air service from Ulaanbaatar. Temperatures at Oyu Tolgoi range from an extreme maximum of approximately 36 degrees Celsius to -25 degrees Celsius. IMM believes that it is possible to conduct exploration and mining operations on a year round basis. The property ranges in elevation from 1,140 m to 1,215 m above sea level, and has a relatively flat, undulating topography with less than 50 m of relief. The surface area is a semi-desert steppe, with total precipitation of approximately 100 mm and sparse, semi-desert vegetation. The Mongolian Minerals Law and Mongolian Land Law govern IMM's surface rights on the Oyu Tolgoi Project. Water rights are governed by the Mongolian Water Law and the Mongolian Minerals Law. These laws permit license holders to use the land and water in connection with exploration and mining operations, subject to the discretionary authority of Mongolian national, provincial and regional governmental authorities. Ivanhoe expects that it will have to negotiate with all three levels of government to ensure access to appropriate land and water rights prior to the commencement of any mining operations. Power and local water sources are currently sufficient for exploration activities. The nearest power line is 350 km away, so IMM operates two 200 kilowatt diesel generators for camp electrical needs. Water is generally available from shallow wells. Additional power and water sources will need to be developed prior to the commencement of mining operations. IMM is presently conducting a water resource exploration program to locate sufficient water sources for production purposes. The Oyu Tolgoi Project property is relatively flat, and should be amenable to the construction of the necessary infrastructure for a mining operation, including tailings storage sites, heap leach pads, waste disposal and processing plant sites. 13 HISTORY Old diggings and small amounts of slag found in the area indicate that the Oyu Tolgoi area was subject to small scale mining activity in ancient times. However, modern mineral exploration did not begin in earnest in the area until 1996, when the Magma Copper Company Ltd. ("Magma") began a reconnaissance program which examined more than 60 copper occurrences in various parts of Mongolia. In 1996, after BHP Exploration acquired Magma, BHP Exploration continued the reconnaissance program in western and southern Mongolia. BHP Exploration first visited the Oyu Tolgoi Project in September, 1996 as part of its regional reconnaissance program of the south Gobi region. BHP Exploration subsequently applied for, and was granted, an exploration concession covering 1,350 square km. After geological mapping, stream and soil sediment surveys and magnetic and induced polarization ("IP") surveys, BHP Exploration completed 6 diamond core holes totalling 1,102 m during the 1997 field season. With encouraging results from two of the holes, a second phase of drilling was undertaken in 1998, consisting of an additional 17 widely-spaced core holes totalling 2,800 m. These holes failed to return significant mineralization and BHP Exploration suspended the project pending economic review. In 1999, following a review of past results, additional drilling and continued exploration on the property was planned but never carried out. BHP Exploration offered the properties for joint venture, which culminated in the execution of the Earn-in Agreement with IVN in 2000. In 2000, after entering into the Earn-in Agreement, IMM carried out a reverse circulation ("RC") drill program to delineate a chalcocite blanket intersected by one of BHP Exploration's diamond drill holes. This program consisted of 109 RC holes totalling 8,828 m. The holes were targeted to define supergene copper mineralization that might be amenable to a heap leaching SX-EW process similar to the one used at the Monywa Copper Project. IVN reviewed the results and decided that the chalcocite blanket at Central Oyu was neither large enough nor high grade enough to be economic as a stand-alone deposit. In 2001, IMM continued the RC drilling program to expand the chalcocite blanket and locate additional supergene resources. The IMM also completed three diamond drill holes to test deep hypogene copper and gold potential. One of these holes, OTD 150, intersected 508 m of chalcopyrite-rich mineralization grading 0.81% copper and 1.17 grams per tonne ("g/t") gold, while another hole, OTD 159, intersected a 49 m thick chalcocite blanket grading 1.17% copper and 0.21 g/t gold and 252 m of hypogene covellite mineralization grading 0.61% copper and 0.11 g/t gold. The diamond drill holes were sufficiently encouraging for IMM to conduct a major follow-up drill program and, by the end of 2002, the IVN Group had completed approximately 120,000 m of diamond drilling. GEOLOGY AND MINERALIZATION The Oyu Tolgoi Project lies near the boundary of the South Mongolian and the South Gobi tectonic units, in the Kazakh Mongol Belt. The area contains a mixture of arc and back arc rocks that accreted to southern Mongolia during the Paleozoic age. The Oyu Tolgoi Project area falls within an arc terrane composed of lower to mid Paleozoic metasediments and island arc basalts that rest on a lower Paleozoic ophiolite complex. The arc terrane is dominated by basaltic volcanics and intercalcated volcanogenic sediments, intruded by plutonic-size hornblende-bearing granitoids of mainly quartz monzodiorite to possibly granitic composition. IMM has established a tentative hardrock stratigraphy of the Oyu Tolgoi Project based mainly on drilling data and detailed mapping. The drilling indicates that massive porphyritic augite basalt underlies much of the 14 central part of the exploration block, with some drill holes encountering augite basalt at depths of over 1,000 m. To date, the structural attitude and true thickness of the augite basalt are unknown. Overlying the augite basalt are dacitic to andesitic ash flow tuffs, several hundred metres in thickness, which in turn are overlain by an approximately 500 m thick layer of sedimentary rocks, including siltstones, minor conglomerate and carbonaceous shale, with intercalcated auto-brecciated basaltic lava and tuff. A wide variety of felsic to mafic dykes are found throughout the exploration block including porphyritic quartz monzodiorite dykes that may be genetically related to the copper and gold porphyry systems. The geology and mineralization of the Southwest Oyu zone is characterized by a gold-rich porphyry system, with a high-grade core about 250 m in diameter and extending up to 900 m vertically. The deposit is centered on small quartz monzodiorite dykes. Intrusive into the deposit is massive biotite, magnetitite altered porphyritic basalt. Mineralization consists mainly of finely disseminated pyrite-chalcopyrite with minor bornite and massive chalcopyrite veins cross-cutting and impregnating earlier deformed quartz vein stock works. The mineralization is related to a late stage sericite and sericite-biotite-albite overprint, which affects the quartz monzodiorite intrusions and basaltic wall rocks. Most of the ore body is situated within the basaltic wall rocks, with less than 20% hosted by quartz monzodiorite. The mineralization is characterized by a two-to-one gold to chalcopyrite copper ratio that increases with depth. South Oyu is a copper porphyry deposit, developed mainly in basaltic volcanics and related to small, strongly sericite altered quartz monzodiorite dykes. The South Oyu zone is characterized by secondary biotite, magnetite and moderate intensity quartz veining, with strong, late-stage overprinting by seritite, chlorite-smectite. Unlike Southwest Oyu, the South Oyu system is not gold rich. The deposit is intruded by sericite altered quartz monzodiorite dykes, with weak to locally strong copper mineralization, and by small post-mineral andesite, rhyolite and basalt dykes, that locally may occupy up to 50% of the rock volume. Copper mineralization at South Oyu consists of finely disseminated pyrite-chalcopyrite and bornite. The mineralization at Central Oyu includes a body of high-sulphidation with copper mineralization consisting of covellite, chalcocite and minor enargite, a body of copper and gold porphyry mineralization consisting primarily of chalcopyrite and a shallow chalcocite enrichment blanket. The high-sulphidation mineralization and its associated advanced argillic alteration and mineralization are telescoped onto the underlying and peripheral porphyry system. The chalcocite blanket appears to overlie the covellite-rich quartz-veined zones in pyrite-rich quartz monzodiorite. The quartz-veined zones are also strongly covellite mineralized. Supergene mineralization underlies a leached cap extending 20 to 80 m below the surface. The upper 20 to 40 m of the chalcocite blanket consists of chalcocite with minor covellite and digenite. The lower parts of the blanket, which has lower copper grades, is dominated by covellite. The upper chalcocite and lower covellite zones are a standard feature of enrichment blankets. Distribution of gold is not well known. Most of the supergene system and covellite zones contain less than 30 parts per billion of gold but there are erratic values of 0.1 parts per million ("ppm") of gold to 1 ppm of gold. Significant gold values occur in the intermediate argillic and chlorite altered basaltic rocks that flank and underlie the west side of Central Oyu. There is also hypogene mineralization beneath the enrichment blanket. The Far North Oyu zone is dominated by high-sulphidation type related mineralization, hosted by advanced argillic altered dacitic ash flow tuff overlaying intermediate argillic to chlorite altered basaltic volcanics. Sedimentary rocks overlie the dacitic tuffs and cap the high-sulphidation system. The Far North Oyu deposit contains a high-grade copper zone, in which mineralization exceeding 2% copper is present, which extends over a strike length of more than 1.8 km. This high-grade zone is dominated by bornite, but is mixed with chalcocite or chalcopyrite and is associated with intense quartz veining occupying up to 85% of the rock. The high-grade deposit is internal to a significantly larger moderate grade body of copper mineralization grading between 1% to 2% copper, consisting of a mixture of chalcopyrite, bornite, chalcocite and pyrite. Fluorine- 15 bearing minerals, including fluorite and topaz are also prevalent throughout the deposit, while enargite occurs in the upper most, pyrite-rich zones of the deposit and to a lesser extent on its flanks. EXPLORATION AND DEVELOPMENT IMM's exploration at Oyu Tolgoi has consisted mainly of remote sensing and geophysical methods, including satellite image interpretation, detailed ground magnetics, Bouguer gravity and gradient array IP, as well as extensive drilling. Gradient array IP has been conducted on north to south and subsequently east to west lines at 100 m line spacing, with current electrode spacing varying from 1,000 m to 11 km. Drill holes have been targeted to test IP chargeability targets or structural zones. Outcropping prospects, including Southwest, South and Central Oyu, have been mapped at 1:1,000 scale, while the central part of the exploration block was mapped at 1:2,000 scale in 2001. The entire remaining exploration block was mapped at 1:10,000 scale in 2002. Initial geophysical surveys were conducted by BHP Exploration in 1996 consisting of airborne magnetics, ground magnetics and gradient array IP. In 2001, IMM conducted gradient array IP on 100 m spaced north to south lines over the 3 km by 4 km core block of Oyu Tolgoi. IMM used multiple current electrode spacing ranging from 1,000 m to 3,600 m, and was able to define the sulphide assemblages in Southwest, South and Central Oyu. The IP survey also defined a large, semi-circular feature with Central Oyu on the southern side and the Far North IP anomaly on the north side. In 2002, IMM re-oriented the IP survey lines to east to west to account for a predicted north-northeast trending high grade copper zone at Far North Oyu. IMM then re-surveyed the core block of Oyu Tolgoi on 100 m spaced lines using multiple AB current electrode spacing. This survey resulted in an entirely different chargeability signature that now appears to reflect a continuous zone of sulphide mineralization extending north-northeasterly from the southwest end of Southwest Oyu through to the northernmost extent of the property, for a total strike length of approximately 5 km. The most recent IP survey clearly outlines the high-grade zone of Southwest Oyu as a nearly vertical pipe that becomes tightly constrained with depth. On the survey, Central Oyu mineralization trends north to northeasterly and continues to be the dominant chargeability feature on the IP survey, reflecting concentrations of pyrite of up to 10% and the central covellite core of the high-sulphidation system. This very strong chargeability feature extends unabated to inferred depths of 1,500 m and is currently being tested by deep drilling at Central Oyu. Extending north-northwesterly from Central Oyu, a strong IP anomaly reflecting 4% to 6% pyrite mineralization extends through Far North Oyu, with high-grade copper mineralization intersected in hole OTD270 and subsequent drill holes flanking it on the east side. IMM has expanded the IP program to search deeper to a limit of 1.5 km. The survey results to date are consistent with an extension of sulphide mineralization to this depth. Detailed total field, ground magnetic surveys, reading 25 m by 5 m and 50 m by 10 m centres, have been completed over the full Oyu Tolgoi tenement. Although done in two surveys, the data were merged to produce a magnetic image of the block. The magnetic survey clearly defines the structural fabric of the property as well as the altered zonation. It produced marked magnetic highs on the hydrothermal magnetite-altered basalts underlying South and Southwest Oyu and magnetic lows on the extensive advanced argillic, high sulphidation systems that encompass Central Oyu to Far North Oyu due to the magnetic destruction caused by these systems. In February 2003, IMM engaged an international engineering construction and project management group to prepare a feasibility study of the Oyu Tolgoi Project. The IVN Group is a joint venture consisting of AMEC 16 and Ausenco. The IVN Group will also obtain specialized advice from other internationally recognized engineering companies for certain aspects of the feasibility study. The IVN Group commenced preparation of a scoping study in March 2003, and the parties have targeted the middle of 2004 for the completion of the feasibility study. IMM contracted an independent consultant to analyze geotechnical characteristics of the Far North Oyu zone. The consultant produced a report in the first quarter of 2003 indicating that the Far North Oyu zone would be amenable to block cave mining, which is the lowest-cost, bulk underground mining method available. IMM has conducted geo-technical reconnaissance in 2002 and 2003 to assess foundation conditions and the local availability of construction materials. DRILLING IMM has employed up to 14 drill rigs on the Oyu Tolgoi Property in connection with its drilling program. IMM has conducted drilling by wireline method utilizing HQ and NQ size core and some PQ size core for metallurgical testing. Upon completion, the collar and anchor rods on drill holes are trimmed to about 0.5 m. above ground and capped. Drill hole collars are located respective to a property grid by either global positioning system or theodolite and electronic distance measuring instruments. Holes are drilled at a declination of between 45 degrees and 90 degrees, with the majority between 60 degrees and 70 degrees. The drill contractors take down-hole surveys about every 50 m. IMM uses standard logging and sampling conventions to capture information from the drill core. The core is logged in detail onto paper logging sheets and the data are then entered into the project database. The core is photographed prior to being sampled. Drill core is then stored as stacked pallets in an organized "core farm". Core recovery in the mineralized units has been usually between 95% and 100%. By the January 30, 2003 cut-off date for the AMEC Technical Report resource estimate, IMM had completed diamond drilling of over 121,000 m in 199 drill holes. Subsequent to that date, IMM has completed an additional 37 drill holes at Far North Oyu and four drill holes at Central Oyu. The holes generally range in length from 60 m to 1,200 m, averaging 610 m. IMM's diamond drilling program is currently focusing on gold and copper porphyry underlying the Far North Oyu and Central Oyu zones. IMM initially believed that the Far North Oyu mineralization was controlled by a north-northeast trending linear feature. IMM's recent drilling, which has focused on determining the continuation of mineralization to the north, indicates that the zone is broadening and more flat-lying. Drilling is now focussing on identifying the total extent of the broadening linear feature beyond the area covered in resource estimate in the AMEC Technical Report. To date, the Far North Oyu drill program has extended the strike length of the mineralized zone by an additional 700 m from the area covered in the most recent resource estimate. Included in the drill results is evidence of a new zone of high-grade chalcopyrite-bornite, copper and gold mineralization. IMM has intercepted this zone with ten drill holes over a strike length of approximately 800 m. The drill holes contain broad intercepts of between 100 to 200 m averaging grades of between 2.5% to 6.1% copper with moderate to strong associated gold values. The new zone is interpreted to lie between 400 m and 1,100 m below surface and is open in all directions and to depth. IP data indicates that the zone is primarily open to the north-northeast for another 600 m, where it appears to be cut off by a major east to west trending post-mineral structure. Recent drill results on this trend include OTD367A on the northern end of Far North Oyu, approximately 650 m from the area included in the most recent resource estimate. OTD 367A intersected a 17 144 m chalcopyrite-rich high-grade interval grading 4.41% copper and 1.61 g/t gold starting at a depth of 1,062 m. IMM also encountered a 40 m intersection starting at 1,146 m grading 3.49% copper and 0.19 g/t gold in OTD383, which lies approximately 200 m east of OTD367A. On the southern end of Far North Oyu, OTD382 and OTD401 have intersected high grade mineralization that appears to extend the high-grade core to the southern end of the Far North Oyu resource block. OTD382 intersected 96 m grading 3.09% copper and 0.16 g/t gold starting at 626 m, while assays are pending for OTD401. These two drill holes lie approximately 2 km from OTD367A, lying at the northern end of the mineralized zone of Far North Oyu. SAMPLING AND ANALYSIS IMM's sampling procedure includes the collection of core samples taken on continuous 2 m intervals down each drill hole, excluding dykes that extend more than 10 m along the core length. One-half of each NQ and HQ core and one-quarter of each PQ core is taken in the sampling. The core is split with a rock saw and cooled and lubricated with fresh water. To prevent sampling bias, the core is marked with a continuous linear cutting line before being split. Samples are placed in cloth bags and sent to an on-site preparation facility for processing. In the AMEC Technical Report, AMEC reported that core recovery is good, with relatively few broken zones. The samples are initially assembled into groups of 16, then interspersed with four quality control samples to make up a batch of 20. The quality control samples comprise one duplicate split core sample and one uncrushed field blank, which are inserted prior to sample preparation; a reject or pulp preparation duplicate, which is inserted during sample preparation, and a reference material sample, which is inserted after sample preparation. Split core samples are prepared for analysis at an on-site facility operated by SGS-Analabs Pty. Ltd. ("Analabs"). Prepared samples are placed in wooden shipping boxes, locked, sealed with tamper-proof tags and shipped under the custody of IMM to Ulaanbaatar, where they are assayed at a non-certified facility operated by Analabs. All samples are routinely assayed for gold, copper and molybdenum while samples from Far North Oyu and Central Oyu are also assayed for arsenic. Samples are digested with nitric, hydrochloric, hydrofluoric and perchloric acids to dryness before being leached with hydrochloric acid to dissolve soluble salts and made to volume with distilled water. Gold is determined using fire assay fusion, while copper and molybdenum are determined using acid digestion. Upon receipt of assay results, values for reference material samples and filed blanks are tabulated and compared to an established round robin program. Assay results that deviate from round robin program results beyond pre-set parameters are rejected and subject to re-assay. IMM also performs check assays at the rate of one per batch of 20 samples and conducts blind pulp duplicates at the rate of two per five batches of 100 samples. In April 2002, IMM also implemented a formal quality assessment and quality control ("QA/QC") program for its sampling procedure. The program currently uses core duplicate, coarse reject duplicate, pulp duplicate, blind pulp duplicate (samples resubmitted back to Analabs) and laboratory pulp duplicate (samples sent to an umpire lab) samples to assess the quality of sampling procedure. Samples taken from diamond drill holes OTD149 to 190 from Southwest Oyu were originally assayed prior to implementation of the QA/QC program. In connection with the preparation of the AMEC Technical Report, AMEC recommended that a re-assay program be completed to determine if any assay biases were present for 18 those samples. All samples from within the Southwest Oyu mineralized zone were therefore compiled and 20% selected for re-assay under the QA/QC program. The results of the program indicated a positive bias in the original gold and copper assays. A bias assessment was conducted on moving grade windows to obtain a better understanding of the patterns. AMEC determined that for gold, data below two g/t and above six g/t are biased by more than 5%. No adjustment was made to gold grading below two g/t because the average bias of approximately 8.5% equates to a copper equivalent grade of only 0.05%, which is negligible. The bias affecting gold grading above six g/t is much higher, with an average bias for such gold assays of 14%, which equates to a copper equivalent grade of 0.61%. Accordingly, AMEC made a proportional adjustment of the original grades of all pre-OTD231 gold assays grading over six g/t equal to the average bias of 14%. AMEC also made a proportional adjustment of the original grades of copper assays grading above 2% copper. Based on an average 5% bias and a mean grade of 3% copper for such copper assays, AMEC calculated an average bias of 11%. Accordingly, AMEC made an adjustment equal to 11% for all pre-OTD231 data grading over 2% copper. IMM has commenced a pre-feasibility level metallurgical test program using PQ half core samples from Southwest and Central Oyu and one quarter PQ core samples at Far North Oyu. IMM is currently conducting grinding tests with a view to providing engineering parameters for semi-autogenous grinding. IMM is also conducting column leaching test work to assess the potential for copper recovery from heap leaching. MINERAL RESOURCES The mineral resource estimates for the Oyu Tolgoi Project were calculated by AMEC in the AMEC Technical Report under the direction of Dr. Harry Parker, Ch.P.Geol., and Dr. Stephen Juras, P.Geo. The estimates were made from 3-dimensional block models utilizing commercial mine planning software (MineSight). The project was divided into four deposits: Southwest Oyu, South Oyu, Central Oyu and Far North Oyu. Mineral resource estimates were classified using logic consistent with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and Reserves Definitions and Guidelines ("CIM Standards") definitions referred to in NI 43-101. All interpolated blocks within 150 m of a drill composite were assigned as inferred mineral resources. The South, Central and Far North Oyu deposits all fall within this category. Tighter drill spacing together with the demonstrated confidence in the assayed values from the QA/QC program allowed AMEC to classify a significant portion of the Southwest Oyu deposit as indicated mineral resources. As there has been no analysis of the feasibility of extracting minerals based on a particular cut-off grade, AMEC estimated resources at the four deposits at a number of copper equivalent cut-off grades. AMEC in particular focused on a copper equivalent cut-off grade of 0.3% copper and 0.6% copper. The estimates are listed below: 19 OYU TOLGOI RESOURCE ESTIMATE (Based on a 0.30% Copper Equivalent Cut-off)(1)
DEPOSIT INDICATED RESOURCES INFERRED RESOURCES - ------------- ---------------------------------------------------------- -------------------------------------------------------- TONNES GRADE GOLD COPPER GOLD TONNES GRADE GOLD COPPER GOLD EQ. (2) EQ.(2) (MILLION (BILLION (MILLION (MILLION (BILLION (MILLION (MILLIONS) G/T GOLD % COPPER OUNCES) POUNDS) OUNCES) (MILLIONS) G/T GOLD % COPPER OUNCES) POUNDS) OUNCES) ---------- -------- -------- ------- ------- ------- ---------- -------- -------- ------- ------- ------- SOUTHWEST OYU 509 0.59 0.40 9.69 4.54 20.07 291 0.50 0.32 4.7 2.03 9.35 CENTRAL OYU . -- -- -- -- -- -- 237 0.18 0.67 1.36 3.51 9.38 SOUTH OYU ... -- -- -- -- -- -- 270 0.13 0.39 1.10 2.35 6.48 FAR NORTH OYU -- -- -- -- -- -- 804 0.07 0.81 1.80 14.39 34.75 TOTAL ....... 509 0.59 0.40 9.69 4.54 20.07 1,602 0.17 0.63 8.96 22.28 59.96
OYU TOLGOI RESOURCE ESTIMATE (Based on a 0.60% Copper Equivalent Cut-off)(1)
DEPOSIT INDICATED RESOURCES INFERRED RESOURCES - -------------- ---------------------------------------------------------- -------------------------------------------------------- TONNES GRADE GOLD COPPER GOLD TONNES GRADE GOLD COPPER GOLD EQ. (2) EQ.(2) (MILLION (BILLION (MILLION (MILLION (BILLION (MILLION (MILLIONS) G/T GOLD % COPPER OUNCES) POUNDS) OUNCES) (MILLIONS) G/T GOLD % COPPER OUNCES) POUNDS) OUNCES) ---------- -------- -------- ------- ------- ------- ---------- -------- -------- ------- ------- ------- SOUTHWEST OYU 267 0.86 0.53 7.35 3.14 14.52 127 0.68 0.44 2.78 1.22 5.56 CENTRAL OYU . -- -- -- -- -- -- 48 0.26 0.61 0.40 0.65 1.88 SOUTH OYU ... -- -- -- -- -- -- 148 0.24 0.84 1.14 2.73 7.24 FAR NORTH OYU -- -- -- -- -- -- 489 0.07 1.08 1.17 11.59 27.69 TOTAL ....... 267 0.86 0.53 7.35 3.14 14.52 812 0.21 0.90 5.49 16.19 42.51
NOTE:(1) COPPER EQUIVALENT CUT-OFF GRADES HAVE BEEN CALCULATED USING ASSUMED METAL PRICES (US$0.80/LB. FOR COPPER AND US$350/OZ FOR GOLD); %Cu EQ. = %Cu + Au (G/T) x (11.25/17.64). (2) GOLD EQUIVALENTS HAVE BEEN CALCULATED USING ASSUMED METAL PRICES OF US$350 PER OUNCE GOLD AND US$0.80 PER POUND COPPER; IN SITU POUNDS OF COPPER MULTIPLIED BY US$0.80 PER POUND COPPER AND DIVIDED BY $US350 PER OUNCE GOLD ADDED TO THE IN SITU OUNCES OF GOLD. THE CONTAINED GOLD, COPPER AND GOLD EQUIVALENTS REPRESENT ESTIMATED CONTAINED METAL IN THE GROUND AND HAVE NOT BEEN ADJUSTED FOR THE METALLURGICAL RECOVERIES OF GOLD AND COPPER. THE DETERMINATION OF AN ADJUSTMENT FACTOR TO ACCOUNT FOR DIFFERENCES IN RELATIVE METALLURGICAL RECOVERIES BETWEEN GOLD AND COPPER WILL DEPEND UPON THE COMPLETION OF DEFINITIVE METALLURGICAL TESTING. The resource estimates include results from 71 drill holes from Southwest Oyu, 68 drill holes from South Oyu, 61 drill holes from Central Oyu and 63 drill holes from Far North Oyu. Mineral resources are not mineral reserves until they have demonstrated economic viability based on a feasibility study or pre-feasibility study. 20 Each of the deposits were assigned mineralized domains based on geological criteria and marked changes in mineralization intensity. AMEC checked the shapes for interpretational consistency in section and plan, and found them to have been properly constructed. These mineralized domains were then critically reviewed to determine appropriate estimation or grade interpolation domains. Several different procedures were applied to the data to discover whether statistically distinct domains could be constructed using the available geological variables. The results were then used to guide the construction of a block model and the development of estimation plans. AMEC also prepared contact profiles for copper, gold and molybdenum across the various mineralized domains in each deposit. The data analyses demonstrated that most of the domains in the four mineralized zones should be treated as separate domains with respect to copper, gold and molybdenum. The exception to this is an ignimbrite-augite basalt boundary in Far North Oyu. This boundary shows transitional characteristics and was treated as a soft boundary during grade interpolation. AMEC also conducted variography analysis (the study of the spatial variability of an attribute) of copper and gold in the main mineralized domains in each zone by constructing correlograms. AMEC prepared 37 sample correlograms, which allowed AMEC to form a model to assist in the determination of single or two-nested structure variance contributions, ranges for the variance contributions, and the model type. AMEC composited the assays into 5 m down-hole composites. The compositing followed the domain zone by breaking the composites on the domain code values. Capping limits were applied to the assay data prior to compositing. AMEC reviewed the compositing process and found it to have been performed correctly, after adjusting assay data for biases contained in pre-OTD231 drill holes prior to capping. Bulk density data were assigned to a unique MineSight assay database file. These data were composited into 15 m fixed-length down-hole values to reflect the block model bench height. Bulk density values were estimated into the resource model by an averaging of composites. Various coding was done on the block model in preparation for grade interpolation. The block model was coded according to zone and domain. Percent below topography was also calculated into the model blocks. Post-mineral dykes were assumed to represent zero grade waste cutting the mineralized rock. The shapes were used to calculate an ore-remaining percent for each block by subtracting the volume percent dyke that intersects a block from 100. This percentage was used in the resource tabulation procedures to properly account for mineralized material. The Oyu Tolgoi estimation plans were designed using a philosophy of restricting the number of samples for local estimation. While local predictions based on the small number of samples are uncertain, this method can produce reliable estimates of the recovered tonnage and grade over the entire deposit because the global grade-tonnage curves from the estimations tend to be accurate predictors of the actual grade-tonnage curves. Modelling consisted of grade interpolation by ordinary kriging. Inverse distance weighting to the second power was used to interpolate molybdenum grades in Southwest Oyu and Central Oyu. Also, the chalcocite blanket in Central Oyu was interpolated by grade averaging because of the small data population in this domain. Only capped grades were interpolated. AMEC completed a detailed visual validation of the Oyu Tolgoi resource block models. This included an independent check on the smoothing in the estimates using the Discrete Gaussian or Hermitian polynominal change-of-support method. AMEC checked the block model estimates for global bias by comparing the average metal grades from the model with means from nearest-neighbour estimates. The results displayed no evidence of bias. 21 AMEC also checked for local trends in the grade estimates. This was done by plotting the mean values from the nearest-neighbour estimate versus the kriged results benches, northings and eastings. The trends for copper and gold behave as predicted. Histograms were constructed to show the frequency of sample grades within the mineralized domains. Both kriged and nearest-neighbour plots were made for copper, gold and molybdenum. The nearest-neighbour plots mimic the respective composite value distribution. The kriged results show the formation of a more symmetric distribution because of the smoothing effect caused by using multiple values from multiple drill holes to interpolate a model block value. MONYWA COPPER PROJECT, MYANMAR PROJECT DESCRIPTION AND LOCATION The Monywa Copper Project is located in west central Myanmar, approximately 5 kilometres west of the town of Monywa. The site is approximately 110 kilometres west of Mandalay and 832 kilometres by road north of the capital city of Yangon, and is situated on the west bank of the Chindwin River, near its confluence with Yama Stream. The Monywa Copper Project comprises four mineralized deposits: Sabetaung, Sabetaung South, Kyisintaung and Letpadaung. The two Sabetaung deposits and Kyisintaung are adjacent to each other and have been developed as the S&K Mine, the first phase of the Monywa Copper Project. The fourth deposit, Letpadaung, is approximately seven kilometres southeast of the S&K Mine site and is to be the subject of the second future development phase of the Monywa Copper Project. The S&K Mine site property covers approximately 3,059 hectares and the Letpadaung deposit covers approximately 3,269 hectares. The Monywa Copper Project is a joint venture between IVN's wholly-owned subsidiary, Ivanhoe Myanmar Holdings Ltd., and Mining Enterprise No. 1 ("ME1"), an entity wholly-owned by the Government of Myanmar. IVN holds a 50% interest in the joint venture, which operates through Myanmar Ivanhoe Copper Company Limited ("JVCo"), a company incorporated under the laws of Myanmar. JVCo operates the S&K Mine, an open-pit mine using heap leach SX-EW technology designed to produce London Metal Exchange ("LME") Grade A cathode copper. JVCo also plans to develop copper mining operations on the Letpadaung deposit. JVCo pays royalties to the Myanmar Ministry of Mines in respect of cathode copper sold by the Monywa Joint Venture at a rate of 2% of the value of cathode copper sold during the first five years of commercial production. Thereafter, the royalty rate increases to 4% plus an amount equal to 2% of the value of cathode copper sold during the first five years of commercial production, amortized and payable in equal instalments over the following five years. JVCo must pay all such royalties in cash or in kind at the option of the Myanmar Ministry of Mines. JVCo must also pay rent to the Myanmar Ministry of Mines at an annual rate of $500 per square kilometre. The Monywa joint venture is governed by a joint venture agreement which provides that the joint venture will operate on each deposit for twenty years from the date of commencement of commercial production on such deposit. The joint venture may apply for an extension for an additional five-year period if the board of directors of JVCo determines that further production is technically feasible and economically viable, subject to receipt from applicable Myanmar governmental authorities of all necessary approvals to continue operations. 22 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY The Monywa Copper Project is located approximately 110 kilometres west of Mandalay, Myanmar's second largest city. Several villages are located in and near the mine site. The mine townsite, Nyaungbingyi on the west bank of the Chindwin River and Monywa on the east bank are the nearest population centres. Monywa, which is the main supply centre in the area, has a population of approximately 500,000. The mine site is situated on the west bank of the Chindwin River to the east of the Chin Hills, within Myanmar's flat central plains. Elevations range from 75 m above sea level on the banks of the Chindwin River, to about 330 m above sea level at the crest of the Letpadaung Hills. The area is characterized by dry zone vegetation consisting mostly of low growing shrubs and grasses together with cultivated fields. The area has a dry, continental monsoon type climate. Winters are warm and very dry, while summers can be extremely hot with thunderstorm activity and localized flooding. Yangon is the major entry point for Myanmar with regular air service from Yangon to Mandalay. The mine site is accessible by paved road from Mandalay. The drive takes about three hours and culminates in a ferry crossing of the Chindwin River. The mine site can also be reached from the town of Pakokku on the Irrawaddy River by way of an unimproved road on the western bank of the Chindwin River. The town of Monywa is also linked by rail to Mandalay and Yangon. The Irrawaddy and Chindwin Rivers also provide a viable shipment route for copper, bulk supplies and heavy equipment to and from Yangon and the mine site. HISTORY The existence of copper mineralization in the Monywa area has been known for centuries. Ancient copper extraction from shallow oxidised ores is evidenced by slag remnants in some of the villages surrounding Sabetaung. In the early 1900s, a British company registered gold and copper claims in the Letpadaung area. Several existing small adits were probably excavated around that time. During the 1930s, attempts were made to extract copper from malachite and other minerals which occur locally within the Letpadaung deposit. Extensive workings were opened, but soon abandoned, as the attempts were unsuccessful. In the mid-1950s, the Burma Geological Department and a survey team from Yugoslavia visited the area as part of a regional reconnaissance and recommended further study. Between 1957 and 1960, the Burma Geological Department, using a foreign contractor, undertook an economic survey of the Monywa copper region. This work was followed up with additional drilling by the Burma Geological Department. From 1972 until 1976, the Japanese Overseas Technical Co-operation Agency financed a programme of exploration and pilot plant studies leading to a feasibility study for the Sabetaung and Kyisintaung deposits. The programme included underground exploration at Sabetaung. A number of holes were drilled in the Sabetaung and Kyisintaung deposits. The Japanese built and operated a 50 tonne per day pilot plant and planned a mill and smelter project that was never implemented. In June 1978, an agreement for development of the Sabetaung and Kyisintaung deposits was signed between ME-1 and Bor Copper Institute of Yugoslavia ("Bor"). The programme was funded, in part, by the government of Yugoslavia. Bor prepared a full feasibility study and mine plan which served as the basis for construction of a concentrator complex to process 8,000 tonnes per day of ore from Sabetaung, Sabetaung South and Kyisintaung and to produce copper concentrates for export. During the mid-1980s the parties mined feed ore from the Sabetaung pit only, although they also carried out limited stripping at Kyisintaung. 23 IVN and ME-1 entered into an agreement in March 1994 to carry out feasibility studies on the Sabetaung and Kyisintaung deposits, to construct a pilot plant to test the use of an SX/EW process on Sabetaung ores and, subject to feasibility, to enter into a joint venture to develop the Monywa Copper Project. The parties also agreed to carry out additional feasibility studies on the Letpadaung deposit. In April 1996, IVN and ME-1 formed JVCo and entered into a joint venture agreement to develop the S&K Mine. In September 1997, JVCo entered into project financing, construction and marketing agreements with Marubeni U.K. P.L.C. and Nissho Iwai Europe P.L.C., a syndicate of Japanese trading houses, for a $90 million project loan facility to finance construction of the S&K Mine. During 1998 and 1999, the project loan facility was used, in part, to pay a $75 million lump sum engineering, procurement and construction contract that was awarded to a consortium of Marubeni Corporation ("Marubeni") and Chiyoda Corporation, a Japanese engineering and construction concern. JVCo also entered into a long-term sales agreement with Marubeni in which Marubeni agreed to purchase copper cathode produced by the S&K mine during the first seven years of operation. JVCo completed construction of the S&K Mine mining and processing facilities in 1998 and the project achieved full commercial production at a rate of 25,000 tonnes of copper cathode per annum by the end of 1998. GEOLOGICAL SETTING AND MINERALIZATION Regional Geology The Monywa copper district is located along the generally north-trending Inner Volcanic Arc which bisects the Inner Burman Tertiary Basin tectonic province. That province coincides with the Central Lowlands physiographic province. Elevations in the district range from about 70 to 330 m. There are four known copper deposits within the district: Sabetaung, Sabetaung South, Kyisintaung, and Letpadaung, all of which occur in andesitic intrusive plugs of late Tertiary age and associated older Tertiary pyroclastics and sediments. The plugs form hills above a generally flat plain. Pyrite and primary and secondary copper sulfide minerals, mainly chalcocite, occur in hydrothermal breccias, as fracture fillings, and as disseminations in a supergene enriched zone, in a mixed secondary and primary zone, and in a primary zone below an oxidized leached cap that contains essentially no copper values. The hydrothermal breccias are controlled primarily by fractures, and the primary copper mineralization occurs predominantly in and associated with the breccias and in fractures. Local and Property Geology The Sabetaung deposit is currently being mined by open pit methods. The dimensions of the mineralized zone are approximately 500 metres by 500 metres and the deposit has been tested by drilling to depths of 300 metres. Copper mineralization in the zone occurs as subparallel narrow chalcocite-pyrite veinlets, fracture fillings and irregular hydrothermal breccia bodies hosted in intermediate volcanic rocks, dacite porphyries and possibly tuffs. Chalcocite appears to be replacing pyrite to varying degrees and some veinlets up to 10 centimetres wide contained better than 50% chalcocite. The Sabetaung South deposit is located some 500 metres southeast of the Sabetaung pit. The host rock is comprised of hydrothermal breccias which typically display rounded and mixed clasts of either sediment fragments or tuffs in a matrix comprised of rock, flour-silica and iron oxides after sulphides. The surface dimensions of the brecciated zone are approximately 200 metres by 250 metres. Drillhole data indicates that leaching extends to a depth of 40 metres, and that a chalcocite-bearing zone is developed over a depth of more than 100 metres below the leached zone. 24 The Kyisintaung deposit is an area of widespread intense acid sulphate leaching developed over dacite porphyry-hosted fracture and breccia-related chalcocite mineralization. Silicification predominates, with minor kaolinite being developed in the argillized periphery of the deposit. Drilling indicates that the thickness of the intensely leached cap is up to 200 metres and that it is underlain by a major zone of chalcocite enrichment. Chalcocite occurs predominately as thin coatings on pyrite which occurs as disseminations and fracture fillings in the host rock. Mineralized hydrothermal breccias often contain greater than 2% total copper and appear to be the primary mineralization within the deposit. The Letpadaung deposit encompasses approximately five square kilometres and crops out as a cluster of fault bounded hills above a generally flat plain. The Letpadaung deposit is bounded on the north by the Chindwin Basin Fault and approximately 1,000 metres to the south by the subparallel Monastery Fault Zone. The block bounded by the Chindwin and the Monastery faults hosts the majority of the Letpadaung ore body. Within this fault bounded block is a complex system of northeast and northwest faults. Episodic hydrothermal brecciation is the most striking geologic feature related to mineralization at the Letpadaung deposit. Hydrothermal breccia occurs within northwest and northeast trending, lozenge shaped breccia dikes which pinch and swell in all directions. Individual breccia dikes range from a few centimetres to over five metres in thickness. The breccias are the main control of high-grade copper mineralization and are preferentially developed in the more brittle, silicified alteration zones. These northeast trending zones and swarms were considered to be the dominant control on mineralization, but the recently recognised northwest trending zones and swarms are now known to exert a strong control on the location and orientation of mineralization along the Monastery and northwest faults. Mineralization Chalcocite is the predominant copper sulfide mineral in the Monywa deposits. The chalcocite is believed to be mostly secondary and occurs as thin coatings on pyrite. Pyrite occurs in fracture fillings (veins), breccias and vugs, and is disseminated in the groundmass of the rock. Primary chalcocite also occurs in crystalline form in vugs, fractures, and breccias and as graphic intergrowths in pyrite. The deposits can be classified as belonging to the acid-sulfate (high-sulfidation) type. EXPLORATION, DRILLING, SAMPLING AND ANALYSIS Exploration drilling was carried out by JVCo on the Sabetaung, Sabetaung South and Kyisintaung deposits consisting of 101 exploration holes totalling 18,000 metres. In addition, another 102 holes for condemnation, continuity studies, water and geotechnical studies were drilled. JVCo has information on 269 historical core holes totalling about 52,000 metres drilled by third parties in the Kyisintaung, Sabetaung, and Sabetaung South deposits from 1958 to 1983. All of these holes have been included in the JVCo computer database. All but six of these holes are vertical. In 1994 and 1995, JVCo drilled 101 exploration-development core holes totalling about 18,000 metres, 18 core holes totalling about 2,000 metres for metallurgical test samples, and 24 reverse circulation holes for a grade continuity study in the Sabetaung pit, totalling 730 metres, for a total of 143 holes and about 21,000 metres. Sixty-three of the exploration-development holes are angle holes and 38 are vertical holes. JVCo has also established a computer database in respect of the Letpadaung deposit based on information received from a total of 533 drill holes, of which 304 are exploration drill holes totalling 92,575 metres of diamond drill core which were drilled, sampled and assayed under JVCo' supervision between 1994 and 1996. The remaining drill holes were completed for hydrological, metallurgical or condemnation purposes. 25 JVCo also recovered information and compiled an electronic database for 143 drill holes totalling 31,286 metres which were drilled between 1957 and 1986 under the direction of a number of Burmese and Myanmar governmental agencies. Due to data inaccuracies, including unreliable drill hole location, poor core recovery, unsatisfactory assay reliability and potentially inadequate drilling direction, JVCo disregarded these drilling results for resource evaluation purposes. However, JVCo used the data from these holes for statistical comparison with its own database. All drill core from the JVCo drilling was logged systematically by IVN Group geologists for geotechnical and geological information. The core was photographed and sampled, generally in two-metre intervals. Sampling was done by sawing the core in half. One half is stored at the Monywa Copper Project site. The other half was sent to the joint venture's analytical laboratory, where it was crushed and pulverised. The coarse rejects and a subsample of the pulverised core are stored at the laboratory. An identical subsample was sent to Inchcape Testing Services of Jakarta, Indonesia, for total copper analysis. JVCo also analysed onsite most copper-mineralised samples for total copper by atomic absorption analysis. Partial copper analyses, (acid-soluble and cyanide-soluble copper) were performed on part of the database. Cyanide-soluble copper assay results were then used to establish numerical relationships between total copper and cyanide-soluble copper. Quality control procedures were followed for the JVCo sample preparation and all analytical processes. An electronic database was created at the Monywa mine site office and contains all the geological and related exploration data, including analytical data. All original hard copy documentation is kept at that office. MINERAL RESOURCES AND RESERVES Estimates of copper reserves and resources at the Sabetaung, South Sabetaung, Kyisintaung and Letpadaung deposits are as of December 31, 2002. Reserves and resources are categorized in accordance with the JORC Code. The principles and procedures of the JORC Code and CIM Standards are closely aligned and mineralization categorized as measured, indicated and inferred resources and as proved and probable reserves under the JORC Code would be reported under identical categories pursuant to CIM Standards. Estimated measured and indicated mineral resources include those mineral resources modified to produce estimated ore reserves. Resources which are not reserves do not have demonstrated economic viability. Reserve and resource estimates reflect 100% of the deposit. IVN's share is 50%. ORE RESERVES DECEMBER 31, 2002
DEPOSIT PROVEN PROBABLE TOTAL ---------------------- ------------------------- ------------------------ TONNES GRADE(1) TONNES GRADE(1) TONNES GRADE(1) (MILLIONS) (%) (MILLIONS) (%) (MILLIONS) (%) ---------- -------- ---------- -------- ---------- -------- Sabetaung ..... -- -- 18 0.38 18 0.38 South Sabetaung -- -- 13 0.38 13 0.38 Kyisintaung ... -- -- 182 0.37 182 0.37 Letpadaung .... 506 0.45 298 0.40 804 0.43
(1) Cutoff grade for all deposits other than Letpadaung is 0.15%. Cutoff grade for Letpadaung is 0.10%. 26 MINERAL RESOURCES DECEMBER 31, 2002
DEPOSIT MEASURED INDICATED TOTAL(1) INFERRED -------------------------- -------------------------- -------------------------- -------------------------- TONNES GRADE(2) TONNES GRADE(2) TONNES GRADE(2) TONNES GRADE(2) (MILLIONS) (%) (MILLIONS) (%) (MILLIONS) (%) (MILLIONS) (%) ---------- -------- ---------- -------- ---------- -------- ---------- -------- S&K Mine(3) -- -- 213 0.37 213 0.37 17 0.33 Letpadaung 576 0.43 491 0.35 1,067 0.39 408 0.31
(1) Represents aggregate measured and indicated resources excluding inferred resources. (2) Cutoff grade for all deposits other than Letpadaung is 0.15%. Cutoff grade for Letpadaung is 0.10%. (3) Includes Sabetaung, Sabetaung South and Kyisintaung deposits. The Sabetaung resource model was estimated using the technique of multiple indicator kriging, while the South Sabetaung and Kyisintaung deposits were estimated using the technique of ordinary kriging. The Sabetaung South and Kyisintaung reserves were estimated by running the Whittle Pit Optimization computer program to determine the economic ultimate pit limits. The estimates assume mining costs of $0.44 per tonne, processing costs of $1.75 per tonne, general and administrative costs of $0.87 per tonne, production at the rate of 25,000 tonnes of cathode copper per year, 81% recovery and a copper price of $0.80 per pound. The Letpadaung resource model was estimated using the technique of multiple indicator kriging. The reserve was then estimated by running the Whittle Pit Optimization computer program to determine the economic ultimate pit limits. The estimates assume mining costs of between $1.10 and $1.78 per tonne, processing costs of $0.76 per tonne, general and administrative costs of $0.23 per tonne, production at the rate of 125,000 tonnes of cathode copper per year, 81% recovery and a copper price of $0.80 per pound. MINING OPERATIONS The S&K Mine was designed to produce 25,000 tonnes per annum of LME grade A cathode copper using heap-leach, SX/EW extraction technology. Construction commenced in September, 1997 and JVCo produced its first copper from the mine on November 1, 1998. JVCo's capital cost of the S&K Mine to December 31, 2002 was approximately $150 million of which $90 million was provided under a credit facility agreement with Marubeni U.K., PLC and Nissho Iwai Europe, PLC. In August 1999, JVCo completed construction of the S&K Mine, at which time the project loan, previously non-recourse only to ME1, also became non-recourse to IVN. As of February 28, 2003, JVCo has repaid approximately $52.5 million in principal against the credit facility and all accrued interest. The S&K Mine consists of an ore plant and processing related facilities and mining operations on the Sabetaung, Kyisintaung and Sabetaung South deposits. JVCo uses heap leach pads to process the ore. In 2002 JVCo began to increase processing capacity through a program of expanding electrowinning capacity. In the last quarter of 2002, JVCo produced copper at annualized rates of approximately 28,700 tonnes per annum. The expansion program continues, with the ultimate planned capacity expected to be 33,000 tonnes per annum. JVCo has increased the leach pad area of the mine to maintain the increased cathode production and has used run of mine dumps to supplement crusher capacity. JVCo has relocated some of its mining and ore production from the Sabetaung deposit to the Sabetaung South deposit and reallocated some of the production at the Sabetaung pit from Stage 2 to the Stage 3 area of the pit. Ore grade from Stage 2 of the Sabetaung pit is declining in line with design. The decline is being offset by higher-grade ore recovered from Sabetaung South and Stage 3 of the Sabetaung pit. 27 In recent years JVCo has encountered ore zones with a high proportion of clay. The clay material increases the proportion of fine material in processing, which reduces the efficiency of leach kinetics and copper extraction. In 2001, all Sabetaung, Sabetaung South and Kyisintaung exploration drill core was re-logged to determine clay content in order to address an increase in clay content in the ores. The clay content information was incorporated into a computer database, allowing JVCo to generate mine plans, and thereby ensure that clay ores are blended with harder ores so as to ensure maximum percolation of solutions through the heap. During 2002, JVCo constructed and operated a pilot fines material removal plant. Based on the success of the pilot plant, a fines removal plant will be added to the crushing circuit during 2003 and is expected to remove a sufficient amount of fines to permit optimum copper leach extraction. In the past three years, JVCo's production at the S&K Mine has exceeded the annual target capacity for production of 25,000 tonnes of cathode copper, producing 27,542 tonnes of cathode copper in 2002, 26,025 tonnes of cathode copper in 2001 and 26,699 tonnes of cathode copper in 2000. JVCo's recent electrowinning capacity expansion program has increased capacity so that JVCo is now capable of producing copper cathode from the S&K Mine at a rate of 31,000 tonnes per annum. JVCo's cash costs for the S&K Mine during 2002 (before inventory allowances) averaged $0.42 per pound of copper compared to $0.37 per pound of copper in 2001. Average sales price for cathode copper produced from the mine in 2001 and 2002 was $0.73 per pound. JVCo has developed and implemented an environmental reclamation plan for the S&K Mine. Under the plan, JVCo will perform reclamation procedures during and subsequent to the mine's operating life. Reclamation will be funded by ongoing operating and capital allowances and by an estimated $5 million cash accrual during the operating period. This plan has been reviewed and accepted by an independent engineer and adopted by the JVCo Board of Directors. Environmental management at the site is under the direction of a permanently employed environmental manager. Commencing in 1999, an Environmental, Health & Safety Report ("EHS") was prepared by the National Occupational Safety Association Limited ("NOSA") and PPK Environment & Infrastructure Pty Ltd. ("PPK"). These independent organizations audited the Monywa Copper Project operations and produced a publicly available report. JVCo staff will prepare the EHS in accordance with NOSA and PPK guidelines. Similar reviews will be conducted annually. JVCo achieved ISO 14001 environmental certification for the S&K Mine in January 2001. MARKETING ARRANGEMENTS JVCo is a party to a copper sales agreement dated September 23, 1997 with Marubeni Corporation, of Japan whereunder JVCo has agreed to sell, and Marubeni has agreed to purchase, 25,000 tonnes per annum of cathode copper from the S&K Mine. Sale prices are negotiated from year to year based on the market price of LME Grade A cathode copper. Shipping rates and insurance costs are adjusted annually to reflect actual costs. Marubeni receives a sales commission of one percent (1%) of the negotiated sale price. Throughout the term of the copper sales agreement, Marubeni has the exclusive right to market copper produced from the Monywa Copper Project throughout the world. The copper sales agreement will expire on December 31, 2005 unless, prior to that date, copper shipments to Marubeni exceed 175,000 tonnes or JVCo entirely repays all outstanding Monywa Copper Project construction loans, in which case the agreement will expire on December 31 of the year in which either such event first occurs. In December, 2001, the London Metals Exchange ("LME") registered cathode copper produced from S&K. LME registration certifies that copper produced from the mine meets LME standards for purity, shape and 28 weight as specified by its special contract rules. LME registration means that S&K produced copper cathode can be sold at premium prices. PLANNED DEVELOPMENT ACTIVITIES Development of Letpadaung IVN originally planned to obtain project financing to develop a mining operation capable of producing between 50,000 and 125,000 tonnes per annum of cathode copper at the Letpadaung deposit as the second phase of the Monywa Copper Project. Due to an inability to arrange project financing on favourable terms, IVN contracted Ausenco Limited ("Ausenco") to prepare a scoping study (the "Scoping Study") to expand mining operations to the Letpadaung deposit using internal cash flow from the S&K Mine and a limited capital injection. Ausenco completed the Scoping Study in January 2003. The Scoping Study contemplates an expansion of existing mining facilities and the commencement of mining operations in reliance on operating profits from the S&K Mine and a capital injection of between $11.9 million and $40.9 million, depending on the speed of implementation of the program. In the Scoping Study, Ausenco states that it is possible for JVCo to incrementally increase production capacity through a series of increases in infrastructure. Ausenco contemplates a six stage process, which would extend over four to seven years depending on whether JVCo implemented a "slow-track" or "fast-track" process. As the stages advance, JVCo would install an increasing amount of infrastructure both at the S&K processing facility and at the Letpadaung deposit site. By Stage 5 (between 2006 to 2010), JVCo would be capable of processing 90,000 tonnes per annum of copper cathode from the Letpadaung Deposit and 39,000 tonnes per annum from the S&K Mine deposits. The activities contemplated in the six stages are as follows:
PRODUCTION (TONNES PER STAGE ANNUM ("TPA")) DESCRIPTION - ----- ---------------------- -------------------------------------------------------------------------- 1 33,000 extend S&K Mine tank house and install eight additional electrowinning cells 2 39,000 extend S&K Mine tank house and install 22 additional electrowinning cells at S&K, pre-strip Letpadaung deposit and construct mining infrastructure; construct leach pads, solution handling ponds and overland pipeline to S&K Mine 3 69,000 construct 30,000 tpa SX-EW module, power and water supply, solutions handling pond no. 2 at Letpadaung 4 99,000 construct 30,000 tpa SX-EW module, expand power supply and construct leach pads and solutions handling pond no. 3 at Letpadaung 5 129,000 construct 30,000 tpa SX-EW module, crushed ore leach pads, tailings dam facilities at Letpadaung 6 129,000 construct primary and secondary crushing facilities, crushed ore leach pads, tailings dam facilities at Letpadaung
29 The fast-track plan contemplates commencement of Stage 1 in 2003 and completion of Stage 6 in 2007 or 2008, with a capital injection of approximately $40.9 million. JVCo would need to inject $35 million in year 2 and $5.9 million in year 3. The slow-track plan contemplates commencement of Stage 1 in 2003 and completion of Stage 6 in 2009 or 2010, with a capital investment of approximately $11.9 million. Under the slow-track program, JVCo would need to inject all $11.9 million in year 3. In both cases, the analysis assumes a copper price of $0.75 per pound in the first two years and the overall capital cost is estimated at $315.5 million. The expansion program contemplates increasing the capacity of the S&K Mine in Stage 1 and 2. The Sabetaung and Kyisintaung deposits would be mined at a higher rate and infrastructure increases would involve the production of up to 39,000 tonnes per annum by completion of Stage 2. JVCo would then commence an aggressive growth strategy at Letpadaung where 30,000 tonnes per annum SX/EW modules are installed each year between year three to year five to obtain a total of 90,000 tonnes per annum of production from Letpadaung by year 5. The government of Myanmar is building a bridge across the Chindwin River at Monywa and the Irrawaddy River at Mandalay, which will significantly reduce transport logistic difficulties and reduce the amount that JVCo would otherwise have had to expend to improve transport infrastructure in the area. The life of the project is estimated to be 25 years. No decision has been made as to whether JVCo will proceed with the expansion plan, as the Scoping Study is under review by the Board of Directors of IVN and the Board of Directors of JVCo. Development of the Letpadaung deposit will also be subject to approval by the government of Myanmar. Other Development Activities Myanmar Electric Power Enterprise ("MEPE") is responsible for supplying power to the project. The total estimated average power requirement for the project is estimated to be 70 megavolt amperes. The Letpadaung development plan contemplates the installation of a 215 kilometre, 230 kilovolt, 90 megavolt ampere overhead transmission line from Thazi to Letpadaung. Thazi is located south of Mandalay on the main national electricity distribution grid. This connection was chosen after extensive study of power supply options by JVCo's advisors in consultation with MEPE. As an alternate source of power, JVCo has encouraged several interested parties to study the possibility of building a natural gas or coal-fired power plant in the Monywa area. A Japanese group has funded a study which would involve using local coal from deposits north of Monywa. Several companies are also reviewing the use of domestic sources of natural gas as a fuel source. SAVAGE RIVER IRON ORE PROJECT, TASMANIA, AUSTRALIA PROPERTY DESCRIPTION AND LOCATION IVN's wholly-owned subsidiary ABM and its subsidiaries (for the purposes of this part, collectively referred to as "ABM"), operates an iron ore (magnetite) mine and produces iron ore pellets and magnetite concentrate at its integrated Savage River and Port Latta facilities in Tasmania, Australia. The Savage River iron ore mining operation is situated on approximately 2,400 hectares of leasehold land, 110 kilometres by paved all-weather road from the City of Burnie on the northwest coast of Tasmania. ABM uses an 83 kilometre pipeline to transport concentrate, in the form of slurry, from Savage River to Port Latta. At Port Latta, ABM processes 30 the bulk of the concentrate into iron ore pellets which are stockpiled and loaded onto ships for delivery to ABM customers. The Savage River magnetite deposit is located on the northwest coast of Tasmania, within the municipality of Wynyard-Waratah, at an elevation of 229 metres. The regional terrain is rugged and mountainous, and covered with dense rain forest. Local vegetation includes undisturbed rain forest but in the area of the mine it is mainly wet eucalyptus and acacia with open heathland. The mine and concentrating plant are both in the Savage River valley, with the Savage River flowing through the mine site and ultimately discharging into the Pieman River, which then flows westward to the coast. The Port Latta pelletising and shiploading facility is located on Sawyer Bay, on Tasmania's northwestern coast approximately 20 kilometres east of Stanley and 50 kilometres west of Burnie. The pelletising plant is situated on a narrow strip of relatively flat coastal land. ABM holds the Savage River Project through its indirect subsidiary, Goldamere Pty Ltd. ("Goldamere"). In September 1996, Goldamere entered into an agreement with the State Government of Tasmania (the "State of Tasmania") pursuant to which Goldamere agreed to carry out a feasibility study respecting the possible redevelopment of mining operations at the Savage River mining site. In December 1996, Goldamere and the State of Tasmania entered into an asset purchase agreement (the "Savage River Asset Purchase Agreement") whereby Goldamere agreed to purchase from the State of Tasmania the assets relating to the Savage River mining operation and the Port Latta pelletising and shiploading facilities for a deferred payment of AUS$13 million (the "Asset Purchase Price"). The government further agreed to indemnify Goldamere against liability resulting from any pre-existing or on-going environmental pollution or contamination caused by past operations. In May 1, 1997, Goldamere and the State of Tasmania entered into a mining lease for a term of 30 years, whereby Goldamere leased the Savage River iron ore mine site for the purpose of carrying on mining operations. Goldamere agreed to pay annual rent in the form of royalties. The royalty rate comprises an ad valorem royalty of 1.6% of net sales plus an annual profit royalty of a maximum of 40% of the profit margin for the immediately preceding year. The sum of both royalty payments is limited to a maximum of 5% of net sales. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY Accessibility The Savage River iron ore mine is relatively isolated, being situated 43 kilometres off the Murchison Highway which links the northwest and western coasts of Tasmania. The nearest major town by road is Burnie (population 20,000) located about 98 kilometres from the mine site. The Port Latta pelletising and shiploading facilities are located on Sawyer Bay, on Tasmania's northwestern coast approximately 144 kilometres north (by road) of the mine site. The nearest towns are Stanley (population 576), 21 kilometres to the northwest (by road), Smithton (population 3,495), 29 kilometres to the west and Wynyard/Burnie, which lies 59 kilometres to the southeast on the north coast. Climate There are no climatic extremes experienced at the Savage River mine site or the Port Latta facilities and few conditions which affect production operations. Mine haulage can be affected by high rainfall and shiploading operations may be delayed by winds above 30 knots. Rainfall distribution in western Tasmania is generally high throughout the year, with June to September being the wettest months and December to March the driest. 31 Drought conditions are rare. Average annual rainfall at the Savage River mine site is 1,953.9 millimetres while average annual rainfall at Stanley and Port Latta are 935.8 millimetres and 940.4 millimetres, respectively. At Savage River, mean monthly minimum and maximum temperatures range from between 3.5 and 9.3 degreesC in July to between 9.9 and 20.1 degreesC in February. Mean monthly minimum and maximum temperatures at Stanley range from between 6.5 and 12.0 degreesC in July to between 12.9 and 20.6 degreesC in February, and at Port Latta from between 4.8 and 12.5 degreesC in July to between 12.4 and 21.4 degreesC in January. Although not exposed to extreme and persistent winter conditions, the Savage River mine area is subject to an average of 24.6 days of frost and 5.5 days of snow per year. The coastal setting at Stanley experiences an average of 11.3 days of frost per year and no snow. Local Resources and Infrastructure All surface rights necessary to carry on mining operations at the Savage River mine site are held on a leasehold basis. The initial mining lease (11M/97), entered into in 1997, has a term of 30 years. Goldamere applied for 4 additional leasehold areas contiguous with its existing leasehold to accommodate all foreseen extensions of the pit on the south ore body and for tailings and waste dump purposes. Mining Lease 2M/2001 was granted on November 7, 2001 for thirty (30) years, to replace 11M/97 and incorporates the additional lease areas into a single mining lease over the operation. Infrastructure is well established from previous operations and Goldamere has undertaken extensive refurbishment of facilities. Maintenance buildings and offices are appropriate to the needs of the operation. The workforce is generally drawn from local towns in the immediate area, with on-site single status accommodation provided at Savage River on a weekly basis for most employees. Experienced plant operators, backed by technical and professional staff, run the Savage River processing and plant operations. Activities carried on by previous operators ran continuously for 30 years from 1967. This has resulted in a large pool of experienced operations and maintenance personnel who live in the local area. Tasmania is considered to be a highly liveable location and ABM has had no difficulty in recruiting suitably trained and experienced personnel. Heavy parts and bulk materials are transported from the mainland by sea to the local port of Burnie. Road access to the mine site is via the all-weather Murchison Highway south from Burnie and thence west to the mine site on a sealed road. Burnie is served by commercial commuter air service from Melbourne several times daily. Concentrate from the mine is transported in slurry form via an 83 kilometre pipeline to the pelletising plant at Port Latta. Final product pellet shipments are loaded onto bulk carriers at the purpose-built jetty, which can accommodate vessels of up to 125,000 tonnes capacity. The jetty, adjacent to the pellet plant, is equipped with bulk loading facilities and is serviced by tugboats to assist in the berthing of bulk carriers. Both sites are connected to the Tasmanian power grid and electricity is purchased from Aurora Energy, the Tasmanian power retailer. Available power is sufficient for the project and future expansion. Water supplies to the concentrator operation are plentiful through local established storage dams and reclamation from tailings. Water at Port Latta is reclaimed from the concentrate slurry and is supplemented by a local borefield. In March 2001 ABM signed a 10 year gas supply agreement with Duke Energy International to supply natural gas to ABM at the Port Latta pellet plant, enabling ABM to convert its fuel oil furnaces to natural gas. The gas is supplied by marine pipeline across the Bass Strait from Longford in Victoria to Bell Bay in northern 32 Tasmania, with a branch line extending to Port Latta in northwestern Tasmania. ABM has converted four of its five fuel oil furnaces to natural gas, with the final furnace scheduled for conversion later in 2003. Physiography The Savage River mine site is located in a steep valley incising the easternmost extension of the Western Ranges physiographic region of central west Tasmania. The mine site lies at an elevation of between 200 and 350 m in the Savage River valley. The immediate surroundings consist of a series of sub-parallel ridges to the northwest and southeast. Further to the northwest and southeast, the ridges give way to more mountainous terrain with peaks of 700 to 800 m. Mount Bertha, which peaks at 703 m and is the highest mountain in the northwest of Tasmania, is located north of the mine site. The slurry pipeline to Port Latta traverses east of Mount Bertha, climbing from the Savage River mine site for 25 km to an altitude of approximately 520 m. It then descends over 56 km to the northwestern coastline, crossing the Rapid, Arthur and Black rivers en route. Port Latta itself is located on the foreshore of Sawyer Bay, which is an open, 25 km stretch of coast, protected to the northwest by a headland leading out to North Point and to the east by Rocky Cape. HISTORY Magnetite mineralization was discovered at Savage River in 1877. For many years, interest in the deposit centred on the copper and gold potential of the area. Adits were developed in the hillsides but no significant base or precious metal mineralization was identified. Exploration of the prospect was carried out by the Bureau of Mineral Resources in 1956, including ground and air magnetometer surveys. In 1957 and 1959, diamond drilling was undertaken. In 1965, Savage River Mines Limited ("SRM"), a joint venture of Australian, Japanese and United States interests, was formed to develop the Savage River deposit. Open cut mining commenced in 1967 and continued until 1996. A magnetite concentrate was produced and exported, principally to Japan. Between four and six million tonnes of ore were mined per annum producing approximately 1.5 to 2.3 million tonnes of concentrate averaging 67% iron in grade. Over a 30 year period 137 million tonnes of ore were mined and processed and 58 million tonnes of magnetite concentrate was produced, pelletised and exported. In 1995, SRM decided to close the operation and mining ceased in April 1996. However, in October 1995, Goldamere commenced discussions with the Tasmanian government to take over the Savage River mine site and continue the mining, production and export of pellets. Plans were based on a cut back and expansion of the open pits, a river diversion to provide access to high grade ore, and changes to the mining and ore haulage methods. After various discussions and proposals, Goldamere was granted an Authority to Prospect and commenced an infill and confirmatory drilling programme. During 1996, Goldamere carried out feasibility studies and entered into a series of agreements with the Tasmanian government to acquire and operate the Savage River mine. See "Property Description and Location". Goldamere commenced site construction work in 1997. A third party contractor was retained to undertake mining and to operate and maintain the conveyor, concentrator, slurry pipeline system, pelletising plant and shiploading facilities. Waste stripping commenced in September 1997 and mining and milling began the following month. Goldamere began replacing the third party contractor's personnel with its own staff and eventually assumed full control of operations in May 1999. In December 2000, the Corporation acquired all of the issued and outstanding shares of Goldamere's parent, ABM in exchange for common shares of the Corporation. 33 GEOLOGICAL SETTING AND MINERALIZATION Regional Geology The Savage River magnetite deposit lies within and near the eastern margin of the Proterozoic Arthur Metamorphic Complex in northwestern Tasmania. This complex is exposed along a northeast-southwest trending structural corridor, the Arthur Lineament, which separates Proterozoic sedimentary rocks to the northwest from a variety of Palaeozoic rocks to the southeast. The Arthur Metamorphic Complex in the vicinity of Savage River is dominated by the Whyte Schist that is subdivided into an eastern and western sequence. The eastern sequence consists predominantly of quartz-mica rocks including thin micaceous quartzite beds, schist and phyllite. The western sequence is characterised by amphibolite, chlorite and albite schist or quartz-muscovite schist. The grade of metamorphism has been interpreted to range from upper greenschist to amphibolite facies metamorphism. Local and Property Geology The magnetite deposits at the Savage River mine site represent the largest of a series of discontinuous lenses that extend in a narrow belt for some 25 kilometres south of what was formerly the Savage River township. The deposit is subdivided into sections on the basis of areas that have been mined. These areas are referred to as Centre Pit, South Lens and North Pit. A new deposit has been discovered to the south of Centre Pit and is referred to as the South Deposit. The South Deposit comprises two, elongated lenses of magnetite referred to as the eastern and western zones that strike roughly north to south and extend along strike for up to 400 m. The magnetite ore bodies developed at Savage River are enclosed within a highly sheared and strike-faulted belt of mafic and ultramafic schist and mylonite. The belt is approximately 500 m in width and strikes north-northeast to south-southwest. The magnetite ore, which is almost entirely enclosed within ultramafic rocks, specifically serpentinite and talc-carbonate schist, ranges in thickness from 40 to 150 m in width in what is known as the main ore zone. The main ore zone has a known strike length of 4 km and can occur as two or more thinner lenses. Down dip continuity is indicated to depths of up to 600 m. Mineralization The Savage River deposits are all relatively similar, comprising sub-vertical north-south striking magnetite lodes within a schist-serpentinite sequence. The mineral occurrence is subdivided into several deposits, based largely on structural breaks in the ore sequence which are reflected in the pit designs. The ore may be massive, layered or disseminated and range from being fine-grained to coarsely crystalline. The magnetite ores comprise three volumetrically important groups: pyritic ores, serpentinitic ores and talc-carbonate ores. Pyrite and serpentinite are ubiquitous. Talc, tremolite, actinolite, chlorite, epidote and apatite occur in varying amounts. Massive magnetite is generally defined as having a DTR of greater than 40%. The DTR approximately indicates the percentage of recoverable magnetite in the rock. A lower cut-off of 15% DTR is used to define ore. Below this cut-off the rocks are considered waste. EXPLORATION, DRILLING, SAMPLING AND ANALYSIS ABM has surveyed all pits and dumps and the current topography is well defined. All drill hole collars have been surveyed. Down hole surveys have been undertaken to determine the inclination of the holes, but 34 because of the presence of magnetite, standard hole deviation surveying has not been carried out. A check has been carried out on a single hole using a non-magnetic survey method. Relatively minor deviation was recorded. Given the scale of the ore zone, it is not considered that hole deviation will materially affect the total resource or reserve estimates. Subsequent to its acquisition of the Savage River Project, ABM identified two sub-outcropping lodes of magnetite-rich material in the southwest portion of its mining leasehold, approximately 3 km southwest of the plant site, which ABM has termed the South Deposit. ABM geologists identified the source of the anomaly on the ground and carried out ground magnetic traverses, trenching and mapping. Two north-south striking magnetic lodes, approximately 100 m apart, have been mapped over a 400 m strike length. The thickness of the lodes at surface ranges from less than 5 m to more than 30 m. ABM has conducted a diamond drilling programme to establish the true thickness, grade and continuity of the mineralization at the South Deposit. Thirty-nine diamond drill holes, for a total advance of 7,314 m, were completed at the South Deposit by December 2002. Two of these holes were drilled to provide whole core samples for metallurgical testwork. Grid drilling was completed at an initial 100 m by 100 m grid spacing to broadly define the extent of the magnetite mineralization. Infill drilling was completed at 50 m by 50 m grid spacing. Drilling completed during 2002 was directed at defining depth and strike extensions of the magnetite mineralization to the south of the existing resources and reserves on sections 4200N, 4150N, 4100N and 4050N. ABM has also supplemented previous SRM drilling with a further 20 holes (approximately 4,000 m) drilled from June to October 1996. The maximum depth drilled by ABM was 300 m. Recoveries were generally in excess of 90%. As all the pits were flooded at the time, some of the preferred drill sites were inaccessible. ABM carried out limited additional infill drilling between 1998 and 2001. Infill diamond drilling was completed during 2001 in the Centre Pit and South Lens pit areas. Nine diamond drill holes for a total advance of 2,475 m were completed. The program was designed to improve the geological confidence and upgrade existing resources and reserves previously defined in the area. Mineralized core samples were cut by diamond saw and half the core sent for analysis. ABM sampled principally in 2 m intervals and the core was crushed and split at the Savage River laboratory and analysed for DTR. These samples were then sent to Port Latta for further chemical analysis. Blast hole cuttings are analysed in situ in the pit using a magnetic susceptibility meter, with some samples collected and assayed to maintain the correct calibration of the meters. The susceptibility meter values provide a general crosscheck on the DTR results. Scatter plots of the two sets of values show a good correlation. Routine cross checks of DTR values between laboratories have been undertaken and, historically, product grades and production reconciliation figures have given confirmation that the sampling and DTR values are generally satisfactory. Data quality is reasonable. The primary data comprises DTR factors based on diamond drill samples. The DTR values are a measure of the percentage of recoverable magnetite that can be achieved in the magnetite concentration plant. A 95% 'efficiency factor' is applied by the mill to the mine DTR estimates. The database includes holes drilled by SRM and more recent holes drilled by ABM. DTR values are from different source laboratories. Limited cross-checking has been undertaken but available evidence suggests the data is comparable and satisfactory. 35 Prior operators carried out a number of density determinations in 1977 and a regression curve was defined based on the DTR value. ABM determined density values on all new diamond drill core to more accurately define the density/DTR relationships in the different areas of the deposit. Waste density is taken as 2.81 tonnes per cubic metre. Ore density ranges from approximately 3 tonnes per cubic metre (20% DTR) to 4 tonnes per cubic metre (70% DTR) and averages approximately 3.5 tonnes per cubic metre (50% DTR). MINERAL RESOURCES AND RESERVES Estimates of reserves and resources at the Savage River iron ore mine are as of December 31, 2002. Resources and reserves are categorized in accordance with the JORC Code. The principles and procedures of the JORC Code and the CIM Standards are closely aligned and mineralization categorized as measured, indicated and inferred resources and as proved and probable reserves under the JORC Code would be reported under identical categories pursuant to CIM Standards. Estimated measured and indicated mineral resources include those mineral resources modified to produce the estimated ore reserves. Resources which are not reserves do not have demonstrated economic viability. ORE RESERVES DECEMBER 31, 2002
DEPOSIT PROVED PROBABLE TOTAL - ------- ------------------------- ---------------------- ------------------------------ TONNES GRADE TONNES GRADE TONNES GRADE (MILLIONS) (DTR %) (MILLIONS) (DTR %) (MILLIONS) (DTR %) ---------- ------- ---------- ------- ---------- ------- ~~Savage River(1) 21.5 51.9 3.4 48.0 24.9 51.4~~
(1) Includes North Pit, Centre Pit and South Deposit. MINERAL RESOURCES DECEMBER 31, 2002
DEPOSIT MEASURED INDICATED TOTAL(1) INFERRED - ------- ---------------------- --------------------- ---------------------- ----------------------- TONNES GRADE TONNES GRADE TONNES GRADE TONNES GRADE (MILLIONS) (DTR %) (MILLIONS) (DTR %) (MILLIONS) (DTR %) (MILLIONS) (DTR %) ---------- ------- ---------- ------- --------- ------- ---------- ------- ~~Savage River(2) 102.9 52.3 77.8 49.3 180.7 51.0 49.5 42.7~~
(1) Represents aggregate measured and indicated resources excluding inferred resources. (2) Includes North Pit, Centre Pit and the South Deposit. Historically, SRM estimated the resource using a sectional estimation method. The initial ABM resource estimate was derived by block modelling using an inverse distance cubed grade interpolation algorithm. More recently, the results from geostatistical analysis have been applied to the inverse distance interpolation. The blocks of the main ore zone fall within a "wire-frame" which has been geologically constrained. Mineralised blocks have been categorised as measured, indicated and inferred resources or proved and probable reserves based primarily on the distance from the nearest drill hole. The reserve represents that part of the resource which is planned to be mined taking into account economic factors. The reserve at Savage River has been estimated by the conventional process of pit optimization followed by the development of a practical pit design. The optimization stage incorporates prevailing 36 economic factors, such as mining cost and its variation with depth, the grade, processing costs and selling price. The overall slope of the pit walls based on operational geotechnical experience are also entered into the optimizer which generates a series of pit envelopes used as the basis of the pit designs. Selected pit envelopes are next turned into practical designs that incorporate haulage ramps, ramp grades, mining widths, berm widths, batter angles and other practical operational and scheduling considerations. Measured and indicated resources which fall within the final designed pit envelope are categorized as proved and probable reserves and represent that part of the resource planned to be mined. The reserves incorporate expected mining recovery and dilution. Factors, equivalent to approximately 11% dilution and 95% mining recovery, have been applied to the resource tonnes and DTR. In areas of broad continuous mineralization, losses and dilution may be minimal but will be more significant where zones are thinner or cross-cutting intrusives are common. The factors applied by ABM are consistent with historical data from the Savage River deposit. MINING OPERATIONS Mining activities in the open pit involve the use of conventional off-highway rear-dump trucks of 100 to 150 tonnes capacity and hydraulic excavators, with contract drilling and blasting being used to prepare the ground ahead of mining. Ore processing operations at Savage River comprise primary crushing and stockpiling of crushed ore, followed by autogenous milling, rougher magnetic concentration of magnetite, regrinding of the rougher magnetic concentrate, hydroseparation to remove fine gangue minerals and finisher magnetic separation to produce a final magnetite concentrate which is stored in agitated tanks prior to being pumped to the pellet plant at Port Latta. The pipeline pump station is located at the concentrator. Tailings are thickened prior to pumping to the tailings dam. ABM's production is controlled by the concentrator capacity. The concentrate slurry pipeline is approximately 83 kilometres in length and has an internal diameter of 229 millimetres. Buried sections of the pipe are wrapped and cathodically protected against corrosion. A corrosion inhibitor, pH control and an oxygen scavenger are used to control internal corrosion. Regular surveys in recent years have shown that the rate of wear and corrosion in the line has been reduced to negligible levels. The Port Latta pellet plant receives the concentrate slurry from the pipeline, thickens and filters it prior to agglomeration into green balls and induration of the balls into fired pellets. The pellets are screened to remove fine chips and coarse pellet clusters and then stored in a yard pending shipment by sea. In 2002 ABM temporarily ceased mining operations at Extension 3 of the North Pit deposit because of a slope failure at Extension 2. Accordingly, all mining in the fall of 2002 took place at the South Deposit. This development, combined with poor reconciliation of high grade ore in the upper benches of the South Deposit reduced ore supply and weight recoveries in the mill. ABM processed low-grade ore stockpiles to compensate for the reduced supply. Recent upgrades to the mill circuit have increased ore throughout, allowing ABM to maintain slightly better than planned concentrate production. During the first quarter of 2003 a majority of the ore feed for the Savage River Project came from the eastern ore lens of the South Deposit. The eastern ore lens consists primarily of high-grade soft ore, with high nickel impurities. ABM has instituted quality improvement measures in order to control the level of nickel impurities until the South Deposit cutback exposes the western ore lens of the South Deposit which does not contain the same level of nickel impurities. 37 Mining at Extension 3 of the North Pit resumed at the end of January 2003 with the establishment of access behind the Extension 2 slope failure. The Savage River Project's mine plan has now been revised to incorporate slope design changes in the North Pit, and a new mining sequence to reduce the probability and impact of a similar slope failure in Extension 3. In addition, a new design at the southern end of the Center Pit has been included in the schedule, adding a year to the life of mine and taking end of mine life out to May 2008. MARKETING ARRANGEMENTS On July 1, 2002, Goldamere entered into a five-year supply contract with BHP Steel (AIS) Pty. Ltd. (the "BHP Sales Agreement") to supply between one million and one and a quarter million dry metric tonnes of iron ore pellets per year. All payments under the BHP Sales Agreement are made in U.S. dollars. Price adjustments are provided for in the BHP Sales Agreement depending on the quality and content of the iron ore pellets. Goldamere's supply contract with Posco Australia Pty. Ltd. ("POSCO") ended on March 31, 2003. Goldamere is currently in negotiations with POSCO for a new three year supply contract. Goldamere has increased its focus on the Chinese market, and has established a sales target of 300,000 tonnes of pellet and concentrate into the Chinese market for 2003. Goldamere shipped its first delivery to the Chinese market in April 2003, and is in discussions with Chinese steel producers for long-term supply contracts. FINANCING In 1998, Goldamere entered into a Project Facility Agreement with UBS Australia Limited ("UBS"), pursuant to which UBS granted to Goldamere an Aus$43 million ($23.6 million) credit facility (the "Credit Facility"). As a condition of the Credit Facility, Goldamere was required to implement a risk management program which involved, among other things, hedging currency risk in respect of the US dollar proceeds of the sale of iron ore from the Savage River Project (the "Hedging Arrangements"). Under the Hedging Arrangements, Goldamere was required to deliver to the hedge counterparty $5 million of currency per month at an exchange rate of $0.6817:Aus$1. Pursuant to the Savage River Asset Purchase Agreement, the Asset Purchase Price was to be satisfied by way of expenditures by Goldamere to remediate environmental damage on the Savage River Project property caused by the previous owner. The Asset Purchase Price was originally secured by a bank guarantee and then by the State of Tasmania becoming a beneficiary of charges and mortgages granted over the assets of the Savage River Project and certain other assets. As a result of a significant weakening of the Australian dollar in relation to the U.S. dollar, the Hedging Arrangements required Goldamere to incur substantial ongoing currency exchange losses. As an interim relief measure, commencing in the end of June 2001 UBS agreed to allow Goldamere to make the monthly United States dollar payments required pursuant to the Hedging Arrangements at the then prevailing Aus$:US$ exchange rate rather than at the specified contract rate. An amount equal to the difference between the amount otherwise payable at the specified contract rate and the amount actually paid at the then prevailing exchange rate was then added to the outstanding principal amount of the Credit Facility. Faced with a deteriorating international market for iron ore and continuing weakness in the Australian dollar, the management of Goldamere concluded that the economic viability of the Savage River Project could not be sustained under the burden of the Credit Facility and UBS Hedging Arrangement obligations and, in August 2001, approached UBS to discuss alternatives for restructuring the mine plan and financial arrangements of the Savage River Project. In September 2002, Arbutus Holdings Ltd. ("Arbutus"), a wholly-owned subsidiary of IVN, acquired all of UBS' rights in respect of the Credit Facility and assumed all of UBS' liabilities and obligations under the 38 Project Facility Agreement. In connection with, and as part of, these transactions, Arbutus replaced UBS as the hedge counterparty under the Hedging Arrangements and all remaining currency exchange transactions and obligations under the Hedging Arrangements were closed out. As consideration for UBS' rights under the Credit Facility and acquiring the residual liabilities resulting from the closing out of the Hedging Arrangement transactions and obligations (the "Close Out Amounts"), Arbutus paid to UBS cash in the amount of Aus$15 million ($8.2 million). Including the Close Out Amounts, the total Goldamere indebtedness acquired by Arbutus from UBS was approximately Aus$74.9 million ($41 million). In connection with Arbutus' acquisition from UBS of the Credit Facility indebtedness and related security, the State of Tasmania agreed to relinquish its security in the Savage River Project. As consideration for the relinquishment, Goldamere agreed to lodge with the State of Tasmania a bank guarantee in the amount of Aus$2.8 million ($1.5 million) as substitute security for Goldamere's obligations under the Asset Purchase Agreement to either pay the deferred Asset Purchase Price in cash or to incur environmental remediation expenditures in respect of the Savage River Project in an aggregate amount equal to the deferred Asset Purchase Price plus accrued interest. Goldamere and the State of Tasmania also agreed upon a variation of the time for, and manner of payment of, interest in respect of the Asset Purchase Price. The transaction reduced current and long-term liabilities on IVN's consolidated balance sheet by approximately Aus$74.9 million ($41 million). ABM management has advised IVN that ABM will likely need to supplement anticipated cash flow from project operations with additional capital in order to cover budgeted operating costs. The funding shortfall has arisen because of the recent rapid appreciation of the Australian dollar against the US dollar. ABM management recently sought to arrange a working capital credit facility and new currency hedging arrangements with a third party lender in order to meet cash flow shortfalls and mitigate currency risks but has since advised IVN that recent currency exchange rate fluctuations have made that alternative unavailable for the foreseeable future. ABM has further advised IVN that a failure to make suitable financial contingency arrangements to meet anticipated shortfalls could have an adverse impact on ABM's ability to continue as a going concern. ABM management has requested, and IVN has agreed to make available, an Aus$8 million working capital credit facility to enable ABM to meet any such shortfalls that may arise in the immediate future. ABM management has advised IVN that it plans to continue exploring suitable alternatives for obtaining any future credit facilities it requires from external sources but that there is no assurance that it will be successful in doing so. OTHER PROJECTS MONGOLIA Beginning in 2002, IVN, a group of wholly-owned Mongolian subsidiaries of IVN (collectively, "IVN Mongolia"), substantially increased the landholdings of the IVN Group throughout southeastern and southern Mongolia and near Saran Uul in central Mongolia. IVN Mongolia holds 87 exploration licenses and has applied for another 23 exploration licenses, which combined cover approximately 10,000,000 hectares (100,000 square kilometres ("km(2)")) of land in Mongolia. IVN Mongolia has commenced an aggressive exploration program of the non-Oyu Tolgoi Mongolian land holdings of the IVN Group from a base camp located at Manlei in the Gobi desert. The following is a description of some of the more significant exploration activities on these properties. 39 Kharmagtai/Ovoot Hyar The Kharmagtai and Ovoot Hyar project area comprises three licenses. IVN Mongolia currently owns 100% of two of the licenses, but has agreed to convey a 10% interest in one of these licenses to an arm's length third party in exchange for an exploration dataset owned by the third party in respect of the property. IVN Mongolia conditionally owns the third license, with the right to earn an unconditional 80% interest in the license upon completion of a $500,000 work program. An arm's length third party would hold the remaining 20%. IVN Mongolia is the sole owner of exploration licenses covering a substantial portion of the area surrounding these three licenses. Detailed geological mapping, diamond drilling and rock-chip sampling of the Kharmagtai and Ovoot Hyar project area commenced in April 2002 and is ongoing. As part of the field program, 1,160 line km of gradient array IP, 1,750 line km of field magnetics and 31.2 km of trenching have been completed. A gravity survey was conducted between October 2002 and January 2003 over key areas of the licenses. In 2002, IVN Mongolia commenced diamond drilling of several copper-gold porphyry targets, which have been designated as Copper Hill, Gold Hill, Duck, Eagle, Wolf, OV3/Falcon and White Vein. Forty one diamond drill holes totaling 10,175 m have been completed at the Copper Hill target. The drill results define a broadly east-west trending zone of gold and copper mineralization with near surface dimensions of approximately 200 m by 200 m. High-grade mineralization occurs within 30 m of surface and extends to a depth greater than 250 m. Initial geologic modelling suggests that mineralization is pipe-like and is associated with fingers of monzodiorite stock that are intruded into a volcanoclastic siltstone package. An intense stockwork of quartz-chalcopyrite veins is developed within the monzodiorite and locally within the siltstone. Highlights of assays for holes for which assays are available include:
- ------------------------------------------------------------------------ Hole From To Depth Interval Gold Copper (m) (m) (m) (m) (g/t) (%) - ------------------------------------------------------------------------ KHD002 72 140 48 74 2.24 1.16 KHD003 40 142 30 102 2.09 1.05 KHD006 108 290 86 183 0.52 0.47 KHD008 22 100 14 78 0.51 0.61 KHD016 140 198 100 58 0.98 0.67 KHD021 36 118 30 82 1.23 0.74 KHD022 100 182 66 82 1.48 0.85 KHD026 118 220 98 102 0.56 0.38 KHD030 104 162 70 58 0.63 0.50
40
- ------------------------------------------------------------------------ Hole From To Depth Interval Gold Copper (m) (m) (m) (m) (g/t) (%) - ------------------------------------------------------------------------ KHD033 168 236 114 70 1.24 0.78 KMD046 46 106 60 60 0.22 0.45 KHD050 24 108 84 84 0.71 0.50 KHD187 22 56 34 34 0.45 0.53 KHD188 160 188 28 28 0.59 0.66 - ------------------------------------------------------------------------
Note: Depth (m) is the depth from surface to the top of the specified mineralized interval. In the absence of detailed topographical contours it is considered accurate to within five metres. Although broadly pipe-like, the plunge of the mineralization is poorly constrained and it is not possible to give true widths of mineralization. Mineralization does not outcrop at Copper Hill and a recently completed RC drill program returned assays of low tenor. The Gold Hill Prospect is located approximately two kilometres due north of Copper Hill. Mineralization crops out locally as a series of malachite-stained quartz stockwork zones which trend broadly east-west. Trenching has extended this zone eastwards under Quaternary cover. The Gold Hill Prospect has a field magnetic response similar to Copper Hill, characterized by a 1,200 m long east-west trending zone, which hosts localized, intense, elongate magnetic highs up to 200 m long. A moderate chargeability anomaly occurs immediately to the north. IVN Mongolia has completed eighteen diamond drill holes totaling 6,235 m at Gold Hill, and most have intersected well-developed quartz-chalcopyrite stockworks and chalcopyrite-mineralised breccias. Drilling has defined an area of approximately 200 m by 300 m of anomolous gold and copper mineralization. Mineralization occurs within 50 m of surface, has a vertical extent of over 500 m and is open in all directions. Highlights for holes for which assays are available include:
- ------------------------------------------------------------------------------------------------ Hole From To Interval Gold Copper (m) (m) (m) (g/t) (%) - ------------------------------------------------------------------------------------------------ KHD047 146 202 56 1.52 0.54 KHD048 52 92 40 0.73 0.51 KHD111 60 120 60 1.00 0.37 KHD116 114 158 44 1.09 0.56 KHD118 132 184 52 0.69 0.62 KHD183 2 64 62 1.44 0.47 KHD186 4.2 38 33.8 1.17 0.52 - -------------------------------------------------------------------------------------------------
41 A second phase of diamond drilling at Gold Hill of at least 3,800 m commenced in March 2003. Two diamond drill rigs are presently drilling at Gold Hill and have intersected strongly developed quartz-chalcopyrite stockworks. Assays are pending. IVN Mongolia has also conducted several thousand metres of diamond drilling and trenching work at each of the White Vein, Falcon and Eagle Prospects. In all three cases, IVN Mongolia has identified encouraging returns of copper and gold mineralization. Further exploration work is scheduled for all three prospects, including an 1,800 m diamond drilling program on the White Vein prospect, which IVN Mongolia intends to start following the completion of drilling at Gold Hill. The drill program will test extensions of known mineralization encountered in the first phase of diamond drilling, including drilling to determine whether or not the White Vein mineralization is contiguous with that of Gold Hill. Shuteen The Shuteen license is located within the Southern Mongolian Mineralised Belt that also hosts the Oyu Tolgoi Project and Kharmagtai/Ovoot Hyar Project. It is located in the Omnogovi Aimag (Province) approximately 500 kilometres southeast of Ulaanbataar. The license is held by an arm's length third party, but IVN Mongolia has the right to earn an 80% interest in the property upon completion of a $1,500,000 work program over three years. The Shuteen license is characterized by an extensive silica-clay lithocap and a series of hematitic matrix- and clast-supported breccias. Over 1,800 line km of field magnetics and 1,000 line km of IP surveying have been completed and processed. IVN Mongolia has identified several high priority targets for drill testing including several large chargeability highs, feeder zones to the lithocap and the hematitic breccias. Diamond drilling commenced in March 2003. Oyut Ulaan The Oyut Ulaan license was granted to IVN Mongolia in February 2002 and comprises 12,063 hectares. The Oyut Ulaan license comprises a variety of targets which extend over an area of approximately 12 km by 6 km. These targets include a copper mineralized tourmaline-breccia pipe complex, an extensive area of copper-stained colluvium and quartz vein float, several quartz stockwork zones with highly anomalous gold and copper, large chargeability anomalies with peripheral magnetic resistivity highs and occasional gold-copper anomalous porphyry-style veins and gold and copper anomalous skarns. IVN Mongolia took 35 rock-chip samples of the area of copper-stained colluvium and quartz vein float. Assays were highly anomalous in copper (18 samples between 1 to 10%), gold (seven samples between 0.25 to 16.8 g/t) and molybdenum (three samples between 200 to 709 ppm). Detailed geological mapping and surface rock-chip sampling was completed on the property in September 2002, which included 890 line km of ground magnetics and approximately 700 line km of gradient array IP. Diamond drill testing of several drill targets is scheduled to commence in August 2003. Saran Uul The Saran Uul license is located in Bayanhongor Aimag and comprises a total of 10,172 hectares. The license was granted in February 2002. Licenses to explore the surrounding areas are either held by IVN Mongolia or are under application by IVN Mongolia. An extensive geological mapping and sampling program was conducted during October and November 2002 and included 815 line km of ground magnetics. IVN Mongolia also took 122 surface rock-chip and float 42 samples, with assays defining an area measuring approximately 900 m by 450 m averaging 0.40 g/t gold, 0.70% copper, 90 ppm molybdenum and 1.4 g/t silver. Within this zone is a higher grade core measuring approximately 400 m by 250 m with gold values that average 1.1 g/t. In the first quarter of 2003 IVN Mongolia completed an IP survey totaling 220 line km. The survey defined a 1.2 km by 350 m broadly east-west trenching chargeability high which is coincident with the main zone of copper and gold mineralization. Detailed IP sections indicated that the anomaly extends to greater than 300 m below surface. A strong chargeability high of approximately 500 m by 200 m was also defined at the southwestern edge of known mineralization. Diamond drilling commenced in March 2003. The area from which the high-grade samples were collected occurs within a broad zone containing copper oxides in float and outcrop. Occasional centimetre wide quartz veins containing haematitic and geothitic oxides and rare chalcopyrite veins to 5 mm wide are present. Veins occur individually and as stockworks. Mineralization is hosted in a porphyritic monzonite which has intruded moderately hornfelsed siltstone, sandstone and rhyolite. A zone of sericite silica pyrite alteration is present in sediments to the south of the copper oxide zone. Mineralization is open to the southwest where it is covered by Quaternary gravels. Oyut Ovoo The Oyut Ovoo prospect is centered on a series of prominent hills comprising copper-bearing magnetite skarns and hydrothermal breccia pipes hosted in Permian granitoid stocks. The mineralised zone has a surface area of approximately four square km and is surrounded by Quaternary and recent alluvium. IVN Mongolia has collected forty-three surface rock-chip samples, and assays contained anomalous values of copper (17 samples between 1 to 10%), gold (nine samples between 0.3 to 0.7 g/t) and molybdenum (16 samples between 100 ppm and 1%). IVN Mongolia has established an exploration camp at Oyut Ovoo in preparation for additional exploration activities. Proposed MX Exploration Alliance IVN has entered into a letter of intent with MX Capital Corp. ("MX"), a private Canadian mineral exploration company, to jointly develop certain early-stage exploration and mining projects in Mongolia and South Korea. MX holds a 100%-interest in exploration licenses covering approximately 931,000 hectares (9,310 km2) in Mongolia's South Gobi region, west of the Oyu Tolgoi Project. During the summer of 2002, MX completed a successful exploration reconnaissance program on approximately 15% of its Mongolia license area. The program resulted in the discovery of several gold and copper prospects, including Builsen, a large epithermal gold discovery, Zuramtai, a porphyry copper system with geological characteristics similar to the Oyu Tolgoi Project, and three strong geochemical anomalies with large alteration systems: Alag Mountain, Ridgeline, Red Valley/White Hill. The agreement in principle between IVN and MX calls for IVN to transfer to MX a series of early-stage Mongolian exploration licenses covering approximately 932,000 hectares (9,332 km2) in the South Gobi region of Mongolia. These licenses, combined with the existing MX Mongolia licenses, cover 1,863,654 hectares (18,636 km2) throughout the prospective South Gobi porphyry belt. In addition, IVN will contribute its Korean gold and silver projects, including the Silver Hill Gold and Silver Mine, located in Chollanam-Do Province, South Korea. In consideration for these assets, MX will issue to IVN common shares representing approximately 75% of MX's then outstanding share capital. IVN has also agreed to immediately provide MX with a Cdn$1,000,000 convertible non-interest bearing loan facility pending the execution of a definitive purchase agreement and closing of the transaction, expected to occur on or about June 15, 2003. Amounts advanced under the convertible loan facility will be convertible into MX units, each consisting of one MX common share and one share purchase warrant exercisable for a period of one year to purchase one additional MX common share at a price of Cdn$0.22. At closing, the entire 43 loan facility will be converted into 5,000,000 MX units, increasing IVN's equity interest in MX to approximately 80% on a fully diluted basis. IVN will appoint four representatives to the MX Board, which will consist of six directors. The MX executive management team will continue to be led by David Owens, President and Ian D. McCartney, Vice-President, Exploration. In carrying out its exploration activities and development activities in Mongolia and Korea, MX will draw upon IVN's considerable body of local expertise and infrastructure, which IVN has agreed to make available on a cost recovery basis. IVN also intends to assist MX in devising and implementing a corporate development plan to raise the additional financing necessary to fund ongoing exploration and development activities in respect of MX's portfolio of exploration and development assets. CHINA Pacific Agreement In May, 2002 IVN entered into an agreement (the "Pacific Agreement") with Pacific Minerals Inc. ("Pacific") a company listed on the TSX Venture Exchange. Pursuant to the Pacific Agreement, IVN subscribed for 5,100,000 common shares of Pacific and 5,100,000 share purchase warrants at an aggregate cost of $3,000,000. IVN also received options to participate in two mineral exploration and development joint ventures between Pacific and Chinese government controlled agencies, the 217 Gold Project (the "217 Project") in Inner Mongolia and the JBS Platinum-Nickel-Palladium Project (the "JBS Project") in Yunnan Province. IVN has the right, exercisable on either one or both of the projects until May 31, 2004, to obtain an initial 60% interest in the 217 Project and a 35% interest in the JBS Project, conditional upon funding and completing a feasibility study on the applicable project by no later than July 1, 2006. IVN may then increase its interest in the 217 Project to up to 76.5% and its interest in the JBS Project to up to 75% provided it arranges production financing by July 1, 2007. The Pacific Agreement also gives IVN the right, until May 31, 2012, to participate in any new project identified by Pacific in China excluding Anhui Province. To date, Pacific has identified four new projects ("New Projects"): the Huize-Xuanwei Copper Project in Southern Yunnan Province, the Zhaotong Copper Project in Northern Yunnan Province, the Guizhou Copper Project in Guizhou Province and the Dandong Gold Project in Liaoning Province. IVN has elected to participate in all of the New Projects. Accordingly, IVN is entitled to an initial 50% of Pacific's interest in each of the New Projects, which may increase to up to 80% if IVN funds and completes a feasibility study and arranges project financing. For each New Project, IVN and Pacific will fund in equal shares the first $1,000,000 of exploration expenses. Thereafter, IVN may increase its interest in a New Project to 80% by funding exploration and development expenses, completing a feasibility study and arranging project financing. In October 2002, IVN purchased 2,000,000 units of Pacific at a price of Cdn$1.00 per unit in a private placement. Each unit consisted of one common share and one warrant. Each warrant is exercisable to purchase one common share at a price of Cdn$1.10 per warrant. IVN concurrently acquired 6,597,112 outstanding common shares from five existing shareholders in exchange for Common Shares of IVN. Including common shares issuable upon exercise of warrants, IVN holds approximately 46.5% of Pacific's issued and outstanding share capital. The following is a discussion concerning the exploration activities and status of the 217 Project, the JBS Project and New Projects summarized from information publicly disclosed by Pacific. 44 217 Project and the JBS Project The 217 Project consists of a 36 km2 exploration license in the western part of Inner Mongolia in northern China and approximately 160 km south of the Oyu Tolgoi Project. The 217 Project hosts a zone containing gold mineralization that has been traced along strike by surface trenches over a distance of at least 4,000 m, ranging in width from 40 m to 150 m. Pacific reports that it has drilled twenty core drill holes totalling approximately 4,300 m within the main mineralized zone of gold mineralization. This main mineralized zone is about 1,600 m long and 100 m wide and is open down dip and along strike. The drilling evidences continuity of mineralization. Pacific states that the joint venture has also commenced preliminary metallurgical testing of core samples of both an oxide and a sulphide zone on the deposit. The preliminary metallurgical results indicate the potential for using low-cost heap leaching or vat leaching to recover gold. Pacific reports that an independent resource estimate of the 217 Project has estimated measured and indicated resources of 35,000,000 tonnes grading 0.848 g/t gold at a 0.6 g/t gold cut-off. The resource estimate also estimated inferred resources of 85,000,000 tonnes grading 0.928 g/t gold at a 0.6 g/t cut-off grade. Pacific states that it intends to conduct an exploration drilling program consisting of forty core drill holes, totalling 5,920 m, starting in July 2003 to improve the degree of confidence of the inferred resource in the southwest zone of the area of mineralization. The JBS Project is a platinum, palladium and nickel prospect located in Yunnan Province. The prospect is still in the initial stages of exploration and development, with some preliminary underground mapping, sampling and drilling conducted in the second half of 2002. Pacific reports that a substantial database of exploration is already available from work conducted by the government of Yunnan Province between 1975 to 2000. Pacific and its Chinese joint venture partner are using this database and the results of its preliminary exploration work to develop an exploration plan for the JBS Project. New Projects The Huize-Xuanwei Copper Project and the Zhaotong Copper Project are the most advanced of the four New Projects. In both cases, Pacific has executed a co-operative joint venture agreement with the Yunnan Geological and Mining Co. Limited, a geological exploration company owned by the government of Yunnan Province. The joint venture agreements contemplate Pacific contributing an aggregate of $8,000,000 over three years in consideration of a 70% interest in the Zhaotong Copper Project and a 75% interest in the Huize-Xuanwei Copper Project. Exploration activities on each of the New Projects remain in the early stages. IVN anticipates that a detailed exploration plan will be devised and implemented upon finalization of joint venture negotiations with the applicable Chinese party for each New Project. Inner Mongolian Agreements IVN has been actively looking for opportunities to explore and develop properties that are geologically similar and geographically proximate to the Oyu Tolgoi Project. In this regard, IVN and a wholly-owned subsidiary (collectively, "IVN China"), have identified a number of opportunities in the Autonomous Region of Inner Mongolia, China, which lies south of the Oyu Tolgoi Project and borders Mongolia. In January 2003, IVN China entered into a Cooperative Framework Agreement with the Inner Mongolia Bureau of Geology and Minerals Exploration and Development, a government agency of the Autonomous Region of Inner Mongolia, which contemplates the negotiation of definitive joint venture agreements between the parties with respect to three properties in Inner Mongolia. The Cooperative Framework Agreement contemplates IVN earning up to an 80% interest in mineral exploration properties owned by the government 45 agency in consideration for conducting an exploration program on the property. The parties have entered into negotiations on formal joint venture agreements but, to date, no agreements have been finalized. IVN China also entered into an agreement in April 2003 to purchase the Siwumuchang mining property, which is a small-scale mining property located in Inner Mongolia. IVN China has agreed, subject to due diligence, Chinese government approvals and certain other conditions, to purchase the property for an acquisition cost of approximately Cdn$1,800,000. The Siwumuchang mining property is within the area of one of the exploration targets that are being considered for a joint venture with the Inner Mongolia Bureau of Geology and Minerals Exploration and Development. In April 2003, IVN China entered into a Joint Venture Agreement with the Inner Mongolia Huayu Geology and Minerals Exploration Co. ("Huayu"), an affiliate of China Non-Ferrous Metals Co. The parties agreed, subject to Chinese government approval, to establish a joint venture company (the "Huayu Joint Venture") for the exploration and mining of copper, gold, silver and other metals and minerals on exploration properties of approximately 400 km2 in Inner Mongolia that Huayu owns and has agreed to contribute to the Huayu Joint Venture. The Joint Venture Agreement provides that IVN China will earn an 80% interest in the Huayu Joint Venture by contributing $2,800,000 of capital over a three-year period. Huayu also holds a mining license over the Oblaga mine, a small-scale gold and copper mine. The Oblaga mine is located within one of the exploration properties to be contributed to the Huayu Joint Venture, and is owned and operated by a Chinese mining company pursuant to a lease agreement with Huayu. Huayu, IVN China and the Chinese mining company entered into an agreement pursuant to which the Huayu Joint Venture will purchase the leasehold rights of the Chinese mining company in the Oblaga mine and related assets at an acquisition cost of approximately Cdn$2,300,000. The agreement is subject to due diligence by the Huayu Joint Venture, the concurrent transfer of the mining license by Huayu to the Huayu Joint Venture, Chinese government approvals and certain other conditions. The geologic and tectonic settings of the Oblaga property are similar to the porphyry belt that hosts the Oyu Tolgoi Project. IVN China's analysis of exploration results by previous holders of the property indicate that the property contains characteristics of a gold and copper based porphyry environment, with classically zoned skarns, sheeted quartz veining and multiple phase porphyry intrusives. IVN China intends to conduct an IP and resistivity survey, a ground magnetic survey and a scout diamond drilling program on the property in 2003. SOUTH KOREA IVN's 90% owned South Korean subsidiary, Korean Exploration and Mining Inc. ("KEI"), holds an interest in two South Korean mineral projects, Seongsan and Gasado, both located in Chollonamdo Province, in the southwestern part of South Korea. In 2002, KEI conducted limited scale mining operations at the Silver Hill Gold and Silver Mine located at the Eunsan prospect of Seongsan and exploration activity at Seongsan and Gasado. IVN has entered into an agreement in principle to sell its Projects in South Korea. See "ITEM 4. NARRATIVE DESCRIPTION OF THE BUSINESS - Other Properties - Mongolia - Proposed MX Exploration Alliance". Seongsan and Silver Hill Gold and Silver Mine The Seongsan Project contains outcropping, low sulphidation, epithermal gold-silver mineralized systems occurring as veins, breccias, stockworks and zones of silicification along a cumulative strike length of at least 3.2 km. KEI has identified and conducted exploration work on a number of low-sulphidation epithermal 46 prospects at Seongsan. These vein systems occur within several kilometres of each other and are adjacent to the Seongsan Clay Mine, which is currently owned and operated by a South Korean company. The Eunsan prospect, located approximately two km northwest of the Seongsan Clay Mine, is the most advanced prospect of the Seongsan Project. In 2002 KEI constructed the necessary infrastructure and established a limited scale mining operation on the Eunsan prospect, which is known as the Silver Hill Gold and Silver Mine. KEI commenced trial production at the Silver Hill Gold and Silver Mine in April 2002 by mining the eastern half of the mineralized vein system at Eunsan. KEI suspended operations from October 2002 until December 2002 in order to complete an infill drilling program so that an updated resource block model and a mine plan could be developed. KEI recommenced exploratory underground development in the eastern half of the defined underground zone at Eunsan following completion of the infill drilling program in order to compare actual mining results with those of the updated resource block model. Shortly after mining recommenced, KEI encountered a system of cavities filled with mud and other unconsolidated material in the vein system being mined. The mud filled cavity system has since been mined through and bypassed and exploratory development has continued on multiple levels throughout the eastern half of the mine. KEI's mining operations have confirmed that the high-grade shoot from the vein system continues at depth. The mining program has also enabled KEI to collect geological information that will assist in the generation of an updated geological model and resource. KEI is conducting geological mapping to determine the displacement caused by faulting and the cavities associated with the eastern half of the mineralised vein system. KEI has also designed a small open pit to provide a second access to enable the exploitation of the high grade shoot that has been defined under the current open pit. Construction of the second open pit is due to be completed in late May 2003. By the end of 2002 KEI had processed approximately 25,000 tonnes of ore and mined, produced and sold approximately 5,000 ounces of gold and 200,000 ounces of silver. High-grade oxide ore from the open pit was processed at the Eunsan mill until the high-grade stockpile was depleted in December 2002. Thereafter, low-grade oxide ore from stockpiles was processed until the tailings impoundment was filled. Approximately 2,000 tonnes of sulphide ore remains in the surface stockpile. KEI also hauled from underground and stockpiled 2,717 tonnes of ore in the first quarter of 2003 grading 14.9 g/t gold equivalent (based on a silver to gold ratio of 72:1). The only other prospect at Seongsan that KEI is currently exploring is the Keunsan prospect. The Keunsan prospect is located approximately one km to the northeast of the Seongsan Clay Mine. KEI has excavated four trenches 50 to 70 m long to expose the bedrock at Keunsan. KEI has also completed seven diamond drill holes, totalling approximately 1,475 m. Each of the drill holes intercepted local narrow zones of gold and silver mineralization. Two drill holes are currently in progress, and further drilling will be based on the results of these two drill holes. Based on the results of drilling to date, mineralization appears to be confined along intensely silicified zones hosted in dacitic ash to pumiceous lithic tuffs and tuffaceous fine sediments, which are cut by narrow crystalline to chalcedonic quartz veins and veinlets. The geology indicates the potential for supergene enrichment. Gasado KEI originally commenced drilling on the Gasado Island prospect in 1999, and identified four targets, referred to as the Lighthouse vein, the Lighthouse East vein, the Stork vein and the Spad vein. Drilling of the Lighthouse vein returned the best results, demonstrating continuity of gold and silver mineralization at depth. 47 A detailed mapping, channel and rock-chip sampling program of the Lighthouse and Lighthouse East vein area, carried out between April and May 2002 identified a high-grade shoot zone, at least three m wide, along the southern Lighthouse vein headland. The vein has been traced over 120 m in plan distance over a vertical interval of 70 m up slope. It has an average estimated width and calculated composite grade over this strike extent of 2.4 m at 7.61 ppm gold and 278.3 ppm silver. KEI has identified high grade channel intercepts from the Lighthouse East vein section including one m at 5.57 ppm gold and 231.7 ppm silver, 1.4 m at 16.93 ppm gold and 824 ppm silver and 0.6 m at 4.77 ppm gold and 333.2 ppm silver. The results of recent exploration activities coupled with gold and silver intercepts obtained during previous scout drilling indicate that these vein sections have down-dip potential. KEI is conducting a drilling program aimed at delineating economically exploitable sections of the Lighthouse vein and its Lighthouse East vein extension, where open cut and underground amenable targets are present. KEI is in the process of drilling ten drill holes totalling 730 m to target 25 to 30 m down-dip of the highest-grade vein sections, and intends to use the drill results to calculate a resource estimate. KAZAKHSTAN The Corporation's subsidiary Central Asian Mining Limited ("CAML") holds a 70% interest in a joint venture with the government of Kazakhstan (the "Bakyrchik Mining Venture") to develop the Bakyrchik gold project in north-eastern Kazakhstan. The Bakyrchik Mining Venture holds mining and exploration licenses from the government of Kazakhstan covering an area of approximately 86 km2 surrounding the existing Bakyrchik gold mine. The Bakyrchik property is located in the village of Auezov in north-eastern Kazakhstan, about 1,100 km north-east of Almaty, the country's largest city. The project site consists of a number of mine shafts and associated facilities, process plant, workshops, warehouses, administration buildings and accommodations. The gold deposits at Bakyrchik consist of a series of mineralized lenses or lodes lying within a large shear zone, which is 11.5 km in length. Gold mineralization is hosted within sheared carbonaceous sediments of the fault zones, and is principally contained within sulfide mineralization occurring in association with quartz stockworks, which crosscuts and parallels the foliation of the sediments. Mineralogical studies indicate that the majority of the gold is encapsulated by arsenopyrite and to a lesser extent, pyrite. As the associated sediments contain up to 4% carbon, the deposit is said to be "double refractory" in nature, which makes processing very difficult. The Bakyrchik mine commenced ore production in 1956 to provide gold bearing flux to a copper smelter at Ust-Kamenogorsk and later to smelting facilities in Russia. A total of five shafts were sunk on the Bakyrchik deposit, and the underground has been explored and developed for mining from a series of development drifts driven at 40 m vertical intervals. Engineering studies commissioned by the IVN Group in 1996 and 1997 recommended development of a mining operation capable of producing between 500,000 and 1,000,000 tonnes of ore per annum at a capital cost ranging from $100 million to $222 million. However, a precipitous decline in the price of gold at the end of 1997 dramatically changed the economic assumptions upon which these engineering studies were based and the IVN Group's development plans for the Bakyrchik gold project were indefinitely postponed. In January 1998, the IVN Group placed the Bakyrchik gold project on care and maintenance status pending a sustained recovery of the price of gold. In the fall of 2001 the Bakyrchik Mining Venture began limited scale operations in order to offset the holding costs of the property. The Bakyrchik Mining Venture began processing existing stockpiles containing 48 approximately 117,000 tonnes of oxidized ore and prepared plans to mine outcroppings of oxide ore on the property. Oxide ore can be processed without the technical difficulties and costs associated with sulphide ore. The gold is recovered using the carbon-in-leach recovery method. Initial recoveries of gold from oxide ore were expected to be in the order of 90% but the uneven nature of the stockpiled material resulted in an average recovery rate to date of approximately 45%. Gold production at the Bakyrchik project during 2002 was approximately 2,600 ounces. Production of gold was halted for a substantial period during 2002 because of limited supplies of cyanide required for the leaching process. CAML was unable to import cyanide for a period of 3 months due to new controls imposed by the Kazakh government on the import, use and transportation of hazardous materials. New importation procedures are expected to function smoothly in the future. In the first quarter of 2002, the Bakyrchik Mining Venture completed the installation of an electrical line to the open pit mining areas and limited pre-production waste rock removal in preparation for mining the oxide ore outcroppings on the property. The first oxide ore deposit to be mined was Gluboki Log. A mining contractor began stripping waste rock from Gluboki Log in October 2002 in preparation for oxide ore mining. This work was halted in the beginning of January 2003 to allow a grade control drilling program to catch up so as to allow more accurate mine scheduling. Gold production was also halted at the same time. The grade control drilling program revealed that the grade of the Gluboki Log mineralization had previously been grossly overestimated by the Soviet mineral evaluation authorities. Accordingly, the Bakyrchik Mining Venture has suspended plans to mine this deposit. The Bakyrchik Mining Venture continues to explore other oxide ore deposits located on the property, but gold production will remain suspended until such time as CAML identifies an oxide ore deposits capable of economic development. Work continued throughout 2002 and 2003 on process development for the primary sulphide resources at Bakyrchik. The Bakyrchik Mining Venture has been reviewing a process design using mainly Russian designed rotary kiln roasters. Similarly, work is progressing on bacterial oxidation and other methods of oxidation of Bakyrchik concentrates. The Bakyrchik Mining Venture also commissioned an independent consultant to perform a technology screening study and development due diligence study of a first stage development at a production rate of between 150,000 and 200,000 tonnes per year. All three projects are well advanced and near completion; nevertheless, there can be no assurance that any larger scale production of sulphide ore necessary to generate significant cash flow in excess of the holding costs of the mine can be made economically viable under existing conditions. In 2001, the Republic of Kazakhstan issued a decree transferring management of its interest in the Bakyrchik Mining Venture to the East Kazakhstan Oblast. The Republic has appointed the East Kazakhstan Oblast as its agent to represent its interests in the Bakyrchik Mining Venture. In May 2002, the East Kazakhstan Oblast, through the Department of Municipal Property, entered into a contract with a local company to sell the Republic of Kazakhstan's 30% participatory interest in Bakyrchik Mining Venture. CAML and the General Director of the Bakyrchik Mining Venture appealed the legality of this transaction as it violates the Bakyrchik Mining Venture Charter and Kazakh limited liability partnership law. Negotiations with the Republic of Kazakhstan are currently ongoing to find a suitable solution. At the end of 2002, the Bakyrchik Mining Venture received notice from Kazakh governmental authorities denying the renewal of the exploration license covering the exploration license areas of the Bakyrchik Project. This license lies outside the primary mining license area of the Bakyrchik Project and does not affect the mine or any of the known resources and the extensions thereto at Bakyrchik. After meetings with government officials the decision was reversed as it was in violation with the terms of The Sale and Purchase Agreement and The Subsoil Use Contract between the Bakyrchik Mining Venture and the Republic of Kazakhstan. 49 MYANMAR IVN's wholly-owned subsidiary, Ivanhoe Myanmar Holdings Limited ("IVN Myanmar"), conducts exploration activities in Myanmar. IVN Myanmar has entered into an agreement with the Government of Myanmar covering the Block 10 exploration concession approximately 150 km southeast of Mandalay. IVN Myanmar renegotiated certain terms of the agreement in 2002, and now has the right to establish a joint venture with the Government of Myanmar to develop minerals identified on the property in which IVN Myanmar would hold a 65% interest. IVN Myanmar has identified a belt of quartz gold veins in Block 10 in an area referred to as the Modi Taung -Nankwe district. The veins are most abundant at Modi Taung in the south of Block 10 where six mesothermal veins systems with coarse visible gold, book-and-ribbon texture and stylolaminations are being explored. The veins trend south-southeast, dip steeply, and occur within a 1 km by 3 km area about 30 km east of the Yangon-Mandalay highway. At Modi Taung, IVN Myanmar has completed 5 km of exploration adits, comprising drives along the veins or in footwall mudstones and cross-cuts. Most adits are on the Shwesin vein system, with adit levels between 1000 m and 1225 m elevation, but adits have also been driven on the Htongyi Taung, Kyauksayit, Theingi and Momi Taung vein systems. The vein systems range in lengths from 250 m to over 800 m, and all are open at each end. IVN Myanmar suspects that the Shwesin and Momi Taung veins are part of a continuous system that is over 1.2 km long, and the Htongyi Taung and Kyauksayit veins are part of a continuous system over one km in length. Assays on over 3,000 channel and panel samples from adits indicate that the veins in the Shwesin vein system, with an average width of 30 to 40 cm, have high-grade segments up to about 80 m long with average values above 40 g/t, and more typically lengths of 40 to 50 m averaging 100 to 200 g/t. These segments are separated by low-grade vein segments. Raises between levels at Shwesin indicate vertical continuity of high-grade zones but do not yet allow definition of shoots. Veins in systems other than Shwesin have similar average widths, slightly lower grade but better along-strike continuity. More than half the adit length on the Shwesin system is below the base of the oxide zone, which is at depths of 40 to 70 m. Diamond core drilling began at Modi Taung in July 2002, and IVN Myanmar has completed approximately 4,200 m of drilling from 27 inclined holes. The primary purpose of the drilling is to identify the structure of the mineralized area, including the identification of veins and shear zones that host the veins. Most of the completed holes are located on the Shwesin vein system. The deepest vein intercept is a stylolaminated quartz vein with an apparent width 160 cm which graded 1.3 g/t gold, at an elevation of 777 m. This is 538 m below the highest vein identified to date, which is exposed in trenches at Momi Taung. The highest grade intercept in drill core was 330 g/t gold over a 27 cm apparent width in hole 14 on the Shwesin vein. Only three of the drill holes intercepted high-grade veins, reflecting the irregular 'nuggety' distribution of gold even in high-grade vein segments. Near-surface supergene enrichment in gold is commonly present over high-grade veins and typically found at trench depths of a few metres. The enrichment decreases downwards to primary or hypogene grades at depths of 20 to 30 m. A supergene enriched zone at Momi Taung, averaging 198 g/t gold in trenches across a vein width of 30 to 70 cm, provides a small potential open pit deposit. A preliminary draft scoping study was completed in December 2002 for an underground and surface operation at Modi Taung that would process between 70 and 150 tonnes of ore per day. This study has been updated to include mine processing details, and was used as the basis for an application to enter into a development and 50 mining joint venture with the Government of Myanmar submitted to the Myanmar Ministry of Mines in March 2003. VIETNAM IVN owns a 32.6% interest in a joint venture with Olympus Pacific Minerals Inc. ("Olympus") and Zedex Limited (the "Phuoc Son Joint Venture") to explore and develop two exploration licenses in the Phuoc Son area of Vietnam. The Phuoc Son Joint Venture was formed in 1997 in connection with the IVN Group's sale of its Vietnam assets to Olympus. Olympus is the operator of the joint venture. The following is a discussion concerning the exploration activities and status of the Phuoc Son Joint Venture summarized from information publicly disclosed by Olympus. Olympus states that it has identified sixteen discreet mineralized prospects in the 100 km2 property, each prospect consisting of either gold, silver, lead and zinc or gold, copper and molybdenum associations. The two most advanced of Olympus' prospects are the Bai Dat and Bai Go mineralized zones. Olympus reports that at Bai Dat, Olympus has intersected a vein or breccia zone of gold mineralization. In the Bai Go structure, Olympus reports intersecting a large sheeted vein system. Olympus states that it is currently undergoing infill drilling on these two prospects with a view to commencing pilot-scale underground mining and pilot processing plant operations for these prospects in late 2003 or early 2004. The Phuoc Son Joint Venture recently completed a drilling program at a second property, called Khe Rin, which is believed to have skarn potential. Olympus reports that the joint venture completed 2,100 metres of drilling on the property, and assays are pending. In November 2002, IVN reached an agreement with Olympus and Zedex Limited to sell a 10.18% interest in the Phuoc Son Joint Venture to Olympus in exchange for 8.5 million common shares of Olympus. The closing is subject to regulatory approval and Olympus shareholder approval. Upon completion of the transaction, IVN will own a direct 22.46% participating interest in the Phuoc Son Joint Venture and 25% of the outstanding share capital of Olympus. EQUITY INVESTMENTS Between June to October 2002, the IVN Group acquired 13,697,112 common shares in the capital of Pacific, representing approximately 36.4% of Pacific's currently outstanding common shares. Pacific is listed on the TSX Venture Exchange. The IVN Group also holds 8,845,867 common shares of Olympus, representing approximately 17.6% of the issued and outstanding common shares of Olympus. Olympus' common shares are listed on the TSX Venture Exchange. In 2002, the IVN Group acquired 29,000,000 ordinary shares in the capital of Intec Limited, representing approximately 19.9% of its issued and outstanding share capital. Intec Limited is listed on the Australian Stock Exchange. In 2002, the IVN Group acquired 1,265,092 shares in the capital of Resource Investment Trust Plc. Resource Investment Trust Plc.'s shares are listed on the London Stock Exchange. 51 The following table outlines the equity investments held by the IVN Group and their quoted market value as at December 31, 2002:
COMPANY NUMBER OF VALUE SHARES (US$) --------- ----------- Pacific Minerals Inc. 13,697,112 $13,943,000 Olympus Pacific Minerals Inc. 8,845,867 $ 2,813,000 Intec Limited 29,000,000 $ 1,384,000 Resource Investment Trust Plc. 1,265,092 $ 1,212,000
EXPLORATION EXPENDITURES Total exploration and related expenses, categorized by country, for the years 2002 and 2001 were as follows:
COUNTRY 2002 2001 ------------- ------------- (US$ Million) (US$ Million) Mongolia 27.5 3.8 Indonesia/Thailand 1.8 0.7 South Korea 2.8 1.7 Myanmar 2.3 1.1 China 0.3 - ---- ---- TOTAL 34.7 7.3 ---- ----
HUMAN RESOURCES At December 31, 2002 the IVN Group had 2,152 employees working at various locations. The IVN Group's proportionate share of employees at its operations, and those partnerships and joint ventures which are 52 accounted for on a proportionate basis, was 1,776 employees at December 31, 2002. Total employees were allocated as follows:
Total employees Proportionate share Dec./02 Dec./02 --------------- ------------------- Monywa 752 376 Savage River / Port Latta 263 263 Mongolia 283 283 South Korea 40 40 Myanmar Exploration 460 460 Bakyrchik 306 306 Exploration 27 27 Head office 21 21 ----- ----- Total 2,152 1,776
RISK FACTORS Investment in the common shares of the Corporation involves a significant degree of risk and should be considered speculative due to the nature of the Corporation's business and the present stage of its development. Prospective investors should carefully review the following factors together with other information contained in this Annual Information Form before making an investment decision. IVN'S BUSINESS IN MONGOLIA MAY BE HARMED IF THE COUNTRY FAILS TO COMPLETE ITS TRANSITION FROM STATE SOCIALISM AND A PLANNED ECONOMY TO POLITICAL DEMOCRACY AND A FREE MARKET ECONOMY. Since 1990, Mongolia has been in transition from state socialism and a planned economy to a political democracy and a free market economy. Much progress has been made in this transition but much progress remains to be made, particularly with respect to the rule of law. Many laws have been enacted, but in many instances they are neither understood nor enforced. For decades Mongolians have looked to politicians and bureaucrats as the sources of the "law". This has changed in theory, but often not in practice. With respect to most day-to-day activities in Mongolia government civil servants interpret, and often effectively make, the law. This situation is gradually changing but at a relatively slow pace. Laws may be applied in an inconsistent, arbitrary and unfair manner and legal remedies may be uncertain, delayed or unavailable. FUTURE AMENDMENTS TO MONGOLIAN LAWS COULD WEAKEN, SHORTEN OR CURTAIL THE IVN GROUP'S MINERAL EXPLORATION RIGHTS OR MAKE IT MORE DIFFICULT OR EXPENSIVE TO OBTAIN MINING RIGHTS AND CARRY OUT MINING. Mongolia's Minerals Law was drafted with the assistance of Western legal experts and is regarded as one of the most logical, internally consistent and effective pieces of mining legislation among all of the developing countries of Asia. However, future amendments to the Minerals Law or new legislation covering ostensibly unrelated matters could affect the existing tenure regime under the Minerals Law and harm IVN's ability to carry on business in Mongolia. Mongolian government civil servants have, in the past, unsuccessfully 53 attempted to introduce amendments to the Minerals Law which would, from the perspective of the international mining industry, be regarded as counterproductive. Future amendments to the Minerals Law or new legislation, if implemented, could vary or abrogate key provisions of the Minerals Law in a manner that impairs the IVN Group's ability to conduct exploration and mining in Mongolia. THE MINERAL RESOURCES IDENTIFIED ON THE OYU TOLGOI PROJECT DO NOT HAVE DEMONSTRATED ECONOMIC VIABILITY AND THE FEASIBILITY OF MINING HAS NOT BEEN ESTABLISHED. The mineral resources identified to date on the Oyu Tolgoi Project are not mineral reserves and do not have demonstrated economic viability. There can be no assurance that mineral reserves will be identified on the property. The feasibility of mining on the Oyu Tolgoi Project has not been, and may never be, established. LACK OF INFRASTRUCTURE IN PROXIMITY TO THE OYU TOLGOI PROJECT COULD ADVERSELY AFFECT MINING FEASIBILITY. The Oyu Tolgoi Project is located in an extremely remote area which lacks basic infrastructure, including sources of power, water, housing, food and transport. While the IVN Group has established the limited infrastructure necessary to conduct exploration activities, it would need to establish substantially greater sources of power, water, physical plant and transport infrastructure in the area before it could conduct mining operations. The availability of such sources may adversely affect mining feasibility and will, in any event, require IVN to arrange significant financing, locate adequate supplies and obtain necessary approvals from national, provincial and regional governments, none of which can be assured. THE IVN GROUP'S EXPLORATION LICENSES COULD EXPIRE BEFORE THE IVN GROUP IS READY OR ABLE TO OBTAIN A MINING LICENSE. The exploration licenses for the Oyu Tolgoi Project expire in less than one year (February 2, 2004), and renewals of those licenses are unavailable under the Minerals Law. Prior to such expiry, IVN will have to convert the exploration licenses to the significantly more expensive mining licenses or risk losing its rights to the Oyu Tolgoi Project. IVN may not be ready to commence mining activities when the exploration licenses expire. Early in 2002, a law on Licences for Business Activities was enacted which has been interpreted by Mongolian bureaucrats as requiring aimag (provincial) government level approval as a condition to the grant of exploration and mining licenses. There can be no assurance that IVN will be able to obtain such approval on acceptable terms or at all when applying for mining licenses and exploration licenses in the future. ECONOMIC SANCTIONS IMPOSED BY THE UNITED STATES AND CANADA AGAINST MYANMAR MAY ADVERSELY AFFECT THE MONYWA COPPER PROJECT. In May 1997, the United States government imposed economic sanctions on Myanmar, banning new investments in Myanmar by any United States investor. In August 1997, the Canadian government imposed selective economic sanctions on Myanmar, directed against imports and exports between Canada and Myanmar. These sanctions were imposed based on the United States and Canadian governments' belief that the current government of Myanmar has repressed opposition to the government. While the sanctions in their current form do not affect the Corporation's investments in Myanmar, there can be no assurances that the sanctions will not be broadened or that other countries will not adopt sanctions in the future. The existence of United States sanctions may restrict the ability of United States companies to participate in the Monywa Copper Project. It is not possible to assess whether additional legislation will be enacted by the United States, Canada or elsewhere or, if enacted, will ultimately affect the Corporation or investment in the Corporation. 54 THE IVN GROUP FACES GEOTECHNICAL AND DEVELOPMENT RISKS AT THE MONYWA COPPER PROJECT, INCLUDING GENERATING CAPACITY SHORTAGES AND LEACHING PROCESS TECHNICAL RISKS. IVN faces a number of potential risks with respect to the proposed development of the Letpadaung deposit and the proposed expansion of the S&K mine as part of the Monywa Copper Project. Myanmar is currently short of the generating capacity necessary to deliver sufficient power to Letpadaung and there can be no assurance that improvements to Myanmar's national power system, sufficient to furnish the required power, will be made on a timely basis or at all. If not, it may be necessary to construct a local source of power which may not be feasible or which may render the project uneconomic. The high lift leach piles planned for both the S&K mine and the Letpadaung deposit carry technical risks. These risks include geotechnical failure, chemical degradation of the heap material, compaction and loss of permeability, lack of oxygen, excessive iron build-up and excessive acid generation. Manifestation of these risks could adversely affect operating costs. Although IVN believes that the Letpadaung pit run ore will exhibit the same heap leaching characteristics as the Sabetaung ore currently being mined at the S&K mine, this assumption cannot be confirmed prior to mining. Different metallurgical characteristics in the Letpadaung deposit, if and to the extent they might exist, could adversely affect the technical feasibility and economics of IVN's Letpadaung development plans. THERE CAN BE NO ASSURANCE THAT THE IVN GROUP WILL BE CAPABLE OF RAISING THE ADDITIONAL FUNDING THAT IT NEEDS TO CARRY OUT ITS DEVELOPMENT AND EXPLORATION OBJECTIVES. The further development and exploration of the various mineral properties in which it holds interests depends upon the IVN Group's ability to obtain financing through joint ventures, debt financing, equity financing or other means. There is no assurance that the IVN Group will be successful in obtaining required financing as and when needed. Depressed markets for precious and base metals may make it difficult or impossible for the IVN Group to obtain debt financing or equity financing on favourable terms or at all. The IVN Group operates in a region of the world that is prone to economic and political upheaval and certain mineral properties held by the IVN Group are located in politically and economically unstable countries, which may make it more difficult for the IVN Group to obtain debt financing from project lenders. The IVN Group must arrange significant project financing for development of the Oyu Tolgoi Project. Failure to obtain additional financing on a timely basis may cause the IVN Group to postpone its development plans, forfeit rights in some or all of its properties or joint ventures or reduce or terminate some or all of its operations. THE IVN GROUP HAS A LIMITED CUSTOMER BASE FOR ITS PRODUCTS AND NEEDS TO SECURE ADDITIONAL MARKETS. The Savage River Project has only a few customers and the pricing of its iron ore products is subject to annual negotiations. Demand for ABM's iron ore products can fluctuate based on market conditions in the international steel industry. ABM has as yet been unable to finalize the renewal of a supply contract with one of its principal customers and if it is unable to negotiate a renewal of this contract ABM will need to secure new customers. The loss of a key customer or a material decrease in sales to a key customer could have an adverse impact on short to medium term cash flow and adversely affect the project's economic viability. All of the IVN Group's production from the Monywa Copper Project is sold to a single Japanese buyer. If, for any reason, the IVN Group was unable to sell all of its production to its existing buyer, economic sanctions against trade with Myanmar may significantly reduce the number of potential alternative buyers. 55 THE SAVAGE RIVER PROJECT IS DEPENDENT ON OLDER PROCESS FACILITIES AND PIPELINE OPERATIONS WHICH MAY BE PRONE TO FAILURE OR BREAKDOWN. Savage River operations are heavily dependent upon the successful operation of the concentrator and pipeline apparatus. All the process facilities and the pipeline have been in operation for over 30 years and are subject to potentially higher rates of failure than a new plant. Despite a comprehensive maintenance program there can be no assurance that the operating availabilities required to achieve planned product output can be sustained. THERE IS A RISK OF LONG TERM DECLINE IN PELLET GRADE AT THE SAVAGE RIVER PROJECT. Since inception in 1967, the grade of Savage River iron pellets has declined as mining was extended to deeper levels in the pit and as the pit was extended northwards. IVN has had geological and mineralogical data independently examined and the preliminary opinion is that this trend will not continue in the future. However, there can be no assurance that a long term decline in pellet grade, which may affect marketability, will not occur. THE PIT WALL OF THE SAVAGE RIVER PIT REQUIRES ADDITIONAL WORK TO ENSURE ITS STABILITY. The stability of the walls of the Savage River open pit have, historically, been problematic and ABM experienced a slope failure at Extension 2 of the North Pit in 2002 which temporarily halted operations on the North Pit. Although the Corporation has retained expert advice in this area, is pro-actively managing the pit wall stability and has taken additional corrective measures since the 2002 slope failure, there can be no assurance that a failure, large enough to cause an extended interruption in production, will not occur during the life of the project. THERE CAN BE NO ASSURANCE THAT THE INTEREST HELD BY THE IVN GROUP IN ITS EXPLORATION, DEVELOPMENT AND MINING PROPERTIES IS FREE FROM DEFECTS OR THAT MATERIAL CONTRACTUAL ARRANGEMENTS BETWEEN THE IVN GROUP AND ENTITIES OWNED OR CONTROLLED BY FOREIGN GOVERNMENTS WILL NOT BE UNILATERALLY ALTERED OR REVOKED. The IVN Group has investigated its rights to explore and exploit its various properties and, to the best of its knowledge, those rights are in good standing but no assurance can be given that such rights will not be revoked, or significantly altered, to the detriment of the IVN Group. There can also be no assurance that the IVN Group's rights will not be challenged or impugned by third parties. The IVN Group has also applied for rights to explore, develop and mine various properties, but there is no certainty that such rights, or any additional rights applied for, will be granted on terms satisfactory to the IVN Group or at all. COMPETITION FOR NEW MINING PROPERTIES BY LARGER, MORE ESTABLISHED COMPANIES MAY PREVENT IVN FROM ACQUIRING INTERESTS IN ADDITIONAL PROPERTIES OR MINING OPERATIONS. Significant and increasing competition exists for mineral acquisition opportunities throughout the world. As a result of this competition, some of which is with large, better established mining companies with substantial capabilities and greater financial and technical resources, the IVN Group may be unable to acquire rights to exploit additional attractive mining properties on terms it considers acceptable. Accordingly, there can be no assurance that the IVN Group will acquire any interest in additional operations that would yield reserves or result in commercial mining operations. 56 IVN HAS A LIMITED OPERATING HISTORY, AND THERE IS NO ASSURANCE THAT IT WILL BE CAPABLE OF CONSISTENTLY PRODUCING POSITIVE CASH FLOWS. The Corporation has paid no dividends on its common shares since incorporation and does not anticipate doing so in the foreseeable future. The IVN Group only recently began to generate positive cash flow from its Monywa Copper Project and is currently producing negative cash flows from the Savage River Project and its other exploration and development projects. IVN has a limited operating history and there can be no assurance of its ability to operate its projects profitably. While the IVN Group may in the future generate additional working capital through the operation, development, sale or possible syndication of its properties, there is no assurance that the IVN Group will be capable of producing positive cash flow on a consistent basis or that any such funds will be available for exploration and development programs. A SUBSTANTIAL PORTION OF THE IVN GROUP'S OPERATIONS INVOLVE EXPLORATION AND DEVELOPMENT AND THERE IS NO GUARANTEE THAT ANY SUCH ACTIVITY WILL RESULT IN COMMERCIAL PRODUCTION OF MINERAL DEPOSITS. Development of the IVN Group's mineral properties is contingent upon obtaining satisfactory exploration results. Mineral exploration and development involves substantial expenses and a high degree of risk, which even a combination of experience, knowledge and careful evaluation may not be able to adequately mitigate. There is no assurance that commercial quantities of ore will be discovered on any of the IVN Group's exploration properties. There is also no assurance that, even if commercial quantities of ore are discovered, a mineral property will be brought into commercial production. The discovery of mineral deposits is dependent upon a number of factors not the least of which is the technical skill of the exploration personnel involved. The commercial viability of a mineral deposit, once discovered, is also dependent upon a number of factors, some of which are the particular attributes of the deposit, such as size, grade and proximity to infrastructure, metal prices and government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals, and environmental protection. In addition, assuming discovery of a commercial ore body, depending on the type of mining operation involved, several years can elapse from the initial phase of drilling until commercial operations are commenced. Most of the above factors are beyond the control of IVN. MINING OPERATIONS ARE SUBJECT TO NUMEROUS HAZARDS THAT COULD HAVE A MATERIAL ADVERSE EFFECT ON THE FINANCIAL POSITION OF IVN. The business of mining is subject to a variety of risks such as groundfall, explosions and other accidents, flooding, environmental hazards, the discharge of toxic chemicals and other risks. Such occurrences, against which the IVN Group cannot, or may elect not to, insure, may result in destruction of mines and other production facilities, damage to life and property, environmental damage, delayed production, increased production costs and possible legal liability for any and all damages. Such liabilities may have a material adverse effect on IVN's financial position. CALCULATION OF RESERVES AND METAL RECOVERY IS ONLY AN ESTIMATE, AND THERE CAN BE NO ASSURANCE ABOUT THE QUANTITY AND GRADE OF MINERALS UNTIL RESERVES OR RESOURCES ARE ACTUALLY MINED. There is a degree of uncertainty attributable to the calculation of reserves, resources and corresponding grades being mined or dedicated to future production. Until reserves or resources are actually mined and processed, the quantity of reserves or resources and grades must be considered as estimates only. In addition, the quantity of reserves or resources may vary depending on metal prices. Any material change in the quantity of reserves, resources, grades or stripping ratio may affect the economic viability of IVN' properties. In addition, there can be no assurance that metal recoveries in small-scale laboratory tests will be duplicated in larger scale tests under on-site conditions or during production. 57 FLUCTUATIONS IN CURRENCY EXCHANGE RATES MAY ADVERSELY AFFECT ABM'S FINANCIAL POSITION AND RESULTS OF OPERATIONS. Fluctuations in currency exchange rates, may adversely affect ABM's financial position and results of operations. ABM receives United States dollars from the bulk of its sales of iron ore products but pays most of its operating costs in Australian dollars and, the recent strengthening of the Australian dollar against the United States dollar has negatively impacted ABM's cash flow. Further deterioration in the United States dollar as against the Australian dollar will have a negative effect on the financial viability of the Savage River Project. JVCo'S INDEBTEDNESS ON THE MONYWA COPPER PROJECT IS SUBJECT TO FLOATING INTEREST RATES. Monywa Copper Project dent accrues interest at a floating interest rate. As a result, fluctuations in interest rates may have a significant impact on the project's profitability, and on JVCo's ability to successfully finance expansion. THE MONYWA COPPER PROJECT IS NOT IN FULL COMPLIANCE WITH CERTAIN COVENANTS UNDER ITS PRINCIPAL PROJECT FINANCING AGREEMENT. JVCo does not currently comply with certain covenants in its principal Monywa Copper Project financing agreement, including a requirement to maintain a minimum amount of working capital and a requirement to retain a specified minimum amount of cash on deposit in a debt service reserve account. The lenders have not, to date, notified JVCo that it is in default of these covenants and, although management does not believe that the lenders will do so in the foreseeable future, the lenders may, at any time while JVCo remains non-compliant, formally notify JVCo that it is in default. If, in that event, JVCo failed to cure the default in a timely manner, the lenders would be entitled to pursue their remedies against JVCo which could include foreclosing on JVCo's interest in the Monywa Copper Project. JVCo's obligations to the lenders are non-recourse to IVN. METAL PRICES ARE VOLATILE. The mining industry is intensely competitive and there is no assurance that, even if commercial quantities of a mineral resource are discovered, a profitable market will exist for the sale of the same. There can be no assurance that metal prices will be such that the IVN Group's properties can be mined at a profit. Factors beyond the control of the IVN Group may affect the marketability of any minerals discovered. Metal prices are subject to volatile price changes from a variety of factors including international economic and political trends, expectations of inflation, global and regional demand, currency exchange fluctuations, interest rates and global or regional consumption patterns, speculative activities and increased production due to improved mining and production methods. The supply of, and demand for, IVN's principal products, iron ore and copper, is affected by various factors, including political events, economic conditions and production costs. Unlike most metals, iron ores are not fungible commodities, as each is somewhat different in composition and usage characteristics. The iron ore market behaves like a product, rather than a commodity, market, with zones of competition and zones of exclusion. The market is one of direct customer to producer relationships, without middlemen, warehousing or buffer stocks, speculators or futures market. The market is imperfect and oligopolistic. Prices are not set by the market clearance principle, but to optimize returns to producers within the constraint of the total market size. 58 THE IVN GROUP IS EXPOSED TO RISKS OF CHANGING POLITICAL STABILITY AND GOVERNMENT REGULATION IN THE COUNTRIES IN WHICH IT OPERATES. The IVN Group holds mineral interests in countries which may be affected in varying degrees by political stability, government regulations relating to the mining industry and foreign investment therein, and the policies of other nations in respect of these countries. Any changes in regulations or shifts in political conditions are beyond the control of the IVN Group and may adversely affect its business. The IVN Group's operations may be affected in varying degrees by government regulations, including those with respect to restrictions on production, price controls, export controls, income taxes, expropriation of property, employment, land use, water use, environmental legislation and mine safety. The IVN Group's operations may also be affected in varying degrees by political and economic instability, economic or other sanctions imposed by other nations, terrorism, military repression, crime, extreme fluctuations in currency exchange rates and high inflation. In certain areas where the IVN Group is active, the regulatory environment is in a state of continuing change, and new laws, regulations and requirements may be retroactive in their effect and implementation. The laws of many of the countries in which the IVN Group operates also contain inconsistencies and contradictions. Many of them are structured to bestow on government bureaucrats substantial administrative discretion in their application and enforcement with the result that the laws are subject to changing and different interpretations. As such, even the Corporation's best efforts to comply with the laws may not result in effective compliance in the determination of government bureaucrats. The IVN Group conducts its operations in several countries through co-operative joint ventures with government controlled entities. While this connection benefits the IVN Group in some respects, there is a substantial inequality with respect to the influence of the parties with the applicable government. Governments in these countries hold a substantial degree of subjective control over the application and enforcement of laws and the conduct of business. This inequality would become particularly detrimental if a business dispute arises between joint venture parties. IVN seeks to minimize this issue by including international arbitration clauses in relevant agreements whenever possible and by maintaining positive relations with both its joint venture partners and local governments, but there can be no guarantee that these measures will be sufficient to protect the IVN Group's interest in these countries. THE IVN GROUP IS SUBJECT TO SUBSTANTIAL ENVIRONMENTAL AND OTHER REGULATORY REQUIREMENTS AND SUCH REGULATIONS ARE BECOMING MORE STRINGENT. NON-COMPLIANCE WITH SUCH REGULATIONS, EITHER THROUGH CURRENT OR FUTURE OPERATIONS OR A PRE-EXISTING CONDITION COULD MATERIALLY ADVERSELY AFFECT IVN. All phases of the IVN Group's operations are subject to environmental regulations in the various jurisdictions in which it operates. For example, the Oyu Tolgoi Project is subject to an environmental impact assessment, as well as other environmental protection obligations. Environmental legislation is evolving in a manner which will require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their officers, directors and employees. There is no assurance that future changes in environmental regulation, if any, will not adversely affect the IVN Group's operations. Environmental hazards may exist on the properties in which the IVN Group holds interests which are presently unknown to the IVN Group and which have been caused by previous or existing owners or operators of the properties. Government approvals and permits are sometimes required in connection with the IVN Group's operations. To the extent such approvals are required and not obtained, the IVN Group may be delayed or prohibited from proceeding with planned exploration or development of its mineral properties. 59 Failure to comply with applicable laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining operations may be required to compensate those suffering loss or damage by reason of the mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations. Amendments to current laws, regulations and permits governing operations and activities of mining companies, or more stringent implementation thereof, could have a material adverse impact on IVN and cause increases in capital expenditures or production costs or reductions in levels of production at producing properties or require abandonment or delays in development of new mining properties. PREVIOUS MINING OPERATIONS MAY HAVE CAUSED ENVIRONMENTAL DAMAGE AT IVN GROUP MINING SITES, AND IF THE IVN GROUP CANNOT PROVE THAT IT WAS CAUSED BY SUCH PRIOR OPERATORS, ITS INDEMNITIES AND EXEMPTIONS FROM LIABILITY MAY NOT BE EFFECTIVE. The IVN Group has received exemptions from liability from relevant governmental authorities for environmental damage caused by previous mining operations at the Savage River Project, the Monywa Copper Project and the Bakyrchik Project. There is a risk, however, that, if an environmental accident occurred at those sites, it may be difficult or impossible to assess the extent to which environmental damage was caused by the IVN Group's activities or the activities of previous operators. In that event, the indemnities could be ineffective and possibly worthless. THE IVN GROUP'S PROSPECTS DEPEND ON ITS ABILITY TO ATTRACT AND RETAIN KEY PERSONNEL. Recruiting and retaining qualified personnel is critical to the IVN Group's success. The number of persons skilled in the acquisition, exploration and development of mining properties is limited and competition for such persons is intense. The Corporation believes that it has been successful in recruiting excellent personnel to meet its corporate objectives but, as the IVN Group's business activity grows, it will require additional key financial, administrative, mining, marketing and public relations personnel as well as additional staff on the operations side. Although the Corporation believes that it will be successful in attracting and retaining qualified personnel, there can be no assurance of such success. CERTAIN DIRECTORS OF IVN ARE DIRECTORS OR OFFICERS OF, OR HAVE SIGNIFICANT SHAREHOLDINGS, IN OTHER MINERAL RESOURCE COMPANIES AND THERE IS THE POTENTIAL THAT SUCH DIRECTORS WILL ENCOUNTER CONFLICTS OF INTEREST WITH THE IVN GROUP. Certain of the directors of the Corporation are directors or officers of, or have significant shareholdings in, other mineral resource companies and, to the extent that such other companies may participate in ventures in which the IVN Group may participate, the directors of IVN may have a conflict of interest in negotiating and concluding terms respecting the extent of such participation. Such other companies may also compete with the IVN Group for the acquisition of mineral property rights. In the event that any such conflict of interest arises, a director who has such a conflict will disclose the conflict to a meeting of the directors of the Corporation and will abstain from voting for or against the approval of such a participation or such terms. In appropriate cases, IVN will establish a special committee of independent directors to review a matter in which several directors, or management, may have a conflict. From time to time, several companies may participate in the acquisition, exploration and development of natural resource properties thereby allowing their participation in larger programs, permitting involvement in a greater number of programs and reducing financial exposure in respect of any one program. It may also occur that a particular company will assign all or a portion of its interest in a particular program to another of these companies due to the financial position of 60 the company making the assignment. In accordance with the laws of the Yukon, the directors of the Corporation are required to act honestly, in good faith and in the best interests of the Corporation. In determining whether or not the IVN Group will participate in a particular program and the interest therein to be acquired by it, the directors will primarily consider the potential benefits to IVN, the degree of risk to which IVN may be exposed and its financial position at that time. ITEM 5: SELECTED CONSOLIDATED FINANCIAL INFORMATION The following table shows selected consolidated financial information related to the Corporation for the periods indicated: SELECTED ANNUAL INFORMATION (STATED IN THOUSAND OF U.S. DOLLARS EXCEPT PER SHARE INFORMATION)
Year ended December 31 --------------------------------------- 2002 2001 2000 ---- ---- ---- Revenues ................................ 87,121 75,334 22,470 Loss from continuing operations ......... 30,233 84,998 17,860 Loss from continuing operations per share $ 0.16 $ 0.66 $ 0.24 Total assets ............................ 271,554 247,832 316,359 Long-term debt .......................... 10,622 46,533 75,726 Net loss ................................ 30,233 84,998 17,860 Net loss per share ...................... $ 0.16 $ 0.66 $ 0.24
The acquisition of ABM on December 31, 2000 is the principal basis for a substantial change in revenue and loss information for the 2001 and 2002 fiscal years as against that of 2000. The reduction in total assets in 2001 as against 2000 reflects a $54 million write down in the carrying value of the Savage River Project that occurred in 2001. The substantial decrease in long-term debt in the last three years includes the combined results of a $33.7 million acquisition of bank debt by the IVN Group in August 2002 and the conversion in December 2001 of $20.5 million of convertible debt into common shares of IVN. DIVIDEND POLICY The Corporation has not paid any dividends on its outstanding common shares since its inception and does not anticipate that it will do so in the foreseeable future. The declaration of dividends on the common shares of the Corporation is within the discretion of the Corporation's Board of Directors and will depend upon their assessment of, among other factors, earnings, capital requirements and the operating and financial condition of the Corporation. At the present time, the Corporation's anticipated capital requirements are such that it intends to follow a policy of retaining earnings in order to finance further development of its business. The Corporation is restricted in its ability to pay dividends on its common shares by limitations under the Business Corporations Act (Yukon) relating to the sufficiency of profits from which dividends may be paid. ITEM 6: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Reference is made to the Management Discussion and Analysis ("MD&A") which accompanies the Corporation's comparative consolidated financial statements for the years ended December 31, 2002 and 2001. The MD&A is incorporated by reference into this Annual Information Form. 61 ITEM 7: MARKET FOR SECURITIES The common shares of the Corporation are traded in Canada on the TSX and in Australia on the Australian Stock Exchange ("ASX"). The closing price of the Corporation's common shares on the TSX on May 16, 2003 was Cdn$3.18. The following sets forth the high and low market prices and the volume of the common shares traded on the TSX during the periods indicated: (stated in Canadian dollars)
PERIOD HIGH LOW VOLUME - ------ ---- ----- ---------- Quarter ended March 31, 2001 $2.25 $0.95 13,228,956 Quarter ended June 30, 2001 $2.10 $1.26 4,719,183 Quarter ended September 31, 2001 $3.04 $1.28 6,833,345 Quarter ended December 31, 2001 $2.60 $1.58 12,983,791 Quarter ended March 31, 2002 $3.65 $2.03 26,090,076 Quarter ended June 30, 2002 $3.46 $3.13 23,628,388 Quarter ended September 30, 2002 $3.33 $2.96 23,447,927 Quarter ended December 31, 2002 $3.35 $3.02 14,802,072 Quarter ended March 30, 2003 $3.27 $3.29 42,547,512 Month ended April 30, 2003 $3.29 $3.12 3,348,991
ITEM 8: DIRECTORS AND OFFICERS The name, municipality of residence and position with the Corporation of each director and executive officer of the Corporation, and the principal business or occupation in which each director or executive officer has been engaged during the immediately preceding five years is as follows:
NAME AND MUNICIPALITY OF RESIDENCE POSITION WITH CORPORATION PRINCIPAL OCCUPATION DURING PAST FIVE YEARS - ------------------------------------ ------------------------------------ --------------------------------------------- ROBERT M. FRIEDLAND Chairman, Director, Chief Chairman of the Corporation (March 1994 to Hong Kong Executive Officer and President present); Chairman and President, Ivanhoe (Director since March 1994) Capital Corporation. R. EDWARD FLOOD Deputy Chairman and Director Deputy Chairman of the Corporation (May Ketchum, Idaho (Director since March 1994) 1999 to present); Senior Mining Analyst, Haywood Securities Inc. (May 1999 to November 2001); President of the Corporation (August 1995 to May, 1999). GORDON L. TOLL Deputy Chairman and Director Senior Vice-President, Ivanhoe Capital Singapore (Director since March 1996) Corporation (December 1995 to present); Executive Vice-President and Chief Operating Officer of the Corporation (December 1995 to October 1998).
62
NAME AND MUNICIPALITY OF RESIDENCE POSITION WITH CORPORATION PRINCIPAL OCCUPATION DURING PAST FIVE YEARS - ------------------------------------ ------------------------------------ --------------------------------------------- ROBERT HANSON Director Chairman, Hanson Capital (1998 to present); London, England (Director since February 2001) Chairman, Hanson Transport Group (1996 to 1998); Chairman, Hanson Pacific Limited (1994 to 1996). KJELD THYGESEN Director Managing Director, Lion Resources London, England (Director since February 2001) Management. JOHN WEATHERALL Director President of Scarthingmoor Asset Management Toronto, Ontario (Director since June 1996) Inc. MARKUS FABER Director Managing Director, Marc Faber Limited. Hong Kong (Director since February 2002) PIERRE MASSE Chief Financial Officer Chief Financial Officer of the Corporation West Vancouver, BC (November 2001 to present); Controller of the Corporation (October 1998 to November 2001); Chief Financial Officer, Canarc Resources Ltd. (January 1997 to September 1998). DOUGLAS KIRWIN Executive Vice-President, Executive Vice-President, Exploration of Townsville, Australia Exploration the Corporation (September 1995 to present). EDWARD C. ROCHETTE Executive Vice-President, Legal & Executive Vice-President, Legal & Ulaanbaatar, Mongolia Administration Administration of the Corporation (September 1995 to present). PAUL CHARE Executive Vice-President, Executive Vice-President of Operations of Perth, Australia Operations the Corporation (May 2002 to present); Managing Director, Mines of Sardinia (2001 to May 2002); General Manager, JVCo (August 1997 to 2001). BEVERLY A. BARTLETT Corporate Secretary Corporate Secretary of the Corporation and New Westminster, British Columbia Corporate Secretary, Ivanhoe Energy Inc. (June 2001 to present); Compliance Manager, Global Mining Management Corporation (April 1997 to present); Assistant Secretary, Ivanhoe Energy Inc. (1999 - 2001); Assistant Secretary, Diamondworks Ltd. (January 1999 to December 1999), Corporate Secretary, Credit Union Central of Canada (August 1993 to March 1997)
63 Each director's term of office expires at the next annual general meeting of the Corporation. SHAREHOLDINGS OF DIRECTORS AND SENIOR OFFICERS As at May 16, 2003, the directors and executive officers, as a group, beneficially owned, directly or indirectly, or exercised control or direction over, 101,671,406 common shares of the Corporation representing approximately 44.85% of the outstanding common shares of the Corporation. COMMITTEES OF THE BOARD IVN has an audit committee, compensation and benefits committee and a nominating and corporate governance committee. The audit committee consists of Messrs. Faber, Weatherall and Thygesen, the compensation and benefits committee consists of Messrs. Thygesen, Hanson and Flood and the nominating and corporate governance committee consists of Messrs. Weatherall, Hanson and Thygesen. All of the above-noted directors are outside, unrelated directors within the meaning of the TSX's corporate governance guidelines except Mr. Flood, who currently sits on the compensation and benefits committee. The Corporation intends to replace Mr. Flood on that committee with an unrelated, outside director following its next annual general meeting on June 12, 2003. ITEM 9: ADDITIONAL INFORMATION The Corporation will provide, upon request to its Secretary, at 654 - 999 Canada Place, Vancouver, British Columbia, V6C 3E1: (a) when its securities are in the course of a distribution pursuant to a short form prospectus or when a preliminary short form prospectus has been filed in respect of a distribution of its securities: (i) one copy of this Annual Information Form; (ii) one copy of its comparative consolidated financial statements for the year ended December 31, 2002 and auditors' report thereon and the accompanying MD&A; (iii) one copy of its most recent interim consolidated financial statements issued subsequent to December 31, 2002; (iv) one copy of its management information circular dated April 15, 2003 in respect of its 2003 annual meeting of shareholders to be held on June 12, 2003; and (v) one copy of any other documents that are incorporated by reference into the aforementioned short form or preliminary short form prospectus; (b) at any other time, one copy of the documents referred to in (a)(i), (ii), (iii) and (iv) above provided that the Corporation may require the payment of a reasonable charge if the request is made by a person or company who is not a securityholder of the Corporation. Additional information, including directors' and officers' remuneration and indebtedness, principal holders of the Corporation's securities, options to purchase the Corporation's Common Shares and interests of insiders in material transactions is contained in the management information circular for the annual general meeting of the Corporation to be held on June 12, 2003. Additional financial information is contained in the 64 Corporation's comparative financial statements for year ended December 31, 2002. Copies of the information circular and financial statements may be obtained upon request from the Corporation at 654 - 999 Canada Place, Vancouver, British Columbia, V6C 3E1. EX-19.1 30 o11180exv19w1.txt ROSCOE POSTLE TECHNICAL REPORT DATED JAN. 11, 2002 EXHIBIT 19.1 REPORT ON THE OYU TOLGOI EXPLORATION PROJECT SOUTH GOBI REGION, MONGOLIA PREPARED FOR IVANHOE MINES LTD. Author:- D. George Cargill, Ph.D., P.Eng. Consulting Geological Engineer JANUARY 11, 2002 [RPA LOGO] ROSCOE POSTLE ASSOCIATES INC. TORONTO, ONTARIO. VANCOUVER, B.C. ROSCOE POSTLE ASSOCIATES INC. TABLE OF CONTENTS
PAGE ---- SUMMARY........................................................ 1 PROPERTY AND AGREEMENTS.................................... 1 ACCESS, INFRASTRUCTURE AND CLIMATE......................... 2 GEOLOGICAL SETTING......................................... 3 MINERALIZATION............................................. 3 EXPLORATION WORK AND RESULTS............................... 4 MINERAL RESOURCE ESTIMATES................................. 6 PRELIMINARY METALLURGICAL TESTING.......................... 7 EXPLORATION POTENTIAL...................................... 8 CONCLUSIONS................................................ 9 RECOMMENDATIONS............................................ 10 INTRODUCTION................................................... 11 TERMS OF REFERENCE............................................. 12 QUALIFICATIONS................................................. 13 CONDITIONS AND LIMITATIONS..................................... 14 PROPERTY DESCRIPTION, LOCATION AND AGREEMENTS.................. 14 ACCESSIBILITY, CLIMATE, PHYSIOGRAPHY, LOCAL RESOURCES, INFRASTRUCTURE................................................ 18 EXPLORATION IN MONGOLIA........................................ 20 GEOLOGICAL SETTING............................................. 22 REGIONAL GEOLOGY.......................................... 22 PROPERTY AND LOCAL GEOLOGY................................ 23 ALTERATION................................................ 24 MINERALIZATION................................................. 25 GENERAL DEPOSIT TYPES..................................... 25 SUPERGENE............................................. 25 HYPOGENE.............................................. 27 OYU TOLGOI MINERALIZATION................................. 30 SOUTH OYU............................................. 30 CENTRAL OYU........................................... 30 NORTH OYU............................................. 31 EXPLORATION WORK AND RESULTS................................... 31 HISTORY................................................... 31
i ROSCOE POSTLE ASSOCIATES INC. IVANHOE EXPLORATION APPROACH.............................. 33 IP SURVEYS................................................ 35 RESULTS TO DATE........................................... 36 SOUTHWEST OYU......................................... 36 SOUTHWEST OYU ZONE - SOUTHERN EXTENSION............... 39 SOUTH OYU............................................. 39 CENTRAL OYU........................................... 39 OTHER TARGETS......................................... 40 SAMPLING, ASSAYS AND DATA VERIFICATION.................... 40 MINERAL RESOURCE ESTIMATES.................................... 41 CENTRAL OYU MINTERAL RESOURCE ESTIMATE.................... 41 SOUTHWEST OYU MINERAL RESOURCE ESTIMATE................... 43 1999 BHP ESTIMATE......................................... 44 EXPLORATION POTENTIAL......................................... 44 PRELIMINARY METALLURGICAL TESTING............................. 46 CONCLUSIONS................................................... 52 RECOMMENDATIONS............................................... 53 DELINEATION DRILLING.................................. 53 EXPLORATION DRILLING.................................. 53 DRILLING SUMMARY...................................... 54 SOURCES OF INFORMATION........................................ 56 SIGNATURE PAGE CERTIFICATE OF QUALIFICATIONS

ii ROSCOE POSTLE ASSOCIATES INC. LIST OF TABLES
PAGE Table 1. Tabulation of Exploration Licenses 16 Table 2. Selected Characteristics of Gold-Rich Porphyry Copper Deposits 26 Tables 3, 4, 5 Appendix 5 Table 6. Expenditures in US$ from Inception to December 31, 2001 31 Table 7. Southwest Oyu "Discovery Zone" Summary of Significant Intercepts 36 Table 8. BHP's Preliminary Tonnage and Grade Estimate (after Kirwin, 1999) 39 Table 9 Ivanhoe's Preliminary Tonnage and Grade Estimate (after Forster , 2001) 40 Table 10. Samples For Metallurgical Testing (after Lake, 2001) 46 Table 11. Lakefield Head Assays (after Anon, 2001) 46 Table 12. Copper Bearing and Pyrite Mineralogy (after Sarbutt, 2001) 46 Table 13. Lakefield Cleaner Flotation Results (After Sarbutt, 2001) 47 Table 14. Summary of Planned Drilling 51
LIST OF FIGURES
PAGE Figure 1. Location Map Appendix 1 Figure 2. Property Map Appendix 1 Figure 3. Tectonics and Selected Deposits Appendix 1 Figure 4. Summary Diagram of Techno-Stratigraphic, Magmatic, and Mineralization History of the South Gobi Region Appendix 1 Figure 5. Regional and District Geology Appendix 1 Figure 6. Property Bedrock Geology Appendix 1 Figure 7. Generalized Cross Section of a Weathered Porphyry Copper System Appendix 1 Figure 8. Gold and Copper Content and Tonnages of Principal Gold Rich Porphyry Copper Deposits. Appendix 1 Figure 9. Generalized Section Showing Intrusive and Alteration Relationships Around Gold Rich Porphyry Copper Deposits Appendix 1 Figure 10. Exploration Data from Different Levels in the System Appendix 1 Figure 11. Cross Section at Oyu Tolgoi Central Zone Supergene Blanket Appendix 1 Figure 12. Oyu Tolgoi IP Plot Chargeability in 2 mv/v Contours Appendix 1 Figure 13. Oyu Tolgoi South Drill Hole and IP Chargeability Map Appendix 1 Figure 14. Surface Plan, Southwest Oyu Zone Appendix 1 Figure 15 Geological Section, NE to SW, Southwest Oyu Zone Appendix 1 Figure 16. Geological Section, NW to SE, Southwest Oyu Zone Appendix 1
iii ROSCOE POSTLE ASSOCIATES INC. LIST OF APPENDICES APPENDIX 1 FIGURES Figure 1. Location Map Figure 2. Property Map Figure 3. Tectonics and Selected Deposits Figure 4. Summary Diagram of Techno-Stratigraphic, Magmatic, and Mineralization History of the South Gobi Region Figure 5. Regional and District Geology Figure 6. Property Bedrock Geology Figure 7. Generalized Cross Section of a Weathered Porphyry Copper System Figure 8. Gold and Copper Content and Tonnages of Principal Gold Rich Porphyry Copper Deposits Figure 9. Generalized Section Showing Intrusive and Alteration Relationships Around Gold Rich Porphyry Copper Deposits Figure 10. Exploration Data from Different Levels in the System Figure 11. Cross Section at Oyu Tolgoi Central Zone Supergene Blanket Figure 12. Oyu Tolgoi IP Plot Chargeability in 2 mv/v Contours Figure 13. Oyu Tolgoi South Drill Hole and IP Chargeability Map Figure 14. Surface Plan, Southwest Oyu Zone Figure 15. Geological Section, NE to SW, Southwest Oyu Zone Figure 16. Geological Section, NW to SE, Southwest Oyu Zone APPENDIX 2 ASSAY PROTOCOLS FOR ANALABS MONGOLIA APPENDIX 3 DOCUMENTS RELATING TO TITLE 1 BHP Ivanhoe Agreement May 5, 2000. 2 Original Certificate of Mineral Exploration #210, BHP Minerals International EMI (Amended for renewal to 2004). 3 Three certificates of Mineral Exploration for the Modified Mineral Concession (Amended for Renewal to 2004). a. 66x1 2001-09-20 b. 66x2 2001-09-21 c. 66x3 2001-09-20 4 Certificate of New Mineral Exploration License 3677 X, Jaukhlant Uul. 5 Summary of Mongolian Mining Law, Canning Management Property Ltd.; October 1999. 6 Lynch Idesh & Mahoney, Legal Opinion of Exploration Licenses, October 22, 2001 (Mongolian Properties Title Report). 7 Central Oyu Boundary, Letter October 1, 2001 Ivanhoe - BHP. iv ROSCOE POSTLE ASSOCIATES INC. 8 Lynch Idesh & Mahoney, Supplement to "Mongolia Properties Title Report 22; October, 2001"; February 5, 2002. 9 Lynch Idesh & Mahoney, Supplement to "Mongolia Properties Title Report dated 22 October 2001"; Water and Surface Rights; February 21, 2002. APPENDIX 4 SAMPLING, ASSAYS AND VERIFICATION INTRODUCTION SAMPLING METHOD AND APPROACH Table 4.1 Assays From Hole OTRCD 150 SAMPLE PREPARATION, ANALYSES AND SECURITY DATA VERIFICATION RPA Samples and Assays Table 4.2 Comparisons of Specific Gravity Table 4.3 Check Assays For Copper Table 4.4 Check Assays For Gold Table 4.5 Check Assays for Molybdenum Table 4.6 32 Element ICP Scan of the Pulp Samples REJECTS FROM RC SAMPLES Table 4.7 Check Assays of RC Rejects for Copper and Gold CHECK ASSAYS ON PULPS BY OTHER LABORATORIES First Set of Outside Check Assays Second Set of Outside Check Assays Third Set of Outside check Assays Figure 4.1 Duplicate Assays at Analabs for Copper Figure 4.2 Duplicate Assays at Analabs for Gold Figure 4.3 First Set of Re-Assays for Cu at Chemex Figure 4.4 (a) First Set of Re-Assays for Au at Chemex Figure 4.4 (b) First Set of Re-Assays for Au at Bondar Clegg Figure 4.5 First Set of Re-Assays for Mo at Chemex Figure 4.6 Second Set of Re-Assays for Cu at Bondar Clegg Figure 4.7 Second Set of Re-Assays for Au at Bondar Clegg Figure 4.8 Third Set of Re-Assays for Cu at Bondar Clegg Figure 4.9 Third Set of Re-Assays for Au at Bondar Clegg APPENDIX 5 DRILLING SUMMARY TABLES Table 3. Diamond Drill Holes Table 4. Ivanhoe - 2000 - Reverse Circulation Drill Holes Table 5. Ivanhoe - 2001 - Reverse Circulation and Diamond Drill Holes v ROSCOE POSTLE ASSOCIATES INC. SUMMARY Roscoe Postle Associates Inc. (RPA) has been requested by Mr. Malcolm Lake, P.Eng. Technical Director of Ivanhoe Mines Ltd. (Ivanhoe), to prepare a Technical Report on the Oyu Tolgoi Exploration Licenses (OT Licenses) in Southern Mongolia. This report is prepared in accordance with National Instrument 43-101 (NI 43-101). It is based on information gathered during a site visit, discussion with representatives of Ivanhoe, reports of work on the license by BHP Minerals International Exploration Inc. (BHP) and on published reports by Mongolian government geologists. The purpose of this report is to provide an independent review of the ongoing exploration program on the OT Licenses. From October 13 to October 23, 2001, RPA's representative, Dr. D. George Cargill, P.Eng., visited the project site in Mongolia, visited the Analabs assay laboratory in Ulaanbaatar and reviewed exploration information from earlier work by BHP and Ivanhoe. RPA found the data collection, presentation and interpretation by the Ivanhoe geologists to be of the highest standards and fully in accordance with industry practice. PROPERTY AND AGREEMENTS The property is in the South Gobi region of Mongolia. The Option Agreement between Ivanhoe and BHP, May 5, 2000, covered Mineral Exploration License 66 X (MEL 66 X). In September 2000, Ivanhoe in conjunction with BHP made significant reductions in the area of MEL 66 X resulting in four non contiguous areas within the original license area. The license number 66 X went with the package of land covering the Oyu Tolgoi occurrence and the other packages received the license numbers 66 X-l, 66 X-2, and 66 X-3. As of September 10, 2001, Ivanhoe has obtained new MEL 3677 X (Jaukhlaut Uul) which covers 109,145 ha and includes 59,743 ha within the original BHP MEL. Land within the boundary of MEL 66 X is part of the Ivanhoe-BHP Agreement. The status of 1 ROSCOE POSTLE ASSOCIATES INC. land outside the boundary is under discussion. Ivanhoe can earn a 100% interest in the property by expending a minimum of US$3.0 million by May 2003, paying BHP US$5.0 million and by putting up US$3.0 million to cover exploration for another three years. BHP will retain a 2% Net Smelter Return Royalty. The back-in rights can be exercised by BHP after the identification of a "Significant Mineral Occurrence" (SMO). If the SMO consists of at least 250 million tonnes of 1.0% Cu in a supergene deposit extractable by solvent extraction-electrowinning (SX-EW) and acid leaching methods, BHP will then have the right to re-purchase a 40% interest in the SMO. If the SMO consists of at least 300 million tonnes of hypogene mineralization grading 1.0 % Cu recoverable by conventional means, BHP will have the right to repurchase a 60% interest in the SMO. If the back-in rights are exercised, BHP will have to repay in cash three times the value of exploration expenditures made by Ivanhoe up to the date of the back-in. If the SMO is located in the Central Oyu, BHP will also have to repay the $5.0 million dollars originally paid by Ivanhoe to earn its interest. ACCESS, INFRASTRUCTURE AND CLIMATE The Oyu Tolgoi License is 560 km by road and track south from Ulaanbaatar and 350 km west of the nearest railway station and large electric power line. Ivanhoe has constructed a 1,400 m airstrip which allows the property to be reached by small aircraft. The average elevation is 1,160 m above sea level and the property has gently undulating topography with less than 50 m of relief. There are cold winters (" -38EC) and warm summers (" 28EC) and about 129 mm per year of precipitation. The ground cover is described as a "semi-desert steppe", and the ground surface is used by local herders. Although there have been no formal studies of the availability of ground water several drill holes produce water at depths of 5 m to 10 m. 2 ROSCOE POSTLE ASSOCIATES INC. GEOLOGICAL SETTING The property is in the Kazakh Mongol Belt, a mixture of arc and back arc rocks accreted to southern Mongolia in the early Paleozoic. Much of the Oyu Tolgoi area is covered by Cretaceous sediments and exposed Siluro-Devonian rocks are usually basalts and basaltic andesites intruded by feldspar hornblende porphyries (monzodiorites) which appear to be the mineralizing phase. There is also a monzonite porphyry with close spatial and temporal relations to the monzodiorite but which is unmineralized. Post mineral monzonite and syenite plutons, and rhyolite and andesite dikes cut the bodies of mineralization. Most of the Oyu Tolgoi Property area is covered by Cretaceous sediments and outcrops of Paleozoic rocks are sparse. The three areas of known mineralization, South Oyu which includes the Southwest Oyu discovery, Central Oyu and North Oyu, are marked by outcrops. At South Oyu detailed mapping and diamond drilling allow a preliminary three dimensional picture. The zone was primarily volcanic rocks intruded by a monzodiorite intrusion which carries the copper and gold. Mineralization is cut by post ore, rhyolite dikes and monzonite and syenitic plutons. The alteration at South Oyu consists of early magnetite rich K-silicate alteration cut by a sericite-chlorite assemblage cut by an advanced argillic alteration assemblage. This pattern is characteristic of a deep level of alteration. Alteration at Central and Northern Oyu is argillic and advanced argillic mineralization characteristic of a much higher level in the porphyry system. MINERALIZATION There are both supergene copper and hypogene copper-gold deposits on the property. The supergene deposits are similar to the classic supergene deposits of the southwestern United States. The hypogene copper-gold deposit is similar to the copper-gold porphyry deposits of the southwest Pacific. Current information indicates that South Oyu and 3 ROSCOE POSTLE ASSOCIATES INC. Southwest Oyu are hypogene deposits; North Oyu is primarily a hypogene deposit and Central Oyu is possibly a supergene deposit overlying a zone of hypogene mineralization. The three areas of known mineralization are North Oyu, Central Oyu and South Oyu. Alteration and mineralization at South Oyu is primarily hypogene, while at Central Oyu there is intense supergene alteration superimposed on the hypogene alteration. The alteration assemblages at South Oyu and Central Oyu indicate that Central Oyu is at a much higher level (" 1,000 m) in the porphyry copper system. North Oyu seems to be similar to Central Oyu in terms of alteration assemblages but lacks extensive supergene alteration. EXPLORATION WORK AND RESULTS In 1995 The Magma Copper Company Ltd. (Magma) began a reconnaissance program for copper which was continued by BHP in 1996. Oyu Tolgoi was recognized as a leached cap on a porphyry system. In 1997 BHP acquired the exploration license and drilled 6 holes (1,000 m). In 1998 BHP drilled 17 more holes (2,800 m). In 1999 BHP, after a detailed review, recommended, but did not carry out additional work. In 2000 Ivanhoe optioned the Oyu Tolgoi License from BHP and drilled 109 reverse circulation (RC) drill holes to delineate a chalcocite blanket at Central Oyu. This blanket was not large enough for a stand alone operation in this location. In 2001 Ivanhoe started a drilling program comprising RC holes, diamond drill (DD) holes and diamond drill holes with reverse circulation pre-collars (RCD) to test supergene and hypogene targets on South Oyu. After making a long intersection of high grade hypogene copper and gold in OTRCD 150, Ivanhoe paused the drilling for a number of weeks and carried out induced polarization (IP) and magnetic surveys over an area 4 km by 3 km which included Oyu North, Central and South. Ivanhoe has been using the preliminary IP maps which highlighted the high grade zone intersected in OTRCD 150 as the basis for its ongoing drilling program. Ivanhoe expanded its diamond drill program and by January 11, 2002 Ivanhoe had completed 23 RC holes for 2,890 m, 3 RCD holes for 1,747 m and 24 diamond drill holes for 13,626.7 m, and drilling is ongoing. 4 ROSCOE POSTLE ASSOCIATES INC. Drilling in the South Oyu, Southwest Oyu zone, has established a dike-like body of syenodiorite porphyry at the centre of a significant zone of copper, gold and erratic molybdenum mineralization. The mineralization is mostly in altered mafic volcanics, but some phases of the intrusive are also mineralized. The zone is cut by closely related but poorly mineralized monzonite porphyry, and much younger post mineral rhyolite and andesite dikes, and plutons and dikes of syenite porphyry. The higher grade parts of this zone are created by the superposition of several stages of mineralization. The most significant hypogene mineralization at the present time is from the "Discovery Zone" in the Southwest Oyu Zone. The best drill results are listed below.
CORE HOLE NO. LENGTH (M) INCLINATION AUG/T CU% - ------------------------------------------------------------------- 150 508 -55degrees 1.17 0.81 160 288 -55degrees 1.68 0.80 161 358 -55degrees 1.70 0.71 162 190 -55degrees 1.76 0.75 166 478 -55degrees 1.38 0.74 171 100 -55degrees 1.29 0.67 172 116 -55degrees 2.35 0.88 173 24 -55degrees 1.32 0.82 174 74 -55degrees 0.45 0.58 175 138 -45degrees 0.35 0.45 176 146 -55degrees 1.49 0.76 177 192 -55degrees 1.10 0.56 178 128 -45degrees 1.01 0.59 179 14 -55degrees 0.32 0.57 180 208 -55degrees 3.29 1.05 183 454 -70degrees 1.71 0.92 184 Incomplete assays
Additional hypogene mineralization has been intersected in South Oyu and in the extensions of Southwest Oyu but they have not yet been systematically drill tested. IP surveys have also produced untested targets for hypogene mineralization in Central Oyu and at the Far North and Airstrip anomalies. 5 ROSCOE POSTLE ASSOCIATES INC. Ivanhoe has made a major effort to create a program of uniform core sampling and logging. They have also instituted programs to get the maximum amount of information from the core by measuring specific gravity, magnetic susceptibility, RQD, and fracture orientations on oriented drill cores. As an initial data verification technique they routinely insert blanks and previously assayed material into the sample stream. RPA believes that Ivanhoe's approach to sampling the drill core is consistent with industry standards. RPA collected and independently assayed samples of drill core at the site which yielded similar results to those reported by Ivanhoe. RPA also obtained rejects of RC drilling which yielded assays similar to those obtained by Ivanhoe. In addition, RPA examined Ivanhoe's duplicate assays run by Analabs in Mongolia, and three groups of duplicate assays sent by Ivanhoe to assay laboratories in Vancouver. The duplicate assays indicate good reproducibility for copper and acceptable results for gold although Analabs' gold results are slightly higher than the Vancouver laboratories. Duplicate assays of molybdenum were inconsistent and more work is needed. MINERAL RESOURCE ESTIMATES In November 2000, Ivanhoe estimated a Mineral Resource for the Central Oyu supergene zone based on 109 RC holes drilled in the summer of 2000. The Central Oyu supergene copper zone is separate and distinct from the Southwest Oyu copper-gold zone currently being delineated by Ivanhoe, which is hypogene in nature. RPA has reviewed and verified the 2000 Ivanhoe Mineral Resource estimate for the Central Oyu supergene zone and considers it to be an Inferred Mineral Resource in accordance with the CIM standards. Although Ivanhoe considers the Central Oyu supergene zone to be under-explored and therefore uneconomic for a stand alone mining operation, RPA considers that it has reasonable prospects for economic extraction in combination with or as a satellite operation to other mineral deposits. 6 ROSCOE POSTLE ASSOCIATES INC. The Central Oyu super gene Inferred Resources total 39.2 million tonnes at an average grade of 0.73% Cu. Drill holes are spaced 100 m to 200 m apart. A cut-off grade of 0.20% Cu was used. The supergene zone is an essentially continuous blanket of supergene copper mineralization which covers an area approximately 1,100 m north-south by 600 m east-west. It extends to a depth of 40 m to 80 m in most places and has been drilled to a maximum depth of about 120 m. In RPA's opinion, the Central Oyu supergene zone Mineral Resource should be considered a preliminary estimate at this time. In December 2001, Ivanhoe commissioned an independent Mineral Resource estimate of the Southwest Oyu zone by AMEC E&C Services Limited (formerly MRDI). As of the date of this Technical Report, AMEC was in the process of preparing the estimate. The significant zone of hypogene copper-gold mineralization discovered at the Southwest Oyo zone is distinct geologically and physically separate from the nearby Central Oyu zone of supergene mineralization. The exploration potential of the Southwest Oyu zone is for much larger tonnage at significant grades of copper and gold than the Central Oyu Mineral Resource tonnage reported above. In 1999, BHP prepared a preliminary estimate of tonnes and grade for the Oyu Tolgoi Project based on only 24 diamond drill holes. Since that time, another 159 holes have been drilled and, in RPA's view, the 1999 BHP estimate is completely out of date and not relevant to this Technical Report. PRELIMINARY METALLURGICAL TESTING Preliminary metallurgical tests of six composite samples of drill core by Lakefield Laboratories (Lakefield) in Ontario show good recoveries of copper and gold by froth flotation from hypogene and supergene mineralization. Some molybdenum was recovered with the copper concentrates. Lakefield's preliminary column testing indicated copper extraction in the range of 65% to 82% for a sample from the chalcocite blanket of Central Oyu and 5% to 6% for a sample from the covellite zone of Central Oyu. 7 ROSCOE POSTLE ASSOCIATES INC. Preliminary comminution tests were carried out on seven samples at MinnovEX Technologies Inc. (MinnovEX) in Toronto. Based on this very limited and preliminary work, the rock would be classified as "hard", but is significantly softer than the hardest ores in the MinnovEX database. More testwork is needed on more widespread and representative samples before final conclusions can be drawn. EXPLORATION POTENTIAL Comparison of results to date with existing models for gold-rich copper porphyry deposits suggests that there are different levels of hypogene deposit outcropping on the property. Central Oyu has a blanket of shallow supergene enriched copper mineralization defined by RC drilling. The area offers significant exploration potential for additional deeper supergene blankets. The induced polarization (IP) anomalies suggest that there may also be potential for hypogene mineralization beneath the enrichment blankets. At Southwest Oyu a body of relatively high grade copper-gold-molybdenum mineralization has been discovered. The pattern of IP anomalies extending to the southeast, the southwest and the northwest indicate potential for more similar mineralization. The IP survey has detected two other target areas further north. One is situated near the airstrip where a strong induced polarization (IP) anomaly corresponds to anomalous values detected in 3 RC drill holes. The other one is situated on the northern rim of a circular IP anomaly. 8 ROSCOE POSTLE ASSOCIATES INC. CONCLUSIONS - The Oyu Tolgoi Property contains a gold-rich porphyry copper deposit (Southwest Oyu Zone) of the circum-Pacific type. - The Oyu Tolgoi Property has excellent potential for a large tonnage of hypogene porphyry copper-gold mineralization of similar grades to those found at Southwest Oyu Zone. - RPA believes that additional drilling to test the potential at South Oyu including Southwest Oyu zone, Central Oyu, the Airstrip Anomaly and the Far North Anomaly is fully justified. - Ivanhoe's 2000 Mineral Resource estimate of the Central Oyu supergene mineralization has been reviewed and verified by RPA, and totals 39.2 million tonnes at 0.73% Cu classified as Inferred Mineral Resource. - BHP's 1999 estimate of hypogene and supergene mineralization was done before the Ivanhoe reverse circulation and diamond drilling programs and, therefore, is completely out of date. - Preliminary metallurgical testing shows good recovery for copper and gold by froth flotation from both hypogene and supergene mineralization. Additional testing showed good copper recoveries from a sample from the supergene chalcocite zone by bacterial column leaching. - Work is needed to determine where the molybdenum occurs and how to assay for it. It is also necessary to find out where and how rhenium occurs with the molybdenum. Rhenium is a potentially highly valuable byproduct. - Gold is associated with sulphide minerals in the zones of high copper values. The gold is a critically important metal in this deposit and its mode of occurrence and distribution need to be investigated in detail. - A systematic compilation and interpretation of all the geological, geophysical and drilling data is needed to guide future exploration strategy. - RPA found the data collection, storage and interpretation systems followed by Ivanhoe were very high quality and equal to the best industry practices. - RPA is of the opinion that all the geologists, foreign and Mongolian workers on the project, were highly qualified professionals. 9 ROSCOE POSTLE ASSOCIATES INC. RECOMMENDATIONS Based on our field observations and our review of exploration results to date, RPA makes the following recommendations: - Carry out a systematic review and integration of all the available data sets for the property. - Re-analyze existing drill hole samples for a wider range of elements. Available samples provide the basis for a lithogeochemical exploration program for the cost of assays. - Analyze core samples from the mineralized zone for molybdenum. - Initiate a detailed study of the mode of occurrence and distribution of gold. - Initiate a study of the presence and distribution of rhenium in the molybdenum. - Initiate a scoping study to establish what tonnage and grade constitutes an economic deposit in this location. This study should determine to what extent a deposit such as Southwest Oyu zone could be mined using underground mining methods in addition to an open pit. - Sample the new types of mineralized zones, such as the quartz-magnetite breccias, for additional metallurgical testing. - Carry out a two phase drilling program. The first phase will require 27 diamond drill holes totaling some 21,000 m, and at a cost of about US$3.4 million. The second phase, which will be contingent upon the results of the first phase, will involve a maximum of 17 drill holes totaling some 13,800 m at a cost of about US$2.2 million. 10 ROSCOE POSTLE ASSOCIATES INC. INTRODUCTION Roscoe Postle Associates Inc. (RPA) has been requested by Mr. Malcolm Lake, P.Eng., Technical Director of Ivanhoe Mines Ltd. (Ivanhoe), to prepare a Technical Report on the Oyu Tolgoi Exploration Project ("Project") in Southern Mongolia. This report is prepared in accordance with National Instrument 43-101 (NI 43-101). The purpose of this report is to provide an independent review of the ongoing exploration work on the Project. Ivanhoe is a Canadian company listed on the Toronto Stock Exchange (TSE) and the Australian Stock Exchange (ASX) involved with mineral exploration and development in Asia, with a corporate office in Vancouver, Canada. This report is based on information gathered during a site visit, discussions with representatives of Ivanhoe, reports of work on the license by BHP Minerals International Exploration Inc. (BHP), now BHP Billiton, and on published reports by Mongolian Government geologists. From October 13 to October 23, 2001, RPA's representative, Dr. D. George Cargill, P.Eng., visited the project site in Mongolia, visited the Analabs assay laboratory in Ulaanbaatar and reviewed exploration information from earlier work by Ivanhoe and the previous property holder, BHP. RPA found the data collection, storage, and interpretation by Ivanhoe to be of the highest standards and fully in accordance with industry practice. Ivanhoe's exploration team consists of a few Australian and Canadian geologists and a group of Mongolian geologists. The expatriate geologists have a great deal of experience in porphyry copper exploration and delineation drilling, particularly on porphyry copper-gold deposits of the southwest Pacific. The Mongolian geologists, who previously worked with Magma and BHP, are highly trained professionals who are enthusiastically expanding their expertise in this type of deposit by learning from the expatriate geologists. The data presented in this report is complete up to January 11, 2002. The metric system is used throughout and currency is in US$. 11 ROSCOE POSTLE ASSOCIATES INC. TERMS OF REFERENCE On September 20, 2001, RPA was contacted by Mr. Malcolm Lake, Technical Director of Ivanhoe, to submit a proposal for a Technical Review of the Oyu Tolgoi project as well as field procedures of the current exploration program. On September 24, 2001, RPA submitted the proposal and on October 1, 2001, RPA signed an agreement with Ivanhoe to carry out this assignment. RPA proceeded with this assignment as described below: - Obtained and reviewed some relevant information prior to the site visit. - Carried out a site visit to the Oyu Tolgoi Project (Oct. 13 to Oct. 23, 2001). - Discussed the ongoing exploration program with appropriate personnel on site and in Ulaanbaatar. - Reviewed the exploration methodology and commented on the Quality Control and Quality Assurance (QA/QC) systems in the current exploration program. This included a review of the procedures for core logging, sampling, assay sample preparation, geotechnical data acquisition and assaying for Cu, Au and Mo. - Carried out independent sampling and assaying of diamond drill core. RC chips were shipped to RPA by Ivanhoe for independent assaying in Canada. - Assessed the exploration results to date and the mineral potential of the Oyu Tolgoi Property. - Collected data and reviewed documents supporting the ownership and property status. RPA did not do an in-depth review and verification of the property ownership which requires additional work by a legal firm (see Appendix 3). - Recommended additional exploration work in selected areas of the project. - Recommended the future direction of exploration and possible methods of acquisition, storage and processing of exploration data. - Uploaded the drill hole and sampling database into RPA's system using Genicom software. - Plotted drill sections showing geological data and assays. - Checked and digitized the mineralized zones as interpreted by Ivanhoe field geologists. 12 ROSCOE POSTLE ASSOCIATES INC. QUALIFICATIONS Roscoe Postle Associates Inc. (RPA) is an independent firm of Geological and Mining Consultants with offices in Toronto and in Vancouver. Since its establishment in 1985, RPA has carried out several hundred consulting assignments for more than two hundred clients, including major mining companies, junior mining and exploration companies, financial institutions, governments, law firms and individual investors. Our clients are principally Canadian, American and European companies. Our business primarily involves providing independent opinions on ore reserves, technical aspects and economics of mining projects, valuation of mining and exploration properties and prefeasibility work. Our personnel and associates have worked on projects located in all parts of Canada, the United States, Russia, Latin America, Australia, and in other countries in Africa and Asia. For chartered banks and offshore banks, we have carried out a number of due diligence and project monitoring assignments. Our personnel are Senior Geologists and Mining Engineers with extensive experience in the mining and exploration industries. The two principals of the company, William E. Roscoe, Ph.D., P.Eng. (Geologist), and John T. Postle, P.Eng. (Mining Engineer), have considerable experience in their respective fields. Since 1997, RPA has had a strategic alliance with Hatch Associates (Hatch) an international engineering and consulting firm based in Mississauga, Ontario, which specializes in mineral processing, construction and environmental as well as the business and marketing aspects of mining projects. D. George Cargill, Ph.D., P.Eng., Consulting Geologist associated with RPA, prepared the technical report on the Oyu Tolgoi Property. Dr. Cargill's experience with porphyry-type Cu-Mo-Au mineralization includes: 13 ROSCOE POSTLE ASSOCIATES INC. - Geological consulting to the Island Copper Operating Division both as an internal consultant for BHP-Utah International Inc. and as an Independent Consultant. - Examination of North American porphyry Cu-Mo exploration properties for potential investment. This was an ongoing process for BHP and similar work has been done for several other companies as an Independent Consultant. - Review of the exploration potential and the exploration methodology for the porphyry copper properties on northern Vancouver Island for BHP. - Review of Mineral Resources and exploration potential of the Hushamau Deposit for Jordex Exploration. - Evaluation of the potential of gold deposits for bulk mining in Brazil, West Africa, East Africa and eastern China. - Resource estimate, Magushan copper deposit, China CONDITIONS AND LIMITATIONS This report has been prepared by RPA for Ivanhoe and shall not be used nor relied upon by any other party nor for any other purpose without the written consent of RPA. In the preparation of this report, RPA relied on certain information. This includes reports and data supplied by Ivanhoe, data generated by Magma and BHP, and reports by Lakefield Research. RPA relied on title documents provided by Ivanhoe and did not investigate mineral title, nor did we investigate surface rights, water rights or the like. PROPERTY DESCRIPTION, LOCATION AND AGREEMENTS The property is in the South Gobi region of Mongolia with its geographic centre at 106(degree)45'E, 43(degree)37'30"N (Figure 1). It is about 560 km south of the capital city of Ulaanbaatar and less than 100 km north of the border with China. The property consists of Mineral Exploration License 210 originally issued to BHP in February 1997, under the previous version of the Mongolian mining law (Figure 2). In 14 ROSCOE POSTLE ASSOCIATES INC. July 1997 when the current Mining Law was proclaimed the original license became Mineral Exploration License 66 X (MEL 66 X). Essentially the original agreement received endorsements to bring it under the new Mining Law. BHP made some very minor changes to the area but it remained about the same. The original agreement between Ivanhoe and BHP dated May 5, 2000 covered MEL 66 X and the specifications for the license are outlined in an attachment to the agreement. A copy of the agreement for MEL 66 X is in Appendix 3. The option agreement between BHP and Ivanhoe requires a minimum exploration expenditure of US$3.0 million by May 5, 2003. On completion of this work commitment Ivanhoe can exercise its option to acquire a 100% interest by paying BHP US$5.0 million and putting up a US$3.0 million bond to cover additional exploration expenditures over the subsequent three year period. Ivanhoe may at its option make the US$5.0 million payment to BHP in two allotments of US$1.0 million on the Earn-In Date (May 5, 2003) and US$4.0 million on the first anniversary of the Earn-In Date. After all financial and work obligations have been met by Ivanhoe, BHP will retain a 2% Net Smelter Returns Royalty and back-in rights. The back-in rights can be exercised by BHP after the identification of a "Significant Mineral Occurrence" (SMO). If the SMO consists of at least 250 million tonnes of 1.0% Cu in a supergene deposit extractable by solvent extraction-electrowinning (SX-EW) and acid leaching methods, BHP will then have the right to re-purchase a 40% interest in the SMO. If the SMO consists of at least 300 million tonnes of hypogene mineralization grading 1.0 % Cu recoverable by conventional means, BHP will have the right to repurchase a 60% interest in the SMO. If the back-in rights are exercised, BHP will have to repay in cash three times the value of exploration expenditures made by Ivanhoe up to the date of the back-in. If the SMO is located in the Central Oyu, BHP will also have to repay the US$5.0 million dollars originally paid by Ivanhoe to earn its interest. In September 2000 Ivanhoe in conjunction with BHP made significant reductions in the area of MEL 66 X. These reductions were proposed by Ivanhoe and agreed to by BHP. The reductions created four non-contiguous areas within the original license area (Table 1). 15 ROSCOE POSTLE ASSOCIATES INC. The package of land covering the Project retained the designation MEL 66 X and the other packages received the license numbers MEL 66 X-l, 66 X-2, and 66 X-3 (Figure 2). The new land packages received new certificates but the Oyu Tolgoi package retained the amended certificate for MEL 66 X. Copies of the new Mineral Exploration Licenses are included in Appendix 3. Ivanhoe's applications for the extensions of the terms of the four mineral exploration licenses: #66 X, 66 X-l, 66 X-2 and 660 X-3 were accepted. The new expiry date for each of the licenses is February 17, 2004. As of September 10, 2001 Ivanhoe Mines Mongolia Inc., a wholly owned subsidiary of Ivanhoe Mines Ltd., received a new mineral exploration license, MEL 3677 X (Jaukhlant Uul) that is valid for a three year term. This license covers an area of 109,145 ha (Figure 2) of which 59,743 ha are within the original BHP MEL #210 and 49,402 ha are outside. The location of the Central Oyu exploration area is significant under the terms and conditions of the Ivanhoe-BHP agreement (Appendix 3) but it was not completely defined in the agreement. Ivanhoe and BHP have recently defined the area as:
LONGITUDE LATITUDE - ------------------------------------------------------ 106degrees 50'49.330" 43degrees 00'36.467" 106degrees 51'37.896" 43degrees 00'35.680" 106degrees 51'38.679" 43degrees 01'01.601" 106degrees 51'50.107" 43degrees 01'02.388"
Ivanhoe asked Lynch, Idesh & Mahoney, a law firm in Ulaanbaatar, to comment on the status of the original license and to advise them on the procedures for transferring the original license and other licenses from BHP to Ivanhoe pursuant to the Earn-In Agreement and any amendments to the Earn-In Agreement. A memorandum dated October 22, 2001 is included in Appendix 3. 16 ROSCOE POSTLE ASSOCIATES INC. TABLE 1 TABULATION OF EXPLORATION LICENCES IVANHOE MINES LTD. - OYU TOLGOI PROJECT
MEL CORNER CO-ORDINATES SURFACE LONGITUDE (1) LATITUDE (1) AREA ORIGINAL LICENSE 66 X 106degrees 30'E 43degrees 08'N 135,987 ha 107degrees 0'E 43degrees 08'N 107degrees 0'E 42degrees 50'N 106degrees 30'E 42degrees 50'N NEW LICENSE 66 X (OYU TOLGOI AREA) 106degrees 47'30" 42degrees 58'30" 8,496 ha 106degrees 47'30" 43degrees 03'00" 106degrees 55'00'E 43degrees '03'00" 106degrees 55'00'E 42degrees 58'30" NEW LICENSE 66 X -1 106degrees 38'00" 42degrees 54'00" 4,537 ha 106degrees 38'00" 42degrees 57'00" 106degrees 44'00" 42degrees 57'00" 106degrees 44'00" 42degrees 54'00" NEW LICENSE 66 X -2 106degrees 51'30" 42degrees 55'30" 1,764 ha 106degrees 51'30" 42degrees 57'30" 106degrees 55'00" 42degrees 57'30" 106degrees 55'00" 42degrees 55'30" NEW LICENSE 66 X -3 106degrees 30'00" 42degrees 54'00" 9,070 ha 106degrees 30'00" 43degrees 00'00" 106degrees 36'00" 43degrees 00'00" 106degrees 36'00" 42degrees 54'00" NEW LICENSE 3677 X within the original Oyu Tolgoi MEL #210 (Licensed Area) 106degrees 30'00" 42degrees 54'00" 59,743 ha 106degrees 36'00" 42degrees 54'00" 106degrees 36'00" 42degrees 55'30"
17 ROSCOE POSTLE ASSOCIATES INC.
MEL CORNER CO-ORDINATES SURFACE LONGITUDE (1) LATITUDE (1) AREA 106degrees 38'00" 42degrees 55'30" 106degrees 38'00" 42degrees 54'00" 106degrees 44'00" 42degrees 54'00" 106degrees 44'00" 42degrees 55'00" 107degrees 00'00" 42degrees 55'00" 107degrees 00'00" 42degrees 47'00" 106degrees 30'00" 42degrees 47'00" 106degrees 30'00" 42degrees 54'00" NEW LICENSE 3677 X outside the Original Oyu Tolgoi Licensed Area (MEL #210) 106degrees 30'00" 42degrees 47'00" 49,402 ha 107degrees 00'00" 42degrees 47'00" 107degrees 00'00" 43degrees 08'00" 107degrees 05'00" 43degrees 08'00" 107degrees 05'00" 43degrees 04'00" 107degrees 02'00" 43degrees 04'00" 107degrees 02'00" 43degrees 00'00" 107degrees 06'00" 43degrees 00'00" 107degrees 06'00" 42degrees 44'30" 106degrees 30'00" 42degrees 44'30" 106degrees 30'00" 42degrees 47'00"
(1) Latitudes and longitudes quoted above are based on the "Krasovsky 1942" ellipsoid and reflect the locations on Mongolian mineral tenement licenses ACCESSIBILITY, CLIMATE, PHYSIOGRAPHY, LOCAL RESOURCES, INFRASTRUCTURE The Oyu Tolgoi License is 560 km by road and track from the Mongolian capital of Ulaanbaatar (Figure 1). It is 240 km from the Aimag (state) capital at Dalanzadgad which is a town of 12,500 people. It has a telephone link with the capital and its own electric generating and heating plants. There are twice a week flights from Dalanzadgad to Ulaanbaatar. The property is 350 km west of the nearest railway station and large electric power line at Sainshand. 18 ROSCOE POSTLE ASSOCIATES INC. Ivanhoe has constructed a gravel airstrip (1,400 m) at the Project which allows the property to be reached by small aircraft from Ulaanbaatar The property is reached by a combination of roads and tracks, or by air. About 50 km south of Ulaanbaatar the roads change into tracks. There are, however, large trucks operating on these tracks and heavy loads can be moved slowly. RPA traveled to the property via a road north of the camp to Ulaanbaatar. It seemed relatively busy with a number of small vehicles going past the camp towards the Chinese border. The property has an average elevation of 1,160 m above sea level. It has a relatively flat to gently undulating topography with less than 50 m of relief. Lochingiin (1999) described the cover of the area as a "semi-desert steppe" where vegetation covers between 20 and 25 % of the ground surface. Livestock grazing and plant gathering have a strong impact on the amount of plant cover because growth in this dry region is extremely slow. Climate information (Lochingiin, 1999) comes from the weather station at Dalanzadgad. This station reports that, for the five months from November to March, temperatures range from -2EC to -30EC; for the four months April, May, September and October, temperatures range from -11 EC to +20EC and for the three months June, July, and August temperatures range from +5EC to 28EC. The mean annual precipitation from 1938 to 1960 is 129 mm per year. The area is also very windy particularly during the spring (March, April, May). There are about 100 days per year described as having a "strong" wind. Although the weather is severe it is no worse than most of Canada. With care it should be possible to work on a year round basis. Surface and water rights are described in the "Supplement to Mongolia Properties Title Report" of Lynch, Idesh & Mahoney attached in Appendix 3. The land is used by one or 19 ROSCOE POSTLE ASSOCIATES INC. more livestock herders. They move their animals from one good pasture to another. They will move a long way, as far as the next Aimag (or state) looking for good grazing. Water rights are held by the Khan Bogd Soum (County) and the operator pays the Soum annually for water used and for the use of its roads. Since the nearest power line is 350 km away it will be necessary to generate power at the site. Quantity and availability of ground water has not been investigated, although many drill holes are producing water 5 m to 10 m below the surface and there seems to be abundant water in shallow, hand dug wells. Most of the technical work at the property has been done by highly trained Mongolian geologists supported by Australian and Canadian experts on porphyry copper-gold deposits. Very good technical people are locally available. The large open pit porphyry copper mine at Erdnet, northwest of Ulaanbaatar, has trained a large number of people at different phases of mining. Since the area is essentially flat there should not be any difficulty in locating buildings and storage areas for mining operations. EXPLORATION IN MONGOLIA Mineral exploration in Mongolia is regulated at the federal and Soum (County) levels. A more complete summary of the operating environment in Mongolia is in the Mongolian Properties Title Report of Lynch, Idesh & Mahoney in Appendix 3. The federal government grants and regulates mineral exploration and mining licenses. Mineral exploration licenses can be issued to individuals or legal entities for a 3 year period with provision to be renewed twice, each for a 2 year period. No expenditure obligations are applicable, however, an annual license fee is applicable as well as annual reports on work carried out and environmental protection reports. Work reports are submitted to the federal government. 20 ROSCOE POSTLE ASSOCIATES INC. In January after submitting the 2001 work reports, Ivanhoe requested the extension of the MEL 66 X, 66 X-l, 66 X-2, and 66 X-3 for a second 2 year period. This extension was granted on February 17, 2002 until February 17, 2004. It is the second and last extension allowed for exploration licenses. In February 2004 the MELs will have to be converted to mining licenses. At the same time Ivanhoe submitted the 2001 work reports they submitted the 2002 work plans and the 2001 environmental clearances from the Khan Bogd Soum. The 2001 work reports were accepted by the office of Geological and Mining Cadastral and by the State Inspection Office of Industry and Commerce. Ivanhoe reported that they had received approval at the same time for the 2002 work programs on the four licenses. At present Ivanhoe must submit its 2002 Environmental Work Plans to the Khan Bogd Soum before February 17, 2002 and pay the rent for the exploration license by September 30, 2002. The new Oyu Tolgoi mining exploration license MEL 3677 X is held in the name of Ivanhoe Mines Mongolia Inc. The portion of this license that was within the old BHP MEL #210 is part of the BHP-Ivanhoe agreement. The status of the part that is outside the old BHP MEL #210 is subject to discussion between BHP and Ivanhoe. The new license has an anniversary and rent due date of September 10th 2002. Environmental matters are regulated by the Khan Bogd Soum. The original environmental protection submission and a total environmental performance bond were presented by BHP in 1998. In theory this bond should be refunded each year if the company's performance is satisfactory. Since the projects was ongoing, however, the Khan Bogd Soum has issued environmental clearances each year without returning or renewing the bond. The operator of the project, Ivanhoe, also pays the Khan Bogd Soum for water and road use each year. Payments are computed at the end of each calendar year on the basis of road and water use. The environmental performance bond and the payments for water and road use are very small by North American standards. 21 ROSCOE POSTLE ASSOCIATES INC. GEOLOGICAL SETTING REGIONAL GEOLOGY Yakubchuk et al (2001) place Oyu Tolgoi in the Barga Terrain in the South Mongolian Belt within the Altaids, an orogenic collage between the Siberian and North China Cratons (Figure 3). The South Mongolian Belt consists of arc and back arc rift related rocks accreted to southern Mongolia in the early Paleozoic. In the Late Paleozoic (Perello et al, in press) southern Mongolia underwent a period of Basin and Range style rifting, accompanied by bimodal volcanism. In the Early Mesozoic continental sediments were deposited in thrust controlled basins. Late Mesozoic geology was dominated by lacustrine sedimentation and some of the formations are famous sources of vertebrate fossils. The Late Cretaceous was marked by the onset of arid conditions which have continued until the present. The regional geology summarized by Perello et al (2001) consists of Siluro-Carboniferous sedimentary and volcanic sequences dominated by terrigenous sediments and intermediate to felsic volcanic rocks. These sequences are intruded by Devonian syenite and granite and by Carboniferous diorite, granite, granodiorite, and syenite bodies ranging in size from dikes to batholiths. The Permian peralkaline granite complex at Hanbogd, about 40 km east of the property, intrudes Siluro Devonian volcanic and sedimentary rocks (Figures 4 and 5). The regional structure is complex. It is characterized by sinistral, strike-slip faults, following northwest to east-west trends. However there are minor faults following northeast to north-south trends. Lateral fault offsets of several kilometers are apparent on regional maps and airphotos. Faulting affects all the rock units except the Permian Hanbogd complex. 22 ROSCOE POSTLE ASSOCIATES INC. PROPERTY AND LOCAL GEOLOGY Much of the area around Oyu Tolgoi is covered by Cretaceous sediments (Figures 4 and 5) which consist of pebbly gravel, sandy silt, sand and clay. It is a flat-lying sequence with an average thickness of 15 m to 20 m. These sedimentary units are usually assigned a shallow lacustrine setting and sequences of similar character which are widespread in the South Gobi region and believed Late Cretaceous to Paleocene in age. The Siluro-Devonian rocks exposed at Oyu Tolgoi are mostly basalts and basaltic andesites. Remnant pillow structures suggest a shallow aqueous deposition. There are outcrops of tuffaceous siltstone along the southern border of the area and drill intersections of thinly-laminated to thick bedded, fine grained sandstone, siltstone carbonaceous claystone, and conglomerate suggest a substantial part of the section consists of sedimentary rocks. There are post ore syenite plutons in the south eastern part of the area and smaller syenite bodies occur all over the area. Other post-mineralization dikes include rhyolite and andesite dikes which have been traced hundreds of meters along strike. At the Southwest Oyu zone where there is new detailed mapping (Figure 6), as well as a great deal of diamond drilling, it is possible to put together a better three dimensional picture. The zone was primarily intermediate volcanics, intruded by several phases of the monzo-diorite intrusions which carry the copper and gold mineralization. There are barren monzonite porphyries closely spatially associated with the mineralized monzo-diorite. Both the altered volcanics and some monzo-diorite intrusions are mineralized. Alteration and mineralization are cut off by post-ore rhyolite dikes and syenite plutons. The three areas of known mineralization, South Oyu (including Southwest Oyu zone), Central Oyu and North Oyu, are marked by outcrops. The most detailed published information on the relations between hydrothermal alteration and mineralization is by Perello et al. (2001). Their work was based on the mapping and limited, widely spaced diamond drilling done by BHP. Their picture appears correct in general but will be greatly modified by detailed mapping and diamond drill data from Ivanhoe's current program. 23 ROSCOE POSTLE ASSOCIATES INC. ALTERATION At South Oyu, Perello et al. (2001) identified three main hydrothermal events: First was an early phase of magnetite rich, K-silicate alteration which largely destroyed the original rock textures when minerals are replaced by K-feldspar and biotite. The intermediate event was retrograde, magnetite-destructive sericite-chlorite alteration. This event is characterized by abundant chlorite and sericite with associated copper sulphides and pyrite. This type of alteration is called pervasive but it may be caused by coalescing vein envelopes on closely spaced veins. The third event is advanced argillic alteration associated with easily recognized structures cross-cutting the intermediate argillic alteration. At Central Oyu most alteration is in the argillic facies and consists of a quartz-sericite (argillic) alteration grading into propyllitic mineral assemblage. Perello et al. (2001), reported early K-silicate alteration relicts within higher grade alteration. In the center of the argillic alteration there is a quartz-alunite zone (advanced argillic alteration facies) associated with a hydrothermal (?) breccia. Subsequent mapping by Ivanhoe has raised questions on the origin of the breccia but the alteration assemblage has not been changed. To further complicate the picture at Central Oyu Tolgoi, there is a blanket of supergene mineralization, chalcocite and covellite, superimposed on the hypogene alteration and mineralization. At North Oyu the alteration is in the argillic and advanced argillic facies similar to the alteration at Central Oyu. Alteration zoning in high level volcanic environments can be very complex. The orderly progression of alteration facies, defined in the porphyry copper deposits of the southwestern United States (Lowell and Guilbert, 1970) tends to be disrupted. Alteration facies are telescoped, overprinted and change much more abruptly than they do in the southwestern United States. The alteration patterns defined by Perello et al (2001), suggest that North and Central Oyu are at a higher level (" 1000 m) in the alteration system than those at South Oyu. At this level alteration spreads a significant distance from the hydrothermal centre. It is easiest to interpret the two areas of mineralization as separate 24 ROSCOE POSTLE ASSOCIATES INC. intrusive centers but they could be parts of the same sheet separated by faulting and/or erosion. The shape of the alteration pattern of Central Oyu Tolgoi suggests that the altered block was tilted so the ground surface represents an oblique slice through the system. The patterns at South Oyu suggest centers of alteration at South Oyu Tolgoi and another at Southwest Oyu. However, these could be the same intrusive center offset on a northeast trending fault. The mineral assemblages are consistent with the K-silicate facies which occurs deep in the porphyry system. MINERALIZATION The section comprises two parts; the first part describes general porphyry copper deposit types - supergene and hypogene, in order to provide a background for interpretation of the Oyu Tolgoi mineralized zones and their potential. The second part provides a description of the Oyu Tolgoi zones discovered to date, drawn largely from Perello et al (2001). GENERAL DEPOSIT TYPES There are both supergene copper and hypogene copper-gold deposits on the property. Current information indicates that South Oyu and Southwest Oyu are strictly hypogene deposits; North Oyu is primarily a hypogene deposit; Central Oyu is primarily a supergene deposit overlying a zone of hypogene mineralization (Figures 5 and 6). SUPERGENE The initial exploration by Ivanhoe delineated the chalcocite blanket beneath a leached cap. Supergene enrichment is a complex process and every enrichment blanket has unique features. Titley (1994) presented the following summary of the process. 25 ROSCOE POSTLE ASSOCIATES INC. "Through supergene processes, hypogene copper mineralization of the shallow levels in the original system was moved downward to be precipitated at greater concentrations in generally flat lying discoid "blankets" that are probably conformable with ancient water tables. The process occurs at high levels in the original system where pyrite occurs in sufficient abundance to produce acid and where correspondingly, a great abundance of fractures allows flow of significant amounts of the supergene fluids. Production of acid is encouraged by silicification and advanced argillic alteration which reduces the quantity of minerals in the rocks with will react with or neutralize acid. Production of acid results in solution of hypogene copper sulfides, the copper-bearing, sulfate dominant (oxidized) solutions moving to an environment where copper and sulfur are reduced to form chalcocite." Enrichment processes take place through several stages, each reflecting changes in base level, perhaps as adjustments to uplift. When compared with hypogene grades beneath the blankets, enrichment factors of three to six times in polycyclic enrichment are seen in the enriched ores. Figure 7, a generalized cross section through a typical southwestern U.S. weathered porphyry system (Titley, 1994), shows several important points. First is that movement of the water table can produce two or more blankets separated by thick beds of lower grade material. It would be interesting to know more about the zones that the RC holes at Oyu Tolgoi finish in. Are they hypogene mineralization underlying the blanket or layers of waste within the blanket? Second, although the generalized system shows that the enrichment blanket is distributed symmetrically over the disseminated (hypogene) copper mineralization, real blankets seldom have this pattern. The locations of supergene blanket are functions of (1) fracturing, (2) post alteration rock composition, (3) location of groundwater, and (4) flow direction of the groundwater. The leached cap and the enrichment blanket mark a zone of hypogene alteration, but they do not usually exactly correspond with it. 26 ROSCOE POSTLE ASSOCIATES INC. HYPOGENE Hypogene copper-gold porphyry deposits have been reviewed by Sillitoe (1993). He summarized the characteristics of twenty-nine deposits (Table 2 and Figures 8 and 9). The average gold and copper values for 8 holes at South Oyu are plotted on Figure 8 to show how they compare to the other deposits. Table 2 compares South Oyu to Sillitoe's other deposits for the nine most important factors. 27 ROSCOE POSTLE ASSOCIATES INC. TABLE 2 SELECTED CHARACTERISTICS OF GOLD-RICH PORPHYRY COPPER DEPOSITS (AFTER SILLITOE, 1993) IVANHOE MINES LTD. - OYU TOLGOI PROJECT
HOST PETRO- AGE COEVAL CU-AU W. ADVANCED ABUNDANT QUARTZ NAME, LOCATION AU (t) SETTING Porphyry chemistry (Ma) volcanics K-silicate argilitic magnatite/ stockwork Goonumbla, NSW, Australia 51 C Qmonz KCA 439 Y Y N N Y Panguna, Paupua New Guinea 766 IA Di-Qdi CA 439 Y Y N Y Y Ok Tedi, Papua New Guinea 368 C Monz KCA 3.4 N Y N N Y Grasberg, Indonesia 703 C Di CA 1.2 Y Y N Y Y Capang Kiri, Indonesia 81 IA Qdi CA 3 Y Y Y Y Y Sugai Mak, Indonesia 20 IA Di CA 2.9 Y Y Y Y Y Mamut, Malaysia 90 IA Qmonz KCA 2.9 N Y N N Y Kingking, Philippines 122 IA Di CA Mio Y Y N Y Y Amacan, Philippines 46 IA Qdi CA Mio Y Y N N Y Dizon, Philippines 98 IA Qdi CA Mio Y Y Y Y Y Santo Tomas II, Philippines 200 IA Di CA 1.4 N Y N Y Y Guinaoang, Philippines 200 IA Qdi CA 3.5 Y Y Y Y Y Lepanto Far Southeast, Philippines 441 IA Qdi CA 3.5(?) Y Y Y Y Y Galore Creek, BC, Canada 50 AIA Syen A 198 Y Y N Y N Morrison, BC, Canada 29 C Qdi CA 52 Y Y N Y Y Bell Copper, BC, Canada 23 C Qdi CA 51 Y Y N Y Y Mount Milligan, BC, Canada 192 AIA Monz A Jur Y Y N Y N Mount Polley, BC, Canada 29 AIA Monz A 184 Y Y N Y N Fish Lake, BC, Canada 24 C Qdi CA 77 Y Y N Y Y Island Copper, BC, Canada 57 AIA Rhyodac CA 180 Y Y Y Y Y Afton, BC, Canada 18 AIA Di A 198 Y Y N Y N Bingham, Utah, U.S.A. 900 C Qmonz KCA 39 Y Y N N Y Dos Pobres, Arizona, U.S.A. 160 C Gc CA 47-52 Y Y N Y Y Tanama, Puerto Rico 72 IA Qdi CA 41-44 Y Y N Y Y Bajo de La Alumbrera, Argentina 211 C Dac KCA 8 Y Y N Y Y Marte, Chile 66 C Di CA 13 Y Y Y Y Y Lobo, Chile 128 C Di CA 13 Y Y Y Y Y Skouries, Greece 51 C Syen A 18 N Y N Y Y Saindak, Pakistan 28 C Qdi CA 19-20 Y Y N Y Y Oyu Tolgoi South ? IA Monz ? 411 Y Y N Y Y

ABBREVIATIONS SETTING: HOST PORPHYRY: PETROCHEMISTRY AIA accreted island arc Dac dacite A alkalic C continental margin Di dirote CA calc-alkalic IA island arc Gd granodiorite KCA high K calc-alkalic Monz monzonite AGE Qdi quartz diorite Jur Jurassic Qmonz quartz monzonite Mio Miocene Rhyodac rhyodacite Syen syenite
28 ROSCOE POSTLE ASSOCIATES INC. Figure 10 shows the variations in lithogeochemical, magnetic susceptibility and chargeability at different levels in the system. When interpreting the exploration data from Oyu Tolgoi, it is important to remember that the patterns from different levels in the system can be very different. Sillitoe (1993) originally selected gold-rich deposit on the basis of containing more than 0.4 g/t Au but included a few lower grade deposits which contained large amounts of gold. He pointed out gold-rich porphyry copper deposits are not a discrete deposit type but represented the gold-rich end of the porphyry copper spectrum. There are some characteristics, however, that help set them apart. Some 80% of the gold-rich deposits contain appreciably more hydrothermal magnetite. Gold-rich systems have calc-silicates, amphibole, pyroxene and garnet, in addition to potassium silicate alteration (biotite, K feldspar) associated with their central ore zones. Gold-rich porphyry copper deposits occur in volcano-plutonic arcs of all ages worldwide and are preserved where erosion levels are shallow (<4 km). Islandarc and continental margins seem equally favorable. Deposits are associated with a wide range of rock composition, calc-alkalic as well as alkalic. While only gold-rich deposits accompany alkalic stocks, most gold-rich deposits accompany low potassium calc-alkalic plutons. Another aspect of gold-rich porphyry copper deposits not mentioned by Sillitoe (1993) is the presence of anomalous quantities of rhenium in the associated molybdenite. Rhenium in sufficient quantities is a valuable byproduct and greatly increases the value of the molybdenite concentrate. The quantity and distribution of rhenium in the molybdenite at Southwest Oyu should be established. Southwest Oyu is a gold-rich porphyry copper deposit as defined by Sillitoe (1993). It formed in a volcanic-plutonic arc, probably an island arc which was accreted to southern Mongolia in the early Paleozoic as part of the South Mongolian Belt. The entire volcanic plutonic arc that hosts the Southwest Oyu deposit now exists as discrete terrain, the Barga Terrain. 29 ROSCOE POSTLE ASSOCIATES INC. Oyu Tolgoi mineralization can be divided into deep level, South Oyu which would correspond to Level C in Figure 9, North Oyu and Central Oyu lie somewhere between Level A and Level B in Figure 9. North Oyu seems to be deeper than Central Oyu but there is not a significant difference. OYU TOLGOI MINERALIZATION SOUTH OYU Most Cu-Au-Mo mineralization at Southwest Oyu zone is in intensely veined (stockwork and sheeted) magnetite-rich, pyrite-poor assemblages dominated by quartz, chalcopyrite, bornite and traces of molybdenum in andesite and feldspar hornblende porphyry (monzodiorite). Perello et al. (2001) divided the mineralization into an early stage, pyrite poor and associated with K-silicate, mostly biotite, alteration and a second stage which overprints and crosscuts the first. Molybdenite seems to be associated with the second stage. Distribution of gold is not understood. The gold has not been observed with microscope or scanning electron microscope (SEM) methods. The correlation between gold and copper grades however suggests that it is in the form of attachments to or inclusions in copper sulphides. This theory is supported by the way gold was recovered with copper sulphide minerals in Ivanhoe's preliminary metallurgical work (Lake, personal communication). Molybdenum grades are erratic and the overall distribution is not understood. Ivanhoe's preliminary metallurgical work indicates that at least some of the molybdenum is enriched in rhenium (Lake, personal communication). Highvalues of rhenium in molybdenum is a feature of some goldrich porphyry copper deposits. Geochemical analyses run by XRAL Laboratories Ltd. (XRAL) in Toronto for RPA indicate that the South Oyu mineralization has anomalous values of molybdenum (21 ppm to 165 ppm), arsenic(<2 ppm to 588 ppm) and silver(1.5 ppm to 2.7 ppm). CENTRAL OYU Known copper mineralization is dominated by a supergene copper blanket (Figure 11). Rock chip samples across the leached cap contain anomalous concentrations of Cu (0.1% 30 ROSCOE POSTLE ASSOCIATES INC. to 1.2%), Au (0.05 ppm to 2.68 ppm) and As (200 ppm to 1,740 ppm). Relict sulphides are mostly pyrite, but include chalcopyrite, bornite, chalcocite and covellite. Supergene mineralization extends from surface to approximately 120 m below surface. The uppr 20 m to 40 m of the enrichment blanket is made up of chalcocite with minor covellite and digenite as coatings on pyrite and traces of chalcopyrite. The lower parts of the blanket which have lower copper grades are dominated by covellite. The upper chalcocite and lower covellite zones are a standard feature of enrichment blankets (Chavez, 2000). Hypogene copper mineralization consists of tennantite, chalcocite, covellite bornite and traces of chalcopyrite, arsenosulvanite, and sulvanite. Distribution of gold is not well known. Most of the system contains <30 ppb Au but there are erratic values of 0.1 ppm to 1 ppm Au. The best gold values are in the chalcocite zone over an alunite rich breccia. Molybdenum mineralization is equally erratic. Anomalousmolybdenum values (10 ppm to 70 ppm) characterize the zone but samples as high as 0.08% Mo have been found associated with the alunite rich breccia. NORTH OYU Copper mineralization occurs in breccias at depths" 100 m below surface. Some supergene chalcocite and covellite were observed but the higher grade intercepts are associated with veins containing pyrite, chalcopyrite, bornite, tennatite, traces of covellite and chalcocite, which appear to be hypogene. Gold values are usually low (10 ppb to 30 ppb) but sometimes higher (40 ppb to 90 ppb) in copper-rich zones. Molybdenum values are usually low (<0.0001% Mo). EXPLORATION WORK AND RESULTS HISTORY In 1995 the Magma Copper Company Ltd. (Magma) began a reconnaissance program which examined more than 60 copper occurrences in all parts of Mongolia. In 1996, 31 ROSCOE POSTLE ASSOCIATES INC. Magma was acquired by BHP but the reconnaissance program continued in western and southern Mongolia. Central Oyu was recognized as a leached capping on a porphyry copper system in September 1996. A number of old diggings and small amounts of slags found in the area indicate that there was small scale mining in ancient (Bronze Age?) times. In February 1997 a mineral exploration licence "Oyu Tolgoi Exploration Licence" (MEL 210) covering the area was obtained by BHP. In April of the same year the South Oyu area was identified as a prospective area. In the summer of 1997 BHP completed a program of mapping, rocks and soil sampling, and IP and magnetic geophysics. By October 1997 BHP had drilled six diamond drill holes (1,001.2 m) to test Central Oyu for an enrichment blanket and the hypogene mineralization at South Oyu for copper mineralization. In 1998 BHP drilled an additional 17 diamond drill holes (2,800m) to continue testing the exploration targets defined in 1997. In 1999 BHP completed a detailed economic review which recommended additional drilling and continued exploration on the property. BHP did no additional work on the area however. In 2000, Ivanhoe signed an option to earn a 100% interest in the Oyu Tolgoi Exploration License from BHP, and completed a RC program consisting of 109 holes (8,828 m). The program targeted a chalcocite blanket cut by one of BHP's diamond drill holes. At the end of the RC program Ivanhoe decided that the chalcocite blanket was neither large enough nor high-grade enough to be economic in this location. Forster (2000) made an unpublished estimate of the size of the enrichment blanket (See Mineral Resource Estimates). In 2001, Ivanhoe began a program which consisted of both RC and diamond drill holes. It was designed to test South Oyu for a chalcocite blanket and hypogene mineralization. After the discovery of a high grade hypogene mineralization in OTRCD 150 in Southwest Oyu zone, Ivanhoe expanded its planned drill program By December 31, 2001, Ivanhoe had spent about US$4.4 million (Table 6). 32 ROSCOE POSTLE ASSOCIATES INC. As of January 11, 2002, Ivanhoe had completed 23 RC holes for 2,890 m, 3 RCD holes for 1,747 m and 24 DD holes for 13,627 m and diamond drilling was in progress. TABLE 6 EXPENDITURES IN US$ FROM INCEPTION TO DECEMBER 31, 2001 IVANHOE MINES LTD. - OYU TOLGOI PROJECT
INCEPTION TO MAY 1, 2001 TO DEC. 1, 2001 TO APRIL 30, 2001 NOV. 30, 2001 DEC. 31, 2001 TOTAL TOTAL EXPENDITURES Expenditures 1,107,183 2,415,347 595,695 4,197,194 Overhead 5% 55,359 120,767 29,735 209,860 TOTAL 1,168,542 2,536,114 624,430 4,407,054 EXPENDITURES ALLOCATED Central Oyu 796,192 77,452 - 0 - 878,472 Outside Central Oyu 366,350 2,458,663 624,430 3,528,582 TOTAL 1,162,542 2,536,114 624,430 4,407,054 METRES DRILLED, RC, RCD AND DD Central Oyu 6,107 450 ? ? Outside Central Oyu 2,810 14,285 ? ? TOTAL 8,917 14,735 1,978 25,630
IVANHOE EXPLORATION APPROACH The Oyu Tolgoi property contains a copper-gold system of the circum Pacific type, where high level plutons intrude the volcanic pile. The system is Paleozoic and, therefore, much older than most systems of this type around the Pacific Ocean. Initial drilling results by BHP suggested a broad area of low grade copper mineralization with smaller zones, both hypogene and supergene, of higher grade mineralization. The broad zone of low grade mineralization is broken by northwest and northeast trending faults, post mineralization syenite plutons and post mineralization rhyolite dikes. The mineralizing event seems to have been one phase of a long lived intrusive system. The leached and silicified cap indicates the Central Oyu and North Oyu are at a much higher level (+/-1,000 m) in the porphyry system than South Oyu and Southwest Oyu zone. 33 ROSCOE POSTLE ASSOCIATES INC. The combined anomalous soil geochemistry, IP, geology and RC samples indicates a major porphyry system in this area. The lateral extent of the intense alteration suggests the current ground surface is an oblique slice through the original system. Intrusive plutons associated with this system may not be vertical like the ones in South Oyu. There are two exploration targets in this area. First is a deep enrichment zone below the RC holes. Second is a richer hypogene zone associated with an IP chargeability anomaly. The large circular structure marked by IP chargeability north of Central Oyu could be a ring dike in a caldera system. If this is the case mineralization associated with this structure could offer an important clue to significant bodies of mineralization. It is important that the Airstrip and Far North anomalies be tested at an early stage in the drilling program. In 2000, Ivanhoe carried out a RC program to delineate a chalcocite blanket intersected in one of BHP's diamond drill holes. This program consisted of 109 RC holes totaling 8,828 m. The 80 m to 130 m holes were targeted to delineate supergene mineralization that might be amenable to a heap leaching SX-EW process similar to the one used at Ivanhoe's Monywa copper mine in Myanmar. In 2001, Ivanhoe drilled 23 RC holes (2,890 m) and, by January 11, 2002, had completed 3 combined diamond drill (RCD) holes (1,747 m) and 24 diamond drill (DD) holes (13,627 m). RCD holes start as reverse circulation holes and change to diamond drill holes. The initial part of the drilling program was with RC holes to test the supergene and the hypogene potential of the South Oyu area. A long intersection of high grade hypogene copper and gold mineralization was encountered in OTRCD 150 (508 m averaging 0.81% Cu and 1.17 g/t Au). Ivanhoe paused the drilling for a number of weeks and undertook a surface program magnetic and induced polarization (IP) surveys which covered the three outcrop areas at North Oyu, Central Oyu and South Oyu an area of roughly 4 km by 3 km. The magnetics were done in two surveys each covering an area of 2 km by 3 km. The southern part of the area was surveyed by Ivanhoe on north-south lines, 25 m apart with stations 5 m apart. The 34 ROSCOE POSTLE ASSOCIATES INC. northern area was surveyed by a contractor on east-west lines, 50 m apart with stations at 5 m intervals. In RPA's opinion, these surveys were conducted according to standard industry practice. Ivanhoe changed from exploring for a shallow supergene enrichment blanket with Reverse Circulation (RC) drilling to testing for deep hypogene mineralization with conventional diamond drilling (DD). The holes begin with very largediameter drill core (PQ or NTW) and the core size is reduced down the hole (HQ or BTW). This approach ensures that enough core is acquired for good samples along the entire length of the hole. Large diamond drill core also ensures high core recoveries (>90%). IP SURVEYS Delta Geoscience Ltd. conducted an extensive IP and resistivity survey of the Project (Hendrickson, G. A., 2002). Twelve square kilometers were evaluated with 124 km of initial lines and 122 km of fill-in lines from September 8 to October 10, 2001. This survey evaluated the extent and strength of known zones of porphyry-style copper-gold mineralization, and explored the surrounding areas at depth.In RPA's opinion, this survey was conducted according to standard industry practice. Effective penetration of 400 m to 500 m beneath rocks with low resistivities required a high powered IP system to obtain a good signal to noise response. This survey used an Iris 10 kw transmitter coupled to a 12 kw motor generator. Two Iris IP-6 receivers recorded all IP and resistivity data. The IP survey used a gradient array, which has important advantages in horizontal resolution and depth of penetration. Basic grid coverage used a current electrode separation of 3,000 m and a potential electrode separation of 50 m. Anomalies of interest were evaluated by different current electrode arrays spaced at 4,000 m, 3,000 m, 1,600 m, 800 m. The average focus depth of the system is 0.16 of the current electrode separation. Geophysical data were presented to Ivanhoe as colour contour plans (1:20,000), colour depth sections (1:20,000), and ASCII files. 35 ROSCOE POSTLE ASSOCIATES INC. The survey defined four very significant anomalies and several other, smaller associated anomalies. The main anomalies are: South Oyu, Southwest Oyuzone, Central Oyu and Far North Oyu (Figures 12 and 13). South Oyu, Southwest Oyu zone and Central Oyu show a good contrast to background and excellent depth extent. Far North Oyu shows an IP pattern characteristic of a target buried beneath a cap of unpolarized material. Flat lying zones of supergene mineralization are difficult to recognize in IP surveys designed to detect large buried targets. It is important to evaluate the tops of significant porphyry systems with smaller arrays designed to search for supergene mineralization. Responses characteristic of supergene mineralization were observed in some sections across South Oyu and Central Oyu. The low resistivities on the north and south flanks of Central Oyu are typical of advanced argillic alteration(Hendrickson, 2002). These zones of very low resistivities can mask the IP response of deeper sulphide mineralization. Southwest Oyuzone does not have significant associated advanced argillic alteration. Both Southwest Oyuzone and South Oyu are regions of high resistivity, probably related to silicification along east-west trending structures. RESULTS TO DATE SOUTHWEST OYU The four drilling campaigns (BHP 1997 and 1998; Ivanhoe 2000 and 2001-2002) are summarized in Tables 3, 4, and 5 in Appendix 5. Table 5 includes holes drilled and sampled by Ivanhoe up to January 11, 2002. Summaries of all the assay results for diamond drilling by BHP and Ivanhoe are presented on Ivanhoe's website (www@Ivanhoemines.com). 36 ROSCOE POSTLE ASSOCIATES INC. The most important drilling is Ivanhoe's 20012002 campaign (Figure 13). The discovery of a wide zone of good grade copper and gold mineralization in hole OTRCD 150 (508 m of 1.17 g/t Au and 0.81 % Cu) focused attention on the Southwest Oyu Zone. The Cu-Au mineralization intersected to date is of the porphyry copper type. It consists of disseminated sulphides and sulphides related to stockwork and shatter zones. Individual samples of the mineralization do not follow any orientation. However, the regions of mineralization have an orientation. Ivanhoe has explored the orientation of the regions of mineralization by drilling on two sets of sections at right angles to each other and presenting the results on both the sections and on plans at right angles to the sections. Ivanhoe's approach is standard industry practice to establish the shape of the mineralized body. Drilling in this area began on the same northeast trending section as OTRCD 150 and on two parallel sections 100 m northwest and 100 m southeast of the discovery hole. In addition holes have been drilled at right angles to the discovery drill hole. Figures 13 shows the collar locations for the drill holes superimposed on an IP chargeability map. Figure 14 shows the drill pattern in more detail and the geological interpretation. Figure 15 and 16 show drill intersections and geolagical interpretations on sections at right angles to each other. Drill results suggest that the mineralization is related to a monzodiorite porphyry stock intruding mafic volcanic rocks. Some geologists believe this intrusive is coeval with the volcanics. There are zones of breccia both cutting the monzonite stock and in the altered mineralized volcanic rocks around the margins of the monzonite. RPAsuggests that the breccia formed a carapace around the intrusive body. The mineralized zone is both in the intrusive and in the mafic volcanic wallrocks. The mineralized zone is intruded by barren monzonite and monzonite porphyry plutons and syenite and rhyolite ikes. Table 7 is a summary of drill hole intersections in Southwest Oyu zone. Intersection lengths are controlled by cut-off grades used which can be varied to produce long lower grade or short higher grade intersections. The drill holes in Table 7and Figures 15 and 16 37 ROSCOE POSTLE ASSOCIATES INC. show a wide mineralized zone with a narrower high grade zone within it. The mineralized zone shows good continuity from about 50 m below surface to a depth of 600 m. The current drill data suggest that gold to copper ratios and gold and copper grades increase with depth. Hole OTD 174 cuts the mineralized zone beyond the limits of the IP anomaly (Figure 13). TABLE 7 IVANHOE MINES LTD. - OYU TOLGOI PROJECT SOUTHWEST OYU "DISCOVERY ZONE" SUMMARY OF SIGNIFICANT INTERCEPTS
HOLE NO. CORE LENGTH INCLINATION AU G/T CU % 150 508 -55degrees 1.17 0.81 160 288 -55degrees 1.68 0.80 161 358 -55 1.70 0.71 162 190 -55 1.76 0.75 166 478 -55 1.38 0.74 171 100 -55 1.29 0.67 172 116 -55 2.35 0.88 173 24 -55 1.32 0.82 174 74 -55 0.45 0.58 175 138 -45 0.35 0.45 176 146 -55 1.49 0.76 177 1.92 -55degrees 1.10 0.56 178 128 -45 1.01 0.59 179 14 -55degrees 0.32 0.57 180 120 -55 3.44 1.37 183 454 -70 1.71 0.92 184 Assays incomplete
Ivanhoe was concerned that abundant magnetite associated with the copper gold mineralization in some holes might affect the down hole survey instruments. Ivanhoe changed to using an IDS International gyroscopic logging system for new holes and re-surveyed earlier deep drill holes. Of the five holes surveyed by both methods only OTD 180 has shown a significant difference in the location as detected by the two survey systems. 38 ROSCOE POSTLE ASSOCIATES INC. SOUTHWEST OYU ZONE - SOUTHERN EXTENSION The Southern Extension of Southwest Oyu zone was drilled to test a continuation of the mineralization to the southwest inferred by IP results and to follow up on BHP' s Hole 005 which intersected 142 m of 0.93 g/t Au and 0.53% Cu. The results of this drilling are summarized below. SOUTHWEST OYU ZONE- SOUTHERN EXTENSION
HOLE NO. CORE LENGTH (m) AU G/T CU % - -------- -------------- ------ ---- ~~165 466 0.31 0.41 167 318 0.52 0.49 168 382 0.30 0.21~~
SOUTH OYU Drilling in the South Oyu target area was designed to test adjacent magnetic and IP anomalies underlying outcrops of copper oxide mineralization. RC drilling by Ivanhoe outlined an area of higher grade copper oxide and gold mineralization in shallow holes. The results of the diamond drilling are summarized below. More recently OTD 186 was started west of OTD 149 to test a magnetic anomaly on the flanks of the chargeability anomaly (Figure B). Assays have not yet been received. SOUTH OYU ZONE
HOLE NO. CORE LENGTH (m) AU G/T CU % - -------- -------------- ------ ---- 149 76 0.38 0.49 164 120 0.26 0.43 170 88.1 0.16 0.28 186 60 0.52 0.45
CENTRAL OYU OTD 187 was started in the Central Oyu area to test a zone of Cu-Au mineralization found by RCD drilling. The hole was laid out trending southwith a 55degrees dip and a planned depth of 750 m. Ivanhoe anticipates that this hole will intersect a thick zone of chalcocite as well as testing for hypogene mineralization beneath the supergene blanket. 39 ROSCOE POSTLE ASSOCIATES INC. OTC 188 is designed to test a zone of >1% Cu mineralization found in RCD 119. This corresponds to a northeast trending linear on the IP chargeability map. OTHER TARGETS IP survey combined with magnetic surveys and reverse circulation (RC) drilling have established other targets at North Oyu, Airstrip Anomaly and Far North Oyu. SAMPLING, ASSAYS AND DATA VERIFICATION Sampling of the drill core by Ivanhoe is consistent with industry standards. When RPA visited the exploration site, split core was sent to Analab's facilities in Ulaanbaatar for crushing, grinding and assaying. Ivanhoe was routinely adding blanks and duplicates to the sample stream at the site. In Ulaanbaatar samples were crushed and 500 g splits from the samples were pulverized. Pulps were assayed by fire assay using an Atomic Absorption (AA) finish. Base metals, usually copper and molybdenum, were assayed using AA analysis. Analabs uses internal standards to maintain consistent results. RPA collected independent samples of drill core which were assayed by XRAL in Toronto and yielded copper and gold assays similar to those obtained by Ivanhoe. RPA also obtained from Ivanhoe samples of rejects from RC drilling which were also assayed at XRAL and yielded assays similar to those obtained by Ivanhoe. RPA examined four duplicate sets of assays run by Ivanhoe as a check on the laboratory's consistency. The first set were duplicate gold assays and copper assays of quarter core assayed at Analabs. Both types of assay showed excellent reproducibility. The second set were duplicates of 56 pulps from RCD samples assayed at Bondar Clegg. Copper assays were essentially the same; Analabs had higher values for gold than Chemex and Bondar Clegg; molybdenum assays were similar at Bondar Clegg and 40 ROSCOE POSTLE ASSOCIATES INC. Chemex but different at Analabs. The third set was a set of pulps from 26core samples assayed at Analabs and Bondar Clegg for copper, gold and molybdenum. The duplicate assays correspond very well for copper. The gold values are acceptable but are slightly higher than those from the North American laboratories. The duplicate molybdenum values are inconsistent and additional work is needed. The fourth set was a set of pulps from 180 core samples analyzed at Analabs and Bondar Clegg for copper and gold. Duplicate assays for both elements were acceptable. Details of the sampling, assaying, check assaying and RPA's checks are given in Appendices 2 and 4. MINERAL RESOURCE ESTIMATES CENTRAL OYU MINTERAL RESOURCE ESTIMATE In November 2000, Ivanhoe (Forster, 2000) estimated a Mineral Resource for the Central Oyu supergene zone based on 109 RC holes drilled in the summer of 2000 (Lo Grasso, 2000). This estimate was done for internal corporate purposes by Charles N. Forster, P.Geo., of Ivanhoe. The Central Oyu supergene copper zone is separate and distinct from the Southwest Oyu copper-gold zone currently being delineated by Ivanhoe, which is hypogene in nature. RPA has reviewed the 2000 Ivanhoe Mineral Resource estimate for the Central Oyu supergene zone (Table 9), made some minor modifications, and considers it to be an Inferred Mineral Resource in accordance with the CIM standards (Anon. 2000). Although Ivanhoe considers the Central Oyu supergene zone to be under-explored and therefore uneconomic for a standalone mining operation, RPA considers that it has reasonable prospects for economic extraction in combination with or as a satellite operation to other mineral deposits. 41 ROSCOE POSTLE ASSOCIATES INC. TABLE 9 IVANHOE MINES LTD. - OYU TOLGOI PROJECT CENTRAL OYU SUPERGENE MINERAL RESOURCE ESTIMATE
CATEGORY MILLIONS OF TONNES GRADE % TOTAL CU ~~Inferred 39.2 0.73~~
Key assumptions, parameters, methods, and other information relevant to the 2000 Ivanhoe Mineral Resource estimate are as follows: - The database used for the estimate is in keeping with industry standards. - D. George Cargill, Ph.D., P.Eng., has reviewed and verified the Central Oyu Mineral Resource estimate. - Original assays for total copper were done at Analabs in Ulaanbaatar. No acid soluble or cyanide soluble copper assays were done but may be warranted in the future. Lo Grosso (2000) reports that total copper check assays were done at Indo Assay Lab in Indonesia, and that results were reported to be acceptable. Checks on assay values over 1% Cu were within 5% to 10% of the original assays and for assay values less than 1% were within 10% to 20%. RPA had check assays carried out at XRAL laboratory in Canada on nine samples from the Central Oyu zone. The check assays gave reasonable correlation with the original assays. - Vertical reverse circulation holes were used for the Ivanhoe Mineral Resource estimate. Although a few diamond drill holes were within the resource area, they were not used. The RC holes were spaced 100 m to 200 m apart along east-west section lines 100 m to 200 m apart. The Central Oyu zone consists of an essentially continuous blanket of supergene copper mineralization which covers an area approximately 1,100 m north-south by 600 m east-west. In places the supergene zone consists of two layers (Main and Upper Zones) separated by waste material. The deeper Main Zone predominates and extends to a depth of 40 m to 80 m in most places. It has been drilled to a maximum depth of about 120 m. - For the Mineral Resource estimate, Ivanhoe used a cut-off grade of 0.2% Cu. In RPA's view, this is an appropriate cutoff grade for this type of resource estimate. - Ivanhoe used a polygonal estimation method, whereby drill hole intercepts on plan were assigned an area of influence midway to adjacent drill holes up to a maximum of 100 m. Polygon areas were measured by planimeter and multiplied by drill hole intersection length and by a density factor of 2.3 tonnes per cubic metre to derive tonnage. This density factor is appropriate. Tonnages were summed and the grades for each intersection were weighted by tonnage to determine the average grade of the Mineral Resource. 42 ROSCOE POSTLE ASSOCIATES INC. - The Oyu Tolgoi Project is still at the exploration stage and it is too early to assess the possible effect on the resource estimate of factors such as environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other potential issues. At this time, however, RPA has no reason to believe that any of these potential issues will be an impediment to development of the Project. - The geometry of the Central Oyu supergene zone lends itself readily to open pit mining with a low strip ratio. - Metallurgical testwork was carried out recently on three samples from Central Oyu, as discussed in a later section. The copper minerals reported to be in the samples are enargite, covellite and digenite. Flotation tests gave good copper recoveries (82%) for sample S4 ("chalcocite zone") and sample S6 ("covellite zone"). Column leach and bottle roll tests on sample S4 gave 62% to 82% copper recovery and on sample S6 ("covellite zone") gave 5% to 25% copper recovery. - Infrastructure is sparse in the area of the Oyu Tolgoi Project and any mining operation would need suitable infrastructure to be developed. - In RPA's opinion, the Central Oyu supergene zone estimate should be classified as an Inferred Mineral Resource. It should be considered a preliminary estimate at this time. It has been done by a manual method and may be done in future as a computerized block model. SOUTHWEST OYU MINERAL RESOURCE ESTIMATE As noted earlier in this Technical Report, significant hypogene copper-gold mineralization has been discovered at Southwest Oyo. This is distinct geologically and physically separate from the nearby Central Oyu zone of supergene mineralization. The two zones are about one kilometre apart. The exploration potential of Southwest Oyu is for much larger tonnage at significant grades of copper and gold than the Central Oyu Mineral Resource tonnage reported above. For this reason, the primary emphasis of the current drilling program is on Southwest Oyu and the Central Oyu supergene zone is of secondary importance at this time, although there is exploration potential for hypogene mineralization beneath it. In December 2001, Ivanhoe commissioned an independent Mineral Resource estimate of the Southwest Oyu zone by AMEC E&C Services Limited (formerly MRDI). As of the date of this Technical Report, AMEC was in the process of preparing the estimate. 43 ROSCOE POSTLE ASSOCIATES INC. 1999 BMP ESTIMATE In 1999, BHP prepared a preliminary estimate of tonnes and grade for the Oyu Tolgoi Project (Kirwin, 1999). This estimate has not been reviewed by RPA. It was based on only 24 diamond drill holes (3,815 m) and may not qualify as a Mineral Resource, but has been published in a scientific paper (Perello et al, 2001). Since the time of the BHP estimate, another 109 RC holes (8,913 m) were drilled in 2000; and 23 RC holes (2,890 m), 3 RCD holes (1,747 m) and 24 diamond core holes (13,627 m) were drilled in 2001 and 2002. In RPA's view, the 1999 BHP estimate is completely out of date and not relevant to this Technical Report. EXPLORATION POTENTIAL As discussed elsewhere in the report, significant goldrich porphyry copper mineralization has been discovered on the Oyu Tolgoiproperty. In RPA's opinion data collected by Ivanhoe and BHP meets industry standards and can be relied upon to develop an exploration model. In RPA's view there is considerable potential to expand the known mineralization. The main potential is for higher grade hypogene sulphide mineralization but potential also exists for more supergene mineralization. The Oyu Tolgoi property contains one or more porphyry copper-gold systems of the circum-Pacific type. Sillitoe (1993) compiled the tonnages and grades for 31 deposits of this type which give an idea of the range of tonnage and grades (Figure 9). More recent studies have established some larger higher grade deposits. For example, Pennington et al., (1998) give a tonnage of 1,758 million tonnes at 112 % Cu, 1.20 g/t Au and 3.25 g/tAg for the Grasberg deposit. One notable aspect of these deposits is that the cited grades are all average grades and there are significant zones of gold enrichment in many of them. Sillitoe's generalized cross section (Figure 10) compiles the geological characteristics of thirty deposits and provides a useful framework for interpreting the various pieces of information from the Oyu Tolgoi property. 44 ROSCOE POSTLE ASSOCIATES INC. The three regions, North Oyu, Central Oyu and South Oyu, can be categorized on the basis of geology, mineralization and wallrock alteration into two groups. North Oyu and Central Oyu represent a high level of the system, characterized by a mixture of argillic and advanced argillic wallrock alteration. They could correspond to an elevation between Level A and Level B in Figure 10. South Oyu is characterized by Ksilicate (biotite) alteration and should be in the vicinity of Level C on Figure 10. Surface mapping of the zones indicates that copper sulphide mineralization occurs in both volcanic rocks and in the intrusives. The zones of mineralization, however, are separated by barren intrusives and cut by barren dikes. South Oyu and Southwest Oyu zone (Figure 13) have similar geology, geophysical patterns and sulphide mineralization. The initial drilling suggests that the three dimensional geology is also similar and they represent the same zone offset by a northeast trending fault. The northwest and southwest chargeability anomalies which extend from Southwest Oyu zone may also be similar but have a distinctly reduced chargeability response. The area with the best chance of having mineralization similar to Southwest Oyu zone is South Oyu. The second best areas would be the northwest and southwest chargeability trends extending off Southwest Oyu zone. The different character of the chargeability anomalies could represent less sulphide mineralization or mineralization at a deeper level. Central Oyu is characterized by a shallow blanket of supergene alteration overlying a deeper zone of lower grade hypogene mineralization. There are two exploration targets in this area. First is a deeper blanket of supergene alteration. The shallow supergene blanket is defined by shallow RC drill holes which are believed to end in lower grade hypogene mineralization. Some porphyry deposits, however, have more than one level of supergene alteration blanket separated by relatively low grade zones. In the Central Oyu RC drilling program for supergene mineralization, no tests were made for a deeper enrichment blanket. 45 ROSCOE POSTLE ASSOCIATES INC. The second exploration target at Central Oyu is a zone of higher grade hypogene mineralization within the broad zone of lower grade mineralization. The first area which might fit this model is a deep IP anomaly. This type of target is worth pursuing. Some RC drill holes have anomalous copper values below the supergene blanket. These are excellent geochemical anomalies for hypogene mineralization. Another exploration approach would be to analyze the chips from the RC drill holes for a wider range of elements to look for geochemical pathfinders. Another would be to process the IP and magnetic results. The combination of IP and rock geochemistry could provide additional targets. Central Oyu is at the southern end of a large doughnut shaped chargeability anomaly about 1 km in diameter (Figure 12). The preliminary evaluation of the IP results identified two strong anomalies: - Airstrip Anomaly which is near the airstrip. It has been tested by three RC holes with anomalous copper values in and near the IP anomaly. - Far North Anomaly directly north of the Central Oyu and North Oyu areas. RC holes near the anomaly do not contain anomalous copper values. PRELIMINARY METALLURGICAL TESTING In August 2001, Ivanhoe sent six composite samples of drill core to Lakefield Research (Lakefield) for metallurgical testing. The samples came from: - The "Discovery Zone" Southwest Oyu zone, two samples - The Bornite Zone, South Oyu - The Chalcocite, Covellite and Deep CovelliteZones, Central Oyu. The characteristics of these samples and the metallurgical tests requested are summarized on Table 10. Table 11 is a summary of the head assays given by Lakefield. The most significant difference between the Lakefield heads assay and the Ivanhoe composite assay for the core is for the gold value in sample S-2. Although Lakefield's 46 ROSCOE POSTLE ASSOCIATES INC. value is less than half the value obtained by Ivanhoe, it is still the highest gold value for the six samples. Lakefield issued a report dated December 12, 2001 summarizing the results of the froth flotation tests (Sarbutt, 2001). The mineralogy of the six samples is summarized in Table 13. The main copper bearing mineral in S1 and S-2 is chalcopyrite. S-3 contains approximately equal amounts of chalcopyrite and bornite. Sample S4 contains similar amounts of covellite and digenite. The "Chalcocite Zone" is primarily digenite/covellite. Samples S-5 and S-6 contain covellite with trace to minor amounts of chalcopyrite, bornite, digenite and chalcocite. Samples S-4, S-5 and S-6 also contained enargite. Lakefield believes that all six samples can be classified as "moderately complex" sulphide ores. The most common texture among the samples is granular intergrowth with minor amounts of complicated intergrowth textures between the economic copper minerals, pyrite and non-opaque minerals. In all the samples minor amounts of copper bearing minerals are fine-grained to very fine-grained with complex textures (intergrowths, inclusions, veinlets, infills) in pyrite and non-opaque gangue minerals. The shape of the mineral textures and their size in all the samples suggests a primary grind at 60 microns is required to achieve greater than 75% liberation of the copper bearing minerals. A grind to 30-40 microns is necessary to liberate the medium-grained locked particles and a grind of less than 20 microns is necessary to liberate the extremely fine grained particles. Results of selected tests on each of the composites is summarized in Table 12. For the two chalcopyrite samples, S-1 and S-2, concentrate grades of 26% to 30% Cu were achieved with copper recoveries of 81% to 91%. Copper recovery appears to be related to copper grade. Gold recovery was similar for both samples at 76% to 77% in the final concentrate and 88% to 90% in the rougher despite S-2 having twice the gold grade. S-2 has about twice the pyrite content as S-1 and the similar gold recoveries may be a result of this. 47 ROSCOE POSTLE ASSOCIATES INC. S-3, a chalcopyrite/bornite sample with low pyrite content gave a high grade copper concentrate at high recovery. Gold recovery at 66% was also reasonable given the low head grade. S-4, with digenite and covellite as the main copper mineralization and comparatively high pyrite content (10%), responded poorly in the cleaner flotation and gave a concentrate grade of 20% Cu. There is a strong association between digenite and pyrite and rimming of the pyrite with digenite. S-6, with covellite as the major copper mineral and a pyrite content of 10%, responded well with a high grade copper concentrate at a reasonable recovery. A concentrate from each sample was submitted for an ICP scan and some qualitative analysis. Molybdenum content was 0.6% Mo in the S-2 concentrate and ranged from 0.01% to 0.15% in the other samples. Arsenic content increased from 0.3% to 0.5% As in the concentrates from S-4 and S-6 where enargite had been noted. Other potential penalty elements, antimony, zinc and mercury, were low. Lakefield issued a report dated January 17, (Dymov, 2002) summarizing the results of the preliminary column lach tests for samples S-4 "Chalcocite Zone" and S-5 "Covellite Zone". Preliminary bottle-roll tests were conducted on the samples and additional bacterial Fe(3+) leach tests were conducted on the finely ground residues to estimate the "ultimate" Cu extraction. Tests were conducted on samples of a 1/2 inch and-10 mesh rock sample at pH 1.3 for 20 days. The results were as follows: SAMPLE S-4 62% TO 72% COPPER EXTRACTION - leaving a residue of 0.4% to 0.5% Cu with an acid consumption of 12 to 18 kg/t - Bacterial/Fe(+3) leach resulted in 93% Cu extraction with a residue assaying 0.11% Cu. 48 ROSCOE POSTLE ASSOCIATES INC. SAMPLE S-5 25% TO 10% COPPER EXTRACTION - leaving residue assaying 0.7% Cu with acid consumption 3 to 6 kg/t - Bacterial/fe(+3) leach resulted in 59% overall Cu extraction with a residue assaying 0.3% Cu. Three columns for each sample were used for the preliminary tests. Columns used samples crushed to <1/2 in. and <1.0 in. A synthetic raffinate solution was used to irrigate the columns in a single "pass-through" mode. Columns were inoculated with a mixed bacterial culture on a daily basis under an ambient temperature. They were operated for 80 days. The results indicated a projected copper extraction for sample S-4 in the range of 65% to 82% Cu but only 5% to 6% Cu for Sample S-5. Ivanhoe had preliminary comminution tests done in late 2001 and early 2002 on seven samples of Oyu Tolgoi material, mostly andesitic porphyry from the Southwest Oyu zone. The work was done by MinnovEX Technologies Inc. (MinnovEX) of Toronto, Canada. In general, the rock would be classified as "hard" based on the test results on these preliminary samples. However, the rock is significantly softer than the hardest ores in the MinnovEX database. These results are preliminary in that they are based on a very small number of samples. More testwork is required on more widely dispersed and representative samples before final conclusions on hardness can be drawn. 49 ROSCOE POSTLE ASSOCIATES INC. TABLE 10 IVANHOE MINES LTD. - OYU TOLGOI PROJECT SAMPLES FOR METALLURGICAL TESTING (AFTER LAKE, 2001)
DDH/ WEIGHT SAMPLE INTERVAL(m) ZONE (kg) Cu (%) Au (g/t) TEST WORK - ------- ----------- ---------------------- ------ ------ -------- ----------- S-1 DDH 150 Southwest Oyu zone 76 0.61 0.75 Flotation 112-115 m Andesite Porphyry S-2 DDH 150 Southwest Oyu zone 73 1.02 3.95 Flotation 310-350 m Syeno diorite Porphyry S-3 DDH 149 South Oyu 50 1.84 0.22 Flotation 73-117 m Bornite Zone S-4 DDH 159 Central Oyu 100 1.46 --- Flotation & 47-79 m Chalcocite Blanket Column Leach S-5 DDH 159 Central Oyu 36 0.80 --- Column 110-136 m Covellite Zone Leach S-6 DDH 159 Central Oyu 36 0.79 0.10 Flotation 1 84-220 m Deep Covellite Zone
TABLE 11 IVANHOE MINES LTD. - OYU TOLGOI PROJECT LAKEFIELD HEAD ASSAYS (AFTER SARBOTT ET AL, 2001)
ELEMENT S-1 S-2 S-3 S-4 S-5 - -------------- ----- ----- ----- ----- ------ Cu% 0.69 1.06 1.84 1.46 0.81 Cu (ox) as Cu% 0.008 0.007 0.089 0.052 0.019 Au g/t 0.73 1.38 0.22 --- 0.11 Fe % 8.19 3.95 9.95 --- 5.11 S % 1.5 2.91 1.46 7.65 6.19
TABLE 12 IVANHOE MINES LTD. - OYU TOLGOI PROJECT COPPER BEARING AND PYRITE MINERALOGY (AFTER SARBOTT ET AL, 2001)
APPROX. SAMPLE CHALCOPYRITE ENARGITE COVELLITE DIGENITE BORNITE CHALCOCITE PYRITE - ------ ------------ -------- --------- -------- ------- ---------- -------- S-1 3% --- trace trace trace --- 3% S-2 3% --- --- -- <0.2% --- 6% S-3 3% --- trace trace 2% trace <1% S-4 trace 0.2% <1% <2% trace --- 10% S-5 trace <0.3% 2.5% trace trace --- 10% S-6 trace <0.3% 2% 0.3% trace trace 10%
50 ROSCOE POSTLE ASSOCIATES INC. TABLE 13 IVANHOE MINES LTD. - OYU TOLGOI PROJECT LAKEFIELD CLEANER FLOTATION RESULTS (AFTER SARBOTT ET AL, 2001)
GRIND REGRIND TEST K(80) K(80) ROUGHER CLEANER WT ASSAY %,g/t % DIST. NO. SAMPLE MICRON MICRON COLL. Ph Ph PRODUCT % CU AU CU AU - ---------------------------------------------------------------------------------------------------------------------- 51 S1 101 10 NaEX 10.4 10.7 Cu 3rd Cleaner Conc. 2.0 25.9 24.8 84.9 76.6 Cu Rougher Conc 11.2 5.03 5.15 93.5 90.3 Cu Rougher Tailing 88.8 0.04 0.07 6.5 9.7 Head (calc) 100.0 0.60 0.64 50 S2 92 10 NaEX 10.1 10.7 Cu 3rd Cleaner Conc. 3.0 30.4 33.4 91.4 76.1 Cu Rougher Conc 15.7 60.02 7.26 96.0 87.7 Cu Rougher Tailing 84.3 0.047 0.19 4.0 12.3 Head (calc) 100.0 0.99 1.30 39 S3 96 9 3477 11.6 11.8 Cu 3rd Cleaner Conc. 4.0 37.4 3.65 90.1 66.7 Cu Rougher Conc 27.8 5.86 0.68 98.4 86.8 Cu Rougher Tailing 72.2 0.037 0.04 1.6 13.2 Head (calc) 100.0 1.65 0.22 49 S4 71 17 3477 11.9 +12 Cu 3rd Cleaner Conc. 5.5 20.0 1.79 82.1 65.3 Cu Rougher Conc 30.2 4.22 0.43 94.3 86.2 Cu Rougher Tailing 69.8 0.11 0.03 5.7 13.8 Head (calc) 100.0 1.35 0.15 45 S6 97 15 NaEX 9.1 10.5 Cu 3rd Cleaner Conc. 1.3 46.4 1.63 82.9 19.8 Cu Rougher Conc 7.7 8.61 0.51 93.4 37.9 Cu Rougher Tailing 92.3 0.051 0.07 6.6 62.1 Head (calc) 100.0 0.71 0.10
51 ROSCOE POSTLE ASSOCIATES INC. CONCLUSIONS - The Property contains a gold-rich porphyry copper deposit (Southwest Zone) of the circum-Pacific type. - The Property has excellent potential for a large tonnage of hypogene porphyry copper-gold mineralization of similar grades to those found at Southwest Oyu. - RPA believes that additional drilling to test the potential at Southwest Oyu zone and South Oyu, Central Oyu, the Airstrip Anomaly and the Far North Anomaly is fully justified. - Ivanhoe's 2000 Mineral Resource estimate of the Central Oyu supergene mineralization has been reviewed and verified by RPA, and totals 39.2 million tonnes at 0.73% Cu classified as Inferred Mineral Resource. - BHP's 1999 estimate of hypogene and supergene mineralization was done before the Ivanhoe reverse circulation and diamond drilling programs and therefore is completely out of date. - Preliminary metallurgical testing shows good recovery for copper and gold by froth flotation from both hypogene and supergene mineralization. Additional testing showed good copper recoveries from a sample from the supergene chalcocite zone by bacterial column leaching. - Work is needed to determine where the molybdenum occurs and how to assay for it. It is also necessary to find out where and how rhenium occurs with the molybdenum. Rhenium is a potentially highly valuable by product. - Gold is associated with sulphide minerals in the zones of high copper values. Assays show a strong correlation between gold and copper grades. The gold is a critically important metal in this deposit and its mode of occurrence and distribution need to be investigated in detail. - A systematic compilation and interpretation of all the geological, geophysical and drilling data is needed to guide future exploration strategy. - RPA found the data collection, storage and interpretation systems followed by Ivanhoe were very high quality and equal to the best industry practices. - RPA is of the opinion that all the geologists, foreign and Mongolian workers on the project, were highly qualified professionals. 52 ROSCOE POSTLE ASSOCIATES INC. RECOMMENDATIONS Based on our field observations and our review of exploration results to date, RPA makes the following recommendations: - Carry out a systematic review and integration of all the available data sets for the property. - Re-analyse existing drill hole samples for a wider range of elements. Available samples provide the basis for a lithogeochemical exploration program for the cost of assays. - Analyse core samples from the mineralized intervals for molybdenum. - Initiate a detailed study of the mode of occurrence and distribution of gold. - Initiate a study of the presence and distribution of rhenium in the molybdenum. - Initiate a scoping study to establish what tonnage and grade constitutes an economic deposit in this location. This study must determine if a deposit similar to Southwest Oyu zone could be mined using underground mining methods. - Sample the new types of mineralized zones, such as the quartz-magnetite breccias for additional metallurgical testing. DELINEATION DRILLING SOUTHWEST OYU ZONE - Definite 4 diamond drill holes for 4,800 m - A vertical hole OTD-189 for 1,200 m to test the high gradeCu-Au zone at depth and to provide a pilot hole for directional drilling to delineate deep mineralization. - Three additional steep angle holes up to 1,200 m to test depth extent of high grade Cu-Au mineralization EXPLORATION DRILLING SOUTHWEST OYU ZONE - Definite 1 diamond drill hole for 1,000 m - Contingent 3 diamond drill holes for 2,400 m. - Approximately 3 holes to test IP anomaly centered under collar of OTD 180 and 1 to drill parallel at-55 degrees C to OCD 180 to test the zone that OTD 180 was supposed to test before it deviated to the east 53 ROSCOE POSTLE ASSOCIATES INC. SOUTH OYU-SOUTHWEST OYU ZONE - Definite 4 diamond drill holes for 2,400 m Contingent 4 diamond drill holes for 4,000 m. - Approximately 8 holes to test and delineate IP anomaly along strike of drill hole OTD 167. SOUTH OYU - Contingent 3 diamond drill holes for 1,800 m. - Contingent 2 diamond drill holes for 1,600 m. Assuming better grades than visual estimates, Ivanhoe would need 5 holes around OTD 186 to define zone of mineralization. CENTRAL OYU - Definite 6 diamond drillholes for 3,600 m. - Definite 4 deep diamond drill holes for 4,800 m - Contingent 5 diamond drill holes for 4,000 m. Holes required to test the hypogene potential of the Central Oyu area. AIRSTRIP - Definite 2 diamond drillholes for 1,200 m. Showing IP and 14 m zone of mineralization in R Chole. FAR NORTH - Definite 2 diamond drillholes for 1,200 m. Large, strong chargeability anomaly and 3 R Choles with no mineralization. MISCELLANEOUS TARGETS - 4 diamond drill holes for 2,000 m. DRILLING SUMMARY Definite 21,000 m Contingent 13,800 m The costs of diamond drilling in this location as estimated by Ivanhoe are outlined below. Direct Drilling US$80.00/m Total Drilling US$150.00/m Assaying US$12.00/m TOTAL DRILLING/ASSAYING COST US$162.00/m 54 ROSCOE POSTLE ASSOCIATES INC. Using this cost estimate, the first phase of the drilling program(definite holes) should require 27 diamond drill holes totaling 21,000 m at a cost of about US$3.4 million dollars. The second phase of the drilling which will be contingent upon the results of the first will involve a maximum of 17 drill holes totaling 13,800 m at a cost of about US$2.2 million. The two phases of drilling and their costs are summarized in Table 14. TABLE 14 IVANHOE MINES LTD. - OYU TOLGOI PROJECT SUMMARY OF PLANNED DRILLING
CONTINGENT DEFINITE DRILLING DRILLING TOTAL DRILLING AREA (m/# HOLES) (m/# HOLES) (m/ # HOLES) - -------------------- ----------------- ------------ -------------- DELINEATION DRILLING SOUTHWEST OYU 4,800(4) 0 4,800(4) EXPLORATION DRILLING Southwest Oyu Zone 1,000(1) 2,400(3) 3,400(4) South-Southwest 2,400(4) 4,000(4) 6,400(8) South Oyu 0 3,400(5) 3,400(5) Central Oyu 8,400(10) 4,000(5) 12,400(15) Airstrip 1,200(2) --- 1,200(2) FAR NORTH 1,200(2) --- 1,200(2) Miscellaneous 2,000(4) --- 2,000(4) SUBTOTAL 21,000(27) 13,800(17) 34,800(44) Costs @ US$162/m $3,402,000 $2,208,000 $5,610,000
55 ROSCOE POSTLE ASSOCIATES INC. SOURCES OF INFORMATION Anon, 1997, Brief Information of Mongolian Commodities, Geological Information Centre, Mineral Resources Authority of Mongolia, pp. 1-6. Anon, 2000, CIM Standards on Mineral Reserves and Resources " Definitions and Guidelines; CIM Bull., October 2000, pp. 53-61. Anon, 2001, New Horizons for Discovery and Exploration in Mongolia: Unpublished Report for Ivanhoe Mines Limited. Anon, 2001, New Drill Results Confirm and Expand Discovery at Turquoise Hill Copper Gold Project in Mongolia, News Release Nov 26, 2001. Chavez, W. X., 2000, Supergene Oxidation of Copper Deposits: Zoning and Distribution of Copper Oxide Minerals; SEG Newsletter, No 41. Cooke, D. R., et al., Australian and Western Pacific paphyry Cu-Au deposits: AGSO Journal of Australian Geology & Geophysics, No 17(4), pp. 97-104. Crane, D. and Planter, C, 2001, Oyu Tolgoi Project, South Gobi - Mongolia, Interpretation Geology Map: Unpublished Map for Ivanhoe Mines Limited. Dymou, I., 2002, Results of Preliminary Bacterial Heap Leach Test Results: Unpublished Letter Report, Lakefield Research. Forster, C. N., 2000, Mineral Resources for the Oyu Tolgoi Copper - Gold Deposit, Mongolia: Unpublished Report for Ivanhoe Mines Limited, pp. 1-19. Forster, C.N., 2001, Third Quarter Report, Oyu Tolgoi Project, Mongolia: Unpublished Report Ivanhoe Mines Limited. Forster, C.N., 2001, Review of Core Handling Facilities: Unpublished Report, Ivanhoe Mines Limited. Forster, C.N., 2001, Oyu Tolgoi Project, Geological Plans and Sections, Ivanhoe Mines Limited Website (Ivanhoemines.com). Giammatikopoulos, P.O., 2001, Process Mineralogy of 1st Cleaner Concentrates from F16 (S2), F22 (S3) and F35 (S6) from the Oyu Deposit in Mongolia. Unpublished Report by Lakefield Research. Hendrickson, G.A., 2002, Geophysical Report on the Oyu Tolgoi Project Mongolia for Ivanhoe Mines Ltd., Unpublished Report by Delta Geoscience Ltd., pp. 1-13. 56 ROSCOE POSTLE ASSOCIATES INC. Kirwin, D.J., 1999, Technical Notes concerning BHP's Oyu Tolgoi Prqpct, South Gobi Mongolia: Unpublished Report Ivanhoe Mines Ltd. Lake, M., 2001, Status Summary of Oyu Tolgoi Flotation: Unpublished Report Ivanhoe Mines Ltd. Lang, J.R., et al., 2000, An Exploration Model for Intrusion Related Gold Systems: SEG Newsletter, No 40, Jan. 2000. Lochingiin, U., et al, 1999, Preliminary Baseline Environmental And Socioeconomic Studies for Oyu Tolgoi, and Tavan Tolgoi Licence Areas in Mongolia: Unpublished report for BHP, by Environmental Consulting & Assessment Company, pp.1-105. Lowell, J. D., and Guilbert, J.M., 1970, Lateral and vertical alteration, mineralization zoning in porphyry ore deposits Econ. Geol., v. 65, pp. 373-408. Panther, C., 2001, Preliminary Geological Plan and Sections, Unpublished Figures for Ivanhoe Mines Limited. Pennington, J., Suwardy, E., and Kavaleris, I., 1998, Grasberg: 'A Vertical Mile of Copper and Gold Ore': Unpublished paper presented at the Lacey Symposium, Townsville, Australia. Perello, J., et al., 2001, Oyu Tolgoi, Mongolia: Siluro-Devonian Porphyry Cu-Au-(Mo) and High Sulfidation Epithermal Cu Mineralization with a Cretaceous Chalcocite Blanket: Econ. Geol.: Vol. 96, No. 6, pp. 1407-1428. Sarbutt, K.W., 2001, The Recovery of Copper and Gold from Oyu Tolgoi Project Samples by Flotation. Unpublished Report by Lakefield Research. Sillitoe, R.H., 1993, Gold-rich Porphyry Copper Deposits: Geological Model and Exploration Implications: in Kirkham, R.V., Sinclair, W.D., Thorpe, R.I. and Dule, J.M., eds., Mineral Deposit Modeling: Geological Association of Canada, Special Paper 40, pp. 465 - 478. Titley, S. R., 1994, An abridged overview of some features of porphyry copper deposits in the American Southwest; USGS Research on Mineral Resources 1994- Part B - Guidebook for Field Trips, pp. 15-23. Yakubchuk, A., et al., 2001, The Altaides: Tectonic Evolution and Metallogeny: SEG Newsletter, No. 46, July 2001. 57 ROSCOE POSTLE ASSOCIATES INC. SIGNATURE PAGE REPORT ON OYU TOLGOI EXPLORATION PROJECT SOUTH GOBI, MONGOLIA PREPARED FOR: IVANHOE MINES LTD. PREPARED BY: ________________________________ D. George Cargill, Ph.D., P.Eng. Consulting Geological Engineer February 22, 2002 January 11, 2002 58 ROSCOE POSTLE ASSOCIATES INC. CERTIFICATE OF QUALIFICATIONS As an author of this report entitled "Report on the Oyu Tolgoi Exploration Licence South Gobi Region, Mongolia" Prepared for Ivanhoe Mines Ltd. and dated January 11, 2002, I hereby make the following statements: A. My name is Donald George Cargill and I am a Consulting Geological Engineer associates with Roscoe Postle Associates Inc. My office address is Suite 1210, 55 University Avenue, Toronto, Ontario M5J 2H7. B. I have received the following degrees in Geological Sciences: B.A.Sc. 1967 - University of Toronto, Toronto, Ontario M.Sc. 1970 - Queens University, Kingston, Ontario Ph.D., 1975 - University of British Columbia, Vancouver, B.C. C. I am registered as a Professional Engineer in the Provinces of Ontario and B.C. I am also: A member of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) A Member of the Prospectors and Developers Association of Canada (PDAC) A Fellow of the Society of Economic Geologists D. I am a qualified person for the purposes of National Instrument 43-101. E. This report is based on a visit to the Oyu Tolgoi Property in Mongolia from October 13 to October 23, 2001, on my personal review of technical reports and other data supplied by the Issuer, on discussions with the Issuer and its representatives, and on information available from technical publications. My relevant experience for the purpose of this report is: - Geological consulting to the Island Copper Operating Division both as an internal consultant for BHP-Utah International Inc. (BHP) and as an Independent Consultant - Examination of the exploration potential and the exploration methodology for the porphyry copper properties on northern Vancouver Island for BHP. - Review of Mineral Resources and exploration potential of the Hushamau Deposit for Jordex Exploration - Evaluation of the potential of gold deposits for bulk mining in Brazil, West Africa, East Africa and eastern China. - Resource estimate, Magushan copper deposit, China. 59 ROSCOE POSTLE ASSOCIATES INC. F. I have been practicing as a professional geologist for over thirty years. G. I am responsible for all the sections in this Report. H. I am not aware of any material fact or material change with respect to the subject matter of this report, which is not reflected in "the Report" the omission to disclose which makes this report misleading. I. I am independent of the Issuer applying the tests set out in section 1.5 of National Instrument 43-101. J. I have read National Instrument 43-101 and Form 43-101F1, and this report has been prepared in compliance with National Instrument 43-101 and Form 43-101F1. Dated at Toronto, Ontario January 11, 2002 D. George Cargill, Ph.D., P.Eng. Consulting Geological Engineer 60 ROSCOE POSTLE ASSOCIATES INC. APPENDIX 1 FIGURES Figure 1. Location Map Figure 2. Property Map Figure 3. Tectonics and Selected Deposits Figure 4. Summary Diagram of Techno-Stratigraphic, Magmatic, and Mineralization History of the South Gobi Region Figure 5. Regional and District Geology Figure 6. Property Bedrock Geology Figure 7. Generalized Cross Section of a Weathered Porphyry Copper System Figure 8. Gold and Copper Content and Tonnages of Principal Gold Rich Porphyry Copper Deposits Figure 9. Generalized Section Showing Intrusive and Alteration Relationships Around Gold Rich Porphyry Copper Deposits Figure 10. Exploration Data from Different Levels in the System Figure 11. Cross Section at Oyu Tolgoi Central Zone Supergene Blanket Figure 12. Oyu Tolgoi IP Plot Chargeability in 2 mv/v Contours Figure 13. Oyu Tolgoi South Drill Hole and IP Chargeability Map Figure 14. Surface Plan, Southwest Oyu Zone Figure 15. Geological Section, NE to SW, Southwest Oyu Zone Figure 16. Geological Section, NW to SE, Southwest Oyu Zone ROSCOE POSTLE ASSOCIATES INC. Figure 1 Ivanhoe Mines Ltd. OYU TOLGOI PROJECT Mongolia LOCATION MAP [LOCATION MAP] ROSCOE POSTLE ASSOCIATES INC. Figure 2 Ivanhoe Mines Ltd. OYU TOLGOI PROJECT Mongolia PROPERTY MAP [PROPERTY MAP] ROSCOE POSTLE ASSOCIATES INC. Figure 3 Ivanhoe Mines Ltd. OYU TOLGOI PROJECT Mongolia TECTONICS AND SELECTED DEPOSITS (after Kirwin, 1999) [TECTONICS AND SELECTED DEPOSITS MAP] ROSCOE POSTLE ASSOCIATES INC. Figure 4 Ivanhoe Mines Ltd. OYU TOLGOI PROJECT, MONGOLIA SUMMARY DIAGRAM OF TECHNO-STRATIGRAPHIC, MAGMATIC AND MINERALIZATION HISTORY OF THE SOUTH GOBI REGION (after Perello et al., in press) [SUMMARY DIAGRAM OF TECHNO-STRATIGRAPHIC GRAPH] ROSCOE POSTLE ASSOCIATES INC. Figure 5 Ivanhoe Mines Ltd. OYU TOLGOI PROJECT Mongolia REGIONAL AND DISTRICT GEOLOGY (after Perello et al., in press) [REGIONAL AND DISTRICT GEOLOGY MAP] ROSCOE POSTLE ASSOCIATES INC. Figure 6 Ivanhoe Mines Ltd. OYU TOLGOI PROJECT Mongolia PROPERTY BEDROCK GEOLOGY (after Crane and Planter, 2001) [PROPERTY BEDROCK GEOLOGY MAP] ROSCOE POSTLE ASSOCIATES INC. Figure 7 Ivanhoe Mines Ltd. OYU TOLGOI PROJECT, MONGOLIA GENERALIZED CROSS SECTION OF A WEATHERED PORPHYRY COPPER SYSTEM (after Titley, 1994) [GENERALIZED CROSS SECTION MAP] ROSCOE POSTLE ASSOCIATES INC. Figure 8 Ivanhoe Mines Ltd. OYU TOLGOI PROJECT, MONGOLIA GOLD AND COPPER CONTENT AND TONNAGES OF PRINCIPAL GOLD RICH PORPHYRY COPPER DEPOSITS (after Sillitoe, 1993) [PRINCIPAL GOLD RICH PORPHYRY COPPER MAP] ROSCOE POSTLE ASSOCIATES INC. Figure 9 Ivanhoe Mines Ltd. OYU TOLGOI PROJECT, MONGOLIA GENERALIZED SECTION SHOWING INTRUSIVE AND ALTERATION RELATIONSHIPS AROUND GOLD-RICH PORPHYRY COPPER DEPOSITS (after Sillitoe, 1993) [GENERALIZED SECTION SHOWING MAP] ROSCOE POSTLE ASSOCIATES INC. Figure 10 Ivanhoe Mines Ltd. OYU TOLGOI PROJECT, MONGOLIA EXPLORATION DATA FROM DIFFERENT LEVELS IN THE SYSTEM (after Sillitoe, 1993) [EXPLORATION DATA FROM DIFFERENT LEVELS MAP] ROSCOE POSTLE ASSOCIATES INC. Figure 11 Ivanhoe Mines Ltd. OYU TOLGOI PROJECT Mongolia CROSS SECTION AT OYU TOLGOI CENTRAL ZONE SUPERGENE BLANKET Looking North (after Forster, 2000) [CROSS SECTION SUPERGENE BLANKET MAP] ROSCOE POSTLE ASSOCIATES INC. Figure 12 Ivanhoe Mines Ltd. OYU TOLGOI PROJECT, MONGOLIA OYU TOLGOI IP PLOT CHARGEABILITY IN 2 MV/V CONTOURS (after Delta geoscience, 2001) [OYU TOLGOI IP PLOT MAP] ROSCOE POSTLE ASSOCIATES INC. Figure 13 Ivanhoe Mines Ltd. OYU TOLGOI PROJECT Mongolia OYU TOLGOI SOUTHWEST AND SOUTH DRILL HOLE AND IP CHARGEABILITY MAP [DRILL HOLE AND IP CHARGEABILITY MAP] ROSCOE POSTLE ASSOCIATES INC. Figure 14 Invahoe Mines Ltd. OYU TOLGOI PROJECT Mongolia SOUTHWEST OYU (NE HALF) COMPILATION OF GEOLOGY AND DRILL HOLES AT SURFACE (after Crane and Panther, 2001) [COMPILATION OF GEOLOGY MAP] ROSCOE POSTLE ASSOCIATES INC. Figure 15 Invahoe Mines Ltd. OYU TOLGOI PROJECT Mongolia SOUTHWEST OYU CROSS SECTION Looking Northwest (after Forster 2001) [SOUTHWEST OYU MAP] ROSCOE POSTLE ASSOCIATES INC. Figure 16 Invahoe Mines Ltd. OYU TOLGOI PROJECT, MONGOLIA SOUTHWEST OYU CROSS SECTION Looking Northeast (after Forster, 2001) [SOUTHWEST OYU CROSS SECTION MAP] ROSCOE POSTLE ASSOCIATES INC. APPENDIX 2 ASSAY PROTOCOLS FOR ANALABS MONGOLIA ROSCOE POSTLE ASSOCIATES INC. ASSAY PROTOCOLS FOR ANALABS MONGOLIA ANALABS MONGOLIA ANALYTICAL METHODS IN USE FOR IVANHOE 1. Method F630 A 30 g sample is taken and mixed with 150 g of fire assay flux. This is then fused at 1100 degrees C in a fusion furnace. The litharge in the flux is reduced to lead and the lead button obtained also contains any precious metals from the sample. After separation from the slag the lead button is cupelled at 950 degrees in a muffle furnace. The lead is oxidized and absorbed into the magnesia cupel using leaving a prill containing the precious metals. Silver is added to the flux to ensure that the prill can be handled easily. The prill is then dissolved in aqua regia and made up to a final volume of 10 ml. After mixing the samples are read for gold on an atomic absorption sprectometer (AAS) using the appropriate calibration standards. 2. Method G102/A102 A 0.3 g sample is digested in a flat bottomed vial with hydrochloric, nitric and perchloric acids to incipient dryness and then made up to a final volume of 15 ml in 20% hydrochloric acid. After mixing, the samples are read for molybdenum on AAS. 3. Method G103/A103 A 0.4 g sample is digested in a beaker with the hydrochloric, nitric and perchloric acids to incipient dryness and then made up to a volume of 100 ml in a volumetric flask with 10% hydrochloric acid. After mixing the samples are read for copper on AAS. The method is the same as above except that a 0.25 g sample is taken and the final volume is 500 ml. 1 ROSCOE POSTLE ASSOCIATES INC. 4. Method G119/A119 In each rack of 50, 2 standards, 1 blank, 2 replicates and 2 duplicates are used to monitor the quality of the results obtained. Summary. 2 APPENDIX 3 DOCUMENTS RELATING TO TITLE 1 BHP Ivanhoe Agreement May 5, 2000. 2 Original Certificate of Mineral Exploration #210, BHP Minerals International EMI (Amended for renewal to 2004). 3 Three certificates of Mineral Exploration for the Modified Mineral Concession (Amended for Renewal to 2004). a. 66x1 2001-09-20 b. 66x2 2001-09-21 c. 66x3 2001-09-20 4 Certificate of New Mineral Exploration License 3677 X, Jaukhlant Uul. 5 Summary of Mongolian Mining Law, Canning Management Property Ltd.; October 1999. 6 Lynch Idesh & Mahoney, Legal Opinion of Exploration Licenses, October 22, 2001 (Mongolian Properties Title Report). 7 Central Oyu Boundary, Letter October 1, 2001 Ivanhoe - BHP. 8 Lynch Idesh & Mahoney, Supplement to "Mongolia Properties Title Report 22; October, 2001"; February 5, 2002. 9 Lynch Idesh & Mahoney, Supplement to "Mongolia Properties Title Report dated 22 October 2001"; Water and Surface Rights; February 21, 2002. 1 EARN-IN AGREEMENT (OYU TOLGOI PROJECT, MONGOLIA) THIS AGREEMENT (the "AGREEMENT") is made effective as of the 5th day of May, 2000 (the "EFFECTIVE DATE"), between: IVANHOE MINES LTD., a corporation incorporated under the laws of the Yukon Territory, Canada ("IVANHOE") and BHP MINERALS INTERNATIONAL EXPLORATION INC. a company incorporated under the laws of Delaware, USA ("BHP") INTRODUCTION A. BHP is the holder of the exploration license (the "LICENSE") for the area described in the License (the "LICENSED AREA") associated with the exploration project commonly referred to as the Oyu Tolgoi Project (the "PROJECT"). A copy of the License and a description of the Licensed Area are attached as Exhibit A. B. Ivanhoe desires to evaluate the Project and determine whether to acquire an ownership interest in the License and enter into a joint venture agreement, as provided in this Agreement. NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises, covenants and agreements herein set forth, the parties covenant and agree with each other as follows: 1 GENERAL PROVISIONS PART 1 INTERPRETATION DEFINITIONS 1.1 As used in this Agreement, the following terms shall have the meanings ascribed thereto: "Additional Earn-In Obligations" has the meaning assigned to it in Section 3.4; "Back-in Right" has the meaning assigned to it in Section 4.1; "BHP Royalty" has the meaning assigned to it in Section 3.6; "Business Day" means a day on which the commercial banks are generally open for business in Melbourne, Australia and Vancouver, Canada; "Defaulting Party" has the meaning assigned to it in Section 7.1; "Dollar" and "$" mean U.S. dollars; "Earn-in Date" means the last day of the Earn-in Period; "Earn-in Obligations" means, collectively, the Initial Earn-in Obligations and the Additional Earn-in Obligations; "Earn-in Period" means a period of three (3) years commencing from the Effective Date; "Existing Data" means maps, drill logs and other drilling data, core tests, pulps, reports, surveys, assays, analyses, production reports, operations, technical, accounting and financial records, and other material information developed by BHP in respect of the Project prior to the date of this Agreement; "Expenditures" means any costs incurred by Ivanhoe in connection with the Licensed Area, whether direct or indirect, and for purposes of: 2 (i) prospecting, exploration, and evaluation of the Licensed Area; (ii) payments of fees, duties, or other charges or deductions to acquire or maintain any license, permit, or other documents issued by governmental bodies or other persons granting the right to use mineral resources and surface lands in the Licensed Area, and (iii) other expenses incurred in connection with exploration of the Licensed Area, or License, including environmental and other studies, charges incurred for site preparation, engineering, surveying, permits, equipment rental, third-party contractor services, construction of roads, costs of equipment and supplies, labor costs, fees under consulting agreements, and all direct salary and field expenses of exploration personnel, and transportation costs. "First Phase Exploration Program" has the meaning assigned to it in Section 3.1; "Initial Earn-in Obligations" has the meaning assigned to it in Section 3.1; "Joint Venture" has the meaning assigned to it in Section 5.1; "Joint Venture Agreement" has the meaning assigned to it in Section 5.2; "License" means the exploration license in respect of the Licensed Area, as more particularly described in Exhibit "A" together with any upgraded mineral tenure in respect thereof (including, but not limited to, any mining license) granted pursuant to the provisions of the applicable mining laws of Mongolia; "Licensed Area" means, at any particular time, the geographical area which is then subject to the License or other upgraded mineral tenure in respect thereof granted pursuant to the provisions of the applicable mining laws of Mongolia; the current area subject to the License is described by the co-ordinates set forth in Exhibit "A"; "Net smelter return" means the amount received by Ivanhoe from a purchaser in payment for first saleable product mined from the Licensed Area less costs of transportation from the mine to the point where payment from the purchaser is received and less sampling, weighing, treatment, processing, and refining charges borne by Ivanhoe in connection with 3 the sale of such product. In the event the first saleable products are shipped to a treatment facility owned or operated by Ivanhoe, the net smelter returns shall be no less favourable to BHP than if such products had been shipped to a non-affiliated purchaser. "Non-Defaulting Party" has the meaning assigned to it in Section 7.1; "Offer" has the meaning assigned to it in Section 6.1; "Offeror" has the meaning assigned to it in Section 6.1; "Offeree" has the meaning assigned to it in Section 6.1; "Operator" has the meaning assigned to it in Section 5.2(a); "Outside Areas" has the meaning assigned to it in Section 3.1; "Second Phase Exploration Program" has the meaning assigned to it in Section 3.5; "Significant Mineralized Occurrence" means a potential resource or concentration of copper mineralization in such quantity and quality that extraction of the mineralization at a profit is reasonably and commercially feasible in the opinion of both BHP and Ivanhoe, acting in a commercially reasonable manner; "Standard Terms" has the meaning assigned to it in Section 5.2; and "Subject Interest" has the meaning assigned to it in Section 6.1. INTERPRETATION 1.2 For the purposes of this Agreement, except as otherwise expressly provided: (a) "this Agreement" means this Agreement, including the exhibits and schedules hereto, and not any particular part, section or other portion hereof, and includes any agreement, document or instrument entered into, made or delivered pursuant to the terms hereof, as the same may, from time to time, be supplemented or amended and if effect; 4 (b) all references in this Agreement to a designated "part", "section", "subsection" or other subdivision or to a schedule are references to the designated part, section, subsection or other subdivision of, or schedule to, this Agreement; (c) the words "hereof", "herein", "hereto" and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular part, section, subsection or other subdivision or schedule unless the context or subject matter otherwise requires; (d) the division of this Agreement into parts, sections and other portions and the insertion of headings are for convenience of reference only and are not intended to interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof; (e) unless otherwise provided herein, all references to currency in this Agreement are to lawful money of the United States of America and all amounts to be calculated or paid pursuant to this Agreement are to be calculated in lawful money of the United States of America; (f) a reference to a statute in this Agreement includes all regulations made thereunder, all amendments to the statute or regulations in force from time to time, and any statute or regulation that supplements or supercedes such statute or regulations; (g) the singular of any term includes the plural, and vice versa, and the use of any term is generally applicable to any gender and, where applicable, a body corporate, firm or other entity, and the word "or" is not exclusive and the word "including" is not limiting whether or not non-limiting language (such as "without limitation" or "but not limited to" or words of similar import) is used with reference thereto; and (h) all references to "approval", "authorization" or "consent" in this Agreement means written approval, authorization or consent. EXHIBITS 1.3 Attached to and forming part of this Agreement is the following Exhibit: 1.4 Exhibit "A" - Copy of the License and description of the Licensed Area 1.5 Exhibit "B" - List of Vehicles and Field Equipment PART 2 EARN-IN RIGHTS EARN-IN RIGHTS 5 2.1 BHP hereby grants to Ivanhoe the right to earn a one hundred (100%) participating interest in the License by performing the Earn-in Obligations with in the Earn-in Period. Provided that Ivanhoe performs all of the Earn-in Obligations within the Earn-in Period and is not in material breach of this Agreement, Ivanhoe will be deemed to have earned a one hundred percent (100%) participating interest in the License as of the Earn-in Date. LICENSE REGISTRATION 2.2 BHP will use commercially reasonable efforts to cause the License to be legally transferred and registered in the name of Ivanhoe as soon as practicable after Ivanhoe has earned its participating interest in the License in accordance with Section 2.1. LICENSE RELINQUISHMENT 2.3 Provided that Ivanhoe is not in default under any terms of this Agreement, until such time as BHP has complied with its obligation under Section 2.2 or this Agreement is terminated, whichever is earlier, BHP will not: (a) voluntarily relinquish any portion of the Licensed Area without first consulting with Ivanhoe; or (b) voluntarily surrender the License without first allowing Ivanhoe to exercise its right of first refusal under Section 6.1 hereof. 6 PART 3 EARN-IN OBLIGATIONS INITIAL EARN-IN OBLIGATIONS 3.1 During the Earn-in Period, Ivanhoe will conduct an exploration program in the Licensed Area involving reconnaissance, diamond drilling and reverse circulation drilling (the "First Phase Exploration Program") to examine the chalcocite blanket and test copper-gold mineralization in the North, South, and Central Oyu and other sections of the Licensed Area. Ivanhoe agrees to incur the following minimum Expenditures in connection with its exploration, prospecting, and evaluation of the Licensed Area within each 12 month work period described below:
WORK PERIOD MINIMUM EXPENDITURES - ------------------------------------------ -------------------- #1. Effective Date to First Anniversary of Effective Date $ 500,000 #2. First Anniversary of Effective Date to Second Anniversary of Effective Date $1,000,000 #3. Second Anniversary of Effective Date to Third Anniversary of Effective Date $1,500,000 TOTAL $3,000,000
At least one million five hundred thousand dollars, ($1,500,000) of such Expenditures will be allocated to funding exploration in areas outside the Central Oyu chalcocite resource area but within the Licensed Area (the "Outside Areas"), unless the parties agree, based on initial results obtained during this Program, that the prospectivity of the Outside Areas does not justify allocating that level of funds to the Outside Areas. The obligations in this section 3.1 are collectively referred to as the "Initial Earn-in Obligations". EXPENDITURES DURING FIRST PHASE EXPLORATION PROGRAM 3.2 (a) Expenditures incurred by or on behalf of Ivanhoe prior to the end of any designated work period in excess of the minimum required Expenditures for that work period shall be credited against minimum Expenditure requirements for the following period. Under no circumstances shall BHP be obligated to reimburse Ivanhoe for any Expenditures incurred by Ivanhoe pursuant to this Agreement. 7 (c) Upon Ivanhoe's failure to make such Expenditures required during any designated work period, BHP may, by written notice to Ivanhoe, terminate this Agreement effective upon the end of such designated work period, and Ivanhoe shall retain no interest under this Agreement or to the License, but Ivanhoe shall be obligated to pay BHP the unpaid balance of Expenditures for such work period and shall remain liable for its obligations described in this Part 3 (Earn-in Obligations) (except sections 3.4 and 3.5) and Part 7 (Default and Termination) and all other obligations and liabilities that expressly survive the termination of the Agreement. LICENSE 3.3 During the Earn-in Period, Ivanhoe will, at its sole cost, keep and maintain title to the License in good standing (including, but not limited to, paying in a timely manner all required license fees of any nature and promptly providing copies of all such payments to BHP) and comply with all work programs required to keep the License in good standing. Ivanhoe will manage all exploration programs using sound business judgement and in accordance with generally accepted international mining industry practice. Any necessary expenditures incurred by Ivanhoe to comply with the laws in Mongolia for the purpose of maintaining the License will be considered an Expenditure and credited towards its Initial Earn-in Obligations. ADDITIONAL EARN-IN OBLIGATIONS 3.4 After fulfilling the Initial earn-in Obligations, Ivanhoe shall fulfil each of the following additional obligations on the Earn-in Date (collectively, the "ADDITIONAL EARN-IN OBLIGATIONS") before it will be vested with a one hundred percent (100%) participating interest in the License, inaccordance with section 2.1: (a) pay to BHP the sum of five million dollars ($5,000,000) by wire transfer; and (b) deliver to BHP a letter of credit, bank guarantee, or performance bond in a form and substance and from a bank or other financial or bonding institution acceptable to BHP to secure the performance by Ivanhoe of the minimum Expenditures of the Second Phase Exploration Program. 8 Ivanhoe shall have the option of fulfilling the payment obligation under clause (a) of this section 3.4 by paying BHP one million dollars ($1,000,000) by wire transfer on the Earn-in Date and contemporaneously providing BHP with a promissory note, in form and substance satisfactory to BHP, in the amount of four million dollars ($4,000,000) payable in full 12 months after the Earn-in Date, together with an irrevocable letter of credit or bank guarantee in favor of BHP and in a form and substance and from a bank or other financial institution acceptable to BHP. The security provided under clause (b) of this section 3.4 shall be in the amount of three million dollars ($3,000,000), which amount may, at the request of Ivanhoe, be reduced each year during the Second Phase Exploration Program by the amount of Expenditures incurred by Ivanhoe under such Program during the preceding year. SECOND PHASE EXPLORATION PROGRAM 3.5 (a) Upon completion of the Earn-in Obligations but subject to the transfer of the License from BHP to Ivanhoe pursuant to Section 2.2, Ivanhoe will incur additional Expenditures in the aggregate amount of three million dollars ($3,000,000) to conduct further exploration in the Licensed Area (the "Second Phase Exploration Program") over a period of four (4) years, of which one million five hundred thousand dollars ($1,500,000) will be allocated to funding exploration in the Outside Areas, unless the parties agree, based on initial results obtained during this Program, that the prospectivity of the Outside Areas does not justify allocating that level of funds to the Outside Areas. (b) If Ivanhoe fails to incur all of the Expenditures required under Section 3.4 (a) in a timely manner, the unexpended balance of such minimum Expenditure requirement shall be paid to BHP from the security posted under clause (b) of section 3.4 and BHP shall be entitled to conduct (or contract with a third party to conduct) exploration in the Licensed Area to the extent of costs equal to such unexpended balance. BHP'S ROYALTY INTEREST 3.6 Upon Ivanhoe's deemed earn-in of a one hundred percent (100%) participating interest pursuant to Section 2.1, BHP will be deemed to have conveyed its entire beneficial interest in the License to Ivanhoe save and except a non-participating 9 two percent (2%) net smelter returns royalty (the "BHP Royalty") and the Back-in Rights described in Part 4. STAFFING AND EQUIPMENT 3.7 Ivanhoe may, but will not be obliged to (a) offer to employ or contract one or more of those individuals that are or remain under contract to BHP in Mongolia and (b) purchase BHP's vehicles and field equipment associated with the Project described in Exhibit B at fair market value. DATA AND REPORTS 3.8 (a) BHP will furnish or make available to Ivanhoe copies of all Existing Data in its possession or control, and copies of all licenses or contracts relating to the Licensed Area. (b) Ivanhoe will deliver to BHP, within 45 days after the end of each work period referred to in section 3.1 and after each year of the Second Phase Exploration Program, a report in reasonable detail of all operations, technical data, and Expenditures of Ivanhoe in the Licensed Area. Ivanhoe will provide BHP with a general written and oral review of all operations on or before the first day of March, June, September, and December of each year during the term of this Agreement. Ivanhoe will timely deliver to BHP copies of all Ivanhoe internal geological reports in connection with the Project, including such information that is non-factual or interpretive, together with all reports submitted by Ivanhoe to the Government of Mongolia and any security regulators to which Ivanhoe provides reports. Ivanhoe will also promptly notify BHP of significant new discoveries promptly after such information becomes available. (c) during the term of this Agreement, Ivanhoe grants to BHP full right and access to geological reports, evaluations, information and other technical and geological data, and other data and information obtained through all operations within the Licensed Area and agrees to forward to BHP all technical data on a timely basis; subject, however, to subsection 3.8 (d). (d) Any technical information, geological information, or studies, reports, mining models, drill hole data, or other geological, or concerning any property within the Licensed Area and the existence, location, quantity, or quality of minerals 10 located therein, provided or made available by one Party to the other under this Agreement or prior to the Effective Date hereof, is made without warranty and at the sole risk of the receiving Party, and no warranty, express or implied, is made with respect to such information, all of which is provided "AS IS". Each Party shall make its own determinations with respect to the reliability of such information, and shall have no claim or action against the other with respect to such information. AUDIT 3.9 Ivanhoe and BHP shall each be entitled to an independent audit of the matters covered by any statement of Expenditures, at the expense of the Party requesting the audit, provided that the audit is conducted by an international accounting firm of recognized standing. Such accounting firm shall have access, during normal business hours and upon 3 days prior notice to the other Party, to all books and records necessary or useful to perform its audit. The statement of Expenditures shall be presumed true and correct after the expiration of 90 days after the date furnished, unless within the 90 day period the Party requests an audit, specifying with particularity the items to which exception is taken and the ground for each exception. If the Party requesting the audit in good faith takes written exception as provided herein, then the 90 day period shall be suspended until the objection has been resolved. INSURANCE 3.10 During the Earn-in Period, Ivanhoe will provide investigation, defense, and indemnification for BHP against any and all claims and liability of any nature including for damage, loss, or expense arising from damage to property or injury or death of any person arising in any way out of, in connection with, or resulting from the activities, errors or omissions of Ivanhoe, its directors, officers, employees, contractors, agents, representatives and invitees in connection with this Agreement. Ivanhoe will obtain and keep in force comprehensive general liability insurance, including contractual liability and coverage for the indemnity in this Agreement, with a limit of liability of not less than $5,000,000 combined, single limit, written on an occurrence basis, automobile liability insurance of not less than $5,000,000 per accident, and workers compensation insurance including voluntary workers 11 compensation insurance and employer's liability coverages. Each insurance policy shall be endorsed so as to name BHP as an "additional insured". Within ten (10) days after the Effective Date, Ivanhoe will deliver a certificate of such insurance evidencing the naming BHP as an additional insured. The certificate shall provide for a thirty (30) day prior notice to BHP of the non-renewal, cancellation or modification of such insurance. SAFETY 3.11 Ivanhoe and its authorized representatives will carry out all operations in the Licensed Area with the highest regard for the safety of all persons and property and in accordance with generally accepted international mining industry safety policies and procedures and the requirements of the laws of Mongolia, including, without limitation, the Labour Law, the Minerals Law, and laws with respect to protection of the environment, and Ivanhoe will indemnify and hold harmless BHP, its directors, officers, employees, agents, and attorneys from and against all losses, liabilities, claims, demands, damages, expenses, suits, injury or death arising out of such operations. Failure to do so will be considered a material breach of this Agreement for which BHP may terminate this Agreement during the Earn-in Period without penalty to BHP, and Ivanhoe will have no further rights or interests in the Licensed Area or the License, and Ivanhoe will remain liable for all liabilities which it has incurred or which have accrued prior to termination of this Agreement. ENVIRONMENTAL 3.12 Ivanhoe and its authorized representatives will carry out all operations in the Licensed Area with the highest regard for the protection of the environment and in accordance with generally accepted international mining industry environmental policies and procedures and the requirements of the laws of Mongolia, and Ivanhoe will indemnify and hold harmless BHP, its directors, officers, employees, agents, and attorneys from and against all losses, liabilities, claims, demands, damages, expenses, suits, injury or death arising out of such operations. Failure to do so will be considered a material breach of this Agreement for which BHP may terminate this Agreement during the Earn-in Period without penalty to BHP, and Ivanhoe will have no further right or interest in the Licenses Area or the License, and Ivanhoe 12 will remain liable for all liabilities which it has incurred or which have accrued prior to termination of this Agreement. INDEMNIFICATION 3.13 Ivanhoe will indemnify and save BHP, its directors, officers, employees, agents, and attorneys harmless from and against all losses, liabilities, claims, demands, damages, expenses, suits, injury or death arising out of its performance under this Agreement. This indemnification will survive termination of this Agreement. NO THIRD PARTY BENEFICIARY RIGHTS 3.14 This Agreement is for the benefit of the Parties and their respective successors and assigns only, and is not intended to create third party beneficiary rights in any other Party or in any Government, governmental organization or agency. RECLAMATION 3.15 Ivanhoe will be solely responsible for any reclamation which may be required by the Government of Mongolia for work done by Ivanhoe under this agreement. Prior to commencing any exploration work in the Licensed Area, Ivanhoe will provide to BHP a bond or other form of security in a form and substance and from an institution acceptable to BHP to cover the first $2 million of any costs for such reclamation. PART 4 BHP BACK-IN RIGHTS BACK-IN RIGHTS 4.1 If, at any time prior to the completion of the Second Phase Exploration Program by Ivanhoe pursuant to section 3.4 (a) or by BHP pursuant to section 3.5 (b), Ivanhoe or BHP in good faith believes that, based on exploration results obtained, one or more Significant Mineralized Occurrences have been identified in the Licensed Area, that party will promptly notify the other in writing. BHP will have the right (the "Back-in Right"), exercisable within 60 days after such notice, to repurchase a participating interest in that portion of the Licensed Area hosting any Significant Mineralized Occurrence and any extensions of such Significant Mineralized 13 Occurrence based on the nature and scope of the Significant Mineralized Occurrence as follows: (a) if the Significant Mineralized Occurrence contains a potential resource of copper mineralization of at least 250 million tonnes grading 1.0% copper or more, which can be processed using the solvent extraction-electrowinning leaching recovery method, BHP will have a right to re-purchase a participating interest therein equal to forty percent (40%); (b) if the Significant Mineralized Occurrence contains a potential resource of copper mineralization of at least 300 million tonnes grading 1.0% copper or more, which can be processed using conventional extraction methods with or without also using the SX-EW leaching recovery method, BHP will have a right to repurchase a participating interest therein which will result in BHP having a participating interest in all such Significant Mineralized Occurrences equal to sixty percent (60%). BACK-IN PURCHASE PRICE 4.2 If BHP exercises its Back-in Right: (a) pursuant to section 4.1 (a), BHP will, upon execution by both parties of a Joint Venture Agreement, pay to Ivanhoe a cash sum equal to three times the total amount of Expenditures incurred by Ivanhoe in respect of the Licensed Area to such date under both Exploration Programs, and if the Back-in Right is exercised with respect to a Significant Mineralized Occurrence which lies within the Central Oyu Mineralized portion of the Licensed Area identified by BHP prior to the effective date, BHP will also repay all amounts paid by Ivanhoe to fulfill the Earn-in Obligations under clause (a) of Section 3.4; (b) pursuant to section 4.1 (b) BHP will, upon execution by both parties of a Joint Venture Agreement, pay to Ivanhoe a cash sum equal to three times the total amount of Expenditures in respect of the Licensed Area under both Exploration Programs to such date, and if the Back-in Right is exercised with respect to a Significant Mineralized Occurrence which lies within the Central Oyu Mineralized portion of the Licensed Area identified by BHP prior to the effective date, BHP will also repay all amounts paid by Ivanhoe to fulfill the Earn-in Obligations under clause (a) of Section 3.4. For purposes of clarification, even if there exists more than one Significant Mineralized Occurrence, BHP will only have to pay such 14 amount one time in order to acquire the participating interest in all such Significant Mineralized Occurrences. (c) the following rights or obligations will be terminated: (i) any further Earn-in Obligations of Ivanhoe; and (ii) BHP's right to the BHP Royalty; And Ivanhoe and BHP will be deemed to have formed the Joint Venture pursuant to Section 5.1. PARTS JOINT VENTURE FORMATION OF JOINT VENTURE 5.1 If BHP exercises its Back-in Right pursuant to Section 4.1 and re-purchases a participating interest in a Significant Mineralized Occurrence, Ivanhoe and BHP will be deemed to have formed a joint venture (which may, to comply with Mongolian law, need to be a Mongolian legal entity jointly owned by the Parties) to explore and, if warranted, develop and operate one or more mines in, respectively, the Licensed Area or on that portion of the Licensed Area hosting the Significant Mineralized Occurrence and any extensions (the JOINT VENTURE"). For purposes of clarification, if there is more than one Significant Mineralized Occurrence, then the parties contemplate a separate Joint Venture for each such Significant Mineralized Occurrence. JOINT VENTURE AGREEMENT 5.2 Ivanhoe and BHP will, upon the formation of the Joint Venture pursuant to Section 5.1, execute an agreement (the "JOINT VENTURE AGREEMENT") having such terms as are customary in the mining industry ("Standard Terms") for joint ventures of similar nature and size and which will, in any event, include the following terms: (a) the party with the larger participating interest will be the operator of the Joint Venture (the "Operator") provided that if the participating interests of the parties are equal, BHP will be the Operator; (b) subject to applicable law, all licenses necessary to operate the Joint Venture will be registered from time to time in the name of the Joint Venture 15 (c) each party to the Joint Venture will contribute, from time to time, its pro rata share of any expenditures required to operate the Joint Venture; (d) any party that fails to contribute its pro rata share of required expenditures of the Joint Venture will have its participating interest in the Joint Venture diluted in accordance with a specified dilution formula; (e) the net proceeds from any commercial production from the Joint Venture will be: (ii) firstly, used to repay any project financing incurred by both parties to develop the Significant Mineralized Occurrence and establish commercial production; and (iii) secondly, distributed to the parties to the Joint Venture pro rata to their respective participating interests therein; and (f) if, at any time during the Joint Venture, either party receives an offer to purchase, in whole or in part, directly or indirectly, its participating interest in the Joint Venture, which the recipient intends to accept, or if either party intends to sell, in whole or in part, directly or indirectly, its participating interest in the Joint Venture, such party shall give the other party a right of first refusal in respect of the sale of such interest. (g) if the parties agree to jointly develop a mine in the Licensed Area, BHP will allow Ivanhoe a reasonable time to obtain project financing for Ivanhoe's share of the costs of such development. (h) If, because of Mongolian law, the Parties are required to form a Mongolian legal entity to pursue exploitation of an Significant Mineralized Occurrence, they will incorporate, to the extent possible, the above-mentioned terms into an agreement at the time of formation of such an entity. Unless the parties otherwise agree, and subject to the foregoing, the Standard Terms will be those set out in Form 5A Model Form Exploration, Development and Mine Operating Agreement, 1996 published by the Rocky Mountain Mineral Law Foundation. 16 PART 6 RIGHTS OF FIRST REFUSAL RIGHTS OF FIRST REFUSAL 6.1 a) If, before the end of the Earn-in Period, either BHP or Ivanhoe receives an offer to purchase, in whole or in part, directly or indirectly, its interest in the License (the "SUBJECT INTEREST") from a third party who is not an affiliate, which offer the recipient intends to accept, or if either BHP or Ivanhoe intends to and can sell, in whole or in part, directly or indirectly, a Subject Interest to a third party who is not an affiliate, such party ("OFFERER") shall first offer the Subject Interest (the "OFFER") to the other party ("OFFEREE") on terms no less favourable than those in any offer received or intended to be made. (c) If, following the end of the Earn-in Period, BHP receives an offer to purchase, or if it intends to sell, the BHP Royalty, in whole or in part, to a third party who is not an affiliate, BHP shall first offer such interest to Ivanhoe on the same terms and conditions as the offer or the proposed sale, provided however, that in the case of an offer from a third party, Ivanhoe's costs to exercise this right of first refusal shall be ten per cent (10%) higher than the offered price including the cash equivalent of any non-cash consideration. OFFER 6.2 Any Offer pursuant to Section 6.1 shall: (a) set out fully and clearly all of the terms and conditions of any transaction; (b) if it is made as the result of an offer from a third party, include a true copy of the offer received and the identity of the offering party; and (c) contemplate cash consideration and if the Offer is based on an offer from a third party which includes non-cash consideration, in whole or in part, the Offer shall be made on the basis of the cash equivalent of such non-cash consideration, determined on the basis of a bonafide arm's length valuation by a qualified valuator, and a coy of such valuation shall accompany the Offer. If the Offeree, acting reasonably, disputes such valuation, the valuation shall be reviewed by an independent third party acceptable to both BHP and Ivanhoe, and such third party's determination (which shall be delivered with ten (10) Business Days of submission to the valuator for review) shall be final and binding upon both parties. 17 TIME FOR ACCEPTANCE 6.3 Offer made as contemplated in Section 6.2 shall be open for acceptance by the Offeree for a period of 60 days from the date of receipt of the Offer by the Offeree. If a valuation is being disputed pursuant to Section 6.2 (c), the period set forth herein shall not commence until the third party's determination has been made. "ACCEPTANCE" 6.4 If the Offeree accepts the Offer within the time provided in Section 6.3 by notice in writing to the Offerer in the manner set forth in Section 10.1, then such acceptance shall constitute a binding agreement between the Offeror and the Offeree on terms and conditions as described in Section 6.1, and such transaction shall be completed within 45 days of the date of such acceptance with each party acting in good faith in finalizing the documentation related thereto. "NON-ACCEPTANCE" 6.5 If the Offeree does not accept the Offer within the sixty (60) day period provided in Section 6.3, the Offeror may complete or proceed with the transaction regarding the Subject Interest on terms and conditions as described in Section 6.1 and, where applicable, only to the party making the original offer to the Offeror as on templated in Section 6.1. hereof, and in any event such transaction shall be completed within ninety (90) days from the expiration of rights of the Offeree to accept such offer, failing which the Offeror must again comply with the provisions of this Section 6. PART 7 DEFAULT AND TERMINATION DEFAULT 7.1 If any part (a "Defaulting Party") is in default of any requirement herein set forth, the other party may give written notice to the Defaulting Party specifying the default. The Defaulting Party shall not lose any rights under this Agreement unless, within thirty (30) days after the giving of notice of default by the non-defaulting party (the "Non-Defaulting Party"), the Defaulting Party has failed to cure the default by the appropriate performance. Upon such failure, the Non- Defaulting Party shall be entitled to seek any remedy it may have on account of such default or as may otherwise be provided in this Agreement. If BHP terminates 18 this Agreement under the provisions of Section 3.2 (b) or 3.5 (b), Ivanhoe will be released and discharged from all of its liabilities and obligations hereunder except those liabilities and obligations existing on the date of termination of the Agreement and except those liabilities and obligations stated herein to survive termination, including, without limitation, its obligation to complete all reclamation required by law or Governmental authorities in connection with its activities in the Licensed Area or otherwise pursuant to this Agreement. TERMINATION 7.2 If Ivanhoe elects to terminate this Agreement prior to completing the Earn-in Obligations, Ivanhoe will forfeit any right to earn an interest in the License. In the event that Ivanhoe or BHP elects to terminate this Agreement during the Earn-in Period, Ivanhoe will ensure that the License fees have been paid until the next anniversary date of the License and will remain liable for reclamation of all exploration work undertaken by it or under its direction in the Licensed Area or otherwise pursuant to this Agreement. PARTS REPRESENTATIONS AND WARRANTIES REPRESENTATIONS AND WARRANTIES OF BOTH PARTIES 8.1 Each party warrants and represents to the other that: (a) it is a corporation duly organized and in good standing in its jurisdiction of incorporation and is qualified to do business and is in good standing in those jurisdictions where necessary in order to carry out the purposes of this Agreement; (b) it has the capacity to enter into and perform this Agreement and all transactions contemplated herein and that all actions required to authorize it to enter into and perform this Agreement have been properly taken; (c) it will not breach any other agreement or arrangement by entering into or performing this Agreement; and (d) this Agreement has been duly executed and delivered by it and is valid and binding upon it in accordance with its terms. REPRESENTATIONS OF BHP 8.2 BHP hereby represents and warrants to Ivanhoe that as of the Effective Date: 19 (a) with respect to the Licensed Area, (i) BHP is in exclusive possession of the exploration rights for copper thereof; (ii) BHP has not received any notice of default of any of the terms or provisions of the License; (iii) BHP has the authority under the License to perform fully its obligations under this Agreement; (iv) to BHP's knowledge, the License is valid and is in good standing; and (v) BHP has no knowledge of any act or omission or any condition on the Licensed Area which could be considered or construed as a default under the License; (b) BHP has delivered to or made available for inspection by Ivanhoe all Existing Data in its possession or control, and true and correct copies of all licenses or other contract relating to the Licensed Area; (c) to BHP's knowledge, there are no ongoing, pending or threatened actions, suits, claims or proceedings, affecting, or which could reasonably be expected to affect, directly or indirectly, the License or the Licensed Area. PART 9 CONFIDENTIALITY CONFIDENTIALITY 9.1 All communications between the parties, and all information and other materials supplied to or received by any of them from the others which is either marked "confidential" or is by its nature intended to be for the knowledge of the recipient alone, and all information concerning the business transactions and the financial arrangements of the parties with any person with whom any of them is in a confidential relationship with regard to the matter in question coming to the knowledge of the recipient shall be kept confidential by the recipient unless or until the recipient party can reasonably demonstrate that any such communication, information and material (i) is, or pat of it is, in the public domain through no fault of its own, whereupon to the extent that is in the public domain or (ii) is required to be disclosed by law regulation or stock exchange rules or in pursuance of employment duties, in any of which circumstances this obligation shall cease in relation thereto. The parties shall take all reasonable steps to minimize the risk of disclosure of confidential information, by ensuring that only they themselves and such of their employees, directors and advisers whose functions will require them to possess any of such information or any potential purchaser of an interest of a 20 party shall have access thereto, and that the latter will be instructed to treat the same as confidential. The obligations contained in this Section 9.1 shall endure, even after the termination of this Agreement, without limit in point of time except and until such confidential information enters the public domain as set out above. PART 10 DISPUTE RESOLUTION EXPENDITURES IN THE OUTSIDE AREAS 10.1 If there is a difference of opinion between BHP and Ivanhoe as to the prospectivity of the Other Areas after analysis of prior results as provided in section 3.1 or 3.5, the parties agree to submit those results to a mutually acceptable, qualified, independent exploration geologist to make the determination of such prospectivity and to be bound by the determination of that independent expert. SIGNIFICANT MINERALIZED OCCURRENCE 10.2 If there is a difference of opinion between BHP and Ivanhoe as to the size and/or grade of a Significant Mineralized Occurrence for purposes of section 4.1, the parties agree to submit all relevant exploration results to a mutually acceptable, qualified, independent mining engineer to make the determination of such grade and/or size and to be bound by the determination of that independent expert. In such case, BHP's Back-in Right shall be exercisable within 60 days of the experts determination. 21 PART 11 GENERAL NOTICES 11.1 All notices, requests and other communications required or permitted to be given under the terms of this Agreement shall be in writing and shall be sufficiently given to the party to whom it is addressed if delivered or forwarded by telecopier addressed as follows: To Ivanhoe: 9th Floor, 200 Burrard Street Vancouver, British Columbia Canada V6C 3L6 Fax No.: (604)682-2060 Attention: President To BHP: BHP Minerals 1360 Post Oak Blvd., Suite 500 Houston, Texas 77056-3020 Attn: Legal Department Fax No.: (713)961-8507 Any notice, request, demand or other communication aforesaid shall, if delivered or sent by telecopier, be deemed to have been given and received on the day on which it was so received, and if not a Business Day, then on the Business Day next following the day of delivery. Any party may change its address for notice in the manner aforesaid. GOVERNING LAW 11.2 This Agreement shall be governed by and construed in accordance with the laws of British Columbia, Canada. HEADINGS 11.3 The headings contained in this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement. ENTIRE AGREEMENT 11.4 This Agreement constitutes the entire agreement between the parties relating to the subject matter of this Agreement and supersedes any and all prior agreements, understands, negotiations and discussions, whether oral or written, between the parties with respect thereto. 22 AMENDMENT 11.5 No amendment or modification of this Agreement shall be binding unless in writing and signed by the parties hereto. TIME OF THE ESSENCE 11.6 Time shall be of the essence of this Agreement. ENFORCEABILITY 11.7 In the event that any of the provisions of this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality or enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. FURTHER ASSURANCES 11.8 The parties shall do, or cause to be done, all such further acts and things and shall execute, or cause to be executed, all such further deeds, documents and instruments as may be reasonably necessary for the purpose of completing the transactions contemplated by this Agreement. BINDING EFFECT 11.9 This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors and assigns. FORCE MAJEURE 11.10 If either party because of Force Majeure is unable to perform its obligations under this agreement, that party's obligation to perform which is affected by the Force Majeure shall be suspended to the extent so affected, provided that: (a) the non-performing party, within 10 days after the commencement of the Force Majeure, gives the other party written notice describing the particulars of the occurrence; (b) the suspension of performance is of no greater scope than is required by the Force Majeure; and (c) the non-performing party uses its best efforts to remedy its inability to perform. 23 When the non-performing Party is able to resume performance of its obligations under this Agreement, that Party shall give the other Party written notice to that effect "Force Majeure" means any cause or condition beyond the reasonable control of and without the fault or negligence of the Party claiming Force Majeure which causes the Party to be unable to perform its obligations, which by exercise of due foresight such party could not reasonably have been expected to avoid and which the Party is unable to overcome by the exercise of due diligence. Such an occurrence may include, but is not limited to: acts of God; labor disputes; sudden actions of elements, earthquake, fire; actions or inaction by governmental agencies, inability after diligent effort to obtain workmen or material; or any other similar cause. Insufficiency of funds does not constitute Force Majeure. IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date and year first above written. IVANHOE MINES LTD. Per: _____________________ Dan Kunz, C.O.O. Authorized Signatory BHP MINERALS INTERNATIONAL EXPLORATION INC. Per: ________________________ Donald J. Schissel Vice President Authorized Signatory 24 OYU TOLGOI EXHIBIT "A" -DESCRIPTION OF LICENSE AREA-
OYU TOLGOI LICENSE COORDINATES - ------------------------------------- EAST NORTH BHP LICENSE - ----------------- ----------------- AREA (HA) DEGREES MINUTES DEGREES MINUTES MRAM - ------- ------- ------- ------- ----------- ~~106 30 43 8 135,987.0 107 0 43 8 107 0 42 50 106 30 42 50~~
[MAP OF OYU TOLGOI] ["MONGOLIAN EXPLORATION LICENSES"] BHP Minerals International Exploration Inc. 20-Apr-00 London UK FIXED ASSETS/ RESERVE LEDGER AS OF 31-MAY-99 BRANCH: 0757 LONDON
- ------------------------------------------------------------------------------------------------------------- COST BASIS RENT DEPRECIAT ID ACQRD -------------------- LIFE ---------------- X # ITEM ASSET DESCRIPTION INSTL Pds US$ Ms Pds US$ Ms - ------------------------------------------------------------------------------------------------------------- 0757-N. EUROPE & RUSSIA - ------------------------------------------------------------------------------------------------------------- 0.00 0.00 0 - ------------------------------------------------------------------------------------------------------------- MONGOLIA ASSETS - ------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT Apr-97 18,937.50 30,300.00 36 526.04 841.67 26 Vendor: Special International Inc. PIMA-II Spectrometer Package with HP200LX Palmtop Comp. SPECIMIN Mineral Identification System - ------------------------------------------------------------------------------------------------------------- E98.07 SATTELITE PHONE Jun-97 2,970.82 4,872.14 36 82.52 135.34 24 57.315 Vendor: World Wide Satellite Rescue 0.0 Nere World Phone Office (Voice, Fax and Data Capable) - ------------------------------------------------------------------------------------------------------------- COMMERCIAL VEHICLE Aug-97 27,967.09 47,264.38 36 776.86 1,312.90 22 Vendor: Khet Ltd Toyota Landcruiser 80 VX - ------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT Oct-97 1,727.95 2,782.00 36 48.00 77.28 20 Vendor: Entex Compaq Dpro 2000 5200/MT -$US 1,775.00 Compaq P50 1024/768.28 -$US 392.00 HP Deskjet 692c Photo Quality -$US 297.00 Scanner Keyboard- $US 252.00 2xHP Colour Cartridge F/DJ/DW 660C-$US 56.00 Belkin Cable-$US 10.00 - ------------------------------------------------------------------------------------------------------------- FIELD EQUIPMENT Feb-98 1,994.00 3,250.22 36 55.39 90.28 16 Vendor: Earth Science Systems Ltd. 2xGeo-instrumental Model GSM-2 Magnetic Susceptibility Meter - ------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT Jun-98 4,031.60 6,571.51 36 111.99 182.54 12 Vendor: Technology Direct (TDT) Toshiba Tecra 780DVD/8 PII 266 64/8.IGB DVD 13.3" TFT 56K & Toshiba Lithium ION Battery Pack for Tecra 750CDT - ------------------------------------------------------------------------------------------------------------- COMMERCIAL VEHICLE Jun-98 25,384.62 42,900.00 36 705.13 1,191.67 12 Vendor: Mongolia Cashbook Toyota Land Cruiser Jeep GX-80 - ------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------------ CCUMULATED RESER NET BOOK VALUE ID -------------------- ------------------- # ITEM ASSET DESCRIPTION Pds US$ Pds US$ COMMENTS - ------------------------------------------------------------------------------------------------------------------------------------ 0757-N. EUROPE & RUSSIA - ------------------------------------------------------------------------------------------------------------------------------------ 0.00 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------------------------------------ MONGOLIA ASSETS - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT 13,677.04 21,883.42 5,260.46 8,416.58 S. Diatchkov-Delivered in Tuscon Vendor: Special International Inc. PIMA-II Spectrometer Package with HP200LX Palmtop Comp. SPECIMIN Mineral Identification System - ------------------------------------------------------------------------------------------------------------------------------------ E98.07 SATTELITE PHONE 1,980.48 3,248.16 990.34 1,623.98 57.315 Vendor: World Wide Satellite Rescue 0.0 Nere World Phone Office (Voice, Fax and Data Capable) - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL VEHICLE 17,090.92 28,883.80 10,876.17 18,380.58 Vendor: Khet Ltd Toyota Landcruiser 80 VX - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT 960.00 1,545.60 767.95 1,236.40 D. Hishigsuren, Ulaanbaataar Mongolia Vendor: Entex Compaq Dpro 2000 5200/MT -$US 1,775.00 Compaq P50 1024/768.28 -$US 392.00 HP Deskjet 692c Photo Quality -$US 297.00 Scanner Keyboard- $US 252.00 2xHP Colour Cartridge F/DJ/DW 660C-$US 56.00 Belkin Cable-$US 10.00 - ------------------------------------------------------------------------------------------------------------------------------------ FIELD EQUIPMENT 886.24 1,444.48 1,107.76 1,805.74 Vendor: Earth Science Systems Ltd. 2xGeo-instrumental Model GSM-2 Magnetic Susceptibility Meter - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT 1,343.88 2,190.48 2,687.72 4,381.03 Serguei Diatchkov-Tuscon Vendor: Technology Direct (TDT) Toshiba Tecra 780DVD/8 PII 266 64/8.IGB DVD 13.3" TFT 56K & Toshiba Lithium ION Battery Pack for Tecra 750CDT - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL VEHICLE 8,461.56 14,300.04 16,923.06 28,599.96 Barrie Bolton- Ulaanbaataar Vendor: Mongolia Cashbook Toyota Land Cruiser Jeep GX-80 - ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT Jul-98 3,028.01 4,935.66 36 84.11 137.10 11 Vendor: Cravenplan Computers Ltd Compaq Armada 7380 DMT 32 MB/ 4GB-L2,330.58 Compaq Armada Station-L594.03 Compaq Armada 7300-32MB RAM Upgrade-L103.40 - ------------------------------------------------------------------------------------------------------------------------------------ FIELD EQUIPMENT Aug-98 6,508.88 11,000.00 36 180.80 305.56 10 Vendor: Mongolia Cashbook Camp - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL VEHICLE Sep-98 887.57 1,500.00 36 24.65 41.67 9 Vendor: Mongolia Cashbook Bull Bar for Toyota LC GX-80 - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT Oct-98 1,028.40 1,738.00 36 28.57 48.28 8 Vendor: Mongolia - ------------------------------------------------------------------------------------------------------------------------------------ Acer Power 3200, P233 MMX 32 Mb printer and I-14 Monitor - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT Oct-98 1,440.83 2,435.00 36 40.02 67.64 8 Vendor: Mongolian Cashbook Acer Power 6000, PII-266 MNz 64Mb Printer - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT Oct-98 1,272.19 2,150.00 36 35.34 59.72 8 Vendor: Mongolia Cashbook I-21 Philips Monitor - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT Nov-98 1,837.28 3,105.00 36 51.04 86.25 7 Vendor : Mongolia Cashbook Canon 3020 - ------------------------------------------------------------------------------------------------------------------------------------ SATELLITE PHONE Nov-98 2,840.24 4,800.00 36 78.90 133.33 7 Vendor: Mongolian Cashbook Nera World Satellite Phone - ------------------------------------------------------------------------------------------------------------------------------------ MAP CABINETS Nov-98 2,230.08 3,657.41 52 42.89 70.33 7 Vendor: Capital Links Limited 2 Graphitheque Cabinets AC 1300B - ------------------------------------------------------------------------------------------------------------------------------------ MAP CABINET Nov-98 990.00 1,692.90 60 16.50 28.22 7 Vendor: GB Office Supplies Limited Metalico Excel Vertical Planfile Cabinet- MXLL/ AO170 A/T - ------------------------------------------------------------------------------------------------------------------------------------ FIXTURES & FITTINGS Aug-98 890.00 1,450.70 60 14.83 24.18 10 Vendor: Animagination Ltd. 2 Layout tables - ------------------------------------------------------------------------------------------------------------------------------------ FIELD EQUIPMENT Dec-98 807.10 1,364.00 36 22.42 37.89 6 Vendor: Mongolia Cashbook Explorer Field Refridgerator - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT 925.21 1,508.10 2,102.80 3,427.56 Barrie Bolton- Ulaanbaataar Vendor: Cravenplan Computers Ltd Compaq Armada 7380 DMT 32 MB/ 4GB-L2,330.58 Compaq Armada Station-L594.03 Compaq Armada 7300-32MB RAM Upgrade-L103.40 - ----------------------------------------------------------------------------------------------------------------------------------- FIELD EQUIPMENT 1,808.00 3,055.60 4,700.88 7,944.40 Vendor: Mongolia Cashbook Camp - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL VEHICLE 221.85 375.03 665.72 1,124.97 Vendor: Mongolia Cashbook Bull Bar for Toyota LC GX-80 - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT 228.56 386.24 799.84 1,351.76 Vendor: Mongolia - ----------------------------------------------------------------------------------------------------------------------------------- Acer Power 3200, P233 MMX 32 Mb printer and I-14 Monitor - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT 320.16 541.12 1,120.67 1.893.88 Vendor: Mongolian Cashbook Acer Power 6000, PII-266 MNz 64Mb Printer - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT 282.72 477.76 989.47 1,672.24 Vendor: Mongolia Cashbook I-21 Philips Monitor - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT 357.28 603.75 1,480.00 2,501.25 Vendor : Mongolia Cashbook Canon 3020 - ----------------------------------------------------------------------------------------------------------------------------------- SATELLITE PHONE 552.30 933.31 2,287.94 3,866.69 Vendor: Mongolian Cashbook Nera World Satellite Phone - ----------------------------------------------------------------------------------------------------------------------------------- MAP CABINETS 300.23 492.31 1,929.85 3,165.10 Barrie Bolton-Ulaanbaataar Vendor: Capital Links Limited (was London ref: Kirby 2 Graphitheque Cabinets AC 1300B Johnson) - ----------------------------------------------------------------------------------------------------------------------------------- MAP CABINET 115.50 197.54 874.50 1,495.36 Vendor: GB Office Supplies Limited Metalico Excel Vertical Planfile Cabinet- MXLL/ AO170 A/T - ----------------------------------------------------------------------------------------------------------------------------------- FIXTURES & FITTINGS 148.30 241.80 741.70 1,208.90 Vendor: Animagination Ltd. 2 Layout tables - ----------------------------------------------------------------------------------------------------------------------------------- FIELD EQUIPMENT 134.52 227.34 672.58 1,136.66 Vendor: Mongolia Cashbook Explorer Field Refridgerator - -----------------------------------------------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------------------------------------- FIELD EQUIPMENT Dec-98 807.10 1,1364.00 36 22.42 37.89 6 Vendor: Mongolia Cashbook Explorer Field Refridgerator - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL VEHICLE Mar-99 920.25 1,500.00 36 25.56 41.67 3 Vendor: Mongolia Cashbook Bull Bar for Toyota LC VX-80 - ---------------------------------------------------------------------------------------------------------------------------- SUB TOTAL 07573150 108,501.51 180,632.92 4,951.41 50,005.95 82,888.23 - ---------------------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT May-98 2,840.24 4,800.00 36.00 78.90 133.33 13 Vendor: Mongolia Cashbook Satellite Phone - ---------------------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT May-98 2,840.24 4,800.00 36.00 78.90 133.33 13 Vendor: Mongolia Cashbook Satellite Phone - ---------------------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT Oct-98 7,769.62 13,052.96 36 215.82 362.58 8 Vendor: Cravenplan Computers Ltd HP Designjet 755CM AO Plotter- L5,686.50 - ---------------------------------------------------------------------------------------------------------------------------- HP Superstore 24E External Dat Drive-L857.33 Microtek Scanman 6400XL A3 Scanner-L956.24 Plasmon CDR 480E External SCSI CD Writer-L249.55 Carriage-L20.00 - ---------------------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT Jan-99 2,831.42 4,785.10 36 78.65 132.92 5 Vendor: Cravenplan Computers Ltd. Toshiba Tecra 8000 PII 300/64MB/ 6GB/13.3 TFT-L2,475.90 3 com 10/100 Etherlink PC Card 3CCFE 575-BT-L93.51 2x3 Com 56K Global Modem PC Card 3CCM 156-UK-L242.01 Carriage-L20.00 - ---------------------------------------------------------------------------------------------------------------------------- SUB TOTAL 0757 3155 16,281.52 27,438.06 452.27 762.16 - ---------------------------------------------------------------------------------------------------------------------------- 0.00 0.00 0 0.00 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL N EUROPE & RUSSIA #REF! #REF! #REF! #REF! #REF! - ---------------------------------------------------------------------------------------------------------------------------- 0.00 0.00 0 0.00 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL N EUROPE & RUSSIA #REF! #REF! #REF! #REF! #REF! - ---------------------------------------------------------------------------------------------------------------------------- GRAND TOTAL #REF! #REF! #REF! #REF! #REF! - ---------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------- FIELD EQUIPMENT 134.52 227.34 672.58 1,136.66 Vendor: Mongolia Cashbook Explorer Field Refridgerator - ------------------------------------------------------------------------------------------------------------- COMMERCIAL VEHICLE 76.68 125.01 843.57 1,374.99 Vendor: Mongolia Cashbook Bull Bar for Toyota LC VX-80 - ------------------------------------------------------------------------------------------------------------- SUB TOTAL 07573150 58,495.56 97,744.69 - ------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT 1,025.70 1,733.29 1,814.54 3,066.71 Jamsrandorj Vendor: Mongolia Cashbook Satellite Phone - ------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT 1,025.70 1,733.29 1,814.54 3,066.71 Sanjdorj Vendor: Mongolia Cashbook Satellite Phone - ------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT 1,726.56 2,900.64 6,043.06 10,152.32 Vendor: Cravenplan Computers Ltd HP Designjet 755CM AO Plotter- L5,686.50 - ------------------------------------------------------------------------------------------------------------- HP Superstore 24E External Dat Drive-L857.33 Microtek Scanman 6400XL A3 Scanner-L956.24 Plasmon CDR 480E External SCSI CD Writer-L249.55 Carriage-L20.00 - ------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT 393.25 664.60 2,438.17 4,120.50 Vendor: Cravenplan Computers Ltd. Toshiba Tecra 8000 PII 300/64MB/ 6GB/13.3 TFT-L2,475.90 3 com 10/100 Etherlink PC Card 3CCFE 575-BT-L93.51 2x3 Com 56K Global Modem PC Card 3CCM 156-UK-L242.01 Carriage-L20.00 - ------------------------------------------------------------------------------------------------------------- SUB TOTAL 0757 3155 4,171.21 7,031.82 12,110.31 20,406.24 - ------------------------------------------------------------------------------------------------------------- 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------------- TOTAL N EUROPE & RUSSIA #REF! #REF! #REF! #REF! - ------------------------------------------------------------------------------------------------------------- 0.00 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------------- TOTAL N EUROPE & RUSSIA #REF! #REF! #REF! #REF! - ------------------------------------------------------------------------------------------------------------- GRAND TOTAL #REF! #REF! #REF! #REF! - -------------------------------------------------------------------------------------------------------------
BHP Minerals International Exploration Inc. London UK 20-Apr-00 CERTIFICATE OF MINERAL EXPLORATION LICENSE #210 February 17, 1997 Ulaanbaatar On the basis of January 1, 1997 day's statement A-4 of the Minister of Trade & Industry. Umnugobi province (city) Khanbogd subprovince (district) Oyu Tolgoi location With co-ordinates of 1. 106degrees 30' - 42degrees 47' 2. 107degrees 00' - 43degrees 08' area with size of 1.350 sq. km The right to explore the land is granted to BHP MINERALS INTERNATIONAL EXPLORATION INC. - CORPORATION'S MONGOLIAN BRANCH and extended for 2 years period. The size of the exploration area is 135,987 hectare Extension made by DIRECTOR S. Enkhtsay/Geology and Mining Cadastral June 21, 2000 Ulaanbaatar 1-1 MINERAL EXPLORATION 210 (1997-02-17) NUMBER LICENSE CERTIFICATE APPENDIX #1 (Invalid without Certificate) The granted area's size and changes to the license
REGISTRATION THE SIZE OF THE THE SIZE OF THE THE REASONS OF THE CHANGES TO NUMBER OF THE SURRENDERED AREA REMAINING AREA # THE LICENSE APPLICATION (HECTARE) (HECTARE) - ----------------------------------------------------------------------------------------- 1. X-066 160000 1997-08-08 2. Second year's license fee was 112112 paid 1998-09-29 From 1998-10-01 to 1999-10-01 3. Certain parts of the license was 107X 22,728 13,598 returned 1998-09-21 4. Third year's license fee was paid - - 135,987 1999-09-21 5. The license holder's name was - - 1999-10-20 changed to BHP Minerals International Exploration Inc. Corporation's Branch 6. The license was extended for 2 82X - 135,987 years until February 17, 2002 by 2000-06-21 OGMC director's #259 decision 7. The certain parts of the area was 196X 112,120 8,496 returned 2000-09-18 8. Fourth year's license fee paid From 2000-10-01 to 2001-10-01 9. Fifth year's license fee paid - - 7485 From 2001 - 10-01 to 2002-10-01 2991-09-20 10. The license was extended for 2 223 X - 8496 years until February 17, 2004 by 2002-01-10 OGMC director's 2002 years decision # 06
1-2 MINERAL EXPLORATION 210 (1997-02-17) NUMBER LICENSE CERTIFICATE APPENDIX 2.1 (Invalid without Certificate) The co-ordinate changes of the granted license area
# THE REASONS FOR THE CO-ORDINATE CHANGES VALID CO-ORDINATES - ------------------------------------------------------------------------------------------------------- 1. 8,000 (eight thousand) US$ paid as a license fee 1. 106degrees 30'00" 43degrees 08'00" The payment taken into account from 1997-10-01 2. 107degrees 00'00" 43degrees 3. 107degrees 00'00" 42degrees 47'00" 4. 66X-1 42degrees 47'00" Registered by Byambaa degrees degrees 1997-08-08 2. Second year's license fee was paid. The co-ordinates of the license area are the same From 1998-10-01 to 1999-10-01 1998-09-29 3. Remaining area's coordinates 1. 106degrees 30'00" 42degrees 50'00" 2. 106degrees 30'00" 43degrees 08'00" 3. 107degrees 00'00" 43degrees 08'00" 4. 107degrees 00'00" 42degrees 50'00" 1999-09-21 T. Delgermaa 4. Third year's license fee was paid The co-ordinates of the license area are the same 1999-09-21 5. The license holder's name was changed to BHP 1999-10-20 Minerals International Exploration Inc. Corporation's Branch 6. The license was extended for 2 years until The co-ordinates of the license area are the same February 17, 2002 by OGMC director's #259 decision 2000-06-21 7. The remaining area's co-ordinates 1. 106degrees 47'30" 42degrees 58'30" 2. 106degrees 47'30" 43degrees 03'00" 3. 106degrees 47'30" 43degrees 03'00" 4. 106degrees 55'00" 42degrees 58'30" 8. Fourth year's license fee was paid The co-ordinates of the license area are the same From 2000-10-01 to 2001-10-01 9. Fifth year's license fee paid The co-ordinates of the license area are the same From 2001-10-01 to 2002-10-01 2001-09-20
1-3 MINERAL EXPLORATION 210 (1997-02-17) NUMBER LICENSE CERTIFICATE APPENDIX #2-2 (Invalid without Certificate) The co-ordinate changes of the granted license area
# THE REASONS FOR THE CO-ORDINATE CHANGES VALID CO-ORDINATES - ---------------------------------------------------------------------------------------------------- ~~1. The license was extended for 2 years until The co-ordinates of the license area are the same. February 17, 2004 by OGMC director's 2002 2002-01-10 years decision #06~~
1-4 CERTIFICATE OF MINERAL EXPLORATION LICENSE #66X-1 On the basis of Article 14 of the Minerals Law of Mongolia, from Geology and Cadastral Office Umnugobi province (city) Khanbogd subprovince (district) Manakht location 4537 hectares contained within the exploration area and permitted by this license in accordance with the conditions & principles of the Minerals Law of Mongolia 21/457 number of certificate/passport of BHP MINERALS INTERNATIONAL EXPLORATION INC. - CORPORATION'S BRANCH FOR 3 years period This certificate has an appendix where any alterations will be recorded, and without this appendix the certificate is invalid. OFFICE OF GEOLOGY AND MINING CASASTRAL OF THE MINERAL RESOURCE AUTHORITY OF MONGOLIA DIRECTOR S. Enkhtsay February 17, 1997 Ulaanbaatar 1-5 MINERAL EXPLORATION 66X-1 NUMBER LICENSE CERTIFICATE APPENDIX #1 (valid without Certificate) the license
REGISTRATION THE SIZE OF THE THE SIZE OF THE # THE REASONS OF THE CHANGES TO NUMBER OF THE SURRENDERED AREA REMAINING AREA THE LICENSE APPLICATION (HECTARE) (HECTARE) - -------------------------------------------------------------------------------------- 1. X-66 (210) license area was 196X - 4537 returned. 2000-09-18 The date when the license was first granted 1997-02-17 2. Fourth year's license fee paid - - 4537 2000-09-21 3. Fifth year's license fee paid - - 4537 1001-09-20 4. The license was extended for 2 224X - 4537 years until February 17, 2004 by 2002-01-10 OGMC director's 2002 years decision # 06
1-6 MINERAL EXPLORATION 66X-1 NUMBER LICENSE CERTIFICATE APPENDIX #2 (Invalid without Certificate) The co-ordinate changes of the granted license area
# THE REASONS FOR THE CO-ORDINATE CHANGES VALID CO-ORDINATES - ----------------------------------------------------------------------------------------------- 1. The co-ordinates of the remaining area 1. 106degrees 38'00" 42degrees 54'00" 2. 106degrees 38'00" 42degrees 57'00" 3. 106degrees 44'00" 43degrees 00'00" 4. 106degrees 44'00" 42degrees 54'00" 2000-09-18 Kh. Dagvadorj 2. Fourth year's license fee was paid. The co-ordinates of the license area are the same. From 2000-10-01 to 2001-10-01 2000-09-21 3. Fifth year's license fee was paid. The co-ordinates of the license area are the same. From 2001-10-01 to 2002-10-01 2001-09-20 4. The license was extended for 2 years until The co-ordinates of the license area are the same February 17, 2004 by OGMC director's 2002 2002-01-10 years decision #06
1-7 CERTIFICATE OF MINERAL EXPLORATION LICENSE #66X-2 On the basis of Article 14 of the Minerals Law of Mongolia, from Geology and Cadastral Office Umnugobi province (city) Khanbogd subprovince (district) Manakht location 1764 hectares contained within the exploration area and permitted by this license in accordance with the conditions & principles of the Minerals Law of Mongolia 21/457 number of certificate/passport of BHP MINERALS INTERNATIONAL EXPLORATION INC. - CORPORATION'S BRANCH FOR 3 years period This certificate has an appendix where any alterations will be recorded, and without this appendix the certificate is invalid. OFFICE OF GEOLOGY AND MINING CASASTRAL OF THE MINERAL RESOURCE AUTHORITY OF MONGOLIA DIRECTOR S. Enkhtsay 1-8 MINERAL EXPLORATION 210 (1997-02-17) NUMBER LICENSE CERTIFICATE APPENDIX #1 (Invalid without Certificate) The granted area's size and changes to the license
THE SIZE OF THE THE SIZE OF THE # THE REASONS FOR THE REGISTRATION NUMBER SURRENDERED AREA REMAINING AREA CHANGES TO THE LICENSE OF THE APPLICATION (HECTARE) (HECTARE) - ------------------------------------------------------------------------------------------ 1. X-66 (210) license area 196X - 1764 was returned. 2000-09-18 The date when the license was first granted 1997-02-17 2. Fourth year's license - - 1764 fee paid 2000-09-21 3. Fifth year's license fee - - 1764 paid 2001-09-20 4. The license was 225 X - 1764 extended for 2 years 2002-01-10 until February 17, 2004 by OGMC director's 2002 years decision #06
1-9 MINERAL EXPLORATION 66X-2 NUMBER LICENSE CERTIFICATE APPENDIX #2 (Invalid without Certificate) The granted area's size and changes to the license
# THE REASONS FOR THE CO-ORDINATE CHANGES VALID CO-ORDINATES - --------------------------------------------------------------------------------------------- 1. The co-ordinates of the remaining area 1. 106degrees 51'30" 42degrees 55'30" 2. 106degrees 51'30" 42degrees 57'30" 3. 106degrees 51'30" 42degrees 57'30" 4. 106degrees 55'00" 42degrees 55'30" 2000-09-28 K. H. Dagvarlorj 2. Fourth year's license fee was paid. The co-ordinates of the license area From 2000-10-01 to 2001-10-01 are the same 2000-09-21 3. Fifth year's license fee was paid The co-ordinates of the license area From 2001-10-01 to 2002-10-01 are the same. 2001-09-20 4. The license was extended for 2 years until The co-ordinates of the license area February 17, 2004 by OGMC director's 2002 are the same years decision # 06 2002-02-10
1-10 CERTIFICATE OF MINERAL EXPLORATION LICENSE #66X-3 On the basis of Article 14 of the Minerals Law of Mongolia, from geologyand Cadastral Office Umnugobi province (city) Khanbogd subprovince (district) UlaanUul location 9070 hectares contained within the exploration area and permitted by this license in accordance with the conditions & principles of the Mineral Law of Mongolia 21/457 number certificate/passport of BHP MINERALS INTERNATIONAL EXPLORATION INC. - CORPORATION'S MONGOLIAN BRANCH 3 years period. This certificate has an appendix where any alterations will be recorded, and without this appendix the certificate is invalid. OFFICE OF GEOLOGY AND MINING CADASTRAL OF THE MINERAL RESOURCE AUTHORITY OF MONGOLIA DIRECTOR S. Enkhtsay February 17, 1997 Ulaanbaatar 1-11 MINERAL EXPLORATION #66X-3 NUMBER LICENSE CERTIFICATE APPENDIX #1 (Invalid without Certificate) The granted area's size and changes to the license
REGISTRATION THE SIZE OF THE THE SIZE OF THE # THE REASONS OF THE CHANGES TO NUMBER OF THE SURRENDERED AREA REMAINING AREA THE LICENSE APPLICATION (HECTARE) (HECTARE) - ---------------------------------------------------------------------------------------- 1. X-66 (210) license area was 196X - 9070 returned. The date when the license was 2000-09-18 first granted 1997-02-17 2. Fourth year's license fee payment - - 9070 2000-09-21 3. Fifth year's license fee payment - - 9070 2000-09-20 4. The license was extended for 2 226X - 9070 years until February 17, 2004 by 2002-01-10 OGMC director's 2002 years decision #06
1-12 MINERAL EXPLORATION 66X-3 NUMBER LICENSE CERTIFICATE APPENDIX #2 (Invalid without Certificate) The co-ordinate changes of the granted license area
# THE REASONS FOR THE CO-ORDINATE CHANGES VALID CO-ORDINATES - --------------------------------------------------------------------------------------------------- 1. The co-ordinates of the remaining area 1. 106degrees 30'00" 42degrees 54'00" 2. 106degrees 30'00" 43degrees 00'00" 3. 106degrees 36'00" 43degrees 00'00" 4. 106degrees 36'00 43degrees 54'00" 2000-09-18 Kh. Dagvadorj degrees 2. Fourth year's license fee was paid. The co-ordinates of the license area are the same. From 2000-10-01 to 2001-10-01 2000-09-21 3. Fifth year's license fee was paid. The co-ordinates of the license area are the same. From 2001-10-01 to 2002-10-01 2001-09-20 4. The license was extended for 2 years until The co-ordinates of the license area are the same. February 17, 2004 by OGMC director's 2002 2002-01-10 years decision #06
1-13 CERTIFICATE OF MINERAL EXPLORATION LICENSE #3677 X On the basis of Article 14 of the Minerals Law of Mongolia, from geology and Cadastral Office Umnugobi province (city) Khanbogd subprovince (district) Jaukhlant Uul location 109145 hectares contained within the exploration area and permitted by this license in accordance with the conditions & principles of the Minerals Law of Mongolia 21/1380 number certificate/passport of IVANHOE MINES MONGOLIA INC. CO. LTD. for 3 years period. This certificate has an appendix where any alterations will be recoded, and without this appendix the certificate is invalid. OFFICE OF GEOLOGY AND MINING CADASTRAL OF THE MINERAL RESOURCE AUTHORITY OF MONGOLIA DIRECTOR Kh. Kherlen September 10, 2001 Ulaanbaatar 1-14 MINERAL EXPLORATION 3677X NUMBER LICENSE CERTIFICATE APPENDIX #1 (Invalid without Certificate) The granted area's size and changes to the license
THE SIZE OF THE SIZE OF THE THE REMAINING # THE REASONS OF THE CHANGES TO REGISTRATION NUMBER OF THE SURRENDERED AREA AREA THE LICENSE APPLICATION (HECTARE) (HECTARE) - ---------------------------------------------------------------------------------------------- ~~1. First granted 4616X 109145 2001-09-10~~
1-15 MINERAL EXPLORATION 3677X NUMBER LICENSE CERTIFICATE APPENDIX #2 (Invalid without Certificate) The co-ordinate changes of the granted license area
# THE REASONS FOR CO-ORDINATE CHANGES VALID CO-ORDINATES - ---------------------------------------------------------------------------------------------------------------- 1. The first co-ordinates of the area 1. 106 degrees 30'00" 42 degrees 54'00" 2. 106 degrees 30'00" 42 degrees 54'00" 3. 106 degrees 36'00" 42 degrees 55'30" 4. 106 degrees 38'00 42 degrees 55'30" 5. 106 degrees 38'00" 42 degrees 54'00" 6. 106 degrees 44'00" 42 degrees 54'00" 7. 106 degrees 44'00" 42 degrees 55'30" 8. 107 degrees 00'00" 42 degrees 55'30" 9. 107 degrees 00'00" 43 degrees 08'00" 10. 107 degrees 05'00" 43 degrees 08'00" 11. 107 degrees 05'00" 43 degrees 04'00" 12. 107 degrees 02'00" 43 degrees 04'00" 13. 107 degrees 02'00" 43 degrees 00'00" 14. 107 degrees 06'00" 43 degrees 00'00" 15. 107 degrees 06'00" 42 degrees 44'30" 16. 107 degrees 30'00" 42 degrees 44'30" 2001-09-10 D. Gerelgua
1-16 MONGOLIAN MINING LAW 1.61 OVERVIEW The Mineral Resources Authority of Mongolia (MRAM) carries out the functions of administering mining and mineral related functions for the Government. It is an arm of the Ministry of Agriculture and Industry. A new Minerals Law for Mongolia was proclaimed on 1 July 1997. It was specifically promulgated and announced at a World Bank sponsored Investors Conference at that time. It provides that all minerals are the property of the state and that the State shall issue exploration and mining licences. The Law replaced one that was enacted in 1994. The previous Law had been produced locally with the help of overseas experts and an Aid programme. It is understood that it was an United States orientated Law with a bias towards environmental matters. The new Mining Law was the result of a World Bank funded study by a Canadian lawyer and two US experts. As a result, the law resembles some Canadian provinces' mining laws. On speaking to the Canadian lawyer, he indicated that Western Australia's Mining Act was also referred to in their deliberations. It does not contain matters alien to anybody who has been involved in the Western Australian Mining Act. 1.62 COMMENTS ON THE MINING LAW AND PROCEDURES The following comments are based on the author's experience and observations. No guarantee can be given to their accuracy, but they are the result of 20 months of observation of the Mongolian system and society. The workings of the Law seem to be honestly based, with no evidence of corruption. Many "examples" brought to my attention over a period have been proved to be hyperbole and plainly wrong. The main problems to date seemed to have stemmed from the large number of small Mining Licences (in existence before the current law) that have had to be documented and bought into the new law. The licenses cover placer deposits, generally follow river valleys and are complex shapes and of uncertain actual position. 1-1 The problem of "single ownership only" is overcome by foreign companies by either having good international standard agreements with the original holder, or transferring them to their own name. BHP and most international companies favour the latter, and Rio Tinto have utilised the former method. October, 1998 will see a large amount of ground become vacant, as the first year of many Exploration Licenses is completed and the rental charge doubles. Mongolian companies that rushed to peg large tracts a year ago will either have to Joint Venture or cut down their holdings to be able to afford to keep them. The registration system will be strained over this period. 1.63 THE MONGOLIAN MINISTRY OF AGRICULTURE AND INDUSTRY IN THE CONTEXT OF MINING MANAGEMENT. The Mineral Resource Authority of Mongolia (MRAM) is divided into three main work areas viz, the Geological Office, the Mining Office and the Office of Geological and Mining Cadastre (OGMC). The Authority is responsible for the operation and regulation of the entire mining sector in Mongolia. The MRAM operated from Ulaanbaatar and has no regional centres. 1-2 STATE SECRETARY Ministry of Agriculture and Industry Mr. B. Zrikkan HEAD Mineral Resource Authority of Mongolia Mr. D. Jargalsaikhan DIRECTOR DIRECTOR DIRECTOR Mining Office Office of Geological and Office of Geology Mr. T. S. Enkhbold Mining Cadaster Mr. O. Chuluun LICENSE REGISTRY TEAM CARTOGRAPHIC REGISTRY TECHNICAL UNIT x 2 staff TEAM x 2 staff x 4 permanent staff x 3 temporary staff 1.64 MINING LEGISLATIVE FRAMEWORK The following are the main features of the mining Law: - A first come first serve principle applies - An individual or legal entity may prospect without a license, however, notification to the OGMC and local administrate body must be given. - Exploration Licenses (exploration activities) and Mining Licenses (productive and developmental mining) are the only two tenure types issued in Mongolia. - Exploration Licenses can be issued to an individual or legal entity for a three-year period with provision to be renewed for two 2-year periods. Maximum area is 400,000 hectares. - Mining Licences can only be issued to a legal entity formed and operating under Mongolian law for a sixty (60) year period with provision to be renewed for a further period of 40 years. - Licenses may only be granted to one person and guarantees exclusive mining rights. Licenses can be transferred and pledged (mortgaged) without restrictions. - The head of the OGMC shall within ten days after receiving a license application notify the applicant as to whether the application can succeed and where appropriate receive a license fee (rent) and issue license certificate. 1-3 - No expenditure obligations are applicable, however an annual license (rental) fee is applicable as well as annual reports on work carried out and environmental protection reports. - A 30% maximum corporate tax applies (began in 1998). - A royalty of 2.5% of sales value for all minerals applies. - A stability agreement can be made between the Government and a licensee providing for a stable tax regime throughout the term of the agreement. - The following classifications of land are not open for license applications: i. Reserved Areas - to bring order and accuracy to the license register or to resolve boundary disputes the authority may establish a reserved area for up to three (3) years. ii. Special Needs Lands - created under the Land law for purposes normally associated with environmental/conservation requirements; in the event an existing license is affected the State has an obligation to compensate the licensee; and iii. an area subject to a valid license. 1.65 REGULATORY AND POLICY ISSUES SCHEDULE OF FORMS Some eleven forms are in existence which facilitates the lodgement of applications for exploration and mining licenses, extensions, transfers and surrenders of titles. In some instances, additional forms exist for the purpose of supplying more detailed information relating to applicants, e.g. address in Mongolia, director details and tax information. SCHEDULE OF FEES Some nine provisions exist for payment of fees relating to applications for various matters, e.g. license applications, pledge applications, transfer applications, boundary disputes, etc. The schedule of fees are separated into two categories viz. Exploration Licenses or Mining Licenses. The applicable fees for exploration licenses are dependent upon the nationality of the applicant as rates differ for Mongolian entities to foreign entities whereas mining license fees are the same for both. 1-4 LICENSE REGISTER The license register comprises various sub-components and is not a single register system. Each time a license is issued, details are recorded in a subsidiary register that only has provision for endorsement of information up until the time of grant. CARTOGRAPHIC REGISTER All applications and granted licenses are shown on 1:100,000 working transparencies. There is an arrangement with a private company to provide computer generated digital data. This is generally up to two months out of date, but is readily available. The OGMC has plans to introduce a graphic-based digital system, similar to the Western Australian Tengraph system, and is proceeding slowly in that direction. Topographic maps at the same scale prepared some 20 years ago are used separately by cartographic officers to verify/clarify the applicants' intention to apply for specific land. LICENSE APPLICATION PROCESS Specific times and days are set aside by OGMC for viewing public plans and lodging documents (usually Fridays p.m.). Monies for fees are to be submitted to the OGMC account number at the State central treasury and documentation submitted to the OGMC should be accompanied by a bank receipt (proof of payment). Annual license fees (rental) are only payable if license application is granted and must be paid within 10 days of receiving notice of intended grant. Fees are:
EXPLORATION LICENSE MINING LICENSE ------------------- -------------- YEARS YEARS - ----- ----- 1 US$0.05/nectare 1-3 US$5.00/hectare 2-3 US$0.10/hectare 4-5 US$7.50/hectare 4-5 US$1.00/hectare 6-100 US$10.00/hectare 6-7 US$1.50/hectare
1-5 All notification letters from OBMC are hand delivered to addresses in Mongolia (letter boxes do not exist and only limited post boxes are utilised). Notification of grant of an exploration licence will occur within ten working days following registration and for a mining license twenty working days. LICENSE TRANSFER PROCESS: Licenses can be transferred as a result of agreements or through legal processes such as inheritance, merger or bankruptcy. If a partial transfer is applied for the land being transferred will become the subject of a freshly issued license to the transferee. The retained and transferred coordinates are to be shown in the application for transfer so that license certificates can be appropriately endorsed. The transfer is effective on its recording which is done within 15 days from lodgment providing no defects exists. A transfer by pledgee is subjected to this same process however, additional documents are to be submitted in accordance with Article 43(2). PLEDGE PROCESS To provide security for the financing of investments license holders may pledge (mortgage) their licenses by civil law. The pledge agreement becomes effective upon its recording. The same procedure for recording is used as provided for with transfers. The license certificate is held by the lending party (pledgee) with all transfers being prevented unless the pledgee authorized in writing. 1-6 DISCHARGE OF PLEDGE The discharge of pledge is recorded and the License Certificate suitably endorsed and returned to the license holder. LICENSE SURRENDER PROCESS Surrenders may be lodged in whole or in part. The description used in a partial surrender must conform with normal statutory requirements concerning shape (Articles 13 and 17 refer). A 'cooling off' period of two years exists whereby the previous license holder cannot reapply for the same ground after lodging a surrender. A surrender is recorded on the date the license register is endorsed, which should occur promptly after receipt of an application for a surrender. 1-7 1-1 International Trade Centre Law Offices Suite 500 LYNCH, IDESH & MAHONEY Baga Toiruu 37 B Mail Central PO Box 348 Ulaanbaatar 13 Mongolia Phone 976.11.325.344 Fax 976.11.325.358 URL http://mongolialaw.com Writer's mobile phone 976.9911.5298 Email mongolialaw@magicnet.mn or lynch @mongolialaw.com To: Ivanhoe Mines Ltd Ed Rochette From: Lynch, Idesh & Mahoney Date: 22 October 2001 Subj: BHP Exploration Licenses - Title Report You have asked us to furnish you with a title report concerning the minerals exploration license (the Original License) that is the subject of the Earnln Agreement dated 5 May 2000 between Ivanhoe Mines Ltd, a corporation organized under the laws of the Yukon territory, Canada (Ivanhoe), and BHP Minerals International Exploration Inc, a corporation organized under the laws of Delaware, USA (BHP). More specifically, you have asked us to advise you as to the status of the Original License and three other licenses (the Other Licenses) within the area covered by the Original License (the Original License Area) issued to BHP following BHP's relinquishment of certain portions of the Original License. You have also asked us to advise you as to procedures for transferring the Original License and Other Licenses (as well as licenses that may hereafter be issued to BHP covering areas within the Original License Area) from BHP to Ivanhoe pursuant to the Earnln Agreement and any amendments to the Earnln Agreement. SECTION 1 THE ORIGINAL LICENSE The Original License (number 210) was issued to "the Mongolian Branch of BHP Minerals, a USA company" by the Minister of Agriculture and Industry of Mongolia (MAI) on 17 February 1997 based on Order A-4 of the MAI dated 7 January 1997. A copy 2-2 of the Original License (and an English translation), showing endorsements through 21 September 2000, is attached hereto as Exhibit A. The face of the Original License states that the Original License Area covered an area of 1,350 square kilometres (sq km) or 135,000 hectares. Following the effective date of the present Minerals Law of Mongolia (MLM) on 1 July 1997, and pursuant to the requirements of the Law on Implementation of the MLM that became effective on that same date, BHP re-registered the Original License on 8 August 1997. As of that date the license number of the Original License was changed to 66X. The size of the Original License Area was shown on the first endorsement page of the Original License as 160,000 hectares. Effective as of 21 September 1999, the first endorsement page of the Original License certificate shows that BHP relinquished 22,728 hectares from the Original License Area and that the balance of hectares remaining was 13,598. It appears that this was a mistake. The next entry on the first endorsement page (also dated 21 September 1999) concerning renewal of the license shows the balance as 135,987 hectares. On 21 June 2000 the Original License was extended for a term of two years to 17 February 2002. Note that the term of the license was deemed to have commenced on the date the Original License was issued, not the 8 August 1997 date that the license was re-registered. On 18 September 2000, BHP relinquished an additional 112,120 hectares from the Original License, leaving a balance of 8,496 hectares. SECTION 2 THE BRANCH VS SUBSIDIARY ISSUE For home jurisdiction tax reasons, and in accordance with the normal practice of many mining companies with international operations, BHP initially sought to establish two branch offices in Mongolia to hold its exploration licenses. Neither the then Board of Foreign Investment (now known as the Foreign Investment and Foreign Trade Agency (FIFTA)) nor the State Registration Authority (SRA) understood the distinction between a branch and a subsidiary and they each issued certificates evidencing the establishment of BHP Minerals International Exploration Inc (the Delaware corporation) as a Mongolian limited liability company (XXK) with foreign investment from the USA. In the fall of 1999, following a period of about nine months of discussions and negotiations, FIFTA and the SRA issued certificates evidencing the termination of the status of the two BHP entities in Mongolia as XXKs and the recognition of each such entity as a BHP branch, retroactive to the dates of their respective establishments. In the case of BHP Minerals International Exploration Inc, that date was 11 January 1997. 3-3 On 20 October 1999 the Original License was endorsed to show the change of name of the license holder from "the Mongolian Branch of BHP Minerals, a USA company" to "a Branch of BHP Minerals International Exploration Inc Corporation". The change was made retroactive to 11 January 1997. For purposes of our title report, we are assuming that this change involved a clarification, not a transfer of ownership, and that the two names refer to the same entity. SECTION 3 THE OTHER LICENSES The Other Licenses are evidenced by certificates issued by the Head of the Office of Geology and Mining Cadastre (OGMC) of the Mineral Resources Authority of Mongolia (MRAM) to reflect areas within the Original License Area remaining after the relinquishment of parts of the Original License on 18 September 2000. We do not have any document evidencing the issuance of anew license to BHP following relinquishment of the 22,728 hectares on 21 September 1999. Copies of each of the three Other Licenses (and English translations), showing endorsements through 21 September 2000, are attached hereto as Exhibits B, C and D, respectively. The following table shows certain information concerning the Original License and the Other Licenses.
LICENSE DATE (A) HECTARES HECTARES RELINQUISHED REMAINING 66X 17 Feb 1997 158,715 (B) 21 Sep 1999 22,728 135,987 18 Sep 2000 112,120 8,496 66X-1 18 Sep 2000 4,537 66X-2 18 Sep 2000 1,764 66X-3 18 Sep 2000 9,070
- ------------------ (A) All dates, other than the date of the Original License (17 February 1997), are relinquishment dates. The effective date of each of the Other Licenses is 17 February 1997. 4-4 (B) This figure is fictitious and was arrived at by working backwards from the figure of 135,987 and adding in the 22,728 hectares that were relinquished on 21 September 1999. The Original License shows on the face of the certificate that the License Area was 1,350 sq km or 135,000 hectares. The License Area figure shown in item 1 on the first endorsement of the Original License is 160,000 hectares. We cannot account for these anomalies. We have been advised by Doug McGay that the 135,987 hectare figure shown in item 4 of the first endorsement page of the Original License as of 21 September 1999 is the benchmark figure he is using. All subsequent entries showing relinquishment of parts of the Original License Area, and the parts remaining following such relinquishment (including the areas shown for the Other Licenses), are consistent with this figure. SECTION 4 SUMMARY We have not checked the coordinates of the Original License or the Other License for accuracy. On 19 October 2001 we examined the Original License and Other License records on file at the Cadastre Office. This examination disclosed that, as of that date, neither the Original License nor any of the Other Licenses had any recorded liens or encumbrances. Our examination also disclosed that the applicable license fees with respect to each of the Original License and Other Licenses for the period 1 October 2001 through 1 October 2002 were paid on 20 September 2001. THE EARN-IN AGREEMENT For purposes of this report, we will assume that Ivanhoe has earned its participating interest in the Original License and Other Licenses in accordance with Section 2.1 of the Earn-In Agreement and that BHP is obligated to transfer these licenses to Ivanhoe. The Original License and the Other Licenses will hereinafter be referred to collectively as the Licenses. The Earn-In Agreement is silent regarding assignments. Thus assignments are neither specifically authorized nor prohibited. The laws governing the Earn-In Agreement are the laws of British Columbia. We do not know the extent to which such laws would affect Ivanhoe's assignment rights. Thus BHP may take the position that the transfers may only be made to Ivanhoe Mines Limited. On the other hand BHP may have no problem with agreeing to the transfer being made to an Ivanhoe subsidiary (or even to some other entity). We are assuming that Ivanhoe wishes to have the Licenses transferred to Ivanhoe Mines Mongolia Inc XXK (Ivanhoe Mongolia). 4-5 TRANSFER PROCEDURES AND REQUIREMENTS The Licenses may be transferred pursuant to the terms of the Earn-ln Agreement or BHP and Ivanhoe may enter into a separate agreement with respect to the transfer of the Licenses. Since the relevant agreement must be filed with the OGMC, the parties may prefer to use a separate agreement so as not to make the Earn-In Agreement a matter of public record. Either BHP or Ivanhoe Mongolia may file an application with the OGMC to record the transfer of the Licenses and the transfer will become effective as of the date and time of recording of the transfer with the OGMC. The application for transfer must be in a form approved by the OGMC, must contain the following information, and must be accompanied by the following documents: - The License number, date of issuance, and the name of the License holder as indicated in the records of the OGMC. - A copy of the transfer agreement (presumably a signed copy although the law is not specific in this regard). - A document evidencing Ivanhoe Mongolia's eligibility to hold the transferred Licenses in accordance with Article 1.1 of the Minerals Law of Mongolia (MLM), i.e. evidence that Ivanhoe Mongolia has been duly organized as a limited liability company under the laws of Mongolia. Although it is not specifically required, we suggest that the document should also state that Ivanhoe Mongolia is currently in good standing as a limited liability company. - A document confirming Ivanhoe Mongolia's acceptance of all rights [sic] and obligations under the Licenses. - Evidence of payment of the applicable processing fee (20,000 Mongolian Togrogs with respect to each license). The fee is deposited in the MRAM account at the Trade & Development Bank. The bank then issues a receipt as evidence of payment. The Head of the OGMC must notify the applicant of acceptance or rejection of the application for transfer within 15 business days following receipt of the application. Following the recording of the transfer of the Licenses, the relevant authorities will publish a notice of the transfer. /s/ Lynch, Idesh & Mahoney Ivanhoe Mines (Mongolia) Inc. 3rd Floor, Building 8 Ikh Zasag Chu[ILLEGIBLE] Sukhbeatar District Ulaanbaatar, Mongolia Phone [978] 11-310-785-312-179 Fax (978) 11-312-337 Email: [ILLEGIBLE] October 1st 2001 Serger A, Diakov Asian Geoctative Search Group Leader BHP World Exploration Inc. 1400-1111 West Gorgia Street. Vancouver. B.C., Canada Voc-4M3 Re: Central Oyu Boundary Dear Sergei, Attached please find a map showing the boundary of Central Oyu per the Ivanhoe Mines BHP Agreement on Oyu Tolgoi and our discussions of October 1st, 2001. The boundary is defined by Northings 4763595N (BHP Line 4+00S) and 4764395N (BHP Line 4+00N) and Eastings 650526E (BHP Line 5+00W) and 651626E (BHP Line 6+00E) The easting and northing coordinates are based upon preliminary GPS survey data converting the BHP coordinates into UTM coordinates using a WGS84 projection. The GPS survey has been redone in the past 6 weeks using survey quality instruments hence new coordinates will be issued for the BHP lines. However, us the BHP lines are physically marked in the field we will define the boundary based on these lines assigning GPS based, UTM coordinates to them at a later date. If this meets with your approval, please acknowledge by signature one copy of the attached map and this covering letter and return to Ivanhoe Mines Ltd. Attention Beverly Barlett, per the attached card. Sincerly Charles N. Forster, P. Geo, Acknowledged and Accepted; Sergel A. Dlakov BHP World Exploration Inc. Date [MAP SHOWING THE BOUNDARY OF CENTRAL OYU PER THE IVANHOE MINES] Supplemental Title Report Page 4-1 of 56 Law Offices LYNCH, IDESH & MAHONEY International Trade Centre Suite 500 Baga Toiruu 37 B Mail PO Box 279 Ulaanbaatar, Mongolia 210646-A Phone 976.11.325.344 Fax 976.11.325.358 URL http://mongolialaw.com Writer's mobile phone 976.9911.5298 Email mongolialaw@magicnet.mn or lynch@mongolialaw.com To: Steve Roberstson David Redford Goodmans Copy to: Beverly Bartlett Ed Rochette Ivanhoe Mines Limited From: Maury Lynch Lynch, Idesh & Mahoney Date: 5 February 2002 Subj: Supplement to Mongolia Properties Title Report dated 22 October 2001 We refer to the Counsel Questionnaire attached to Beverly Bartlett's email of January 18th and to our title report dated 22 October 2001. Following are the questions presented in the Counsel Questionnaire and our responses. We have broken down some of the questions into two or more parts and numbered all of the questions sequentially. PREFACE Since 1990 Mongolia has been in transition from state socialism and a planned economy to political democracy and a free market economy. Much progress has been made in this transition - but Mongolia still has a long way to go, particularly with respect to the rule of law. There are many laws on the books, but in many instances they are neither understood nor enforced. For decades Mongolians have looked to the Minister (and his clerks) as the sources of the "law". This has changed on paper- but often not in practice. Supplemental Title Report Page 4-2 of 57 With respect to most day-to-day activities, the apparatchiksare the law. This situation is gradually changing- but at a slow, evolutionary pace. We have separated our report into two parts. The first part (this report) covers matters that are basically governed by the Minerals Law of Mongolia (MLM) that was enacted in 1997. The second part concerns water and surface rights. These issues are addressed in the MLM to some extent, but other laws must also be taken into account. The MLM was drafted by a team headed by a US lawyer, John Williams, with funding provided by the World Bank. The Mongolian side was represented by D Jargalsaikhan, a very able government official who was then (and still is) Head of the Minerals Resources Authority of Mongolia (MRAM). With Jargalsaikhan's guiding hand, John's text was shepherded through the Mongolian Parliament without being torn to shreds by the MPs representing various interest groups. The result is what we consider to be the best law on the books in Mongolia. It is logical and internally consistent (a rare instance in Mongolian laws) and reflects policies that have worked well in Chile and other South American countries. But the MLM is now under siege. Last year, the apparatchiks at the Ministry of Industry and Trade (MIT - the Ministry to which the MRAM reports), operating in the closet with no input from the private sector, proposed amendments to the MLM that would have been counter-productive, to say the least. The American Mongolian Business Group (AMBG) and the Mongolian National Mining Association (MNMA), with significant financial support from Ivanhoe, sponsored a conference in August to consider the advisability of amending the MLM, with specific reference to the proposed MIT amendments. John Williams was the principal speaker. John's basic theme was that the MLM was generally regarded as one of the best (if not the best) minerals law in Asia and that it would be counter-productive to adopt the amendments proposed by the MIT. As a result of the conference, which was attended by many government officials and MPs, the proposed amendments were shelved. Last week, a new set of MIT proposed amendments emerged. We are in the process of translating them. The MLM has been amended three times. The changes were largely technical and, with one exception, relatively minor. The exception concerns royalty payments. Under the original MLM, the royalty rate with respect to the extraction of all minerals was 2.5%. The government is desperate for money. Alluvial gold placer mining operations (essentially the only gold mining activity in Mongolia at the moment) are very profitable. So the MLM has been amended (effective as of 10 January 2002) to raise the royalty rate with respect to gold extracted from alluvial deposits to 7.5%. The definition of "alluvial deposit" poses some problems but for purposes of this report the issues are academic. Our responses to the questions are based on the MLM. Many of the more important issues (such as environmental matters, water, and surface rights) will involve dealing with the Governors of aimags and soums (essentially equivalent to states (the aimags) Supplemental Title Report Page 4-3 of 58 and counties (the soums) in the US) in the South Gobi region of Mongolia. Many of these Governors will have little, if any, knowledge of the intricacies of the MLM. With the above-noted factors as background, we respond to your questions as follows. 1. Please describe the nature and extent of lvanhoe's rights on the property covered by its mining exploration licenses in Mongolia and those BHP exploration licenses covered by the May 5, 2000 Earn-in Agreement. For purposes of this report we will assume that the BHP exploration licenses have been transferred to Ivanhoe Mines Mongolia Inc XXK, a limited liability company organized under the laws of Mongolia (Ivanhoe Mongolia). Ivanhoe Mongolia is a wholly owned subsidiary of Ivanhoe Mines Mongolia Inc, a corporation organized under the laws of the British Virgin Islands (Ivanhoe BVI). Ivanhoe BVI is a wholly owned subsidiary of Ivanhoe Mines Ltd, a corporation organized under the laws of the Yukon Territory, Canada (Ivanhoe Yukon). The four BHP exploration licenses are subject to the terms and conditions of an Earn-In Agreement dated 5 May 2000 between BHP Minerals International Exploration Inc, a corporation organized under the laws of the State of Delaware, USA, and Ivanhoe Yukon. The Ivanhoe Licenses were all acquired subsequent to 5 May 2000 2. What do the mineral exploration licenses entitle Ivanhoe to do with the property? An exploration license holder has the following rights: - the exclusive right to conduct exploration for minerals within the boundaries of the exploration claim in accordance with the MLM; - the exclusive right to obtain a mining license for any part of the exploration area upon fulfilling the terms and conditions of the MLM; - the right to transfer or pledge all or part of an exploration license in accordance with the terms and conditions of the MLM; - the right to obtain two extensions of the term of the exploration license for two (2) years each, upon fulfilling the terms and conditions of the MLM; - the right to have access to, entry on, and transit through, the exploration area and the right to construct temporary structures necessary for conducting exploration activities; Supplemental Title Report Page 4-4 of 59 - the right of entry to and transit through the land adjacent to the exploration area for the purpose of gaining access and entry to the exploration area; - the right of entry to and transit through land owned or used by other persons in order to exercise the rights described above. This right shall be determined by a contract between the license holder and the landowner or land-user in accordance with the provisions of the Civil Law of Mongolia. In addition, exploration license holders must disclose to the State Professional Inspection Organization the quantity and quality of all minerals recovered as a result of preliminary work done during exploration activities and, upon approval by the State Professional Inspection Organization, license holders may sell such minerals. In such case, the exploration license holders must pay royalties and other relevant taxes as if they were mining license holders. In all other cases, exploration license holders may sell samples and other products recovered during exploration activities only after obtaining a mining license or surrendering the entire exploration claim. The meaning of this latter phrase in this context is not clear but it is so provided in the law. 3. We understand that there is a minimum annual fee that must be paid in order to keep the exploration license in good standing. Is this correct? Exploration license fees are payable with respect to each hectare included within the exploration area at the following rates: - US$ 0.05 for the first year, and US$ 0.1 for each of the second and third years of the term of the license; - US$ 1.00 for each of the fourth and fifth years of the term of the license; - US$ 1.50 for each of the sixth and seventh years of the term of the license. License fees are payable as follows: - License fees for the first year must be paid within ten (10) business days after the license holder receives the notice of approval of the licerse application. - License fees for subsequent years are payable annually in advance, on or before the anniversary date of the issuance of the license. - The amount of the license fee is calculated on the basis of the measurements of the license area as registered in the register of licenses of the Office of the geological Mining Cadastre (OGMC) and the amount of the fee does not change for the particular year. Supplemental Title Report Page 4-5 of 60 - No exploration license fees are payable with respect to a mining area located within an exploration area . - The license fee is deemed paid upon receipt by the OGMC of documents certifying the payment of the fees. - A license holder is obliged to timely pay applicable license fees and no notice or invoice with respect to such fees is sent to the licenseholder. 4. Are there any other minimum requirements to be met in order to keep the licenses? A license holder may not commence exploration or mining operations without first obtaining written approvals from relevant environmental protection authorities. After consultation with the environmental inspection agency and local administrative bodies, exploration license holders must prepare an environmental protection plan within thirty (30) days following receipt of an exploration license. The environmental protection plan must provide for measures to ensure that pollution of the environment as a result of the exploration activity does not exceed maximum limits and that the exploration area will be rehabilitated by means of backfilling, plugging and cultivation to allow future utilization of the disturbed land for public purposes. The environmental protection plan must be submitted to and approved by the Governor of the relevant soum or district where the exploration claim is located. The Governor of the soum or district must make a decision with respect to the plan within ten (10) business days following receipt of the plan, and notify the license holder of the decision by an official letter. Upon approval of the environmental protection plan, the license holder must provide a copy of the plan to the local environmental inspection organization and State Professional Inspection Organization. The license holder must record all instances of adverse environmental impact resulting from the exploration activity and submit annual reports with respect to the environmental protection plan to the Governor of the relevant aimag or capital city and soum or district. These reports must contain information on measures taken to protect the environment and on the possible impact on the environment of new exploration machinery and technology, and proposed amendments to the environmental protection plan. All amendments to the environmental protection plan must be approved by the Governor of the relevant soum or district. A license holder must provide officials in charge of monitoring implementation of the laws on environmental protection, and local administrative body representatives, with an opportunity to enter the exploration area to conduct monitoring activities on the site. Supplemental Title Report Page 4-6 of 61 To ensure the discharge of its responsibilities with respect to environmental protection, an exploration license holder must deposit an amount equal to 50 % of its environmental protection budget in a special bank account established by the Governor of the relevant soum or district. This deposit will be refunded to the license holder upon full implementation of its environmental protection plan. If a license holder fails to fully implement the measures provided for in the environmental protection plan, the Governor of the relevant soum or district shall use the deposit as a source of funds to enable the license holder to complete these measures, and if the deposit is not enough to cover the costs of environmental protection and rehabilitation activities, the license holder must provide the required additional funds. License Extensions Exploration license holders applying for a license extension must submit for approval to the Governor of the relevant soum or district, prior to the expiration of the exploration license, either their revised environmental protection plan or a new environmental protection plan. Mining license holders applying for a license extension must submit to the State central administrative body in charge of environment a new environmental impact assessment and a new environmental protection plan. The State central administrative body in charge of environment may require the license holder to amend the environmental impact assessment and environmental protection plan to reflect impacts from the use of new machinery or technology or environmental impact not foreseen in the approved environmental impact assessment or environmental protection plan. Local Buildings and Structures License holders must fully compensate owners and users of private and public residential dwellings, wells, winter huts, other structures, and historic and cultural landmarks, for damages caused to these structures by exploration or mining operations, including, if necessary, relocation costs. Relations with local administrative bodies License holders must consult with, and coordinate their activities with, local administrative bodies in connection with environmental protection, infrastructure development and employment development. If a licaise holder deems it necessary, it may request the local administrative body to organize a public debate in furtherance of these objectives. A license holder may select and employ a representative from among the local residents to coordinate all matters involving the local administrative body. Supplemental Title Report Page 4-7 of 62 License holders shall employ citizens of Mongolia in their exploration and mining operations on a priority basis. In conducting their operations license holders must comply with applicable health and safety laws. 5. Your memorandum of October 22, 2001 indicates that the original license will expire on February 17, 2002. Does this same expiration date apply to the new licenses? The BHP Licenses were deemed to have been granted on 17 February 1997. The first extension of these licenses will expire on 17 February 2002. It is our understanding that Ivanhoe personnel have extended the terms of these licenses to 17 February 2004. Unless the MLM is amended, there will be no further extension of these licenses available The expiration dates of the Ivanhoe Licenses will depend on their respective dates of issuance. 6. We understand that exploration licenses can be extended in two year increments up to an aggregate maximum of seven years. That is correct. The initial term is 3 years. The 2 permitted extension terms are for 2 years each. 7. Are there any requirements that must be met in order for the government to grant a renewal of the licenses and what, if any, additional limitations would be added to a renewal license? Not less than thirty (30) days prior to the expiration of an exploration license, the license holder may apply for an extension of the term of the license by filing with the OGMC an application for such extension on the standard form published by the OGMC The following documents must be attached to the application: - the exploration license certificate; - receipts for license fee payments made by the license holder; - a certificate of inspection evidencing implementation of the license holder's environmental protection plan. Within ten (10) business days following the receipt of an application for extension, the OGMC must verify whether the license holder has complied with conditions for maintaining its eligibility to hold a license and shall record this fact in the license register book. If the OGMC determines that the license holder has complied with these conditions, it will extend the term of the exploration license and record the extension in Supplemental Title Report Page 4-8 of 63 the license register book. The license that has been extended will then be returned to the license holder. Immediately following the grant of an extension of an exploration license, the OGMC must notify the Geological and Mining Development Agency (GMDA) and publish an official notice informing the public of the granting of the extension. Environmental Matters Exploration license holders applying for a license extension must submit for approval to the Governor of the relevant soum or district, prior to the expiration of the exploration license, either their revised environmental protection plan or a new environmental protection plan. As for "additional limitations", do you mean "would" or "could"? The MLM presently in effect strictly limits the extent to which the government may impose new requirements or limitations on renewals. As noted in the Preface, last summer there were proposed amendments to the MLM that would have given the apparatchiks more discretionary power in this regard. We are closely monitoring this issue. 8. We understand that an exploration license can be converted into a mining license. What requirements must be met in order to obtain a mining license? The holder of an exploration license has an exclusive right to obtain a mining license for any part of the exploration area upon fulfilling the terms and conditions of the MLM. A mining license may only be held by a legal person formed and operating under the laws of Mongolia. The applicant must set forth the coordinates of all corners of the requested mining area in degrees, minutes and seconds on a standard map approved by the OGMC and attach the map to the application. A requested mining area must meet the following requirements: - it must have the shape of a polygon with borders that are straight lines, not less than 500 meters in length, oriented north-south and east-west; - it must not overlap with a reserved area or special needs land; - it must not overlap with an area covered by a valid license or an area requested in a pending application for a license. Supplemental Title Report Page 4-9 of 64 The borders of a mining license area may deviate from straight lines in the case of borders that intersect with: - national borders; - a reserved area; or - a special needs land area, Natural geographic features, such as lakes and ponds, may be excluded from the mining area. An applicant for a mining license must submit an application to the OGMC on the standard form approved by the OGMC. The following documents must be attached to the application: - the applicant's name, mailing address for official correspondence, phone and fax numbers and a certificate containing the name of its officer authorized to make decisions; - a certificate of valid existence as a business entity in Mongolia issued by the appropriate registration agency; - a map of the area prepared in accordance with the requirements of the MLM; - a document showing that the applicant has paid the application processing fee. Upon the receipt of a complete application, the OGMC official responsible for the application register shall register the application in the application register and specify the record number, date, hour and minute of filing on each page, and issue the applicant a receipt acknowledging the filing of the application and payment of the applicable fee. Immediately following the recording of an application, the OGMC must determine by a preliminary screening whether the application and attached documents meet the requirements of the MLM. If an application fails to meet the requirements, the OGMC must notify the applicant of the defects in the application and record the notice in the application register book, whereupon the application will be deemed to be removed from the application register. Within two (2) business days after the registration of an application for a mining license, the OGMC shall determine: - in the case of an application submitted by an exploration license holder covering the requested mining area, whether such area is located entirely within the boundaries of the area covered by the exploration license; Supplemental Title Report Page 4-10 of 65 - whether the requested mining area overlaps with any area already subject to a valid license or any area that is the subject of a pending license application; and - whether the requested mining area overlaps with a reserved area or a special needs land. Within twenty (20) business days following the registration of an application for a mining license, the head of the OGMC must make one of the following decisions and notify the applicant accordingly: - in the case of an application submitted by the exploration license holder covering the requested area, that an exclusive mining license has been granted to the applicant and require the applicant to timely pay the applicable fee for the first year of the license as provided in this law; - if the requested area does not overlap with any part of a special needs land with prohibition on mining, or any area subject to a valid license, or any area requested in a pending application for a license filed and registered prior to the application, that the requested mining area is granted and the applicant is required to pay the applicable fee for the first year of the license; - if the requested area overlaps in any way with a special needs land with prohibition on mining, or any area subject to a valid license, or any area requested in a pending application for a license filed and registered prior to the application, that the application is rejected and deemed to be removed from the register. Within three (3) business days following payment of the license fee for the first year, the OGMC must issue a mining license to the applicant for a term of sixty (60) years and shall register the license and mining area in the license register. A license certificate shall contain date of issuance, the name of the license holder, the coordinates of the granted area, and an attachment in which all subsequent changes with respect to the license shall be recorded. Within seven (7) business days following the decision to grant a mining license, the OGMC shall notify the State Professional Inspection Organization and GMDA and publish an official notice informing the public of the granting of the license. Environmental Matters An environmental impact assessment and an environmental protection plan may be prepared by a mining license holder before and must be prepared as soon as possible after receiving a mining license. The environmental impact assessment must identify the possible adverse environmental impact from the proposed mining operations on land, water, air, plant, animal, and human Supplemental Title Report Page 4-11 of 66 life and include preventive measures to avoid and minimize such adverse impact. The environmental protection plan must contain measures to ensure that mining operations are conducted in ways least damaging to the environment. The plan must also identify preventive measures to protect air and water quality, and human, animal and plant life from the adverse effects of mining operations in accordance with the regulations adopted by the State central administrative body in charge of the environment. The environmental protection plan must include measures with the respect to the following issues: - storage and control of toxic and potentially toxic substances and materials; - protection, utilization and conservation of surface water and groundwater; - if necessary, construction, utilization and safekeeping of tailings dams; and - other measures as may be appropriate for the particular type of a mining operation. The environmental protection plan must also provide for post-mining rehabilitation measures through backfilling, plugging, and cultivation to allow future utilization of the disturbed land for public purposes. The environmental impact assessment and environmental protection plan must be submitted to the State central administrative body in charge of environment and to the Governor of the relevant soum or district. The State central administrative body in charge of environment shall review these documents and notify the license holder of its decision within thirty (30) days after receiving such documents. Upon approval of the environmental impact assessment and the environmental protection plan, the license holder must deliver the documents to the local environmental monitoring organization where the mineral deposit is located. Mining license holders must record all instances of adverse environmental impact resulting from mining activity and prepare and send a copy of annual reports on the implementation of the environment protection plan to the State central administrative body in charge of environment, the Governor of any relevantaimag or capital city and soum or district, and the State Professional Inspection Organization, respectively. These reports must contain information on measures taken to protect the environment and on the possible impact on the environment of new machinery and technology, or the expansion of mining operations, and proposed amendments to the environmental impact assessment and environmental protection plan. Amendments to the environmental protection plan may be made only after approval by Supplemental Title Report Page 4-12 of 67 the State central administrative body in charge of environment. A mining license holder must provide local and State central administrative bodies and officials in charge of monitoring implementation of legislation on environmental protection, an opportunity to enter the mining claim area and to conduct monitoring activities on the site. To ensure the discharge of its responsibilities with respect to environmental protection, a mining license holder must deposit an amount equal to 50% of its environmental protection budget for a particular year in a special bank account established by the Governor of the relevant soum or district. This deposit shall be refunded to the license holder upon full implementation of the environmental protection plan. If a mining license holder fails to fully implement the measures provided for in the environmental protection plan, the Governor of the relevant soum or district may use the deposit to enable the license holder to complete these measures, and if the deposit is not enough to cover the costs of environmental protection and rehabilitation activities, the license holder must provide the required additional funds. 9. What are the likely limitations attached to such a license - for instance will certain minerals be excluded from the licenses? The MLM does not apply to water, petroleum or natural gas. To our knowledge, there are no other limitations with respect to the minerals that may be extracted. 10. We understand that an initial mining license will typically be granted for an initial term of 60 years. Please verify. That is correct. 11. What restrictions are there on the use of the property, eg. environmental limitations, that could affect Ivanhoe's ability to conduct exploration on the property? In addition to the general obligations described above, if a special needs land overlaps entirely or in part with a territory covered by a valid license, thus precluding further exploration or mining in such overlapping area, the State administrative body that decided to establish the special needs land must compensate the license holder. The amount of such compensation, and the time for payment, must be agreed to by the State administrative body that decided to establish the special needs land that affected license holder. If the parties fail to reach agreement, then the amount of compensation and time for payment shall be determined by a neutral party in accordance with "internationally recognized methods". The license holder has the right to resume its activities if the compensation is not timely paid in full. Supplemental Title Report Page 4-13 of 68 Although not strictly a restriction, we are including in response to this question information with respect to the reporting requirements of an exploration license holder. An exploration license holder must submit a plan of exploration activities within thirty (30) days after the grant of the exploration license. An annual report on exploration activities for the previous year must be submitted in the form approved by the Office of Geology within thirty (30) days following the year end The report must contain information on the amount of work completed and expenses incurred in prospecting, geophysical and geochemical work, drilling and other activities, information with respect to the labor force, and the results of the exploration work. A map showing where the work was done must be attached to the report. The GMDA will accept estimates of ore reserves submitted in the report based on an opinion from a qualified expert and shall record such ore reserves in the national register of reserves. An exploration license holder must also submit information reports with respect to safe operations. It is not clear what the specific requirements are in this connection. 12. Will there be any royalties payable to or other rights in favour of the Mongolian Government in respect of minerals mined from the property? A mining license holder must pay royalties to the treasuries of central and local administrative bodies on the sales value of all products extracted from the mining claim that are sold, shipped for sale, or used. The sales value will be determined as follows: - with respect to exported products, sales value is the average monthly price of the products, or similar products, based on regularly published international market prices or on "recognized principles of international trade"; - with respect to products sold or used on the domestic market, the sales value is based on the domestic market price for the particular or similar product; and - with respect to products sold on international or domestic markets, where it is impossible to determine market prices, the sales value shall be based on the revenue derived from the sale of the products as declared by the license holder. Except for the royalty applicable to gold extracted from alluvialdeposits (7.5%), royalties are payable at the rate of 2.5 percent of the sales value of all products extracted from a mining claim that are sold, shipped for sale, or used. Supplemental Title Report Page 4-14 of 69 Royalties with respect to extracted products that are sold, shipped for sale or used during a calendar quarter are payable before the end of the next succeeding quarter. A mining license holder must submit to the State Professional Inspection Organization a quarterly report indicating the quantity of products extracted and sold, shipped for sale, or used during the relevant quarter, the total value of the sales, and the basis of evaluation. Supplemental Title Report Page 4-15 of 70 International Trade Centre Suite 500 Baga Toiruu 37 B Law Offices Mail PO Box 279 LYNCH, IDESH & MAHONEY Ulaanbaatar, Mongolia 210646-A Phone 976.11.325.344 Fax 976.11.325.358 URL http://mongolialaw.com Writer's mobile phone 976.9911.5298 Email mongolialaw@magicnet.mn or lynch@mongolialaw.com To: Steve Roberstson David Redford Goodmans Copy to: Beverly Bartlett Ed Rochette Ivanhoe Mines Limited From: Maury Lynch Lynch, Idesh & Mahoney Date: 21 February 2002 Subj: Supplement to Mongolia Properties Title Report dated 22 October 2001 - Water and Surface Rights WATER RIGHTS - BACKGROUND Mongolia's size is approximately three times the size of France. The population of Mongolia is approximately 2.6 million, of which 800,000 to 1 million live in the capitol, Ulaanbaatar. The country is divided into 21 aimags (roughly equivalent to provinces in Canada). The aimags, in turn, are subdivided into soums (roughly equivalent to Canadian townships). The largest aimag in area- and the smallest in population- is Omnigovi. Omnigovi is located in the heart of the Gobi desert in the southern part of Mongolia that borders on China. The Turquoise Hill property is located in Omnigovi aimag. Omnigovi lies in the heart of what may be described as a highly sensitive ecologida environment. The area is semi-arid and hosts a wide variety of wildlife, including camels, wild horses and antelope. The ecosystem is both fragile and high profile and is one of Mongolia's major tourist attractions as well as a prime exploration target for paleontologists. In sum, activities that may impact this sensitive environment must be conducted with great care and will be monitored by interested parties and organizations from around the world. It is our understanding (subject to confirmation) that there are a number of underground aquifers within a radius of about 400Km of Turquoise Hill and that it is anticipated that these aquifers have sufficient water to supply the requirements of the proposed mining facilities. We will assume for present purposes that this is the case. The legal question presented is who will control and regulate the access to, and exploitation of, these water reserves. WATER RIGHTS - THE LEGAL FRAMEWORK We start with Article 16.10 of the Minerals Law of Mongolia (1991) which provides that the holder of a mining license has "the right to use water, subject to compliance with applicable laws". Water rights are governed by the Water Law of Mongolia (1995). Control and regulation of access to, and exploitation of, water reserves are exercised at three levels: - the Government of Mongolia (GOM); - the Government of the aimag in which the water reserves are located; and - the Governments of the soums in which such water reserves are located. Before proceeding, we should put certain aspects of the relationships among these governing entities in perspective in our context. The population of Omnigovi aimag is roughly 46,000. The population of this aimag's capitol city, Dalanzadgad, is roughly 13,000. The average population of the soums is more likely than not to be measured in the hundreds. The governments of the aimags and soums are essentially equivalent to town meetings (Hurals). The Water Law has detailed provisions governing the respective rights of the aimag and soum governors to control various aspects of water use. We have concluded that it would serve no useful purpose to outline these micro details in this context. The critical overriding provision is Article 19.4 of the Water Law which provides in effect that decisions with respect to the use of water by "business entities of national or regional significance" shall be made by the Ministry of the Environment in consultation with the relevant aimag Hural (in this case the Omnigovi Hural). It seems clear that use of the limited water resources from available aquifers (both under and outside of the mining claim) will be decided on the basis of comprehensive studies by qualified professionals and negotiations among Ivanhoe, the GOM, and relevant local authorities conducted within the framework of Article 19.4 of the Water Law. SURFACE RIGHTS Article 16.7 of the Minerals Law provides in effect that the holder of a mining license has the right of entry to and transit through the mining claim area and the right to construct necessary structures and to conduct other activities related to its mining operations. Article 16.10 provides that the license holder has the right of entry to and transit through land used by others pursuant to contracts between the license holder and such other parties concluded in accordance with the provisions of the Civil Law of Mongolia. The Land Law of Mongolia (1995) governs land use rights. As in the case of water rights, there is a similar three tier hierarchy of control over various aspects of land use (GOM, aimag and soum). Although there is no functional equivalent in the Land Law of Article 19.4 of the Water Law, in our view it seems clear that, in the case of "business entities of national or regional significance" (and Turquoise Hll certainly qualifies as such), the regulatory powers of the aimag and soum authorities will be subordinated to the overriding national or regional interest. We expect that appropriate land use rights will be granted pursuant to contracts negotiated with relevant local authorities. We also expect that representatives of the GOM will participate in these negotiations to ensure that the national interest is taken into account. Fee simple ownership rights in land are not recognized in Mongolia. Land use rights may be granted for up to a period of 60 years, with subsequent extensions of up to (in the aggregate) an additional 40 years. ROSCOE POSTLE ASSOCIATES INC. APPENDIX 4 SAMPLING ASSAYS AND VERIFICATION TABLE OF CONTENTS - APPENDIX 4
PAGE INTRODUCTION............................................................... 1 SAMPLING METHOD AND APPROACH............................................... 1 SAMPLE PREPARATION, ANALYSES AND SECURITY.................................. 9 DATA VERIFICATION.......................................................... 11 RPA Samples and Assays................................................ 11 Rejects from RC Samples............................................... 17 CHECK ASSAYS ON PULPS BY OTHER LABORATORIES........................... 18 FIRST SET OF OUTSIDE CHECK ASSAYS................................. 18 SECOND SET OF OUTSIDE CHECK ASSAYS................................ 18 THIRD SET OF OUTSIDE CHECK ASSAYS................................. 19
LIST OF TABLES
PAGE TABLE 4.1 Ivanhoe Mines Ltd. - Oyu Tolgoi Project Assays From Hole OTRCD 150................ 3 TABLE 4.2 Ivanhoe Mines Ltd. - Oyu Tolgoi Project Comparisons of Specific Gravity........... l2 TABLE 4.3 Ivanhoe Mines Ltd. - Oyu Tolgoi Project Check Assays For Copper.................... 13 TABLE 4.4 Ivanhoe Mines Ltd. - Oyu Tolgoi Project Check Assays For Gold...................... 14 TABLE 4.5 Ivanhoe Mines Ltd. - Oyu Tolgoi Project Check Assays for Molybdenum.............. 15 TABLE 4.6 Ivanhoe Mines Ltd. - Oyu Tolgoi Project 32 Element ICP Scan of the Pulp Samples................................................... 16 Table 4.7 Ivanhoe Mines Ltd.- Oyu Tolgoi Project Check Assays of RC.......................... Rejects for Copper and Gold................................................ 17
i ROSCOE POSTLE ASSOCIATES INC. LIST OF FIGURES
AFTER PAGE FIGURE 4.1 Duplicate Assays at Analabs for Copper..................................................... 19 FIGURE 4.2 Duplicate Assays at Analabs for Gold....................................................... 19 FIGURE 4.3 First Set of Re-Assays for Cu at Chemex.................................................... 19 FIGURE 4.4 (a) First Set of Re-Assays for Au at Chemex............................................... 19 FIGURE 4.4 (b) First Set of Re-Assays for Au at Bondar Clegg......................................... 19 FIGURE 4.5 First Set of Re-Assays for Mo at Chemex.................................................... 19 FIGURE 4.6 Second Set of Re-Assays for Cu at Bondar Clegg............................................. 19 FIGURE 4.7 Second Set of Re-Assays for Au at Bondar Clegg............................................. 19 FIGURE 4.8 Third Set of Re-Assays for Cu at Bondar Clegg.............................................. 19 FIGURE 4.9 Third Set of Re-Assays for Au at Bondar Clegg............................................. 19
ii ROSCOE POSTLE ASSOCIATES INC. INTRODUCTION Appendix 4 covers three topics. For ease of reading, these are listed below with material included in each section. Sampling Method and Approach - Sampling methods - Sample Quality - Factors used to establish sample intervals - Individual samples with values and estimated true width Sample Preparation, Analyses and Security - Aspects of sample preparation carried out by employees of Ivanhoe. - Details on sample preparation and laboratory methods. - Summary of Quality Control measures. - Statement of author's opinion on sampling, sample preparation and analytical procedures. Data Verification - RPA Samples and Assays - Rejects from RC Samples - Check Assays on Pulps by Other Laboratories - First set of Outside Check Assays - Second Set of Outside Check Assays - Third Set of Outside Check Assays SAMPLING METHOD AND APPROACH Both diamond drilling and RC drilling have been done in the Oyu Tolgoi Project. Diamond drill core provides the most significant samples from the property and forms the bulk of all of the database to date. The drilling strategy/approach (pattern) at Southwest Oyu is changing from an exploration pattern to a deposit delineation pattern. At the moment most of the holes are drilled as angle holes at about 100 m spacing on sets of sections at right angles to each other. A diamond drill hole starts with very large diameter core (PQ and NTW) and is reduced about 100 m below the collar to smaller diameter core (HQ and BTW). Core recoveries are usually >90% so the core is providing a good sample 1 ROSCOE POSTLE ASSOCIATES INC. of the rock. Core sampling is routinely a 2 m core length, an industry standard for a porphyry deposit. Ivanhoe occasionally takes 1 m samples at points where core sizes change to accommodate contact with barren post-ore rhyolite dikes. The first steps in core handling are to clean the core, fit the core back together, measure core recovery, and take RQD measurements. Fracture types and orientations are measured for the oriented core. Specific gravity measurements are taken for each rock type and all mineralization types in the drill hole. Magnetic susceptibility measurements are taken for each sample interval. The geologist logging the gedogy of a specific hole is responsible for ensuring that the geotechnical data are accurate and complete. Core is cut along a line marked on the core by the geotechnical team. The sampler removes 2 m intervals of half core cut from the same side and places samples into bags with sample book tickets. The sample number is marked on a block placed in the core box at the beginning of each sample interval. After sampling, the core is washed and placed on tables for logging and photography. One geologist is responsible for geological logging of each drill hole. There are boards with specimens representing all rock types, alteration assemblages and various stages of mineralization to use for reference and consistency. The geologists collect specimens showing different grades of copper mineralization of individual mineralization types. Uniformity of logging is the responsibility of Garamjav, the senior Mongolian geologist. Each geologist is responsible for entering his data into the digital database and for ensuring it is correct. In RPA's opinion the core recovery, logging and sampling meets or exceeds industry standards. Table 4.1 is a list of all the assays from the "Discovery Hole" OTRCD 150 included as an example of the type of data being generated. RPA has examined the assays from OTRCD 150 to OTRCD 183 as well as most of the assays from OTRCD 184. Ivanhoe has a summary of every diamond drill hole drilled by BHP or by Ivanhoe in 2000, 2001 and up to 2002 presented on their website (www.ivanhoemines.com). 2 ROSCOE POSTLE ASSOCIATES INC. TABLE 4.1 IVANHOE MINES LTD. - OYU TOLGOI PROJECT ASSAYS FROM HOLE OTRCD 150
DEPTH FROM DEPTH TO Au Cu HOLE NO. SAMPLE (m) (m) (g/t) (%) - ----------------------------------------------------------------------------------------- OTRCD150 MO11761 0 1 0.15 0.614 OTRCD150 MO11762 1 2 0.13 0.396 OTRCD150 MO11763 2 3 0.11 0.274 OTRCD150 MO11764 3 4 0.08 0.378 OTRCD150 MO11765 4 5 0.38 0.518 OTRCD150 MO11766 5 6 0.96 0.426 OTRCD150 MO11767 6 7 1.45 0.347 OTRCD150 MO11768 7 8 0.5 0.413 OTRCD150 MO11769 8 9 0.57 0.406 OTRCD150 MO11770 9 10 0.36 0.308 OTRCD150 MO11771 10 11 0.35 0.241 OTRCD150 MO11772 11 12 0.19 0.352 OTRCD150 MO11773 12 13 0.52 0.397 OTRCD150 MO11774 13 14 0.66 0.344 OTRCD150 MO11775 14 15 0.33 0.311 OTRCD150 MO11776 15 16 0.47 0.345 OTRCD150 MO11777 16 17 0.58 0.418 OTRCD150 MO11778 17 18 0.7 0.588 OTRCD150 MO11779 18 19 0.38 0.287 OTRCD150 MO11780 19 20 0.15 0.398 OTRCD150 MO11781 20 21 0.08 0.345 OTRCD150 MO11782 21 22 0.05 0.275 OTRCD150 MO11783 22 23 0.07 0.321 OTRCD150 MO11784 23 24 0.1 0.404 OTRCD150 MO11785 24 25 0.08 0.318 OTRCD150 MO11786 25 26 0.11 0.488 OTRCD150 MO11787 26 27 0.07 0.329 OTRCD150 MO11788 27 28 0.24 0.468 OTRCD150 MO11789 28 29 0.33 0.37 OTRCD150 MO11790 29 30 0.2 0.381 OTRCD150 MO11791 30 31 1.43 0.354 OTRCD150 MO11792 31 32 0.45 0.365 OTRCD150 MO11793 32 33 0.17 0.367 OTRCD150 MO11794 33 34 0.03 0.0893 OTRCD150 MO11795 34 35 0.09 0.0293 OTRCD150 MO11796 35 36 0.03 0.0201 OTRCD150 MO11797 36 37 0.03 0.0267 OTRCD150 MO11798 37 38 0.03 0.0878 OTRCD150 MO11799 38 39 0.03 0.0257 OTRCD150 MO11800 39 40 0.03 0.0292 OTRCD150 MO11801 40 41 0.04 0.0498 OTRCD150 MO11802 41 42 0.03 0.0791 OTRCD150 MO11803 42 43 0.01 0.0292 OTRCD150 MO11804 43 44 0.02 0.0376 OTRCD150 MO11805 44 45 -0.01 0.0173 OTRCD150 MO11806 45 46 0.02 0.0873 OTRCD150 MO11807 46 47 0.01 0.0495 OTRCD150 MO11808 47 48 0.03 0.0811 OTRCD150 MO11809 48 49 0.01 0.0242 OTRCD150 MO11810 49 50 0.01 0.0194
3 ROSCOE POSTLE ASSOCIATES INC. TABLE 4.1 IVANHOE MINES LTD. - OYU TOLGOI PROJECT ASSAYS FROM HOLE OTRCD 150
DEPTH FROM DEPTH TO Au Cu HOLE NO. SAMPLE (m) (m) (g/t) (%) - ----------------------------------------------------------------------------------------- OTRCD150 MO11811 50 51 0.03 0.0907 OTRCD150 MO11812 51 52 0.01 0.039 OTRCD150 MO11813 52 53 -0.01 0.0127 OTRCD150 MO11814 53 54 0.01 0.0332 OTRCD150 MO11815 54 55 -0.01 0.0107 OTRCD150 MO11816 55 56 0.01 0.0318 OTRCD150 MO11817 56 57 -0.01 0.0085 OTRCD150 MO11818 57 58 0.3 0.353 OTRCD150 MO11819 58 59 0.32 0.456 OTRCD150 MO11820 59 60 0.14 0.1745 OTRCD150 MO11821 60 62 0.08 0.0888 OTRCD150 MO11822 62 64 1.18 0.0013 OTRCD150 MO11823 64 66 0.04 0.0429 OTRCD150 MO11824 66 68 0.12 0.109 OTRCD150 MO11825 68 70 0.11 0.1535 OTRCD150 MO11826 70 72 0.29 0.343 OTRCD150 MO11827 72 74 0.32 0.662 OTRCD150 MO11828 74 76 0.31 0.598 OTRCD150 MO11829 76 78 0.57 0.652 OTRCD150 MO11830 78 80 0.4 0.614 OTRCD150 MO11831 80 82 0.29 0.463 OTRCD150 MO11832 82 84 0.01 0.0019 OTRCD150 MO11833 84 86 0.66 0.954 OTRCD150 MO11834 86 88 0.32 0.382 OTRCD150 MO11835 88 90 0.26 0.332 OTRCD150 MO11836 90 92 0.65 0.835 OTRCD150 MO11837 92 94 0.29 0.406 OTRCD150 MO11838 94 96 0.24 0.361 OTRCD150 MO11839 96 98 0.56 0.837 OTRCD150 MO11840 98 100 0.61 0.678 OTRCD150 MO11841 100 102 0.49 0.507 OTRCD150 MO11842 102 104 0.72 0.738 OTRCD150 MO11843 104 106 0.6 0.463 OTRCD150 MO11844 106 108 0.44 0.447 OTRCD150 MO11845 108 110 0.38 0.482 OTRCD150 MO11846 110 112 0.47 0.478 OTRCD150 MO11847 112 114 0.65 0.592 OTRCD150 MO11848 114 116 0.82 0.574 OTRCD150 MO11849 116 118 0.56 0.409 OTRCD150 MO11850 118 120 0.55 0.43 OTRCD150 MO11851 120 122 0.4 0.28 OTRCD150 MO11852 122 124 0.41 0.32 OTRCD150 MO11853 124 126 0.73 0.74 OTRCD150 MO11854 126 128 0.43 0.41 OTRCD150 MO11855 128 130 0.94 1.13 OTRCD150 MO11856 130 132 0.75 0.53 OTRCD150 MO11857 132 134 0.53 0.38 OTRCD150 MO11858 134 136 1.08 0.82 OTRCD150 MO11859 136 138 0.83 0.7 OTRCD150 MO11860 138 140 0.85 0.97 OTRCD150 MO11861 140 142 0.8 0.54
4 ROSCOE POSTLE ASSOCIATES INC. TABLE 4.1 IVANHOE MINES LTD. - OYU TOLGOI PROJECT ASSAYS FROM HOLE OTRCD 150
DEPTH FROM DEPTH TO Au Cu HOLE NO. SAMPLE (m) (m) (g/t) (%) - ------------------------------------------------------------------------------------------ OTRCD150 MO11862 142 144 0.71 0.55 OTRCD150 MO11863 144 146 0.77 0.84 OTRCD150 MO11864 146 148 0.65 0.49 OTRCD150 MO11865 148 150 0.99 0.94 OTRCD150 MO11866 150 152 0.42 0.37 OTRCD150 MO11867 152 154 0.6 0.56 OTRCD150 MO11868 154 156 0.69 0.72 OTRCD150 MO11869 156 158 0.67 0.54 OTRCD150 MO11870 158 160 1.13 1.14 OTRCD150 MO11871 160 162 1.24 1.41 OTRCD150 MO11872 162 164 1.04 0.82 OTRCD150 MO11873 164 166 2.1 0.52 OTRCD150 MO11874 166 168 1.11 0.82 OTRCD150 MO11875 168 170 0.64 0.38 OTRCD150 MO11876 170 172 0.96 0.55 OTRCD150 MO11877 172 174 0.94 0.67 OTRCD150 MO11878 174 176 1.09 0.66 OTRCD150 MO11879 176 178 0.8 0.48 OTRCD150 MO11880 178 180 1.47 0.76 OTRCD150 MO11881 180 182 0.55 0.35 OTRCD150 MO11882 182 184 0.68 0.4 OTRCD150 MO11883 184 186 0.96 0.48 OTRCD150 MO11884 186 188 0.97 0.43 OTRCD150 MO11885 188 190 2.35 0.43 OTRCD150 MO11886 190 192 1.4 0.6 OTRCD150 MO11887 192 194 1.86 0.84 OTRCD150 MO11888 194 196 1.19 0.45 OTRCD150 MO11889 196 198 1.9 0.4 OTRCD150 MO11890 198 200 2.7 1.41 OTRCD150 MO11891 200 202 1.47 0.51 OTRCD150 MO11892 202 204 1.41 0.59 OTRCD150 MO11893 204 206 1.36 0.57 OTRCD150 MO11894 206 208 1.76 0.71 OTRCD150 MO11895 208 210 1.11 0.58 OTRCD150 MO11896 210 212 2.45 0.8 OTRCD150 MO11897 212 214 2.1 0.69 OTRCD150 MO11898 214 216 1.59 0.4 OTRCD150 MO11899 216 218 1.12 0.3 OTRCD150 MO11900 218 220 1.55 0.47 OTRCD150 MO11901 220 222 1.54 0.64 OTRCD150 MO11902 222 224 2.25 0.71 OTRCD150 MO11903 224 226 1.9 0.83 OTRCD150 MO11904 226 228 3.5 1.98 OTRCD150 MO11905 228 230 1.02 0.45 OTRCD150 MO11906 230 232 1.69 0.82 OTRCD150 MO11907 232 234 1.12 0.54 OTRCD150 MO11908 234 236 1.03 0.64 OTRCD150 MO11909 236 238 0.33 0.44 OTRCD150 MO11910 238 240 1.41 0.67 OTRCD150 MO11911 240 242 1.61 1.14 OTRCD150 MO11912 242 244 1.6 0.85
5 ROSCOE POSTLE ASSOCIATES INC. TABLE 4.1 IVANHOE MINES LTD. - OYU TOLGOI PROJECT ASSAYS FROM HOLE OTRCD 150
DEPTH FROM DEPTH TO Au Cu HOLE NO. SAMPLE (m) (m) (g/t) (%) - ------------------------------------------------------------------------------------------ OTRCD150 MO11913 244 246 0.84 0.4 OTRCD150 MO11914 246 248 1.75 0.81 OTRCD150 MO11915 248 250 2.6 1.25 OTRCD150 MO11916 250 252 2.5 1.08 OTRCD150 MO11917 252 254 1.05 0.44 OTRCD150 MO11918 254 256 1.4 0.58 OTRCD150 MO11919 256 258 1.07 0.44 OTRCD150 MO11920 258 260 1.77 0.74 OTRCD150 MO11921 260 262 3.45 1.47 OTRCD150 MO11922 262 264 1 0.64 OTRCD150 MO11923 264 266 1.55 0.93 OTRCD150 MO11924 266 268 0.31 0.29 OTRCD150 MO11925 268 270 1.75 1.31 OTRCD150 MO11926 270 272 1.31 0.83 OTRCD150 MO11927 272 274 0.91 0.49 OTRCD150 MO11928 274 276 0.95 0.55 OTRCD150 MO11929 276 278 1.06 0.53 OTRCD150 MO11930 278 280 1.63 0.79 OTRCD150 MO11931 280 282 1.48 0.88 OTRCD150 MO11932 282 284 1.81 0.9 OTRCD150 MO11933 284 286 1.69 1.24 OTRCD150 MO11934 286 288 1.78 1.22 OTRCD150 MO11935 288 290 2 1.56 OTRCD150 MO11936 290 292 1.4 1.06 OTRCD150 MO11937 292 294 1.38 1.11 OTRCD150 MO11938 294 296 1.62 1.18 OTRCD150 MO11939 296 298 1.89 2.77 OTRCD150 MO11940 298 300 2.3 2.33 OTRCD150 MO11941 300 302 0.83 1.28 OTRCD150 MO11942 302 304 0.36 1.31 OTRCD150 MO11943 304 306 0.54 1.28 OTRCD150 MO11944 306 308 0.28 1.32 OTRCD150 MO11945 308 310 0.04 0.1 OTRCD150 MO11946 310 312 3.35 1.78 OTRCD150 MO11947 312 314 1.34 1.11 OTRCD150 MO11948 314 316 1.93 1.29 OTRCD150 MO11949 316 318 2.85 1.81 OTRCD150 MO11950 318 320 1.47 0.91 OTRCD150 MO11951 320 322 2.05 1.08 OTRCD150 MO11952 322 324 1.49 1.05 OTRCD150 MO11953 324 326 3.2 1.24 OTRCD150 MO11954 326 328 2.4 1.36 OTRCD150 MO11955 328 330 1.54 1.56 OTRCD150 MO11956 330 332 1.67 1.78 OTRCD150 MO11957 332 334 0.64 0.7 OTRCD150 MO11958 334 336 1.18 0.77 OTRCD150 MO11959 336 338 1.17 1.06 OTRCD150 MO11960 338 340 0.86 1.28 OTRCD150 MO11961 340 342 0.39 1.55 OTRCD150 MO11962 342 344 0.97 1.46 OTRCD150 MO11963 344 346 1.65 1.28
6 ROSCOE POSTLE ASSOCIATES INC. TABLE 4.1 IVANHOE MINES LTD. - OYU TOLGOI PROJECT ASSAYS FROM HOLE OTRCD 150
DEPTH FROM DEPTH TO Au Cu HOLE NO. SAMPLE (m) (m) (g/t) (%) - ------------------------------------------------------------------------------------------ OTRCD150 MO11964 346 348 1.81 1.14 OTRCD150 MO11965 348 350 0.96 1.22 OTRCD150 MO11966 350 352 1.32 1.02 OTRCD150 MO11967 352 354 1.4 0.86 OTRCD150 MO11968 354 356 1.87 1.19 OTRCD150 MO11969 356 358 1.16 0.7 OTRCD150 MO11970 358 360 2.1 1.55 OTRCD150 MO11971 360 362 2.9 1.54 OTRCD150 MO11972 362 364 4.2 2.59 OTRCD150 MO11973 364 366 2.3 1.84 OTRCD150 MO11974 366 368 1.93 1.49 OTRCD150 MO11975 368 370 2.25 1.97 OTRCD150 MO11976 370 372 1.11 1.5 OTRCD150 MO11977 372 374 1.18 1.21 OTRCD150 MO11978 374 376 1.01 1.04 OTRCD150 MO11979 376 378 1.25 1.09 OTRCD150 MO11980 378 380 0.75 1.04 OTRCD150 MO11981 380 382 2.15 1.5 OTRCD150 MO11982 382 384 0.48 1.04 OTRCD150 MO11983 384 386 0.74 0.8 OTRCD150 MO11984 386 388 1.98 0.7 OTRCD150 MO11985 388 390 0.75 1.08 OTRCD150 MO11986 390 392 1.18 1.2 OTRCD150 MO11987 392 394 0.91 1.34 OTRCD150 MO11988 394 396 1.16 0.95 OTRCD150 MO11989 396 398 0.92 0.82 OTRCD150 MO11990 398 400 0.61 0.72 OTRCD150 MO11991 400 402 0.89 1.06 OTRCD150 MO11992 402 404 1.08 1.09 OTRCD150 MO11993 404 406 1.81 1.27 OTRCD150 MO11994 406 408 0.29 0.97 OTRCD150 MO11995 408 410 1.25 0.91 OTRCD150 MO11996 410 412 1.4 0.99 OTRCD150 MO11997 412 414 1.48 1.07 OTRCD150 MO11998 414 416 2.45 1.65 OTRCD150 MO11999 416 418 2.1 1.19 OTRCD150 MO12000 418 420 2.2 1.37 OTRCD150 MO12001 420 422 1.71 1.03 OTRCD150 MO12002 422 424 1.5 0.86 OTRCD150 MO12003 424 426 1.87 1.17 OTRCD150 MO12004 426 428 1.27 0.76 OTRCD150 MO12005 428 430 1.54 0.99 OTRCD150 MO12006 430 432 2.3 1.08 OTRCD150 MO12007 432 434 1.43 0.68 OTRCD150 MO12008 434 436 1.45 0.84 OTRCD150 MO12009 436 438 2.1 1.22 OTRCD150 MO12010 438 440 3.3 1.36 OTRCD150 MO12011 440 442 2.5 1.12 OTRCD150 MO12012 442 444 3.35 1.34 OTRCD150 MO12013 444 446 0.75 0.66 OTRCD150 MO12014 446 448 1.81 0.97
7 ROSCOE POSTLE ASSOCIATES INC. TABLE 4.1 IVANHOE MINES LTD. - OYU TOLGOI PROJECT ASSAYS FROM HOLE OTRCD 150
DEPTH FROM DEPTH TO Au Cu HOLE NO. SAMPLE (m) (m) (g/t) (%) - ------------------------------------------------------------------------------------------- OTRCD150 MO12015 448 450 2.8 1.64 OTRCD150 MO12016 450 452 1.07 0.57 OTRCD150 MO12017 452 454 0.36 0.2 OTRCD150 MO12018 454 456 3.25 0.79 OTRCD150 MO12019 456 458 2.4 0.65 OTRCD150 MO12020 458 460 2 0.81 OTRCD150 MO12021 460 462 2.85 1.55 OTRCD150 MO12022 462 464 1.56 0.65 OTRCD150 MO12023 464 466 1.68 0.83 OTRCD150 MO12024 466 468 0.89 0.42 OTRCD150 MO12025 468 470 0.94 0.52 OTRCD150 MO12026 470 472 0.67 0.53 OTRCD150 MO12027 472 474 0.73 0.5 OTRCD150 MO12028 474 476 1.01 0.97 OTRCD150 MO12029 476 478 1.42 1.21 OTRCD150 MO12030 478 480 0.62 0.54 OTRCD150 MO12031 480 482 0.55 0.39 OTRCD150 MO12032 482 484 1.11 0.68 OTRCD150 MO12033 484 486 1.03 0.85 OTRCD150 MO12034 486 488 0.7 0.52 OTRCD150 MO12035 488 490 1.84 1.17 OTRCD150 MO12036 490 492 0.98 0.58 OTRCD150 MO12037 492 494 0.68 0.46 OTRCD150 MO12038 494 496 0.93 0.72 OTRCD150 MO12039 496 498 1.12 0.74 OTRCD150 MO12040 498 500 0.16 0.03 OTRCD150 MO12041 500 502 0.51 0.31 OTRCD150 MO12042 502 504 0.01 0.01 OTRCD150 MO12043 504 506 0.31 0.17 OTRCD150 MO12044 506 508 0.54 0.37 OTRCD150 MO12045 508 510 1.87 1.02 OTRCD150 MO12046 510 512 1.21 1.21 OTRCD150 MO12047 512 514 0.91 0.82 OTRCD150 MO12048 514 516 0.46 0.46 OTRCD150 MO12049 516 518 0.45 0.36 OTRCD150 MO12050 518 520 0.33 0.33 OTRCD150 MO12051 520 522 0.41 0.31 OTRCD150 MO12052 522 524 0.38 0.34 OTRCD150 MO12053 524 526 -0.01 0.01 OTRCD150 MO12054 526 528 0.03 -0.01 OTRCD150 MO12055 528 530 0.27 0.15 OTRCD150 MO12056 530 532 0.7 0.48 OTRCD150 MO12057 532 534 0.35 0.27 OTRCD150 MO12058 534 536 0.57 0.5 OTRCD150 MO12059 536 538 0.93 1.07 OTRCD150 MO12060 538 540 0.41 0.46 OTRCD150 MO12061 540 542 0.44 0.36 OTRCD150 MO12062 542 544 0.6 0.66 OTRCD150 MO12063 544 546 0.84 0.75 OTRCD150 MO12064 546 548 0.53 -0.01 OTRCD150 MO12065 548 550 0.27 0.36
8 ROSCOE POSTLE ASSOCIATES INC. TABLE 4.1 IVANHOE MINES LTD. - OYU TOLGOI PROJECT ASSAYS FROM HOLE OTRCD 150
DEPTH FROM DEPTH TO Au Cu HOLE NO. SAMPLE (m) (m) (g/t) (%) - ------------------------------------------------------------------------------------------- OTRCD150 MO12066 550 552 0.4 0.51 OTRCD150 MO12067 552 554 0.32 0.57 OTRCD150 MO12068 554 556 0.32 0.63 OTRCD150 MO12069 556 558 0.28 0.5 OTRCD150 MO12070 558 560 0.22 0.38 OTRCD150 MO12071 560 562 0.7 0.83 OTRCD150 MO12072 562 564 0.31 0.7 OTRCD150 MO12073 564 566 0.24 0.69 OTRCD150 MO12074 566 568 0.34 0.53 OTRCD150 MO12075 568 570 0.19 0.6 OTRCD150 MO12076 570 572 0.5 0.67 OTRCD150 MO12077 572 574 0.34 0.57 OTRCD150 MO12078 574 576 0.37 0.51 OTRCD150 MO12079 576 578 0.38 0.62 OTRCD150 MO12080 578 580 0.05 0.1 OTRCD150 MO12081 580 582 0.03 0.07 OTRCD150 MO12082 582 584 0.03 0.05 OTRCD150 MO12083 584 586 0.03 0.04 OTRCD150 MO12084 586 588 0.04 0.03 OTRCD150 MO12085 588 590.7 0.02 -0.01
SAMPLE PREPARATION, ANALYSES AND SECURITY At the time of RPA' s visit Ivanhoe' s procedure was to ship samples of half core from the site to Ulaanbaatar for additional preparation in Analab's facility. All sampling and preparation at the exploration site was done by Ivanhoe employees. For quality control at the exploration site, blanks and duplicate samples are inserted so that 1 sample in 20 is either a blank or a duplicate, alternately. Blanks are made from core of a post ore rhyolii dike. Duplicates are made from quartered core from a previously assayed interval. The entire sample is crushed to a coarse sand size. This material is split with a riffle splitter to provide a 500 g sample which is pulverized to 90%<70 microns. One sample in 20 is wet sieved to ensure that the particle size stays constant. Analabs uses a computer program to select random samples for duplicate assays. Ivanhoe plans to move the sample preparation step from Ulaanbaatar to the exploration site when the necessary machinery 9 ROSCOE POSTLE ASSOCIATES INC. arrives at the site. From the 500 g pulverized sample, a 30 g sample is split out for fire assay and smaller samples are digested in acid for Atomic Absorption analysis of copper, molybdenum and other metals. The complete assay protocols used by Analabs are included in Appendix 2. Analabs Mongolia is a branch of Analabs Pty. Ltd., an Australian analytical Laboratory with twenty-six laboratories in Australia and Southeast Asia. It is RPA's understanding that Analabs has subsequently been purchased by SGS Group, a large international analytical company. Analabs maintains its internal accuracy by repeating analyses on a routine basis. It utilizes a randomizing computer program for duplicating samples. The laboratory produces QA/AC reports on a monthly basis so clients can have an ongoing check of the quality of their assays. This laboratory also participates in round robin assaying by all of the Analabs laboratories to maintain an internal check on accuracy. Ivanhoe had not requested the QA/QC reports at the time of RPA's visit, so they were not available for inspection. The most recent Analabs round robin in May 2001 assayed two standard samples of gold: IRR48/A with a fire assay value of 2.56 ppm (standard deviation (SD) 0.09) and a Aqua Regia value of 2.56 ppm (SD 0.18), and IRR48/B with a fire assay value of 0.87 ppm (SD 0.05) and an Aqua Regia value of 0.85 ppm (SD 0.05). Analabs Mongolia obtained average values of 2.85 ppm for IRR48/A and 0.94 ppm for IRR48/B using fire assays. Both values were too high to be acceptable to Analabs at that time. Since then, subsequent batches of gold check assays at other labs from the Southwest Oyu drilling, have been acceptable, as discussed later. It would be useful to have standard samples analyzed by Analabs on a routine basis. RPA examined a set of 101 duplicate copper analyses and 96 duplicate gold analyses done by Analabs of samples from Oyu Tolgoi. Figure 4.1 shows the distribution of the values of both copper and gold on a Thompson-Howarth plot. The values for variance and the distribution on the graph indicate that the Analabs reproducibility for both 10 ROSCOE POSTLE ASSOCIATES INC. copper and gold is acceptable, in RPA's view. RPA believes that sampling and sample preparation methods are consistent with industry standards. Analytical procedures obtain reproducible values for copper and gold. When the values obtained by Analabs are compared to values obtained by other laboratories from the same pulps (next section) the copper results are good, the gold results are acceptable and the molybdenum results need additional work. DATA VERIFICATION RPA approached data verification in three ways. First, we collected samples of drill core and the corresponding pulps and sections in Mongolia and brought them to Canada for analyses at XRAL in Toronto. Second, RPA obtained rejects of RCD samples and brought them to Canada to be re-analyzed. Third, RPA reviewed the results of check assays done on pulps of RC or diamond drill core samples done by Bondar-Clegg and Chemex Laboratories in Vancouver. RPA SAMPLES AND ASSAYS At the site, RPA collected seven samples of drill core, each about 15 cm long, from seven, 1 m and 2 m sample intervals in OTRCD 149, 150 and OTD 159. From the Analabs warehouse in Ulaanbaatar, RPA obtained reject and pulp samples corresponding to five of the core samples. In two instances the reject and pulp samples were for intervals close to the core sample interval. At XRAL (SGS) in Toronto the specific gravity was measured using water displacement for each core sample. All core samples, reject samples and pulp samples were assayed for Au, Cu and Mo. In addition the pulp samples were analyzed for 32 elements using an ICP process. RPA specific gravity measurements are compared with Ivanhoes in Table 4.2. 11 ROSCOE POSTLE ASSOCIATES INC. TABLE 4.2 IVANHOE MINES LTD. - OYU TOLGOI PROJECT COMPARISONS OF SPECIFIC GRAVITY
RPA SAMPLES IVANHOE SAMPLES n = 7 n = 930 - ---------------------------------------------------- ~~Range 2.71 - 2.94 2.64 - 2.90 Average 2.82 2.77 Standard Deviation n/a 0.13~~
Without weighing the 930 samples by rock type, this is a good correspondence. Tables 4.3, 4.4 and 4.5 list the XRAL assay values for the RPA core rejects and pulp samples along with the values obtained by Analabs. For the copper assays the XRAL values are close to the Analabs assays values for the pulps and for the rejects. For core samples the XRAL values are the same order of magnitude as the Analabs assays but do not correspond as well with them. This is to be expected since RPA core samples are 15 cm long half core sample and the samples Ivanhoe submitted to Analabs are 1 m or 2 m long half core samples. Except for one sample, the XRAL gold assays of the reject and pulp samples correspond with the Analabs value, although the Analabs gold values tend to be somewhat higher. For Sample 11886, the Analabs value for the reject is double the XRAL assays. The XRAL values for core are in the same order of magnitude as the Analab values, except for Sample 11849, but differ due to different core sample sizes, as noted above for copper. The molybdenum values are too low for a meaningful comparison among the XRAL assays and there are no Analabs Mo assays to compare with. The RPA check samples confirm that copper and gold are present in the Ivanhoe core in the amounts indicated in the Analabs assays. 12 ROSCOE POSTLE ASSOCIATES INC. TABLE 4.3 IVANHOE MINES LTD. - OYU TOLGOI PROJECT CHECK ASSAYS FOR COPPER
IVANHOE SAMPLES AT RPA SAMPLES AT XRAL CANADA ANALABS DRILL HOLE NO. AND SAMPLE Cu % Cu % Cu % INTERVAL NO. CORE REJECT PULP Cu % - ------------------------------------------------------------------------- OTRCD 150 116 - 118 m 11849 0.29 - - 0.41 124 - 126 m 11853 - 0.60 0.74 0.74 190 - 192 m 11886 0.44 0.59 0.68 0.60 336 - 338 m 11959 0.84 0.87 1.10 1.06 OTD 159 55 - 56 m 13050 1.79 1.13 1.27 1.23 115 - 116 m 13110 1.02 0.86 0.86 0.76 180 - 182 m 13149 0.89 0.62 0.60 0.55 OTRCD 149 73 - 75 m 11595 2.81 - - 1.96 62 - 63 m 11589 - 0.40 0.43 0.42
13 ROSCOE POSTLE ASSOCIATES INC. TABLE 4.4 IVANHOE MINES LTD. - OYU TOLGOI PROJECT CHECK ASSAYS FOR GOLD
IVANHOE SAMPLES AT RPA SAMPLES AT XRAL CANADA ANALABS DRILL HOLE NO. AND SAMPLE Au (ppb) Au (ppb) Au (ppb) INTERVAL NO. CORE REJECT PULP Au (ppb) - ------------------------------------------------------------------------------ OTRCD 150 116 - 118 m 11849 242 - - 6,560 124 - 126 m 11853 - 450 624 730 190 - 192 m 11886 693 668 618 1,400 336 - 338 m 11959 514 775 1,070 1,170 OTD 159 55 - 56 m 13050 251 71 152 220 115 - 116 m 13110 62 119 97 140 180 - 182 m 13149 45 34 52 60 OTRCD 149 62 - 63 m 11589 - 14 34 30 73 - 75 m 11595 171 - - 310
14 ROSCOE POSTLE ASSOCIATES INC. TABLE 4.5 IVANHOE MINES LTD. - OYU TOLGOI PROJECT CHECK ASSAYS FOR MOLYBDENUM
INDEPENDENT ASSAYS ANALABS XRAL TORONTO ASSAY DRILL HOLE NO. SAMPLE Mo (%) Mo (%) Mo (%) ASSAY NO. CORE REJECT PULP Mo (%) - ------------------------------------------------------------ OT 150 116 - 118 m 11849 <0.01 - - - 124 - 126 m 11853 - <0.01 <0.01 - 190 - 192 m 11886 <0.01 <0.01 <0.01 - 336 - 338 m 11959 0.02 0.02 0.02 - OT 159 55 - 56 m 13050 0.03 0.01 0.01 - 115 - 116 m 13110 <0.01 0.01 0.01 - 180 - 182 m 13149 <0.01 <0.01 <0.01 - OT 149 73 - 75 m 11595 0.01 - - - 62 - 63 m 11589 - <0.01 <0.01 -
Table 4.6 lists the ICP analyses of 7 pulp samples for 32 elements. Three of the seven samples contain significant amounts of arsenic, ranging from 29 ppm to 588 ppm. The samples with the As anomalies are all from Hole OTRCD 159. All of the pulps are geochemically anomalous in molybdenum. In addition to its possible commercial value, molybdenum might make a useful tracer for copper-gold mineralization in soil and/or rock samples away from zones of known mineralization as an exploration tool. All the pulps were also anomalous in silver but it is probably too mobile to serve as a tracer element. TABLE 4.6 IVANHOE MINES LTD. - OYU TOLGOI PROJECT 32 ELEMENT ICP SCAN OF THE PULP SAMPLES
ELEMENT Mo 11853 Mo 11886 Mo 11959 Mo 13050 Mo 13110 Mo 13149 Mo 11589 - ------------------------------------------------------------------------------------ Be ppm <0.5 <0.5 <0.5 <0.5 <0.5 <0.5 <0.5 Na % 0.08 0.05 0.04 0.02 0.01 0.02 0.04 Mg % 3.6 3.67 0.18 <0.01 <0.01 0.02 0.29 Al % 2.96 2.75 0.59 0.3 0.33 0.58 1.61 P % 0.14 0.13 <0.04 <0.01 <0.01 <0.01 0.05
15 ROSCOE POSTLE ASSOCIATES INC. K % 0.48 0.44 0.43 0.19 0.13 0.36 0.32 Ca % 2.12 1.61 0.21 0.02 <0.01 0.01 0.17 Sc ppm 20.3 18.1 <0.5 <0.5 <0.5 0.8 <0.5 Ti % 0.12 0.25 <0.01 <0.01 <0.01 <0.01 <0.01 V ppm 265 229 6 20 22 11 19 Cr ppm 131 60 107 100 91 61 23 Mn ppm 922 912 43 15 11 13 930 Fe % 8.61 6.81 2.57 8.84 4.43 4.1 4.86 Co ppm 41 34 5 27 63 40 10 Ni ppm 44 25 4 12 19 23 6 Cu ppm 7100 6330 >10000 >10000 8780 5970 4200 Zn ppm 97.9 83.9 189 30.1 22.6 62.2 134 As ppm <3 <3 <3 29 588 97 <3 Sr ppm 49.5 25.2 23.3 30.4 13.2 8.2 22.6 Y ppm 11.4 11.9 2.7 0.5 0.6 0.8 3.4 Zr ppm 2.5 1.3 1.7 1.3 0.8 1.9 7 Mo ppm 32 23 165 139 114 42 21 Ag ppm 2.1 1.9 2.1 >10 2.7 1.6 1.5 Cd ppm <1 <1 <1 <1 5 <1 <1 Sn ppm <10 <10 <10 <10 <10 <10 <10 Sb ppm <5 <5 <5 <5 <5 <5 <5 Ba ppm 7 8 27 4 6 132 97 La ppm 0.7 0.7 5.3 <0.5 <0.5 <0.5 1.6 W ppm <10 <10 <10 <10 <10 <10 <10 Pb ppm 8 8 35 29 16 8 25 Bi ppm *INF *INF *INF *INF *INF *INF *INF Li ppm 33 32 2 <1 <1 1 13

Note: *INF Composition of Sample makes detection impossible with this method. 16 ROSCOE POSTLE ASSOCIATES INC. REJECTS FROM RC SAMPLES RPA obtained rejects from 14 samples from the RC portion of RCD OTRCD 159. These samples were assayed for Cu, Au and Mo at XRAL in Toronto. All of the samples had corresponding values from Analabs for copper and 11 of the samples had been previously assayed for gold at Analabs. Results are shown in Table 4.7. While the small number of samples does not allow meaningful statistical comparison, the values from Analabs and XRAL appear to correspond very well. TABLE 4.7 IVANHOE MINES LTD. - OYU TOLGOI PROJECT CHECK ASSAYS OF RC REJECTS FOR COPPER AND GOLD
Au (ppb) Cu (%) Mo (%) SAMPLES XRAL ANALABS XRAL ANALABS XRAL ANALABS - -------------------------------------------------------------- Mo5887 13 ND 0.19 0.104 0.01 ND Mo5888 15 ND 0.23 0.182 0.01 ND Mo5889 13 ND 0.29 0.29 0.02 ND Mo5911 95 ND 1.25 1.27 <0.01 ND Mo5912 238 ND 1.4 1.42 <0.01 ND Mo5922 99 ND 1.04 1.03 <0.01 ND Mo5923 82 ND 0.77 0.691 <0.01 ND Mo5928 87 ND 0.75 0.659 <0.01 ND Mo5929 114 ND 0.75 0.658 0.04 ND Mo5935 44 ND 0.56 0.482 0.02 ND Mo5936 74 ND 0.76 0.72 0.01 ND Mo9901 18 30 0.3 0.285 <0.01 ND Mo9902 6 30 0.27 0.265 <001 ND Mo9903 7 10 0.5 0.516 <0.01 ND DUP-Mo5887 12 0.19 0.01 DUP-M09902 7 0.27 <0.01
17 ROSCOE POSTLE ASSOCIATES INC. CHECK ASSAYS ON PULPS BY OTHER LABORATORIES Ivanhoe sent batches of pulps to Bondar Clegg and Chemex Laboratories in Vancouver for check assays on the original Analabs assays. RPA has examined the results of three batches of pulps that were check assayed in Vancouver. The initial comparison was made on 56 pulps from RC samples, which were assayed at Analabs, Bondar Clegg and Chemex for gold and molybdenum and at Analabs and Chemex for copper. FIRST SET OF OUTSIDE CHECK ASSAYS The results of these analyses are shown in Figures 4.2, 4.3, and 4.4. Copper analyses at Analabs, Chemex and Bondar Clegg gave essentially the same results. The gold values at Analabs are systematically higher than either Chemex or Bondar Clegg. The gold values at Bondar Clegg and Analabs are closer compared to those at Chemex. For molybdenum, Bondar Clegg and Chemex give similar results, however, both sets are very different from those at Analabs. There is so much variance in the molybdenum assays between Analabs and the Vancouver labs that RPA wonders if the pulps were thoroughly mixed before they were re-sampled in Mongolia. If the pulp samples were not thoroughly mixed, but the split sent to Vancouver was carefully mixed by the first lab before a split was sent to the second lab the Vancouver labs would have similar results, but may be different from those obtained in Mongolia. More work is needed on the molybdenum assays at Analabs. SECOND SET OF OUTSIDE CHECK ASSAYS The second set of assay comparisons was made with 26 pulp samples from diamond drill core analyzed at Analabs and Bonder Clegg. Results are summarized in Figure 4.6. Analabs tends to get higher gold assays for values >1 g/t but most sample pairs show little variance. Copper assays are evenly distributed above and below zero difference some 91% of the values show less than" 10% variance. 18 ROSCOE POSTLE ASSOCIATES INC. Molybdenum assays for these samples are widely scattered. Once again incomplete sample mixing could contribute to the problem or it may be just an inappropriate assay technique. More work is needed. THIRD SET OF OUTSIDE CHECK ASSAYS The third set of duplicate samples consists of 81 pulps from split core samples assayed at Analabs in Mongolia and Bondar Clegg in Vancouver for copper and gold. The correlation coefficients for gold and copper are 0.71 and 0.78. Figures 4.8 and 4.9 show Thompson and Howarth Plots of the copper and gold duplicates. Copper values show a symmetrical distribution around zero difference. Although there are a few outliers the bulk of the samples fit into an acceptable distribution. The gold values show an tight distribution around zero. In the three sets of outside check assays for gold the correlation between the values obtained by Analabs and the outside laboratories has steadily improved. 19 ROSCOE POSTLE ASSOCIATES INC. [GRAPH OF DUPLICATE COPPER ASSAYS AT ANALABS] 1 ROSCOE POSTLE ASSOCIATES INC. [GRAPH OF DUPLICATE GOLD ASSAYS AT ANALABS] 2 ROSCOE POSTLE ASSOCIATES INC. [GRAPH OF FIRST SET OF 54 Cu RE-ASSAYS, CHEMEX] 3 ROSCOE POSTLE ASSOCIATES INC. [GRAPH OF FIRST SET OF 56 Au RE-ASSAYS, CHEMEX] 4 ROSCOE POSTLE ASSOCIATES INC. [GRAPH OF FIRST SET OF 56 Au RE-ASSAYS AT BONDAR CLEGG] 5 ROSCOE POSTLE ASSOCIATES INC. [GRAPH OF FIRST SET OF 26 Mo RE-ASSAYS AT CHEMEX] 6 ROSCOE POSTLE ASSOCIATES INC. [GRAPH OF SECOND SET OF 23 Cu RE-ASSAYS AT BONDAR CLEGG] 7 ROSCOE POSTLE ASSOCIATES INC. [GRAPH OF SECOND SET OF 23 Au RE-ASSAYS AT BONDAR CLEGG] 8 ROSCOE POSTLE ASSOCIATES INC. [GRAPH OF THIRD SET OF 72 Cu RE-ASSAYS AT BONDAR CLEGG] 9 ROSCOE POSTLE ASSOCIATES INC. [GRAPH OF THIRD SET OF 72 Au RE-ASSAYS AT BONDAR CLEGG] 10 ROSCOE POSTLE ASSOCIATES INC. APPENDIX 5 DRILLING SUMMARY TABLES LIST OF TABLES
PAGE TABLE 3 BHP DIAMOND DRILL HOLES Ivanhoe Mines Ltd. Oyu Tolgoi Project .......... 1 TABLE 4 REVERSE CIRCULATION DRILLING PROGRAM ................................... Ivanhoe Mines Ltd. Oyu Tolgoi Project................................... 2 TABLE 5 "IVANHOE 2001 REVERSE CIRCULATION, ..................................... REVERSE CIRCULATION / DIAMOND, AND DIAMOND ............................. DRILLING PROGRAMS" Ivanhoe Mines Ltd. Oyu Tolgoi Project ............... 4
i ROSCOE POSTLE ASSOCIATES INC. TABLE 3 BHP DIAMOND DRILL HOLES IVANHOE MINES LTD. OYU TOLGOI PROJECT
ELEVATION LENGTH HOLE NUMBER EASTING NORTHING m AMSL (m) OTD001 651028 4763885 1126 136 OTD002 650357 4764995 1136 99 OTD003 651029 4764044 1129 186 OTD004 651258 4762854 1130 251 OTD005 650309 4762668 1128 208 OTD006 651026 4764990 1124 121 OTD007 651046 4762641 1126 280 OTD008 651642 4763034 1122 100 OTD009 650525 4763000 1132 243 OTD010 650826 4763300 1125 153 OTD011 650381 4763196 1133 100 OTD012 651080 4763411 1122 142 OTD013 651275 4764296 1121 201 OTD014 651275 4764695 1121 145 OTD015 651774 4764295 1115 101 OTD016 650630 4763995 1129 76 OTD017 650633 4764392 1129 121 OTD018 651271 4763739 1119 200 OTD019 650830 4762697 1128 157 OTD020 651026 4763092 1123 250 OTD021 651626 4762541 1120 134 OTD022 651629 4762299 1119 160 OTD023 651325 4762496 1122 251
1 ROSCOE POSTLE ASSOCIATES INC. TABLE 4 REVERSE CIRCULATION DRILLING PROGRAM IVANHOE MINES LTD. OYU TOLGOI PROJECT
ELEVATION LENGTH HOLE NUMBER EASTING NORTHING m AMSL (m) OTRC024 650386 4763542 1131 85 OTRC025 651038 4764046 1127 133 OTRC026 651026 4764093 1125 108 OTRC027 651026 4764292 1125 79 OTRC028 651025 4764492 1124 103 OTRC029 651231 4764493 1122 108 OTRC030 651224 4764297 1122 115 OTRC031 651223 4764096 1120 100 OTRC032 651224 4763893 1120 111 OTRC033 651225 4763692 1120 123 OTRC034 651026 4763693 1122 113 OTRC035 650828 4763692 1124 86 OTRC036 650827 4763889 1127 60 OTRC037 650824 4764092 1125 133 OTRC038 650826 4764293 1127 69 OTRC039 650825 4764492 1126 108 OTRC040 651022 4764579 1128 100 OTRC041 651429 4764492 1121 70 OTRC042 651473 4764294 1119 48 OTRC043 651425 4764093 1118 48 OTRC044 651424 4763892 1118 63 OTRC045 651422 4763691 1118 60 OTRC046 650726 4764092 1126 78 OTRC047 650822 4763994 1129 88 OTRC048 650829 4764190 1125 68 OTRC049 650936 4764093 1126 88 OTRC050 650935 4763988 1132 100 OTRC051 651024 4764191 1123 86 OTRC052 651120 4764103 1123 83 OTRC053 651006 4763876 1127 108 OTRC054 651022 4763800 1124 83 OTRC055 651398 4763246 1120 80 OTRC056 650420 4763392 1131 58 OTRC057 650724 4763891 1129 73 OTRC058 650722 4763992 1128 108 OTRC059 650526 4764793 1132 53 OTRC060 650527 4764993 1132 93 OTRC061 650527 4765192 1129 78 OTRC062 650328 4765195 1133 80 OTRC063 650325 4764999 1137 80 OTRC064 650326 4764793 1134 78 OTRC065 650125 4764791 1137 58 OTRC066 650120 4764992 1137 68 OTRC067 650116 4765195 1138 58 OTRC068 650526 4763593 1130 78 OTRC069 650723 4763592 1125 118 OTRC070 651268 4763556 1119 53 OTRC071 651430 4763594 1118 48 OTRC072 651907 4763917 1118 48 OTRC073 650427 4762688 1131 133 OTRC074 650424 4762495 1127 83 OTRC075 650226 4762495 1123 64
2 ROSCOE POSTLE ASSOCIATES INC. TABLE 4 REVERSE CIRCULATION DRILLING PROGRAM IVANHOE MINES LTD. OYU TOLGOI PROJECT
ELEVATION LENGTH HOLE NUMBER EASTING NORTHING m AMSL (m) OTRC076 650029 4762693 1124 86 OTRC077 650424 4762890 1132 131 OTRC078 650029 4762494 1123 54 OTRC079 650226 4762892 1129 88 OTRC080 650026 4762889 1126 58 OTRC081 650014 4762272 1124 58 OTRC082 651026 4764692 1124 118 OTRC083 651025 4764892 1125 102 OTRC084 651227 4764887 1122 88 OTRC085 651423 4764894 1121 58 OTRC086 651424 4764685 1170 73 OTRC087 651025 4764128 1124 69 OTRC088 651023 4763831 1124 60 OTRC089 651110 4763875 1123 73 OTRC090 651122 4763984 1125 73 OTRC091 650827 4764694 1128 123 OTRC092 650822 4764884 1129 103 OTRC093 650935 4764190 1124 88 OTRC094 651127 4764193 1122 130 OTRC095 651224 4764194 1121 103 OTRC096 650723 4764188 1127 78 OTRC097 650930 4763884 1126 73 OTRC098 650925 4764889 1126 38 OTRC099 650724 4764695 1130 30 OTRC100 650822 4764787 1127 108 OTRC101 650826 4764992 1129 60 OTRC102 650621 4764781 1131 88 OTRC103 651945 4765165 1117 38 OTRC104 651881 4764683 1117 48 OTRC105 650956 4762866 1126 108 OTRC106 651249 4762575 1124 68 OTRC107 650830 4762499 1129 58 OTRC108 650652 4762694 1130 87 OTRC109 650923 4763805 1125 60 OTRC110 651222 4763800 1120 88 OTRC111 651119 4763803 1122 98 OTRC112 651334 4763896 1118 63 OTRC113 650875 4764048 1127 83 OTRC114 651010 4763993 1133 108 OTRC115 651174 4763998 1122 58 OTRC116 652039 4763415 1127 58 OTRC117 650724 4764695 1130 67 OTRC118 650697 4764998 1129 78 OTRC119 650603 4764684 1132 113 OTRC120 650695 4765394 1127 53 OTRC121 651003 4765392 1126 48 OTRC122 651299 4765400 1121 48 OTRC123 650603 4763893 1129 58 OTRC124 650402 4762293 1124 63 OTRC125 651998 4762745 1118 60 OTRC126 650532 4764704 1133 108 OTRC127 650304 4764701 1133 73
3 ROSCOE POSTLE ASSOCIATES INC. TABLE 4 REVERSE CIRCULATION DRILLING PROGRAM IVANHOE MINES LTD. OYU TOLGOI PROJECT
ELEVATION LENGTH HOLE NUMBER EASTING NORTHING m AMSL (m) OTRC128 651320 4764195 1120 110 OTRC129 651323 4764090 1119 83 OTRC130 651321 4763791 1118 83 OTRC131 650336 4764184 1137 73 OTRC132 650154 4763852 1137 58 OTRC133 652023 4762576 1118 108
TABLE 5 "IVANHOE 2001 REVERSE CIRCULATION, REVERSE CIRCULATION / DIAMOND, AND DIAMOND DRILLING PROGRAMS" IVANHOE MINES LTD. OYU TOLGOI PROJECT
ELEVATION LENGTH HOLE NUMBER EASTING NORTHING m AMSL (m) RC DRILLING OTRC137 650889 4762792 1126 122 OTRC138 650881 4762932 1125 155 OTRC139 650815 4762859 1127 134 OTRC140 650750 4762781 1129 95 OTRC141 651178 4762986 1124 135 OTRC142 651340 4762939 1125 100 OTRC143 651410 4763015 1123 145 OTRC144 651522 4762917 1124 145 OTRC145 651456 4762841 1125 125 OTRC146 651572 4762974 1123 150 OTRC147 651634 4762826 1123 175 OTRC148 651328 4762688 1124 114 OTRC151 651141 4762759 1128 105 OTRC152 651438 4762821 1126 107 OTRC153 651603 4762785 1124 134 OTRC154 650843 4762965 1126 138 OTRC155 650907 4763042 1125 78 OTRC156 650931 4763152 1125 78 OTRC157 650672 4762845 1129 91 OTRC158 650533 4762831 1131 176 RCD DRILLING OTRCD149 651290 4762900 1129 405 OTRCD150 650621 4763038 1131 591 OTRCD169 650553 4762940 1132 751 D DRILLING OTD159 651132 4764193 1121 450 OTD160 650694 4763140 1129 461 OTD161 650774 4763082 1127 472 OTD162 650629 4763187 1130 363 OTD163 650550 4762936 1132 489 OTD164 651376 4762983 1124 517 OTD165 650384 4762700 1131 531 OTD166 650712 4762980 1130 600 OTD167 650086 4762520 1121 415
4 ROSCOE POSTLE ASSOCIATES INC. TABLE 5 "IVANHOE 2001 REVERSE CIRCULATION, REVERSE CIRCULATION / DIAMOND, AND DIAMOND DRILLING PROGRAMS" IVANHOE MINES LTD. OYU TOLGOI PROJECT
ELEVATION LENGTH HOLE NUMBER EASTING NORTHING m AMSL (m) OTD168 650183 4762853 1175 550 OTD170 650890 4762680 1127 535 OTD171 650556 4763084 1131 614 OTD172 650484 4762991 1130 600 OTD173 650635 4762886 1130 700 OTD174 650845 4763184 1126 600 OTD175 650739.20 4763193.50 1129.10 461.3 OTD176 650625.89 4763267.60 1126.90 674.9 OTD177 650518.00 4763218.00 1130.20 591.6 OTD178 650742.00 4763193.00 1129.00 488.8 OTD179 650762.30 476238.70 1126.20 490.4 OTD180 640334.00 4762766.80 1129.10 1000 OTD181 650912.00 4763279.10 1122.10 700 OTD182 649928.00 4763015.00 1130.0 600 OTD183 650871.81 4763100.60 1125.00 1000 OTD184 640545.20 4763103.20 1130.60 600 OTD185 650395.00 4763304.00 1131.00 ?
5 EX-19.2 31 o11180exv19w2.txt ADDENDUM 1 TO ROSCOE POSTLE TECHNICAL REPORT Exhibit 19.2 ADDENDUM REPORT ON THE OYU TOLGOI EXPLORATION PROJECT SOUTH GOBI REGION, MONGOLIA PREPARED FOR IVANHOE MINES LTD. GILDAR J. ARSENEAU, PH.D., P. GEO. CONSULTING GEOLOGIST MARCH 20,2002 ROSCOE POSTLE ASSOCIATES INC. Table Of Contents
PAGE SUMMARY.................................................................................... 1 SOUTHWEST OYU MINERAL RESOURCE ESTIMATE.................................................... 4 Drill Hole Database.................................................................... 5 Block Model............................................................................ 6 Rock Code Model.................................................................... 6 Density Model...................................................................... 7 Grade Model........................................................................ 8 Block Model Validation and Results................................................. 9 Resource Classification............................................................ 10 SIGNATURE PAGE............................................................................. 14 Addendum REPORT ON OYU TOLGOI EXPLORATION PROJECT...................................... 14 SOUTH GOBI, MONGOLIA................................................................... 14 CERTIFICATE OF QUALIFICATIONS.............................................................. 15 APPENDIX 1: LIST OF DIAMOND DRILL HOLES USED FOR MINERAL RESOURCE ESTIMATION
LIST OF TABLES
PAGE ~~Table 1: Southwest Oyu Inferred Mineral Resource Estimate AMEC March 2002.................. 5 Table 2: Bulk Density Determinations for Southwest Oyu..................................... 7~~
LIST OF FIGURES
PAGE Figure 1: Copper grades at various CuEQ Cut-off for five separate interpolations.................... 11 Figure 2: Gold grades at various CuEU cut-off for five separate interpolations...................... 12 Figure 3: Total tons at various CuEQ cut-off for five separate interpolations....................... 13
i ROSCOE POSTLE ASSOCIATES INC. SUMMARY Roscoe Postle Associates Inc. (RPA) has been retained by Ivanhoe Mines Ltd. to prepare an addendum to the Technical Report on the Oyu Tolgoi Exploration Project South Gobi Region, Mongolia prepared by RPA on January 11, 2002 for Ivanhoe Mines Ltd. (the Technical Report). The purpose of this addendum is to review the latest Mineral Resource estimate for the Southwest Oyu prepared by AMEC E&C Services Limited (AMEC) and to comply with the requirements of National Instrument 43-101. This report is to replace the section entitled "Southwest Oyu Mineral Resource Estimate" of the Technical Report. This addendum report is not intended to be a stand-alone report and therefore does not follow the table of contents proposed for technical reports as outlined in National Instrument 43-101F1. This addendum report should be read in conjunction with the Technical Report. For all other sections pertaining to requirements of National Instrument 43-101F1, the reader is referred to the Technical Report. The Southwest Oyu deposit is geologically distinct and physically separate from the nearby Central Oyu zone of supergene mineralization. On March 11, 2002, Ivanhoe announced that AMEC E&C Services Limited of Toronto, Ontario had completed a preliminary copper and gold Mineral Resource estimate for the northern portion of the Southwest Oyu zone. Gildar J. Arseneau, Ph.D., P. Geo., has reviewed and verified the Southwest Oyu Mineral Resource estimate. The Southwest Oyu Mineral Resource was estimated by AMEC with 3-imensional block model utilizing MineSight (R), commercial mine planning software. To carry out its review of the Southwest Oyu Mineral Resource, RPA converted the 3-dimensional database to Gemcom(R), another commercially available mine planning software. RPA re-estimated the Southwest Oyu Mineral Resource using the same and different interpolation parameters as utilized by AMEC. The Southwest Oyu database consists of assay data for 32 diamond drill holes totaling 16,991 metres. The drill core was logged at the site and geological information was transferred to digital files containing drill hole survey locations, down hole survey data, geological, geophysical and assay data. RPA has reviewed the QA/QC data and notes that the analytical 1 ROSCOE POSTLE ASSOCIATES INC. reproducibility is better for copper than gold. AMEC notes that the quality of the assay database is adequate for the estimation of an inferred Mineral Resource. RPA also agrees that until better reproducibility can be demonstrated for gold assays, the resource must remain at an Inferred level of classification. In RPA's opinion, the digital drill hole database is adequate for resource estimation and that the information collected is in keeping with standard industry practices for this type of exploration target. The Southwest Oyu Block model is organized on an orthogonal grid with 20m by 20m block size and a 15m bench height. Copper and gold grades have been composited to 15m before grade interpolation. Each block in the model is comprised of six separate models, one for rock code, density, copper grade, gold grade, copper equivalent grade and percent ore model. Rock codes have been assigned to the block model by first constructing 3-dimensional solids of the high grade portion of the deposit, the three major post mineral dikes, the SW fault zone and the top of the hypogene mineralization. Because the bulk of the mineralization is within basaltic andesite, a bulk density of 2.80 has been selected for the resource estimation. RPA recommends that the bulk density determination program be continued and expanded to include both mineralized and unmineralized samples. Copper and gold values have been interpolated into the model by ordinary kriging. RPA has reviewed the variography study and concurs with its conclusions. Interpolation of gold and copper grades have been restricted within zone boundaries, samples from zone 1 were not used to interpolate grades into blocks of zone 2 and vice-versa. A maximum of 15 composites were used to estimate a block grade. The minimum number of composites required to estimate a block was set to 4 for Zone 2 and 3 for Zone 1. A maximum of 3 composites (Zone 2) and 2 composites (Zone 1) were allowed per drill hole. RPA re-estimated the Mineral Resource using the same interpolation parameters as defined by AMEC. RPA also estimated the Mineral Resource using the inverse distance weighting to the second power to interpolate the grades. RPA also re-composited the assay data to 5m lengths within the geological domains and re-estimated the Mineral Resource using ordinary kriging and inverse distance to the second power. A maximum of 15 composites were used to estimate a 2 ROSCOE POSTLE ASSOCIATES INC. block grade. The minimum number of composites required to estimate a block was set to 8 for Zones 1 and 2. A maximum of 6 composites were allowed per drill hole. Based on the data reviewed, RPA concludes that the Mineral Resource at Southwest Oyu has been estimated in a manner that is in keeping with standard industry practice for this type of deposit. RPA believes that it is premature at his stage to use an equivalent copper grade as cut-off because inadequate metallurgical testing has been performed. RPA also notes that some of the Mineral Resource at Southwest Oyu could be re-classified as Indicated if better reproducibility can be achieved with the gold assays. RPA recommends that all assays that returned copper grades in excess of 0.5 % Cu should be re-assayed for gold and the Mineral Resource be re-estimated using the new assay data. 3 ROSCOE POSTLE ASSOCIATES INC. SOUTHWEST OYU MINERAL RESOURCE ESTIMATE Roscoe Postle Associates Inc. (RPA) has been retained by Ivanhoe Mines Ltd. to prepare an addendum to the Technical Report on the Oyu Tolgoi Exploration Project South Gobi Region, Mongolia prepared by RPA on January 11, 2002 for Ivanhoe Mines Ltd. (the Technical Report). The purpose of this addendum is to review the latest Mineral Resource estimate for the Southwest Oyu prepared by AMEC E&C Services Limited (AMEC) and to comply with the requirements of National Instrument 43-101. This report is to replace the section entitled "Southwest Oyu Mineral Resource Estimate" of the Technical Report. This addendum report is not intended to be a stand-alone report and therefore does not follow the table of contents proposed for technical reports as outlined in National Instrument 43-101F1. This addendum report should be read in conjunction with the Technical Report. For all other sections pertaining to requirements of National Instrument 43-101F1, the reader is referred to the Technical Report. The Southwest Oyu deposit is geologically distinct and physically separate from the nearby Central Oyu zone of supergene mineralization. The two zones are about one kilometer apart. The Southwest Oyu deposit contains significant hypogene copper-gold mineralization. For this reason, the primary emphasis of the current drilling program has been focused on Southwest Oyu and the Central Oyu supergene zone is of secondary importance as this time, although there is exploration potential for hypogene beneath Central Oyu. In December 2001, Ivanhoe commissioned AMEC E&C Services Limited (AMEC) to prepare an independent Mineral Resource estimate of the Southwest Oyu zone. On March 11, 2002, Ivanhoe announced that AMEC had completed a preliminary copper and gold Mineral Resource estimate for the northern portion of the Southwest Oyu zone. AMEC reported an Inferred Mineral Resource at the Southwest Oyu zone as summarised in Table 1. To comply with the requirements of National Instrument 43-101, RPA has reviewed the Mineral Resource for the Southwest Oyu deposit prepared by AMEC. The results of our technical review are presented as an addendum to RPA's Technical Report on the Oyu Tolgoi 4 ROSCOE POSTLE ASSOCIATES INC. Project dated January 11, 2002. Gildar J. Arseneau, Ph.D., P. Geo., has reviewed and verified the Southwest Oyu Mineral Resource estimate. TABLE 1: SOUTHWEST OYU INFERRED MINERAL RESOURCE ESTIMATE AMEC MARCH 2002 IVANHOE MINES LTD. OYU TOLGOI PROJECT
Cutoff Grade Copper Equivalent (1) (%) Tonnes Cu (%) Au (g/t) - -------------------------------------------------------------- 0.70 185,100,000 0.63 1.04 - -------------------------------------------------------------- 0.60 259,700,000 0.57 0.86 - -------------------------------------------------------------- 0.50 349,100,000 0.52 0.73 - -------------------------------------------------------------- 0.40 457,800,000 0.46 0.62 - -------------------------------------------------------------- 0.30 587,700,000 0.41 0.53 - -------------------------------------------------------------- 0.20 703,000,000 0.37 0.47
Note (1) Based on US$300 per ounce gold and US$0.80 per pound copper at 100% metal recovery The Southwest Oyu Mineral Resource was estimated by AMEC using a 3-dimensional block model utilizing MineSight(R), a commercial mine planning software. To carry out its review of the Southwest Oyu Mineral Resource, RPA converted the 3-dimensional database to Gemcom(R), another commercially available mine planning software. RPA re-estimated the Southwest Oyu Mineral Resource using the same and different interpolation parameters as utilized by AMEC. RPA also reviewed a draft report on the Southwest Oyu Mineral Resource Estimate prepared by AMEC. DRILL HOLE DATABASE The Southwest Oyu database consists of assay data for 32 diamond drill holes totaling 16,991 metres. A complete list of the drill holes used for the Mineral Resource estimate are listed at the end of this report in Appendix 1. The drill core was logged at the site and geological information was transferred to digital files containing drill hole survey locations, down hole survey data, geological, geophysical and assay data. All drill hole co-ordinates and down hole survey data have been validated and corrected by AMEC and Ivanhoe personnel. RPA has reviewed the corrected data with AMEC personnel in Vancouver. Extensive geological information was recorded for each sample including: lithology, phase and intensity of alteration, mineralogy, quartz vein frequency and magnetic susceptibility. AMEC has prepared statistical plots of the various geological parameters in order to identify 5 ROSCOE POSTLE ASSOCIATES INC. possible correlation between alteration minerals and copper-gold mineralization. This analysis shows that there is a general increase of copper and gold grades with and increase in intensity of quartz veining and higher magnetic susceptibility. The statistical analysis also identified a distinct mineralized zone based on gold to copper ratios (g/t Au:% Cu). A higher grade zone (Zone 2) was defined by a 2:1 or greater Au:Cu ratio. RPA concurs with these observations. RPA also notes that there is a positive correlation between copper and gold grades. All original assays for copper and gold have been carried out by Analabs Pty. Ltd. at their facility in Ulaanbaatar, Mongolia. AMEC carried out checks and validations (QA/QC) for both copper and gold assays and concluded that "generally analytical results for copper were satisfactory but poor to moderate for gold". RPA has reviewed the QA/QC data and notes that the analytical reproducibility is better for copper than gold. RPA notes that the quality of the assay database is adequate for the estimation of an Inferred Mineral Resource. RPA also agrees that until better reproducibility can be demonstrated for gold assays, the Mineral Resource must remain at an Inferred level of classification. Ivanhoe has recently modified its QA/QC protocols to include regular inclusion of standard reference material, field duplicates and blank samples. RPA notes that the digital drill hole database is adequate for Mineral Resource estimation and that the information collected is in keeping with standard industry practices for this type of exploration target BLOCK MODEL The Southwest Oyu Block model was organized on an orthogonal grid with 20m by 20m block size and a 15m bench height. Copper and gold grades were composited to 15m before grade interpolation. Each block in the model is comprised of six separate models, one for rock code, density, copper grade, gold grade, copper equivalent grade and percent ore model. ROCK CODE MODEL Rock codes were assigned to the block model by first constructing 3-dimensional solids of the high grade portion of the deposit, the three major post mineral dikes, the SW fault zone and the top of the hypogene mineralization. If a block was 50% by volume above the hypogene 6 ROSCOE POSTLE ASSOCIATES INC. surface, the block was excluded for the resource estimation. Similarly, if a block was 50% by volume across the SW fault boundary the block was excluded from the resource estimation. For those blocks that were partially occupied by post mineral dikes, the proportion of the block that was occupied by dike material was recorded in the percent ore model. The percent model was used to reduce the total block volume during resource tabulation. RPA has reviewed the 3-dimensional solids for the high grade zone, the post mineral dikes and the SW fault zone and has found them to be acceptable for Mineral Resource estimation and block modeling construction. The 3-dimensional solids for the dikes and the high grade zone will require additional modification as more drilling information becomes available. DENSITY MODEL A total of 378 bulk density determinations have been estimated by Ivanhoe, the majority of these (247) were from basaltic andesite, the main mineralized unit. Table 2 summarises the results of the bulk density determinations for the Southwest Oyu deposit TABLE 2: BULK DENSITY DETERMINATIONS FOR SOUTHWEST OYU IVANHOE MINES LTD. OYU TOLGOI PROJECT
Average Bulk Number of Rock Type (1) Density S.D. determinations - ---------------------------------------------------------------------------------- Basaltic Andesite 2.80 0.10 247 - ---------------------------------------------------------------------------------- Quartz Monzodiorite 2.74 0.10 54 - ---------------------------------------------------------------------------------- Homblende-Biotite Andesite Dike 2.70 0.11 39 - ---------------------------------------------------------------------------------- Rhyolite Dke 2.67 0.15 13 - ---------------------------------------------------------------------------------- Basaltic Dike 2.75 0.07 7 - ---------------------------------------------------------------------------------- Hydrothermal Breccia 2.84 0.06 6 - ---------------------------------------------------------------------------------- Fault Zone 2.82 0.11 12
Note: (1) Table compiled by AMEC Bulk density determinations for the quartz monzodiorite unit include both mineralized and unmineralized samples. Because the bulk of the mineralization is within basaltic andesite, a bulk density of 2.80 was selected for the Mineral Resource estimation. RPA agrees that 2.80 is an appropriate bulk density for this type of deposit. RPA recommends that the bulk density determination program be continued and expanded to include both mineralized and unmineralized samples. Efforts should be made to record the style and intensity of 7 ROSCOE POSTLE ASSOCIATES INC. mineralization, alteration assemblage as well as level of fracturing for each sample selected for bulk density. GRADE MODEL All assay data have been composited to 15m intervals prior to grade estimation. The composites have been tagged with their corresponding rock code for grade interpolation. An analysis of grade distribution revealed that grade capping was not necessary for resource estimation at this stage. RPA notes that a single assay of 91.6 g/t Au obtained in hole OTRCD169 from 284m to 286m should be re-assayed to confirm this high grade value. RPA also notes that grade capping strategies should be reviewed from time to time as the project progresses and more assay data become available. Copper and gold values have been interpolated into the model by ordinary kriging. Kriging parameters were obtained by examining the spatial continuity of the composited data by variography. Although the data are sparse, reasonable variograms were obtainable for the down hole direction (azimuth 040(degree), dip -60(degree)) for both copper and gold. The sample variograms data have been used to construct spherical variogram models. The models consisted of a nugget effect and two nested spherical models. The copper and gold variograms show that the greatest continuity trends northwest for the shorter range structure and northeast for the longer range structure. Both are steeply dipping. Ranges are typically longer for copper than gold. RPA has reviewed the variography study and concurs with its conclusions. Interpolation was restricted within zone boundaries; samples from zone 1 were not used to interpolate grades into blocks of zone 2 and vice-versa. A maximum of 15 composites were used to estimate a block grade. The minimum number of composites required to estimate a block was set to 4 for Zone 2 and 3 for Zone 1. A maximum of 3 composites (Zone 2) and 2 composites (Zone 1) were allowed per drill hole. 8 ROSCOE POSTLE ASSOCIATES INC. BLOCK MODEL VALIDATION AND RESULTS To validate and verify the block model results published by Ivanhoe on March 11, 2002, RPA re-estimated the Mineral Resource using the same interpolation parameters as defined by AMEC. As a check, RPA also estimated the Mineral Resource using the inverse distance weighting to the second power to interpolate the grades. RPA validated the resource model by inspection of plans and sections. The plots included drill hole composite values to allow direct comparison of composite grades to kriged block values. The checks showed good agreement between drill hole composite values and kriged model cell values. RPA also re-composited the assay data to 5m lengths within the geological domains and re-estimated the Mineral Resource based on 5m composites. RPA re-evaluated the variography for the 5 m composites and found that the 5m composited data showed similar trends to the 15m composited data. RPA estimated the Mineral Resource using the 5m composited data by ordinary kriging and by the inverse distance weighting to the second power to interpolate the grades. Grade interpolations were restricted within zone boundaries; samples from zone 1 were not used to interpolate grades into blocks of zone 2 and vice-versa. A maximum of 15 composites were used to estimate a block grade. The minimum number of composites required to estimate a block was set to 8 for Zones 1 and 2. A maximum of 6 composites were allowed per drill hole. All methods yielded similar results and the differences between each method are acceptable for this type of deposit and the method of estimation. Figures 1 to 3 summarises the similarities and differences between the four interpolated block models. The inverse distance to the second power for the 5m composites appears to report consistently higher grades (Figures 1 and 2) but this model reports lower tons than the other models for the same cut off yielding similar total metal content (Figure 3). Based on the data reviewed, RPA concludes that the Mineral Resource at Southwest Oyu was estimated in a manner that is in keeping with standard industry practice for this type of deposit. 9 ROSCOE POSTLE ASSOCIATES INC. RESOURCE CLASSIFICATION All interpolated blocks that were within 150m of a composite have been classified as Inferred, all other interpolated blocks have not been included as part of the Mineral Resource estimate. The Mineral Resource for the Southwest Oyu deposit is classified as Inferred Mineral Resource in accordance with the CIM standards (Anon., 2000). The Mineral Resource was reported at CuEQ ($0.80) copper equivalent cut-off grades. The equivalent was calculated after copper and gold grades were estimated into the block model using the formula: CuEQ ($0.80) = % Cu + (Au g/t * 9.65)/17.64 The equivalent grade was calculated to reflect a price of US$0.80 per pound of copper and US$ 300 per ounce of gold and assuming 100% metal recovery. RPA believes that it is premature at this stage to use an equivalent copper grade as cut-off because inadequate metallurgical testing has been performed. RPA also notes that some of the Mineral Resource at Southwest Oyu could be re-classified as Indicated if better reproducibility can be achieved with the gold assays. RPA recommends that all assays that returned copper grades in excess of 0.5 % Cu should be re-assayed for gold and the Mineral Resource be re-estimated using the new assay data. 10 ROSCOE POSTLE ASSOCIATES INC. [GRAPHIC] FIGURE 1: COPPER GRADES AT VARIOUS CUEQ CUT-OFF FOR FIVE SEPARATE INTERPOLATIONS 11 ROSCOE POSTLE ASSOCIATES INC. GOLD GRADES [GRAPHIC] FIGURE 2: GOLD GRADES AT VARIOUS CUEU CUT-OFF FOR FIVE SEPARATE INTERPOLATIONS 12 ROSCOE POSTLE ASSOCIATES INC. TONNAGE [GRAPHIC] FIGURE 3: TOTAL TONS AT VARIOUS CUEQ CUT-OFF FOR FIVE SEPARATE INTERPOLATIONS 13 ROSCOE POSTLE ASSOCIATES INC. SIGNATURE PAGE ADDENDUM REPORT ON OYU TOLGOI EXPLORATION PROJECT SOUTH GOBI, MONGOLIA PREPARED FOR: IVANHOE MINES LTD. PREPARED BY: (signed) "Gildar J. Arseneau" - --------------------------------- Gildar J. Arseneau, Ph.D., P.Geo. Consulting Geologist March 20, 2002 14 ROSCOE POSTLE ASSOCIATES INC. CERTIFICATE OF QUALIFICATIONS As an author of this report entitled "Addendum Report on the Oyu Tolgoi Exploration Licence South Gobi Region, Mongolia" Prepared for Ivanhoe Mines Ltd. and dated March 20, 2002,I hereby make the following statements: A. My name is Gildar J. Arseneau and I am a Consulting Geologist with Roscoe Postle Associates Inc. My office address is Suite 2000, 1066 West Hastings, Vancouver, British Columbia M5J2H7. B. I am a Qualified Person for the purposes of National Instrument 43-101 of the Canadian Securities Administrators. I have received the following degrees in Geological Sciences: B.Sc. 1979 - University of New Brunswick, Fredericton, New Brunswick M.Sc. 1984 - University of Western Ontario, London, Ontario Ph.D. 1995 - Colorado School of Mines, Golden, Colorado. I am registered as a Professional Geoscientist in the Province of British Columbia. I am a Member of the Canadian Institute of Mining, Metallurgy and Petroleum, and a member of the BC and Yukon Chamber of Mines. The Technical Report is based on my personal review of technical reports and data provided by Ivanhoe mines Ltd. (the Issuer) and its consultants, on discussions with the Issuer's staff and on information available in public files. I have been practicing as a geologist for over twenty years. My relevant experience for the purpose of the Technical Report is: - Mineral Reserve Audit of gold and base metal deposit in Quebec - Mineral Resource audit of major porphyry copper deposit in British Columbia - Mineral Resource estimations on gold projects in Canada, Mexico and USA - Mineral Resource audit and review porphyry gold project Quebec C. I have been practicing as a professional geologist for over twenty years. D. I am responsible for all the sections in this Addendum Report. E. I didn't visit the property to prepare this addendum report. F. I am not aware of any material fact or material change with respect to the subject matter of the Addendum Report that is not reflected in the Addendum Report, the omission to disclose which makes the Addendum Report misleading. G. I am independent of the Issuer applying the tests set out in section 1.5 of National Instrument 43-101. 15 ROSCOE POSTLE ASSOCIATES INC. H. I have had no prior involvement with the property that is the subject of the Addendum Report. I. I have read National Instrument 43-101F1. J. This addendum report was prepared to replace the section entitled "Southwest Oyu Mineral Resource Estimate" of the report entitled "Technical Report on the Oyu Tolgoi Exploration Project South Gobi Region, Mongolia prepared by Roscoe Postle Associates Inc. dated January 11, 2002". This addendum report is not intended to be a stand-alone report and therefore does not follow the table of contents proposed for technical reports as outlined in National Instrument 43-101F1. This addendum report should be read in conjunction with the Technical Report. Dated at Vancouver, British Columbia (Signed) March 20, 2002 Gildar J. Arseneau, Ph.D., P.Geo. 16 ROSCOE POSTLE ASSOCIATES INC. APPENDIX 1 LIST OF DIAMOND DRILL HOLES USED FOR MINERAL RESOURCE ESTIMATION
HOLE-ID Easting Northing Elevation Hole Length OTD005 650308.65 4762667.9 1128.42 207.9 OTD009 650524.84 4763000.01 1132.29 242.9 OTD010 650825.65 4763299.71 1124.86 152.7 OTD011 650380.68 4763196.31 1133.28 100 OTD012 651079.53 4763411.43 1121.64 142.4 OTRCD150 650621.36 4763037.68 1130.57 591 OTD160 650693.56 4763140.45 1128.88 460.7 OTD161 650773.83 4763082.11 1127.42 472 OTD162 650629.35 4763187.18 1129.83 362.5 OTD163 650549.86 4762936.11 1131.79 488.9 OTD165 650383.77 4762700.43 1130.66 530.65 OTD166 650702.4 4762980.6 1129.2 601.6 OTD167 650086 4762520 1121 415.45 OTD168 650183 4762853 1128.66 550.25 OTRCD169 650553 4762940 1131.8 750.9 OTD170 650890 4762680 1127.3 534.55 OTD171 650556.7 4763083.6 1130.1 614.3 OTD172 650482.4 4762993.8 1132.2 771.97 OTD173 650631.5 4762885.2 1131.7 692.4 OTD174 650843.1 4763180.8 1124.3 554.36 OTD175 650739.2 4763193.5 1129.16 461.26 OTD176 650625.89 4763267.6 1126.9 674.9 OTD177 650519.89 4763207.97 1127.9 591.6 OTD178 650739.15 4763193.5 1129.16 448.8 OTD179 650762.3 4763238.7 1126.2 650 OTD180 650334 4762766.8 1129.1 897 OTD181 650912 4763279.1 1122.1 236.5 OTD183 650871.81 4763100.6 1125 853 OTD184 650545.2 4763103.2 1130.6 706 OTD185 650395 4763304 1131 1012 OTD189 650718.5 4763090.9 1127.5 332 OTD190 650446.9 4763172.1 1131 891
17 EX-19.3 32 o11180exv19w3.txt ADDENDUM 2 TO ROSCOE POSTLE TECHNICAL REPORT EXHIBIT 19.3 SECOND ADDENDUM REPORT ON THE OYU TOLGOI EXPLORATION PROJECT SOUTH GOBI REGION, MONGOLIA PREPARED FOR IVANHOE MINES LTD. GILDAR J. ARSENEAU, PH.D., P. GEO. CONSULTING GEOLOGIST JUNE 5, 2002 ROSCOE POSTLE ASSOCIATES INC. TABLE OF CONTENTS
PAGE SUMMARY.......................................................... 1 SOUTHWEST OYU MINERAL RESOURCE ESTIMATE.......................... 4 Drill Hole Database.......................................... 5 Block Model.................................................. 6 Rock Code Model.......................................... 6 Density Model............................................ 7 Grade Model.............................................. 8 Block Model Validation and Results....................... 9 Resource Classification.................................. 10 SIGNATURE PAGE................................................... 12 CERTIFICATE OF QUALIFICATIONS.................................... 13 APPENDIX 1....................................................... 15
LIST OF TABLES
PAGE Table 1: Southwest Oyu Inferred Mineral Resource Estimate AMEC May 2002....................... 5 Table 2: Bulk Density Determinations for Southwest Oyu........................................ 7 Table 3: Southwest Oyu Inferred Mineral Resource Estimate to depth of 600m.................... 11 Table 4: Southwest Oyu Inferred Mineral Resource Estimate below depth of 600m................. 11
i ROSCOE POSTLE ASSOCIATES INC. SUMMARY Roscoe Postle Associates Inc. (RPA) has been retained by Ivanhoe Mines Ltd. to prepare a second addendum to the Technical Report on the Oyu Tolgoi Exploration Project South Gobi Region, Mongolia prepared by RPA on January 11, 2002 for Ivanhoe Mines Ltd. (the Technical Report). The purpose of this addendum is to review the Mineral Resource estimate for the Southwest Oyu prepared by AMEC E&C Services Limited (AMEC) on May 29, 2002 and to comply with the requirements of National Instrument 43-101. This report is to replace the section entitled "Southwest Oyu Mineral Resource Estimate" of the Technical Report. This addendum report is not intended to be a stand-alone report and therefore does not follow the complete table of contents proposed for technical reports as outlined in National Instrument 43-101F1. This addendum report replaces the first addendum dated March 19, 2002 and should be read in conjunction with the Technical Report. For all other sections pertaining to requirements of National Instrument 43-101F1, the reader is referred to the Technical Report. The Southwest Oyu deposit is geologically distinct and physically separate from the nearby Central Oyu zone of supergene mineralization. On May 29, 2002, Ivanhoe announced that AMEC E&C Services Limited of Toronto, Ontario had completed a second preliminary copper and gold Mineral Resource estimate for the northern portion of the Southwest Oyu zone. Gildar J. Arseneau, Ph.D., P. Geo., RPA Consulting Geologist, has reviewed and verified the Southwest Oyu Mineral Resource estimate. The Southwest Oyu Mineral Resource was estimated by AMEC with 3-dimensional block model utilizing MineSight(R), a commercial mine planning software. To carry out its review of the Southwest Oyu Mineral Resource, RPA converted the 3-dimensional database to Gerncom(R), another commercially available mine planning software. RPA re-estimated the Southwest Oyu Mineral Resource using the same and different interpolation parameters as utilized by AMEC. The Southwest Oyu database consists of assay data for 37 diamond drill holes totaling 21,050 metres. The drill core was logged at the site and geological information was transferred to digital files containing drill hole survey locations, down hole survey data, geological, 1 ROSCOE POSTLE ASSOCIATES INC. geophysical and assay data. RPA has reviewed the QA/QC data and notes that the analytical reproducibility is better for copper than gold. AMEC notes that the quality of the assay database is adequate for the estimation of an Inferred Mineral Resource. In RPA's opinion, the digital drill hole database is adequate for resource estimation and the information collected is in keeping with standard industry practices for this type of exploration target. The Southwest Oyu Block model is organized on an orthogonal grid with 20m by 20m block size and a 15m bench height. Copper and gold grades have been composited to 15m before grade interpolation. Each block in the model is comprised of six separate models, one for rock code, density, copper grade, gold grade, copper equivalent grade and percent ore model. Rock codes have been assigned to the block model by first constructing 3-dimensional solids of the high grade portion of the deposit, the three major post mineral dikes, the SW fault zone and the top of the hypogene mineralization. Because the bulk of the mineralization is within basaltic andesite, a bulk density of 2.80 has been selected for the resource estimation. RPA recommends that the bulk density determination program be continued and expanded to include both mineralized and unmineralized samples. Copper and gold values have been interpolated into the model by ordinary kriging. RPA has reviewed the AMEC variography study and concurs with its conclusions. Interpolation of gold and copper grades have been restricted within zone boundaries, for example, samples from zone 1 were not used to interpolate grades into blocks of zone 2 and vice-versa. A maximum of 15 composites were used to estimate a block grade. The minimum number of composites required to estimate a block was set to 4 for Zone 2 and 3 for Zone 1. A maximum of 3 composites (Zone 2) and 2 composites (Zone 1) were allowed per drill hole. Un-sampled intervals that were not assigned a dike rock code were ignored during compositing. RPA recommends that these un-sampled intervals be assigned a 0.0 grade and included in the next Mineral Resource estimation. RPA re-estimated the Mineral Resource using the same interpolation parameters as defined by AMEC. RPA also estimated the Mineral Resource using inverse distance weighting to the second power to interpolate the grades. RPA also re-composited the assay data to 5m lengths within the geological domains and re-estimated the Mineral Resource using ordinary kriging and 2 ROSCOE POSTLE ASSOCIATES INC. inverse distance to the second power. A maximum of 15 composites were used to estimate a block grade. The minimum number of composites required to estimate a block was set to 8 for Zones 1 and 2. A maximum of 6 composites were allowed per drill hole. The results of RPA's check estimates were consistent with the AMEC results. Based on the data reviewed, RPA concludes that the Mineral Resource at Southwest Oyu has been estimated in a manner that is in keeping with standard industry practice for this type of deposit. RPA cautions that it may be premature at this stage of exploration to use an equivalent copper grade as cut-off because only very preliminary metallurgical testing has been performed and the proper NSR ratios of each metal cannot be confirmed. SOUTHWEST OYU INFERRED MINERAL RESOURCE ESTIMATE AMEC MAY 2002 TO DEPTH OF 950 M IVANHOE MINES LTD. OYU TOLGOI PROJECT
CUTOFF GRADE COPPER EQUIVALENT (1) (%) TONNES Cu (%) Au (g/t) 0.70 199,300,000 0.63 1.12 0.60 309,000,000 0.55 0.88 0.50 468,500,000 0.48 0.70 0.40 654,400,000 0.45 0.59 0.30 820,700,000 0.38 0.52 0.20 940,800,000 0.35 0.48
Note(1) Based on US$300 per ounce gold and US$0.80 per pound copper at 100% metal recovery Although the mineralization continues to a depth of 950m, RPA believes that it is premature to classify the mineralization below a depth of 600m as a Mineral Resource at cut off grades below 1.0% CuEQ until further drilling and studies have been completed. Under NI43-101, classification as a Mineral Resource requires reasonable prospects of economic extraction. RPA also notes that some of the Mineral Resource at Southwest Oyu could be re-classified as Indicated when the gold re-assaying program is completed. 3 ROSCOE POSTLE ASSOCIATES INC. SOUTHWEST OYU MINERAL RESOURCE ESTIMATE Roscoe Postle Associates Inc. (RPA) has been retained by Ivanhoe Mines Ltd. to prepare a second addendum to the Technical Report on the Oyu Tolgoi Exploration Project South Gobi Region, Mongolia prepared by RPA on January 11, 2002 for Ivanhoe Mines Ltd. (the Technical Report). The purpose of this addendum is to review the Mineral Resource estimate for the Southwest Oyu prepared by AMEC E&C Services Limited (AMEC) on May 29, 2002 and to comply with the requirements of National Instrument 43-101F1. This report is to replace the section entitled "Southwest Oyu Mineral Resource Estimate" of the Technical Report. This addendum report is not intended to be a stand-alone report and therefore does not follow the complete table of contents proposed for technical reports as outlined in National Instrument 43-101F1. This addendum report replaces the first addendum report dated March 19, 2002 and should be read in conjunction with the Technical Report. For all other sections pertaining to requirements of National Instrument 43-101F1, the reader is referred to the Technical Report. The Southwest Oyu deposit is geologically distinct and physically separate from the nearby Central Oyu zone of supergene mineralization. The two zones are about one kilometer apart. The Southwest Oyu deposit contains significant hypogene copper-gold mineralization. For this reason, the primary emphasis of the current drilling program has been focused on Southwest Oyu and the Central Oyu supergene zone is of secondary importance at this time, although there is exploration potential for hypogene mineralization beneath Central Oyu. In December 2001, Ivanhoe commissioned AMEC E&C Services Limited (AMEC) to prepare an independent Mineral Resource estimate of the Southwest Oyu zone. On May 29, 2002, Ivanhoe announced that AMEC had completed a second preliminary copper and gold Mineral Resource estimate for the northern portion of the Southwest Oyu zone. AMEC reported an Inferred Mineral Resource at the Southwest Oyu zone as summarised in Table 1. To comply with the requirements of National Instrument 43-101, RPA has reviewed the Mineral Resource for the Southwest Oyu deposit prepared by AMEC. The results of our technical review are presented as an addendum to RPA's Technical Report on the Oyu Tolgoi 4 ROSCOE POSTLE ASSOCIATES INC. Project dated January 11, 2002. Gildar J. Arseneau, Ph.D., P. Geo., RPA Consulting Geologist, has reviewed and verified the Southwest Oyu Mineral Resource estimate. TABLE 1: SOUTHWEST OYU INFERRED MINERAL RESOURCE ESTIMATE AMEC MAY 2002 IVANHOE MINES LTD. OYU TOLGOI PROJECT
CUTOFF GRADE COPPER EQUIVALENT (1) (%) TONNES Cu (%) Au (g/t) 0.70 199,300,000 0.63 1.12 0.60 309,000,000 0.55 0.88 0.50 468,500,000 0.48 0.70 0.40 654,400,000 0.45 0.59 0.30 820,700,000 0.38 0.52 0.20 940,800,000 0.35 0.48
Note(1) Based on US$300 per ounce gold and US$0.80 per pound copper at 100% metal recovery The Southwest Oyu Mineral Resource was estimated by AMEC using a 3-dimensional block model utilizing MineSight(R), a commercial mine planning software. To carry out its review of the Southwest Oyu Mineral Resource, RPA converted the 3-dimensional database to Gemcom(R), another commercially available mine planning software. RPA re-estimated the Southwest Oyu Mineral Resource using the same and different interpolation parameters as utilized by AMEC. RPA also reviewed a draft report on the Southwest Oyu Mineral Resource Estimate prepared by AMEC. DRILL HOLE DATABASE The Southwest Oyu database consists of assay data for 37 diamond drill holes totaling 21,050 metres. A complete list of the drill holes used for the Mineral Resource estimate are listed at the end of this report in Appendix 1. The drill core was logged at the site and geological information was transferred to digital files containing drill hole survey locations, down hole survey data, geological, geophysical and assay data. All drill hole co-ordinates and down hole survey data have been validated and corrected by AMEC and Ivanhoe personnel. RPA has reviewed the corrected data with AMEC personnel in Vancouver. Extensive geological information was recorded for each sample including: lithology, phase and intensity of alteration, mineralogy, quartz vein frequency and magnetic susceptibility. 5 ROSCOE POSTLE ASSOCIATES INC. AMEC has prepared statistical plots of the various geological parameters in order to identify possible correlation between alteration minerals and copper-gold mineralization. This analysis shows that there is a general increase of copper and gold grades with an increase in intensity of quartz veining and higher magnetic susceptibility. The statistical analysis also identified a distinct mineralized zone based on gold to copper ratios (g/t Au:% Cu). A higher grade zone (Zone 2) was defined by a 2:1 or greater Au:Cu ratio. RPA concurs with these observations. RPA also notes that there is a positive correlation between copper and gold grades. All original assays for copper and gold have been carried out by Analabs Pty. Ltd. at its facility in Ulaanbaatar, Mongolia. AMEC carried out checks and validations (QA/QC) for both copper and gold assays and concluded that "generally analytical results for copper were satisfactory but poor to moderate for gold". RPA has reviewed the QA/QC data and notes that the analytical reproducibility is better for copper than gold. RPA notes that the quality of the assay database is adequate for the estimation of an Inferred Mineral Resource. Ivanhoe has recently modified its QA/QC protocols to include regular inclusion of standard reference material, field duplicates and blank samples. RPA notes that the digital drill hole database is adequate for Mineral Resource estimation and that the information collected is in keeping with standard industry practices for this type of exploration target. BLOCK MODEL The Southwest Oyu Block model was organized on an orthogonal grid with 20m by 20m block size and a 15m bench height. Copper and gold grades were composited to 15m before grade interpolation. Each block in the model comprises six separate models, one for rock code, density, copper grade, gold grade, copper equivalent grade and percent ore model. ROCK CODE MODEL Rock codes were assigned to the block model by first constructing 3-dimensional solids of the high grade portion of the deposit, the three major post mineral dikes, the SW fault zone and the top of the hypogene mineralization. If a block was 50% by volume above the hypogene 6 ROSCOE POSTLE ASSOCIATES INC. surface, the block was excluded from the resource estimation. Similarly, if a block was 50% by volume across the SW fault boundary the block was excluded from the resource estimation. For those blocks that were partially occupied by post mineral dikes, the proportion of the block that was occupied by dike material was recorded in the percent ore model. The percent model was used to reduce the total block volume during resource tabulation. RPA has reviewed the 3-dimensional solids for the high grade zone, the post mineral dikes and the SW fault zone and has found them to be acceptable for Mineral Resource estimation and block modeling construction. The 3-dimensional solids for the dikes and the high grade zone will require additional modification as more drilling information becomes available. AMEC decided to ignore any un-sampled intervals that were not captured by the dike solids during rock model coding. RPA believes that ignoring these un-sampled intervals will result in an overestimation of the tonnage of the deposit by a small amount. RPA recommends that these un-sampled intervals be assigned a 0.0 grade and included in the next Mineral Resource estimation. DENSITY MODEL A total of 378 bulk density determinations have been estimated by Ivanhoe, the majority of these (247) were from basaltic andesite, the main mineralized unit. Table 2 summarises the results of the bulk density determinations for the Southwest Oyu deposit. TABLE 2: BULK DENSITY DETERMINATIONS FOR SOUTHWEST OYU IVANHOE MINES LTD. OYU TOLGOI PROJECT
ROCK TYPE (1) AVERAGE BULK S.D. NUMBER OF DENSITY DETERMINATIONS Basaltic Andesite 2.80 0.10 247 Quartz Monzodiorite 2.74 0.10 54 Hornblende-Biotite Andesite Dike 2.70 0.11 39 Rhyolite Dike 2.67 0.15 13 Basaltic Dike 2.75 0.07 7 Hydrothermal Breccia 2.84 0.06 6 Fault Zone 2.82 0.11 12
Note: (1) Table compiled by AMEC 7 ROSCOE POSTLE ASSOCIATES INC. Bulk density determinations for the quartz monzodiorite unit include both mineralized and unmineralized samples. Because the bulk of the mineralization is within basaltic andesite, a bulk density of 2.80 was selected for the Mineral Resource estimation. RPA agrees that 2.80 is an appropriate bulk density for this type of deposit. RPA recommends that the bulk density determination program be continued and expanded to include both mineralized and unmineralized samples. Efforts should be made to record the style and intensity of mineralization, alteration assemblage as well as level of fracturing for each sample selected for bulk density. GRADE MODEL All assay data have been composited to 15m intervals prior to grade estimation. The composites have been tagged with their corresponding rock code for grade interpolation. An analysis of grade distribution revealed that grade capping was not necessary for resource estimation at this stage. RPA notes that a single assay of 91.6 g/t Au obtained in hole OTRCD169 from 284m to 286m should be re-assayed to confirm this high grade value. RPA also notes that grade capping strategies should be reviewed from time to time as the project progresses and more assay data become available. Copper and gold values have been interpolated into the model by ordinary kriging. Kriging parameters were obtained by examining the spatial continuity of the composited data by variography. Although the data are sparse, reasonable variograms were obtainable for the down hole direction (azimuth 040(degree), dip - -60(degree)) for both copper and gold. The sample variogram data have been used to construct spherical variogram models. The models consisted of a nugget effect and two nested spherical models. The copper and gold variograms show that the greatest continuity trends northwest for the shorter range structure and northeast for the longer range structure. Both are steeply dipping. Ranges are typically longer for copper than gold. RPA has reviewed the AMEC variography study and concurs with its conclusions. Interpolation was restricted within zone boundaries; for example, samples from zone 1 were not used to interpolate grades into blocks of zone 2 and vice-versa. A maximum of 15 composites were used to estimate a block grade. The minimum number of composites required 8 ROSCOE POSTLE ASSOCIATES INC. to estimate a block was set to 4 for Zone 2 and 3 for Zone 1. A maximum of 3 composites (Zone 2) and 2 composites (Zone 1) were allowed per drill hole. BLOCK MODEL VALIDATION AND RESULTS To validate and verify the block model results published by Ivanhoe on May 29, 2002, RPA re-estimated the Mineral Resource using the same interpolation parameters as defined by AMEC. RPA also validated the resource model by inspection of plans and sections. The plots included drill hole composite values to allow direct comparison of composite grades to kriged values. The checks displayed good agreement between drill hole composite values and kriged cell values. As a check, RPA also estimated the Mineral Resource using inverse distance weighting to the second power to interpolate the grades. RPA re-composited the assay data to 5m lengths within the geological domains and re-estimated the Mineral Resource based on 5m composites. RPA re-evaluated the variography for the 5m composites and found that the 5m composited data showed similar trends to the 15m composited data. RPA estimated the Mineral Resource using the 5m composited data by ordinary kriging and by inverse distance weighting to the second power to interpolate the grades. Grade interpolations were restricted within zone boundaries; samples from zone 1 were not used to interpolate grades into blocks of zone 2 and vice-versa. A maximum of 15 composites were used to estimate a block grade. The minimum number of composites required to estimate a block was set to 8 for Zones 1 and 2. A maximum of 6 composites were allowed per drill hole. All methods yielded similar results to the AMEC estimate and the minor differences between each method are acceptable for this type of deposit and the method of estimation. Based on the data reviewed, RPA concludes that the Mineral Resource at Southwest Oyu was estimated in a manner that is in keeping with standard industry practice for this type of deposit. 9 ROSCOE POSTLE ASSOCIATES INC. RESOURCE CLASSIFICATION All interpolated blocks that were within 150m of a composite have been classified as Inferred, and all other interpolated blocks have not been included as part of the Mineral Resource estimate. The Mineral Resource for die Southwest Oyu deposit is classified as Inferred Mineral Resource in accordance with the CIM standards (Anon., 2000). The Mineral Resource was reported at CuEQ ($0.80) copper equivalent cut-off grades. The equivalent was calculated after copper and gold grades were estimated into the block model using the formula: CuEQ ($0.80) = % Cu + (Au g/t * 9.65)/17.64 The equivalent grade was calculated to reflect a price of US$0.80 per pound of copper and US$300 per ounce of gold and assuming 100% metal recovery. RPA cautions that it may be premature at this stage of exploration to use an equivalent copper grade as cut-off because only very preliminary metallurgical testing has been performed, and the proper NSR ratios of each metal cannot be confirmed. RPA also notes that the Inferred Mineral Resource as stated by Ivanhoe on May 29, 2002 extends to a depth of 950 m. Although the mineralization continues to a depth of 950m, RPA believes that it is premature to classify the mineralization below a depth of 600m as a Mineral Resource at cut offs below 1.0% CuEQ until further drilling and studies have been completed. Under NI43-101, classification as a Mineral Resource requires reasonable prospects of economic extraction. Table 3 summarises the Inferred Mineral Resource to a depth of 600m below the surface and Table 4 summarises the Inferred Mineral Resource between 600m and 950m below surface. 10 ROSCOE POSTLE ASSOCIATES INC. TABLE 3: SOUTHWEST OYU INFERRED MINERAL RESOURCE ESTIMATE TO DEPTH OF 600M IVANHOE MINES LTD. OYU TOLGOI PROJECT
CUTOFF GRADE COPPER EQUIVALENT (1) (%) TONNES Cu (%) Au (g/t) - -------------------------------------------------------- 0.70 148,800,000 0.66 1.10 - -------------------------------------------------------- 0.60 252,400,000 0.55 0.83 - -------------------------------------------------------- 0.50 392,600,000 0.48 0.66 - -------------------------------------------------------- 0.40 552,800,000 0.42 0.56 - -------------------------------------------------------- 0.30 684,100,000 0.38 0.50 - -------------------------------------------------------- 0.20 757,300,000 0.36 0.46 - --------------------------------------------------------
Note (1) Based on US$300 per ounce gold and US$0.80 per pound copper at 100% metal recovery TABLE 4: SOUTHWEST OYU INFERRED MINERAL RESOURCE ESTIMATE BELOW DEPTH OF 600M IVANHOE MINES LTD. OYU TOLGOI PROJECT
CUTOFF GRADE COPPER EQUIVALENT (1) (%) TONNES Cu (%) Au (g/t) - -------------------------------------------------------- 2.0 4,000,000 0.80 2.60 - -------------------------------------------------------- 1.8 8,000,000 0.76 2.40 - -------------------------------------------------------- 1.6 13,000,000 0.72 2.20 - -------------------------------------------------------- 1.4 17,000,000 0.68 2.10 - -------------------------------------------------------- 1.2 21,000,000 0.65 1.90 - -------------------------------------------------------- 1.0 26,000,000 0.61 1.80 - --------------------------------------------------------
Note (1) Based on US$300 per ounce gold and US$0.80 per pound copper at 100% metal recovery 11 ROSCOE POSTLE ASSOCIATES INC. SIGNATURE PAGE SECOND ADDENDUM REPORT ON OYU TOLGOI EXPLORATION PROJECT SOUTH GOBI, MONGOLIA PREPARED FOR: IVANHOE MINES LTD. PREPARED BY: "Gildar J. Arseneau " - ---------------------------------- Gildar J. Arseneau, Ph.D., P.Geo. Consulting Geologist ROSCOE POSTLE ASSOCIATES INC. June 5,2002 12 ROSCOE POSTLE ASSOCIATES INC. CERTIFICATE OF QUALIFICATIONS As an author of this report entitled "Second Addendum Report on the Oyu Tolgoi Exploration Licence South Gobi Region, Mongolia" Prepared for Ivanhoe Mines Ltd. and dated June 5, 2002, I hereby make the following statements: A. My name is Gildar J. Arseneau and I am a Consulting Geologist with Roscoe Postle Associates Inc. My office address is Suite 2000, 1066 West Hastings, Vancouver, British Columbia M5J2H7. B. I am a Qualified Person for the purposes of National Instrument 43-101 of the Canadian Securities Administrators. I have received the following degrees in Geological Sciences: B.Sc. 1979 - University of New Brunswick, Fredericton, New Brunswick M.Sc. 1984 - University of Western Ontario, London, Ontario Ph.D. 1995 - Colorado School of Mines, Golden, Colorado. I am registered as a Professional Geoscientist in the Province of British Columbia. I am a Member of the Canadian Institute of Mining, Metallurgy and Petroleum, and a member of the BC and Yukon Chamber of Mines. The Technical Report is based on my personal review of technical reports and data provided by Ivanhoe Mines Ltd. (the Issuer) and its consultants, on discussions with the Issuer's staff and on information available in public files. I have been practicing as a geologist for over twenty years. My relevant experience for the purpose of the Technical Report is: - Mineral Reserve Audit of gold and base metal deposit in Quebec - Mineral Resource audit of major porphyry copper deposit in British Columbia - Mineral Resource estimations on gold projects in Canada, Mexico and USA - Mineral Resource audit and review porphyry gold project Quebec C. I have been practicing as a professional geologist for over twenty years. D. I am responsible for all the sections in this Addendum Report. E. I did not visit the property to prepare this addendum report. F. I am not aware of any material fact or material change with respect to the subject matter of the Addendum Report that is not reflected in the Addendum Report, the omission to disclose which makes the Addendum Report misleading. G. I am independent of the Issuer applying the tests set out in section 1.5 of National Instrument 43-101. 13 ROSCOE POSTLE ASSOCIATES INC. H. I have had no prior involvement with the property that is the subject of the Addendum Report. I. I have read National Instrument 43-101F1. J. This addendum report was prepared to replace the section entitled "Southwest Oyu Mineral Resource Estimate" of the report entitled "Technical Report on the Oyu Tolgoi Exploration Project South Gobi Region, Mongolia prepared by Roscoe Postle Associates Inc. dated January 11, 2002". This addendum report is not intended to be a stand-alone report and therefore does not follow the table of contents proposed for technical reports as outlined in National Instrument 43-101F1. This addendum report should be read in conjunction with the Technical Report. Dated at Vancouver, British Columbia June 5, 2002 Gildar J. Arseneau, Ph.D., P.Geo. 14 ROSCOE POSTLE ASSOCIATES INC. APPENDIX 1 LIST OF DIAMOND DRILL HOLES USED FOR MINERAL RESOURCE ESTIMATION
Hole Name Easting Northing Elevation Length OTD005 650308.65 4762667.9 1128.42 207.9 OTD009 650524.84 4763000.01 1132.29 242.9 OTD010 650825.65 4763299.71 1124.86 152.7 OTD011 650380.68 4763196.31 1133.28 100 OTD012 651079.53 4763411.43 1121.64 142.4 OTD160 650693.56 4763140.45 1128.88 460.7 OTD161 650773.83 4763082.11 1127.42 472 OTD162 650629.35 4763187.18 1129.83 362.5 OTD163 650549.86 4762936.11 1131.79 488.9 OTD165 650383.77 4762700.43 1130.66 530.65 OTD166 650702.4 4762980.6 1129.2 601.6 OTD167 650086 4762520 1121 415.45 OTD168 650183 4762853 1128.66 550.25 OTD170 650890 4762680 1127.3 534.55 OTD171 650556.7 4763083.6 1130.1 614.3 OTD172 650482.4 4762993.8 1132.2 771.97 OTD173 650631.5 4762885.2 1131.7 692.4 OTD174 650843.1 4763180.8 1124.3 554.36 OTD175 650739.2 4763193.5 1129.16 461.26 OTD176 650625.89 4763267.6 1126.9 674.9 OTD177 650519.89 4763207.97 1127.9 591.6 OTD178 650739.15 4763193.5 1129.16 448.8 OTD179 650762.3 4763238.7 1126.2 650 OTD180 650334 4762766.8 1129.1 897 OTD181 650912 4763279.1 1122.1 236.5 OTD183 650871.81 4763100.6 1125 853.9 OTD184 650545.2 4763103.2 1130.6 706 OTD185 650395 4763304 1131 1012 OTD189 650718.5 4763090.9 1127.5 332 OTD190 650446.9 4763172.1 1131 891 OTD195 650124.55 4762592.77 1121 786.4 OTD197 650335.06 4762775.52 1130 823.9 OTD200 650193 4763210 1132 1045.7 OTD203 650571 4763434 1125 754.5 OTD204 650065 4762740 1124 647.8 OTRCD150 650621.36 4763037.68 1130.57 591 OTRCD169 650553 4762940 1131.8 750.9
15 EX-19.4 33 o11180exv19w4.txt AMEC E&C TECHNICAL REPORT DATED FEBRUARY 24, 2003 EXHIBIT 19.4 [IVANHOE MINES LOGO] TECHNICAL REPORT OYU TOLGOI, MONGOLIA [PICTURE] [PICTURE] Prepared for: Ivanhoe Mines, Ltd. Oyu Tolgoi, Mongolia By: Stephen J. Juras, PhD. P.Geo Vancouver, BC, Canada 24 February 2003 U784B [AMEC LOGO] IMPORTANT NOTICE This report was prepared exclusively for Ivanhoe Mines Ltd. (Ivanhoe) by AMEC E&C Services Limited (AMEC). The quality of information, conclusions and estimates contained herein is consistent with the level of effort involved in AMEC's services and based on: i) information available at the time of preparation, ii) data supplied by outside sources and iii) the assumptions, conditions and qualifications set forth in this report. This report is intended to be used by Ivanhoe only, subject to the terms and conditions of its contract with AMEC. Any other use of, or reliance on, this report by any third party is at that party's sole risk. [AMEC LOGO] CERTIFICATE OF AUTHOR Stephen J. Juras, P.Geo. 111 Dunsmuir Street, Suite 400 Vancouver, BC Tel: (604) 664-4349 Fax: (604) 664-3041 stephen.juras@amec.com I, Stephen J. Juras, P.Geo., am a Professional Geoscientist, employed as Principal Geologist of AMEC E&C Services Limited and residing at 9030 161 Street in the City of Surrey in the Province of British Columbia. I am a member of the Association of Professional Engineers and Geoscientists of British Columbia. I graduated from the University of Manitoba with a Bachelor of Science (Honours) degree in geology in 1978 and subsequently obtained a Master of Science degree in geology from the University of New Brunswick in 1981 and a Doctor of Philosophy degree in geology from the University of British Columbia in 1987. I have practiced my profession continuously since 1987 and have been involved in: mineral exploration for copper, zinc, gold and silver in Canada and United States and in underground mine geology, ore control and resource modelling for copper, zinc, gold, silver, tungsten, platinum/palladium and industrial mineral properties in Canada, United States, Peru, Chile, Vietnam and Russia. As a result of my experience and qualifications, I am a Qualified Person as defined in N.P. 43-101. I am currently a Consulting Geologist and have been so since January 1998. From January 12, 2003 until January 24, 2002 I visited the Oyu Tolgoi project in Mongolia for the purposes of reviewing pertinent geological data in sufficient detail to independently support the data incorporated into estimating the 2003 Oyu Tolgoi mineral resource. I also helped to direct the mineral estimation work for the Oyu Tolgoi project. This report was prepared under my direct supervision. I am not aware of any material fact or material change with respect to the subject matter of this technical report that is not reflected in this report and that the omission to disclose would make this report misleading. I am independent of Ivanhoe Mines Limited in accordance with the application of Section 1.5 of National Instrument 43-101. AMEC E&C Services Limited 111 Dunsmuir Street, Suite 400 Vancouver, B.C. V6B 5W3 Tel +1 604 664 3471 Fax +1 604 664 3041 www.amec.com 2 [AMEC LOGO] I have read National Instrument 43-101 and Form 43-101 Fl and this report has been prepared in compliance with same. Dated at Vancouver, British Columbia, this 24th day of March, 2003. - -s- Stephen J. Juras - ------------------------------ Stephen J. Juras, Ph.D., P.Geo [SEAL] [AMEC LOGO] CONSENT OF QUALIFIED PERSON TO: The securities regulatory authorities of each of the provinces and territories of Canada I, Stephen Juras, Ph.D., P.Geo., do hereby consent to the filing of the technical report prepared for Ivanhoe Mines Limited and dated February 24, 2003 in respect of the Oyu Tolgoi Mine project, Mongolia. DATED at this 24 day of March, 2003. -s- Stephen Juras ------------------------------ Stephen Juras, Ph.D., P.Geo [SEAL] AMEC E&C Services Limited 111 Dunsmuir Street, Suite 400 Vancouver, B.C. V6B 5W3 TEL +1 604-664-3471 FAX +1 604-664-3057 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA CONTENTS 1.0 SUMMARY 1-1 2.0 INTRODUCTION AND TERMS OF REFERENCE............................ 2-1 3.0 DISCLAIMER..................................................... 3-1 4.0 PROPERTY DESCRIPTION AND LOCATION.............................. 4-1 4.1 Mineral Tenure......................................... 4-1 4.2 Permits and Agreements................................. 4-1 4.3 Environmental Impact Assessment........................ 4-2 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY................................................... 5-1 6.0 HISTORY........................................................ 6-1 7.0 GEOLOGICAL SETTING............................................. 7-1 7.1 Regional Geology....................................... 7-1 7.2 Oyu Tolgoi Property Geology............................ 7-1 7.3 Southwest Oyu Deposit.................................. 7-2 7.4 South Oyu Deposit...................................... 7-4 7.5 Central Oyu Deposit.................................... 7-4 7.6 Far North Oyu Deposit.................................. 7-5 8.0 DEPOSIT TYPES.................................................. 8-1 9.0 MINERALIZATION................................................. 9-1 9.1 Southwest Oyu Deposit.................................. 9-1 9.2 South Oyu Deposit...................................... 9-1 9.3 Central Oyu Deposit.................................... 9-1 9.4 Far North Oyu Deposit.................................. 9-2 9.5 Oxidized Zone.......................................... 9-2 10.0 EXPLORATION.................................................... 10-1 11.0 DRILLING....................................................... 11-1 12.0 SAMPLING METHOD AND APPROACH................................... 12-1 13.0 SAMPLE PREPARATION, ANALYSES AND SECURITY...................... 13-1 13.1 Sample Preparation and Shipment........................ 13-1 13.2 Assay Method........................................... 13-2 13.3 QA/QC Program.......................................... 13-2 14.0 DATA VERIFICATION.............................................. 14-1 15.0 ADJACENT PROPERTIES............................................ 15-1 16.0 MINERAL PROCESSING AND METALLURGICAL TESTING................... 16-1 17.0 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES................. 17-1 17.1 Data Analysis.......................................... 17-1 17.2 Evaluation of Extreme Grades........................... 17-4

March 2003 [AMEC LOGO] TOC...i IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 17.3 Variography................................................... 17-5 17.4 Model Set-up.................................................. 17-8 17.5 Estimation.................................................... 17-8 17.6 Mineral Resource Classification............................... 17-15 17.7 Mineral Resource Summary...................................... 17-15 18.0 OTHER RELEVANT DATA AND INFORMATION.................................... 18-1 19.0 REQUIREMENTS FOR TECHNICAL REPORTS ON PRODUCTION AND DEVELOPMENT PROPERTIES................................................. 19-1 20.0 CONCLUSIONS AND RECOMMENDATIONS........................................ 20-1 21.0 REFERENCES............................................................. 21-1

FIGURES Figure 4-1: Location Map.................................................... 4-3 Figure 4-2: Oyu Tolgoi Licence in Relation to Neighbouring Tenements........ 4-4 Figure 10-1: Project Drilling Update......................................... 10-3 Figure 10-2: Ground Magnetics................................................ 10-4 Figure 13-1: SRM Failure Chart............................................... 13-3 Figure 13-2: Blank Sample Results for Gold................................... 13-4 Figure 13-3: Blank Sample Results for Copper................................. 13-4 Figure 13-4: Blank Sample Results for Molybdenum............................. 13-5 Figure 13-5: Southwest Oyu Duplicate Data Analysis - Copper (%).............. 13-6 Figure 13-6: Southwest Oyu Duplicate Data Analysis - Gold (g/t).............. 13-7 Figure 13-7: South Oyu Duplicate Data Analysis - Copper (%).................. 13-7 Figure 13-8: Cental Oyu Duplicate Data Analysis - Copper (%)................. 13-8 Figure 13-9: Far North Duplicate Data Analysis - Copper (%).................. 13-8 Figure 13-10: Relative Difference Gold Bias Plot.............................. 13-11 Figure 13-11: Relative Difference Copper Bias Plot............................ 13-11

TABLES Table 1-1: Oyu Tolgoi Project Mineral Resource Summary - Total Project (24 February 2003)...................................... 1-4 Table 13-1: Duplicate Sample Analyses, Oyu Tolgoi Project................... 13-6 Table 17-1: Mineralized Domains, Oyu Tolgoi Project......................... 17-2 Table 17-2: Cap Grades for Cu, Au and Mo Assays, Oyu Tolgoi Project......... 17-5 Table 17-3: Variogram Parameters for Copper (all main domains) and Gold (SW gold zone only), Oyu Tolgoi Project................ 17-7 Table 17-4: Interpolation Parameters for SW, SO, CO and FN models........... 17-9 Table 17-5: Statistical Summary for KG and NN Estimates, Southwest Oyu...... 17-12 Table 17-6: Statistical Summary for KG and NN Estimates, South Oyu.......... 17-12 Table 17-7: Statistical Summary for KG and NN Estimates, Central Oyu........ 17-13 Table 17-8: Statistical Summary for KG and NN Estimates, Far North Oyu...... 17-14 Table 17-9: Oyu Tolgoi Project Mineral Resource Summary - Total Project (24 February 2003).............................................. 17-15

March 2003 [AMEC LOGO] TOC... ii IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA Table 17-10: Oyu Tolgoi Project Mineral Resource Summary - by Deposit (24 February 2003)...................................... 17-16 Table 17-11: Oyu Tolgoi Project Mineral Resource Summary - by Depth per Deposit (24 February 2003)............... 17-17

APPENDICES A Project Logging Sheet and Description B Composited Assay Values C Standard Reference Material (SRM) Charts D Data Analysis E Model Validation F Sections March 2003 [AMEC LOGO] TOC...iii IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 1.0 SUMMARY Ivanhoe Mines Ltd. (Ivanhoe) has asked AMEC E&C Services Limited (AMEC) to provide an independent mineral resource estimate and Qualified Person's review and Technical Report for the Oyu Tolgoi project in Mongolia. The work entailed estimating the mineral resources of the four deposits that comprise the Oyu Tolgoi project in conformance with the CIM Mineral Resource and Mineral Reserve definitions referred to in National Instrument (NI) 43-101, Standards of Disclosure for Mineral Projects. It also involved the preparation of a Technical Report as defined in NI 43-101 and in compliance with Form 43-101F1 (the "Technical Reports"). Dr. Harry Parker, Ch.P.Geol., and Dr. Stephen Juras, P.Geo., employees of AMEC, directed the mineral resource estimation work and review of the geological data. Dr. Parker visited the project site between 25 and 29 August 2002 and Dr. Juras from 12 to 23 January 2003. Dr. Stephen Juras, P.Geo., an employee of AMEC, served as the Qualified Person responsible for preparing this Technical Report. The Oyu Tolgoi project consists of copper-gold-molybdenum mineralization in a mid Paleozoic Cu-Au porphyry system. It is located in the Aimag (Province) of Omnogov, in the South Gobi region of Mongolia, about 530 km south of the capital city of Ulaanbaatar and 80 km north of the border with China. The Oyu Tolgoi project comprises Mineral Exploration Licence 66X, which covers an area of 8,496 ha. Ivanhoe Mines has been granted the exclusive right to explore within the bounds of its exploration licence. The current expiration date is 2 February 2004. This represents the second and final allowable extension of this type of licence, and the next application will have to be for a mining lease. Upon transfer of the exploration licence from the original licensee, BHP-Billiton, Ivanhoe agreed to a 2% NSR royalty. Royalties potentially payable to the Mongolian government will be equal to 2.5% of the sales value of all products extracted from the mining claim that are sold, shipped for sale, or used. Oyu Tolgoi occurs in an early to mid Paleozoic island arc environment that is part of the Gurvansayhan terrane. The arc terrane is dominated by basaltic volcanics and intercalated volcanogenic sediments, intruded by plutonic-size hornblende-bearing granitoids of mainly quartz monzodiorite to possibly granitic composition. Carboniferous sedimentary rocks overlie this assemblage. Property geology consists of massive porphyritic augite basalt, which underlies much of the central part of the exploration block. Dacitic to andesitic ash flow tuffs, several hundred metres in thickness, overlie the augite basalt. The southern edge of a large body of hornblende granodiorite outcrops along the northern margin of the exploration block. A wide variety of felsic to mafic dykes are found throughout the exploration block and in drill holes. These include porphyritic quartz monzodiorite dykes that may be genetically related to the Cu-Au porphyry systems. Based on satellite imagery and geophysical interpretations, major structures trend N35E and N70E. March 2003 [AMEC LOGO] SECTION 1-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA Four Cu-Au (Mo) deposits are identified within the project area: Southwest Oyu, South Oyu, Central Oyu and Far North Oyu. The Southwest Oyu deposit is an Au-rich porphyry system, characterized by a pipe-like geometry, encompassing a high-grade core (>1 g Au/t) about 250 m in diameter and extending over 700 m vertically. The deposit is centred on quartz monzodiorite dykes, possibly oriented N70E. Over 80% of the deposit is hosted by massive porphyritic basalt. Strong quartz veining (>20% volume) and secondary biotite alteration define the core of the porphyry system. Cu-Fe sulphide mineralization in the Southwest Oyu deposit consists mainly of finely disseminated pyrite-chalcopyrite and minor bornite. Molybdenite is also common but occurs mainly on late structures. South Oyu is a copper porphyry deposit, developed mainly in basaltic volcanics and related to small, strongly sericite altered quartz monzodiorite dykes. It is characterized by secondary biotite, magnetite and moderate intensity quartz veining (10% by volume), with strong late-stage overprinting by sericite-chlorite-smectite (intermediate argillic alteration). The main sulphide minerals are chalcopyrite and bornite. Unlike the nearby Southwest Oyu system, it is not gold-rich. Cu-Fe sulphide mineralization at the South Oyu deposit consists of finely disseminated pyrite-chalcopyrite and bornite. As at Southwest Oyu, molybdenite occurs locally on late-stage structures. The South Oyu deposit is bounded on its north and south sides by major N70E-oriented faults. The Central Oyu deposit includes high-sulphidation (covellite-chalcocite) and Cu-Au porphyry styles (chalcopyrite-gold), as well as a chalcocite enrichment blanket. High-sulphidation (HS) alteration and mineralization are telescoped onto an underlying Au- rich porphyry system. The HS system is centred on multiply intruded quartz monzodiorite dykes characterized by a high intensity of porphyry-related quartz veining. The Central Oyu deposit contains several styles of mineralization; volumetrically the most important is finely disseminated pyrite-covellite-chalcocite. In addition, it is mineralogically complex and contains minor amounts of chalcopyrite, bornite, enargite, tetrahedrite and tennantite. The Far North Oyu deposit is a high-sulphidation (HS) type, hosted by dacitic ash flow tuff overlying basaltic volcanics. Sedimentary rocks overly the dacitic tuffs and cap the HS system. High-grade copper occurs as bornite-chalcocite or bornite-chalcopyrite associated with intense quartz veining. The high grade trends N35E and extends over a strike length more than over 1.5 km. It is zoned laterally to lower-grade, chalcopyrite-dominated mineralization and to pyrite-enargite. The database used to estimate the mineral resources for the Oyu Tolgoi project consists of samples and geological information from 199 core drill holes drilled by Ivanhoe between mid 2001 and early 2003, and 19 core holes drilled earlier by BHP-Billiton. Samples from the drill programs were prepared for analysis at an on-site facility operated by SGS-Analabs Pty. Ltd (Analabs). The samples were then shipped under the custody of Ivanhoe Mines to Ulaanbaatar for assaying at a non-certified March 2003 [AMEC LOGO] SECTION 1-2 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA facility operated by Analabs. Data transfer to the resource database was validated from original assay certificates through a 5% check of the database. Ivanhoe employs a comprehensive QA/QC program. Each sample batch contains four quality control samples, consisting of one duplicate split core sample and one uncrushed field blank, which are inserted prior to sample preparation; a reject or pulp preparation duplicate, which is inserted during sample preparation; and a reference material sample, which is inserted after sample preparation. A total of 20 different reference materials have been developed and used to monitor the assaying of six different ore types made up of varying combinations of chalcopyrite, bornite, primary and supergene chalcocite, enargite, covellite and molybdenite. Ivanhoe strictly monitors the performance of the standard reference material (SRM) samples as the assay results arrive at site. If a batch fails, it is re-assayed until it passes. AMEC reviewed Ivanhoe's SRM procedures at site and found them to be stringently adhered to. Results of field blanks show low incidence of contamination and confirm negligible contamination in the assay process. Duplicate performance of core, coarse reject and pulp duplicates was evaluated by AMEC and found to perform well within the respective accepted ranges. The current Ivanhoe QA/QC program exceeds industry standards and demonstrates that the assay process for Oyu Tolgoi is well in control. Samples assayed earlier (prior to drill hole OTD231) were poorly supported by QA/QC data. To assess any potential for bias, a major re-assay program (20% of the Southwest mineralized zone) was undertaken. Analysis of results confirmed the presence of a bias in the higher grade ranges for Au (>6 g/t) and Cu (>2%). Assays from that sampling period that exceeded the respective metal thresholds were adjusted downward by 14% for Au and 11% for Cu before resource estimation. The mineral resource estimates for the Oyu Tolgoi project were calculated under the direction of Dr. Harry Parker, Ch.P.Geol., and Dr. Stephen Juras, P.Geo. The estimates were made from 3-dimensional block models utilizing commercial mine planning software (MineSight(R)). Industry-accepted methods were used to create interpolation domains based on mineralized geology and grade estimation based on ordinary kriging. The assays were composited into 5 m down-hole composites. The compositing honoured the domain zone by breaking the composites on the domain code values. The Oyu Tolgoi estimation plans, or sets of parameters used for estimating blocks, were designed using a philosophy of restricting the number of samples for local estimation. AMEC has found this to be an effective method of reducing smoothing and producing estimates that match the Discrete Gaussian change-of-support model and ultimately the actual recovered grade-tonnage distributions. Reasonableness of grade interpolation was reviewed by visual inspection of sections and plans displaying block model grades, drill hole composites and geology. Good agreement was observed. Global and local bias checks in block models, using nearest-neighbour estimated values versus the ordinary kriged values, found no evidence of bias. March 2003 [AMEC LOGO] SECTION 1-3 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA The mineral resources of the Oyu Tolgoi project were classified using logic consistent with the CIM definitions referred to in National Instrument 43-101. All interpolated blocks within 150 m of a drill composite were assigned as Inferred Mineral Resources. The South, Central and Far North deposits all fall within this category. Based on this criterion, the Southwest deposit contains Inferred Mineral Resources as well, but the increased drill coverage at this deposit, together with the demonstrated confidence in the assayed values with a well-functioning QA/QC program, allowed a portion of the Southwest deposit to be classified as Indicated Mineral Resources. A two-step assignment process was used for the assignation: 1) within a domain, model blocks were assigned as Indicated Mineral Resources if composites from at least two drill holes, each no more than 70 m away from the block centre, were used to interpolate the block grade; and 2) along the gold zone domain contact, a block needed to be within 35 m of a drill hole. The mineralization of the Oyu Tolgoi project as of 24 February 2003 is classified as Indicated and Inferred Mineral Resources. The resources are shown in Table 1-1, reported at a copper equivalent Cut-off grade. The equivalent grade was calculated using only assumed metal prices for copper and gold. The assumed prices were US$0.80 for Cu and US$350/oz for gold. For convenience the formula is: - CuEq = %Cu + (g/t Au*11.25)/17.64 TABLE 1-1: OYU TOLGOI PROJECT MINERAL RESOURCE SUMMARY - TOTAL PROJECT (24 FEBRUARY 2003)
GRADES CONTAINED METAL CuEq --------------------------------------- ------------------------------------ CUT-OFF GRADE CuEq Cu Au Mo AuEq Cu Cu Au (%) TONNES (%) (%) (g/t) (ppm) (g/t) TONNES (000s lb) (oz) ======================================================================================================================== Indicated >= 1.00 92,300,000 1.74 0.74 1.57 74 2.73 682,000 1,500,000 4,662,000 >= 0.70 188,000,000 1.26 0.60 1.04 69 1.98 1,120,000 2,470,000 6,310,000 >= 0.60 267,000,000 1.08 0.53 0.86 69 1.69 1,423,000 3,140,000 7,346,000 >= 0.50 355,500,000 0.95 0.48 0.73 67 1.48 1,706,000 3,760,000 8,349,000 >= 0.40 442,400,000 0.85 0.44 0.65 64 1.33 1,928,000 4,250,000 9,187,000 >= 0.30 508,900,000 0.78 0.40 0.59 61 1.23 2,058,000 4,540,000 9,689,000 >= 0.20 548,000,000 0.74 0.39 0.56 59 1.17 2,115,000 4,660,000 9,889,000 - ------------------------------------------------------------------------------------------------------------------------ Inferred >= 1.00 348,700,000 1.41 1.27 0.23 61 2.22 4,427,000 9,757,000 2,533,000 >= 0.70 632,900,000 1.15 1.02 0.21 64 1.81 6,428,000 14,167,000 4,331,000 >= 0.60 811,700,000 1.04 0.90 0.21 65 1.63 7,344,000 16,186,000 5,485,000 >= 0.50 1,046,600,000 0.93 0.80 0.20 63 1.45 8,361,000 18,428,000 6,802,000 >= 0.40 1,315,800,000 0.83 0.71 0.19 60 1.30 9,305,000 20,508,000 8,070,000 >= 0.30 1,602,300,000 0.74 0.63 0.17 57 1.16 10,110,000 22,282,000 8,959,000 >= 0.20 2,019,100,000 0.64 0.54 0.15 53 1.00 10,953,000 24,140,000 9,816,000 - ------------------------------------------------------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 1-4 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 2.0 INTRODUCTION AND TERMS OF REFERENCE Ivanhoe Mines Ltd. (Ivanhoe) has asked AMEC E&C Services Limited (AMEC) to provide an independent mineral resource estimate and Qualified Person's review and Technical Report for the Oyu Tolgoi project in Mongolia. The work entailed estimating the mineral resources of the four deposits that comprise the Oyu Tolgoi project in conformance with the CIM Mineral Resource and Mineral Reserve definitions referred to in National Instrument (NI) 43-101, Standards of Disclosure for Mineral Projects. It also involved the preparation of a Technical Report as defined in NI 43-101 and in compliance with Form 43-101F1 (the "Technical Reports"). Dr. Stephen Juras, P.Geo., an employee of AMEC, served as the Qualified Person responsible for preparing this Technical Report. Information and data for the independent resource estimate were obtained from Ivanhoe personnel in Vancouver and from the project site in Mongolia. Pertinent geological data were reviewed in sufficient detail to prepare this document. Dr. Harry Parker, Ch.P.Geol., and Dr. Stephen Juras, P.Geo., directed the mineral resource estimation work and review of the geological data. Dr. Parker visited the project site between 25 and 29 August 2002 and Dr. Juras from 12 to 23 January 2003. The Oyu Tolgoi project consists of four deposits: Southwest Oyu, South Oyu, Central Oyu and Far North Oyu. Throughout this report, these may be termed SW, SO, CO and FN, respectively. All units are in the metric system except contained metal quantities shown in the mineral resource summary tables, which are also expressed in troy ounces and pounds. March 2003 [AMEC LOGO] SECTION 2-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 3.0 DISCLAIMER No disclaimer statement was necessary for the preparation of this report. March 2003 [AMEC LOGO] SECTION 3-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 4.0 PROPERTY DESCRIPTION AND LOCATION The Oyu Tolgoi project is located in the South Gobi region of Mongolia, about 530 km south of the capital city of Ulaanbaatar and 80 km north of the border with China (Figure 4-1). The Oyu Tolgoi project comprises Mineral Exploration Licence 66X(Figure 4-2), which covers an area of 8,496 ha and is centred at latitude 43degrees 00'45"N, longitude 106degrees 51'15"E. 4.1 MINERAL TENURE Ivanhoe Mines has been granted the exclusive right to explore within the bounds of its exploration licence. The licence was originally issued to BHP-Billiton on 17 February 1997 and was revalidated on 14 October 2002 upon being transferred to Ivanhoe. The current expiration date is 2 February 2004. This represents the second and final allowable extension of this type of licence, and the next application will have to be for a mining lease. Exploration licence fees were US$1.50 per hectare in 2002 and 2003 (6th and 7th years of tenure). Thus, Ivanhoe has paid US$12,744 to the Mongolian government each year since acquiring the property. The Oyu Tolgoi property was legally surveyed in August 2002 by Surtech International Ltd. of Australia. 4.2 PERMITS AND AGREEMENTS Upon transfer of the exploration licence, Ivanhoe agreed to a 2% NSR royalty with BHP-Billiton. Royalties potentially payable to the Mongolian government are governed by Article 38 of the Mongolian Mineral Act, which states: "Royalties shall be equal to 2.5 per cent of the sales value of all products extracted from the mining claim that are sold, shipped for sale, or used. Royalties shall be equal to 7.5 per cent of the sales value of gold extracted from the placer that are sold, shipped for sale, or used." As part of licensee obligations for its exploration licence, Ivanhoe must comply with environmental protection obligations. An environmental plan must accompany the annual work plans submitted to the relevant soum, or district (Khan Bogd Soum). The original environmental performance bond was posted in 1998 by BHP-Billiton and is still retained by the soum for the ongoing work. Further requirements for environmental impact assessment are discussed below. The soum must also be paid for water and road usage. Payments are computed at the end of each calendar year on the extent of use. March 2003 [AMEC LOGO] SECTION 4-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA Archaeological surveys and excavations have been completed for the project area by the Institute of Archaeology at the Mongolian Academy of Science. Archaeological approvals have been granted for disturbance at the site. 4.3 ENVIRONMENTAL IMPACT ASSESSMENT Project development for Oyu Tolgoi is currently subject to environmental impact assessment (EIA) in accordance with Mongolian environmental laws. The process was initiated with the completion of the "Oyu Tolgoi Project Environmental Baseline Study" in October 2002. This document was submitted along with preliminary project descriptions for screening by the Ministry for Nature and Environment (MNE). The MNE has reviewed the documentation and prepared guidelines for the completion of a detailed EIA, tentatively planned to be submitted in the first quarter of 2004. Government negotiations on EIA and coordination of documentation are being carried out by Sustainability, an Australian consulting firm, on behalf of Ivanhoe Mines. In accordance with the requirements of Mongolian law, Eco Trade, a licensed Mongolian consulting company, has been contracted to complete the EIA. March 2003 [AMEC LOGO] SECTION 4-2 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA FIGURE 4-1: LOCATION MAP [FIGURE 4-1: LOCATION MAP] March 2003 [AMEC LOGO] SECTION 4-3 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA FIGURE 4-2: OYU TOLGOI LICENCE IN RELATION TO NEIGHBOURING TENEMENTS [FIGURE 4-2: OYU TOLGOI LICENCE IN RELATION TO NEIGHBOURING TENEMENTS] March 2003 [AMEC LOGO] SECTION 4-4 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY Oyu Tolgoi is in the Aimag (Province) of Omnogov, approximately 530 km due south of Ulaanbaatar and 80 km north of the Chinese border. An unpaved road provides access from Ulaanbaatar, via Mandalgov (a 12-hour drive under good conditions); a 1.6 km long airstrip allows air access. The region has a continental, semi-desert climate with long cold winters and short warm summers. Total precipitation is approximately 100 mm and falls largely as rain in the late summer. Temperatures in an average year range from an extreme maximum of about 36 degrees to an extreme minimum of about -25 degrees. The region is covered by very sparse semi-desert vegetation and is used by a small number of nomadic herders who tend camels, goats and sheep. Several ephemeral streams cross the area and flow for a few short periods in an average summer. Water is widely available from shallow wells. The Trans Mongolian Railway passes 350 km northeast of the property. A major thermal coal deposit is located at Tavaan Tolgoi, approximately 110 km west-northwest of Oyu Tolgoi. The Oyu Tolgoi property ranges in elevation from 1,140 m to 1,215 m above sea level and consists largely of gravel-covered plains, with low hills along its northern and western borders. Scattered, small rock outcrops and colluvial talus are widespread within the northern, western and southern parts of the property. The porphyry copper-gold deposits are very largely covered by overburden and are only exposed in outcrop over a small area at Central and South Oyu. March 2003 [AMEC LOGO] SECTION 5-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 6.0 HISTORY A minor amount of copper was recovered from malachite and chrysocolla at South Oyu during the Bronze Age, as indicated by small circular pits and minor copper smelting slag (Tseveendorj and Garamjav, 1999). The Oyu Tolgoi district was explored by a joint Mongolian and Russian regional geochemical survey during the 1980s, when the Central Oyu area was identified as a molybdenum anomaly. Dondog Garamjav (now senior geologist with Ivanhoe Mines Mongolia) first visited Oyu Tolgoi in 1983 and found evidence of alteration and copper mineralization at South Oyu. In September 1996 he brought a team of Magma Copper geologists to the area, who identified a porphyry copper leached cap nearby. Exploration tenements were secured in late 1996. During the 1997 field season, BHP-Billiton, which had acquired Magma Copper, carried out geological, geochemical and geophysical surveys and completed a six-hole diamond-drilling program of 1,102 m (Perello, 2001). This program was designed to test the potential for secondary chalcocite mineralization at Central Oyu and for hypogene copper-gold mineralization at South Oyu. Drill hole OTD3 at Central Oyu intersected 10 m of 1.89% copper from 20 m below surface, and drill hole 4 at South Oyu encountered 70 m of 1.65% copper and 0.15 g/t gold at a depth of 56 m. A second drilling program of 17 widely spaced, relatively shallow holes (2,800 m total) was completed in 1998. Based on the results of this drilling, BHP-Billiton in 1999 estimated a preliminary resource of 438 Mt averaging 0.52% copper and 0.25 ppm gold (Perello, 2001). BHP-Billiton shut down its exploration in Mongolia in mid-1999 and offered its properties for joint venture. Ivanhoe Mines visited Oyu Tolgoi in May 1999 and made an agreement to acquire 100% interest in the property, subject to a 2% Net Smelter Royalty (NSR). Ivanhoe completed all of its earn-in requirements by June 2002 and became the owner of the property. Ivanhoe carried out 8,000 m of reverse circulation (RC) drilling in 2000, mainly at Central Oyu, to explore the chalcocite blanket discovered earlier by BHP-Billiton. Based on this drilling, Ivanhoe estimated an indicated resource of 31.7 Mt at 0.80% copper and an additional inferred resource of 11.2 Mt grading 0.78% copper (Cargill, 2002). In 2001, Ivanhoe continued RC drilling, mostly in the South Oyu area, to test possible oxide resources, and then completed three diamond drill holes to test the deep hypogene copper-gold potential. Hole 150 intersected 508 m of chalcopyrite-rich mineralization grading 0.81% copper and 1.17 g/t gold. Hole 159 intersected a 49 m thick chalcocite blanket grading 1.17% copper and 0.21 g/t gold, followed by 252 m of hypogene covellite mineralization grading 0.61% copper and 0.11 g/t gold. March 2003 [AMEC LOGO] SECTION 6-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA These three holes were sufficiently encouraging for Ivanhoe to mount a major follow-up drill program. In late 2002, drilling in the far northern section of the property intersected 638 m of bornite-chalcopyrite-rich mineralization in hole 270, starting at a depth of 222 m. This hole marked the discovery of the Far North Oyu deposit. By the end of 2002, approximately 120,000 m of diamond drilling had been completed, using up to 14 drill rigs. This drilling delineated resources in Southwest Oyu, Central Oyu, South Oyu and Far North Oyu, as documented in this report. March 2003 [AMEC LOGO] SECTION 6-2 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 7.0 GEOLOGICAL SETTING 7.1 REGIONAL GEOLOGY Oyu Tolgoi occurs in an early to mid Paleozoic island arc environment, which is part of the Gurvansayhan terrane (Badarch et al., 2002). This terrane hosts several other South Gobi porphyry deposits, including Tsagaan Survarga (140 km northwest of Oyu Tolgoi). The terrane is composed of lower to mid Paleozoic metasediments and island arc basalts that rest upon a lower Paleozoic ophiolite complex. The structure of the terrane is complex and is dominated by imbricate thrust sheets, dismembered blocks and melanges (Badarch et al., 2002). Devonian to Carboniferous diorite and monzodiorite intrusive complexes appear to be spatially (and genetically?) associated with a major northeast-trending suture zone termed the East Mongolian Fault Zone. This suture, thought to be active from mid Paleozoic to Mesozoic times, forms the southern boundary of the Gurvansayhan terrane. On the northwest margin of the Gurvansayhan terrane (100 to 130 km northwest of Oyu Tolgoi) several other Cu-Au porphyry systems and high-sulphidation alteration zones occur in an east-northeast-trending belt (e.g., Kharmagtai, Shuteen). The arc terrane, at 50 km scale around Oyu Tolgoi, is dominated by basaltic volcanics and intercalated volcanogenic sediments, intruded by plutonic-size hornblende-bearing granitoids of mainly quartz monzodiorite to possibly granitic composition. Carboniferous sedimentary rocks (identified by plant fossils) overlie this assemblage, including parts of the Oyu Tolgoi exploration area. In addition, the largest magmatic system near Oyu Tolgoi (7 km from porphyry alteration) is the Lower Permian, Na-alkalic Hanbogd Complex. The Hanbogd Complex appears to comprise two adjacent sub-circular intrusions up to 35 km in diameter, possibly emplaced along N70E structures. Satellite imagery reveals a concentric structure, which correlates to abundant pegmatite dykes. The pegmatites are enriched in Rare Earth elements and Zr. The Hanbogd Complex has a flat roof, as indicated by numerous basaltic wall rock roof pendants, and may therefore have a "pancake" or lopolithic structure. 7.2 OYU TOLGOI PROPERTY GEOLOGY The Oyu Tolgoi property consists of a rectangular block 10 km x 9 km in area in which exploration prospects are named by geographic location (South Oyu, Southwest Oyu, Central Oyu and Far North Oyu). In general, outcrops are sparse and constitute less than 20% of the area. A Neogene(?) piedmont outwash deposit forms a flat terrace dipping gently to the south and occupies a north-northwest-trending zone in the centre of the exploration block. This deposit comprises red clay and gravel and is up to 40 m thick. Two major south-southeast drainages incise this terrace and are filled by Quaternary sands and gravels. March 2003 [AMEC LOGO] SECTION 7-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA A tentative hardrock stratigraphy is based mainly on drilling data, as well as detailed mapping of the exploration block (1:5000 scale): 1. Drilling shows that massive porphyritic augite basalt underlies much of the central part of the exploration block; some drill holes in Southwest Oyu encounter augite basalt to depths of over 1,000 m. However, the structural attitude and true thickness of the augite basalt are unknown. The augite basalts in South and North Oyu are underlain or intercalated by laminated andesitic volaniclastics of unknown thickness. 2. Dacitic to andesitic ash flow tuffs, several hundred metres in thickness, overlie the augite basalt. 3. Sedimentary rocks, consisting mainly of green to red siltstones, minor conglomerate and carbonaceous shale, with intercalated auto-brecciated basaltic lava and tuff, overlie the ash flow tuffs. The sedimentary-basalt sequence is more than 500 m thick. Near the base of the sedimentary sequence, thin polymictic conglomerate beds entrain sericite-altered quartz monzodiorite, mineralized quartz vein and pyrite clasts eroded from a porphyry system, possibly Southwest Oyu. 4. Carboniferous plant fossils have been identified in laminated siltstone 3 km south of Southwest Oyu, but the relationship of this sequence to mineralized host rocks is not understood. The southern edge of a large body of hornblende granodiorite outcrops along the northern margin of the exploration block. A wide variety of felsic to mafic dykes are found throughout the exploration block and in drill holes. These include porphyritic quartz monzodiorite dykes that may be genetically related to the Cu-Au porphyry systems. Major structures trend N35E and N70E based on satellite imagery and geophysical interpretations. 7.3 SOUTHWEST OYU DEPOSIT The Southwest Oyu deposit is an Au-rich porphyry system, characterized by a pipe-like geometry, encompassing a high-grade core (>1 g Au/t) about 250 m in diameter and extending over 700 m vertically. The deposit is centred on small (metres to tens of metres wide) quartz monzodiorite dykes, possibly oriented N70E. Over 80% of the deposit is hosted by massive porphyritic basalt. Strong quartz veining (>20% volume) and secondary biotite alteration define the core of the porphyry system. There is no outward sericite zone; instead, weak epidote occurs at about a 600 m radius. The high-grade core is enclosed by a large low-grade ore shell (0.3% Cu; 0.3 g Au/t) 600 m x 2,000 m in area. The system is low sulphide (<5%), and the Cu-Au is related to chalcopyrite. Bornite is minor (<20%). Moderate to strong hydrothermal magnetite and gypsum-anhydrite mineralization are characteristic. March 2003 [AMEC LOGO] SECTION 7-2 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA The porphyry system is related to several generations of porphyritic quartz monzodiorite (Qmd) dykes intruding massive porphyritic augite basalt. The earliest Qmd dykes (OT-Qmd) occur in the high-grade core of the deposit; they are small (metres to tens of metres wide) and may be discontinuous between drill holes. The OT-Qmd dykes are strongly quartz-veined (>20% by volume) and exhibit intense sericite alteration that overprints and obscures early K-silicate alteration (mainly biotite). Detailed logging suggests that the OT-Qmd is a multiply injected dyke swarm intruded as high-temperature quartz veining and K-silicate alteration developed, with later dykes entraining early quartz vein clasts (but not sulphide mineralization). On the northwest and east side of the high-grade core, relatively large quartz monzodiorite dykes (10 m to 50 m wide) with moderate to strong sericite alteration and weak sulphide mineralization are intruded in N25E to N70E directions. These dykes are regarded as intra- to post-mineral, but although they delimit the high-grade core of the deposit, they generally are not observed to cut high-grade mineralization. Hence the role of these dykes may be to provide a structural focus for the late mineralizing fluids. They also host sporadic Au-rich base metal veins at a radius of about 600 m from the centre of the high-grade zone. The east side of the deposit is interpreted from ground-magnetics and drill data to comprise an N25E-trending 80NW-dipping structural zone intruded by the late quartz monzodiorite dykes. Since these dykes dip to the northwest, they underlie the high-grade orebody at depths >800 m. Although weakly Cu-mineralized, the N25E dyke zone exhibits Au:Cu ratios of <1 (Au in g/t, Cu in %), a characteristic of the adjacent South Oyu deposit rather than Southwest Oyu. Strongly sericite-altered dykes along the N25E fault zone may represent the root zones for high sulphidation alteration, of which remnants are preserved in a down-faulted corridor extending north-northeast from Southwest Oyu. In the core of the Southwest Oyu deposit, early K-silicate alteration and quartz veining was followed by volumetrically minor implosion breccias characterized by shard-like, angular clasts of quartz vein, OT-Qmd and biotite-altered basalt wall rock clasts. These breccias contain early chalcopyrite as clasts or mineralized fragments, but also exhibit late pyrite-chalcopyrite mineralization in their matrix. A highly irregular xenolithic quartz monzodiorite (i.e., entraining the breccia clasts) intrudes the implosion breccia. This intrusion varies from relatively unaltered to intensely altered and exhibits spectacular zones of coarse minerals including biotite, muscovite, tourmaline, pyrite and albite. Tourmaline occurs in rosettes up to 20 cm in diameter, while other coarse minerals may form crystals up to centimetres in size. Patches of massive pyrite and interstitial bornite occur locally with the "coarse mineral" alteration. These alteration assemblages show an evolution to strong hydrolytic alteration in the core of the deposit, coupled with final stages of mineralization and quartz monzodiorite intrusion. March 2003 [AMEC LOGO] SECTION 7-3 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 7.4 SOUTH OYU DEPOSIT South Oyu is a copper porphyry deposit, developed mainly in basaltic volcanics and related to small, strongly-sericite altered quartz monzodiorite dykes. It is characterized by secondary biotite, magnetite and moderate intensity quartz veining (10% by volume), with strong late-stage overprinting by sericite-chlorite-smectite (intermediate argillic alteration). The main sulphide minerals are chalcopyrite and bornite. Unlike the nearby Southwest Oyu system, it is not gold-rich. The geometry of the system is poorly understood, but the prospect area covers about 400 m x 300 m in area, and mineralization extends to depths of over 500 m. The South Oyu deposit is located at Turquoise Hill, where secondary copper as malachite and minor turquoise has been exploited, possibly during the Bronze Age period. The main oxide cap corresponds to Turquoise Hill, and malachite covers an area of 300 m x 80 m along a northwest-oriented ridge. Three ancient pits are located along this ridge. The oxide zone is 40 m thick and assays up to 4% Cu over 2 m drill core samples, but overall grades are not known. Two smaller areas of malachite, each about 100 m x 30 m, occur nearby on lower topographic ridges. Hypogene porphyry mineralization beneath the oxide cap is mainly chalcopyrite-bornite in basaltic volcanics with low pyrite content. Possibly due to the low sulphide content, chalcocite is not widely developed at South Oyu. South Oyu is intruded by sericite-altered quartz monzodiorite dykes, with weak to locally strong Cu mineralization, and by post-mineral andesite, rhyolite and basalt dykes. The post-mineral dykes are usually small (metres) but may occupy up to 50% of the rock volume. The South Oyu deposit is bounded on its north and south sides by major N70E-oriented faults. Based on limited drill data and ground magnetic response, the northern fault juxtaposes a thick sequence of sedimentary rocks (~200 m thick) that cap high-sulphidation alteration and mineralization against South Oyu, while the southern fault appears to delimit different and largely unmineralized volcanic and sedimentary rocks. 7.5 CENTRAL OYU DEPOSIT The Central Oyu deposit includes high-sulphidation (covellite-chalcocite) and Cu-Au porphyry styles (chalcopyrite-gold), as well as a chalcocite enrichment blanket. High-sulphidation (HS) alteration and mineralization are telescoped onto an underlying Au- rich porphyry system. The HS system is centred on multiply intruded quartz monzodiorite dykes characterized by a high intensity of porphyry-related quartz veining. The quartz monzodiorite dykes have a complex geometry, and consequently their distribution and structural controls are poorly understood. They intrude porphyritic augite basalt and possibly dacitic ash flow tuff, but volcanic rocks may comprise less than 20% of the deposit at upper levels (0 to 300 m depth). March 2003 [AMEC LOGO] SECTION 7-4 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA The Central Oyu deposit is partly exposed as an elevated hill, about 1 km south of South Oyu. The outcropping zone consists of intensely clay-altered, silicified and quartz-veined quartz monzodiorite, and minor tectonic breccia. A vertical profile exhibits an oxide zone 40 m to 60 m, usually devoid of mineralization, overlying a chalcocite enrichment zone (up to 40 m thick), followed downward by pyrite-covellite- hypogene chalcocite that may extend to depths of more than 400 m. The covellite- chalcocite zone is highly pyritic (10%) and is hosted by buff coloured advanced argillic- altered quartz monzodiorite. The best covellite-chacocite mineralization correlates to the highest intensity of quartz veining, suggesting that this mineralization is inherited from earlier porphyry copper mineralization. Current interpretations of the Central Oyu deposit (principally as defined by covellite- chalcocite and advanced argillic alteration) indicate it may be somewhat "funnel- shaped," suggesting that high-sulphidation alteration extended upward to a paleosurface. Laterally at the margins and at depth, the advanced argillic zone shows a transition to intermediate argillic and chlorite alteration assemblages that overprint early biotite alteration. Chalcopyrite mineralization at these margins is commonly gold- rich, either relict from early Au-rich porphyry mineralization or possibly HS-related. 7.6 FAR NORTH OYU DEPOSIT The Far North Oyu deposit is a high-sulphidation (HS) type, hosted by dacitic ash flow tuff overlying basaltic volcanics. Sedimentary rocks overlie the dacitic tuffs and cap the HS system. High-grade copper (>2%) occurs as bornite-chalcocite or bornite- chalcopyrite associated with intense quartz veining (75% to 90% by volume). The high grade trends N35E and extends over a strike length more than over 1.5 km. It is zoned laterally to lower-grade, chalcopyrite-dominated mineralization and to pyrite-enargite. Porphyry-type quartz veining, strong biotite at depth in basaltic volcanics and sericite-altered quartz monzodiorite intrusions indicate that the HS system is telescoped onto an underlying porphyry system. March 2003 [AMEC LOGO] SECTION 7-5 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 8.0 DEPOSIT TYPES The Oyu Tolgoi deposits are Cu-Au porphyry and related high-sulphidation Cu-Au mineralization types. Cu-Au porphyry deposits are low-grade bulk tonnage, where copper sulphides are finely disseminated in a large volume of rock. High-sulphidation Cu-Au deposits for Oyu Tolgoi have similar characteristics, and both types are amenable to large-scale open pit or underground block cave mining. March 2003 [AMEC LOGO] SECTION 8-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 9.0 MINERALIZATION 9.1 SOUTHWEST OYU DEPOSIT Cu-Fe sulphide mineralization in the Southwest Oyu deposit consists mainly of finely disseminated pyrite-chalcopyrite and minor bornite. The mineralization is related to a late-stage sericite and sericite-chlorite-albite overprint, which affects the quartz monzodiorite intrusions and basaltic wall rocks, respectively. Molybdenite is also common but occurs mainly on late structures. Bornite is subordinate to chalcopyrite and is estimated to comprise less than 20% of the copper mineralization. The bulk of the orebody is within basaltic wall rocks, with less than 20% hosted by quartz monzodiorite. Mineralization is characterized by high Au content. Au:Cu ratios (Au in g/t, Cu in %) vary from 0.5 to 3, with highest ratios in the deeper part of the deposit and possibly in the core of the porphyry system. 9.2 SOUTH OYU DEPOSIT Cu-Fe sulphide mineralization at the South Oyu deposit consists of finely disseminated pyrite-chalcopyrite and bornite. Bornite may be dominant in the most strongly mineralized zones (Cu>1%). As at South West Oyu, molybdenite occurs locally on late-stage structures. 9.3 CENTRAL OYU DEPOSIT The Central Oyu deposit contains several styles of mineralization; volumetrically the most important is finely disseminated pyrite-covellite-chalcocite. The covellite mineralization generally averages about 0.7% Cu and is characterized by high pyrite content (7% to 10%). In addition, it is mineralogically complex and contains minor amounts of chalcopyrite, bornite, enargite, tetrahedrite and tennantite. A chalcocite enrichment blanket (up to 40 m thick) is developed over parts of the Central Oyu deposit and usually corresponds directly to the most strongly quartz-veined zones in quartz monzodiorite. The quartz-veined zones are also typically strongly covellite mineralized, thereby suggesting an inheritance from earlier porphyry mineralization, although there are exceptions where strong covellite correlates to the intensity of advanced argillic alteration rather than quartz vein intensity. However, polished section mineralogy indicates that the chalcocite is derived from chalcopyrite-bornite (shown by relict grains enclosed in chalcocite) and is therefore directly from the porphyry progenitor rather than indirectly from covellite. The base of the supergene chalcocite zone is mixed with covellite over metres to tens of metres. March 2003 [AMEC LOGO] SECTION 9-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 9.4 FAR NORTH OYU DEPOSIT The high-grade zone (>2% Cu) at Far North Oyu is dominated by bornite but is mixed with chalcopyrite and chalcocite in about equal proportions. Bornite-chalcocite is dominant in the south part of the high-grade zone, while bornite-chalcopyrite dominates to the north. In addition, some varieties of high-grade ore are dominated by fine disseminated chalcocite. Pyrite is ubiquitous but usually less abundant than the copper sulphides in high-grade ore. Moderate-grade (1% to 2% Cu) mineralization contains a mixture of chalcopyrite-bornite-chacocite-pyrite and is dominated by chalcopyrite, while low-grade mineralization (<0.8% Cu) is generally pyrite-rich and may be mixed with minor enargite. 9.5 OXIDIZED ZONE A deep oxidized zone occurs at Oyu Tolgoi. Although present water tables are in the order of 6 m to 8 m below the surface (average elevation 1,160 m), paleowater tables (which may be related to deep weathering during the Cretaceous) are 40 m to 60 m deep over most of the deposits. Owing to high pyrite contents inherent to high-sulphidation alteration, Central Oyu is characterized by 40 m to 60 m of highly leached, soft white clay with limonite and minor jarosite on fractures. A 5 m thick siliceous regolith above the clay covers a small hill at Central Oyu. At South Oyu, which is also a hill, malachite and minor turquoise occur in the oxide zone to depths of 40 m (or base of oxidation). This mineralization is developed above richer zones of chalcopyrite-bornite mineralization. At South Oyu, hypogene Cu (sulphides) are almost completely removed in the oxide zone, but at Southwest Oyu, the oxide zone assays low-grade Cu and Au. This is possibly due to partial depletion of sulphide, but it is also likely that high-grade mineralization does not reach the present surface, as Cu:Au ratios are unchanged. Because of the low sulphide contents of South and Southwest Oyu, no significant supergene chalcocite has developed. The host rocks are dominated by basalt, and so the oxidized zone is characterized by green-yellow clays (possibly chlorite-smectite) and limonite on fractures. Calcite filling fractures is also common within the oxide zone over basaltic rocks. March 2003 [AMEC LOGO] SECTION 9-2 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 10.0 EXPLORATION Exploration at Oyu Tolgoi has been mainly by remote sensing and geophysical methods, including satellite image interpretation, detailed ground magnetics, Bouguer gravity and gradient array induced polarization (IP), as well as extensive drilling. Gradient array IP has been conducted on north-south and subsequently east-west lines at 200 m line spacing, with electrode spacing up to 11 km. Drill holes have been targeted to test IP chargeability targets or structural zones. Outcropping prospects (Southwest, South and Central Oyu) have been mapped at 1:1000 scale. The central part of the exploration block was mapped at 1:5000 scale in 2001, and the entire block was mapped at 1:10,000 scale in 2002. As described below, geophysical methods have been the most important exploration tool. The initial geophysical surveys conducted by BHP-Billiton in 1996 consisted of airborne magnetics, ground magnetics and gradient array IP. The airborne magnetic survey was flown on 300 m spaced east-west lines approximately 100 m above surface level. The ground magnetic survey and IP survey were on 250 m line spacing; the latter showed chargeability anomalies over Central, South and Southwest Oyu. In 2001, subsequent to the Southwest Oyu high-grade discovery hole 150, Ivanhoe contracted Delta Geoscience of B.C., Canada, to conduct gradient array IP on 100 m spaced north-south lines over the 3 km x 4 km core block of Oyu Tolgoi. Using multiple current electrode (AB) spacing ranging from 1,000 m to 3,600 m, the sulphide assemblages in Southwest, South and Central Oyu were clearly defined on all of the AB plans, indicating significant vertical depth extents for the mineralization in all zones. The IP also defined a large, semi-circular feature with Central Oyu on the southern side and the Far North IP anomaly on the north side. Considerable speculation regarding the origin of this feature ensued, including the possibility of a pyritic halo surrounding a porphyry copper core to sulphides, or a ring structure around a volcanic caldera. Drill testing on 200 m spaced holes along the east-west extension of the Far North IP anomaly ultimately resulted in the drilling of hole 270 at the eastern end of the anomaly. This proved to be the discovery hole for Far North. With the recognition that the Far North high-grade copper zone might be trending north-northeast, Delta Geoscience re-oriented the IP survey lines to east-west and resurveyed the core block of Oyu Tolgoi on 100 m spaced lines using multiple AB current electrode spacing. This survey resulted in an entirely different chargeability signature that now appears to reflect a continuous zone of sulphide mineralization extending north-northeasterly from the southwest end of Southwest Oyu through to the northernmost extent of the property, for a total strike length of approximately 5 km March 2003 [AMEC LOGO] SECTION 10-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA (Figure 10-1). The Southwest Oyu high-grade, near-vertical pipe clearly responds on this survey, becoming tightly constrained with depth. The Central Oyu mineralization now trends north to northeasterly and continues to be the dominant chargeability feature on the IP map, reflecting concentrations of pyrite up to 10% and the central covellite core of the high-sulphidation system. Extending north-northwesterly from Central Oyu, the strong IP anomaly reflecting 4% to 6% pyrite mineralization extends through Far North Oyu, with the high-grade copper mineralization intersected in hole 270 and subsequent drill holes flanking it on the east side. The contrast between the copper-rich sulphide mineralization and the pyrite-rich mineralization reflects the overall sulphide concentration and the depth of burial of the copper-rich zone. Detailed total field, ground magnetic surveys, reading 25 m x 5 m and 50 m x 10 m centres, have been completed over the full Oyu Tolgoi tenement (Figure 10-2). Although done in two surveys, the data were merged to produce a high-quality magnetic image of the block. The structural fabric of the property is clearly reflected by the magnetic survey, as are the hydrothermal magnetite-altered basalts underlying South and Southwest Oyu. The magnetite-rich, unmineralized basalts underlying the southern boundary of the property and buried under sedimentary cover on the east side are also clearly distinguished. The subtle, elongated magnetic features flanking the Far North copper-rich zone may be related to deeply buried, hydrothermal magnetite-rich basalt similar to Southwest Oyu. March 2003 [AMEC LOGO] SECTION 10-2 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA FIGURE 10-1: PROJECT DRILLING UPDATE [PROJECT DRILLING UPDATE MAP] March 2003 [AMEC LOGO] SECTION 10-3 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA FIGURE 10-2: GROUND MAGNETICS [GROUND MAGNETICS MAP] March 2003 [AMEC LOGO] SECTION 10-4 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 11.0 DRILLING Ivanhoe conducted diamond drilling at the site throughout 2002 and in early 2003. As of the mineral resource Cut-off date of 30 January 2003, drilling totals just over 121,000 m in 199 drill holes. The holes generally range in length from 60 m to 1,200 m, averaging 610 m. The locations of the drill holes are shown in Figure 10-1. Drilling was done by wireline method with H-size (HQ) and N-size (NQ) equipment. Up to 14 drill rigs were used. Upon completion, the collar and anchor rods were trimmed to about 0.5 m above ground and capped. Drill hole collars were located respective to a property grid. Proposed hole collars and completed collars were surveyed by a Nikon Theodolite instrument relative to 18 survey control stations recently established during a legal survey of the property in August 2002. Holes were drilled at a declination of between 45degrees and 90degrees, with the majority between 60degrees and 70degrees. Down-hole surveys were taken about every 50 m by the drill contractor using a multi-shot measurement system (RANGER survey instrument). This system has only been in use for relatively newer drill holes (OTD290 and above). A single-shot Sperry Sun instrument was used for holes drilled earlier. Standard logging and sampling conventions are used to capture information from the drill core. The core is logged in detail onto paper logging sheets (see Appendix A), and the data are then entered into the project database. The core is photographed prior to being sampled. AMEC reviewed the core logging and sampling procedures at site. Drill core was found to be well handled and maintained. Material was stored as stacked pallets in an organized "core farm." Data collection was competently done. Ivanhoe maintained consistency of observations from hole to hole and between different loggers by conducting regular internal checks. Core recovery in the mineralized units was excellent, usually between 95% and 100%. Very good to excellent recovery was observed in the mineralized intrusive sections checked by AMEC. Overall, the Ivanhoe drill program and data capture were performed in a competent manner. March 2003 [AMEC LOGO] SECTION 11-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 12.0 SAMPLING METHOD AND APPROACH Rock sampling for resource estimation has been conducted on diamond drill core obtained from holes drilled between May 2001 and February 2003. More than 200 holes, drilled in an area approximately 2 km x 4 km, were used for geological modelling and estimation. Collar spacing is approximately 100 m to 200 m. The holes are up to 1,200 m long and inclined between 45degrees and 90degrees. Samples are taken at 2 m intervals down the drill holes, excluding dykes that extend more than 10 m along the core length. NQ and HQ core sizes are drilled routinely, whereas PQ core is drilled primarily for metallurgical testing. One-half of each NG and HG core and one-quarter of each PG core is taken in the sampling. Since there are no adverse factors that would affect quality, all samples collected to date are considered representative of the mineralization being investigated. The core is split with a rock saw, flushed regularly with fresh water. Core recovery is good, with relatively few broken zones. To prevent sampling bias, the core is marked with a continuous linear cutting line before being split. Samples are placed in cloth bags and sent to the on-site preparation facility for processing. Reject samples are placed in bins on pallets and stored at site. Pulp samples are kept at the assaying facility for several months, then transferred to a warehouse in Ulaanbaatar. Significant composited assays for the Oyu Tolgoi project are shown in Appendix B. Only values greater than 0.30 wt% Cu were tabulated. March 2003 [AMEC LOGO] SECTION 12-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 13.0 SAMPLE PREPARATION, ANALYSES AND SECURITY 13.1 SAMPLE PREPARATION AND SHIPMENT Split core samples are prepared for analysis at an on-site facility operated by SGS-Analabs Pty. Ltd (Analabs). The samples are then shipped under the custody of Ivanhoe Mines to Ulaanbaatar, where they are assayed at a non-certified facility operated by Analabs. All sampling and QA/QC work is overseen on behalf of Ivanhoe Mines by Dale A. Sketchley, M.Sc., P.Geo., a geological consultant employed by Acuity Management Ltd. The samples are initially assembled into groups of 16, then interspersed with four quality control samples to make up a batch of 20. The quality control samples comprise one duplicate split core sample and one uncrushed field blank, which are inserted prior to sample preparation; a reject or pulp preparation duplicate, which is inserted during sample preparation; and a reference material sample, which is inserted after sample preparation. The duplicate split core, reject and pulp samples are used to monitor precision at the various stage of sample preparation, the field blank to monitor sample contamination or switches, and the reference material to monitor accuracy. Reference materials are obtained from round robin programs conducted to collect and prepare material of varying matrices and grades to formulate homogenous bulk material. Samples of this material have been sent to several international testing laboratories and the resulting assay data analyzed statistically to determine a representative mean value and standard deviation necessary for setting acceptance/rejection tolerance limits. Round robin programs are also conducted on barren material obtained from distant sources, away from the mineralized areas, to ensure that the material really is barren before being used for monitoring contamination or sample switching. A total of 20 different reference materials have been developed and used to monitor the assaying of six different ore types made up of varying combinations of chalcopyrite, bornite, primary and supergene chalcocite, enargite, covellite and molybdenite. Split core samples are prepared according to the following protocol: - The entire sample is crushed to 90% minus 2 mm. - A 1 kg subsample is riffle split from the crushed minus 2 mm sample and pulverized to 90% minus 75 (mu)m (200 mesh). - A 150 g subsample is split off by taking multiple scoops from the pulverized 75 (mu)m sample. March 2003 [AMEC LOGO] SECTION 13-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA - The 150 g subsample is placed in a kraft envelope, sealed with a folded wire top and prepared for shipping. All equipment is flushed with barren material and blasted with compressed air between each sampling procedure. Screen tests are done on one sample taken from each batch of crushed and pulverized material to ensure that sample preparation specifications are met. Prepared samples are placed in wooden shipping boxes, locked, sealed with tamper-proof tags and shipped to Ulaanbaatar for assaying. Sample shipment details are provided to the assaying facility both electronically and as paper hard copy accompanying each shipment. The assaying facility then confirms sample receipt and the state of the tamper-proof tags back to site. 13.2 ASSAY METHOD All samples are routinely assayed for gold, copper and molybdenum. Gold is determined using a 30 g fire assay fusion, cupelled to obtain a bead, and digested with Aqua Regia, followed by an AAS finish. Copper and molybdenum are determined by acid digestion of a 5 g subsample, followed by an AAS finish. Samples are digested with nitric, hydrochloric, hydrofluoric and perchloric acids to dryness before being leached with hydrochloric acid to dissolve soluble salts and made to volume with distilled water. The four-acid digestion procedure was introduced in mid-August 2002 because of assaying problems with high-sulphide samples rich in chalcocite and covellite. Early indications are that it has not made an appreciable difference in overall values or precision for either copper or molybdenum. 13.3 QA/QC PROGRAM Assay results are provided to Ivanhoe Mines in electronic format and as a paper certificate. Upon receipt of assay results, values for reference material samples and field blanks are tabulated and compared to the established round robin program results. The following batch acceptance/rejection criteria are applied: - automatic batch failure if the reference material assay is greater than the round robin limit of three standard deviations - automatic batch failure if two consecutive reference material assays are greater than two standard deviations on the same side of the mean - automatic batch failure if the field blank is over a pre-set limit of 0.07 g/t Au or 0.07% Cu. March 2003 [AMEC LOGO] SECTION 13-2 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA If a batch fails, it is re-assayed until it passes. Override allowances are made for barren batches. Batch pass/failure data are tabulated on an ongoing basis, and charts of individual reference material values with respect to round robin tolerance limits are maintained. Checks assays are conducted at the rate of one per batch of 20 samples, using the same QA/QC criteria as routine assays. Blind pulp duplicates are conducted at the rate of two per five batches of 100 samples, also using the same QA/QC criteria. 13.3.1 STANDARDS PERFORMANCE Ivanhoe strictly monitors the performance of the standard reference material (SRM) samples as the assay results arrive at site. Since the inception of the QA/QC program in March of 2002, the ability of the laboratories to return assay values in the prescribed SRM ranges has improved (Figure 13-1). Charts of the individual SRMs are included in Appendix B. FIGURE 13-1: SRM FAILURE CHART [SRM FAILURE CHART] 13.3.2 BLANK SAMPLE PERFORMANCE Assay performance of field blanks is presented in Figures 13-2 to 13-4 for gold, copper and molybdenum. The results show a low incidence of contamination and a few cases of sample mix-ups, which were investigated at site and corrected. March 2003 [AMEC LOGO] SECTION 13-3 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA FIGURE 13-2: BLANK SAMPLE RESULTS FOR GOLD [BLANK SAMPLE RESULTS FOR GOLD GRAPH] FIGURE 13-3: BLANK SAMPLE RESULTS FOR COPPER [BLANK SAMPLE RESULTS FOR COPPER GRAPH] March 2003 [AMEC LOGO] SECTION 13-4 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA FIGURE 13-4: BLANK SAMPLE RESULTS FOR MOLYBDENUM [BLANK SAMPLE RESULTS FOR MOLYBDENUM GRAPH] 13.3.3 DUPLICATES PERFORMANCE The QA/QC program currently uses five different types of duplicate samples: core duplicates, coarse reject duplicates, pulp duplicates, blind pulp duplicates (samples resubmitted back to Analabs) and laboratory pulp duplicates (samples sent to an umpire lab). 13.3.4 DUPLICATES PERFORMANCE The QA/QC program currently uses five different types of duplicate samples. There are core duplicates, coarse reject duplicates, pulp duplicates, blind pulp duplicates (repackaged, renumbered and resubmitted back to SGS-Analabs) and laboratory pulp duplicates (samples sent to an umpire lab). CORE, COARSE REJECT AND PULP DUPLICATES AMEC has reviewed the core, coarse reject and pulp duplicate samples for all four deposit areas of the project separately. Only the copper grades were reviewed for Central Oyu, South Oyu and Far North, and both copper and gold were reviewed for Southwest Oyu. AMEC plotted the absolute percent difference for duplicate pairs against the percentile ranking of the grade in the sample population. For the 90th March 2003 [AMEC LOGO] SECTION 13-5 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA percentile of the population, a difference of 30% is allowed for the core duplicates, 20% for the coarse reject duplicates and 10% of the pulp duplicates. Table 13-1 summarizes the results of these analyses for each of the areas. TABLE 13-1: DUPLICATE SAMPLE ANALYSES, OYU TOLGOI PROJECT
- ----------------------------------------------------------------------------------------------------------------- SOUTHWEST OYU ----------------------------- SOUTH OYU CENTRAL OYU FAR NORTH Cu Au Cu Cu Cu AREA ------------- -------------- -------------- -------------- ------------- DUPLICATE TYPE % DIFF. LIMIT NO. % DIFF. NO. % DIFF. NO. % DIFF. NO. % DIFF. NO. % DIFF. - ----------------------------------------------------------------------------------------------------------------- Core 30 443 38 265 43 74 25 378 35 361 33 Coarse Reject 20 206 15 130 21 39 16 173 13 200 17 Pulp 10 290 6 162 11 47 4 304 6 159 6
The core duplicates for all areas tend to be above the recommended 30% limit in all areas except South Oyu, where the sample population is low. The coarse reject and pulp duplicates reproduce very well for all areas and are below the 20% and 10% limits, respectively. The charts are included in this section as Figures 13-5 to 13-9. FIGURE 13-5: SOUTHWEST OYU DUPLICATE DATA ANALYSIS - COPPER (%) [SOUTHWEST OYU DUPLICATE DATA ANALYSIS - COPPER (%) GRAPH] March 2003 [AMEC LOGO] SECTION 13-6 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA FIGURE 13-6: SOUTHWEST OYU DUPLICATE DATA ANALYSIS - GOLD (g/t) [SOUTHWEST OYU DUPLICATE DATA ANALYSIS - GOLD (g/t) GRAPH] FIGURE 13-7: SOUTH OYU DUPLICATE DATA ANALYSIS - COPPER (%) [SOUTH OYU DUPLICATE DATA ANALYSIS - COPPER (%) GRAPH] March 2003 [AMEC LOGO] SECTION 13-7 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA FIGURE 13-8: CENTRAL OYU DUPLICATE DATA ANALYSIS - COPPER (%) [CENTRAL OYU DUPLICATE DATA ANALYSIS - COPPER (%) GRAPH] FIGURE 13-9: FAR NORTH DUPLICATE DATA ANALYSIS - COPPER (%) [FAR NORTH DUPLICATE DATA ANALYSIS - COPPER (%) GRAPH] LABORATORY PULP DUPLICATES Descriptive statistics and precision for gold and copper assays have been analyzed using assay laboratory pulp duplicates. Data for molybdenum have not been compiled. Results for gold show no bias and a precision of 7%. Copper exhibits no bias and a precision of 4%. Both precision estimates are within expected ranges for this type of sample. March 2003 [AMEC LOGO] SECTION 13-8 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 13.3.5 REASSAY OF SAMPLES FROM SOUTHWEST OYU Samples taken from diamond drill holes in the sequence OTD149 to 190 from Southwest Oyu were originally assayed prior to the implementation of a formal QA/QC program. AMEC recommended that a re-assay program be completed to determine if any assay biases were present for these samples. AMEC stated that, "Once control has been achieved, 5 to 10% of the earlier assayed samples that are above the resource Cut-off grade should be reassayed under the new protocols." All samples from within the Southwest Oyu mineralized zone were therefore compiled and 20% selected by taking every fifth sample down drill holes for a total of 702 samples. Samples were grouped into batches of 20, which included five quality control samples comprising a reference standard, a field blank, a core duplicate, an original pulp duplicate and a new pulp duplicate. A total of 53 batches, consisting of 1,060 samples, were sent to the SGS Welshpool analytical facility in Australia for gold, copper and molybdenum assays plus additional multi-element analyses. Gold and copper assays were processed through the Oyu Tolgoi QC program, with re-assays requested for failures according to established pass/failure criteria. The data analysis and summary presented below were completed by D. Sketchley in his memo entitled, "South West Oyu Re-assay Program - Bias Assessment (Revised)," from February 2003. AMEC reviewed the data and agrees with the assessment. Analysis of the gold, copper and molybdenum scatter plots, QQ plots, relative difference plots, box plots and descriptive statistics for all data indicated a positive bias in the original gold and copper assays. These were assessed further by developing QQ plots for various grade ranges. The plotted grade ranges for gold were 0 to 2 g/t, 0 to 4 g/t, 0 to 6 g/t and 0 to 10 g/t. Based on distinctive patterns in these QQ plots, the gold data were grouped into grade ranges corresponding to 0 to 2.5 g/t, 2.5 to 3.9 g/t, 3.9 to 6 g/t and 6 to 10 g/t. The grade ranges for copper were 0 to 1%, 0 to 2%, 0 to 3% and 0 to 4%. Based on distinctive patterns in these QQ plots, the copper data were grouped into grade ranges corresponding 0 to 1.35%, 1.35 to 1.70%, and 1.70 to 4%. A bias assessment was conducted on moving grade windows to obtain a better understanding of the patterns. Data were trimmed at the lower and upper grade boundaries for gold windows varying in width from 1 to 10 g/t and for copper windows varying in width from 0.5 to 4%. Statistical parameters were tabulated for these windows, including the percentage relative differences between the original and re-assay mean grades for each window. The resulting relative difference bias plots are shown in Figure 13-10 for gold and Figure 13-11 for copper. Gold bias results were contoured at 5% and 10% to assist in determining grade ranges in the original data that have a significant bias. The percentage relative differences for grade windows with a width of 2 g/t from 0 to 2 g/t, 2 to 4 g/t and 4 to 6 g/t Au are highlighted in bold in Figure 13-10, as is the grade window with a width of 4 g/t from 6 March 2003 [AMEC LOGO] SECTION 13-9 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA to 10 g/t Au. These highlighted data correspond roughly to the previously described data ranges with distinctive bias patterns. It can be seen that the original data have a positive bias of between 5% and 10% below 2 g/t Au, of less than 5% from 2 to 6 g/t Au and of more than 10%, with an average of 14%, from 6 to 10 g/t Au. Copper bias results also were contoured at 5% and 10% to assist in determining grade ranges in the original data that have a significant bias. The percentage relative differences for grade windows with a width of 1% from 0 to 1% Cu and from 1 to 2% Cu are highlighted in bold in Figure 13-11, as is the grade window with a width of 2% from 2 to 4% Cu. These highlighted data correspond roughly to the previously described data ranges with distinctive bias patterns. The original data have a positive bias of less than 5% below 2% Cu and of more than 10%, with an average of 11%, from 2 to 4% Cu. DATA ADJUSTMENT PARAMETERS In order to use the original gold and copper date for resource estimation, adjustments are warranted where significant biases are evident. Adjustments should then be applied to data from all drill holes prior to OTD231. For gold, data below 2 g/t and above 6 g/t are biased by more than 5%. At a mean grade of 1.0 g/t Au, the approximate copper equivalent grade is 0.55% using US$300 per ounce gold and US$0.80 per pound copper (CuEq[$0.80] = %Cu+[g/tAu*9.65]/17.64). At this gold grade, an average bias of 8.5% for the 0 to 2 g/t Au grade window equates to a copper equivalent grade of 0.05%, which is negligible, hence no adjustment is proposed. Above 6 g/t Au, the effect of the bias is much higher, and the impact on copper equivalent grades is significant. At a mean grade of 8 g/t Au, the approximate copper equivalent grade is 4.38% with an average bias of 14%, which equates to a copper equivalent grade of 0.61%. Hence a proportional adjustment of the original grades equal to the average bias of 14% is proposed for pre-OTD231 data over 6 g/t Au. For copper, data above 2% Cu are biased by more than 5%. A mean grade of 3% Cu with an average bias of 11% equates to 0.33% Cu. This grade bias is significant, hence a proportional adjustment of the original grades equal to the average bias of 11% is proposed for pre-OTD231 data over 2% Cu. 13.3.6 SPECIFIC GRAVITY PROGRAM Samples for specific gravity determination are taken at approximately 20 to 30 locations per drill hole and tabulated by rock type. The specific gravity is calculated using the weights of representative samples in water and in air. Porous samples are dried and then coated with paraffin before weighing. Allowances are made for the weight and volume of the paraffin when calculating the specific gravity. March 2003 [AMEC LOGO] SECTION 13-10 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA FIGURE 13-10: RELATIVE DIFFERENCE GOLD BIAS PLOT [RELATIVE DIFFERENCE GOLD BIAS PLOT GRAPH] FIGURE 13-11: RELATIVE DIFFERENCE COPPER BIAS PLOT [RELATIVE DIFFERENCE COPPER BIAS PLOT GRAPH] March 2003 [AMEC LOGO] SECTION 13-11 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 14.0 DATA VERIFICATION As a test of data integrity, the data used to estimate the February 2003 Oyu Tolgoi mineral resources were checked several ways. AMEC conducted a 5% check of randomly chosen drill holes in each of the four deposits (SW, SO, CO and FN). Copper, gold and molybdenum values were checked against the original electronic assay certificates. Only rare transcription errors were found. AMEC also checked the down-hole survey data. Camera shots and RANGER output were read for the check drill holes and compared to those stored in the resource database. Two errors were found - both involving the minus 5(degree) bearing correction factor. AMEC discovered that these same errors were identified in a 100% internal review of survey data, but that the uncovered discrepancies had not yet been reconciled to the main Ivanhoe database. The reconciliation of the internal checks to the main database was done prior to final data extraction for this mineral resource update. Collar coordinates were checked against the database entries. Readings obtained matched those entered in the database. AMEC concludes that the assay and survey database used for the Oyu Tolgoi project mineral resource estimation is sufficiently free of error to be adequate for resource estimation. March 2003 [AMEC LOGO] SECTION 14-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 15.0 ADJACENT PROPERTIES Adjacent properties are not relevant for the review of the Oyu Tolgoi project. March 2003 [AMEC LOGO] SECTION 15-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 16.0 MINERAL PROCESSING AND METALLURGICAL TESTING Results of initial metallurgical test work on Oyu Tolgoi mineralized material have been documented in Cargill (2002). Additional work has focussed on gathering suitable sample material (PQ size drilling) for ongoing and future test work. Review of those test results and assessment of metallurgical process alternatives are currently being done as part of a scoping or preliminary assessment study on the project. March 2003 [AMEC LOGO] SECTION 16-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 17.0 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES The mineral resource estimates for the Oyu Tolgoi project were calculated under the direction of Dr. Harry Parker, Ch.P.Geol., and Dr. Stephen Juras, P.Geo. The estimates were made from 3-dimensional block models utilizing commercial mine planning software (MineSight(R)). The project was divided into four deposits, or Oyu's: Southwest (SW), South (SO), Central (CO) and Far North (FN). Projects limits are in truncated UTM coordinates. The Oyu Tolgoi project exists in two geologic block models, one containing the SW, SO and CO deposits, and the other constructed for FN. Project limits are 649000 to 652000 East, 4762000 to 4767000 North and 0 to +1,395 m elevation. Cell size was 20 m east x 20 m north x 15 m high. 17.1 DATA ANALYSIS 17.1.1 GENERAL One of the purposes of data analysis is to determine if it is necessary to divide the deposit into interpolation domains. The premise is that each interpolation domain is then statistically unique, which prevents statistically different grades from becoming mixed during estimation. On the other hand, if the composite grades are not actually statistically unique, then imposing domain boundaries may introduce local inaccuracies into the estimated block grades. Sometimes geologic models containing such variables as mineral types, lithology, intrusive domain and alteration types may be useful for the purposes of the resource model in terms of mining (e.g., density or hardness differences by lithology) or metallurgy (e.g., recovery changes with mineral type), but they may not be as useful for the purpose of interpolating block grades. The restriction of estimating block grades by geological units is generally recommended under the following circumstances: - The average grade within one domain is significantly different from the average grade in the neighbouring domain. - The change in grade across a domain boundary is very sharp or distinct. Each of the deposits, or Oyu's, were assigned mineralized domains based on geological criteria and marked changes in mineralization intensity (grade value patterns and mineralogical or alteration assemblages). These are listed in Table 17-1. AMEC checked the shapes for interpretational consistency in section and plan, and found them to have been properly constructed. These mineralized domains were then critically reviewed to determine appropriate estimation or grade interpolation domains. Several different procedures were applied to the data to discover whether statistically distinct domains could be constructed using the available geological variables. Results March 2003 [AMEC LOGO] SECTION 17-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA obtained were used to guide the construction of the block model and the development of estimation plans. TABLE 17-1: MINERALIZED DOMAINS, OYU TOLGOI PROJECT
- -------------------------------------------------------------------------------- DEPOSIT / MINERALIZED DOMAIN DOMAIN CODE DESCRIPTION ================================================================================ Southwest Oyu (SW)(zone code 2) Augite Basalt (Va) 1 Quartz veined, biotite altered, massive porphyritic basalt; pyrite- chalcopyrite mineralization Gold Zone 2 Pipe-like and strongly quartz veined, >= 1 g/t Au, about 250 m diameter, includes mineralized Va and Qmd Quartz Monzodiorite (Qmd) 4 Multi-generational relative to mineralization, varying from strongly mineralized and altered pre- and intra-phases to unmineralized post-mineral phases. Background 10 Weakly mineralized Va Low-Grade Qmd 14 Late intra- or post-mineral, weakly mineralized Qmd phase within the Gold zone - -------------------------------------------------------------------------------- South Oyu (SO) (zone code 3) South of S2 Fault 1 Sparsely tested, poorly mineralized Va Between S1 and S2 Faults 2 Fault bounded porphyry in Va; strong quartz veining and chalcopyrite-bornite mineralization; gold-poor Between S2 and SW Fault (Va) 3 Faulted down Va, cut by numerous intra- and post-mineral dykes Between S2 and SW Fault (Qmd) 4 Intra- to post-mineral Qmd in Va - -------------------------------------------------------------------------------- Central Oyu (CO) (zone code 5) Covellite (low Cu) 1 High-sulphidation, pyrite-covellite mineralization in altered and quartz veined Qmd; gold-poor Covellite (high Cu) 2 High-sulphidation, pyrite-covellite-chalcocite mineralization in Qmd; gold-poor Chalcopyrite 3 Pyrite-chalcopyrite mineralization, peripheral to covellite zones; gold-rich Chalcocite Blanket 5 Supergene chalcocite from former porphyry chalcopyrite-bornite mineralization Background 10 Weakly mineralized Va and Qmd outside the high-sulphidation domains - -------------------------------------------------------------------------------- Far North Oyu (FN)(zone code 7) Ignimbrite Hosted >0.6% Cu 1 Bornite-chalcopyrite mineralization hosted by vitric ash flow tuff deposits Va Hosted >0.6% Cu 2 Bornite-chalcopyrite mineralization hosted by Va High-Grade Cu Zone 3 Strongly altered, bornite-chalcopyrite-rich mineralization Background 10 Weakly mineralized ignimbrite or Va - -------------------------------------------------------------------------------- Post-mineral Dykes (all Oyu's) Undifferentiated 15 Andesite Dykes 17 Common in SW Granodiorite Dykes 18 Common in FN Rhyolite Dykes 16 Common in SO, SW, CO - --------------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 17-2 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 17.1.2 HISTOGRAMS AND LOG-PROBABILITY PLOTS The data were displayed in cumulative frequency and probability plots, and statistical properties were calculated for each domain in each deposit. Summarized in Appendix D, these include mean values, coefficient of variation (CV - standard deviation divided by the mean) and quartile values for assay (raw and capped) and 5 m composite Cu, Au and Mo data. Key results are discussed below. SOUTHWEST OYU The two main domains, the augite basalt (Va) and the gold zone, show distinct mean values for all metals. The Cu CVs are around 0.6 to 0.7, whereas Au CVs range from 0.7 (gold zone) to 0.9 (Va). Probability plots show a double lognormal distribution for Cu, with about 10% to 15% of the data representing included lower-grade material. Au values in the Va domain display a single lognormal population, whereas in the gold zone a double population is shown, with about a 15% included lower-grade component. SOUTH OYU The main domains in the SO area are #2 (between S1 and S2 faults), #3 (Va between S1 and SW faults) and #4 (Qmd between S1 and SW faults). For Cu and Au, domain #2 shows distinctly higher mean values relative to both #3 and #4. Also, CV values for Cu are different, with #2 equal to 0.9 and the other two domains varying from 1.1 to 1.2. Mo values are noticeably higher in domain #3. Probability plots show single lognormal populations for Au and Mo. Cu show a double lognormal population for #2 (about 20% included lower-grade material) and generally single lognormal populations in #3 and #4. CENTRAL OYU All CO domains show distinct Cu and Au mean values relative to each other. Cu CV values are low for the two covellite domains and the chalcopyrite domain, with values around 0.4 to 0.5. The supergene chalcocite domain shows slightly higher CVs of around 0.6 to 0.7. Probability plots indicate good single lognormal population trends for Au and Mo. Cu plots show generally single lognormal distributions. FAR NORTH OYU The ignimbrite and augite basalt FN domains show slightly different mean Cu and Au mean values. A noticeable difference occurs in the Cu distribution, with the augite basalt domain characterized by a tight (+/-0.2% Cu) pattern about the median value of 0.8% Cu. Cu distribution in the ignimbrite is wider (+/-0.35% Cu) about a higher median value equal to 1.0% Cu. Cu CV values for the mineralized domains (including the high-grade zone) are similarly low, at around 0.5. Mo mean values are distinctly higher in March 2003 [AMEC LOGO] SECTION 17-3 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA the augite basalt domain. Probability plots show good single lognormal distribution for Au and Mo. Cu displays characteristic double lognormal population patterns. Each mineralized domain contains approximately 5% to 15% lower-grade material. 17.1.3 CONTACT PROFILE ANALYSIS To study changes in grades across geologic boundaries, contact profiles, or plots of average grades at increasing distances from a boundary, are developed. If averages are fairly close to the same value near a boundary and then diverge as the distance from the contact increases, the particular boundary is probably not a grade constraint. In fact, if a "hard" boundary is imposed where grades tend to change gradually, grades may be overestimated on one side of the boundary and underestimated on the opposite side. If there is a distinct difference in the averages across a boundary, there is evidence that the boundary may be important in constraining the grade estimation. Contact profiles, or plots, were made for Cu, Au and Mo across the various mineralized domains in each deposit, or Oyu. These are shown in Appendix D. Contact profiles for all metals in SW show distinct differences in grade in the vicinity of the domain boundaries. In SO the contact profiles show less distinct differences. These results, however, should be viewed with caution, as they are caused by small number of data around the domain boundaries. CO contact profiles for Cu show small yet distinct breaks between the mineralized domains (covellite, chalcopyrite and chalcocite blanket) and marked distinctions between these and background values. FN results show distinct breaks along the high-grade zone boundary for Cu and Au values. The boundary between the mineralized ignimbrite and mineralized augite basalt show a transitional difference for all metals. Distinct Cu grades are shown between background and mineralized domains. 17.1.4 MODELLING IMPLICATIONS The data analyses demonstrated that most of the domains in the four deposits should be treated as separate domains with respect to Cu, Au and Mo. The exception to this is the ignimbrite-augite basalt boundary in FN. This boundary shows transitional characteristics and will be treated as a soft boundary during grade interpolation. 17.2 EVALUATION OF EXTREME GRADES Extreme grades were examined for all grade items (copper, gold and molybdenum), mainly by histograms and probability plots. Generally the distributions do not indicate a problem with extreme grades for copper. Most of the capped grades for Cu were therefore intended to remove outlier-type grades. For Au and Mo, capped grades were selected in domains with high CVs and/or where trends defined in the cumulative probability plots begin to become discontinuous. In the latter case, this generally occurred between the 98% to 99.5% level. Capped grades for the Oyu Tolgoi project March 2003 [AMEC LOGO] SECTION 17-4 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA are shown in Table 17-2. The capped grades were applied to the assay data prior to compositing. TABLE 17-2: CAP GRADES FOR Cu, Au AND Mo ASSAYS, OYU TOLGOI PROJECT
- -------------------------------------------------------------------------- DOMAIN Cu (wt %) Au (g/t) Mo (ppm) ========================================================================== Southwest Oyu (SW) #1 4.0 3.0 1,500 #2 4.0 10.0 1,500 #4 1.0 1.3 1,500 - -------------------------------------------------------------------------- South Oyu (SO) #2 - 2.0 300 #3 1.5 1.0 400 #4 1.5 1.0 400 - -------------------------------------------------------------------------- Central Oyu (CO) #1 4.5 1.3 800 #2 4.5 1.3 800 #3 4.5 3.0 400 #5 4.5 0.8 400 #10 2.0 1.0 500 - -------------------------------------------------------------------------- Far North Oyu (FN) #1 - 0.3 700 #2 - - 500 #3 - 1.0 500 #10 2.5 1.0 1,000 - --------------------------------------------------------------------------
17.3 VARIOGRAPHY Variography, a continuation of data analysis, is the study of the spatial variability of an attribute. AMEC prefers to use a correlogram, rather than the traditional variogram, because it is less sensitive to outliers and is normalized to the variance of data used for a given lag. The correlogram ranges from -1 to +1, although models are usually made over the interval [0,1], where 0 represents no correlation (statistical independence) and 1 represents perfect correlation. Correlograms were calculated for copper and gold in the main mineralized domains in each Oyu. The approach to correlogram model development is to calculate a relatively large number of sample correlograms in several directions using composite values. Directional sample correlograms are calculated along horizontal azimuths of 0degrees, 30degrees, 60degrees, 90degrees, 120degrees, 150degrees, 180degrees, 210degrees, 240degrees, 270degrees, 300degrees and 330degrees. For each azimuth, sample correlograms are also calculated at a dip of 30degrees and 60degrees down in addition to horizontally. Finally, a correlogram is calculated in the vertical direction. Using the 37 sample correlograms, an algorithm determines the best-fit model. This model consists of a nugget effect; single or two-nested structure variance contributions; ranges for the variance contributions; and the model type (spherical or exponential type). After fitting the variance parameters, the algorithm then fits an ellipsoid to the ranges from the directional models for each structure. The anisotropy in grade variation is given by the two ellipsoids March 2003 [AMEC LOGO] SECTION 17-5 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA The deposits of the Oyu Tolgoi project exhibit mineralization controls related to the intrusive history and structural geology (faults). The patterns of anisotropy demonstrated by the various correlograms tend to be consistent with geological interpretations. Key observations: - Southwest Oyu - Copper displays a north-south-trending, steeply dipping shorter-range structure for the augite basalt mineralization and a northwest-southeast-trending, moderately southwest dipping structure for the gold zone. Gold displays moderately south dipping, east-west-trending structures in both zones. In addition, a second structure is present in the gold zone, trending almost north-south with a moderate easterly dip. - South Oyu - Copper is influenced by the northeasterly-trending faults. Domains 2, 3 and 4 show moderately southeast dipping, northeast-southwest-trending shorter-range structures. Additionally, domain 2 displays a longer range moderate north-dipping east-west structure. - Central Oyu - Copper in domains 1 through 3 show elements of moderate to steep southwest-dipping, south-southeast to north-northwest-trending structures. - Far North Oyu (FN) - Copper structures show pronounced northeast-southwest trends. Dips vary by domains, with the ignimbrite having steep southeast dips and the augite basalt having moderate northwest dips. The ignimbrite also shows a second moderately dipping, northwest-southeast-trending structure. The interpreted spatial structures likely correspond to the property structural regime. Two attitudes seem prevalent from the property geophysics: northeast-southwest-trending (SW, SO and FN) and north-south-trending (CO and SW). These, plus possible conjugate sets, are reflected in the variography. The ignimbrite in the FN could also be showing the effect of the bedding attitude between the ignimbrite on the augite basalt. The nugget effects, or random variation components of spatial variation, tend to be moderate (20% to 40% of the total variation) in all domains. The correlogram parameters for copper in all domains plus gold for the gold zone at SW are given in Table 17-3. March 2003 [AMEC LOGO] SECTION 17-6 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA TABLE 17-3: VARIOGRAM PARAMETERS FOR COPPER (ALL MAIN DOMAINS) AND GOLD (SW GOLD ZONE ONLY), OYU TOLGOI PROJECT
DOMAIN MODEL C0 C1 R1 Y R1 X R1 Z ROT1 Z ROT1 X ROT1 Y C2 R2 Y R2 X R2 Z ============================================================================================================================ Southwest Oyu #1 Cu exp 0.279 0.536 23 14 41 -7 9 0 0.185 98 71 253 #2 Cu exp 0.183 0.525 52 14 38 -98 -49 -71 0.292 16 76 167 #4 Cu sph 0.243 0.757 362 55 25 -56 40 80 - - - - #1 Au sph 0.284 0.176 51 141 34 43 20 -35 0.240 488 157 322 #2 Au sph 0.232 0.359 48 171 82 0 0 -21 0.409 149 53 370 - ---------------------------------------------------------------------------------------------------------------------------- South Oyu #2 Cu sph 0.248 0.196 48 76 58 33 22 -51 0.555 184 527 59 #3 Cu sph 0.117 0.662 37 156 9 18 -22 -65 0.221 48 331 140 #4 Cu sph 0.276 0.724 42 141 297 -30 -33 2 - - - - - ---------------------------------------------------------------------------------------------------------------------------- Central Oyu #1 Cu sph 0.356 0.644 22 72 21 27 32 -34 - - - - #2 Cu sph 0.343 0.657 30 94 53 14 -11 -8 - - - - #3 Cu sph 0.469 0.531 119 86 17 16 67 28 - - - - #10 Cu sph 0.329 0.671 170 95 22 -63 20 76 - - - - #3 Au sph 0.183 0.817 56 19 180 -77 -18 -39 - - - - - ---------------------------------------------------------------------------------------------------------------------------- Far North Oyu #1 Cu sph 0.300 0.452 500 26 183 33 -72 4 0.248 56 95 500 #2 Cu sph 0.402 0.598 32 500 116 -40 19 -9 - - - - #3 Cu sph 0.339 0.343 192 44 16 56 -29 -13 0.317 500 22 94 #10 Cu sph 0.398 0.602 500 224 82 93 16 27 - - - - - ---------------------------------------------------------------------------------------------------------------------------- DOMAIN MODEL ROT2 Z ROT2 X ROT2 Y BLK VAR ================================================================== Southwest Oyu #1 Cu exp 41 26 -65 0.4712 #2 Cu exp 7 25 2 0.5331 #4 Cu sph - - - 0.4464 #1 Au sph -37 -12 -40 0.5437 #2 Au sph 6 -8 -53 0.6106 - ------------------------------------------------------------------ South Oyu #2 Cu sph 48 -52 37 0.6014 #3 Cu sph 54 25 -64 0.3504 #4 Cu sph - - - 0.5571 - ------------------------------------------------------------------ Central Oyu #1 Cu sph - - - 0.2720 #2 Cu sph - - - 0.3372 #3 Cu sph - - - 0.2609 #10 Cu sph - - - 0.3875 #3 Au sph - - - 0.4317 - ------------------------------------------------------------------ Far North Oyu #1 Cu sph 37 32 -16 0.4872 #2 Cu sph - - - 0.4212 #3 Cu sph 30 -11 -10 0.3425 #10 Cu sph - - - 0.5363 - ------------------------------------------------------------------
NOTES: exp = exponential model (note range values are R/3 in table for MS input); sph = spherical model; CO = nugget value, C1 = sill, first nest or range, C2 = sill, second nest or range; R Y = range (m) along Y axis, R X = range (m) along X axis, R Z = range (m) along Z axis; ROT Z = left-hand rotation around Z axis, ROT X = right-hand rotation around X axis, ROT Y = left-hand rotation around Y axis; 1 = first nest or range, 2 = second nest or range; Block Discretization = 4x 4y 2z for all domains, Blk Var = Block Variance March 2003 [AMEC LOGO] SECTION 17-7 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 17.4 MODEL SET-UP The estimates were made from 3-dimensional block models utilizing commercial mine planning software (MineSight(R)). The Oyu Tolgoi project exists in a two geologic block models, one containing the SW, SO and CO deposits, and the other constructed for FN. Project limits are 649000 to 652000 East, 4762000 to 4767000 North and 0 to +1,395 m elevation. Cell size was 20 m east x 20 m north x 15 m high. The block size for the model was selected based on mining selectivity considerations. It was assumed the smallest block size that could be selectively mined as ore or waste, referred to the selective mining unit (SMU), was approximately 20 m x 20 m x 15 m. In this case the SMU grade-tonnage curves predicted by the restricted estimation process adequately represented the likely actual grade-tonnage distribution. The assays were composited into 5 m down-hole composites. The compositing honoured the domain zone by breaking the composites on the domain code values. The capping limits were applied to the assay data prior to compositing. AMEC reviewed the compositing process and found it to have been performed correctly. Also assay data in older drill holes (pre-OTD231) were adjusted for bias (see Section 13.3.5) prior to capping. Bulk density data were assigned to a unique MineSight(R) assay database file. These data were composited into 15 m fixed-length down-hole values to reflect the block model bench height. Various coding was done on the block model in preparation for grade interpolation. The block model was coded according to Oyu and domain. Percent below topography was also calculated into the model blocks. Post-mineral dykes were assumed to represent zero grade waste cutting the mineralized rock. The shapes were used to calculate an ore-remaining percent for each block by subtracting the volume percent dyke that intersects a block from 100. This percentage was used in the resource tabulation procedure to properly account for mineralized material. 17.5 ESTIMATION The Oyu Tolgoi estimation plans, or sets of parameters used for estimating blocks, were designed using a philosophy of restricting the number of samples for local estimation. AMEC has found this to be an effective method of reducing smoothing and producing estimates that match the Discrete Gaussian change-of-support model and ultimately the actual recovered grade-tonnage distributions. While local predictions based on the small number of samples are uncertain, this method can produce reliable estimates of the recovered tonnage and grade over the entire deposit, i.e., the global grade-tonnage curves from the estimations are accurate predictors of the actual grade-tonnage curves. March 2003 [AMEC LOGO] SECTION 17-8 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA Modelling consisted of grade interpolation by ordinary kriging (KG). Note that inverse-distance weighting to the second power was used to interpolate Mo grades in SO and CO. Also, the chalcocite blanket in CO was interpolated by grade averaging because of the small data population in this domain. Only capped grades were interpolated. Nearest-neighbour (NN) grades were also interpolated for validation purposes. The interpolation parameters are listed in Table 17-4. TABLE 17-4: INTERPOLATION PARAMETERS FOR SW, SO, CO AND FN MODELS
- --------------------------------------------------------------------------------------------------------------- NO. OF COMPOSITES PER BLOCK SEARCH ELLIPSE --------------------------- --------------------------------------------- DOMAIN / METAL MAX MIN PER DH Y X Z ROT1 ROT2 ROT3 =============================================================================================================== Southwest #1 Cu 11 4 3 300 300 300 0 0 0 #2 Cu 15 5 4 300 300 300 0 0 0 #4 Cu 20 5 4 300 100 300 -50 0 40 #1 Au 20 5 4 300 300 300 0 0 0 #2 Au 15 4 3 300 300 300 0 0 0 #4 Au 20 5 4 150 50 150 25 0 20 #1, #2 Mo 20 5 4 300 300 300 0 0 0 #4 Mo 20 5 4 300 100 300 25 0 30 - --------------------------------------------------------------------------------------------------------------- South #2 Cu 11 5 4 500 100 250 90 0 0 #3 Cu 15 5 4 250 100 250 0 0 0 #4 Cu 15 5 4 250 100 250 60 0 0 #2 Au 20 5 4 200 60 200 25 0 15 #3 Au 20 4 4 125 60 200 0 0 0 #4 Au 20 4 4 250 250 150 0 0 0 all, Mo 20 4 4 150 250 250 0 0 0 - --------------------------------------------------------------------------------------------------------------- Central #1 Cu 20 6 5 150 60 60 90 0 0 #2 Cu 30 5 5 200 60 120 100 0 0 #3 Cu 35 7 7 200 60 200 130 0 20 #5 Cu 20 4 4 150 150 30 0 0 0 #10 Cu 20 4 4 300 60 200 -60 0 0 #1 Au 20 5 4 300 100 300 65 0 30 #2 Au 20 5 4 150 150 150 0 0 0 #3 Au 20 5 4 150 60 150 -70 0 50 #5 Au 20 4 4 150 150 30 0 0 0 #10 Au 30 4 4 200 200 200 0 0 0 all, Mo 20 4 4 150 250 250 0 0 0 - --------------------------------------------------------------------------------------------------------------- Far North #1 Cu 11 4 3 500 200 200 0 -90 0 #2 Cu 11 4 3 500 100 200 45 0 20 #3 Cu 9 4 3 500 200 200 45 0 0 #10 Cu 11 4 3 500 300 150 60 0 -25 #1 Au 15 5 4 400 250 250 0 0 0 #2 Au 15 5 4 500 300 200 65 0 0 #3 Au 15 5 4 400 200 100 45 -60 0 #10 Au 15 4 3 300 200 100 45 -80 0 #1, #3 Mo 15 4 3 400 200 200 0 0 0 #2 Mo 15 4 3 400 300 200 0 0 0 #10 Mo 15 4 3 300 100 300 0 0 0 - ---------------------------------------------------------------------------------------------------------------
NOTES: 1. Search distances in metres; 2. Rotation angles based as follows: Rot1 left-hand about Z; Rot2 right-hand about X; Rot3 left-hand about Y March 2003 [AMEC LOGO] SECTION 17-9 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA These parameters were based on the geological interpretation, data analyses and variogram analyses. The number of composites used in estimating a model block grade followed a strategy that matched composite values and model blocks sharing the same ore code or domain. The minimum and maximum number of composites were adjusted for each grade item to incorporate an appropriate amount of grade smoothing. This was done by change-of-support analysis (Discrete Gaussian or Hermitian polynomial change-of-support method), as described below. Bulk density values were estimated into the resource model by an averaging of composites. A maximum of six and minimum of two 15 m composites were used for the averaging. A rectangular search was used, measuring 200 m north x 200 m east x 50 m elevation. The assignment was constrained by matching composite values and model blocks that shared the same domain. 17.5.1 VALIDATION VISUAL INSPECTION AMEC completed a detailed visual validation of the Oyu Tolgoi resource block models. The models were checked for proper coding of drill hole intervals and block model cells, in both section and plan. Coding was found to be properly done. Grade interpolation was examined relative to drill hole composite values by inspecting sections and plans. The checks showed good agreement between drill hole composite values and model cell values. Examples of representative sections and plans containing block model grades, drill hole composite values and domain outlines are included in Appendix F. MODEL CHECK FOR CHANGE-OF-SUPPORT An independent check on the smoothing in the estimates was made using the Discrete Gaussian or Hermitian polynominal change-of-support method described by Journel and Huijbregts (Mining Geostatistics, Academic Press, 1978). The distribution of hypothetical block grades derived by this method is compared to the estimated model grade distribution by means of grade-tonnage curves. The grade-tonnage curves allow comparison of the histograms of the two grade distributions in a format familiar to mining. If the estimation procedure has adequately predicted grades for the selected block size, then the grade-tonnage curves should match fairly closely. If the curves diverge significantly, then there is a problem with the estimated resource. This method uses the "declustered" distribution of composite grades from a nearest-neighbour or polygonal model to predict the distribution of grades in blocks. In this case the blocks used in the model are 20 m x 20 m x 15 m. The unadjusted polygonal model assumes much more selectivity for ore and waste than is actually possible in mining practice, since many sample-sized volumes are averaged together within a March 2003 [AMEC LOGO] SECTION 17-10 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA block. This means that part of the sample-sized volumes in the block may be ore (above the mining cut-off) and part may be waste. Hence, the distribution of the grade of the blocks is not likely to resemble the distribution of grades from composite samples derived from the polygonal estimate. The method assumes that the distribution of the blocks will become more symmetric as the variance of the block distribution is reduced, i.e., as the mining blocks become bigger. The histogram for the blocks is derived from two calculations: - the block-to-block variance (sometimes referred to in statistics as the between-block variance), which is calculated by subtracting the average value of the variogram within a block from the variance for composite samples (the sill of the variogram) - the frequency distribution for the composite grades transformed by means of hermite polynomials (Herco: hermite correction) into a less skewed distribution with the same mean as the declustered grade distribution and with the block-to-block variance of the grades. The distribution of hypothetical block grades derived by the Herco method is then compared to the estimated grade distribution to be validated by means of grade-tonnage curves. The distribution of calculated 20 m x 20 m x 15 m block grades for copper in the main domains of SW (#1 and #2), SO (#2), CO (#1, #2 and #3) and FN (#1, #2 and #3) are shown with short dashed lines on the grade-tonnage curves in Appendix E. This is the distribution of grades based on 20 m blocks obtained from the change-of-support models. The long dashed lines in the figures show the grade-tonnage distribution obtained from the block estimates. The grade-tonnage predictions produced for the model show that grade and tonnage estimates are validated by the change-of-support calculations over the likely range of mining grade cut-off values. MODEL CHECKS FOR BIAS AMEC checked the block model estimates for global bias by comparing the average metal grades (with no Cut-off) from the model (KG) with means from nearest-neighbour estimates. (The nearest-neighbour estimator produces a theoretically unbiased estimate of the average value when no Cut-off grade is imposed and is a good basis for checking the performance of different estimation methods.) Results displayed in Tables 17-5 to 17-8 show no evidence of bias in the estimate. March 2003 [AMEC LOGO] SECTION 17-11 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA TABLE 17-5: STATISTICAL SUMMARY FOR KG AND NN ESTIMATES, SOUTHWEST OYU
MEAN VALUE STANDARD DEVIATION COEFFICIENT OF VARIATION GRADE ITEM (m) (sd) (sd/m) ============================================================================== SW #1 Cu KG 0.30 0.13 0.43 Cu NN 0.29 0.22 0.74 Au KG 0.37 0.15 0.41 Au NN 0.38 0.31 0.82 Mo KG 55.09 35.80 0.65 Mo NN 56.95 75.53 1.33 - ------------------------------------------------------------------------------ SW #2 Cu KG 0.64 0.26 0.40 Cu NN 0.65 0.42 0.65 Au KG 1.43 0.66 0.46 Au NN 1.45 1.07 0.74 Mo KG 65.64 41.68 0.64 Mo NN 65.64 83.02 1.26 - ------------------------------------------------------------------------------ SW #4 Cu KG 0.07 0.09 1.21 Cu NN 0.07 0.14 2.12 Au KG 0.05 0.07 1.46 Au NN 0.05 0.13 2.71 Mo KG 8.53 8.09 0.95 Mo NN 9.06 16.95 1.87 - ------------------------------------------------------------------------------
TABLE 17-6: STATISTICAL SUMMARY FOR KG AND NN ESTIMATES, SOUTH OYU
MEAN VALUE STANDARD DEVIATION COEFFICIENT OF VARIATION GRADE ITEM (m) (sd) (sd/m) ============================================================================== SO #2 Cu KG 0.34 0.17 0.50 Cu NN 0.33 0.27 0.83 Au KG 0.13 0.14 1.08 Au NN 0.13 0.32 2.39 Mo KG 15.97 13.44 0.84 Mo NN 16.18 21.98 1.36 - ------------------------------------------------------------------------------ SO #3 Cu KG 0.17 0.10 0.60 Cu NN 0.16 0.23 1.47 Au KG 0.04 0.02 0.57 Au NN 0.04 0.05 1.34 Mo KG 35.19 39.04 1.11 Mo NN 33.42 57.77 1.73 - ------------------------------------------------------------------------------ SO #4 Cu KG 0.12 0.12 1.02 Cu NN 0.12 0.17 1.48 Au KG 0.05 0.04 0.70 Au NN 0.04 0.07 1.73 Mo KG 12.65 10.22 0.81 Mo NN 13.62 20.42 1.50 - ------------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 17-12 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA TABLE 17-7: STATISTICAL SUMMARY FOR KG AND NN ESTIMATES, CENTRAL OYU
MEAN VALUE STANDARD DEVIATION COEFFICIENT OF VARIATION GRADE ITEM (m) (sd) (sd/m) ============================================================================== CO #1 Cu KG 0.55 0.10 0.19 Cu NN 0.55 0.19 0.35 Au KG 0.10 0.07 0.71 Au NN 0.10 0.12 1.24 Mo KG 61.04 42.96 0.70 Mo NN 62.69 79.10 1.26 - ------------------------------------------------------------------------------ CO #2 Cu KG 1.22 0.25 0.21 Cu NN 1.15 0.52 0.45 Au KG 0.21 0.12 0.57 Au NN 0.21 0.21 1.02 Mo KG 55.38 27.56 0.50 Mo NN 51.19 52.83 1.03 - ------------------------------------------------------------------------------ CO #3 Cu KG 0.71 0.17 0.23 Cu NN 0.68 0.30 0.44 Au KG 0.42 0.28 0.67 Au NN 0.41 0.47 1.13 Mo KG 50.36 40.29 0.80 Mo NN 50.65 60.83 1.20 - ------------------------------------------------------------------------------ CO #5 Cu KG 0.95 0.29 0.31 Cu NN 0.96 0.66 0.69 Au KG 0.08 0.05 0.60 Au NN 0.08 0.08 1.03 Mo KG 57.12 36.70 0.64 Mo NN 56.43 58.90 1.04 - ------------------------------------------------------------------------------ CO #10 Cu KG 0.11 0.10 0.85 Cu NN 0.11 0.15 1.42 Au KG 0.04 0.03 0.77 Au NN 0.04 0.06 1.61 Mo KG 20.84 21.32 1.02 Mo NN 18.41 31.67 1.72 - ------------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 17-13 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA TABLE 17-8: STATISTICAL SUMMARY FOR KG AND NN ESTIMATES, FAR NORTH OYU
MEAN VALUE STANDARD DEVIATION COEFFICIENT OF VARIATION GRADE ITEM (m) (sd) (sd/m) ============================================================================== FN #1 Cu KG 1.04 0.27 0.26 Cu NN 0.99 0.51 0.52 Au KG 0.04 0.02 0.39 Au NN 0.04 0.03 0.73 Mo KG 65.34 34.59 0.53 Mo NN 67.62 60.36 0.89 - ------------------------------------------------------------------------------ FN #2 Cu KG 0.98 0.25 0.25 Cu NN 0.97 0.48 0.49 Au KG 0.09 0.08 0.88 Au NN 0.08 0.11 1.34 Mo KG 78.14 38.51 0.49 Mo NN 77.64 67.01 0.86 - ------------------------------------------------------------------------------ FN #3 Cu KG 2.57 0.65 0.25 Cu NN 2.62 1.26 0.48 Au KG 0.17 0.10 0.59 Au NN 0.18 0.17 0.98 Mo KG 54.70 27.00 0.49 Mo NN 54.11 51.19 0.95 - ------------------------------------------------------------------------------ FN #10 Cu KG 0.35 0.17 0.49 Cu NN 0.32 0.28 0.87 Au KG 0.06 0.06 0.89 Au NN 0.06 0.09 1.39 Mo KG 68.54 41.14 0.60 Mo NN 77.90 113.40 1.46 - ------------------------------------------------------------------------------
AMEC also checked for local trends in the grade estimates. This was done by plotting the mean values from the nearest-neighbour estimate versus the kriged results benches, northings and eastings. The kriged estimate should be smoother than the nearest-neighbour estimate, thus the nearest-neighbour estimate should fluctuate around the kriged estimate on the plots. Results for copper and gold are shown in Appendix E. The two trends behave as predicted and show no significant trends of copper or gold in the estimates. HISTOGRAMS AND PROBABILITY PLOTS Histograms were constructed to show the frequency of sample grades within the mineralized domains. Both kriged and nearest-neighbour plots were made for copper, gold and molybdenum. The statistical properties are summarized in Appendix D. The nearest-neighbour plots mimic the respective composite value distribution. The kriged results show the formation of a more symmetric distribution because of the smoothing effect caused by using multiple values from multiple drill holes to interpolate a model block value. March 2003 [AMEC LOGO] SECTION 17-14 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 17.6 MINERAL RESOURCE CLASSIFICATION The mineral resources of the Oyu Tolgoi project were classified using logic consistent with the CIM definitions referred to in National Instrument 43-101. All interpolated blocks within 150 m of a drill composite were assigned as Inferred Mineral Resources. The South, Central and Far North deposits all fall within this category. Based on this criterion, the Southwest deposit contains Inferred Mineral Resources as well, but the increased drill coverage at this deposit, together with the demonstrated confidence in the assayed values with a well-functioning QA/QC program, allowed a portion of the Southwest deposit to be classified as Indicated Mineral Resources. A two step assignment process was used for the assignation: 1) within a domain, model blocks were assigned as Indicated Mineral Resources if composites from at least two drill holes, each no more than 70 m away from the block centre, were used to interpolate the block grade; and 2) along the gold zone domain contact, a block needed to be within 35 m of a drill hole. 17.7 MINERAL RESOURCE SUMMARY The mineralization of the Oyu Tolgoi project as of 24 February 2003 is classified as Indicated and Inferred Mineral Resources. The resources are shown by total project, by deposit and by depth per deposit, respectively, in Tables 17-9, 17-10 and 17-11, reported at a copper equivalent Cut-off grade. The equivalent grade was calculated using only assumed metal prices for copper and gold. The assumed prices were US$0.80 for Cu and US$350/oz for gold. For convenience the formula is: - CuEq = %Cu + (g/t Au*11.25)/717.64 TABLE 17-9: OYU TOLGOI PROJECT MINERAL RESOURCE SUMMARY - TOTAL PROJECT (24 FEBRUARY 2003)
GRADES CONTAINED METAL CuEq ------------------------------------ ------------------------------------------ CUT-OFF GRADE CuEq Cu Au Mo AuEq Cu Cu Au (%) TONNES (%) (%) (g/t) (ppm) (g/t) TONNES (000s lb) (oz) ===================================================================================================================== Indicated >= 1.00 92,300,000 1.74 0.74 1.57 74 2.73 682,000 1,500,000 4,662,000 >= 0.70 188,000,000 1.26 0.60 1.04 69 1.98 1,120,000 2,470,000 6,310,000 >= 0.60 267,000,000 1.08 0.53 0.86 69 1.69 1,423,000 3,140,000 7,346,000 >= 0.50 355,500,000 0.95 0.48 0.73 67 1.48 1,706,000 3,760,000 8,349,000 >= 0.40 442,400,000 0.85 0.44 0.65 64 1.33 1,928,000 4,250,000 9,187,000 >= 0.30 508,900,000 0.78 0.40 0.59 61 1.23 2,058,000 4,540,000 9,689,000 >= 0.20 548,000,000 0.74 0.39 0.56 59 1.17 2,115,000 4,660,000 9,889,000 - --------------------------------------------------------------------------------------------------------------------- Inferred >= 1.00 348,700,000 1.41 1.27 0.23 61 2.22 4,427,000 9,757,000 2,533,000 >= 0.70 632,900,000 1.15 1.02 0.21 64 1.81 6,428,000 14,167,000 4,331,000 >= 0.60 811,700,000 1.04 0.90 0.21 65 1.63 7,344,000 16,186,000 5,485,000 >= 0.50 1,046,600,000 0.93 0.80 0.20 63 1.45 8,361,000 18,428,000 6,802,000 >= 0.40 1,315,800,000 0.83 0.71 0.19 60 1.30 9,305,000 20,508,000 8,070,000 >= 0.30 1,602,300,000 0.74 0.63 0.17 57 1.16 10,110,000 22,282,000 8,959,000 >= 0.20 2,019,100,000 0.64 0.54 0.15 53 1.00 10,953,000 24,140,000 9,816,000 - ---------------------------------------------------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 17-15 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA TABLE 17-10: OYU TOLGOI PROJECT MINERAL RESOURCE SUMMARY - BY DEPOSIT (24 FEBRUARY 2003)
GRADES CONTAINED METAL CuEq ------------------------------------ ------------------------------------- CUT-OFF GRADE CuEq Cu Au Mo AuEq Cu Cu Au (%) TONNES (%) (%) (g/t) (ppm) (g/t) TONNES (000s lb) (oz) ===================================================================================================================== SW Indicated >= 1.00 92,300,000 1.74 0.74 1.57 74 2.73 682,000 1,500,000 4,662,000 >= 0.70 188,000,000 1.26 0.60 1.04 69 1.98 1,120,000 2,470,000 6,310,000 >= 0.60 267,000,000 1.08 0.53 0.86 69 1.69 1,423,000 3,140,000 7,346,000 >= 0.50 355,500,000 0.95 0.48 0.73 67 1.48 1,706,000 3,760,000 8,349,000 >= 0.40 442,400,000 0.85 0.44 0.65 64 1.33 1,928,000 4,250,000 9,187,000 >= 0.30 508,900,000 0.78 0.40 0.59 61 1.23 2,058,000 4,540,000 9,689,000 >= 0.20 548,000,000 0.74 0.39 0.56 59 1.17 2,115,000 4,660,000 9,889,000 - --------------------------------------------------------------------------------------------------------------------- SW Deposit - Inferred >= 1.00 24,900,000 1.48 0.59 1.40 60 2.32 146,000 320,000 1,120,000 >= 0.70 76,700,000 1.02 0.49 0.83 64 1.60 376,000 830,000 2,040,000 >= 0.60 126,600,000 0.87 0.44 0.68 65 1.37 552,000 1,220,000 2,780,000 >= 0.50 185,600,000 0.77 0.38 0.60 59 1.20 710,000 1,560,000 3,600,000 >= 0.40 250,600,000 0.68 0.34 0.54 54 1.07 848,000 1,870,000 4,350,000 >= 0.30 290,800,000 0.64 0.32 0.50 52 1.00 922,000 2,030,000 4,700,000 >= 0.20 309,700,000 0.61 0.31 0.48 51 0.96 945,000 2,080,000 4,820,000 - --------------------------------------------------------------------------------------------------------------------- SO Deposit - Inferred >= 1.00 5,400,000 1.18 0.82 0.56 32 1.85 44,000 100,000 100,000 >= 0.70 26,900,000 0.88 0.67 0.32 21 1.37 180,000 400,000 280,000 >= 0.60 48,400,000 0.77 0.61 0.26 20 1.21 294,000 650,000 400,000 >= 0.50 88,500,000 0.67 0.54 0.20 20 1.05 476,000 1,050,000 570,000 >= 0.40 162,000,000 0.56 0.46 0.16 22 0.88 750,000 1,650,000 820,000 >= 0.30 270,300,000 0.48 0.39 0.13 23 0.75 1,067,000 2,350,000 1,100,000 >= 0.20 404,200,000 0.40 0.33 0.11 22 0.63 1,342,000 2,960,000 1,360,000 - --------------------------------------------------------------------------------------------------------------------- CO Deposit - Inferred >= 1.00 60,600,000 1.34 1.12 0.34 53 2.10 679,000 1,500,000 670,000 >= 0.70 112,900,000 1.10 0.92 0.28 56 1.72 1,040,000 2,290,000 1,020,000 >= 0.60 147,500,000 0.99 0.84 0.24 56 1.56 1,238,000 2,730,000 1,140,000 >= 0.50 183,400,000 0.91 0.77 0.21 56 1.42 1,415,000 3,120,000 1,240,000 >= 0.40 201,000,000 0.87 0.74 0.20 55 1.36 1,487,000 3,280,000 1,280,000 >= 0.30 236,800,000 0.79 0.67 0.18 53 1.23 1,591,000 3,510,000 1,360,000 >= 0.20 413,100,000 0.55 0.47 0.13 44 0.86 1,939,000 4,270,000 1,710,000 - --------------------------------------------------------------------------------------------------------------------- FN Deposit - Inferred >= 1.00 257,800,000 1.43 1.38 0.08 64 2.24 3,558,000 7,840,000 640,000 >= 0.70 416,400,000 1.21 1.16 0.07 69 1.89 4,833,000 10,650,000 990,000 >= 0.60 489,200,000 1.12 1.08 0.07 72 1.76 5,261,000 11,590,000 1,170,000 >= 0.50 589,100,000 1.02 0.98 0.07 73 1.61 5,761,000 12,700,000 1,400,000 >= 0.40 702,200,000 0.93 0.89 0.07 73 1.46 6,220,000 13,710,000 1,620,000 >= 0.30 804,400,000 0.86 0.81 0.07 72 1.34 6,531,000 14,390,000 1,800,000 >= 0.20 892,100,000 0.80 0.75 0.07 71 1.25 6,727,000 14,830,000 1,930,000 - ---------------------------------------------------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 17-16 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA TABLE 17-11: OYU TOLGOI PROJECT MINERAL RESOURCE SUMMARY - BY DEPTH PER DEPOSIT (24 FEBRUARY 2003)
GRADES CuEq --------------------------------------- CUT-OFF GRADE CuEq Cu Au Mo AuEq (%) TONNES (%) (%) (g/t) (ppm) (g/t) ========================================================================================================== SW DEPOSIT - INDICATED >1.00 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 5,530,000 1.44 0.70 1.16 38 2.27 1020 to 900 m level (120 - 240 m below surface) 20,480,000 1.98 0.82 1.82 57 3.10 900 to 780 m level (240 - 360 m below surface) 16,320,000 1.89 0.87 1.59 101 2.96 780 to 660 m level (360 - 480 m below surface) 13,660,000 1.59 0.73 1.35 88 2.49 660 to 540 m level (480 - 600 m below surface) 21,580,000 1.75 0.73 1.60 88 2.74 540 to 420 m level (600 - 720 m below surface) 11,770,000 1.53 0.55 1.55 53 2.40 420 to 300 m level (720 to 840 m below surface) 2,280,000 1.23 0.41 1.29 23 1.94 300 to 180 m level (840 to 960 m below surface) 670,000 1.35 0.42 1.46 33 2.12 180 to 60 m level (960 to 1080 m below surface) 30,000 1.15 0.31 1.32 17 1.80 60 to 00 m level (1080 to 1200 m below surface) - - - - - - - ---------------------------------------------------------------------------------------------------------- >0.60 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 42,460,000 0.82 0.51 0.50 67 1.30 1020 to 900 m level (120 - 240 m below surface) 62,140,000 1.15 0.59 0.86 71 1.79 900 to 780 m level (240 - 360 m below surface) 50,640,000 1.09 0.58 0.80 90 1.72 780 to 660 m level (360 - 480 m below surface) 30,040,000 1.11 0.54 0.89 74 1.74 660 to 540 m level (480 - 600 m below surface) 42,060,000 1.26 0.55 1.11 70 1.97 540 to 420 m level (600 - 720 m below surface) 28,230,000 1.08 0.42 1.04 42 1.69 420 to 300 m level (720 to 840 m below surface) 7,800,000 0.88 0.31 0.90 24 1.38 300 to 180 m level (840 to 960 m below surface) 3,080,000 0.87 0.31 0.90 31 1.37 180 to 60 m level (960 to 1080 m below surface) 530,000 0.73 0.26 0.75 21 1.15 60 to 00 m level (1080 to 1200 m below surface) - - - - - - - ---------------------------------------------------------------------------------------------------------- >0.30 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 92,790,000 0.64 0.41 0.35 69 0.99 1020 to 900 m level (120 - 240 m below surface) 105,560,000 0.86 0.47 0.61 69 1.35 900 to 780 m level (240 - 360 m below surface) 92,730,000 0.80 0.45 0.56 75 1.26 780 to 660 m level (360 - 480 m below surface) 70,130,000 0.74 0.37 0.57 59 1.15 660 to 540 m level (480 - 600 m below surface) 56,800,000 1.05 0.47 0.92 61 1.65 540 to 420 m level (600 - 720 m below surface) 45,310,000 0.84 0.34 0.80 34 1.32 420 to 300 m level (720 to 840 m below surface) 24,460,000 0.58 0.23 0.54 30 0.91 300 to 180 m level (840 to 960 m below surface) 16,840,000 0.52 0.20 0.50 29 0.81 180 to 60 m level (960 to 1080 m below surface) 4,280,000 0.45 0.18 0.43 26 0.71 60 to 00 m level (1080 to 1200 m below surface) - - - - - - - ---------------------------------------------------------------------------------------------------------- SW DEPOSIT - INFERRED >1.00 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 1,600,000 1.67 0.76 1.44 35 2.63 1020 to 900 m level (120 - 240 m below surface) 2,570,000 1.96 0.78 1.85 52 3.08 900 to 780 m level (240 - 360 m below surface) 1,140,000 1.96 0.86 1.74 89 3.08 780 to 660 m level (360 - 480 m below surface) 2,240,000 1.44 0.70 1.17 88 2.26 660 to 540 m level (480 - 600 m below surface) 5,150,000 1.39 0.57 1.29 75 2.18 540 to 420 m level (600 - 720 m below surface) 9,130,000 1.41 0.52 1.39 58 2.21 420 to 300 m level (720 to 840 m below surface) 2,300,000 1.14 0.37 1.20 24 1.78 300 to 180 m level (840 to 960 m below surface) 760,000 1.25 0.38 1.36 34 1.95 180 to 60 m level (960 to 1080 m below surface) - - - - - - 60 to 00 m level (1080 to 1200 m below surface) - - - - - - - ---------------------------------------------------------------------------------------------------------- >0.60 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 14,910,000 0.84 0.52 0.51 76 1.32 1020 to 900 m level (120 - 240 m below surface) 23,200,000 0.86 0.53 0.53 79 1.35 900 to 780 m level (240 - 360 m below surface) 18,570,000 0.78 0.45 0.52 89 1.22 780 to 660 m level (360 - 480 m below surface) 13,890,000 0.83 0.42 0.65 75 1.30 660 to 540 m level (480 - 600 m below surface) 23,430,000 0.86 0.39 0.74 55 1.35 540 to 420 m level (600 - 720 m below surface) 20,650,000 1.03 0.41 0.98 43 1.62 420 to 300 m level (720 to 840 m below surface) 9,720,000 0.85 0.31 0.85 26 1.33 300 to 180 m level (840 to 960 m below surface) 1,820,000 0.95 0.31 1.00 33 1.49 - ----------------------------------------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 17-17 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA
GRADES CuEq --------------------------------------- CUT-OFF GRADE CuEq Cu Au Mo AuEq (%) TONNES (%) (%) (g/t) (ppm) (g/t) ========================================================================================================= 180 to 60 m level (960 to 1080 m below surface) 390,000 0.63 0.21 0.66 18 0.99 60 to 00 m level (1080 to 1200 m below surface) - - - - - - - --------------------------------------------------------------------------------------------------------- >0.30 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 33,110,000 0.64 0.42 0.35 78 1.00 1020 to 900 m level (120 - 240 m below surface) 36,850,000 0.71 0.44 0.43 77 1.11 900 to 780 m level (240 - 360 m below surface) 33,470,000 0.64 0.37 0.43 78 0.99 780 to 660 m level (360 - 480 m below surface) 41,210,000 0.57 0.29 0.45 55 0.90 660 to 540 m level (480 - 600 m below surface) 42,700,000 0.70 0.31 0.61 44 1.10 540 to 420 m level (600 - 720 m below surface) 37,060,000 0.78 0.31 0.74 33 1.23 420 to 300 m level (720 to 840 m below surface) 30,820,000 0.59 0.23 0.56 28 0.92 300 to 180 m level (840 to 960 m below surface) 21,470,000 0.50 0.19 0.47 27 0.77 180 to 60 m level (960 to 1080 m below surface) 13,500,000 0.42 0.16 0.41 24 0.66 60 to 00 m level (1080 to 1200 m below surface) 580,000 0.42 0.17 0.39 28 0.66 - --------------------------------------------------------------------------------------------------------- SO DEPOSIT - INFERRED >1.00 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 2,210,000 1.29 1.14 0.24 11 2.02 1020 to 900 m level (120 - 240 m below surface) 1,750,000 1.09 0.73 0.56 16 1.71 900 to 780 m level (240 - 360 m below surface) 1,400,000 1.11 0.42 1.07 84 1.74 780 to 660 m level (360 - 480 m below surface) - - - - - - 660 to 540 m level (480 - 600 m below surface) - - - - - - 540 to 420 m level (600 - 720 m below surface) - - - - - - 420 to 300 m level (720 to 840 m below surface) - - - - - - - --------------------------------------------------------------------------------------------------------- >0.60 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 19,670,000 0.78 0.66 0.19 19 1.23 1020 to 900 m level (120 - 240 m below surface) 20,770,000 0.77 0.59 0.28 18 1.19 900 to 780 m level (240 - 360 m below surface) 5,680,000 0.79 0.51 0.44 33 1.24 780 to 660 m level (360 - 480 m below surface) 2,230,000 0.67 0.54 0.20 15 1.06 660 to 540 m level (480 - 600 m below surface) 30,000 0.73 0.61 0.18 32 1.14 540 to 420 m level (600 - 720 m below surface) - - - - - - 420 to 300 m level (720 to 840 m below surface) - - - - - - - --------------------------------------------------------------------------------------------------------- >0.30 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 59,180,000 0.55 0.48 0.12 19 0.86 1020 to 900 m level (120 - 240 m below surface) 80,650,000 0.51 0.42 0.15 20 0.81 900 to 780 m level (240 - 360 m below surface) 74,050,000 0.43 0.35 0.13 29 0.68 780 to 660 m level (360 - 480 m below surface) 50,340,000 0.40 0.33 0.10 23 0.62 660 to 540 m level (480 - 600 m below surface) 5,630,000 0.36 0.31 0.08 21 0.56 540 to 420 m level (600 - 720 m below surface) 150,000 0.33 0.30 0.04 10 0.52 420 to 300 m level (720 to 840 m below surface) 20,000 0.31 0.21 0.16 71 0.49 - --------------------------------------------------------------------------------------------------------- CO DEPOSIT - INFERRED >1.00 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 11,640,000 1.23 1.14 0.13 63 1.93 1020 to 900 m level (120 - 240 m below surface) 14,800,000 1.32 1.18 0.20 54 2.07 900 to 780 m level (240 - 360 m below surface) 23,570,000 1.44 1.15 0.45 47 2.25 780 to 660 m level (360 - 480 m below surface) 8,080,000 1.30 0.96 0.52 53 2.03 660 to 540 m level (480 - 600 m below surface) 2,370,000 1.28 0.87 0.64 68 2.01 540 to 420 m level (600 - 720 m below surface) 130,000 1.17 1.06 0.17 41 1.83 420 to 300 m level (720 to 840 m below surface) - - - - - - - --------------------------------------------------------------------------------------------------------- >0.60 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 29,920,000 0.94 0.86 0.12 57 1.46 1020 to 900 m level (120 - 240 m below surface) 48,240,000 0.91 0.80 0.18 56 1.43 900 to 780 m level (240 - 360 m below surface) 40,330,000 1.15 0.94 0.35 54 1.81 780 to 660 m level (360 - 480 m below surface) 20,880,000 0.97 0.77 0.31 60 1.52 660 to 540 m level (480 - 600 m below surface) 7,720,000 0.95 0.72 0.36 65 1.49 540 to 420 m level (600 - 720 m below surface) 480,000 0.89 0.76 0.21 36 1.40 420 to 300 m level (720 to 840 m below surface) - - - - - - - ---------------------------------------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 17-18 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA
GRADES CuEq --------------------------------------- CUT-OFF GRADE CuEq Cu Au Mo AuEq (%) TONNES (%) (%) (g/t) (ppm) (g/t) ========================================================================================================== >0.30 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 58,130,000 0.72 0.65 0.10 52 1.12 1020 to 900 m level (120 - 240 m below surface) 74,970,000 0.75 0.66 0.14 51 1.18 900 to 780 m level (240 - 360 m below surface) 54,420,000 0.97 0.79 0.27 54 1.52 780 to 660 m level (360 - 480 m below surface) 30,810,000 0.78 0.62 0.24 56 1.22 660 to 540 m level (480 - 600 m below surface) 14,960,000 0.68 0.54 0.22 61 1.06 540 to 420 m level (600 - 720 m below surface) 3,250,000 0.40 0.36 0.07 36 0.63 420 to 300 m level (720 to 840 m below surface) 280,000 0.33 0.31 0.03 25 0.52 - ---------------------------------------------------------------------------------------------------------- FN DEPOSIT - INFERRED >1.00 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 400,000 1.14 1.11 0.04 64 1.78 1020 to 900 m level (120 - 240 m below surface) 11,490,000 1.24 1.22 0.03 45 1.94 900 to 780 m level (240 - 360 m below surface) 39,090,000 1.30 1.27 0.05 57 2.04 780 to 660 m level (360 - 480 m below surface) 84,300,000 1.60 1.56 0.07 58 2.51 660 to 540 m level (480 - 600 m below surface) 79,910,000 1.45 1.40 0.08 67 2.28 540 to 420 m level (600 - 720 m below surface) 32,300,000 1.16 1.09 0.11 83 1.82 420 to 300 m level (720 to 840 m below surface) 10,370,000 1.38 1.26 0.20 80 2.18 300 to 180 m level (840 to 960 m below surface) - - - - - - 180 to 60 m level (960 to 1080 m below surface) - - - - - - 60 to 00 m level (1080 to 1200 m below surface) - - - - - - - ---------------------------------------------------------------------------------------------------------- >0.60 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 1,110,000 0.89 0.87 0.04 91 1.39 1020 to 900 m level (120 - 240 m below surface) 28,800,000 0.97 0.94 0.04 60 1.52 900 to 780 m level (240 - 360 m below surface) 78,140,000 1.07 1.03 0.04 59 1.67 780 to 660 m level (360 - 480 m below surface) 114,830,000 1.39 1.34 0.06 63 2.17 660 to 540 m level (480 - 600 m below surface) 115,660,000 1.26 1.21 0.07 70 1.97 540 to 420 m level (600 - 720 m below surface) 83,090,000 0.94 0.88 0.09 89 1.48 420 to 300 m level (720 to 840 m below surface) 40,910,000 0.90 0.80 0.15 94 1.41 300 to 180 m level (840 to 960 m below surface) 22,810,000 0.67 0.62 0.08 80 1.06 180 to 60 m level (960 to 1080 m below surface) 3,890,000 0.68 0.63 0.08 55 1.07 60 to 00 m level (1080 to 1200 m below surface) - - - - - - - ---------------------------------------------------------------------------------------------------------- >0.30 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 7,860,000 0.45 0.43 0.03 69 0.71 1020 to 900 m level (120 - 240 m below surface) 62,840,000 0.68 0.66 0.04 64 1.06 900 to 780 m level (240 - 360 m below surface) 108,690,000 0.88 0.85 0.04 63 1.38 780 to 660 m level (360 - 480 m below surface) 164,190,000 1.10 1.06 0.06 65 1.73 660 to 540 m level (480 - 600 m below surface) 171,470,000 0.99 0.94 0.07 68 1.55 540 to 420 m level (600 - 720 m below surface) 142,530,000 0.73 0.68 0.08 86 1.16 420 to 300 m level (720 to 840 m below surface) 86,090,000 0.66 0.59 0.12 88 1.04 300 to 180 m level (840 to 960 m below surface) 53,910,000 0.56 0.52 0.08 74 0.89 180 to 60 m level (960 to 1080 m below surface) 7,920,000 0.59 0.55 0.06 58 0.92 60 to 00 m level (1080 to 1200 m below surface) - - - - - - - ----------------------------------------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 17-19 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 18.0 OTHER RELEVANT DATA AND INFORMATION No other data or information are relevant for the review of the Oyu Tolgoi project. March 2003 [AMEC LOGO] SECTION 18-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 19.0 REQUIREMENTS FOR TECHNICAL REPORTS ON PRODUCTION AND DEVELOPMENT PROPERTIES This section is not relevant for this study. March 2003 [AMEC LOGO] SECTION 19-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 20.0 CONCLUSIONS AND RECOMMENDATIONS AMEC reviewed pertinent data from the Oyu Tolgoi project to obtain a sufficient level of understanding to assess the existing Mineral Resource statement. AMEC's general conclusions from this review are as follows: - The geology of the Oyu Tolgoi project is well understood. The various deposits that comprise the project are considered to be examples of a Cu-Au porphyry system and related high-sulphidation types of deposits. Four deposits are known: 1. The Southwest Oyu deposit consists primarily of pyrite-chalcopyrite mineralization related to sericite and sericite-albite alteration. Mineralization is characterized by high gold contents with Au:Cu ratios about 1:1 in the main part of the deposit, rising to between 2:1 to 3:1 in the core of the system and at depth. 2. South Oyu contains pyrite-chalocopyrite-bornite mineralization. It is gold-poor. 3. Central Oyu contains several mineralization types: a pyrite-covellite-chalcocite type, an auriferous chalcopyrite-pyrite type and a supergene chalcocite blanket type. 4. Far North consists of bornite +/- chalcopyrite +/- chalcocite mineralization in higher- grade concentrations. It is zoned laterally to lower-grade, chalcopyrite- dominated mineralization and to pyrite-enargite. - The exploration program relies strongly on geophysical survey data (IP and magnetics), and other target anomalies still remain within the project land holdings. Good potential exists for extending mineralization of the existing deposits, particularly Far North, South and Central. - The database used to estimate the mineral resources for the Oyu Tolgoi project consists of samples and geological information from 199 core drill holes drilled by Ivanhoe between mid 2001 and early 2003, and 19 earlier drilled core holes by BHP-Billiton. Data transfer to the resource database was validated from original assay certificates through a 5% check of the database. - Ivanhoe employs a comprehensive QA/QC program. Each sample batch contains four quality control samples: one duplicate split core sample and one uncrushed field blank, which are inserted prior to sample preparation; a reject or pulp preparation duplicate, which is inserted during sample preparation; and a reference material sample, which is inserted after sample preparation. A total of 20 different reference materials have been developed and used to monitor the assaying of six different ore types made up of varying combinations of chalcopyrite, bornite, March 2003 [AMEC LOGO] SECTION 20-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA primary and supergene chalcocite, enargite, covellite and molybdenite. Ivanhoe strictly monitors the performance of the standard reference material (SRM) samples as the assay results arrive at site. If a batch fails, it is re-assayed until it passes. AMEC reviewed Ivanhoe's SRM procedures at site and found them to be stringently adhered to. Results of field blanks show low incidence of contamination and confirm negligible contamination in the assay process. Duplicate performance of core, coarse reject and pulp duplicates was evaluated by AMEC and found to perform well within the respective accepted ranges. The current Ivanhoe QA/QC program exceeds industry standards and demonstrates that the assay process for Oyu Tolgoi is well in control. - Samples assayed earlier (prior to drill hole OTD231) were poorly supported by QA/QC data. To assess any potential for bias, a major re-assay program (20% of the Southwest mineralized zone) was undertaken. Analysis of results confirmed the presence of a bias in the higher-grade ranges for Au (>6 g/t) and Cu (>2%). Assays from that sampling period that exceeded the respective metal thresholds were adjusted downward by 14% for Au and 11% for Cu before resource estimation. - The Oyu Tolgoi resource models were developed using industry-accepted methods. AMEC validated the model estimates and found them to reasonably estimate grade and tonnage for the Southwest, South, Central and Far North deposits. - The mineralization at Oyu Tolgoi project was classified using logic consistent with the CIM definitions referred to in National Instrument 43-101 into Indicated Mineral Resources (SW) and Inferred Mineral Resources (SW, SO, CO, FN). This independent mineral resource estimate and review by AMEC supports the February 2003 Oyu Tolgoi Mineral Resource statement. March 2003 [AMEC LOGO] SECTION 20-2 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 21.0 REFERENCES Badarch, G. et al., 2002. A new terrane subdivision for Mongolia: implications for the Phanerozoic crustal growth of Central Asia. Journal of Asian Earth Sciences, v.21,p.87-110 Cargill, G., 2002. Report on the Oyu Tolgoi Exploration Project South Gobi Region, Mongolia. National Instrument 43-101 Technical Report, January 11, 2002. Perello, J. et. al., 2001. Oyu Tolgoi, Mongolia: Siluro-Devonian porphyry Cu-Au-Moand high-sulphidation Cu mineralization with a Cretaceous chalcocite blanket. Econ.Geol. v.96, p.1407-1428. Tseveendorj, D. and Garamjav, D., 1999. About ancient copper mining and processing in Mongolia; Ulaanbaatar, Mongolia, Academy of Science Institute Proceedings Series 19, p.17-21 (in Mongolian) March 2003 [AMEC LOGO] SECTION 21-1 TECHNICAL REPORT LIST OF APPENDICES A Project Logging Sheet and Description B Composited Assay Values C Standard Reference Material (SRM) Charts D Data Analysis E Model Validation F Sections APPENDIX A PROJECT LOGGING SHEET AND DESCRIPTION DESCRIPTION OF OYU TOLGOI PROJECT LOG SHEET PARAMETRES The log sheet lists the following parametres (from left to right). METRES: depth subdivided in sample interval (2m) 1) SAMPLE NO: 2) ASSAY: 3) LITHOLOGY: see Table 1 - Lithological units, (below) 4) STRUCTURE: in this column only major structures should be illustrated- the core photography captures the general fracture pattern of the core more adequately. MINERALIZATION: 5) FE OXIDE: 6) QUARTZ VEIN: estimate of quartz vein frequency and volume % over the 2 m sample interval, notation 15/10: indicates 15 veins, comprising 10% by volume. THE NEXT 5 COLUMNS DESCRIBE ALTERATION IN TERMS OF INTENSITY: 1 to 3 7) SILICA: mainly of use for the Advanced argillic zone, and should not be filled in routinely. 8) SERICITE: Intense sericite (+ pyrite-tourmaline) alteration at SW Oyu Tolgoi is localized to zones within Qmd, and is not present as an outward zonation to the mineralized system. Sericite is also widespread with chlorite alteration (below), but this style is less conspicuous. 1: Low- slight bleaching of the rock and plagioclase phenocrysts partly replaced by sericite (<5% by volume) 2: Moderate- strongly bleached, primary texture partly destroyed, plagioclase crystals almost completely replaced by sericite (pale-green, waxy) (5-50% by volume) 3: High-buff color, texture indistinct, almost completely destroyed (>50% by volume). 9) CHLORITE: Chlorite alteration is ubiquitous to the SW Oyu porphyry system. Because much of the host rocks are dark green-brown basaltic volcanics, the intensity chlorite alteration in these rocks is difficult to estimate. Conversely, lower intensity chlorite alteration in buff-red Qmd or in-filling quartz veins, standouts disproportionally due to the color contrast. In addition, chlorite is commonly intimately associated with sericite alteration, and in combination forms mottled patches and spots in Va and in Qmd. Because of these features, chlorite alteration generally cannot be mapped in a consistent manner that defines distribution or zonation. 1: Low- incipient chlorite alteration, i.e., chlorite is recognized to be present-almost all cases 2: Moderate- chlorite forms conspicuous mottled patches, spots in Va or Qmd 3: High- secondary chlorite imparts a strong green coloration to the host rocks together with strong textural destruction (re-crystallization to chlorite). 10) BIOTITE: Biotite is a distinctive indicator for K-silicate alteration, whilst on the other hand K-feldspar cannot be readily identified in hand specimen, and in fact may not be common. Secondary biotite replaces ferromagnesian minerals in Qmd, and mainly the matrix in basaltic volcanics (Va). Phenocrysts of augite present in Va are generally not replaced by biotite, but are converted to pale green fibrous actinolite. The intensity biotite alteration in basaltic volcanics decreases outward away from OT-Qmd intrusions. In general, the intensity of biotite alteration in volcanics can be gauged in terms of color, i.e., dark brown = high intensity 1: Low-incipient biotite alteration, i.e., secondary biotite is present, either as replacement of ferromagnesian minerals in Qmd, or patchy brown alteration in the matrix of Va. 2: Moderate-secondary biotite imparts a brown color to Va and Qmd 3: High-dark brown color, and sometimes relatively coarse sheaves of biotite (i.e., individual biotite crystals clearly discernable by the naked eye) 11) K-FELDSPAR: do not record, as hand specimen identification at SW Oyu Tolgoi is unreliable. THE NEXT 5 COLUMNS RECORD PRESENCE OR ABSENCE OF A KEY INDICATOR MINERAL 12) EPIDOTE: Small amounts of epidote occur in basaltic volcanics outward from the center of the SW Oyu Tolgoi porphyry system, and also in post-mineral andesite and rhyolite dykes. Therefore, the distribution of epidote in volcanic rocks may be useful in defining the outer boundaries of the porphyry system. 13) CLAY: Clay is rarely used except for soil, overburden. Clay zones on recent faults are rare at SW Oyu Tolgoi. Other usage could be for Advance argillic zone assemblages, particularly in the oxide zone, where only a general description of "clay" is possible. 14) TOURMALINE: Tourmaline is a useful "spot occurrence" 15) ALUNITE: May be useful for Advanced argillic zone assemblages, and currently not in use. 18) SO: sulphate THE NEXT 10 COLUMNS RECORD TOTAL SULFIDE CONTENT (%), LIST CU SPECIES (MAINLY SULFIDES) AND MAGNETITE: Magnetite is redundant, as this parameter is now quantified by magnetic susceptibility measurements. 30) COMMENTS: The final column is for comments. TABLE: 1: LITHOLOGICAL UNITS
- ------------------------------------------------------------------------------------ CODE Abbreviation Full Name - ------------------------------------------------------------------------------------ 3 Va Porphyritic augite basalt - ------------------------------------------------------------------------------------ 4 Rhy Rhyolite - ------------------------------------------------------------------------------------ 5 Qmd Quartz monzodiorite - ------------------------------------------------------------------------------------ 6 Hbx Hydrothermal breccia - ------------------------------------------------------------------------------------ 9 Fz Fault zone - ------------------------------------------------------------------------------------ 11 Ba Basalt - ------------------------------------------------------------------------------------ 12 HbBiAnd Hornblende Biotite andesite - ------------------------------------------------------------------------------------ 14 Sst-SIt Fine grained sandstone-siltstone (tuffaceous, carbonaceous) - ------------------------------------------------------------------------------------ 16 Cong Conglomerate, coarse grained sandstone - ------------------------------------------------------------------------------------ 21 Vat andesitic tuff - ------------------------------------------------------------------------------------ 30 Hfs Hornfels - ------------------------------------------------------------------------------------ 34 OT-Qmd OT Quartz monzodiorite - ------------------------------------------------------------------------------------ 37 Ap Aplite dyke - ------------------------------------------------------------------------------------ 42 Qm Quartz monzonite - ------------------------------------------------------------------------------------ 43 Qco Cover - ------------------------------------------------------------------------------------ 45 BiGd Bi granodiorite - ------------------------------------------------------------------------------------ 46 xQmd xenolithic Quartz monzodiorite - ------------------------------------------------------------------------------------ 47 Silica Silica cap - ------------------------------------------------------------------------------------ 48 L Basaltic- tuffs and flows - ------------------------------------------------------------------------------------ 49 Vbx Dacitic block-ash tuff - ------------------------------------------------------------------------------------ 50 Ign Dacitic to andesitic ash flow tuff/ lapilli tuff - ------------------------------------------------------------------------------------ 51 Coal Coal - ------------------------------------------------------------------------------------ 52 Vcx Coarse volcaniclastic with sedimentary clasts - ------------------------------------------------------------------------------------ 53 Vatl Fine laminated tuff - ------------------------------------------------------------------------------------ 54 CSh Carbonaceous shale - ------------------------------------------------------------------------------------ 55 VSst Tuffaceous sandstone - ------------------------------------------------------------------------------------ 56 Vp Porphyritic basalt - ------------------------------------------------------------------------------------ 57 Globign Globular ignimbrite - ------------------------------------------------------------------------------------ 58 Gd Fine-grained granodiorite - ------------------------------------------------------------------------------------
APPENDIX B ================================================================================ COMPOSITED ASSAY VALUES Southwest Oyu South Oyu Central Oyu Far North Oyu TABLE B.1: SOUTHWEST OYU COMPOSITED ASSAY VALUES (FOR VALUES >=0.30 Cu %) A negative value denotes "no assay value"; Domain code descriptions are in Table 17.1
DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD005 650302 4762661 1133.8 5.0 0.31 0.12 5 1 OTD005 650298 4762658 1114.5 5.0 0.32 0.22 5 1 OTD005 650297 4762657 1109.7 5.0 0.38 0.29 5 1 OTD005 650296 4762656 1104.9 5.0 0.34 0.20 5 1 OTD005 650295 4762655 1100.0 5.0 0.41 1.56 5 1 OTD005 650294 4762654 1095.2 5.0 0.95 0.73 5 1 OTD005 650293 4762653 1090.4 5.0 0.71 0.55 5 1 OTD005 650292 4762652 1085.5 5.0 0.34 0.25 5 1 OTD005 650291 4762651 1080.7 5.0 0.44 0.27 5 1 OTD005 650290 4762650 1075.9 5.0 0.62 0.37 5 1 OTD005 650290 4762650 1071.0 5.0 0.61 0.28 5 1 OTD005 650289 4762649 1066.2 5.0 0.46 0.37 5 1 OTD005 650288 4762648 1061.4 5.0 0.54 0.37 5 1 OTD005 650287 4762647 1056.6 5.0 0.30 0.23 5 1 OTD005 650286 4762646 1051.7 5.0 0.34 0.23 5 1 OTD005 650284 4762644 1042.1 5.0 0.37 0.34 5 1 OTD005 650283 4762643 1037.2 5.0 0.49 0.31 5 1 OTD005 650282 4762642 1032.4 5.0 0.58 0.28 5 1 OTD005 650281 4762641 1027.6 5.0 0.34 0.17 5 1 OTD005 650280 4762641 1022.8 5.0 0.30 0.21 5 1 OTD005 650278 4762639 1013.1 5.0 0.71 0.51 5 1 OTD005 650277 4762638 1008.3 5.0 1.37 1.39 5 1 OTD005 650276 4762637 1003.4 5.0 0.69 0.91 5 1 OTD005 650276 4762636 998.6 5.0 0.85 1.07 5 1 OTD005 650275 4762635 993.8 5.0 1.08 1.64 5 1 OTD005 650273 4762633 984.1 5.0 0.39 0.29 5 1 OTD005 650272 4762632 979.3 5.0 0.45 0.29 5 1 OTD005 650271 4762632 974.5 5.0 0.58 0.37 5 1 OTD005 650270 4762631 970.2 3.9 0.83 0.50 5 1 OTD009 650526 4763004 1133.9 5.0 0.49 0.35 5 1 OTD009 650526 4763005 1129.0 5.0 0.35 0.20 5 1 OTD009 650526 4763006 1124.2 5.0 0.47 0.32 5 1 OTD009 650526 4763009 1114.6 5.0 0.42 0.24 5 1 OTD009 650526 4763010 1109.7 5.0 0.52 0.43 5 1 OTD009 650526 4763011 1104.9 5.0 0.35 0.20 5 1 OTD009 650526 4763014 1095.2 5.0 0.33 0.28 5 1 OTD009 650526 4763015 1090.4 5.0 0.35 0.32 5 1 OTD009 650526 4763017 1085.6 5.0 0.55 0.44 5 1 OTD009 650526 4763018 1080.8 5.0 0.47 0.51 5 1 OTD009 650526 4763022 1066.3 5.0 0.38 0.17 5 1 OTD009 650526 4763023 1061.4 5.0 0.58 0.44 5 1 OTD009 650526 4763024 1056.6 5.0 0.59 0.28 5 1 OTD009 650526 4763026 1051.8 5.0 0.49 0.45 5 1 OTD009 650526 4763027 1046.9 5.0 0.35 0.22 5 1 OTD009 650526 4763028 1042.1 5.0 0.88 0.54 5 1 OTD009 650526 4763030 1037.3 5.0 0.46 0.24 5 1 OTD009 650526 4763031 1032.5 5.0 0.31 0.19 5 1 OTD009 650526 4763032 1027.6 5.0 0.31 0.19 5 1 OTD009 650526 4763035 1018.0 5.0 0.59 0.30 5 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD009 650526 4763036 1013.1 5.0 0.65 0.45 5 1 OTD009 650526 4763037 1008.3 5.0 0.61 0.39 5 1 OTD009 650526 4763039 1003.5 5.0 0.45 0.34 5 1 OTD009 650526 4763040 998.6 5.0 0.62 0.42 5 1 OTD009 650526 4763041 993.8 5.0 0.46 0.34 5 1 OTD009 650526 4763043 989.0 5.0 0.93 0.86 5 1 OTD009 650526 4763044 984.2 5.0 0.84 0.84 5 1 OTD009 650526 4763045 979.3 5.0 0.38 0.38 5 1 OTD009 650526 4763046 974.5 5.0 0.34 0.27 5 1 OTD009 650526 4763048 969.7 5.0 0.43 0.41 5 1 OTD009 650526 4763049 964.8 5.0 0.59 0.63 5 1 OTD009 650526 4763050 960.0 5.0 0.48 0.41 5 1 OTD009 650526 4763052 955.2 5.0 0.46 0.47 5 1 OTD009 650526 4763053 950.3 5.0 0.72 0.76 5 1 OTD009 650526 4763054 945.5 5.0 0.33 0.48 5 1 OTD009 650526 4763055 940.7 4.9 0.78 0.97 5 1 OTD010 650826 4763270 1054.2 5.0 0.42 0.42 5 1 OTD010 650826 4763269 1049.2 5.0 0.52 0.58 5 2 OTD010 650826 4763267 1044.4 5.0 0.75 1.04 5 2 OTD010 650826 4763266 1039.5 5.0 0.40 0.46 5 2 OTD010 650826 4763265 1034.7 5.0 1.05 1.89 5 2 OTD010 650826 4763263 1029.9 5.0 1.01 2.21 5 2 OTD010 650826 4763262 1025.0 5.0 0.59 1.17 5 2 OTD010 650826 4763261 1020.8 3.8 0.88 1.65 5 2 OTD012 651080 4763398 1114.5 5.0 0.35 0.04 5 4 OTD012 651080 4763397 1109.7 5.0 0.41 0.04 5 4 OTD012 651080 4763396 1104.9 5.0 0.61 0.05 5 4 OTD012 651080 4763395 1100.0 5.0 0.42 0.07 5 4 OTD012 651080 4763393 1095.2 5.0 0.35 0.08 5 4 OTD160 650710 4763164 1128.1 5.0 0.53 0.38 67 1 OTD160 650712 4763166 1124.0 5.0 0.31 0.24 53 1 OTD160 650713 4763168 1119.9 5.0 0.86 0.89 89 1 OTD160 650715 4763171 1115.8 5.0 0.57 0.52 31 1 OTD160 650716 4763173 1111.7 5.0 0.76 0.77 54 1 OTD160 650718 4763175 1107.5 5.0 0.48 0.45 32 1 OTD160 650720 4763178 1103.4 5.0 1.08 1.05 298 1 OTD160 650721 4763180 1099.3 5.0 0.55 0.53 75 1 OTD160 650723 4763182 1095.2 5.0 0.40 0.58 47 1 OTD160 650725 4763185 1091.1 5.0 0.39 0.54 58 1 OTD160 650726 4763187 1086.9 5.0 0.64 0.85 27 1 OTD160 650728 4763189 1082.8 5.0 0.69 1.21 35 1 OTD160 650730 4763192 1078.7 5.0 0.67 0.74 55 2 OTD160 650731 4763194 1074.5 5.0 1.04 1.34 27 2 OTD160 650733 4763196 1070.3 5.0 0.45 0.65 23 2 OTD160 650734 4763198 1066.2 5.0 0.77 0.93 18 2 OTD160 650736 4763201 1062.0 5.0 0.79 1.15 49 2 OTD160 650738 4763203 1057.8 5.0 1.09 1.95 25 2 OTD160 650739 4763205 1053.7 5.0 0.45 1.06 53 2 OTD160 650741 4763207 1049.5 5.0 0.90 1.73 71 2 OTD160 650743 4763210 1045.3 5.0 0.38 0.75 15 2 OTD160 650744 4763212 1041.1 5.0 0.93 1.75 60 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD160 650746 4763214 1036.9 5.0 0.54 1.24 6 2 OTD160 650747 4763216 1032.7 5.0 0.44 0.99 7 2 OTD160 650749 4763218 1028.5 5.0 0.42 0.75 13 2 OTD160 650751 4763220 1024.3 5.0 0.99 1.81 22 2 OTD160 650752 4763222 1020.1 5.0 2.11 3.40 52 2 OTD160 650754 4763225 1015.9 5.0 1.77 3.30 37 2 OTD160 650756 4763227 1011.7 5.0 0.95 1.96 47 2 OTD160 650757 4763229 1007.5 5.0 1.19 2.64 92 2 OTD160 650763 4763235 995.0 5.0 0.62 2.02 17 2 OTD160 650764 4763237 990.8 5.0 0.92 2.70 25 2 OTD160 650766 4763239 986.7 5.0 0.83 2.36 18 2 OTD160 650768 4763242 982.5 5.0 1.21 3.40 38 2 OTD160 650770 4763244 978.3 5.0 1.73 3.64 165 2 OTD160 650772 4763246 974.2 5.0 1.38 3.34 76 2 OTD160 650773 4763248 970.0 5.0 0.66 2.38 15 2 OTD160 650775 4763250 965.8 5.0 1.07 2.60 49 2 OTD160 650777 4763252 961.7 5.0 0.99 2.01 39 2 OTD160 650779 4763255 957.5 5.0 0.99 1.55 35 2 OTD160 650780 4763257 953.3 5.0 1.30 2.72 24 2 OTD160 650782 4763259 949.2 5.0 1.17 3.18 16 2 OTD160 650784 4763261 945.0 5.0 0.96 3.52 15 2 OTD160 650786 4763263 940.8 5.0 1.31 3.92 12 2 OTD160 650788 4763265 936.7 5.0 0.78 3.19 35 2 OTD160 650789 4763267 932.5 5.0 0.68 1.80 59 2 OTD160 650791 4763269 928.4 5.0 0.85 1.94 46 2 OTD160 650793 4763272 924.2 5.0 0.64 1.82 32 2 OTD160 650795 4763274 920.1 5.0 0.93 2.55 49 2 OTD160 650797 4763276 915.9 5.0 0.98 2.59 30 2 OTD160 650798 4763278 911.8 5.0 0.61 1.71 21 2 OTD160 650802 4763282 903.4 5.0 0.53 1.32 39 2 OTD160 650804 4763284 899.3 5.0 0.70 2.10 26 2 OTD160 650805 4763286 895.1 5.0 0.35 1.04 15 2 OTD160 650822 4763306 857.8 5.0 0.85 0.31 41 1 OTD160 650823 4763308 853.7 5.0 0.59 0.29 25 1 OTD160 650825 4763310 849.5 5.0 0.39 0.22 24 1 OTD161 650790 4763105 1126.8 5.0 0.70 0.88 37 1 OTD161 650792 4763108 1122.7 5.0 0.30 0.24 9 1 OTD161 650795 4763112 1114.4 5.0 0.42 0.25 12 1 OTD161 650797 4763115 1110.2 5.0 0.39 0.58 104 1 OTD161 650798 4763117 1106.1 5.0 0.42 0.33 26 1 OTD161 650800 4763119 1101.9 5.0 0.58 0.41 33 1 OTD161 650801 4763121 1097.8 5.0 0.61 0.45 23 1 OTD161 650803 4763124 1093.6 5.0 0.76 0.63 44 1 OTD161 650805 4763126 1089.5 5.0 0.83 0.93 31 1 OTD161 650806 4763128 1085.3 5.0 0.73 0.73 25 1 OTD161 650808 4763131 1081.2 5.0 0.41 0.41 16 1 OTD161 650809 4763133 1077.0 5.0 0.48 0.43 24 1 OTD161 650811 4763135 1072.9 5.0 0.41 0.54 26 1 OTD161 650813 4763137 1068.8 5.0 0.37 0.36 61 1 OTD161 650814 4763140 1064.6 5.0 0.51 0.51 20 1 OTD161 650816 4763142 1060.5 5.0 0.56 0.61 33 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD161 650819 4763147 1052.2 5.0 0.31 0.42 59 1 OTD161 650821 4763149 1048.1 5.0 0.35 0.43 14 1 OTD161 650822 4763152 1043.9 5.0 0.45 0.56 11 1 OTD161 650824 4763154 1039.8 5.0 0.59 0.75 23 1 OTD161 650826 4763156 1035.7 5.0 0.44 0.78 33 1 OTD161 650827 4763159 1031.6 5.0 0.45 0.62 41 1 OTD161 650829 4763161 1027.9 4.0 0.39 0.54 12 1 OTD161 650830 4763163 1024.2 5.0 0.54 0.77 14 2 OTD161 650832 4763165 1020.1 5.0 0.51 0.74 28 2 OTD161 650835 4763170 1011.8 5.0 0.68 1.33 21 2 OTD161 650837 4763172 1007.7 5.0 0.62 1.26 22 2 OTD161 650838 4763174 1003.6 5.0 0.54 1.48 24 2 OTD161 650840 4763176 999.5 5.0 0.68 1.93 27 2 OTD161 650842 4763179 995.4 5.0 0.80 2.17 15 2 OTD161 650843 4763181 991.3 5.0 0.82 2.73 26 2 OTD161 650845 4763183 987.2 5.0 0.65 2.81 60 2 OTD161 650847 4763186 983.1 5.0 1.14 3.94 28 2 OTD161 650848 4763188 979.1 5.0 3.88 10.40 27 2 OTD161 650850 4763190 975.0 5.0 1.76 4.92 48 2 OTD161 650852 4763193 970.9 5.0 0.65 2.30 29 2 OTD161 650853 4763195 966.8 5.0 0.49 1.66 24 2 OTD161 650855 4763197 962.7 5.0 0.37 0.83 23 2 OTD161 650856 4763199 958.6 5.0 0.49 1.71 30 2 OTD161 650858 4763202 954.5 5.0 0.96 2.65 26 2 OTD161 650860 4763204 950.4 5.0 1.65 4.04 23 2 OTD161 650861 4763206 946.3 5.0 0.57 1.76 16 2 OTD161 650863 4763209 942.2 5.0 0.40 1.40 24 2 OTD161 650865 4763211 938.2 5.0 0.40 1.15 32 2 OTD161 650866 4763213 934.1 5.0 0.38 1.62 24 2 OTD161 650868 4763216 930.1 5.0 1.87 4.21 39 2 OTD161 650870 4763218 926.1 5.0 0.61 2.29 45 2 OTD161 650872 4763220 922.1 5.0 0.65 2.65 30 2 OTD161 650873 4763223 918.1 5.0 0.49 1.43 8 2 OTD161 650875 4763225 914.2 5.0 1.11 2.66 32 2 OTD161 650877 4763228 910.3 5.0 0.86 2.38 38 2 OTD161 650879 4763230 906.3 5.0 0.75 2.12 35 2 OTD161 650880 4763233 902.4 5.0 1.13 3.07 64 2 OTD161 650882 4763236 898.5 5.0 0.62 1.19 37 2 OTD161 650884 4763238 894.6 5.0 0.66 2.27 30 2 OTD161 650886 4763241 890.8 5.0 0.62 1.80 32 2 OTD161 650888 4763243 886.9 5.0 0.98 2.91 25 2 OTD161 650889 4763246 883.0 5.0 0.60 2.51 27 2 OTD161 650891 4763249 879.2 5.0 0.68 2.34 33 2 OTD161 650893 4763252 875.4 5.0 0.83 3.14 29 2 OTD161 650895 4763254 871.6 5.0 0.56 2.34 30 2 OTD161 650897 4763257 867.8 5.0 0.63 2.35 32 2 OTD161 650899 4763260 864.0 5.0 0.52 1.36 18 2 OTD161 650901 4763262 860.3 5.0 0.59 1.15 41 2 OTD161 650903 4763265 856.5 5.0 0.98 1.80 26 2 OTD161 650904 4763268 852.8 5.0 1.11 2.09 21 2 OTD161 650906 4763270 849.1 5.0 1.26 2.55 11 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD161 650908 4763273 845.3 5.0 0.78 2.10 7 2 OTD161 650910 4763276 841.7 5.0 0.59 1.64 14 2 OTD161 650912 4763279 838.0 5.0 0.54 1.09 5 2 OTD161 650914 4763281 834.4 5.0 0.59 0.54 20 1 OTD161 650930 4763304 805.4 5.0 0.69 0.11 12 1 OTD162 650646 4763212 1128.3 5.0 0.34 0.31 21 1 OTD162 650648 4763214 1124.2 5.0 0.61 0.60 26 1 OTD162 650649 4763216 1120.1 5.0 0.65 0.65 14 1 OTD162 650651 4763219 1116.0 5.0 0.68 0.66 31 1 OTD162 650653 4763221 1111.9 5.0 0.36 0.49 7 1 OTD162 650656 4763226 1103.7 5.0 0.42 0.58 17 1 OTD162 650658 4763227 1099.5 5.0 0.45 0.59 7 1 OTD162 650659 4763230 1095.4 5.0 0.47 1.06 6 1 OTD162 650660 4763231 1092.5 2.0 0.66 1.44 20 1 OTD162 650662 4763233 1089.7 5.0 0.60 1.03 10 2 OTD162 650663 4763235 1085.5 5.0 0.62 1.04 38 2 OTD162 650665 4763237 1081.4 5.0 0.54 1.17 12 2 OTD162 650667 4763240 1077.3 5.0 0.86 1.25 37 2 OTD162 650668 4763242 1073.2 5.0 0.62 0.73 56 2 OTD162 650670 4763244 1069.0 5.0 0.73 0.96 28 2 OTD162 650672 4763246 1064.9 5.0 0.36 0.71 19 2 OTD162 650673 4763248 1060.8 5.0 0.63 1.05 16 2 OTD162 650675 4763251 1056.6 5.0 0.88 1.43 14 2 OTD162 650677 4763253 1052.5 5.0 0.65 1.16 27 2 OTD162 650678 4763255 1048.3 5.0 1.41 2.42 18 2 OTD162 650680 4763258 1044.2 5.0 1.30 2.96 10 2 OTD162 650682 4763260 1040.0 5.0 1.29 3.38 24 2 OTD162 650683 4763262 1035.8 5.0 0.65 1.02 94 2 OTD162 650685 4763264 1031.7 5.0 0.70 1.39 33 2 OTD162 650687 4763267 1027.5 5.0 0.81 1.65 26 2 OTD162 650688 4763269 1023.3 5.0 0.50 1.32 14 2 OTD162 650690 4763271 1019.1 5.0 0.68 1.56 12 2 OTD162 650691 4763273 1015.0 5.0 0.83 2.05 21 2 OTD162 650693 4763275 1010.8 5.0 0.99 2.57 21 2 OTD162 650695 4763277 1006.6 5.0 1.37 3.50 43 2 OTD162 650696 4763279 1002.4 5.0 0.81 2.24 18 2 OTD162 650698 4763281 998.2 5.0 0.70 2.60 34 2 OTD162 650700 4763284 994.0 5.0 0.83 4.48 41 2 OTD162 650701 4763286 989.8 5.0 0.93 3.69 25 2 OTD162 650703 4763288 985.6 5.0 1.26 4.39 54 2 OTD162 650705 4763290 981.4 5.0 0.88 3.66 36 2 OTD162 650706 4763292 977.2 5.0 1.01 4.26 16 2 OTD162 650708 4763294 973.4 4.0 0.46 2.07 10 2 OTD162 650726 4763318 925.8 5.0 1.14 3.19 67 1 OTD162 650728 4763320 921.5 5.0 0.58 0.77 19 1 OTD162 650730 4763322 917.3 5.0 0.43 0.11 30 1 OTD162 650731 4763325 913.1 5.0 0.43 0.12 13 1 OTD162 650733 4763326 910.1 2.0 0.61 0.22 6 1 OTD163 650573 4762969 1124.4 5.0 0.42 0.62 49 1 OTD163 650577 4762973 1116.0 5.0 0.31 0.18 20 1 OTD163 650585 4762984 1095.1 5.0 0.34 0.22 15 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD163 650586 4762987 1090.9 5.0 0.31 0.18 16 1 OTD163 650588 4762989 1086.7 5.0 0.33 0.19 19 1 OTD163 650589 4762991 1082.5 5.0 0.33 0.19 14 1 OTD163 650591 4762993 1078.3 5.0 0.30 0.18 13 1 OTD163 650592 4762995 1074.1 5.0 0.47 0.32 64 1 OTD163 650594 4762998 1069.8 5.0 0.36 0.21 70 1 OTD163 650596 4763000 1065.6 5.0 0.53 0.33 53 1 OTD163 650597 4763002 1061.4 5.0 0.53 0.35 84 1 OTD163 650599 4763004 1057.2 5.0 0.67 0.27 39 1 OTD163 650600 4763006 1053.0 5.0 0.37 0.20 47 1 OTD163 650602 4763009 1048.8 5.0 0.36 0.31 40 1 OTD163 650603 4763011 1044.5 5.0 0.43 0.46 31 1 OTD163 650605 4763013 1040.3 5.0 0.58 0.59 39 1 OTD163 650606 4763015 1036.1 5.0 0.38 0.40 34 1 OTD163 650608 4763017 1031.9 5.0 0.42 0.33 51 1 OTD163 650609 4763020 1027.7 5.0 0.41 0.31 59 1 OTD163 650611 4763022 1023.5 5.0 0.59 0.37 23 1 OTD163 650612 4763024 1019.2 5.0 0.49 0.32 8 1 OTD163 650614 4763026 1015.0 5.0 0.58 0.44 23 1 OTD163 650621 4763034 998.1 5.0 0.30 0.24 13 1 OTD163 650624 4763039 989.7 5.0 0.39 0.47 12 1 OTD163 650626 4763041 985.4 5.0 0.51 0.57 18 1 OTD163 650628 4763043 981.2 5.0 0.64 0.52 27 1 OTD163 650629 4763045 977.0 5.0 0.44 0.33 35 1 OTD163 650631 4763047 972.7 5.0 0.60 0.32 45 1 OTD163 650635 4763051 964.3 5.0 0.52 0.38 39 1 OTD163 650637 4763053 960.0 5.0 0.62 0.42 108 1 OTD163 650638 4763055 955.8 5.0 0.38 0.46 31 1 OTD163 650640 4763056 951.5 5.0 0.79 0.62 77 1 OTD163 650642 4763058 947.3 5.0 0.71 0.59 90 1 OTD163 650644 4763060 943.1 5.0 0.48 0.39 26 1 OTD163 650646 4763062 938.8 5.0 0.71 0.66 36 1 OTD163 650647 4763064 935.4 3.0 0.79 0.84 46 1 OTD163 650649 4763065 932.0 5.0 0.63 0.66 42 2 OTD163 650651 4763067 927.8 5.0 0.59 0.62 32 2 OTD163 650653 4763069 923.6 5.0 1.18 1.04 255 2 OTD163 650655 4763071 919.3 5.0 1.13 0.96 229 2 OTD163 650656 4763073 915.1 5.0 0.62 0.66 47 2 OTD163 650658 4763074 910.8 5.0 0.86 0.92 63 2 OTD163 650660 4763076 906.6 5.0 0.96 0.89 64 2 OTD163 650662 4763078 902.4 5.0 0.39 0.44 24 2 OTD163 650670 4763086 885.4 5.0 0.96 1.32 49 2 OTD163 650671 4763088 881.2 5.0 1.73 1.64 50 2 OTD163 650673 4763089 876.9 5.0 1.03 1.52 46 2 OTD163 650675 4763091 872.7 5.0 1.06 2.02 29 2 OTD163 650677 4763093 868.4 5.0 0.79 1.70 42 2 OTD163 650679 4763095 864.2 5.0 0.86 1.93 11 2 OTD163 650681 4763097 860.0 5.0 0.84 2.06 79 2 OTD163 650683 4763099 855.7 5.0 0.80 2.03 43 2 OTD163 650685 4763101 851.5 5.0 0.61 1.46 29 2 OTD163 650686 4763103 847.2 5.0 0.95 2.24 48 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD163 650690 4763106 838.8 5.0 0.46 1.21 30 2 OTD163 650692 4763108 834.5 5.0 0.49 1.59 28 2 OTD165 650404 4762731 1128.5 5.0 0.42 0.23 73 1 OTD165 650406 4762733 1124.4 5.0 0.35 0.18 30 1 OTD165 650409 4762738 1116.2 5.0 0.34 0.15 175 1 OTD165 650411 4762740 1112.0 5.0 0.35 0.15 51 1 OTD165 650413 4762742 1107.9 5.0 0.37 0.20 307 1 OTD165 650414 4762744 1103.8 5.0 0.54 0.15 53 1 OTD165 650416 4762747 1099.7 5.0 0.38 0.09 115 1 OTD165 650425 4762758 1079.1 5.0 0.39 0.19 39 1 OTD165 650426 4762760 1074.9 5.0 0.35 0.20 99 1 OTD165 650428 4762762 1070.8 5.0 0.44 0.34 64 1 OTD165 650430 4762764 1066.7 5.0 0.41 0.25 57 1 OTD165 650431 4762766 1062.6 5.0 0.56 0.27 272 1 OTD165 650433 4762769 1058.5 5.0 0.49 0.23 99 1 OTD165 650435 4762771 1054.3 5.0 0.36 0.17 56 1 OTD165 650437 4762773 1050.2 5.0 0.62 0.26 155 1 OTD165 650438 4762775 1046.1 5.0 0.77 0.35 151 1 OTD165 650440 4762778 1042.0 5.0 0.91 0.98 544 1 OTD165 650442 4762780 1037.8 5.0 0.47 0.22 152 1 OTD165 650444 4762782 1033.8 5.0 0.36 0.13 72 1 OTD165 650446 4762785 1029.8 5.0 0.33 0.14 67 1 OTD165 650447 4762787 1025.8 5.0 0.40 0.17 76 1 OTD165 650449 4762789 1021.8 5.0 0.41 0.20 35 1 OTD165 650451 4762792 1017.8 5.0 0.53 0.31 115 1 OTD165 650453 4762794 1013.8 5.0 0.56 0.33 134 1 OTD165 650455 4762796 1009.8 5.0 0.42 0.24 95 1 OTD165 650457 4762799 1005.7 5.0 0.53 0.24 87 1 OTD165 650460 4762803 997.7 5.0 0.34 0.13 49 1 OTD165 650464 4762808 989.9 5.0 0.46 0.37 82 1 OTD165 650466 4762811 986.0 5.0 0.43 0.41 176 1 OTD165 650468 4762813 982.1 5.0 0.62 0.45 108 1 OTD165 650472 4762818 974.3 5.0 0.31 0.20 68 1 OTD165 650474 4762820 970.4 5.0 0.50 0.34 140 1 OTD165 650476 4762823 966.5 5.0 0.34 0.15 80 1 OTD165 650486 4762836 947.4 5.0 0.42 0.29 127 1 OTD165 650488 4762838 943.6 5.0 0.44 0.31 173 1 OTD165 650490 4762841 939.8 5.0 0.41 0.39 146 1 OTD165 650492 4762843 936.0 5.0 0.31 0.35 43 1 OTD165 650500 4762852 925.9 5.0 0.41 0.45 78 1 OTD165 650505 4762857 919.2 5.0 0.34 0.40 41 1 OTD165 650508 4762860 915.9 5.0 0.40 0.38 119 1 OTD165 650511 4762862 912.8 5.0 0.49 0.46 115 1 OTD165 650514 4762865 910.0 5.0 0.32 0.44 151 1 OTD165 650517 4762868 907.2 5.0 0.50 0.29 50 1 OTD165 650520 4762870 904.4 5.0 0.41 0.31 69 1 OTD165 650526 4762876 898.8 5.0 0.31 0.22 86 1 OTD165 650530 4762878 896.0 5.0 0.43 0.29 278 1 OTD165 650533 4762881 893.3 5.0 0.55 0.35 98 1 OTD165 650536 4762883 890.3 5.0 0.32 0.28 92 1 OTD165 650539 4762886 887.3 5.0 0.33 0.24 112 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD165 650542 4762888 884.3 5.0 0.34 0.26 117 1 OTD165 650548 4762894 878.3 5.0 0.45 0.24 133 1 OTD165 650551 4762896 875.4 5.0 0.40 0.16 71 1 OTD165 650554 4762899 872.4 5.0 0.58 0.57 164 1 OTD165 650557 4762902 869.4 5.0 0.81 0.57 250 1 OTD165 650560 4762904 866.2 5.0 0.54 0.39 165 1 OTD165 650563 4762907 863.1 5.0 0.52 0.58 125 1 OTD165 650566 4762909 859.9 5.0 0.46 0.47 129 1 OTD165 650569 4762912 856.8 5.0 0.48 0.57 280 1 OTD165 650572 4762914 853.6 5.0 0.34 0.26 86 1 OTD165 650575 4762917 850.4 5.0 0.37 0.22 59 1 OTD165 650578 4762919 847.3 5.0 0.40 0.26 100 1 OTD165 650581 4762922 844.0 5.0 0.35 1.13 97 1 OTD165 650584 4762924 840.7 5.0 0.34 0.22 37 1 OTD165 650592 4762932 830.7 5.0 0.32 0.27 84 1 OTD165 650621 4762956 795.9 5.0 0.42 0.36 104 1 OTD165 650624 4762959 793.2 5.0 0.35 0.29 62 1 OTD165 650627 4762962 790.6 5.0 0.51 0.35 101 1 OTD165 650630 4762964 788.3 3.6 0.52 0.40 52 1 OTD166 650719 4763004 1130.1 5.0 0.48 0.27 70 1 OTD166 650722 4763009 1121.8 5.0 0.39 0.21 27 1 OTD166 650727 4763016 1109.5 5.0 0.37 0.20 42 1 OTD166 650729 4763017 1105.4 5.0 0.45 0.32 26 1 OTD166 650732 4763022 1097.1 5.0 0.41 0.28 112 1 OTD166 650736 4763026 1088.9 5.0 0.45 0.37 45 1 OTD166 650737 4763029 1084.7 5.0 0.66 0.52 15 1 OTD166 650739 4763031 1080.6 5.0 0.32 0.43 6 1 OTD166 650742 4763036 1072.3 5.0 0.37 0.44 20 1 OTD166 650749 4763045 1055.7 5.0 0.34 0.43 6 1 OTD166 650750 4763047 1051.6 5.0 0.32 0.47 6 1 OTD166 650752 4763049 1047.4 5.0 0.61 0.65 22 1 OTD166 650754 4763051 1043.2 5.0 0.40 0.64 9 1 OTD166 650755 4763054 1039.1 5.0 0.43 0.56 41 1 OTD166 650757 4763056 1034.9 5.0 0.35 0.46 23 1 OTD166 650759 4763058 1030.8 5.0 0.42 0.68 10 1 OTD166 650760 4763060 1026.6 5.0 0.48 0.86 5 1 OTD166 650761 4763062 1023.7 2.0 0.53 1.29 17 1 OTD166 650763 4763064 1020.8 5.0 0.64 1.16 24 2 OTD166 650764 4763066 1016.6 5.0 0.68 0.94 19 2 OTD166 650766 4763068 1012.4 5.0 0.68 1.06 27 2 OTD166 650768 4763070 1008.2 5.0 0.59 0.71 16 2 OTD166 650769 4763072 1004.0 5.0 0.96 1.43 31 2 OTD166 650771 4763074 999.8 5.0 0.92 1.88 27 2 OTD166 650773 4763076 995.6 5.0 0.75 1.68 19 2 OTD166 650774 4763078 991.4 5.0 1.48 3.48 17 2 OTD166 650776 4763081 987.3 5.0 1.15 3.34 7 2 OTD166 650778 4763083 983.1 5.0 1.06 3.82 7 2 OTD166 650779 4763085 979.0 5.0 1.18 4.92 111 2 OTD166 650781 4763087 974.8 5.0 1.31 4.78 48 2 OTD166 650783 4763090 970.7 5.0 1.36 5.45 69 2 OTD166 650784 4763092 966.6 5.0 1.36 1.87 80 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD166 650786 4763094 962.4 5.0 1.25 3.33 98 2 OTD166 650788 4763096 958.3 5.0 1.20 5.49 75 2 OTD166 650789 4763098 954.2 5.0 1.24 5.37 127 2 OTD166 650791 4763101 950.0 5.0 0.84 1.60 65 2 OTD166 650793 4763103 945.9 5.0 0.92 1.11 95 2 OTD166 650795 4763105 941.8 5.0 0.80 0.90 91 2 OTD166 650796 4763108 937.6 5.0 0.99 0.83 89 2 OTD166 650798 4763110 933.5 5.0 0.75 0.62 115 2 OTD166 650800 4763112 929.4 5.0 0.61 0.42 114 2 OTD166 650801 4763115 925.3 5.0 0.72 0.79 85 2 OTD166 650803 4763116 921.2 5.0 0.62 0.30 77 2 OTD166 650805 4763119 917.2 5.0 1.06 1.25 96 2 OTD166 650807 4763121 913.1 5.0 0.76 1.98 19 2 OTD166 650808 4763123 909.0 5.0 0.69 2.00 45 2 OTD166 650810 4763126 905.0 5.0 0.61 0.78 79 2 OTD166 650812 4763128 900.9 5.0 0.77 0.95 156 2 OTD166 650814 4763131 896.9 5.0 1.14 0.58 203 2 OTD166 650815 4763133 892.8 5.0 1.01 0.47 321 2 OTD166 650817 4763136 888.8 5.0 0.75 0.13 96 2 OTD166 650819 4763138 884.8 5.0 0.67 0.12 201 2 OTD166 650821 4763140 880.7 5.0 0.91 0.22 77 2 OTD166 650823 4763143 876.7 5.0 0.76 0.21 112 2 OTD166 650824 4763145 872.7 5.0 1.26 0.33 1229 2 OTD166 650826 4763147 868.6 5.0 1.41 0.35 179 2 OTD166 650828 4763150 864.6 5.0 1.09 0.61 191 2 OTD166 650830 4763152 860.6 5.0 0.73 2.38 100 2 OTD166 650832 4763154 856.5 5.0 0.70 0.80 79 2 OTD166 650834 4763156 852.5 5.0 0.62 0.19 52 2 OTD166 650836 4763159 848.4 5.0 0.59 0.49 26 2 OTD166 650838 4763161 844.4 5.0 0.66 0.66 41 2 OTD166 650840 4763162 840.3 5.0 0.82 1.13 80 2 OTD166 650842 4763165 836.3 5.0 0.62 1.24 14 2 OTD166 650844 4763167 832.4 5.0 0.62 1.20 15 2 OTD166 650846 4763169 828.4 5.0 0.74 1.44 6 2 OTD166 650848 4763172 824.4 5.0 0.74 1.55 17 2 OTD166 650850 4763174 820.4 5.0 0.65 1.44 12 2 OTD166 650852 4763176 816.4 5.0 0.80 1.84 22 2 OTD166 650854 4763178 812.4 5.0 1.05 1.97 30 2 OTD166 650856 4763180 808.5 5.0 0.89 1.65 86 2 OTD166 650858 4763183 804.5 5.0 0.79 1.51 96 2 OTD166 650860 4763185 800.6 5.0 0.90 2.48 48 2 OTD166 650862 4763187 796.6 5.0 0.99 2.22 43 2 OTD166 650864 4763189 792.7 5.0 1.21 2.56 36 2 OTD166 650867 4763192 788.8 5.0 1.09 2.36 110 2 OTD166 650869 4763194 784.8 5.0 1.02 2.14 956 2 OTD166 650871 4763196 780.9 5.0 0.99 2.56 57 2 OTD166 650873 4763199 776.9 5.0 1.10 3.05 68 2 OTD166 650875 4763201 773.0 5.0 0.47 1.38 19 2 OTD166 650877 4763203 769.1 5.0 0.49 1.44 17 2 OTD166 650879 4763205 765.2 5.0 0.86 2.08 40 2 OTD166 650881 4763207 761.2 5.0 0.95 2.20 40 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD166 650884 4763209 757.3 5.0 0.62 1.80 69 2 OTD166 650886 4763212 753.5 5.0 0.55 1.52 40 2 OTD166 650888 4763214 749.6 5.0 0.51 1.48 46 2 OTD166 650890 4763217 745.7 5.0 1.00 2.16 68 2 OTD166 650893 4763219 741.8 5.0 0.79 2.27 47 2 OTD166 650895 4763221 738.0 5.0 0.44 1.01 32 2 OTD166 650897 4763223 734.1 5.0 0.67 1.18 58 2 OTD166 650902 4763228 726.3 5.0 0.39 0.21 6 1 OTD166 650911 4763237 710.8 5.0 0.37 0.36 47 1 OTD167 650110 4762539 1117.5 5.0 0.53 0.61 101 1 OTD167 650112 4762541 1113.4 5.0 0.68 0.42 114 1 OTD167 650114 4762543 1109.3 5.0 0.61 0.43 72 1 OTD167 650116 4762545 1105.2 5.0 0.35 0.28 42 1 OTD167 650119 4762547 1101.1 5.0 0.37 0.34 152 1 OTD167 650121 4762549 1097.0 5.0 0.40 0.47 78 1 OTD167 650123 4762550 1092.9 5.0 0.42 0.86 175 1 OTD167 650125 4762552 1088.8 5.0 0.53 0.53 142 1 OTD167 650127 4762554 1084.7 5.0 0.32 0.47 93 1 OTD167 650130 4762556 1080.6 5.0 0.61 0.50 151 1 OTD167 650132 4762558 1076.5 5.0 0.42 0.41 104 1 OTD167 650134 4762560 1072.4 5.0 0.35 0.39 94 1 OTD167 650136 4762561 1068.3 5.0 0.40 0.30 116 1 OTD167 650139 4762563 1064.2 5.0 0.41 0.28 41 1 OTD167 650141 4762565 1060.1 5.0 0.35 0.28 182 1 OTD167 650143 4762567 1056.0 5.0 0.32 0.34 224 1 OTD167 650145 4762568 1051.9 5.0 0.47 0.54 260 1 OTD167 650148 4762570 1047.8 5.0 0.94 0.65 392 1 OTD167 650150 4762572 1043.8 5.0 0.61 0.78 286 1 OTD167 650152 4762574 1039.7 5.0 0.88 1.09 85 1 OTD167 650155 4762576 1035.7 5.0 0.61 0.40 116 1 OTD167 650157 4762577 1031.6 5.0 0.73 0.51 232 1 OTD167 650159 4762579 1027.6 5.0 0.80 0.47 316 1 OTD167 650162 4762581 1023.5 5.0 0.46 0.42 296 1 OTD167 650164 4762583 1019.5 5.0 0.39 0.37 126 1 OTD167 650166 4762584 1015.5 5.0 0.32 0.25 77 1 OTD167 650169 4762586 1011.5 5.0 0.62 0.53 134 1 OTD167 650171 4762588 1007.5 5.0 0.66 0.28 107 1 OTD167 650174 4762590 1003.5 5.0 0.39 0.23 64 1 OTD167 650176 4762592 999.5 5.0 0.44 0.34 83 1 OTD167 650179 4762593 995.5 5.0 0.65 0.61 209 1 OTD167 650181 4762595 991.5 5.0 0.63 0.60 191 1 OTD167 650183 4762597 987.6 5.0 0.70 0.63 161 1 OTD167 650186 4762599 983.6 5.0 0.44 0.41 120 1 OTD167 650188 4762601 979.6 5.0 0.43 0.41 200 1 OTD167 650191 4762602 975.7 5.0 0.48 0.44 119 1 OTD167 650193 4762604 971.7 5.0 0.38 0.48 130 1 OTD167 650196 4762606 967.7 5.0 0.47 0.47 135 1 OTD167 650198 4762608 963.8 5.0 0.55 0.67 558 1 OTD167 650200 4762610 959.8 5.0 0.66 0.59 182 1 OTD167 650203 4762612 955.9 5.0 0.73 0.80 120 1 OTD167 650205 4762613 951.9 5.0 0.46 0.49 91 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD167 650208 4762615 948.0 5.0 0.40 0.56 107 1 OTD167 650210 4762617 944.0 5.0 0.44 0.59 286 1 OTD167 650213 4762619 940.1 5.0 0.50 0.77 405 1 OTD167 650215 4762621 936.2 5.0 0.73 0.69 283 1 OTD167 650218 4762623 932.2 5.0 0.44 0.60 134 1 OTD167 650220 4762624 928.3 5.0 0.42 0.77 106 1 OTD167 650222 4762626 924.4 5.0 0.45 0.67 131 1 OTD167 650225 4762628 920.5 5.0 0.38 0.80 70 1 OTD167 650227 4762630 916.5 5.0 0.49 0.78 153 1 OTD167 650230 4762632 912.6 5.0 0.49 1.28 154 1 OTD167 650232 4762634 908.7 5.0 0.32 0.68 100 1 OTD167 650235 4762636 904.8 5.0 0.51 0.37 104 1 OTD167 650237 4762638 900.9 5.0 0.50 0.81 103 1 OTD167 650243 4762641 893.3 5.0 0.41 0.40 65 1 OTD167 650245 4762643 889.6 5.0 0.65 0.60 89 1 OTD167 650248 4762645 885.9 5.0 0.45 0.43 76 1 OTD167 650251 4762647 882.1 5.0 0.44 0.41 155 1 OTD167 650253 4762649 878.4 5.0 0.37 0.55 230 1 OTD167 650259 4762652 870.9 5.0 0.30 0.48 159 1 OTD168 650222 4762898 1080.0 5.0 0.40 0.30 14 1 OTD168 650397 4763050 807.0 5.0 0.41 0.29 78 1 OTD168 650403 4763054 800.2 5.0 0.39 0.43 66 1 OTD168 650406 4763057 796.8 5.0 0.35 0.35 35 1 OTD168 650409 4763059 793.5 5.0 0.48 0.49 84 1 OTD168 650423 4763070 776.5 5.0 0.44 1.50 45 1 OTD168 650426 4763072 773.3 5.0 0.47 0.88 41 1 OTD168 650429 4763075 770.0 5.0 0.42 0.42 50 1 OTD168 650442 4763083 756.9 5.0 0.30 0.39 28 1 OTD171 650599 4763148 1061.1 5.0 0.32 1.36 33 1 OTD171 650602 4763153 1052.9 5.0 0.55 0.56 22 1 OTD171 650610 4763165 1032.2 5.0 0.67 0.37 24 1 OTD171 650611 4763167 1028.1 5.0 0.33 0.24 12 1 OTD171 650613 4763169 1024.0 5.0 0.32 0.20 12 1 OTD171 650615 4763172 1019.8 5.0 0.34 0.30 13 1 OTD171 650616 4763174 1015.7 5.0 0.33 0.31 13 1 OTD171 650618 4763176 1011.6 5.0 0.44 0.23 24 1 OTD171 650620 4763178 1007.4 5.0 0.61 3.75 26 1 OTD171 650621 4763181 1003.3 5.0 0.42 1.61 62 1 OTD171 650623 4763183 999.1 5.0 0.30 0.30 17 1 OTD171 650625 4763185 995.0 5.0 0.39 0.42 22 1 OTD171 650628 4763189 986.7 5.0 0.37 0.22 18 1 OTD171 650630 4763192 982.5 5.0 0.33 0.26 11 1 OTD171 650631 4763194 978.4 5.0 0.42 0.36 37 1 OTD171 650635 4763198 970.1 5.0 0.47 0.48 12 1 OTD171 650636 4763201 965.9 5.0 0.40 0.39 9 1 OTD171 650638 4763203 961.8 5.0 0.86 0.77 16 1 OTD171 650640 4763205 957.6 5.0 0.73 0.78 10 1 OTD171 650641 4763207 953.5 5.0 0.43 0.42 37 1 OTD171 650643 4763210 948.5 5.0 0.58 1.09 63 2 OTD171 650645 4763212 944.3 5.0 1.11 2.11 45 2 OTD171 650646 4763215 940.2 5.0 0.84 2.38 76 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD171 650648 4763217 936.0 5.0 0.80 1.56 116 2 OTD171 650650 4763219 931.9 5.0 0.64 1.55 32 2 OTD171 650651 4763222 927.7 5.0 0.40 1.17 42 2 OTD171 650653 4763224 923.6 5.0 0.58 1.23 109 2 OTD171 650654 4763226 919.4 5.0 0.83 2.49 201 2 OTD171 650656 4763229 915.3 5.0 0.78 2.96 98 2 OTD171 650657 4763231 911.2 5.0 0.69 2.00 76 2 OTD171 650659 4763233 907.0 5.0 0.66 1.81 57 2 OTD171 650661 4763235 902.8 5.0 0.36 1.38 48 2 OTD171 650662 4763238 898.7 5.0 0.36 0.27 12 1 OTD171 650664 4763240 894.5 5.0 0.57 0.38 23 1 OTD171 650665 4763242 890.3 5.0 0.77 0.55 27 1 OTD171 650667 4763245 886.2 5.0 0.57 0.39 34 1 OTD171 650668 4763247 882.0 5.0 0.70 0.45 29 1 OTD171 650686 4763272 835.1 5.0 0.42 0.38 20 1 OTD171 650687 4763274 830.9 5.0 0.39 0.36 42 1 OTD171 650689 4763276 826.7 5.0 0.63 0.43 71 1 OTD171 650691 4763279 822.5 5.0 0.89 0.42 46 1 OTD171 650692 4763281 818.4 5.0 0.47 0.34 28 1 OTD171 650694 4763283 814.2 5.0 0.58 0.56 50 1 OTD171 650695 4763285 810.0 5.0 0.46 0.49 52 1 OTD171 650727 4763327 731.7 5.0 0.30 0.14 30 4 OTD171 650728 4763329 727.6 5.0 0.34 0.23 46 4 OTD171 650740 4763344 699.4 5.0 0.36 0.21 12 4 OTD171 650742 4763346 695.2 5.0 0.47 0.23 13 4 OTD171 650747 4763353 682.8 5.0 0.32 0.18 23 4 OTD172 650503 4763013 1126.7 5.0 0.33 0.17 43 1 OTD172 650504 4763016 1122.6 5.0 0.41 0.25 98 1 OTD172 650506 4763018 1118.5 5.0 0.64 0.31 85 1 OTD172 650508 4763020 1114.4 5.0 0.59 0.32 59 1 OTD172 650510 4763022 1110.3 5.0 0.54 0.39 47 1 OTD172 650511 4763024 1106.2 5.0 0.38 0.17 34 1 OTD172 650513 4763027 1102.2 5.0 0.32 0.24 42 1 OTD172 650515 4763029 1098.1 5.0 0.38 0.38 29 1 OTD172 650518 4763033 1089.9 5.0 0.45 0.21 28 1 OTD172 650522 4763038 1081.7 5.0 0.30 0.29 42 1 OTD172 650527 4763045 1069.4 5.0 0.32 0.34 21 1 OTD172 650529 4763047 1065.3 5.0 0.53 0.27 111 1 OTD172 650531 4763049 1061.2 5.0 0.52 0.27 67 1 OTD172 650533 4763052 1057.1 5.0 0.39 0.21 53 1 OTD172 650534 4763054 1053.0 5.0 0.38 0.36 54 1 OTD172 650536 4763056 1048.9 5.0 0.34 0.20 60 1 OTD172 650538 4763058 1044.8 5.0 0.42 0.23 101 1 OTD172 650540 4763060 1040.7 5.0 0.30 0.16 28 1 OTD172 650542 4763062 1036.7 5.0 0.45 0.24 61 1 OTD172 650544 4763065 1032.7 5.0 0.54 0.29 54 1 OTD172 650545 4763067 1028.6 5.0 0.42 0.25 50 1 OTD172 650547 4763070 1024.5 5.0 0.44 0.25 40 1 OTD172 650549 4763072 1020.5 5.0 0.35 0.86 30 1 OTD172 650551 4763074 1016.4 5.0 0.33 1.73 40 1 OTD172 650553 4763076 1012.4 5.0 0.44 0.46 110 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD172 650555 4763079 1008.3 5.0 0.39 0.35 89 1 OTD172 650557 4763081 1004.3 5.0 0.53 0.39 249 1 OTD172 650558 4763083 1000.3 5.0 0.35 0.31 155 1 OTD172 650562 4763088 992.2 5.0 0.37 0.35 37 1 OTD172 650564 4763090 988.2 5.0 0.32 0.38 75 1 OTD172 650566 4763092 984.1 5.0 0.51 0.58 49 1 OTD172 650577 4763106 959.9 5.0 0.40 0.51 47 1 OTD172 650579 4763108 955.8 5.0 0.50 0.74 36 1 OTD172 650585 4763115 943.7 5.0 0.40 0.37 27 1 OTD172 650590 4763121 931.6 5.0 0.31 0.28 47 1 OTD172 650594 4763126 923.6 5.0 0.55 0.41 22 1 OTD172 650596 4763128 919.6 5.0 0.42 0.30 28 1 OTD172 650598 4763130 915.6 5.0 0.43 0.27 162 1 OTD172 650600 4763132 911.6 5.0 0.55 0.41 170 1 OTD172 650602 4763135 907.6 5.0 0.48 0.39 150 1 OTD172 650604 4763137 903.7 5.0 0.53 0.76 167 1 OTD172 650606 4763139 899.7 5.0 0.73 0.63 54 1 OTD172 650608 4763142 895.7 5.0 0.46 0.35 55 1 OTD172 650609 4763144 893.0 2.0 0.67 0.58 74 1 OTD172 650611 4763145 890.2 5.0 0.68 0.62 152 2 OTD172 650613 4763148 886.3 5.0 0.60 0.76 169 2 OTD172 650615 4763150 882.4 5.0 0.63 0.84 29 2 OTD172 650617 4763152 878.4 5.0 0.79 1.11 73 2 OTD172 650619 4763155 874.5 5.0 0.77 1.36 179 2 OTD172 650621 4763157 870.6 5.0 0.65 1.17 59 2 OTD172 650623 4763159 866.7 5.0 0.50 0.83 44 2 OTD172 650625 4763162 862.8 5.0 0.63 1.31 70 2 OTD172 650627 4763164 858.9 5.0 0.87 1.63 104 2 OTD172 650629 4763167 855.0 5.0 0.66 1.49 86 2 OTD172 650631 4763169 851.0 5.0 0.59 1.54 95 2 OTD172 650633 4763172 847.2 5.0 1.24 2.92 70 2 OTD172 650635 4763174 843.3 5.0 1.35 3.18 92 2 OTD172 650637 4763177 839.4 5.0 1.27 2.54 121 2 OTD172 650639 4763179 835.5 5.0 1.18 1.80 341 2 OTD172 650641 4763181 831.6 5.0 0.72 1.31 142 2 OTD172 650643 4763183 827.7 5.0 1.14 2.75 116 2 OTD172 650645 4763186 823.8 5.0 0.72 2.04 33 2 OTD172 650647 4763188 820.0 5.0 0.70 1.66 61 2 OTD172 650649 4763190 816.1 5.0 0.99 2.37 191 2 OTD172 650651 4763193 812.3 5.0 1.03 4.39 74 2 OTD172 650653 4763195 808.4 5.0 1.00 3.15 132 2 OTD172 650655 4763198 804.6 5.0 0.79 2.33 107 2 OTD172 650657 4763200 800.7 5.0 0.75 2.31 93 2 OTD172 650660 4763202 796.9 5.0 0.76 2.93 27 2 OTD172 650662 4763205 793.1 5.0 0.62 2.19 30 2 OTD172 650664 4763207 789.2 5.0 0.66 2.02 21 2 OTD172 650666 4763210 785.4 5.0 0.77 2.34 31 2 OTD172 650668 4763212 781.6 5.0 0.59 2.01 41 2 OTD172 650670 4763214 777.8 5.0 0.81 1.92 56 2 OTD172 650672 4763217 774.0 5.0 1.18 3.05 94 2 OTD172 650674 4763219 770.2 5.0 0.64 1.60 47 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD172 650677 4763222 766.5 5.0 0.70 1.66 74 2 OTD172 650679 4763224 762.7 5.0 0.63 1.42 50 2 OTD172 650685 4763232 751.4 5.0 0.65 1.27 46 2 OTD172 650688 4763234 747.7 5.0 0.58 0.95 52 2 OTD172 650690 4763237 743.9 5.0 0.42 0.79 24 2 OTD172 650692 4763239 740.3 5.0 0.50 0.87 48 2 OTD172 650694 4763242 736.6 5.0 0.62 0.99 28 2 OTD172 650697 4763245 733.0 5.0 0.80 0.87 28 2 OTD172 650699 4763247 729.3 5.0 0.44 0.58 17 2 OTD172 650701 4763250 725.6 5.0 0.48 0.63 21 2 OTD172 650703 4763252 722.3 4.0 0.53 0.43 47 2 OTD172 650705 4763254 719.0 5.0 0.46 0.40 58 1 OTD172 650707 4763257 715.4 5.0 0.55 0.54 51 1 OTD172 650710 4763260 711.8 5.0 0.45 0.31 86 1 OTD172 650712 4763262 708.2 5.0 0.43 0.33 70 1 OTD172 650714 4763265 704.6 5.0 0.36 0.27 26 1 OTD172 650717 4763267 701.0 5.0 0.43 0.28 19 1 OTD172 650719 4763270 697.4 5.0 0.34 0.16 26 1 OTD172 650731 4763283 679.7 5.0 0.54 0.40 69 1 OTD172 650738 4763291 669.2 5.0 0.43 0.24 53 1 OTD172 650740 4763294 665.7 5.0 0.38 0.18 11 1 OTD172 650742 4763296 662.3 5.0 0.48 0.33 5 1 OTD172 650752 4763307 648.5 5.0 0.54 0.29 13 1 OTD172 650754 4763310 645.1 5.0 0.36 0.19 13 1 OTD172 650757 4763313 641.6 5.0 0.30 0.17 8 1 OTD172 650759 4763316 638.2 5.0 0.41 0.18 8 1 OTD173 650650 4762907 1132.4 5.0 0.52 0.26 52 1 OTD173 650651 4762910 1128.3 5.0 0.34 0.34 39 1 OTD173 650668 4762934 1087.9 5.0 0.38 0.26 27 1 OTD173 650670 4762936 1083.8 5.0 0.34 0.27 20 1 OTD173 650673 4762941 1075.8 5.0 0.37 0.25 39 1 OTD173 650675 4762944 1071.7 5.0 0.41 0.28 25 1 OTD173 650676 4762946 1067.7 5.0 0.43 0.30 45 1 OTD173 650678 4762949 1063.6 5.0 0.46 0.48 30 1 OTD173 650680 4762951 1059.6 5.0 0.43 0.46 63 1 OTD173 650691 4762968 1031.2 5.0 0.36 0.39 22 1 OTD173 650692 4762971 1027.2 5.0 0.35 0.33 43 1 OTD173 650694 4762973 1023.2 5.0 0.35 0.41 28 1 OTD173 650701 4762983 1007.0 5.0 0.36 0.58 37 1 OTD173 650702 4762986 1002.9 5.0 0.44 0.60 30 1 OTD173 650704 4762988 999.7 3.0 0.53 0.63 41 1 OTD173 650714 4763001 977.2 5.0 0.59 1.21 16 2 OTD173 650727 4763018 948.4 5.0 0.39 0.52 30 2 OTD173 650735 4763027 932.4 5.0 0.33 0.12 20 2 OTD173 650737 4763029 928.4 5.0 0.31 0.20 15 2 OTD173 650747 4763041 908.5 5.0 0.35 0.20 22 2 OTD173 650749 4763043 904.5 5.0 0.48 0.20 28 2 OTD173 650751 4763045 900.5 5.0 0.48 0.20 16 1 OTD173 650753 4763048 896.5 5.0 0.43 0.19 31 1 OTD173 650755 4763050 892.5 5.0 0.56 0.26 24 1 OTD174 650871 4763223 1093.8 5.0 0.32 0.19 7 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD174 650872 4763226 1089.7 5.0 0.38 0.18 10 1 OTD174 650874 4763228 1085.6 5.0 0.55 0.32 10 1 OTD174 650876 4763230 1081.5 5.0 0.41 0.20 5 1 OTD174 650877 4763233 1077.5 5.0 0.50 0.25 5 1 OTD174 650879 4763235 1073.4 5.0 0.64 0.39 6 1 OTD174 650881 4763237 1069.3 5.0 0.40 0.26 14 1 OTD174 650883 4763240 1065.2 5.0 0.57 0.50 9 1 OTD174 650884 4763242 1061.1 5.0 0.61 0.73 8 1 OTD174 650886 4763244 1057.0 5.0 0.52 0.63 11 1 OTD174 650888 4763247 1053.0 5.0 0.78 0.49 9 1 OTD174 650890 4763249 1048.9 5.0 0.95 0.87 7 1 OTD174 650891 4763251 1044.8 5.0 0.67 0.66 29 1 OTD174 650893 4763253 1040.7 5.0 0.56 0.59 13 1 OTD174 650895 4763256 1036.7 5.0 0.45 0.32 11 1 OTD174 650897 4763258 1032.6 5.0 0.62 0.35 13 1 OTD174 650905 4763270 1012.2 5.0 0.54 0.31 16 1 OTD174 650907 4763272 1008.1 5.0 0.61 0.40 15 1 OTD174 650909 4763274 1004.1 5.0 0.82 0.52 28 1 OTD174 650911 4763276 1000.0 5.0 0.46 0.35 41 1 OTD174 650913 4763279 995.9 5.0 0.52 0.35 29 1 OTD174 650914 4763281 991.8 5.0 0.54 0.40 7 1 OTD174 650916 4763283 987.8 5.0 0.40 0.39 14 1 OTD174 650918 4763285 983.7 5.0 0.57 0.70 17 1 OTD174 650920 4763288 979.6 5.0 0.63 0.55 34 1 OTD174 650922 4763290 975.6 5.0 0.61 0.43 22 1 OTD174 650923 4763292 971.5 5.0 0.48 0.38 12 1 OTD174 650925 4763295 967.4 5.0 0.37 0.27 32 1 OTD174 650927 4763297 963.4 5.0 0.55 0.36 46 1 OTD174 650929 4763299 959.3 5.0 0.62 0.36 46 1 OTD174 650931 4763301 955.2 5.0 0.62 0.33 28 1 OTD174 650932 4763304 951.1 5.0 0.64 0.49 27 1 OTD174 650934 4763306 947.1 5.0 0.67 0.80 17 1 OTD174 650936 4763309 943.0 5.0 0.64 0.24 24 1 OTD174 650938 4763311 938.9 5.0 0.60 0.28 21 1 OTD174 650940 4763313 934.9 5.0 0.78 0.39 15 1 OTD174 650941 4763315 930.8 5.0 0.72 0.34 20 1 OTD174 650943 4763318 926.7 5.0 0.35 0.20 8 1 OTD174 650945 4763320 922.6 5.0 0.47 0.23 30 1 OTD174 650947 4763322 918.6 5.0 0.32 0.11 12 1 OTD174 650950 4763326 911.3 3.0 0.42 0.19 5 1 OTD174 650952 4763328 908.0 5.0 0.59 0.31 7 4 OTD174 650953 4763331 903.9 5.0 0.51 0.25 13 4 OTD174 650955 4763333 899.9 5.0 0.63 0.32 11 4 OTD174 650957 4763335 895.8 5.0 0.72 0.89 8 4 OTD174 650959 4763337 891.7 5.0 0.45 0.22 10 4 OTD174 650961 4763340 887.6 5.0 0.75 0.38 14 4 OTD174 650963 4763342 883.6 5.0 0.51 0.22 9 4 OTD174 650979 4763362 846.9 5.0 0.58 0.25 24 4 OTD174 651006 4763393 790.2 5.0 0.35 0.13 5 4 OTD174 651008 4763395 786.2 5.0 0.37 0.10 11 4 OTD174 651010 4763397 782.1 5.0 0.30 0.13 9 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD174 651013 4763402 774.1 5.0 0.30 0.11 20 4 OTD174 651015 4763404 770.0 5.0 0.41 0.10 19 4 OTD174 651017 4763406 766.0 5.0 0.40 0.12 26 4 OTD174 651019 4763408 762.0 5.0 0.58 0.17 36 4 OTD174 651021 4763411 758.0 5.0 0.45 0.14 25 4 OTD174 651023 4763413 753.9 5.0 0.55 0.15 21 4 OTD174 651025 4763415 749.9 5.0 0.76 0.20 28 4 OTD175 650763 4763176 1139.8 5.0 0.34 0.41 23 1 OTD175 650766 4763174 1136.2 5.0 0.38 0.30 14 1 OTD175 650769 4763172 1132.6 5.0 0.43 0.35 12 1 OTD175 650772 4763170 1128.9 5.0 0.34 0.20 9 1 OTD175 650774 4763169 1125.2 5.0 0.36 0.39 10 1 OTD175 650777 4763167 1121.5 5.0 0.65 0.82 15 1 OTD175 650780 4763165 1117.8 5.0 0.80 0.98 18 1 OTD175 650783 4763163 1114.2 5.0 0.34 0.26 8 1 OTD175 650786 4763161 1110.5 5.0 0.32 0.27 12 1 OTD175 650788 4763159 1106.8 5.0 0.50 0.35 21 1 OTD175 650791 4763157 1103.1 5.0 0.49 0.34 20 1 OTD175 650794 4763155 1099.4 5.0 0.40 0.30 38 1 OTD175 650797 4763153 1095.7 5.0 0.68 0.43 93 1 OTD175 650799 4763151 1092.0 5.0 0.33 0.26 19 1 OTD175 650802 4763149 1088.3 5.0 0.35 0.24 11 1 OTD175 650808 4763146 1080.9 5.0 0.38 0.36 17 1 OTD175 650810 4763144 1077.1 5.0 0.39 0.30 14 1 OTD175 650813 4763142 1073.4 5.0 0.31 0.25 8 1 OTD175 650816 4763140 1069.7 5.0 0.33 0.23 5 1 OTD175 650819 4763138 1066.0 5.0 0.50 0.47 18 1 OTD175 650821 4763136 1062.3 5.0 0.39 0.34 82 1 OTD175 650824 4763134 1058.6 5.0 0.34 0.44 5 1 OTD175 650827 4763132 1054.8 5.0 0.39 1.29 5 1 OTD175 650829 4763130 1051.1 5.0 0.42 0.44 39 1 OTD175 650832 4763129 1048.2 3.0 0.46 0.43 6 1 OTD176 650654 4763247 1119.3 5.0 0.55 0.73 8 1 OTD176 650656 4763245 1115.2 5.0 0.46 0.48 7 1 OTD176 650659 4763243 1111.2 5.0 0.61 0.93 12 1 OTD176 650661 4763241 1107.1 5.0 0.70 1.01 14 1 OTD176 650663 4763240 1103.0 5.0 0.51 0.86 5 2 OTD176 650668 4763236 1094.9 5.0 0.43 0.96 5 2 OTD176 650670 4763234 1090.8 5.0 0.37 0.79 6 2 OTD176 650673 4763233 1086.7 5.0 0.58 1.25 7 2 OTD176 650675 4763231 1082.6 5.0 0.59 1.23 11 2 OTD176 650677 4763229 1078.5 5.0 0.53 0.69 20 2 OTD176 650680 4763228 1074.4 5.0 1.07 1.33 15 2 OTD176 650682 4763226 1070.3 5.0 0.41 0.62 14 2 OTD176 650684 4763224 1066.2 5.0 0.82 0.88 31 2 OTD176 650686 4763222 1062.1 5.0 0.71 0.73 39 2 OTD176 650689 4763221 1058.0 5.0 0.41 0.37 11 2 OTD176 650691 4763219 1053.9 5.0 0.49 0.56 112 2 OTD176 650693 4763217 1049.9 5.0 0.56 0.77 22 2 OTD176 650696 4763215 1045.8 5.0 0.61 0.82 66 2 OTD176 650698 4763214 1041.7 5.0 0.75 1.01 39 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD176 650700 4763211 1037.6 5.0 0.64 1.05 16 2 OTD176 650703 4763210 1033.5 5.0 0.90 1.56 25 2 OTD176 650705 4763208 1029.4 5.0 0.89 1.31 23 2 OTD176 650707 4763206 1025.3 5.0 0.70 1.41 11 2 OTD176 650709 4763205 1021.2 5.0 0.62 1.05 8 2 OTD176 650712 4763203 1017.1 5.0 0.53 0.89 16 2 OTD176 650714 4763201 1013.0 5.0 1.03 1.77 13 2 OTD176 650716 4763199 1008.9 5.0 0.81 1.37 74 2 OTD176 650718 4763197 1004.8 5.0 0.86 1.46 24 2 OTD176 650721 4763196 1000.7 5.0 0.72 1.49 56 2 OTD176 650723 4763194 996.6 5.0 1.21 2.09 54 2 OTD176 650725 4763192 992.5 5.0 0.47 1.14 19 2 OTD176 650728 4763190 988.4 5.0 0.63 1.66 6 2 OTD176 650730 4763189 984.3 5.0 0.70 2.13 10 2 OTD176 650732 4763187 980.3 5.0 1.26 2.76 27 2 OTD176 650734 4763185 976.2 5.0 0.54 1.28 18 2 OTD176 650737 4763184 972.1 5.0 0.69 1.37 13 2 OTD176 650739 4763182 968.1 5.0 0.75 1.70 15 2 OTD176 650741 4763180 964.0 5.0 0.74 1.59 19 2 OTD176 650744 4763178 959.9 5.0 0.96 1.38 50 2 OTD176 650746 4763177 955.9 5.0 0.71 1.41 73 2 OTD176 650748 4763175 951.8 5.0 0.92 1.69 39 2 OTD176 650751 4763173 947.8 5.0 0.86 1.39 22 2 OTD176 650753 4763171 943.7 5.0 0.47 1.10 9 2 OTD176 650755 4763169 939.7 5.0 0.80 1.67 23 2 OTD176 650758 4763168 935.6 5.0 1.00 1.81 27 2 OTD176 650760 4763166 931.6 5.0 0.42 1.18 13 2 OTD176 650762 4763164 927.6 5.0 0.45 1.30 8 2 OTD176 650765 4763162 923.6 5.0 0.48 0.92 10 2 OTD176 650767 4763160 919.5 5.0 0.44 0.90 17 2 OTD176 650769 4763158 915.5 5.0 0.53 1.11 19 2 OTD176 650772 4763157 911.5 5.0 0.33 0.50 20 2 OTD176 650774 4763155 907.5 5.0 0.38 0.10 25 2 OTD176 650776 4763153 903.5 5.0 0.80 0.20 37 2 OTD176 650779 4763151 899.5 5.0 0.75 0.17 28 2 OTD176 650781 4763149 895.5 5.0 0.78 0.13 28 2 OTD176 650783 4763147 891.6 5.0 0.82 0.28 47 2 OTD176 650786 4763145 887.6 5.0 0.96 0.78 27 2 OTD176 650788 4763143 883.6 5.0 0.91 1.00 25 2 OTD176 650790 4763141 879.7 5.0 0.74 0.78 37 2 OTD176 650793 4763140 875.7 5.0 0.81 0.25 43 2 OTD176 650795 4763138 871.7 5.0 0.66 0.11 33 2 OTD176 650797 4763136 867.8 5.0 0.73 0.20 29 2 OTD176 650800 4763134 863.8 5.0 0.87 0.49 54 2 OTD176 650802 4763132 859.8 5.0 0.70 1.03 69 2 OTD176 650805 4763130 855.9 5.0 0.76 1.89 25 2 OTD176 650807 4763128 851.9 5.0 0.74 1.81 24 2 OTD176 650809 4763126 848.0 5.0 0.61 1.87 35 2 OTD176 650812 4763124 844.0 5.0 0.65 1.66 18 2 OTD176 650814 4763122 840.1 5.0 0.52 1.39 18 2 OTD177 650542 4763196 1134.5 5.0 0.62 0.65 22 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD177 650544 4763194 1130.4 5.0 0.33 0.42 5 4 OTD177 650546 4763193 1126.7 4.0 0.45 0.65 11 4 OTD177 650548 4763191 1123.0 5.0 0.30 0.40 7 1 OTD177 650562 4763181 1098.4 5.0 0.37 0.23 28 1 OTD177 650567 4763178 1090.1 5.0 0.41 0.23 11 1 OTD177 650584 4763166 1059.4 5.0 0.38 0.38 38 1 OTD177 650587 4763164 1055.3 5.0 0.38 0.35 30 1 OTD177 650589 4763163 1051.2 5.0 0.39 0.46 21 1 OTD177 650591 4763161 1047.1 5.0 0.47 0.37 18 1 OTD177 650594 4763160 1042.9 5.0 0.39 0.31 11 1 OTD177 650598 4763156 1034.7 5.0 0.51 0.29 35 1 OTD177 650601 4763155 1030.6 5.0 0.45 0.25 63 1 OTD177 650603 4763153 1026.5 5.0 0.47 0.42 53 1 OTD177 650605 4763151 1022.3 5.0 0.37 0.27 13 1 OTD177 650610 4763148 1014.1 5.0 0.41 0.26 50 1 OTD177 650617 4763143 1001.7 5.0 0.56 0.41 25 1 OTD177 650619 4763142 997.6 5.0 0.58 0.30 10 1 OTD177 650621 4763140 993.4 5.0 0.38 0.22 10 1 OTD177 650624 4763138 989.3 5.0 0.50 0.34 43 1 OTD177 650626 4763136 985.2 5.0 0.49 0.39 34 1 OTD177 650628 4763135 981.0 5.0 0.57 0.37 67 1 OTD177 650631 4763133 976.9 5.0 0.66 0.53 43 1 OTD177 650633 4763132 972.8 5.0 0.48 0.36 9 1 OTD177 650635 4763130 968.6 5.0 0.76 0.58 7 1 OTD177 650637 4763128 964.5 5.0 0.62 0.52 68 1 OTD177 650640 4763127 960.3 5.0 0.61 0.54 33 1 OTD177 650642 4763125 956.2 5.0 0.51 0.58 14 1 OTD177 650644 4763123 952.1 5.0 0.50 0.59 42 1 OTD177 650647 4763122 947.9 5.0 0.91 0.71 52 1 OTD177 650649 4763120 943.8 5.0 0.79 0.77 24 1 OTD177 650651 4763119 939.6 5.0 0.54 0.67 8 1 OTD177 650654 4763117 935.5 5.0 0.69 0.89 31 1 OTD177 650656 4763115 931.3 5.0 0.64 0.95 15 1 OTD177 650658 4763114 926.6 5.0 0.80 1.06 111 2 OTD177 650661 4763112 922.5 5.0 1.18 1.56 36 2 OTD177 650663 4763110 918.4 5.0 0.57 0.86 22 2 OTD177 650665 4763109 914.2 5.0 0.42 0.67 15 2 OTD177 650668 4763107 910.1 5.0 0.97 1.85 21 2 OTD177 650670 4763106 905.9 5.0 0.70 1.51 15 2 OTD177 650672 4763104 901.8 5.0 0.62 1.53 28 2 OTD177 650674 4763102 897.6 5.0 0.47 1.11 13 2 OTD177 650679 4763099 889.3 5.0 0.76 1.72 91 2 OTD177 650681 4763098 885.1 5.0 0.40 0.82 6 2 OTD177 650684 4763096 881.0 5.0 0.80 1.33 6 2 OTD177 650686 4763094 876.8 5.0 0.90 1.73 14 2 OTD177 650688 4763093 872.7 5.0 1.35 3.25 51 2 OTD177 650690 4763091 868.5 5.0 0.74 1.79 14 2 OTD177 650693 4763090 864.3 5.0 0.80 1.95 66 2 OTD177 650695 4763088 860.2 5.0 0.66 1.61 108 2 OTD177 650697 4763086 856.0 5.0 0.34 1.11 36 2 OTD177 650706 4763080 839.4 5.0 0.33 1.16 33 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD177 650708 4763079 835.6 4.0 0.46 0.42 28 2 OTD177 650718 4763072 816.9 5.0 0.32 0.84 65 2 OTD177 650721 4763070 812.7 5.0 0.78 1.53 60 2 OTD177 650723 4763068 808.5 5.0 1.86 1.59 46 2 OTD177 650732 4763062 791.8 5.0 0.88 1.99 93 2 OTD177 650734 4763061 787.6 5.0 0.43 1.17 25 2 OTD177 650737 4763059 783.4 5.0 0.38 1.11 27 2 OTD177 650739 4763058 779.3 5.0 0.51 0.59 49 2 OTD177 650741 4763056 775.1 5.0 0.37 0.18 22 2 OTD178 650709 4763215 1132.5 5.0 0.61 0.67 31 1 OTD178 650706 4763217 1128.9 5.0 0.35 0.31 18 1 OTD178 650703 4763219 1125.3 5.0 0.33 0.36 11 1 OTD178 650701 4763221 1121.7 5.0 0.35 0.41 19 1 OTD178 650698 4763224 1118.1 5.0 0.48 0.56 13 1 OTD178 650695 4763226 1114.5 5.0 0.34 0.52 5 1 OTD178 650693 4763228 1111.3 4.0 0.71 1.08 19 1 OTD178 650690 4763229 1108.1 5.0 0.93 1.51 6 2 OTD178 650687 4763232 1104.5 5.0 1.01 1.45 5 2 OTD178 650685 4763234 1100.9 5.0 0.62 0.94 6 2 OTD178 650682 4763236 1097.3 5.0 1.25 1.91 50 2 OTD178 650679 4763238 1093.7 5.0 0.86 1.46 5 2 OTD178 650676 4763240 1090.1 5.0 0.56 0.86 5 2 OTD178 650673 4763242 1086.5 5.0 1.09 1.98 22 2 OTD178 650671 4763244 1082.9 5.0 0.81 1.89 16 2 OTD178 650668 4763246 1079.3 5.0 0.41 1.15 15 2 OTD178 650665 4763248 1075.7 5.0 0.38 1.10 8 2 OTD178 650660 4763252 1068.5 5.0 0.52 1.30 7 2 OTD178 650657 4763254 1064.9 5.0 0.80 1.47 52 2 OTD178 650654 4763257 1061.3 5.0 0.53 0.95 59 2 OTD178 650651 4763258 1058.1 4.0 0.41 0.82 47 2 OTD178 650649 4763260 1054.8 5.0 0.41 0.74 69 1 OTD178 650646 4763262 1051.2 5.0 0.55 0.90 27 1 OTD178 650643 4763265 1047.6 5.0 0.61 0.89 68 1 OTD178 650638 4763269 1040.4 5.0 0.53 0.63 67 1 OTD178 650635 4763271 1036.8 5.0 0.70 1.11 58 1 OTD178 650627 4763277 1026.1 5.0 0.42 0.52 41 1 OTD178 650624 4763279 1022.5 5.0 0.47 0.47 40 1 OTD178 650557 4763330 935.6 5.0 0.32 0.32 38 1 OTD178 650554 4763332 932.1 5.0 0.33 0.36 85 1 OTD178 650549 4763337 925.0 5.0 0.57 0.50 59 1 OTD178 650546 4763339 921.5 5.0 0.45 0.32 42 1 OTD178 650541 4763344 914.5 5.0 0.54 0.55 67 1 OTD179 650816 4763313 1043.2 5.0 0.63 0.31 12 1 OTD179 650818 4763315 1039.2 5.0 0.56 0.37 5 1 OTD179 650820 4763317 1035.2 5.0 0.42 0.22 15 1 OTD179 650823 4763322 1028.5 2.0 0.47 0.32 5 1 OTD179 650831 4763331 1012.2 5.0 0.58 0.52 5 1 OTD179 650890 4763403 898.2 5.0 0.73 0.36 24 4 OTD179 650898 4763412 884.8 5.0 0.31 0.09 13 4 OTD179 650900 4763414 881.0 5.0 0.63 0.18 24 4 OTD179 650902 4763417 877.3 5.0 0.37 0.14 29 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD179 650905 4763419 873.6 5.0 0.43 0.15 16 4 OTD179 650907 4763422 869.9 5.0 0.67 0.16 104 4 OTD179 650909 4763424 866.1 5.0 0.48 0.10 40 4 OTD179 650911 4763427 862.4 5.0 0.40 0.08 28 4 OTD179 650914 4763429 858.8 5.0 0.39 0.07 39 4 OTD179 650916 4763432 855.1 5.0 0.64 0.14 49 4 OTD179 650925 4763442 840.5 5.0 0.43 0.16 51 4 OTD179 650930 4763447 833.2 5.0 0.39 0.09 32 4 OTD179 650932 4763449 829.5 5.0 0.40 0.13 77 4 OTD179 650934 4763452 825.9 5.0 0.38 0.16 41 4 OTD179 650936 4763455 822.2 5.0 0.38 0.15 45 4 OTD179 650939 4763457 818.5 5.0 0.36 0.15 16 4 OTD179 650941 4763460 814.9 5.0 0.41 0.14 29 4 OTD179 650943 4763462 811.2 5.0 0.49 0.16 48 4 OTD179 650945 4763465 807.6 5.0 0.30 0.13 27 4 OTD179 650948 4763467 803.9 5.0 0.45 0.20 43 4 OTD179 650955 4763475 793.0 5.0 0.49 0.15 23 4 OTD180 650355 4762799 1129.5 5.0 0.39 0.18 219 1 OTD180 650356 4762801 1125.4 5.0 0.39 0.25 174 1 OTD180 650358 4762804 1121.4 5.0 0.64 0.23 102 1 OTD180 650360 4762806 1117.3 5.0 0.84 0.36 227 1 OTD180 650362 4762808 1113.3 5.0 0.44 0.26 215 1 OTD180 650364 4762811 1109.2 5.0 0.34 0.19 130 1 OTD180 650367 4762815 1101.1 5.0 0.35 0.19 165 1 OTD180 650369 4762817 1097.0 5.0 0.57 0.46 99 1 OTD180 650373 4762822 1088.9 5.0 0.44 0.32 195 1 OTD180 650375 4762824 1084.8 5.0 0.46 3.79 234 1 OTD180 650377 4762826 1080.7 5.0 0.42 2.80 110 1 OTD180 650379 4762829 1076.7 5.0 0.64 0.34 219 1 OTD180 650380 4762831 1072.6 5.0 0.38 0.28 113 1 OTD180 650382 4762833 1068.5 5.0 0.40 0.24 93 1 OTD180 650384 4762835 1064.4 5.0 0.42 0.20 114 1 OTD180 650388 4762840 1056.2 5.0 0.59 0.30 133 1 OTD180 650390 4762842 1052.2 5.0 0.48 0.22 123 1 OTD180 650392 4762844 1048.1 5.0 0.55 0.29 164 1 OTD180 650394 4762846 1044.0 5.0 0.33 0.42 333 1 OTD180 650395 4762849 1039.9 5.0 0.40 0.25 170 1 OTD180 650399 4762853 1031.8 5.0 0.40 0.39 139 1 OTD180 650401 4762855 1027.7 5.0 0.48 0.68 123 1 OTD180 650403 4762858 1023.7 5.0 0.35 0.25 32 1 OTD180 650405 4762860 1019.6 5.0 0.39 0.30 68 1 OTD180 650407 4762862 1015.6 5.0 0.32 0.30 131 1 OTD180 650415 4762870 999.4 5.0 0.37 0.32 103 1 OTD180 650417 4762872 995.4 5.0 0.52 0.36 193 1 OTD180 650422 4762877 987.3 5.0 0.37 0.32 61 1 OTD180 650424 4762879 983.3 5.0 0.32 0.30 99 1 OTD180 650426 4762881 979.3 5.0 0.47 0.37 111 1 OTD180 650428 4762883 975.3 5.0 0.31 0.42 45 1 OTD180 650430 4762885 971.3 5.0 0.34 0.38 84 1 OTD180 650432 4762887 967.3 5.0 0.52 0.43 95 1 OTD180 650435 4762889 963.3 5.0 0.42 0.37 44 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD180 650437 4762891 959.3 5.0 0.44 0.37 116 1 OTD180 650439 4762893 955.4 5.0 0.51 0.37 80 1 OTD180 650441 4762896 951.4 5.0 0.30 0.28 49 1 OTD180 650457 4762910 924.0 5.0 0.55 0.41 214 1 OTD180 650460 4762912 920.1 5.0 0.57 0.31 200 1 OTD180 650462 4762915 916.2 5.0 0.63 0.43 177 1 OTD180 650465 4762917 912.3 5.0 0.80 0.58 108 1 OTD180 650467 4762919 908.5 5.0 0.48 0.36 62 1 OTD180 650472 4762923 900.7 5.0 0.62 0.44 219 1 OTD180 650474 4762925 896.8 5.0 0.56 0.46 108 1 OTD180 650479 4762929 889.0 5.0 0.78 0.75 300 1 OTD180 650482 4762931 885.2 5.0 0.96 0.65 458 1 OTD180 650484 4762933 881.4 5.0 0.59 0.42 123 1 OTD180 650487 4762935 877.6 5.0 0.92 0.85 620 1 OTD180 650489 4762937 873.8 5.0 0.62 0.72 170 1 OTD180 650492 4762939 870.0 5.0 0.52 0.82 245 1 OTD180 650494 4762941 866.3 5.0 0.83 0.77 148 1 OTD180 650497 4762943 862.5 5.0 0.58 0.56 105 1 OTD180 650500 4762945 858.7 5.0 0.65 0.67 69 1 OTD180 650502 4762947 854.9 5.0 0.82 0.68 119 1 OTD180 650505 4762949 851.1 5.0 0.67 0.46 132 1 OTD180 650507 4762951 847.4 5.0 0.64 0.89 102 1 OTD180 650510 4762953 843.6 5.0 0.38 0.44 59 1 OTD180 650512 4762955 839.8 5.0 0.38 0.47 139 1 OTD180 650520 4762961 828.5 5.0 0.45 0.54 157 1 OTD180 650523 4762963 824.7 5.0 0.31 0.32 109 1 OTD180 650526 4762965 821.0 5.0 0.36 0.56 76 1 OTD180 650528 4762967 817.2 5.0 0.43 0.58 11 1 OTD180 650536 4762972 806.0 5.0 0.34 0.48 87 1 OTD180 650542 4762976 798.6 5.0 0.36 0.49 116 1 OTD180 650545 4762978 794.9 5.0 0.38 0.58 302 1 OTD180 650547 4762980 791.2 5.0 0.39 0.68 199 1 OTD180 650550 4762982 787.5 5.0 0.32 0.54 54 1 OTD180 650553 4762984 783.7 5.0 0.69 0.85 109 1 OTD180 650556 4762986 780.0 5.0 0.63 0.62 87 1 OTD180 650559 4762988 776.3 5.0 0.73 0.69 87 1 OTD180 650561 4762989 772.6 5.0 0.55 0.77 41 1 OTD180 650564 4762991 768.9 5.0 0.43 0.72 75 1 OTD180 650570 4762995 761.5 5.0 0.34 0.33 34 1 OTD180 650576 4762999 754.0 5.0 0.37 0.25 34 1 OTD180 650587 4763005 739.5 5.0 0.37 0.41 29 1 OTD180 650610 4763019 712.3 5.0 0.36 0.38 24 2 OTD180 650613 4763021 708.9 5.0 0.42 0.55 49 2 OTD180 650629 4763031 691.7 5.0 0.31 0.37 52 2 OTD180 650632 4763033 688.2 5.0 1.00 1.02 71 2 OTD180 650635 4763035 684.9 5.0 1.03 1.20 71 2 OTD180 650638 4763037 681.5 5.0 1.55 1.63 79 2 OTD180 650641 4763039 678.1 5.0 1.48 1.41 265 2 OTD180 650644 4763041 674.7 5.0 0.97 0.89 79 2 OTD180 650647 4763043 671.3 5.0 0.46 0.53 29 2 OTD180 650650 4763044 668.0 5.0 0.77 0.85 96 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD180 650653 4763046 664.6 5.0 0.53 0.80 184 2 OTD180 650657 4763048 661.2 5.0 0.76 0.96 148 2 OTD180 650660 4763050 657.8 5.0 0.99 1.13 369 2 OTD180 650663 4763052 654.4 5.0 1.08 1.35 396 2 OTD180 650666 4763054 651.0 5.0 1.04 1.60 230 2 OTD180 650669 4763057 647.6 5.0 0.83 1.55 168 2 OTD180 650684 4763067 631.2 5.0 0.84 1.37 72 2 OTD180 650687 4763070 627.9 5.0 1.33 2.15 224 2 OTD180 650690 4763072 624.6 5.0 1.58 2.85 134 2 OTD180 650693 4763074 621.3 5.0 1.53 3.01 128 2 OTD180 650697 4763076 618.0 5.0 0.72 1.46 48 2 OTD180 650700 4763078 614.7 5.0 0.97 2.08 122 2 OTD180 650703 4763080 611.4 5.0 0.82 1.96 183 2 OTD180 650706 4763082 608.1 5.0 1.60 3.60 58 2 OTD180 650709 4763084 604.8 5.0 3.05 9.46 106 2 OTD180 650712 4763086 601.5 5.0 2.37 6.66 60 2 OTD180 650715 4763089 598.1 5.0 2.35 8.06 24 2 OTD180 650718 4763091 594.8 5.0 1.81 6.38 18 2 OTD180 650721 4763093 591.5 5.0 1.80 5.91 69 2 OTD180 650724 4763096 588.3 5.0 2.03 7.13 64 2 OTD180 650727 4763098 585.0 5.0 1.47 4.16 28 2 OTD180 650730 4763100 581.7 5.0 0.78 2.01 35 2 OTD180 650733 4763102 578.4 5.0 0.94 2.85 125 2 OTD180 650736 4763104 575.1 5.0 0.69 1.64 114 2 OTD180 650739 4763107 571.9 5.0 0.76 1.76 102 2 OTD180 650742 4763109 568.6 5.0 0.59 1.49 78 2 OTD180 650745 4763112 565.2 5.0 0.57 1.10 72 2 OTD180 650747 4763113 562.8 2.1 0.60 1.24 50 2 OTD180 650749 4763115 560.5 5.0 0.61 1.43 128 1 OTD180 650752 4763117 557.1 5.0 0.73 1.89 66 1 OTD180 650755 4763119 553.8 5.0 0.74 1.54 57 1 OTD180 650758 4763122 550.5 5.0 0.32 0.17 29 1 OTD180 650775 4763135 531.5 5.0 0.78 0.86 137 1 OTD180 650781 4763140 524.9 5.0 0.39 0.50 26 1 OTD181 650933 4763317 1103.9 3.0 0.48 0.14 28 4 OTD181 650934 4763319 1100.6 5.0 0.65 0.17 35 1 OTD181 650935 4763322 1096.5 5.0 0.69 0.19 111 1 OTD181 650937 4763324 1092.5 5.0 0.87 0.29 80 1 OTD181 650938 4763327 1088.4 5.0 0.79 0.27 43 1 OTD181 650940 4763329 1084.4 5.0 0.55 0.23 22 1 OTD181 650941 4763332 1080.3 5.0 0.73 0.25 23 1 OTD181 650943 4763334 1076.3 5.0 0.74 0.28 28 4 OTD181 650944 4763337 1072.2 5.0 0.43 0.18 19 4 OTD181 650959 4763362 1031.7 5.0 0.41 0.09 30 4 OTD181 650960 4763364 1027.7 5.0 0.34 0.11 35 4 OTD181 650962 4763367 1023.6 5.0 0.41 0.17 49 4 OTD181 650963 4763369 1019.6 5.0 0.30 0.13 13 4 OTD181 650965 4763372 1015.5 5.0 0.32 0.19 16 4 OTD181 650969 4763380 1003.4 5.0 0.38 0.06 54 4 OTD181 650970 4763383 999.4 5.0 0.44 0.07 58 4 OTD181 650971 4763385 995.3 5.0 0.43 0.09 68 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD181 650973 4763388 991.3 5.0 0.30 0.12 21 4 OTD183 650831 4763130 1014.4 5.0 0.75 1.29 49 1 OTD183 650830 4763131 1009.6 5.0 0.98 2.83 49 1 OTD183 650828 4763132 1004.9 5.0 0.79 2.34 8 2 OTD183 650827 4763132 1000.2 5.0 0.89 2.21 18 2 OTD183 650826 4763134 995.4 5.0 0.53 1.55 5 2 OTD183 650824 4763135 990.7 5.0 1.20 3.24 5 2 OTD183 650823 4763135 986.0 5.0 0.67 2.28 8 2 OTD183 650822 4763136 981.3 5.0 0.77 2.72 37 2 OTD183 650820 4763137 976.5 5.0 0.49 1.96 12 2 OTD183 650819 4763138 971.8 5.0 0.57 1.81 12 2 OTD183 650818 4763139 967.1 5.0 0.84 3.02 9 2 OTD183 650816 4763140 962.3 5.0 0.44 1.56 9 2 OTD183 650815 4763140 957.6 5.0 0.87 2.99 8 2 OTD183 650814 4763141 952.9 5.0 0.76 3.58 7 2 OTD183 650812 4763142 948.1 5.0 1.01 2.59 16 2 OTD183 650811 4763143 943.4 5.0 0.95 2.55 17 2 OTD183 650810 4763144 938.7 5.0 1.51 3.50 156 2 OTD183 650808 4763145 933.9 5.0 1.11 3.34 50 2 OTD183 650807 4763146 929.2 5.0 0.89 3.22 12 2 OTD183 650806 4763147 924.5 5.0 1.08 3.16 22 2 OTD183 650805 4763148 919.8 5.0 1.07 2.22 105 2 OTD183 650803 4763149 915.0 5.0 0.73 1.01 95 2 OTD183 650802 4763150 910.3 5.0 0.87 0.22 65 2 OTD183 650801 4763151 905.6 5.0 1.98 1.49 239 2 OTD183 650799 4763152 900.8 5.0 1.66 0.66 373 2 OTD183 650798 4763153 896.1 5.0 1.32 0.65 411 2 OTD183 650797 4763154 891.4 5.0 0.34 0.30 26 2 OTD183 650795 4763155 886.7 5.0 0.38 0.33 33 2 OTD183 650794 4763156 882.0 5.0 0.91 1.21 261 2 OTD183 650793 4763157 877.3 5.0 1.25 0.63 151 2 OTD183 650791 4763158 872.5 5.0 1.58 0.95 151 2 OTD183 650790 4763159 867.8 5.0 1.60 1.32 208 2 OTD183 650789 4763160 863.1 5.0 1.10 1.81 113 2 OTD183 650788 4763161 858.4 5.0 1.43 1.04 270 2 OTD183 650786 4763162 853.6 5.0 1.62 1.34 104 2 OTD183 650785 4763163 848.9 5.0 2.02 0.50 310 2 OTD183 650784 4763164 844.2 5.0 1.16 1.29 153 2 OTD183 650782 4763165 839.5 5.0 1.05 0.91 199 2 OTD183 650781 4763166 834.8 5.0 0.80 0.97 156 2 OTD183 650780 4763167 830.0 5.0 0.77 0.66 92 2 OTD183 650779 4763168 825.3 5.0 0.55 0.51 66 2 OTD183 650777 4763169 820.6 5.0 0.51 0.60 59 2 OTD183 650776 4763170 815.9 5.0 1.00 1.53 128 2 OTD183 650775 4763171 811.1 5.0 0.87 1.33 132 2 OTD183 650774 4763172 806.4 5.0 0.98 1.32 79 2 OTD183 650772 4763173 801.7 5.0 1.11 2.34 305 2 OTD183 650771 4763174 797.0 5.0 1.40 2.77 158 2 OTD183 650770 4763175 792.2 5.0 1.15 2.15 146 2 OTD183 650769 4763176 787.5 5.0 0.87 3.03 57 2 OTD183 650767 4763177 782.8 5.0 1.07 2.07 388 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD183 650766 4763178 778.0 5.0 0.89 1.38 335 2 OTD183 650765 4763179 773.3 5.0 1.20 1.22 191 2 OTD183 650764 4763180 768.6 5.0 1.41 2.02 144 2 OTD183 650762 4763181 763.8 5.0 1.46 2.28 125 2 OTD183 650761 4763182 759.1 5.0 0.87 2.41 133 2 OTD183 650760 4763183 754.4 5.0 1.16 1.65 132 2 OTD183 650759 4763184 749.7 5.0 1.73 2.75 503 2 OTD183 650757 4763185 745.0 5.0 1.04 2.27 438 2 OTD183 650756 4763186 740.2 5.0 0.99 2.41 127 2 OTD183 650755 4763187 735.5 5.0 0.63 1.87 71 2 OTD183 650754 4763188 730.8 5.0 1.14 3.28 63 2 OTD183 650753 4763189 726.1 5.0 1.01 2.98 473 2 OTD183 650751 4763191 721.3 5.0 1.83 4.39 111 2 OTD183 650750 4763192 716.6 5.0 0.74 2.15 64 2 OTD183 650749 4763192 711.9 5.0 1.30 2.93 74 2 OTD183 650748 4763193 707.1 5.0 0.79 2.41 137 2 OTD183 650746 4763194 702.4 5.0 0.79 2.00 30 2 OTD183 650745 4763195 697.7 5.0 0.38 1.19 8 2 OTD183 650744 4763196 693.0 5.0 0.53 0.63 10 2 OTD183 650742 4763197 688.2 5.0 0.61 0.82 39 2 OTD183 650741 4763198 683.5 5.0 0.47 0.97 19 2 OTD183 650740 4763199 678.8 5.0 0.52 1.09 15 2 OTD183 650739 4763200 674.1 5.0 0.61 0.92 53 2 OTD183 650737 4763201 669.3 5.0 0.68 1.07 22 2 OTD183 650736 4763202 664.6 5.0 0.65 1.03 12 2 OTD183 650735 4763204 659.9 5.0 0.69 1.30 58 2 OTD183 650734 4763204 655.1 5.0 0.56 1.03 32 2 OTD183 650732 4763206 650.4 5.0 0.66 0.93 84 2 OTD183 650731 4763207 645.7 5.0 0.51 0.69 26 2 OTD183 650730 4763208 641.0 5.0 0.51 0.63 32 2 OTD183 650729 4763209 636.2 5.0 0.57 0.59 22 2 OTD183 650728 4763210 631.5 5.0 0.49 0.39 26 2 OTD183 650726 4763211 626.8 5.0 0.40 0.39 11 2 OTD183 650725 4763212 622.1 5.0 0.73 1.51 62 2 OTD183 650724 4763213 617.4 5.0 0.86 2.29 53 2 OTD183 650723 4763214 612.7 5.0 0.70 2.10 40 2 OTD183 650721 4763215 608.0 5.0 0.50 1.24 25 2 OTD183 650716 4763220 589.2 5.0 0.59 0.76 33 2 OTD183 650715 4763221 584.5 5.0 0.38 0.68 10 2 OTD183 650714 4763222 579.8 5.0 0.40 0.46 48 2 OTD183 650712 4763223 575.1 5.0 0.44 0.39 71 2 OTD183 650711 4763224 570.4 5.0 0.63 0.49 58 1 OTD183 650710 4763225 565.7 5.0 0.51 0.37 39 1 OTD183 650707 4763228 556.3 5.0 0.42 0.32 24 1 OTD183 650706 4763229 551.5 5.0 0.52 0.56 18 1 OTD183 650705 4763230 546.8 5.0 0.43 0.47 48 1 OTD183 650704 4763231 542.1 5.0 0.52 0.61 17 1 OTD183 650687 4763247 476.1 5.0 0.33 0.26 77 1 OTD183 650683 4763251 461.9 5.0 0.31 0.28 11 1 OTD183 650681 4763253 452.5 5.0 0.38 0.41 26 1 OTD183 650676 4763257 433.6 5.0 0.41 0.66 11 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD183 650675 4763259 428.9 5.0 0.45 0.82 45 1 OTD183 650674 4763260 424.2 5.0 0.35 0.47 35 1 OTD183 650672 4763261 419.5 5.0 0.35 0.58 17 1 OTD184 650552 4763099 1133.1 5.0 0.40 0.24 115 1 OTD184 650553 4763098 1128.2 5.0 0.30 0.19 7 1 OTD184 650554 4763097 1123.4 5.0 0.50 0.26 31 1 OTD184 650555 4763097 1118.5 5.0 0.37 0.22 36 1 OTD184 650556 4763096 1113.6 5.0 0.43 0.12 5 1 OTD184 650557 4763095 1108.8 5.0 0.40 0.21 9 1 OTD184 650558 4763094 1103.9 5.0 0.41 0.21 10 1 OTD184 650561 4763092 1084.4 5.0 0.44 0.18 101 1 OTD184 650562 4763091 1079.5 5.0 0.48 0.27 16 1 OTD184 650566 4763087 1055.0 5.0 0.43 0.24 13 1 OTD184 650566 4763087 1050.1 5.0 0.31 0.13 81 1 OTD184 650567 4763086 1045.2 5.0 0.42 0.20 56 1 OTD184 650568 4763085 1040.3 5.0 0.63 0.24 68 1 OTD184 650569 4763084 1030.5 5.0 0.45 0.32 44 1 OTD184 650571 4763083 1020.7 5.0 0.37 0.53 9 1 OTD184 650572 4763082 1015.8 5.0 0.70 0.47 50 1 OTD184 650572 4763081 1011.0 5.0 0.79 0.54 152 1 OTD184 650574 4763080 1001.2 5.0 0.46 0.30 538 1 OTD184 650575 4763079 996.3 5.0 0.42 0.48 530 1 OTD184 650576 4763079 991.4 5.0 0.39 0.31 27 1 OTD184 650576 4763078 986.5 5.0 0.40 0.33 58 1 OTD184 650577 4763077 981.6 5.0 0.36 0.32 8 1 OTD184 650578 4763077 976.7 5.0 0.43 0.30 43 1 OTD184 650579 4763076 971.8 5.0 0.45 0.31 63 1 OTD184 650579 4763075 966.9 5.0 0.73 0.54 63 1 OTD184 650580 4763074 962.0 5.0 0.47 0.32 81 1 OTD184 650581 4763073 957.2 5.0 0.48 0.29 37 1 OTD184 650582 4763073 952.3 5.0 0.56 0.47 51 1 OTD184 650583 4763072 947.4 5.0 0.40 0.33 155 1 OTD184 650584 4763070 937.6 5.0 0.47 0.40 47 1 OTD184 650585 4763069 932.7 5.0 0.50 0.40 37 1 OTD184 650587 4763068 923.0 5.0 0.39 0.33 36 1 OTD184 650593 4763063 885.8 5.0 0.31 0.27 30 1 OTD184 650594 4763062 880.9 5.0 0.33 0.19 26 1 OTD184 650594 4763062 876.0 5.0 0.50 0.19 26 1 OTD184 650595 4763061 871.1 5.0 0.41 0.18 37 1 OTD184 650596 4763061 866.2 5.0 0.72 0.30 193 1 OTD184 650597 4763060 861.3 5.0 0.41 0.27 79 1 OTD184 650598 4763060 856.4 5.0 0.32 0.20 67 1 OTD184 650598 4763059 851.6 5.0 0.57 3.89 90 1 OTD184 650599 4763058 846.7 5.0 0.77 0.40 41 1 OTD184 650600 4763058 841.8 5.0 0.45 0.25 38 1 OTD184 650601 4763057 836.9 5.0 0.48 0.32 24 1 OTD184 650602 4763056 832.0 5.0 0.33 0.17 26 1 OTD184 650602 4763056 827.1 5.0 0.71 0.30 63 1 OTD184 650603 4763055 822.2 5.0 0.46 0.27 55 1 OTD184 650604 4763054 817.3 5.0 0.41 0.28 63 1 OTD184 650605 4763054 812.4 5.0 0.32 0.26 40 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD184 650606 4763053 807.5 5.0 0.34 0.24 65 1 OTD184 650606 4763052 802.6 5.0 0.32 0.26 34 1 OTD184 650607 4763052 797.8 5.0 1.20 0.64 100 1 OTD184 650608 4763051 792.9 5.0 0.90 0.55 56 1 OTD184 650609 4763051 788.0 5.0 0.73 0.43 42 1 OTD184 650610 4763050 783.1 5.0 0.72 0.56 49 1 OTD184 650611 4763050 778.2 5.0 0.49 0.37 10 1 OTD184 650612 4763048 768.4 5.0 0.63 0.23 43 1 OTD184 650615 4763046 750.8 5.0 0.95 0.58 73 1 OTD184 650616 4763045 745.9 5.0 0.71 0.39 22 1 OTD184 650617 4763045 741.0 5.0 0.31 0.24 26 1 OTD184 650618 4763044 736.1 5.0 0.56 0.35 27 1 OTD184 650619 4763044 731.7 4.0 0.65 0.44 54 1 OTD184 650619 4763043 727.3 5.0 0.83 0.64 68 2 OTD184 650620 4763042 722.4 5.0 0.83 0.52 64 2 OTD184 650621 4763042 717.5 5.0 2.00 1.30 147 2 OTD184 650622 4763041 712.7 5.0 1.39 0.82 307 2 OTD184 650623 4763041 707.8 5.0 0.79 0.69 225 2 OTD184 650624 4763040 702.9 5.0 1.54 3.16 472 2 OTD184 650624 4763039 698.0 5.0 0.95 0.85 60 2 OTD184 650625 4763039 693.1 5.0 0.99 1.19 102 2 OTD184 650626 4763038 688.2 5.0 0.86 1.13 294 2 OTD184 650627 4763037 683.3 5.0 0.90 0.92 273 2 OTD184 650628 4763037 678.4 5.0 0.49 0.80 76 2 OTD184 650629 4763036 673.5 5.0 1.05 1.07 208 2 OTD184 650629 4763036 668.6 5.0 0.65 0.80 247 2 OTD184 650630 4763035 663.8 5.0 1.07 0.90 188 2 OTD184 650631 4763034 658.9 5.0 0.99 1.19 308 2 OTD184 650632 4763034 654.0 5.0 1.15 2.25 420 2 OTD184 650633 4763033 649.1 5.0 1.21 2.39 367 2 OTD184 650634 4763033 644.2 5.0 0.74 1.15 88 2 OTD184 650635 4763032 639.3 5.0 0.76 1.69 385 2 OTD184 650636 4763032 634.4 5.0 0.59 1.33 201 2 OTD184 650637 4763031 629.5 5.0 0.91 1.19 411 2 OTD184 650638 4763031 624.6 5.0 0.92 2.55 277 2 OTD184 650638 4763030 619.7 5.0 0.54 1.83 266 2 OTD184 650639 4763030 614.8 5.0 0.52 1.97 238 2 OTD184 650640 4763029 610.0 5.0 0.81 2.96 156 2 OTD184 650641 4763029 605.1 5.0 1.21 3.64 510 2 OTD184 650642 4763028 600.2 5.0 0.93 2.62 318 2 OTD184 650643 4763028 595.3 5.0 0.82 2.54 212 2 OTD184 650644 4763027 590.4 5.0 1.27 3.58 66 2 OTD184 650645 4763027 585.5 5.0 0.78 2.14 35 2 OTD184 650646 4763026 580.6 5.0 0.64 1.87 94 2 OTD184 650647 4763026 575.7 5.0 0.68 2.59 110 2 OTD184 650648 4763025 570.8 5.0 0.53 2.01 274 2 OTD184 650648 4763025 565.9 5.0 0.64 2.16 109 2 OTD184 650649 4763024 561.0 5.0 3.50 4.64 40 2 OTD184 650650 4763024 556.2 5.0 2.59 3.56 49 2 OTD184 650651 4763023 551.3 5.0 0.55 1.87 33 2 OTD184 650652 4763023 546.4 5.0 0.93 2.79 72 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD184 650653 4763022 541.5 5.0 0.70 2.46 62 2 OTD184 650654 4763022 536.6 5.0 0.60 2.09 36 2 OTD184 650655 4763021 531.7 5.0 0.83 2.18 56 2 OTD184 650657 4763020 521.9 5.0 0.36 0.46 14 2 OTD184 650657 4763020 518.0 3.0 2.06 3.23 32 2 OTD184A 650563 4763090 1071.7 5.0 0.35 0.17 12 1 OTD184A 650564 4763089 1066.8 5.0 0.37 0.20 48 1 OTD184A 650565 4763088 1057.0 5.0 0.50 0.28 73 1 OTD184A 650566 4763087 1052.1 5.0 0.56 0.18 30 1 OTD184A 650568 4763086 1042.2 5.0 0.54 0.21 46 1 OTD184A 650569 4763085 1032.4 5.0 0.39 0.25 19 1 OTD184A 650570 4763084 1027.5 5.0 0.43 0.21 20 1 OTD184A 650570 4763083 1022.6 5.0 0.40 0.37 30 1 OTD184A 650571 4763083 1017.7 5.0 1.15 0.63 75 1 OTD184A 650572 4763082 1012.8 5.0 0.45 0.26 125 1 OTD184A 650572 4763081 1007.9 5.0 0.42 0.13 71 1 OTD184A 650573 4763081 1003.0 5.0 0.46 0.30 22 1 OTD184A 650574 4763080 998.1 5.0 0.39 0.24 6 1 OTD184A 650575 4763079 993.2 5.0 0.32 0.19 33 1 OTD184A 650575 4763079 988.3 5.0 0.41 0.26 34 1 OTD184A 650576 4763078 983.3 5.0 0.34 0.21 29 1 OTD184A 650577 4763078 978.4 5.0 0.37 0.24 55 1 OTD184A 650577 4763077 974.4 3.2 0.46 0.23 7 1 OTD185 650481 4763239 880.1 5.0 0.33 0.21 194 1 OTD185 650483 4763237 870.7 5.0 0.31 0.32 40 1 OTD185 650487 4763234 856.4 5.0 0.39 0.29 140 1 OTD185 650488 4763233 851.7 5.0 0.41 0.31 63 1 OTD185 650492 4763230 837.5 5.0 0.47 0.34 100 1 OTD185 650493 4763229 832.8 5.0 0.39 0.27 77 1 OTD185 650494 4763228 828.1 5.0 0.47 0.29 113 1 OTD185 650496 4763227 823.3 5.0 0.33 0.32 98 1 OTD185 650497 4763226 818.6 5.0 0.41 0.54 69 1 OTD185 650498 4763225 813.9 5.0 1.18 1.17 41 1 OTD185 650499 4763224 809.2 5.0 0.63 0.55 55 1 OTD185 650511 4763215 764.7 5.0 0.33 0.47 101 1 OTD185 650512 4763214 759.9 5.0 0.48 0.52 72 1 OTD185 650513 4763213 755.2 5.0 0.32 0.47 33 1 OTD185 650516 4763211 745.8 5.0 0.31 0.31 32 1 OTD185 650528 4763199 696.4 5.0 0.87 1.05 23 2 OTD185 650529 4763198 691.6 5.0 0.45 0.63 69 2 OTD185 650530 4763197 686.8 5.0 0.78 0.82 224 2 OTD185 650531 4763196 682.0 5.0 0.43 0.46 44 2 OTD185 650532 4763195 677.3 5.0 0.86 0.98 66 2 OTD185 650533 4763194 672.5 5.0 1.03 1.02 46 2 OTD185 650534 4763193 667.8 5.0 0.47 0.55 111 2 OTD185 650535 4763192 663.0 5.0 0.59 0.67 178 2 OTD185 650537 4763191 658.2 5.0 0.58 0.91 68 2 OTD185 650538 4763190 653.5 5.0 0.58 0.85 73 2 OTD185 650539 4763189 648.7 5.0 0.85 1.08 220 2 OTD185 650540 4763188 643.9 5.0 0.66 0.92 51 2 OTD185 650541 4763187 639.2 5.0 0.77 1.40 46 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD185 650542 4763186 634.4 5.0 0.50 0.87 59 2 OTD185 650543 4763185 629.6 5.0 0.75 1.38 46 2 OTD185 650544 4763184 624.8 5.0 0.63 0.94 30 2 OTD185 650545 4763183 620.0 5.0 0.58 1.09 42 2 OTD185 650547 4763182 615.2 5.0 0.73 1.57 39 2 OTD185 650548 4763181 610.5 5.0 0.72 1.44 54 2 OTD185 650549 4763181 605.7 5.0 0.67 1.29 71 2 OTD185 650550 4763180 600.9 5.0 0.83 2.19 114 2 OTD185 650551 4763179 596.1 5.0 0.75 1.61 69 2 OTD185 650552 4763178 591.3 5.0 0.56 1.35 25 2 OTD185 650553 4763177 586.6 5.0 0.54 1.47 78 2 OTD185 650555 4763176 581.8 5.0 0.74 2.21 35 2 OTD185 650556 4763175 577.0 5.0 0.68 1.55 52 2 OTD185 650557 4763174 572.2 5.0 0.42 1.09 106 2 OTD185 650558 4763173 567.4 5.0 0.54 1.30 66 2 OTD185 650559 4763172 562.6 5.0 0.43 0.86 83 2 OTD185 650560 4763171 557.9 5.0 0.43 0.82 216 2 OTD185 650561 4763171 553.1 5.0 0.47 0.71 241 2 OTD185 650563 4763170 548.3 5.0 0.53 0.63 458 2 OTD185 650564 4763169 543.5 5.0 1.14 1.66 141 2 OTD185 650565 4763168 538.7 5.0 0.94 1.83 165 2 OTD185 650566 4763167 534.0 5.0 0.41 0.69 100 2 OTD185 650567 4763166 529.2 5.0 0.43 0.69 151 2 OTD185 650568 4763165 524.4 5.0 0.85 1.28 216 2 OTD185 650569 4763164 519.6 5.0 1.81 5.41 103 2 OTD185 650570 4763163 514.8 5.0 0.58 1.56 49 2 OTD185 650572 4763162 505.2 5.0 1.34 4.56 120 2 OTD185 650574 4763161 500.4 5.0 1.13 4.32 59 2 OTD185 650575 4763160 495.6 5.0 0.79 3.37 40 2 OTD185 650576 4763160 490.8 5.0 1.09 3.79 27 2 OTD185 650577 4763159 486.0 5.0 1.28 4.54 71 2 OTD185 650578 4763158 481.2 5.0 0.85 3.72 70 2 OTD185 650579 4763157 476.4 5.0 0.75 3.00 72 2 OTD185 650580 4763156 471.6 5.0 0.87 4.08 82 2 OTD185 650581 4763155 466.8 5.0 0.82 2.76 51 2 OTD185 650582 4763154 461.9 5.0 0.56 2.19 25 2 OTD185 650583 4763153 457.1 5.0 0.59 2.10 41 2 OTD185 650584 4763152 452.3 5.0 0.47 1.65 141 2 OTD185 650586 4763152 447.5 5.0 0.47 0.65 118 2 OTD185 650587 4763151 442.7 5.0 0.32 0.91 74 2 OTD185 650589 4763149 433.1 5.0 0.43 0.69 101 2 OTD185 650590 4763148 428.3 5.0 0.34 0.58 80 2 OTD185 650591 4763147 423.5 5.0 0.40 0.80 134 2 OTD185 650598 4763141 390.8 5.0 0.38 0.57 185 1 OTD185 650602 4763139 376.3 5.0 0.36 0.43 62 1 OTD185 650608 4763134 347.5 5.0 0.32 0.42 60 1 OTD185 650610 4763133 342.7 5.0 0.39 0.31 57 1 OTD185 650611 4763132 337.9 5.0 0.37 0.69 154 1 OTD185 650612 4763131 333.1 5.0 0.44 0.54 92 1 OTD185 650613 4763131 328.3 5.0 0.32 0.49 87 1 OTD189 650718 4763090 1128.3 5.0 0.55 0.55 19 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD189 650718 4763090 1123.3 5.0 0.71 0.69 18 1 OTD189 650718 4763090 1118.3 5.0 0.49 0.55 27 1 OTD189 650718 4763090 1113.3 5.0 0.30 0.32 9 1 OTD189 650718 4763090 1108.3 5.0 0.41 0.50 10 1 OTD189 650718 4763090 1103.3 5.0 0.43 0.54 10 1 OTD189 650718 4763090 1098.3 5.0 0.80 0.82 44 1 OTD189 650718 4763090 1093.3 5.0 0.87 0.72 23 1 OTD189 650718 4763090 1088.3 5.0 0.55 0.62 19 1 OTD189 650718 4763090 1083.3 5.0 0.37 0.45 25 1 OTD189 650718 4763090 1078.3 5.0 0.37 0.37 14 1 OTD189 650718 4763090 1068.3 5.0 0.57 0.65 145 1 OTD189 650718 4763090 1063.3 5.0 0.48 0.81 17 1 OTD189 650718 4763090 1058.8 4.0 0.47 0.72 16 1 OTD189 650718 4763090 1054.3 5.0 0.77 0.97 27 2 OTD189 650718 4763090 1049.3 5.0 0.59 1.31 17 2 OTD189 650718 4763090 1044.3 5.0 0.72 1.79 50 2 OTD189 650718 4763090 1039.3 5.0 0.78 2.18 32 2 OTD189 650718 4763090 1034.3 5.0 0.56 1.95 17 2 OTD189 650718 4763090 1029.3 5.0 0.73 2.30 23 2 OTD189 650718 4763090 1024.3 5.0 0.72 2.50 10 2 OTD189 650718 4763090 1019.3 5.0 0.62 2.34 17 2 OTD189 650718 4763090 1014.3 5.0 0.91 3.23 42 2 OTD189 650718 4763090 1009.3 5.0 0.95 2.45 60 2 OTD189 650718 4763090 1004.3 5.0 0.99 2.60 33 2 OTD189 650718 4763090 999.3 5.0 0.90 2.49 34 2 OTD189 650718 4763090 994.3 5.0 0.42 1.27 15 2 OTD189 650718 4763090 984.3 5.0 0.56 1.10 41 2 OTD189 650718 4763090 979.3 5.0 0.93 1.59 47 2 OTD189 650718 4763090 974.3 5.0 0.85 2.10 32 2 OTD189 650718 4763090 969.3 5.0 0.79 1.80 43 2 OTD189 650718 4763090 964.3 5.0 1.14 2.15 174 2 OTD189 650718 4763090 959.3 5.0 0.80 1.91 31 2 OTD189 650718 4763090 954.3 5.0 0.43 1.31 18 2 OTD189 650718 4763090 949.3 5.0 0.62 2.03 53 2 OTD189 650718 4763090 944.3 5.0 0.67 1.73 58 2 OTD189 650718 4763090 939.3 5.0 0.74 1.96 72 2 OTD189 650718 4763090 934.3 5.0 0.84 2.16 44 2 OTD189 650718 4763090 929.3 5.0 1.16 2.72 102 2 OTD189 650718 4763090 924.3 5.0 1.41 3.27 89 2 OTD189 650718 4763090 919.3 5.0 1.26 3.43 155 2 OTD189 650718 4763090 914.3 5.0 0.91 2.00 141 2 OTD189 650718 4763090 909.3 5.0 0.59 2.14 62 2 OTD189 650718 4763090 904.3 5.0 0.65 1.75 94 2 OTD189 650718 4763090 899.3 5.0 0.76 1.88 72 2 OTD189 650718 4763090 894.3 5.0 0.36 0.98 20 2 OTD189 650718 4763090 889.3 5.0 0.34 0.86 28 2 OTD189 650718 4763090 884.3 5.0 0.76 1.82 39 2 OTD189 650718 4763090 879.3 5.0 0.84 1.81 189 2 OTD189 650718 4763090 874.3 5.0 0.85 1.99 73 2 OTD189 650718 4763090 869.3 5.0 0.73 1.95 69 2 OTD189 650718 4763090 864.3 5.0 0.59 1.68 35 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD189 650718 4763090 859.3 5.0 0.34 0.96 59 2 OTD190 650460 4763161 1125.9 5.0 0.48 0.37 97 1 OTD190 650461 4763160 1121.0 5.0 0.61 0.32 37 1 OTD190 650462 4763160 1116.2 5.0 0.43 0.27 39 1 OTD190 650463 4763159 1111.4 5.0 0.99 0.41 43 1 OTD190 650464 4763158 1106.5 5.0 0.57 0.27 48 1 OTD190 650465 4763158 1101.7 5.0 0.50 0.26 51 1 OTD190 650473 4763152 1062.0 5.0 0.45 0.53 44 1 OTD190 650474 4763151 1057.1 5.0 0.44 0.36 116 1 OTD190 650477 4763149 1042.6 5.0 0.40 0.42 72 1 OTD190 650483 4763145 1018.5 5.0 0.34 0.26 67 1 OTD190 650484 4763144 1013.6 5.0 0.37 0.30 68 1 OTD190 650485 4763143 1008.8 5.0 0.62 0.42 111 1 OTD190 650486 4763142 1004.0 5.0 0.51 0.44 494 1 OTD190 650487 4763142 999.1 5.0 0.55 0.51 664 1 OTD190 650488 4763141 994.3 5.0 0.33 0.47 44 1 OTD190 650489 4763141 989.5 5.0 0.45 0.50 54 1 OTD190 650490 4763140 984.7 5.0 0.39 0.27 114 1 OTD190 650492 4763138 975.0 5.0 0.41 0.39 61 1 OTD190 650493 4763137 970.2 5.0 0.34 0.28 66 1 OTD190 650494 4763137 965.3 5.0 0.66 0.61 84 1 OTD190 650495 4763136 960.5 5.0 0.69 0.61 90 1 OTD190 650496 4763135 955.7 5.0 0.46 0.37 96 1 OTD190 650497 4763134 950.9 5.0 0.37 0.25 67 1 OTD190 650501 4763131 931.5 5.0 0.37 0.35 35 1 OTD190 650502 4763131 926.7 5.0 0.69 0.57 59 1 OTD190 650503 4763130 921.9 5.0 0.31 0.43 35 1 OTD190 650504 4763129 917.0 5.0 0.34 0.46 34 1 OTD190 650505 4763128 912.2 5.0 0.39 0.51 44 1 OTD190 650506 4763127 907.4 5.0 0.56 0.88 71 1 OTD190 650508 4763127 902.6 5.0 0.41 0.58 61 1 OTD190 650509 4763126 897.7 5.0 0.40 0.53 42 1 OTD190 650511 4763124 888.1 5.0 0.40 0.61 75 1 OTD190 650512 4763124 883.2 5.0 0.66 0.71 45 1 OTD190 650513 4763123 878.4 5.0 0.36 0.65 46 1 OTD190 650514 4763122 873.6 5.0 0.42 0.72 51 1 OTD190 650516 4763121 863.9 5.0 0.40 0.39 60 1 OTD190 650517 4763120 859.1 5.0 0.35 0.23 147 1 OTD190 650518 4763119 854.3 5.0 0.50 0.51 80 1 OTD190 650519 4763118 849.4 5.0 0.35 0.31 199 1 OTD190 650520 4763117 844.6 5.0 0.33 0.27 315 1 OTD190 650521 4763116 839.8 5.0 0.47 0.55 88 1 OTD190 650522 4763115 835.0 5.0 0.50 0.41 138 1 OTD190 650523 4763114 830.1 5.0 0.37 0.43 126 1 OTD190 650525 4763113 820.5 5.0 0.38 0.35 67 1 OTD190 650526 4763112 815.7 5.0 0.75 0.33 107 1 OTD190 650527 4763111 810.9 5.0 0.63 0.31 43 1 OTD190 650528 4763110 806.1 5.0 0.76 0.75 113 1 OTD190 650529 4763109 801.2 5.0 1.64 0.86 313 1 OTD190 650530 4763108 796.4 5.0 0.84 0.44 70 1 OTD190 650531 4763108 791.6 5.0 0.32 0.31 20 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD190 650532 4763107 786.8 5.0 0.42 0.45 19 1 OTD190 650533 4763106 782.0 5.0 0.40 0.52 38 1 OTD190 650537 4763102 762.9 5.0 0.59 0.80 61 1 OTD190 650538 4763101 758.1 5.0 0.61 0.85 104 1 OTD190 650539 4763100 753.3 5.0 0.52 0.79 60 1 OTD190 650540 4763099 748.5 5.0 0.47 0.64 45 1 OTD190 650542 4763097 739.0 5.0 0.33 0.46 54 1 OTD190 650543 4763096 734.2 5.0 0.34 0.52 79 1 OTD190 650545 4763095 729.4 5.0 0.34 0.46 24 1 OTD190 650546 4763094 724.6 5.0 0.30 0.54 40 1 OTD190 650547 4763093 719.8 5.0 0.42 0.63 31 1 OTD190 650548 4763092 715.1 5.0 0.38 0.42 45 1 OTD190 650549 4763091 710.3 5.0 0.37 0.47 25 1 OTD190 650550 4763090 705.5 5.0 0.41 0.57 53 1 OTD190 650551 4763089 700.7 5.0 0.45 0.68 37 1 OTD190 650552 4763088 696.4 4.0 0.51 0.87 37 1 OTD190 650553 4763087 692.1 5.0 0.39 0.76 43 2 OTD190 650554 4763086 687.3 5.0 0.67 1.08 83 2 OTD190 650555 4763085 682.5 5.0 0.52 0.94 44 2 OTD190 650556 4763084 677.8 5.0 0.46 1.00 46 2 OTD190 650557 4763083 673.0 5.0 0.60 0.70 68 2 OTD190 650558 4763082 668.2 5.0 0.69 1.18 52 2 OTD190 650559 4763081 663.4 5.0 0.60 1.06 96 2 OTD190 650561 4763080 658.6 5.0 0.53 0.95 50 2 OTD190 650562 4763079 653.8 5.0 0.38 0.83 50 2 OTD190 650563 4763078 649.1 5.0 0.43 0.83 43 2 OTD190 650564 4763077 644.3 5.0 0.61 1.14 43 2 OTD190 650565 4763076 639.5 5.0 0.48 0.77 49 2 OTD190 650566 4763075 634.7 5.0 0.81 1.43 90 2 OTD190 650568 4763073 625.6 4.0 0.31 0.66 101 2 OTD190 650583 4763058 556.3 5.0 0.35 1.01 45 2 OTD190 650584 4763057 551.5 5.0 0.48 1.51 57 2 OTD190 650585 4763056 546.8 5.0 0.42 1.23 9 2 OTD190 650587 4763055 537.2 5.0 0.35 1.75 37 2 OTD190 650588 4763054 532.4 5.0 0.34 1.02 40 2 OTD190 650589 4763053 527.6 5.0 0.49 1.15 46 2 OTD190 650590 4763052 522.8 5.0 0.37 1.42 31 2 OTD190 650591 4763051 518.1 5.0 0.35 1.39 16 2 OTD190 650592 4763050 513.3 5.0 0.38 1.68 14 2 OTD190 650593 4763049 508.5 5.0 0.74 2.70 23 2 OTD190 650594 4763048 503.7 5.0 0.52 2.24 37 2 OTD190 650596 4763047 498.9 5.0 0.52 2.34 31 2 OTD190 650597 4763046 494.1 5.0 0.78 2.92 29 2 OTD190 650598 4763045 489.4 5.0 0.36 1.59 23 2 OTD190 650599 4763044 484.6 5.0 0.72 1.55 16 2 OTD190 650600 4763042 479.8 5.0 0.50 1.63 11 2 OTD190 650601 4763041 475.0 5.0 1.01 3.36 16 2 OTD190 650602 4763040 470.2 5.0 0.36 1.47 16 2 OTD190 650603 4763039 465.5 5.0 0.77 2.00 13 2 OTD190 650604 4763038 460.7 5.0 0.62 2.35 19 2 OTD190 650606 4763036 451.1 5.0 0.31 1.04 5 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD190 650607 4763035 446.3 5.0 0.45 1.15 27 2 OTD190 650608 4763035 441.5 5.0 0.40 1.61 42 2 OTD190 650609 4763034 436.8 5.0 0.32 1.01 15 2 OTD190 650610 4763033 432.0 5.0 0.42 1.24 14 2 OTD190 650611 4763032 427.2 5.0 0.33 1.30 12 2 OTD190 650614 4763029 412.9 5.0 0.42 1.54 12 2 OTD190 650615 4763027 408.1 5.0 0.66 2.66 8 2 OTD190 650616 4763027 403.3 5.0 0.53 1.91 39 2 OTD190 650617 4763026 398.5 5.0 0.65 0.88 79 2 OTD190 650618 4763025 393.7 5.0 0.69 0.72 86 2 OTD195 650126 4762593 1117.3 5.0 0.78 0.10 628 1 OTD195 650126 4762593 1112.3 5.0 0.84 0.14 482 1 OTD195 650126 4762593 1107.3 5.0 0.55 0.14 150 1 OTD195 650126 4762593 1102.3 5.0 0.45 0.12 422 1 OTD195 650126 4762593 1087.3 5.0 0.42 0.14 339 1 OTD195 650126 4762593 1082.3 5.0 0.37 0.20 233 1 OTD195 650126 4762593 1077.3 5.0 0.49 0.29 194 1 OTD195 650126 4762593 1072.3 5.0 0.48 0.25 167 1 OTD195 650126 4762593 1067.3 5.0 0.48 0.29 256 1 OTD195 650126 4762593 1062.3 5.0 0.47 0.34 145 1 OTD195 650126 4762593 1057.3 5.0 0.63 0.31 156 1 OTD195 650127 4762593 1042.3 5.0 0.31 0.18 56 1 OTD195 650127 4762593 1037.3 5.0 0.40 0.24 206 1 OTD195 650127 4762593 1032.3 5.0 0.33 0.26 106 1 OTD195 650127 4762593 1027.3 5.0 0.41 0.22 43 1 OTD195 650127 4762593 1017.3 5.0 0.57 0.27 74 1 OTD195 650127 4762593 1012.3 5.0 0.34 0.22 89 1 OTD195 650127 4762593 1007.3 5.0 0.87 0.55 163 1 OTD195 650127 4762593 1002.3 5.0 0.85 0.54 443 1 OTD195 650127 4762593 997.3 5.0 0.69 0.47 529 1 OTD195 650127 4762593 992.3 5.0 0.45 0.24 102 1 OTD195 650127 4762593 987.3 5.0 0.30 0.28 290 1 OTD195 650128 4762593 967.3 5.0 0.48 0.30 92 1 OTD195 650127 4762592 947.3 5.0 0.43 0.43 215 1 OTD195 650127 4762592 922.3 5.0 0.45 0.45 229 1 OTD195 650127 4762592 892.3 5.0 0.34 0.51 45 1 OTD195 650128 4762592 882.3 5.0 0.33 0.42 111 1 OTD195 650128 4762591 852.3 5.0 0.42 0.38 98 1 OTD195 650128 4762591 847.3 5.0 0.34 0.41 97 1 OTD195 650128 4762591 842.3 5.0 0.52 0.61 391 1 OTD195 650128 4762591 837.3 5.0 0.40 0.42 86 1 OTD195 650129 4762591 807.3 5.0 0.36 0.57 97 1 OTD195 650129 4762591 797.3 5.0 0.31 0.92 48 1 OTD195 650131 4762590 717.4 5.0 0.45 1.55 11 1 OTD197 650336 4762775 1128.1 5.0 0.56 0.37 79 1 OTD197 650336 4762775 1123.1 5.0 0.70 0.41 159 1 OTD197 650336 4762775 1118.1 5.0 0.48 0.21 137 1 OTD197 650336 4762775 1113.1 5.0 0.39 0.15 170 1 OTD197 650336 4762775 1108.1 5.0 0.73 0.31 285 1 OTD197 650336 4762775 1103.1 5.0 0.56 0.20 288 1 OTD197 650336 4762775 1083.1 5.0 0.59 0.14 87 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD197 650336 4762775 1078.1 5.0 0.57 0.26 160 1 OTD197 650336 4762775 1073.1 5.0 0.37 0.26 86 1 OTD197 650336 4762775 1068.1 5.0 0.46 0.25 85 1 OTD197 650336 4762775 1063.1 5.0 0.42 0.28 64 1 OTD197 650336 4762775 1058.1 5.0 0.39 0.21 307 1 OTD197 650336 4762775 1053.1 5.0 0.35 0.18 182 1 OTD197 650336 4762775 1043.1 5.0 0.70 0.36 227 1 OTD197 650336 4762775 1038.1 5.0 0.32 0.18 112 1 OTD197 650336 4762775 1028.1 5.0 0.32 0.17 39 1 OTD197 650336 4762775 1023.1 5.0 0.34 0.21 70 1 OTD197 650336 4762775 1018.1 5.0 0.33 0.21 65 1 OTD197 650336 4762775 1013.1 5.0 0.32 0.22 101 1 OTD197 650336 4762776 1008.1 5.0 0.75 0.44 100 1 OTD197 650336 4762776 1003.1 5.0 0.49 0.31 78 1 OTD197 650336 4762776 998.1 5.0 0.40 0.24 96 1 OTD197 650336 4762776 993.1 5.0 0.65 0.31 433 1 OTD197 650336 4762775 988.1 5.0 0.54 0.55 124 1 OTD197 650336 4762775 978.1 5.0 0.35 0.51 95 1 OTD197 650336 4762775 973.1 5.0 0.37 0.41 78 1 OTD197 650336 4762776 958.1 5.0 0.32 0.35 72 1 OTD197 650336 4762776 933.1 5.0 0.32 0.49 115 1 OTD197 650336 4762776 923.1 5.0 0.34 0.33 165 1 OTD197 650336 4762776 913.1 5.0 0.34 0.30 82 1 OTD197 650336 4762776 908.1 5.0 0.90 0.65 118 1 OTD197 650336 4762776 903.1 5.0 1.01 0.78 187 1 OTD197 650336 4762776 898.1 5.0 0.81 0.40 162 1 OTD197 650336 4762776 893.1 5.0 0.75 0.47 131 1 OTD197 650336 4762776 888.1 5.0 0.39 0.32 93 1 OTD197 650336 4762777 883.1 5.0 0.90 0.86 400 1 OTD197 650336 4762777 878.1 5.0 0.62 0.60 97 1 OTD197 650336 4762777 868.1 5.0 0.34 0.94 42 1 OTD197 650336 4762777 863.1 5.0 0.42 0.95 52 1 OTD197 650336 4762777 858.1 5.0 0.37 0.41 75 1 OTD197 650336 4762777 853.1 5.0 0.40 0.77 166 1 OTD197 650336 4762777 848.1 5.0 0.40 0.62 99 1 OTD197 650336 4762777 843.1 5.0 0.95 1.04 160 1 OTD197 650336 4762777 838.1 5.0 0.52 0.94 174 1 OTD197 650336 4762777 813.1 5.0 0.31 0.46 56 1 OTD197 650336 4762778 713.1 5.0 0.35 0.46 62 1 OTD197 650336 4762779 708.1 5.0 0.40 0.62 114 1 OTD197 650336 4762779 703.1 5.0 0.37 0.60 72 1 OTD197 650336 4762779 688.1 5.0 0.33 0.35 171 1 OTD197 650336 4762779 683.1 5.0 0.38 0.44 163 1 OTD197 650336 4762779 673.1 5.0 0.34 0.52 78 1 OTD197 650336 4762779 653.1 5.0 0.53 0.60 79 1 OTD197 650336 4762779 648.2 5.0 0.58 0.58 51 1 OTD197 650336 4762779 643.2 5.0 0.39 0.58 69 1 OTD197 650336 4762779 638.2 5.0 0.59 0.64 118 1 OTD197 650336 4762780 633.2 5.0 0.37 0.41 47 1 OTD197 650336 4762780 613.2 5.0 0.42 0.75 35 1 OTD197 650336 4762780 598.2 5.0 0.32 0.50 30 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD197 650336 4762780 588.2 5.0 0.47 0.73 35 1 OTD197 650336 4762780 578.2 5.0 0.58 1.00 41 1 OTD197 650336 4762780 573.2 5.0 0.52 0.80 38 1 OTD197 650336 4762780 558.2 5.0 0.47 0.58 29 1 OTD197 650336 4762780 553.2 5.0 0.32 0.61 19 1 OTD197 650336 4762780 538.2 5.0 0.35 0.46 9 1 OTD197 650336 4762780 523.2 5.0 0.46 0.58 135 1 OTD197 650336 4762780 463.2 5.0 0.39 0.78 13 1 OTD197 650337 4762780 458.2 5.0 0.32 0.82 6 1 OTD197 650337 4762780 453.2 5.0 0.54 0.75 27 1 OTD197 650337 4762780 403.2 5.0 0.37 0.58 26 1 OTD200 650224 4763188 1079.6 5.0 0.44 0.47 61 1 OTD200 650237 4763178 1032.7 5.0 0.57 0.44 21 1 OTD200 650238 4763176 1027.9 5.0 0.40 0.29 17 1 OTD200 650241 4763174 1018.5 5.0 0.30 0.25 79 1 OTD200 650245 4763171 1004.5 5.0 0.32 0.38 49 1 OTD200 650258 4763160 957.5 5.0 0.55 0.48 66 1 OTD200 650259 4763158 952.8 5.0 0.56 0.76 79 1 OTD200 650266 4763153 929.3 5.0 0.67 0.92 560 1 OTD200 650268 4763152 924.6 5.0 0.57 0.55 172 1 OTD200 650269 4763151 919.9 5.0 0.33 0.70 48 1 OTD200 650273 4763148 905.8 5.0 0.30 0.32 53 1 OTD200 650274 4763147 901.1 5.0 0.42 0.28 48 1 OTD200 650276 4763146 896.4 5.0 0.59 0.36 69 1 OTD200 650277 4763145 891.7 5.0 0.73 0.71 93 1 OTD200 650278 4763144 887.0 5.0 0.39 0.38 76 1 OTD200 650280 4763143 882.3 5.0 0.42 0.37 88 1 OTD200 650281 4763142 877.6 5.0 0.37 0.37 204 1 OTD200 650282 4763140 872.9 5.0 0.38 0.27 32 1 OTD200 650289 4763135 849.4 5.0 0.40 0.56 65 1 OTD200 650309 4763116 774.2 5.0 0.30 0.26 65 1 OTD200 650314 4763110 750.7 5.0 0.40 0.30 65 1 OTD200 650327 4763096 699.1 5.0 0.55 0.33 50 1 OTD200 650348 4763072 610.7 5.0 0.31 0.42 132 1 OTD200 650352 4763067 596.7 5.0 0.32 0.58 70 1 OTD200 650356 4763062 578.0 5.0 0.53 0.84 18 1 OTD200 650358 4763060 568.7 5.0 0.51 1.14 109 2 OTD200 650359 4763058 564.0 5.0 0.78 1.18 24 2 OTD200 650360 4763057 559.4 5.0 0.59 1.29 48 2 OTD200 650361 4763055 554.7 5.0 0.50 1.08 82 2 OTD200 650364 4763052 545.4 5.0 0.38 0.71 69 2 OTD200 650365 4763051 540.8 5.0 0.41 1.11 27 2 OTD200 650366 4763049 536.2 5.0 0.31 0.73 21 2 OTD200 650370 4763043 517.8 5.0 0.37 0.92 17 2 OTD200 650372 4763041 513.1 5.0 0.45 1.53 26 2 OTD200 650373 4763040 508.5 5.0 0.39 1.13 34 2 OTD200 650375 4763037 499.3 5.0 0.30 1.21 28 2 OTD200 650376 4763035 494.7 5.0 0.57 1.64 43 2 OTD200 650377 4763033 490.1 5.0 0.45 1.51 270 2 OTD200 650379 4763032 485.5 5.0 0.44 1.24 32 2 OTD200 650380 4763030 480.9 5.0 0.62 3.71 31 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD200 650381 4763029 476.3 5.0 0.45 0.81 54 2 OTD200 650382 4763027 471.7 5.0 0.40 1.06 26 2 OTD200 650383 4763025 467.1 5.0 0.44 1.81 51 2 OTD200 650384 4763024 462.5 5.0 0.35 1.11 19 2 OTD200 650385 4763022 457.9 5.0 0.31 0.52 11 2 OTD200 650387 4763020 453.3 5.0 0.97 2.59 35 2 OTD200 650388 4763019 448.7 5.0 0.74 2.40 45 2 OTD200 650389 4763017 444.1 5.0 0.80 2.36 39 2 OTD200 650390 4763016 439.5 5.0 0.70 2.08 21 2 OTD200 650391 4763014 434.9 5.0 0.55 1.60 54 2 OTD200 650392 4763012 430.3 5.0 0.61 1.97 24 2 OTD200 650394 4763011 425.7 5.0 0.83 2.04 71 2 OTD200 650395 4763009 421.1 5.0 0.72 1.95 12 2 OTD200 650396 4763007 416.5 5.0 0.54 1.48 20 2 OTD200 650397 4763006 411.9 5.0 0.43 1.04 25 2 OTD200 650398 4763004 407.3 5.0 0.65 0.88 25 2 OTD200 650400 4763001 398.1 5.0 0.57 1.70 20 2 OTD200 650402 4762999 393.9 4.0 2.08 5.08 20 2 OTD200 650410 4762985 355.9 5.0 0.34 1.20 34 2 OTD200 650411 4762984 351.3 5.0 0.40 1.70 9 2 OTD200 650412 4762982 346.7 5.0 0.30 1.14 27 2 OTD200 650413 4762980 342.1 5.0 0.34 1.60 13 2 OTD200 650418 4762973 323.9 5.0 0.33 0.53 38 2 OTD200 650419 4762971 319.3 5.0 0.55 1.85 38 2 OTD200 650420 4762970 314.7 5.0 0.64 2.20 81 2 OTD200 650421 4762968 310.1 5.0 0.50 1.27 31 2 OTD200 650422 4762967 305.5 5.0 0.43 1.03 27 2 OTD200 650424 4762963 296.3 5.0 0.30 1.26 22 2 OTD200 650425 4762961 291.7 5.0 0.54 1.18 23 2 OTD200 650427 4762958 282.5 5.0 0.67 1.69 32 2 OTD200 650429 4762957 277.9 5.0 1.04 3.94 82 2 OTD200 650430 4762955 273.3 5.0 0.53 1.74 15 2 OTD200 650431 4762953 268.7 5.0 0.84 3.40 30 2 OTD200 650434 4762948 254.9 5.0 0.44 1.34 26 2 OTD200 650435 4762947 250.3 5.0 0.36 1.16 57 2 OTD200 650436 4762945 245.7 5.0 0.40 1.65 13 2 OTD200 650437 4762944 242.5 2.0 0.52 1.83 19 2 OTD203 650617 4763399 1062.5 2.0 0.50 0.30 51 4 OTD203 650618 4763398 1059.4 5.0 0.61 0.43 42 1 OTD203 650620 4763396 1055.0 5.0 0.65 0.37 59 1 OTD203 650622 4763394 1050.7 5.0 0.38 0.30 34 1 OTD203 650627 4763390 1037.4 5.0 0.30 0.29 220 1 OTD203 650629 4763388 1033.0 5.0 0.69 0.51 224 1 OTD203 650631 4763387 1028.6 5.0 0.59 0.50 104 1 OTD203 650633 4763385 1024.2 5.0 0.56 0.57 291 1 OTD203 650634 4763384 1019.8 5.0 1.31 1.13 522 1 OTD203 650636 4763382 1015.4 5.0 1.15 0.99 104 1 OTD203 650638 4763381 1011.0 5.0 1.18 1.06 127 1 OTD203 650640 4763379 1006.6 5.0 0.67 0.62 72 1 OTD203 650657 4763367 966.0 5.0 0.57 0.18 27 4 OTD203 650659 4763365 961.6 5.0 0.56 0.14 30 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD203 650661 4763364 957.2 5.0 0.36 0.15 175 4 OTD203 650662 4763362 952.8 5.0 0.40 0.13 41 4 OTD203 650669 4763357 937.8 5.0 0.37 0.09 59 1 OTD203 650671 4763356 933.4 5.0 0.85 0.15 65 1 OTD203 650672 4763354 929.0 5.0 0.71 0.16 60 1 OTD203 650678 4763350 915.8 5.0 0.55 0.14 52 1 OTD203 650680 4763348 911.4 5.0 0.57 0.13 60 1 OTD203 650682 4763347 907.0 5.0 0.36 0.08 31 1 OTD203 650685 4763344 899.1 3.0 0.39 0.11 71 1 OTD203 650712 4763321 833.9 5.0 0.62 0.38 7 4 OTD203 650716 4763317 823.3 5.0 0.82 0.41 10 1 OTD203 650718 4763316 818.9 5.0 0.50 0.24 7 1 OTD203 650739 4763299 768.6 5.0 0.52 0.20 53 1 OTD203 650741 4763297 764.2 5.0 0.61 0.26 69 1 OTD203 650746 4763292 751.0 5.0 0.39 0.14 33 1 OTD203 650748 4763291 746.7 5.0 0.56 0.22 31 1 OTD203 650757 4763283 724.8 5.0 0.47 0.26 11 1 OTD203 650770 4763271 694.2 5.0 0.57 0.27 17 1 OTD203 650777 4763265 676.7 5.0 0.31 0.18 16 1 OTD203 650779 4763263 672.3 5.0 0.44 0.31 14 1 OTD203 650780 4763261 668.0 5.0 0.40 0.21 12 1 OTD203 650782 4763260 663.6 5.0 0.32 0.20 27 1 OTD203 650784 4763258 659.3 5.0 0.40 0.19 33 1 OTD203 650786 4763256 654.9 5.0 0.51 0.20 39 1 OTD203 650787 4763255 650.5 5.0 0.52 0.25 35 1 OTD203 650789 4763253 646.2 5.0 0.59 0.27 24 1 OTD203 650791 4763251 641.8 5.0 0.65 0.38 20 1 OTD203 650793 4763250 637.5 5.0 0.49 0.28 20 1 OTD204 650092 4762725 1116.3 5.0 0.34 0.22 37 1 OTD204 650100 4762719 1099.1 5.0 0.44 0.37 432 1 OTD204 650102 4762717 1094.8 5.0 0.31 0.35 276 1 OTD204 650110 4762711 1077.7 5.0 0.47 0.27 440 1 OTD204 650112 4762710 1073.4 5.0 0.38 0.40 188 1 OTD204 650114 4762708 1069.1 5.0 0.45 0.29 104 1 OTD204 650120 4762703 1056.2 5.0 0.31 0.20 94 1 OTD204 650132 4762694 1030.5 5.0 0.34 0.26 129 1 OTD204 650139 4762689 1017.7 5.0 0.32 0.34 72 1 OTD204 650143 4762686 1009.1 5.0 0.47 0.38 64 1 OTD204 650149 4762681 996.2 5.0 0.32 0.44 126 1 OTD204 650151 4762680 991.9 5.0 0.52 0.60 173 1 OTD204 650161 4762672 970.5 5.0 0.38 0.30 119 1 OTD204 650165 4762668 961.9 5.0 0.40 0.33 107 1 OTD204 650175 4762660 940.5 5.0 0.58 0.44 67 1 OTD204 650177 4762658 936.2 5.0 0.36 0.31 83 1 OTD204 650178 4762657 931.9 5.0 0.54 0.67 149 1 OTD204 650180 4762655 927.7 5.0 0.48 0.60 137 1 OTD204 650182 4762653 923.4 5.0 0.68 0.52 165 1 OTD204 650184 4762652 919.1 5.0 0.95 0.96 172 1 OTD204 650186 4762650 914.8 5.0 0.53 0.63 120 1 OTD204 650188 4762648 910.5 5.0 0.42 0.61 94 1 OTD204 650190 4762647 906.2 5.0 0.81 1.39 101 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD204 650192 4762645 901.9 5.0 0.60 0.54 77 1 OTD204 650200 4762638 884.8 5.0 0.33 0.29 85 1 OTD204 650204 4762634 876.2 5.0 0.70 0.56 100 1 OTD204 650206 4762633 871.9 5.0 0.74 0.62 81 1 OTD204 650208 4762631 867.7 5.0 0.34 0.30 43 1 OTD204 650216 4762625 850.5 5.0 0.31 0.46 151 1 OTD204 650246 4762601 786.2 5.0 0.34 0.41 29 1 OTD204 650248 4762599 782.0 5.0 0.38 0.40 48 1 OTD204 650250 4762598 777.7 5.0 0.38 0.60 16 1 OTD204 650255 4762595 769.2 5.0 0.38 0.95 48 1 OTD204 650257 4762593 764.9 5.0 0.40 0.63 49 1 OTD204 650259 4762592 760.6 5.0 0.33 0.56 34 1 OTD204 650271 4762582 735.1 5.0 0.32 0.61 7 1 OTD204 650284 4762573 709.7 5.0 0.40 0.83 40 1 OTD204 650288 4762569 701.2 5.0 0.36 1.17 9 1 OTD208 650743 4762954 1125.5 5.0 0.39 0.07 28 1 OTD208 650749 4762950 1118.5 5.0 0.41 0.03 52 1 OTD208 650755 4762946 1111.5 5.0 0.32 0.01 26 1 OTD213 650728 4762965 1121.9 5.0 0.46 0.22 14 1 OTD213 650752 4762949 1069.4 5.0 0.38 0.05 5 1 OTD213 650754 4762947 1065.0 5.0 0.73 0.06 6 1 OTD231 650544 4763322 986.5 5.0 0.35 0.26 71 1 OTD231 650545 4763321 981.9 5.0 0.32 0.29 19 1 OTD231 650548 4763319 972.6 5.0 0.36 0.45 47 1 OTD231 650553 4763316 959.2 4.0 0.44 0.56 73 1 OTD231 650590 4763286 844.0 5.0 0.88 1.08 31 1 OTD231 650591 4763285 838.5 5.0 1.36 1.74 29 2 OTD231 650593 4763283 833.9 5.0 1.53 2.90 42 2 OTD231 650594 4763282 829.3 5.0 1.17 1.55 19 2 OTD231 650597 4763279 820.1 5.0 1.31 4.24 19 2 OTD231 650603 4763274 801.7 5.0 1.66 4.38 42 2 OTD231 650604 4763273 797.1 5.0 0.55 1.10 7 2 OTD231 650606 4763271 792.5 5.0 1.01 2.54 8 2 OTD231 650607 4763270 787.9 5.0 1.61 3.77 8 2 OTD231 650608 4763269 783.3 5.0 2.20 6.16 16 2 OTD231 650610 4763268 778.6 5.0 2.74 6.80 14 2 OTD231 650613 4763265 769.5 5.0 0.33 0.48 5 2 OTD231 650618 4763260 751.1 5.0 0.58 0.95 9 2 OTD231 650620 4763258 746.5 5.0 1.57 4.25 11 2 OTD231 650621 4763257 741.9 5.0 0.88 2.97 45 2 OTD231 650623 4763256 737.3 5.0 0.96 3.02 36 2 OTD231 650624 4763255 732.8 5.0 0.81 2.12 34 2 OTD231 650626 4763253 728.2 5.0 1.40 8.38 38 2 OTD231 650627 4763252 723.6 5.0 1.48 3.48 80 2 OTD231 650629 4763251 719.0 5.0 0.64 1.76 16 2 OTD231 650630 4763249 714.4 5.0 0.87 2.63 31 2 OTD231 650632 4763248 709.9 5.0 1.01 2.96 52 2 OTD231 650633 4763247 705.3 5.0 0.77 2.68 28 2 OTD231 650644 4763237 673.3 5.0 0.33 0.61 87 2 OTD231 650645 4763236 668.8 5.0 0.56 0.83 103 2 OTD231 650647 4763234 664.2 5.0 0.61 0.77 169 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD231 650648 4763233 659.6 5.0 1.40 1.52 365 2 OTD231 650650 4763231 655.1 5.0 1.15 2.21 77 2 OTD231 650653 4763228 646.0 5.0 0.42 0.85 30 2 OTD231 650654 4763227 641.4 5.0 1.57 3.19 85 2 OTD231 650655 4763226 636.8 5.0 0.50 0.86 63 2 OTD231 650657 4763224 632.3 5.0 0.73 1.27 149 2 OTD231 650658 4763223 627.8 5.0 0.91 1.48 148 2 OTD231 650660 4763221 623.2 5.0 0.70 1.03 300 2 OTD231 650664 4763216 609.6 5.0 0.36 1.19 33 2 OTD231 650668 4763212 596.0 5.0 0.52 1.82 42 2 OTD231 650670 4763210 591.4 5.0 0.82 2.37 15 2 OTD231 650671 4763208 586.9 5.0 0.66 2.01 21 2 OTD231 650673 4763207 582.4 5.0 0.51 1.49 75 2 OTD231 650674 4763205 577.8 5.0 1.15 3.71 127 2 OTD231 650676 4763204 573.3 5.0 0.84 1.91 72 2 OTD231 650677 4763202 568.7 5.0 1.08 2.07 136 2 OTD231 650678 4763201 564.2 5.0 0.85 1.36 57 2 OTD231 650680 4763199 559.6 5.0 0.70 1.12 63 2 OTD231 650681 4763198 555.1 5.0 0.79 1.11 40 2 OTD231 650683 4763197 550.5 5.0 0.90 1.21 118 2 OTD231 650684 4763195 546.0 5.0 0.50 0.63 114 2 OTD231 650685 4763194 542.4 3.0 0.52 0.80 57 2 OTD231 650686 4763193 538.7 5.0 0.63 0.99 45 1 OTD231 650688 4763191 534.2 5.0 0.51 0.73 32 1 OTD231 650689 4763190 529.6 5.0 0.53 0.70 34 1 OTD231 650691 4763188 525.1 5.0 0.41 0.75 38 1 OTD231 650694 4763185 516.0 5.0 0.45 1.07 17 1 OTD231 650695 4763183 511.4 5.0 0.35 0.48 25 1 OTD231 650699 4763179 497.8 5.0 0.35 0.42 26 1 OTD231 650701 4763178 493.2 5.0 0.46 0.45 31 1 OTD231 650702 4763176 488.6 5.0 0.42 0.60 33 1 OTD231 650703 4763175 484.1 5.0 0.42 0.56 25 1 OTD231 650710 4763167 461.2 5.0 0.34 0.35 49 1 OTD231 650711 4763166 456.7 5.0 0.44 0.50 20 1 OTD245 650555 4763326 1048.4 5.0 0.45 0.35 14 1 OTD245 650557 4763325 1044.0 5.0 0.57 0.60 24 1 OTD245 650559 4763324 1039.6 5.0 0.35 0.22 41 1 OTD245 650561 4763323 1035.2 5.0 0.39 0.29 78 1 OTD245 650563 4763321 1030.8 5.0 0.40 0.30 39 1 OTD245 650627 4763274 883.7 5.0 0.56 0.24 46 1 OTD245 650629 4763273 879.3 5.0 0.64 0.33 24 1 OTD245 650663 4763245 803.0 5.0 0.58 0.50 27 2 OTD245 650665 4763244 798.7 5.0 0.52 0.62 28 2 OTD245 650667 4763242 794.4 5.0 0.65 0.74 49 2 OTD245 650669 4763241 790.0 5.0 0.77 1.17 51 2 OTD245 650670 4763239 785.7 5.0 0.52 0.70 29 2 OTD245 650672 4763238 781.4 5.0 0.61 0.82 20 2 OTD245 650674 4763236 777.1 5.0 0.62 0.80 41 2 OTD245 650676 4763234 772.7 5.0 0.50 0.73 21 2 OTD245 650678 4763233 768.4 5.0 0.70 1.20 232 2 OTD245 650680 4763231 764.1 5.0 0.66 1.25 55 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD245 650682 4763230 759.7 5.0 0.56 0.94 101 2 OTD245 650684 4763228 755.4 5.0 0.51 0.87 14 2 OTD245 650688 4763225 746.8 5.0 0.42 0.75 38 2 OTD245 650690 4763223 742.4 5.0 0.84 1.26 65 2 OTD245 650692 4763222 738.1 5.0 0.88 1.26 87 2 OTD245 650694 4763220 733.8 5.0 0.51 0.72 19 2 OTD245 650696 4763219 729.4 5.0 0.52 0.96 49 2 OTD245 650698 4763217 725.1 5.0 0.62 1.61 50 2 OTD245 650700 4763216 720.8 5.0 0.46 1.35 24 2 OTD245 650702 4763214 716.4 5.0 0.70 2.33 39 2 OTD245 650703 4763212 712.1 5.0 0.42 2.41 55 2 OTD245 650705 4763211 707.8 5.0 0.95 2.54 60 2 OTD245 650707 4763209 703.5 5.0 0.70 1.90 197 2 OTD245 650709 4763208 699.1 5.0 0.77 2.04 109 2 OTD245 650711 4763206 694.8 5.0 0.69 2.13 59 2 OTD245 650713 4763205 690.5 5.0 0.63 1.84 47 2 OTD245 650715 4763203 686.1 5.0 0.56 1.66 34 2 OTD245 650717 4763201 681.8 5.0 0.80 2.42 23 2 OTD245 650719 4763200 677.5 5.0 0.43 1.34 12 2 OTD245 650721 4763198 673.1 5.0 0.79 2.05 60 2 OTD245 650723 4763197 668.8 5.0 0.40 1.23 32 2 OTD245 650725 4763195 664.5 5.0 0.87 1.91 45 2 OTD245 650727 4763194 660.1 5.0 0.69 0.61 328 2 OTD245 650729 4763192 655.8 5.0 0.58 0.51 49 2 OTD245 650731 4763190 651.5 5.0 0.82 0.67 97 2 OTD245 650733 4763189 647.2 5.0 0.45 0.40 95 2 OTD245 650735 4763187 642.8 5.0 0.67 0.47 41 2 OTD245 650737 4763186 638.5 5.0 0.69 1.39 69 2 OTD245 650738 4763184 634.2 5.0 0.81 1.85 58 2 OTD245 650740 4763183 629.8 5.0 0.65 1.37 115 2 OTD245 650742 4763181 625.5 5.0 0.47 1.06 93 2 OTD245 650744 4763179 621.2 5.0 0.65 1.72 79 2 OTD245 650746 4763178 616.8 5.0 0.51 0.46 140 2 OTD245 650748 4763176 612.5 5.0 0.42 0.28 160 2 OTD245 650750 4763175 608.2 5.0 0.43 0.56 36 2 OTD245 650752 4763173 603.9 5.0 0.54 0.17 47 2 OTD245 650754 4763171 599.5 5.0 0.45 0.15 39 2 OTD245 650756 4763170 595.2 5.0 0.48 0.82 162 2 OTD245 650758 4763168 590.9 5.0 0.49 0.47 150 2 OTD245 650760 4763167 587.0 4.0 0.59 1.61 85 2 OTD245 650761 4763166 583.1 5.0 0.46 0.39 165 1 OTD245 650763 4763164 578.7 5.0 0.35 0.14 96 1 OTD245 650769 4763159 565.8 5.0 0.33 0.10 98 1 OTD245 650771 4763158 561.4 5.0 0.39 0.16 156 1 OTD245 650775 4763154 552.8 5.0 0.41 0.01 94 1 OTD245 650776 4763153 549.7 2.0 0.53 0.03 92 1 OTD251 650499 4763350 788.9 5.0 0.69 0.97 8 1 OTD251 650502 4763347 779.8 5.0 0.34 0.35 32 1 OTD251 650523 4763329 722.1 5.0 0.69 0.48 295 1 OTD251 650525 4763328 717.6 5.0 0.39 0.27 118 1 OTD251 650527 4763327 713.1 5.0 0.47 0.60 79 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD251 650528 4763326 708.6 5.0 0.57 0.37 142 1 OTD251 650539 4763316 678.9 5.0 0.59 0.57 351 1 OTD251 650540 4763315 674.4 5.0 0.40 0.38 85 1 OTD251 650542 4763313 669.8 5.0 1.06 0.81 153 1 OTD251 650544 4763312 665.3 5.0 0.64 0.49 95 1 OTD251 650545 4763311 660.8 5.0 0.56 0.52 61 1 OTD251 650547 4763309 656.3 5.0 0.68 0.75 163 1 OTD251 650548 4763308 651.8 5.0 0.41 0.43 47 4 OTD251 650561 4763296 615.6 5.0 0.63 0.89 118 4 OTD251 650563 4763294 611.1 3.0 1.36 2.21 222 4 OTD251 650564 4763293 606.6 5.0 0.42 0.59 59 4 OTD251 650566 4763292 603.0 3.0 0.30 0.48 54 4 OTD251 650574 4763285 578.5 5.0 0.40 0.41 121 1 OTD251 650576 4763283 573.9 5.0 0.45 0.50 114 1 OTD251 650577 4763282 569.4 5.0 0.63 0.79 117 1 OTD251 650579 4763281 565.3 4.0 0.35 0.27 71 1 OTD251 650583 4763277 552.1 5.0 0.46 0.31 119 1 OTD251 650600 4763261 502.0 5.0 0.35 0.51 61 1 OTD251 650601 4763260 497.5 5.0 0.37 0.60 53 1 OTD251 650607 4763254 479.3 5.0 0.32 0.36 105 1 OTD251 650610 4763251 470.6 4.0 0.47 1.28 57 1 OTD251 650611 4763250 466.5 5.0 0.43 0.97 74 2 OTD251 650612 4763248 462.0 5.0 1.24 4.89 199 2 OTD251 650614 4763246 457.4 5.0 0.53 0.88 79 2 OTD251 650615 4763245 452.9 5.0 0.42 1.23 45 2 OTD251 650617 4763243 448.3 5.0 0.73 1.32 20 2 OTD251 650618 4763242 443.8 5.0 0.56 0.88 34 2 OTD251 650619 4763241 440.6 2.0 1.52 2.75 35 2 OTD251 650620 4763240 437.4 5.0 0.56 0.83 30 1 OTD252 650503 4763225 1110.0 5.0 0.60 0.42 83 1 OTD252 650505 4763224 1105.3 5.0 0.61 0.45 88 1 OTD252 650506 4763223 1100.6 5.0 0.50 0.50 99 1 OTD252 650508 4763222 1095.9 5.0 0.32 0.34 40 1 OTD252 650509 4763221 1091.2 5.0 0.56 0.40 259 1 OTD252 650510 4763220 1086.5 5.0 0.37 0.33 205 1 OTD252 650513 4763218 1077.2 5.0 0.48 0.35 74 1 OTD252 650535 4763203 1009.0 5.0 0.36 0.32 37 1 OTD252 650537 4763202 1004.4 5.0 0.58 0.58 36 1 OTD252 650538 4763201 999.7 5.0 0.50 0.35 40 1 OTD252 650540 4763200 995.1 5.0 0.36 0.24 31 1 OTD252 650541 4763199 990.4 5.0 0.61 0.39 147 1 OTD252 650543 4763198 985.8 5.0 0.50 0.38 85 1 OTD252 650544 4763197 981.2 5.0 0.64 0.54 123 1 OTD252 650546 4763196 976.6 5.0 0.64 0.60 80 1 OTD252 650547 4763195 971.9 5.0 0.42 0.45 43 1 OTD252 650549 4763194 967.3 5.0 0.50 0.46 54 1 OTD252 650551 4763193 962.7 5.0 0.50 0.47 49 1 OTD252 650552 4763192 958.1 5.0 0.33 0.38 44 1 OTD252 650554 4763191 953.4 5.0 0.43 0.38 75 1 OTD252 650555 4763190 948.8 5.0 0.61 0.57 145 1 OTD252 650557 4763189 944.2 5.0 0.61 0.47 300 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD252 650559 4763188 939.6 5.0 0.67 0.63 36 1 OTD252 650560 4763186 935.0 5.0 0.87 0.88 219 1 OTD252 650562 4763185 930.4 5.0 0.68 0.49 111 1 OTD252 650563 4763184 925.8 5.0 2.11 1.42 136 1 OTD252 650565 4763183 921.1 5.0 0.45 0.40 58 1 OTD252 650566 4763182 916.5 5.0 0.94 0.65 31 1 OTD252 650568 4763181 911.9 5.0 0.67 0.33 80 1 OTD252 650569 4763179 907.4 5.0 0.84 0.78 62 1 OTD252 650571 4763178 902.8 5.0 1.13 0.89 57 1 OTD252 650573 4763177 898.3 5.0 0.74 0.58 22 1 OTD252 650580 4763171 877.4 5.0 0.87 1.07 134 2 OTD252 650586 4763167 863.9 5.0 0.64 0.71 76 2 OTD252 650587 4763166 859.3 5.0 1.09 1.65 155 2 OTD252 650589 4763165 854.8 5.0 1.12 2.69 35 2 OTD252 650591 4763164 850.2 5.0 0.42 0.73 13 2 OTD252 650592 4763162 845.7 5.0 0.91 1.71 56 2 OTD252 650594 4763161 841.1 5.0 0.94 1.53 25 2 OTD252 650596 4763160 836.6 5.0 1.14 1.83 106 2 OTD252 650599 4763157 827.4 5.0 0.70 1.25 50 2 OTD252 650600 4763156 822.9 5.0 0.88 1.61 57 2 OTD252 650602 4763155 818.3 5.0 0.83 1.54 38 2 OTD252 650604 4763154 813.7 5.0 1.75 3.74 160 2 OTD252 650605 4763153 809.2 5.0 1.45 1.34 179 2 OTD252 650607 4763151 804.6 5.0 1.44 1.80 136 2 OTD252 650609 4763150 800.1 5.0 1.87 2.90 153 2 OTD252 650610 4763149 795.5 5.0 1.13 1.63 151 2 OTD252 650612 4763147 791.0 5.0 0.89 0.94 196 2 OTD252 650614 4763146 786.4 5.0 0.88 1.11 192 2 OTD252 650654 4763116 681.2 5.0 0.42 0.53 32 2 OTD252 650656 4763114 676.8 5.0 0.90 2.69 17 2 OTD252 650657 4763112 672.4 5.0 1.08 2.85 44 2 OTD252 650659 4763111 668.0 5.0 0.35 1.14 10 2 OTD252 650661 4763109 663.5 5.0 0.86 2.38 25 2 OTD252 650663 4763108 659.1 5.0 0.74 1.90 33 2 OTD252 650664 4763106 654.8 5.0 1.20 1.97 45 2 OTD252 650666 4763104 650.4 5.0 1.13 2.82 27 2 OTD252 650668 4763103 646.0 5.0 1.13 2.89 72 2 OTD252 650670 4763101 641.6 5.0 1.03 2.25 35 2 OTD252 650671 4763099 637.2 5.0 0.73 2.01 23 2 OTD252 650673 4763097 632.9 5.0 0.76 2.05 24 2 OTD252 650675 4763096 628.5 5.0 0.57 1.20 59 2 OTD252 650677 4763094 624.1 5.0 0.59 1.44 115 2 OTD252 650678 4763092 619.7 5.0 1.16 2.42 64 2 OTD252 650680 4763090 615.4 5.0 1.58 3.28 110 2 OTD252 650682 4763089 611.1 5.0 1.19 2.40 132 2 OTD252 650683 4763087 606.8 5.0 1.98 7.64 90 2 OTD252 650685 4763085 602.5 5.0 4.00 9.22 95 2 OTD252 650687 4763083 598.1 5.0 2.97 5.88 152 2 OTD252 650689 4763081 593.8 5.0 2.66 5.77 304 2 OTD252 650690 4763079 589.6 5.0 1.58 4.71 146 2 OTD252 650692 4763077 585.3 5.0 1.75 4.99 98 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD252 650694 4763075 581.0 5.0 1.92 5.31 139 2 OTD252 650695 4763073 576.8 5.0 1.30 3.63 119 2 OTD252 650697 4763071 572.5 5.0 0.74 2.43 76 2 OTD252 650699 4763069 568.3 5.0 0.36 0.65 68 2 OTD252 650700 4763067 564.1 5.0 1.22 3.22 111 2 OTD252 650702 4763065 559.8 5.0 0.43 0.82 61 2 OTD264 650480 4763342 422.1 5.0 0.44 0.61 14 1 OTD264 650481 4763341 417.2 5.0 0.87 2.23 8 1 OTD264 650481 4763340 412.2 5.0 0.41 1.02 21 1 OTD264 650483 4763338 394.5 5.0 0.39 0.68 36 1 OTD264 650491 4763329 330.6 5.0 0.34 0.37 178 1 OTD264 650493 4763326 315.8 5.0 0.37 0.44 21 1 OTD264 650504 4763313 219.4 5.0 0.37 0.35 32 1 OTD264 650510 4763306 170.3 5.0 0.30 0.49 92 1 OTD264 650516 4763299 121.1 2.0 0.32 1.00 5 1 OTD268 650361 4763323 900.2 5.0 0.37 0.29 5 4 OTD268 650432 4763255 537.3 5.0 0.42 0.65 58 1 OTD268 650433 4763253 527.7 5.0 0.35 0.54 51 1 OTD268 650449 4763233 436.9 5.0 0.36 0.29 16 1 OTD268 650455 4763225 398.2 5.0 0.49 0.96 106 1 OTD268 650457 4763223 388.6 5.0 0.51 0.48 81 1 OTD268 650458 4763222 383.7 5.0 0.35 0.47 155 1 OTD268 650465 4763213 340.3 5.0 0.40 0.39 38 1 OTD268 650466 4763212 335.4 5.0 0.33 0.43 47 1 OTD268 650467 4763211 330.6 5.0 0.39 0.60 13 1 OTD268 650467 4763210 325.3 4.0 0.41 0.58 8 2 OTD268 650468 4763209 320.9 5.0 0.46 0.70 16 1 OTD268 650471 4763205 301.6 5.0 0.32 0.53 13 1 OTD268 650472 4763204 296.8 5.0 0.52 1.02 25 1 OTD268 650473 4763203 292.0 5.0 0.39 1.10 29 2 OTD268 650475 4763201 282.3 5.0 0.33 0.96 27 2 OTD268 650476 4763200 277.5 5.0 0.56 1.64 121 2 OTD268 650479 4763195 257.2 5.0 0.33 1.23 16 1 OTD274 650407 4763203 943.0 5.0 0.33 0.76 118 1 OTD274 650413 4763198 919.2 5.0 0.39 0.30 147 1 OTD274 650415 4763197 914.5 5.0 0.48 0.47 137 1 OTD274 650416 4763196 909.8 5.0 0.36 0.42 140 1 OTD274 650421 4763192 890.8 5.0 0.34 0.62 214 1 OTD274 650422 4763191 886.0 5.0 0.34 0.32 146 1 OTD274 650425 4763189 876.6 5.0 0.30 0.30 113 1 OTD274 650428 4763187 867.1 5.0 0.33 0.32 160 1 OTD274 650430 4763185 857.6 5.0 0.34 0.71 77 1 OTD274 650439 4763179 824.3 5.0 0.30 0.23 45 1 OTD274 650440 4763178 819.5 5.0 0.43 0.42 55 1 OTD274 650441 4763177 814.8 5.0 0.40 0.35 90 1 OTD274 650444 4763175 805.3 5.0 0.40 0.38 94 1 OTD274 650445 4763174 800.5 5.0 0.55 0.44 98 1 OTD274 650457 4763165 752.9 5.0 0.40 0.50 56 1 OTD274 650458 4763164 748.2 5.0 0.56 0.56 101 1 OTD274 650460 4763164 743.4 5.0 0.45 0.51 61 1 OTD274 650462 4763162 733.9 5.0 0.32 0.48 37 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD274 650463 4763161 729.1 5.0 0.33 0.42 38 1 OTD274 650468 4763157 710.0 5.0 0.31 0.34 37 1 OTD274 650470 4763155 700.5 5.0 0.40 0.59 39 1 OTD274 650471 4763154 695.7 5.0 0.33 0.31 42 1 OTD274 650474 4763152 686.2 5.0 0.32 0.51 65 1 OTD274 650475 4763151 681.4 5.0 0.33 0.58 80 1 OTD274 650476 4763151 676.6 5.0 0.33 0.60 78 1 OTD274 650477 4763150 671.8 5.0 0.81 0.75 125 1 OTD274 650478 4763149 667.1 5.0 0.66 0.57 46 1 OTD274 650480 4763148 662.3 5.0 0.34 0.39 32 1 OTD274 650481 4763147 657.5 5.0 0.48 0.63 51 1 OTD274 650482 4763146 653.2 4.0 0.70 0.81 76 1 OTD274 650483 4763145 649.0 5.0 0.41 0.57 35 2 OTD274 650484 4763144 644.2 5.0 0.90 1.35 47 2 OTD274 650485 4763143 639.4 5.0 0.99 1.42 22 2 OTD274 650486 4763142 634.6 5.0 0.94 1.32 17 2 OTD274 650487 4763141 629.9 5.0 0.76 1.07 191 2 OTD274 650488 4763140 625.1 5.0 0.75 1.40 156 2 OTD274 650490 4763139 620.3 5.0 0.83 1.56 54 2 OTD274 650491 4763138 615.5 5.0 0.71 1.21 60 2 OTD274 650492 4763137 610.8 5.0 0.81 1.56 93 2 OTD274 650493 4763137 606.0 5.0 0.88 2.02 31 2 OTD274 650494 4763136 601.2 5.0 0.56 1.25 35 2 OTD274 650495 4763135 596.4 5.0 0.69 1.56 91 2 OTD274 650497 4763134 591.6 5.0 0.43 0.95 65 2 OTD274 650498 4763133 586.9 5.0 0.56 1.15 14 2 OTD274 650499 4763132 582.1 5.0 0.67 1.20 14 2 OTD274 650500 4763131 577.3 5.0 0.78 1.40 29 2 OTD274 650501 4763130 572.6 5.0 0.64 1.50 49 2 OTD274 650502 4763129 567.8 5.0 0.87 2.26 51 2 OTD274 650503 4763128 563.0 5.0 0.70 1.98 93 2 OTD274 650505 4763127 558.2 5.0 0.96 2.42 269 2 OTD274 650506 4763126 553.5 5.0 0.94 4.27 64 2 OTD274 650507 4763125 548.7 5.0 0.92 2.89 60 2 OTD274 650510 4763123 534.4 5.0 0.37 0.66 48 2 OTD274 650511 4763122 529.6 5.0 1.06 2.27 69 2 OTD274 650513 4763121 524.8 5.0 0.41 0.90 51 2 OTD274 650514 4763120 520.1 5.0 0.34 0.60 51 2 OTD274 650515 4763119 515.3 5.0 0.33 0.67 47 2 OTD274 650518 4763115 501.0 5.0 0.34 0.61 53 2 OTD274 650519 4763114 496.2 5.0 0.36 0.85 384 2 OTD274 650521 4763113 491.4 5.0 0.47 0.99 379 2 OTD274 650522 4763112 486.7 5.0 0.35 0.45 79 2 OTD274 650525 4763110 472.4 5.0 0.62 1.45 186 2 OTD274 650526 4763109 467.6 5.0 1.08 2.09 41 2 OTD274 650527 4763108 462.8 5.0 0.77 1.31 38 2 OTD274 650528 4763107 458.1 5.0 0.46 1.39 39 2 OTD274 650557 4763081 339.0 5.0 0.36 0.44 57 1 OTD274 650559 4763079 329.5 5.0 0.38 0.18 49 1 OTD274 650562 4763076 315.7 4.0 0.33 0.55 31 1 OTD274 650565 4763072 301.9 5.0 0.75 2.56 17 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD276 650389 4763089 1115.1 5.0 0.66 0.43 197 1 OTD276 650391 4763088 1110.4 5.0 0.55 0.23 79 1 OTD276 650392 4763087 1105.8 5.0 0.38 0.18 88 1 OTD276 650411 4763072 1043.4 5.0 0.33 0.23 50 1 OTD276 650414 4763070 1034.0 5.0 0.32 0.15 202 1 OTD276 650416 4763068 1029.4 5.0 0.30 0.16 55 1 OTD276 650418 4763066 1020.0 5.0 0.36 0.11 49 1 OTD276 650423 4763063 1006.0 5.0 0.43 0.27 82 1 OTD276 650430 4763058 982.7 5.0 0.50 0.26 116 1 OTD276 650431 4763057 978.0 5.0 0.78 0.37 145 1 OTD276 650433 4763056 973.4 5.0 0.31 0.16 54 1 OTD276 650434 4763055 968.7 5.0 0.73 0.43 183 1 OTD276 650436 4763054 964.0 5.0 0.40 0.31 79 1 OTD276 650437 4763053 959.3 5.0 0.47 0.21 49 1 OTD276 650439 4763052 954.7 5.0 0.58 0.30 58 1 OTD276 650440 4763051 950.0 5.0 0.32 0.17 85 1 OTD276 650442 4763050 945.3 5.0 0.53 0.25 68 1 OTD276 650443 4763049 940.6 5.0 0.36 0.17 93 1 OTD276 650444 4763048 935.9 5.0 0.57 0.23 108 1 OTD276 650446 4763047 931.3 5.0 0.62 0.28 146 1 OTD276 650447 4763046 926.6 5.0 0.33 0.24 76 1 OTD276 650449 4763045 921.9 5.0 0.75 0.35 163 1 OTD276 650450 4763043 917.2 5.0 0.43 0.26 49 1 OTD276 650451 4763042 912.5 5.0 0.30 0.22 41 1 OTD276 650457 4763038 893.8 5.0 0.34 0.20 43 1 OTD276 650458 4763037 889.1 5.0 0.59 0.34 68 1 OTD276 650461 4763035 879.7 5.0 0.31 0.19 599 1 OTD276 650462 4763034 875.0 5.0 0.38 0.26 82 1 OTD276 650465 4763032 865.6 5.0 0.32 0.27 108 1 OTD276 650471 4763028 846.9 5.0 0.41 0.28 78 1 OTD276 650475 4763025 832.8 5.0 0.49 0.48 97 1 OTD276 650476 4763024 828.0 5.0 0.34 0.32 36 1 OTD276 650478 4763023 823.3 5.0 0.32 0.41 38 1 OTD276 650479 4763022 818.6 5.0 0.44 0.54 120 1 OTD276 650483 4763019 804.5 5.0 0.53 0.43 37 1 OTD276 650485 4763018 799.8 5.0 0.50 0.47 62 1 OTD276 650487 4763016 790.4 5.0 0.34 0.21 55 1 OTD276 650489 4763015 785.7 5.0 0.64 0.60 85 1 OTD276 650490 4763014 781.0 5.0 0.50 0.53 95 1 OTD276 650494 4763011 768.8 5.0 0.32 0.37 33 1 OTD276 650498 4763008 754.7 5.0 0.36 0.48 62 1 OTD276 650499 4763007 750.0 5.0 0.41 0.71 33 1 OTD276 650503 4763004 735.9 5.0 0.57 0.91 107 1 OTD276 650506 4763002 726.5 5.0 0.30 0.44 131 1 OTD276 650509 4763000 717.1 5.0 0.45 0.70 60 1 OTD276 650510 4762999 712.4 5.0 0.34 0.55 57 1 OTD276 650513 4762997 703.0 5.0 0.32 0.66 75 1 OTD276 650514 4762996 698.3 5.0 0.35 0.47 51 1 OTD276 650518 4762993 684.2 5.0 0.37 0.51 41 1 OTD276 650523 4762990 669.1 5.0 0.65 1.22 46 1 OTD276 650524 4762989 665.4 3.0 0.52 1.40 228 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD276 650525 4762988 661.6 5.0 0.44 0.77 61 2 OTD276 650526 4762987 656.9 5.0 0.53 1.06 88 2 OTD276 650527 4762986 652.2 5.0 0.55 1.50 141 2 OTD276 650529 4762985 647.5 5.0 0.39 0.61 56 2 OTD276 650530 4762985 642.8 5.0 0.80 1.17 82 2 OTD276 650532 4762984 638.1 5.0 0.52 1.23 81 2 OTD276 650533 4762983 633.4 5.0 0.30 0.63 49 2 OTD276 650534 4762982 628.7 5.0 0.45 0.86 38 2 OTD276 650535 4762981 624.0 5.0 0.60 1.27 61 2 OTD276 650537 4762979 619.2 5.0 0.46 1.37 89 2 OTD276 650538 4762978 614.5 5.0 0.39 1.16 32 2 OTD276 650539 4762977 609.8 5.0 0.37 0.88 39 2 OTD276 650542 4762975 600.4 5.0 0.57 1.12 28 2 OTD276 650543 4762974 595.7 5.0 0.39 0.96 34 2 OTD276 650544 4762972 591.0 5.0 0.30 0.72 52 2 OTD276 650545 4762971 586.3 5.0 0.47 1.17 41 2 OTD276 650547 4762970 581.6 5.0 0.48 1.00 27 2 OTD276 650548 4762969 576.8 5.0 0.48 1.11 62 2 OTD276 650549 4762967 572.1 5.0 0.60 1.83 77 2 OTD276 650550 4762966 567.4 5.0 1.00 3.45 57 2 OTD276 650551 4762965 562.7 5.0 0.87 1.64 120 2 OTD276 650553 4762964 558.0 5.0 0.67 1.41 18 2 OTD276 650554 4762963 553.3 5.0 0.52 0.75 18 2 OTD276 650555 4762962 548.6 5.0 0.33 1.05 7 2 OTD276 650556 4762961 543.9 5.0 0.39 1.26 12 2 OTD276 650558 4762960 539.2 5.0 0.53 1.33 22 2 OTD276 650559 4762958 534.5 5.0 0.48 1.18 18 2 OTD276 650560 4762957 529.8 5.0 0.39 1.71 17 2 OTD276 650562 4762955 520.3 5.0 0.34 1.23 18 2 OTD276 650564 4762954 515.6 5.0 0.34 0.82 15 2 OTD276 650567 4762951 501.5 5.0 0.45 1.07 38 2 OTD276 650569 4762950 496.8 5.0 0.34 1.32 20 2 OTD276 650571 4762947 487.4 5.0 0.43 1.22 19 2 OTD276 650572 4762946 482.7 5.0 0.34 0.63 19 2 OTD276 650574 4762945 478.0 5.0 0.49 1.41 18 2 OTD276 650576 4762943 468.6 5.0 0.34 1.39 44 2 OTD276 650577 4762942 463.9 5.0 0.47 1.43 10 2 OTD276 650579 4762941 459.2 5.0 0.38 0.38 8 2 OTD276 650583 4762937 445.1 5.0 0.35 1.40 5 2 OTD276 650584 4762936 440.4 5.0 0.38 1.93 8 2 OTD277 650529 4763210 905.2 5.0 0.43 0.47 98 1 OTD277 650531 4763209 900.7 5.0 0.59 0.64 44 1 OTD277 650532 4763207 896.1 5.0 0.45 0.56 38 1 OTD277 650534 4763206 891.5 5.0 0.51 0.78 39 1 OTD277 650536 4763205 886.9 5.0 0.60 0.94 68 1 OTD277 650537 4763204 882.4 5.0 1.06 1.57 49 1 OTD277 650539 4763203 877.8 5.0 1.19 1.23 108 1 OTD277 650540 4763202 874.6 2.0 1.21 1.34 220 1 OTD277 650541 4763201 871.4 5.0 0.76 0.79 77 2 OTD277 650543 4763199 866.8 5.0 1.05 1.11 244 2 OTD277 650544 4763198 862.3 5.0 0.91 1.25 240 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD277 650546 4763197 857.7 5.0 0.72 1.24 15 2 OTD277 650548 4763196 853.1 5.0 1.20 2.20 81 2 OTD277 650549 4763195 848.6 5.0 1.47 2.18 56 2 OTD277 650551 4763194 844.0 5.0 1.08 2.22 12 2 OTD277 650553 4763193 839.4 5.0 1.16 3.40 295 2 OTD277 650554 4763191 834.9 5.0 0.85 1.80 35 2 OTD277 650556 4763190 830.3 5.0 1.16 2.56 55 2 OTD277 650558 4763189 825.7 5.0 1.33 3.16 46 2 OTD277 650559 4763188 821.2 5.0 2.37 3.68 16 2 OTD277 650561 4763186 816.6 5.0 0.87 2.58 58 2 OTD277 650563 4763185 812.0 5.0 0.94 2.88 53 2 OTD277 650564 4763184 807.5 5.0 0.54 1.16 27 2 OTD277 650566 4763183 802.9 5.0 0.99 2.17 139 2 OTD277 650567 4763182 798.3 5.0 1.36 3.71 49 2 OTD277 650569 4763181 793.7 5.0 1.43 3.99 56 2 OTD277 650571 4763179 789.2 5.0 1.06 2.79 78 2 OTD277 650572 4763178 784.6 5.0 0.97 2.32 67 2 OTD277 650574 4763177 780.0 5.0 3.01 6.06 139 2 OTD277 650576 4763176 775.4 5.0 3.48 7.34 683 2 OTD277 650577 4763175 770.9 5.0 2.43 4.75 532 2 OTD277 650579 4763174 766.3 5.0 1.60 2.03 278 2 OTD277 650581 4763172 761.7 5.0 1.00 1.85 130 2 OTD277 650582 4763171 757.2 5.0 0.88 1.34 212 2 OTD277 650584 4763170 752.6 5.0 1.09 1.65 125 2 OTD277 650585 4763169 748.9 3.0 1.02 1.56 135 2 OTD277 650611 4763151 679.6 5.0 0.39 0.80 66 2 OTD277 650613 4763150 675.1 5.0 0.40 0.62 33 2 OTD277 650618 4763145 661.5 5.0 0.50 0.84 57 2 OTD277 650619 4763144 656.9 5.0 1.16 1.79 174 2 OTD277 650621 4763143 652.4 5.0 0.37 0.62 94 2 OTD277 650623 4763142 647.8 5.0 0.36 0.68 57 2 OTD277 650626 4763139 638.8 5.0 0.31 0.48 17 2 OTD277 650628 4763138 634.2 5.0 0.53 1.02 165 2 OTD277 650629 4763137 629.7 5.0 0.61 1.07 55 2 OTD277 650633 4763134 620.6 5.0 0.65 0.99 94 2 OTD277 650635 4763133 616.1 5.0 0.60 1.46 104 2 OTD277 650636 4763132 611.6 5.0 0.56 1.07 49 2 OTD277 650638 4763130 607.0 5.0 0.76 1.43 261 2 OTD277 650640 4763129 602.5 5.0 1.13 1.75 105 2 OTD277 650641 4763128 598.0 5.0 1.29 2.01 63 2 OTD277 650643 4763127 593.5 5.0 1.12 1.79 51 2 OTD277 650645 4763125 588.9 5.0 0.81 1.39 27 2 OTD277 650646 4763124 584.4 5.0 0.96 2.13 36 2 OTD277 650648 4763123 579.9 5.0 1.38 2.42 61 2 OTD277 650650 4763121 575.4 5.0 1.23 2.36 35 2 OTD277 650652 4763120 570.9 5.0 0.74 2.27 71 2 OTD277 650653 4763119 566.3 5.0 1.22 3.62 45 2 OTD277 650655 4763117 561.8 5.0 1.83 3.25 35 2 OTD277 650657 4763116 557.3 5.0 1.27 4.92 36 2 OTD277 650659 4763115 552.8 5.0 0.99 3.66 62 2 OTD277 650660 4763114 548.3 5.0 1.03 3.70 180 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD277 650662 4763112 543.8 5.0 1.13 3.80 42 2 OTD277 650664 4763111 539.3 5.0 0.99 2.82 131 2 OTD277 650665 4763110 534.8 5.0 0.67 1.31 111 2 OTD277 650667 4763109 530.3 5.0 0.71 1.26 87 2 OTD277 650669 4763107 525.8 5.0 0.65 1.51 60 2 OTD277 650671 4763106 521.3 5.0 0.75 2.06 62 2 OTD277 650672 4763105 516.8 5.0 0.87 1.79 127 2 OTD277 650674 4763103 512.3 5.0 0.54 1.27 56 2 OTD277 650676 4763102 507.8 5.0 1.61 3.12 89 2 OTD277 650678 4763100 503.3 5.0 0.55 1.38 162 2 OTD277 650679 4763099 498.8 5.0 0.38 0.97 20 2 OTD277 650681 4763098 494.3 5.0 0.39 1.19 39 2 OTD277 650683 4763096 489.8 5.0 0.47 1.64 112 2 OTD277 650685 4763095 485.3 5.0 0.78 2.59 39 2 OTD277 650686 4763094 480.8 5.0 0.79 2.13 12 2 OTD277 650688 4763093 477.2 3.0 1.00 2.47 8 2 OTD277 650689 4763092 473.6 5.0 0.82 2.65 11 1 OTD277 650691 4763091 469.1 5.0 0.34 1.58 5 1 OTD283 650706 4763092 1117.2 5.0 0.40 0.47 29 1 OTD283 650709 4763091 1113.2 5.0 0.37 0.46 12 1 OTD283 650711 4763089 1109.2 5.0 0.42 0.39 19 1 OTD283 650713 4763087 1105.2 5.0 0.51 0.51 24 1 OTD283 650716 4763085 1101.2 5.0 0.46 0.54 5 1 OTD283 650718 4763083 1097.2 5.0 0.53 0.55 19 1 OTD283 650720 4763081 1093.2 5.0 0.51 0.49 9 1 OTD283 650723 4763079 1089.2 5.0 0.41 0.38 20 1 OTD283 650725 4763077 1085.2 5.0 0.51 0.54 14 1 OTD283 650727 4763075 1081.2 5.0 0.51 0.45 12 1 OTD283 650730 4763073 1077.2 5.0 0.79 0.54 36 1 OTD283 650732 4763071 1073.2 5.0 0.56 0.33 63 1 OTD283 650734 4763069 1069.2 5.0 0.41 0.48 19 1 OTD283 650736 4763067 1065.1 5.0 0.58 0.82 31 1 OTD283 650739 4763065 1061.1 5.0 0.58 0.69 48 1 OTD283 650741 4763064 1057.1 5.0 0.38 0.44 35 1 OTD283 650743 4763062 1053.1 5.0 0.33 0.47 8 1 OTD283 650748 4763058 1045.0 5.0 0.31 0.32 11 1 OTD283 650750 4763056 1041.0 5.0 0.37 0.43 24 1 OTD283 650752 4763054 1037.0 5.0 0.65 0.84 46 1 OTD283 650755 4763052 1033.0 5.0 0.62 0.85 35 1 OTD283 650757 4763050 1028.9 5.0 0.40 0.57 7 1 OTD283 650759 4763049 1024.9 5.0 0.67 1.18 30 1 OTD283 650762 4763047 1020.9 5.0 0.62 1.25 24 1 OTD283 650764 4763045 1016.9 5.0 0.52 1.37 22 1 OTD283 650771 4763039 1004.8 5.0 0.50 0.21 18 1 OTD283 650775 4763035 996.7 5.0 0.62 0.12 18 1 OTD283 650778 4763034 992.7 5.0 0.79 0.13 14 1 OTD283 650780 4763032 988.7 5.0 0.39 0.03 16 1 OTD288 650577 4763307 1117.4 5.0 0.60 0.35 32 1 OTD288 650579 4763306 1113.0 5.0 0.49 0.28 24 1 OTD288 650582 4763305 1108.7 5.0 0.45 0.29 28 1 OTD288 650584 4763303 1104.3 5.0 0.32 0.26 19 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN =============================================================================================================== OTD288 650586 4763302 1100.0 5.0 0.89 0.77 65 1 OTD288 650588 4763301 1095.7 5.0 1.22 1.87 38 1 OTD288 650590 4763299 1091.3 5.0 0.69 0.76 31 1 OTD288 650592 4763298 1087.0 5.0 0.48 0.53 17 1 OTD288 650594 4763297 1082.7 5.0 0.92 0.99 103 1 OTD288 650596 4763295 1078.3 5.0 0.42 0.50 26 1 OTD288 650598 4763294 1074.0 5.0 0.50 0.54 23 1 OTD288 650641 4763263 984.3 5.0 0.87 1.06 66 2 OTD288 650643 4763262 980.0 5.0 1.20 1.28 54 2 OTD288 650645 4763260 975.8 5.0 1.19 1.40 93 2 OTD288 650647 4763258 971.5 5.0 0.88 1.63 53 2 OTD288 650649 4763257 967.2 5.0 0.83 1.57 82 2 OTD288 650656 4763252 954.5 5.0 0.74 1.73 36 2 OTD288 650658 4763251 950.2 5.0 0.99 1.96 96 2 OTD288 650660 4763249 946.0 5.0 0.66 1.73 67 2 OTD288 650662 4763248 941.7 5.0 0.89 2.14 104 2 OTD288 650664 4763246 937.5 5.0 0.96 2.25 58 2 OTD288 650666 4763245 933.2 5.0 0.72 2.14 44 2 OTD288 650668 4763243 929.0 5.0 1.06 2.59 106 2 OTD288 650670 4763241 924.8 5.0 1.79 3.62 405 2 OTD288 650673 4763240 920.6 5.0 1.88 3.30 613 2 OTD288 650675 4763238 916.3 5.0 0.61 1.48 110 2 OTD288 650677 4763236 912.1 5.0 0.84 1.97 23 2 OTD288 650679 4763235 907.9 5.0 0.63 2.43 29 2 OTD288 650681 4763233 903.7 5.0 0.90 2.59 50 2 OTD288 650683 4763232 899.5 5.0 1.24 3.23 74 2 OTD288 650685 4763230 895.3 5.0 1.03 2.56 35 2 OTD288 650687 4763228 891.1 5.0 1.18 3.34 275 2 OTD288 650689 4763226 886.8 5.0 1.27 3.16 160 2 OTD288 650691 4763224 882.6 5.0 1.44 3.53 66 2 OTD288 650693 4763223 878.4 5.0 1.11 2.27 113 2 OTD288 650695 4763221 874.2 5.0 1.33 2.81 319 2 OTD288 650697 4763219 870.0 5.0 1.25 2.28 292 2 OTD288 650699 4763217 865.8 5.0 0.65 1.99 41 2 OTD288 650703 4763213 857.4 5.0 0.90 1.93 92 2 OTD288 650705 4763211 853.3 5.0 1.01 1.80 169 2 OTD288 650707 4763210 849.1 5.0 0.98 0.88 197 2 OTD288 650709 4763208 844.9 5.0 1.62 1.48 253 2 OTD288 650711 4763206 840.7 5.0 1.75 2.29 974 2 OTD288 650713 4763204 836.6 5.0 1.23 1.27 354 2 OTD288 650716 4763202 832.4 5.0 1.03 1.46 147 2 OTD288 650718 4763201 828.2 5.0 0.86 1.98 73 2 OTD288 650720 4763199 824.0 5.0 1.20 1.84 362 2 OTD288 650722 4763197 819.9 5.0 1.44 1.93 258 2 OTD288 650724 4763195 815.7 5.0 1.73 4.50 472 2 OTD288 650726 4763193 811.6 5.0 1.65 2.96 236 2 OTD288 650728 4763192 807.4 5.0 1.36 2.11 129 2 OTD288 650730 4763190 803.3 5.0 1.61 2.43 203 2 OTD288 650733 4763188 799.1 5.0 1.18 6.94 101 2 OTD288 650735 4763186 795.0 5.0 1.08 1.18 620 2 OTD288 650737 4763185 790.8 5.0 1.08 0.88 188 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ============================================================================================================= OTD288 650739 4763183 786.6 5.0 1.30 4.16 678 2 OTD288 650741 4763181 782.5 5.0 1.33 0.18 271 2 OTD288 650743 4763179 778.4 5.0 1.00 0.15 169 2 OTD288 650745 4763177 774.3 5.0 1.09 0.76 458 2 OTD288 650748 4763176 770.1 5.0 1.36 1.09 416 2 OTD288 650750 4763174 766.0 5.0 0.94 0.59 175 2 OTD288 650752 4763172 761.9 5.0 0.68 0.99 87 2 OTD288 650754 4763170 757.8 5.0 1.18 2.01 169 2 OTD288 650756 4763168 753.7 5.0 1.07 2.14 241 2 OTD288 650758 4763166 749.6 5.0 0.93 1.80 221 2 OTD288 650760 4763164 745.5 5.0 0.76 1.39 279 2 OTD288 650762 4763162 741.4 5.0 0.39 1.05 77 2 OTD288 650766 4763158 733.2 5.0 0.42 0.28 241 2 OTD288 650795 4763131 678.0 5.0 0.52 1.21 43 2 OTD288 650797 4763129 673.9 5.0 0.42 0.61 98 2 OTD291 650627 4763146 1135.8 5.0 0.65 0.19 55 1 OTD291 650629 4763145 1131.7 5.0 0.34 0.15 25 1 OTD291 650632 4763143 1127.6 5.0 0.30 0.30 54 1 OTD291 650633 4763142 1124.4 3.0 0.32 0.37 116 1 OTD291 650639 4763138 1114.6 5.0 0.42 0.31 22 1 OTD291 650642 4763137 1110.5 5.0 0.48 0.41 29 1 OTD291 650644 4763135 1106.5 5.0 0.37 0.36 50 1 OTD291 650646 4763134 1102.4 5.0 1.11 1.06 86 1 OTD291 650649 4763132 1098.3 5.0 0.48 0.45 19 1 OTD291 650651 4763130 1094.2 5.0 0.51 0.43 66 1 OTD291 650654 4763128 1090.2 5.0 0.45 0.48 32 1 OTD291 650656 4763127 1086.1 5.0 0.33 0.44 42 1 OTD291 650658 4763125 1082.0 5.0 0.50 0.65 94 1 OTD291 650661 4763123 1077.9 5.0 0.94 0.78 93 1 OTD291 650663 4763122 1073.8 5.0 1.04 1.05 107 1 OTD291 650665 4763120 1069.8 5.0 0.72 0.58 9 1 OTD291 650668 4763118 1065.7 5.0 0.45 0.64 7 1 OTD291 650670 4763116 1061.6 5.0 0.61 0.98 34 1 OTD291 650672 4763115 1057.5 5.0 0.46 0.64 16 1 OTD291 650675 4763113 1053.5 5.0 0.84 1.19 28 1 OTD291 650677 4763111 1049.4 5.0 0.59 0.97 43 1 OTD291 650680 4763109 1044.5 5.0 1.09 1.74 150 2 OTD291 650682 4763108 1040.5 5.0 0.98 1.76 78 2 OTD291 650685 4763106 1036.4 5.0 0.95 2.05 38 2 OTD291 650687 4763104 1032.4 5.0 0.98 1.94 97 2 OTD291 650689 4763103 1028.3 5.0 1.31 2.79 120 2 OTD291 650692 4763101 1024.3 5.0 0.49 1.32 34 2 OTD291 650694 4763099 1020.2 5.0 0.85 2.21 110 2 OTD291 650697 4763097 1016.2 5.0 0.81 1.84 30 2 OTD291 650699 4763096 1012.1 5.0 0.53 1.09 32 2 OTD291 650701 4763094 1008.1 5.0 0.82 1.56 57 2 OTD291 650704 4763092 1004.1 5.0 1.03 1.61 26 2 OTD291 650706 4763090 1000.0 5.0 0.89 1.70 32 2 OTD291 650709 4763089 996.0 5.0 0.80 1.85 34 2 OTD291 650711 4763087 992.0 5.0 0.84 1.43 40 2 OTD291 650713 4763085 988.0 5.0 0.32 0.74 12 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN =============================================================================================================== OTD291 650716 4763084 983.9 5.0 0.62 1.37 49 2 OTD291 650718 4763082 979.9 5.0 0.50 0.97 23 2 OTD291 650721 4763080 975.9 5.0 0.43 1.01 23 2 OTD291 650723 4763078 971.9 5.0 0.75 1.95 40 2 OTD291 650725 4763076 967.9 5.0 0.68 1.47 30 2 OTD291 650728 4763075 963.9 5.0 0.68 2.35 22 2 OTD291 650730 4763073 959.9 5.0 0.75 2.41 32 2 OTD291 650733 4763071 955.9 5.0 0.66 2.12 45 2 OTD291 650735 4763069 951.9 5.0 0.84 2.12 41 2 OTD291 650737 4763068 947.9 5.0 1.03 2.81 52 2 OTD291 650740 4763066 943.9 5.0 0.78 2.79 18 2 OTD291 650742 4763064 940.0 5.0 0.57 1.86 31 2 OTD291 650745 4763062 936.0 5.0 0.70 1.91 181 2 OTD291 650747 4763060 932.0 5.0 0.56 1.41 45 2 OTD291 650749 4763058 928.0 5.0 1.17 2.24 114 2 OTD291 650752 4763056 924.1 5.0 0.95 2.46 97 2 OTD291 650754 4763054 920.1 5.0 0.55 1.52 40 2 OTD291 650757 4763052 916.2 5.0 0.70 1.74 133 2 OTD291 650759 4763050 912.2 5.0 0.33 0.48 20 2 OTD291 650764 4763046 903.5 5.0 0.38 0.11 22 1 OTD292 650712 4763213 1132.5 5.0 0.54 0.52 31 1 OTD292 650714 4763211 1128.8 5.0 0.41 0.40 22 1 OTD292 650717 4763208 1125.0 5.0 0.61 0.64 51 1 OTD292 650719 4763206 1121.3 5.0 0.44 0.45 20 1 OTD292 650722 4763204 1117.5 5.0 0.62 0.77 29 1 OTD292 650725 4763202 1113.8 5.0 0.70 0.94 30 1 OTD292 650727 4763199 1110.0 5.0 0.34 0.44 12 1 OTD292 650730 4763197 1106.3 5.0 0.39 0.46 16 1 OTD292 650732 4763195 1102.6 5.0 0.34 0.36 15 1 OTD292 650735 4763193 1098.8 5.0 0.50 0.52 46 1 OTD292 650738 4763191 1095.1 5.0 0.51 0.72 19 1 OTD292 650740 4763189 1091.4 5.0 0.43 0.58 73 1 OTD292 650743 4763187 1087.6 5.0 0.46 0.62 11 1 OTD292 650746 4763185 1083.9 5.0 0.42 0.38 18 1 OTD292 650748 4763183 1080.2 5.0 0.37 0.37 32 1 OTD292 650751 4763181 1076.5 5.0 0.50 0.62 22 1 OTD292 650754 4763180 1072.7 5.0 0.59 0.63 11 1 OTD292 650756 4763178 1069.0 5.0 0.38 0.58 19 1 OTD292 650759 4763176 1065.3 5.0 0.60 0.80 35 1 OTD292 650762 4763174 1061.5 5.0 0.77 0.98 38 1 OTD292 650765 4763171 1057.8 5.0 0.50 0.71 28 1 OTD292 650767 4763169 1054.1 5.0 0.42 0.74 19 1 OTD292 650770 4763167 1050.4 5.0 0.34 0.46 25 1 OTD292 650775 4763163 1043.0 5.0 0.48 0.86 10 1 OTD292 650778 4763161 1039.3 5.0 0.37 0.59 27 1 OTD292 650780 4763159 1036.0 4.0 0.48 0.58 93 1 OTD292 650782 4763157 1032.7 5.0 0.58 0.61 70 2 OTD292 650785 4763155 1029.0 5.0 0.38 0.63 44 2 OTD292 650788 4763153 1025.3 5.0 0.53 0.79 30 2 OTD292 650790 4763151 1021.6 5.0 0.57 0.87 21 2 OTD292 650793 4763149 1017.9 5.0 0.50 0.81 23 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN =============================================================================================================== OTD292 650796 4763147 1014.1 5.0 0.61 1.33 5 2 OTD292 650798 4763144 1010.4 5.0 0.72 1.18 18 2 OTD292 650801 4763142 1006.7 5.0 0.66 1.71 9 2 OTD292 650803 4763140 1003.0 5.0 0.77 1.87 10 2 OTD292 650806 4763138 999.3 5.0 0.74 1.57 16 2 OTD292 650809 4763136 995.6 5.0 0.76 2.01 30 2 OTD292 650811 4763134 991.9 5.0 1.02 2.75 20 2 OTD292 650814 4763132 988.2 5.0 0.64 1.76 21 2 OTD292 650817 4763130 984.5 5.0 0.50 1.62 17 2 OTD292 650819 4763128 980.9 5.0 1.58 5.91 32 2 OTD292 650822 4763126 977.2 5.0 0.63 1.29 31 2 OTD296 650147 4763241 984.2 5.0 0.30 0.24 65 4 OTD296 650149 4763240 979.5 5.0 0.37 0.38 75 4 OTD296 650150 4763239 974.7 5.0 0.32 0.34 87 4 OTD296 650154 4763237 961.4 5.0 0.57 0.48 115 4 OTD296 650155 4763237 956.7 5.0 0.38 0.32 45 4 OTD296 650157 4763236 952.0 5.0 0.47 0.40 118 4 OTD296 650158 4763235 947.2 5.0 0.67 0.38 55 4 OTD296 650159 4763234 942.5 5.0 0.66 0.18 52 4 OTD296 650161 4763233 937.8 5.0 0.33 0.14 26 4 OTD296 650162 4763232 933.0 5.0 0.85 0.33 34 4 OTD296 650163 4763231 928.3 5.0 0.61 0.48 59 4 OTD296 650172 4763226 900.1 5.0 0.35 0.01 81 4 OTD296 650348 4763081 377.5 5.0 0.38 0.50 23 1 OTD296 650349 4763080 373.4 4.0 0.33 0.94 13 1 OTD296 650350 4763079 369.3 5.0 0.31 0.74 30 2 OTD296 650352 4763077 364.8 5.0 0.32 0.86 21 2 OTD296 650356 4763072 351.1 5.0 0.34 1.24 8 2 OTD296 650377 4763050 286.0 5.0 0.31 0.84 19 2 OTD296 650378 4763048 281.5 5.0 0.33 0.88 24 2 OTD296 650380 4763047 277.0 5.0 0.34 1.19 20 2 OTD296 650391 4763035 242.8 5.0 0.32 0.66 58 1 OTD297 650519 4763222 1129.7 5.0 0.52 0.55 10 1 OTD297 650521 4763220 1125.1 5.0 0.42 0.45 28 1 OTD297 650524 4763218 1116.1 5.0 0.48 0.52 9 1 OTD297 650526 4763217 1111.6 5.0 0.62 0.65 6 1 OTD297 650528 4763216 1107.1 5.0 0.62 0.67 25 1 OTD297 650530 4763214 1102.6 5.0 0.55 0.73 34 1 OTD297 650531 4763214 1099.4 2.0 0.87 1.15 16 1 OTD297 650532 4763213 1096.2 5.0 0.64 1.16 22 4 OTD297 650534 4763212 1091.7 5.0 0.51 1.02 9 4 OTD297 650546 4763203 1060.0 5.0 0.48 0.36 283 1 OTD297 650553 4763198 1041.9 5.0 0.43 0.39 41 1 OTD297 650555 4763197 1037.3 5.0 0.43 0.77 88 1 OTD297 650556 4763196 1032.8 5.0 0.46 0.51 82 1 OTD297 650558 4763195 1028.3 5.0 0.62 0.41 69 1 OTD297 650560 4763193 1023.7 5.0 0.31 0.30 107 1 OTD297 650561 4763192 1019.2 5.0 0.53 0.50 134 1 OTD297 650563 4763191 1014.7 5.0 0.35 0.27 34 1 OTD297 650567 4763188 1005.7 5.0 0.44 0.52 158 1 OTD297 650568 4763187 1001.2 5.0 0.33 0.24 40 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN =============================================================================================================== OTD297 650570 4763186 996.7 5.0 0.41 0.29 111 1 OTD297 650572 4763184 992.2 5.0 0.45 0.36 37 1 OTD297 650575 4763181 983.3 5.0 0.48 0.39 19 1 OTD297 650577 4763180 978.9 5.0 0.95 0.68 60 1 OTD297 650579 4763178 974.5 5.0 0.43 0.31 70 1 OTD297 650581 4763177 970.0 5.0 0.63 0.57 181 1 OTD297 650583 4763176 965.6 5.0 0.77 0.63 113 1 OTD297 650584 4763174 961.1 5.0 0.87 0.81 212 1 OTD297 650586 4763173 956.6 5.0 0.53 0.46 69 1 OTD297 650588 4763172 952.1 5.0 0.38 0.34 83 1 OTD297 650590 4763170 947.6 5.0 0.68 0.68 191 1 OTD297 650591 4763169 943.1 5.0 0.91 0.81 192 1 OTD297 650593 4763168 938.6 5.0 1.19 1.19 74 1 OTD297 650595 4763166 934.0 5.0 0.80 0.76 95 1 OTD297 650597 4763165 929.5 5.0 1.84 1.18 111 1 OTD297 650598 4763164 925.0 5.0 0.92 0.62 23 1 OTD297 650600 4763163 920.4 5.0 0.96 0.77 63 1 OTD297 650602 4763162 915.9 5.0 0.75 0.69 57 1 OTD297 650603 4763161 911.3 5.0 0.60 0.48 37 1 OTD297 650605 4763159 906.8 5.0 0.53 0.49 26 1 OTD297 650607 4763158 902.2 5.0 0.73 0.71 70 1 OTD297 650608 4763157 897.7 5.0 1.03 1.17 22 1 OTD297 650610 4763156 894.0 3.0 0.55 0.56 19 1 OTD297 650611 4763155 890.4 5.0 0.62 0.58 22 2 OTD297 650613 4763154 885.9 5.0 0.71 0.68 72 2 OTD297 650614 4763153 881.3 5.0 0.56 0.58 32 2 OTD297 650616 4763152 876.8 5.0 0.31 0.38 40 2 OTD297 650618 4763150 872.2 5.0 0.55 0.81 22 2 OTD297 650619 4763149 867.7 5.0 1.02 1.09 42 2 OTD297 650621 4763148 863.1 5.0 0.82 1.28 37 2 OTD297 650623 4763146 858.6 5.0 0.92 1.47 90 2 OTD297 650624 4763145 854.0 5.0 0.90 1.83 45 2 OTD297 650626 4763144 849.5 5.0 0.92 0.99 28 2 OTD297 650628 4763142 844.9 5.0 0.81 1.46 108 2 OTD297 650629 4763141 840.4 5.0 0.77 1.46 432 2 OTD297 650631 4763140 835.9 5.0 0.94 2.28 196 2 OTD297 650633 4763139 831.3 5.0 0.83 1.54 79 2 OTD297 650634 4763137 826.8 5.0 0.65 1.18 26 2 OTD297 650638 4763135 817.7 5.0 1.04 2.26 61 2 OTD297 650639 4763133 813.1 5.0 0.59 1.34 43 2 OTD297 650641 4763132 808.6 5.0 0.82 1.97 181 2 OTD297 650642 4763131 804.0 5.0 0.65 1.48 104 2 OTD297 650644 4763129 799.5 5.0 0.54 1.43 70 2 OTD297 650645 4763128 794.9 5.0 0.72 1.57 47 2 OTD297 650651 4763122 776.7 5.0 0.76 1.44 26 2 OTD297 650653 4763121 772.1 5.0 0.48 0.71 29 2 OTD297 650655 4763120 767.6 5.0 0.72 0.41 54 2 OTD297 650656 4763119 763.5 4.0 0.48 0.38 30 2 OTD297 650670 4763108 724.7 5.0 0.47 0.31 29 2 OTD297 650671 4763107 720.2 5.0 0.69 0.44 35 2 OTD297 650673 4763106 715.6 5.0 0.52 0.55 22 2

DHID EAST NORTH ELEVATION LENGTH Cu% Au g/t MO ppm DOMAIN =============================================================================================================== OTD297 650675 4763104 711.0 5.0 0.48 0.98 24 2 OTD297 650676 4763103 706.5 5.0 1.11 2.17 53 2 OTD297 650678 4763102 701.9 5.0 0.35 0.69 9 2 OTD297 650679 4763100 697.4 5.0 0.77 0.55 30 2 OTD297 650681 4763099 692.8 5.0 0.81 0.98 36 2 OTD297 650684 4763096 683.7 5.0 0.35 0.87 5 2 OTD297 650685 4763095 679.1 5.0 0.47 1.30 11 2 OTD297 650687 4763094 674.6 5.0 0.88 2.25 11 2 OTD297 650688 4763092 670.0 5.0 1.55 3.14 13 2 OTD297 650690 4763091 665.5 5.0 1.29 3.04 98 2 OTD297 650691 4763089 660.9 5.0 0.86 2.40 27 2 OTD297 650693 4763088 656.4 5.0 0.97 2.62 22 2 OTD297 650694 4763087 651.8 5.0 0.95 2.24 24 2 OTD297 650696 4763085 647.2 5.0 1.39 4.14 50 2 OTD297 650697 4763083 642.7 5.0 1.55 4.55 77 2 OTD297 650699 4763082 638.1 5.0 2.08 5.63 231 2 OTD297 650700 4763081 633.6 5.0 1.44 3.72 87 2 OTD297 650702 4763079 629.0 5.0 2.50 6.61 201 2 OTD297 650703 4763078 624.5 5.0 2.03 5.41 257 2 OTD297 650705 4763077 620.0 5.0 1.56 5.27 313 2 OTD297 650706 4763075 615.4 5.0 1.74 4.96 101 2 OTD297 650708 4763074 610.9 5.0 1.68 5.04 55 2 OTD297 650709 4763072 606.3 5.0 1.79 6.01 74 2 OTD297 650711 4763070 601.8 5.0 2.09 8.33 28 2 OTD297 650712 4763069 597.2 5.0 1.22 3.80 43 2 OTD297 650715 4763066 588.2 5.0 2.09 6.88 68 2 OTD297 650717 4763064 583.6 5.0 0.58 1.61 58 2 OTD301 650210 4763017 843.2 5.0 0.31 0.32 86 1 OTD301 650226 4763003 781.7 5.0 0.38 0.35 180 1 OTD301 650275 4762956 574.5 5.0 0.54 0.83 86 1 OTD301 650277 4762954 564.9 5.0 0.38 0.79 49 1 OTD301 650278 4762953 560.1 5.0 0.35 0.80 34 1 OTD301 650282 4762950 545.8 5.0 0.43 0.70 34 1 OTD301 650283 4762949 541.0 5.0 0.51 0.85 60 1 OTD301 650284 4762948 536.3 5.0 0.51 1.07 202 1 OTD301 650285 4762947 531.5 5.0 0.45 0.73 54 1 OTD301 650286 4762946 526.7 5.0 0.43 0.73 71 1 OTD301 650287 4762945 521.9 5.0 0.58 0.95 59 1 OTD301 650288 4762944 517.2 5.0 0.56 1.19 47 1 OTD301 650289 4762943 512.4 5.0 0.79 1.12 60 1 OTD301 650290 4762942 507.6 5.0 0.39 0.68 71 1 OTD301 650297 4762935 474.1 5.0 0.43 0.79 29 1 OTD301 650298 4762934 469.3 5.0 0.56 1.24 37 1 OTD301 650299 4762933 464.5 5.0 0.43 0.79 36 1 OTD301 650306 4762926 431.0 5.0 0.42 1.03 153 1 OTD301 650309 4762923 420.5 5.0 0.35 0.91 46 2 OTD301 650312 4762920 406.1 5.0 0.38 1.43 42 2 OTD301 650315 4762917 391.7 5.0 0.31 1.07 31 2 OTD301 650319 4762914 372.5 5.0 0.37 0.94 23 2 OTD301 650329 4762904 324.6 5.0 0.34 1.12 18 2 OTD301 650332 4762901 310.2 5.0 0.35 1.40 12 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ============================================================================================================= OTD301 650333 4762900 305.4 5.0 0.31 0.89 50 2 OTD301 650334 4762899 300.6 5.0 0.32 0.73 25 2 OTD301 650336 4762896 291.0 5.0 0.32 0.76 61 2 OTD301 650340 4762892 266.0 5.0 0.35 0.89 62 1 OTD301 650341 4762891 261.2 5.0 0.46 1.20 56 1 OTD301 650342 4762890 256.4 5.0 0.37 1.31 51 1 OTD301 650343 4762889 251.5 5.0 0.43 1.12 103 1 OTD301 650348 4762884 227.5 5.0 0.42 1.06 66 1 OTD301 650350 4762882 217.8 5.0 0.42 1.17 58 1 OTD301 650351 4762881 213.0 5.0 0.38 0.92 33 1 OTD301 650354 4762877 193.7 5.0 0.40 1.16 43 1 OTD301 650355 4762876 188.9 5.0 0.39 1.52 29 1 OTD301 650358 4762873 174.4 5.0 0.43 0.48 34 1 OTD301 650359 4762872 169.6 5.0 0.45 0.83 25 1 OTD301 650359 4762871 164.8 5.0 0.37 1.36 22 1 OTD301 650360 4762870 160.0 5.0 0.48 1.81 20 1 OTD301 650361 4762869 155.2 5.0 0.43 1.89 15 1 OTD301 650363 4762867 145.5 5.0 0.43 0.68 26 1 OTD301 650365 4762865 135.9 5.0 0.56 0.72 67 1 OTD301 650366 4762863 126.3 5.0 0.54 1.02 18 1 OTD307 650706 4763341 1089.6 5.0 0.71 0.24 5 1 OTD307 650708 4763340 1085.3 5.0 0.54 0.21 15 1 OTD307 650710 4763338 1081.0 5.0 0.39 0.24 12 1 OTD307 650718 4763333 1063.8 5.0 0.74 0.77 32 1 OTD307 650721 4763331 1059.5 5.0 0.77 0.94 19 1 OTD307 650722 4763330 1055.7 4.0 1.29 1.65 24 1 OTD307 650724 4763329 1051.8 5.0 0.71 1.14 6 2 OTD307 650726 4763327 1047.5 5.0 0.97 1.66 41 2 OTD307 650729 4763326 1043.2 5.0 0.86 1.57 8 2 OTD307 650731 4763325 1039.0 5.0 1.06 2.46 6 2 OTD307 650733 4763323 1034.7 5.0 0.97 2.35 28 2 OTD307 650743 4763316 1013.8 2.0 0.53 1.17 5 2 OTD307 650745 4763315 1010.8 5.0 0.79 1.92 20 4 OTD307 650748 4763313 1005.7 5.0 1.13 3.61 33 2 OTD307 650750 4763312 1001.4 5.0 0.91 3.71 14 2 OTD307 650756 4763307 988.7 5.0 0.78 2.66 13 2 OTD307 650758 4763305 984.5 5.0 1.13 2.33 6 2 OTD307 650760 4763304 980.3 5.0 0.94 3.14 13 2 OTD307 650763 4763302 976.0 5.0 0.48 1.56 9 2 OTD307 650765 4763300 971.8 5.0 0.95 3.95 8 2 OTD307 650767 4763299 967.6 5.0 1.15 5.77 47 2 OTD307 650769 4763297 963.4 5.0 0.84 3.09 16 2 OTD307 650771 4763296 959.2 5.0 1.83 5.31 19 2 OTD307 650773 4763294 955.0 5.0 1.03 4.90 20 2 OTD307 650776 4763292 950.8 5.0 1.17 4.36 23 2 OTD307 650778 4763291 946.6 5.0 0.96 4.28 26 2 OTD307 650780 4763289 942.4 5.0 0.79 4.02 23 2 OTD307 650782 4763287 938.2 5.0 0.78 3.02 44 2 OTD307 650784 4763286 934.0 5.0 0.69 2.32 33 2 OTD307 650787 4763285 929.8 5.0 0.67 1.76 32 2 OTD307 650789 4763283 925.6 5.0 0.93 3.10 34 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ============================================================================================================== OTD307 650791 4763281 921.4 5.0 0.69 2.18 44 2 OTD307 650793 4763280 917.3 5.0 0.69 2.55 49 2 OTD307 650795 4763277 913.1 5.0 0.82 2.62 37 2 OTD307 650797 4763276 908.9 5.0 0.95 2.46 124 2 OTD307 650799 4763274 904.7 5.0 1.08 2.92 36 2 OTD307 650802 4763272 900.5 5.0 0.62 2.03 28 2 OTD307 650804 4763271 896.3 5.0 1.28 2.56 85 2 OTD307 650806 4763269 892.1 5.0 0.91 2.33 55 2 OTD307 650808 4763268 887.9 5.0 1.60 3.29 212 2 OTD307 650810 4763266 883.8 5.0 0.78 2.11 36 2 OTD307 650813 4763264 879.6 5.0 0.63 1.66 35 2 OTD307 650815 4763263 875.4 5.0 1.00 2.32 71 2 OTD307 650817 4763261 871.2 5.0 1.08 2.31 122 2 OTD307 650819 4763260 867.0 5.0 1.45 2.77 152 2 OTD307 650822 4763258 862.9 5.0 1.61 3.18 44 2 OTD307 650824 4763257 858.7 5.0 0.98 2.13 40 2 OTD307 650826 4763255 854.5 5.0 0.78 1.95 34 2 OTD307 650829 4763254 850.3 5.0 1.00 1.97 46 2 OTD307 650831 4763252 846.1 5.0 1.07 1.62 23 2 OTD307 650833 4763251 842.0 5.0 0.77 2.02 33 2 OTD307 650835 4763249 837.8 5.0 1.16 2.39 37 2 OTD307 650838 4763247 833.6 5.0 1.15 2.79 18 2 OTD307 650840 4763245 829.5 5.0 1.21 3.27 34 2 OTD307 650842 4763244 825.3 5.0 0.41 0.88 12 2 OTD307 650844 4763242 821.1 5.0 0.91 2.15 28 2 OTD307 650846 4763240 817.0 5.0 0.79 1.64 28 2 OTD307 650849 4763239 812.8 5.0 0.72 1.41 62 2 OTD307 650851 4763237 808.7 5.0 0.70 1.44 68 2 OTD307 650853 4763235 804.5 5.0 0.48 0.82 88 2 OTD307 650855 4763234 800.4 5.0 0.82 1.35 54 2 OTD307 650858 4763232 796.2 5.0 0.95 1.50 59 2 OTD307 650860 4763230 792.1 5.0 1.51 3.07 177 2 OTD307 650862 4763229 787.9 5.0 0.71 1.38 78 2 OTD307 650864 4763228 783.8 5.0 1.00 1.90 176 2 OTD307 650867 4763226 779.6 5.0 0.59 1.33 87 2 OTD307 650869 4763224 775.5 5.0 0.59 1.34 46 2 OTD307 650871 4763223 771.3 5.0 0.63 1.50 81 2 OTD307 650874 4763222 767.2 5.0 0.52 1.67 53 2 OTD307 650876 4763220 763.0 5.0 0.62 2.13 128 2 OTD307 650878 4763218 758.9 5.0 0.49 1.22 57 2 OTD307 650885 4763214 746.5 5.0 0.40 0.06 10 2 OTD311 650622 4763049 1124.6 5.0 0.55 0.28 26 1 OTD311 650624 4763047 1120.2 5.0 0.54 0.29 50 1 OTD311 650626 4763046 1115.9 5.0 0.56 0.31 37 1 OTD311 650630 4763043 1107.2 5.0 0.32 0.24 28 1 OTD311 650634 4763040 1098.5 5.0 0.33 0.39 19 1 OTD311 650636 4763039 1094.2 5.0 0.77 0.48 112 1 OTD311 650638 4763037 1089.8 5.0 0.59 0.37 24 1 OTD311 650639 4763036 1086.3 3.0 1.03 0.67 36 1 OTD311 650647 4763031 1070.7 5.0 0.38 0.48 19 1 OTD311 650649 4763030 1066.4 5.0 0.46 0.66 21 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ============================================================================================================== OTD311 650651 4763029 1062.0 5.0 0.49 0.63 12 1 OTD311 650653 4763027 1057.7 5.0 0.79 1.04 23 1 OTD311 650655 4763026 1053.4 5.0 0.96 3.30 24 1 OTD311 650657 4763025 1049.0 5.0 0.59 1.29 11 1 OTD311 650660 4763023 1044.7 5.0 0.67 0.84 28 1 OTD311 650662 4763022 1040.3 5.0 0.41 0.60 22 1 OTD311 650664 4763021 1036.0 5.0 0.45 0.65 20 1 OTD311 650666 4763020 1031.7 5.0 0.74 1.12 34 1 OTD311 650668 4763018 1027.3 5.0 0.46 0.69 21 1 OTD311 650670 4763017 1023.0 5.0 0.70 1.11 29 1 OTD311 650672 4763015 1018.7 5.0 0.46 0.82 35 1 OTD311 650674 4763014 1014.3 5.0 0.59 1.01 31 1 OTD311 650676 4763012 1010.0 5.0 0.70 0.97 61 1 OTD311 650678 4763011 1005.6 5.0 0.94 0.95 41 1 OTD311 650680 4763010 1001.3 5.0 0.55 0.52 21 1 OTD311 650682 4763008 997.0 5.0 0.47 0.67 18 1 OTD311 650684 4763007 992.6 5.0 0.62 1.17 21 2 OTD311 650686 4763005 988.3 5.0 0.63 1.39 25 2 OTD311 650688 4763004 983.9 5.0 0.65 1.35 17 2 OTD311 650690 4763002 979.6 5.0 1.01 2.32 13 2 OTD311 650692 4763001 975.2 5.0 0.89 1.80 25 2 OTD311 650694 4763000 970.9 5.0 0.41 0.95 17 2 OTD311 650696 4762998 966.5 5.0 0.80 2.53 25 2 OTD311 650698 4762997 962.2 5.0 0.51 1.56 16 2 OTD311 650700 4762995 957.9 5.0 1.07 2.94 15 2 OTD311 650702 4762993 953.5 5.0 1.13 2.78 31 2 OTD311 650704 4762992 949.2 5.0 2.08 5.69 107 2 OTD311 650706 4762990 944.8 5.0 0.84 2.35 66 2 OTD311 650708 4762989 940.5 5.0 0.99 2.67 14 2 OTD311 650710 4762988 936.1 5.0 0.72 2.13 22 2 OTD311 650712 4762986 931.8 5.0 0.67 1.99 21 2 OTD311 650714 4762985 927.5 5.0 0.37 0.39 47 2 OTD311 650719 4762980 915.3 5.0 0.33 0.11 22 1 OTD311 650723 4762977 906.6 5.0 0.31 0.11 15 1 OTD311 650725 4762976 902.3 5.0 0.36 0.12 19 1 OTD311 650731 4762971 889.3 5.0 0.38 0.12 18 1 OTD311 650740 4762963 867.6 5.0 0.46 0.09 27 1 OTD311 650742 4762961 863.2 5.0 0.38 0.13 25 1 OTD314 650462 4763036 1145.7 5.0 0.30 0.36 30 1 OTD314 650465 4763034 1136.3 5.0 0.31 0.17 40 1 OTD314 650466 4763033 1131.7 5.0 0.51 0.24 389 1 OTD314 650468 4763032 1127.0 5.0 0.37 0.18 208 1 OTD314 650471 4763030 1117.6 5.0 0.35 0.20 90 1 OTD314 650472 4763029 1112.9 5.0 0.48 0.24 125 1 OTD314 650475 4763027 1103.6 5.0 0.33 0.17 40 1 OTD314 650478 4763025 1094.2 5.0 0.31 0.14 57 1 OTD314 650479 4763024 1089.5 5.0 0.53 0.27 159 1 OTD314 650481 4763023 1084.9 5.0 0.38 0.16 42 1 OTD314 650484 4763021 1075.5 5.0 0.37 0.18 30 1 OTD314 650485 4763020 1070.9 5.0 0.36 0.21 22 1 OTD314 650489 4763016 1056.9 5.0 0.34 0.20 38 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ============================================================================================================= OTD314 650491 4763015 1052.2 5.0 0.40 0.25 32 1 OTD314 650495 4763012 1038.3 5.0 0.55 0.24 51 1 OTD314 650496 4763011 1033.6 5.0 0.34 0.32 28 1 OTD314 650497 4763009 1028.9 5.0 0.32 0.26 51 1 OTD314 650500 4763007 1019.6 5.0 0.64 0.44 118 1 OTD314 650502 4763006 1015.0 5.0 0.63 0.28 142 1 OTD314 650503 4763005 1010.3 5.0 0.51 0.27 61 1 OTD314 650514 4762996 976.0 5.0 0.37 0.21 31 1 OTD314 650515 4762994 971.3 5.0 0.47 0.30 71 1 OTD314 650517 4762993 966.7 5.0 0.81 0.49 163 1 OTD314 650518 4762992 962.1 5.0 0.68 0.33 106 1 OTD314 650520 4762991 957.4 5.0 0.71 0.41 81 1 OTD314 650521 4762989 952.8 5.0 0.68 0.42 136 1 OTD314 650524 4762987 943.5 5.0 0.46 0.25 104 1 OTD314 650525 4762986 938.9 5.0 0.40 0.19 79 1 OTD314 650527 4762985 934.2 5.0 0.38 0.17 63 1 OTD314 650528 4762984 929.6 5.0 0.38 0.18 38 1 OTD314 650530 4762982 924.9 5.0 0.61 0.26 541 1 OTD314 650531 4762981 920.3 5.0 0.60 0.22 72 1 OTD314 650533 4762980 915.7 5.0 0.31 0.20 108 1 OTD314 650534 4762979 911.0 5.0 0.38 0.27 50 1 OTD314 650536 4762977 906.4 5.0 0.71 0.47 136 1 OTD314 650539 4762975 897.1 5.0 0.54 0.30 345 1 OTD314 650540 4762974 892.5 5.0 0.44 0.25 171 1 OTD314 650541 4762973 887.8 5.0 0.64 0.40 97 1 OTD314 650546 4762969 873.9 5.0 0.56 0.25 86 1 OTD314 650547 4762968 869.3 5.0 0.62 0.29 63 1 OTD314 650549 4762967 864.6 5.0 0.71 0.37 59 1 OTD314 650550 4762966 860.0 5.0 0.53 0.23 73 1 OTD314 650552 4762964 855.4 5.0 0.57 0.42 61 1 OTD314 650553 4762963 850.7 5.0 1.11 0.45 86 1 OTD314 650555 4762962 846.1 5.0 0.73 0.24 90 1 OTD314 650556 4762961 841.5 5.0 0.79 0.34 82 1 OTD314 650557 4762959 836.8 5.0 0.67 0.53 62 1 OTD314 650559 4762958 832.2 5.0 0.81 0.58 96 1 OTD314 650560 4762957 827.6 5.0 0.38 0.36 138 1 OTD314 650562 4762956 823.0 5.0 0.34 0.26 338 1 OTD314 650563 4762955 818.3 5.0 0.33 0.25 54 1 OTD314 650565 4762954 813.7 5.0 0.39 0.25 29 1 OTD314 650566 4762952 809.1 5.0 0.49 0.49 118 1 OTD314 650569 4762950 799.8 5.0 0.31 0.35 71 1 OTD314 650571 4762949 795.2 5.0 0.50 0.52 88 1 OTD314 650577 4762944 775.7 5.0 0.44 0.68 70 1 OTD314 650578 4762942 771.1 5.0 0.41 0.66 158 1 OTD314 650580 4762941 766.4 5.0 0.49 0.73 142 1 OTD314 650581 4762940 761.8 5.0 0.55 0.62 59 1 OTD314 650582 4762939 757.1 5.0 0.35 0.36 38 1 OTD314 650584 4762937 752.5 5.0 0.89 0.93 181 1 OTD314 650585 4762936 747.9 5.0 0.58 0.61 112 1 OTD314 650587 4762935 743.2 5.0 0.36 0.33 62 1 OTD314 650588 4762934 738.6 5.0 0.55 0.47 34 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN =============================================================================================================== OTD314 650590 4762933 734.0 5.0 0.43 0.45 67 1 OTD314 650591 4762932 729.3 5.0 0.70 0.70 73 1 OTD314 650592 4762931 724.7 5.0 0.51 0.64 205 1 OTD314 650594 4762929 720.1 5.0 0.31 0.42 35 1 OTD314 650595 4762928 715.4 5.0 0.39 0.57 44 1 OTD314 650597 4762927 710.8 5.0 0.56 0.77 93 1 OTD314 650598 4762926 706.2 5.0 0.48 0.74 49 1 OTD314 650600 4762924 701.5 5.0 0.54 0.83 137 1 OTD314 650601 4762923 696.9 5.0 0.51 0.59 102 1 OTD314 650602 4762922 692.3 5.0 0.42 0.52 127 1 OTD314 650603 4762921 689.0 2.0 0.55 0.93 97 1 OTD314 650604 4762920 685.8 5.0 0.58 0.79 174 2 OTD314 650606 4762919 681.1 5.0 0.53 1.30 176 2 OTD314 650607 4762918 676.5 5.0 0.83 1.50 139 2 OTD314 650609 4762916 671.9 5.0 1.58 2.18 131 2 OTD314 650610 4762916 668.6 2.0 0.50 0.77 250 2 OTD315 650681 4763483 1069.4 5.0 0.74 1.27 6 4 OTD315 650683 4763482 1065.1 5.0 0.34 0.62 6 4 OTD315 650697 4763472 1034.8 5.0 0.53 0.44 37 1 OTD315 650699 4763471 1030.4 5.0 0.53 0.46 43 1 OTD315 650702 4763469 1026.1 5.0 1.11 0.55 119 1 OTD315 650704 4763468 1021.8 5.0 0.54 0.48 44 1 OTD315 650706 4763466 1017.4 5.0 0.55 0.28 34 1 OTD315 650716 4763459 995.8 5.0 0.48 0.12 76 1 OTD315 650783 4763412 854.6 5.0 0.35 0.09 34 1 OTD315 650785 4763411 850.3 5.0 0.60 0.16 53 1 OTD315 650787 4763409 846.0 5.0 0.42 0.13 26 1 OTD315 650801 4763400 816.5 5.0 0.32 0.09 27 1 OTD316 650565 4763091 1118.1 5.0 0.59 0.29 120 1 OTD316 650566 4763089 1113.5 5.0 0.65 0.38 83 1 OTD316 650573 4763085 1095.1 5.0 0.40 0.26 29 1 OTD316 650578 4763082 1081.4 5.0 0.32 0.16 30 1 OTD316 650579 4763081 1076.8 5.0 0.50 0.44 46 1 OTD316 650581 4763080 1072.2 5.0 0.60 0.66 33 1 OTD316 650583 4763079 1067.7 5.0 0.44 0.21 31 1 OTD316 650584 4763077 1063.1 5.0 0.53 0.20 44 1 OTD316 650586 4763076 1058.5 5.0 0.75 0.38 35 1 OTD316 650588 4763075 1053.9 5.0 0.36 0.16 28 1 OTD316 650591 4763073 1044.8 5.0 0.39 0.27 30 1 OTD316 650593 4763072 1040.2 5.0 0.36 0.23 15 1 OTD316 650618 4763055 977.7 5.0 0.39 0.22 50 1 OTD316 650619 4763054 973.2 5.0 0.42 0.37 67 1 OTD316 650621 4763053 968.8 5.0 0.77 0.78 93 1 OTD316 650623 4763052 964.3 5.0 0.42 0.40 69 1 OTD316 650625 4763050 959.8 5.0 0.90 0.57 32 1 OTD316 650627 4763049 955.4 5.0 0.35 0.22 29 1 OTD316 650629 4763048 950.9 5.0 0.54 0.40 56 1 OTD316 650631 4763046 946.4 5.0 0.59 0.38 57 1 OTD316 650632 4763045 942.0 5.0 0.57 0.42 28 1 OTD316 650634 4763044 937.6 5.0 0.52 0.39 72 1 OTD316 650636 4763043 933.1 5.0 0.54 0.51 15 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ============================================================================================================= OTD316 650638 4763042 929.6 3.0 0.51 0.50 16 1 OTD316 650641 4763039 922.9 4.0 0.59 0.66 18 1 OTD316 650642 4763038 918.9 5.0 0.68 0.56 23 2 OTD316 650644 4763037 914.5 5.0 1.08 1.20 48 2 OTD316 650646 4763035 910.1 5.0 1.42 1.19 74 2 OTD316 650648 4763034 905.7 5.0 0.73 0.77 41 2 OTD316 650650 4763033 901.3 5.0 0.31 0.30 24 2 OTD316 650652 4763031 896.9 5.0 0.47 0.50 24 2 OTD316 650654 4763030 892.5 5.0 0.67 0.91 229 2 OTD316 650656 4763028 888.1 5.0 0.94 2.39 67 2 OTD316 650657 4763027 883.7 5.0 1.12 2.97 67 2 OTD316 650659 4763025 879.3 5.0 0.75 1.71 173 2 OTD316 650661 4763024 875.0 5.0 0.39 0.68 25 2 OTD316 650663 4763022 870.6 5.0 0.38 0.90 48 2 OTD316 650665 4763021 866.2 5.0 0.84 0.93 84 2 OTD316 650667 4763019 861.9 5.0 0.74 0.67 166 2 OTD316 650669 4763018 857.5 5.0 0.54 0.47 46 2 OTD316 650673 4763015 848.8 5.0 0.65 0.54 127 2 OTD316 650674 4763013 844.5 5.0 0.41 0.46 28 2 OTD316 650676 4763012 840.6 4.0 0.37 0.46 17 2 OTD316 650677 4763011 837.9 2.0 0.60 0.78 19 1 OTD316 650679 4763009 834.9 5.0 0.83 1.05 22 2 OTD316 650680 4763008 830.6 5.0 0.95 1.15 18 2 OTD316 650682 4763006 826.2 5.0 1.01 1.03 50 2 OTD316 650684 4763005 821.9 5.0 0.69 0.94 29 2 OTD316 650686 4763003 817.6 5.0 0.93 0.93 130 2 OTD316 650688 4763002 813.2 5.0 0.70 0.58 53 2 OTD316 650690 4763000 808.9 5.0 1.23 1.01 84 2 OTD316 650692 4762999 804.6 5.0 0.86 0.86 61 2 OTD316 650694 4762997 800.3 5.0 0.99 1.07 100 2 OTD316 650696 4762995 796.0 5.0 1.09 1.85 71 2 OTD316 650698 4762994 791.6 5.0 0.91 2.19 32 2 OTD317 650811 4763264 1069.8 5.0 1.36 1.09 68 1 OTD317 650813 4763262 1065.5 5.0 0.72 0.64 9 1 OTD317 650815 4763260 1061.2 5.0 0.86 0.91 11 1 OTD317 650816 4763259 1057.3 4.0 1.06 1.04 26 1 OTD317 650818 4763257 1053.4 5.0 0.97 1.19 25 2 OTD317 650820 4763256 1049.1 5.0 0.64 0.68 21 2 OTD317 650822 4763254 1044.8 5.0 0.78 1.02 10 2 OTD317 650824 4763252 1040.4 5.0 0.88 1.26 32 2 OTD317 650826 4763251 1036.1 5.0 0.67 0.83 11 2 OTD317 650828 4763249 1031.8 5.0 0.63 0.65 15 2 OTD317 650829 4763247 1027.5 5.0 0.81 1.10 59 2 OTD317 650831 4763246 1023.2 5.0 1.45 2.60 10 2 OTD317 650833 4763244 1018.9 5.0 0.85 1.40 16 2 OTD317 650835 4763242 1014.5 5.0 1.03 1.81 11 2 OTD317 650837 4763241 1010.2 5.0 1.08 2.27 13 2 OTD317 650839 4763239 1005.9 5.0 1.13 3.01 38 2 OTD317 650841 4763237 1001.6 5.0 0.78 1.85 27 2 OTD317 650843 4763236 997.3 5.0 0.94 2.25 121 2 OTD317 650845 4763234 992.9 5.0 1.16 3.08 60 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN =============================================================================================================== OTD317 650847 4763232 988.6 5.0 1.02 3.48 19 2 OTD317 650848 4763230 984.3 5.0 1.62 4.85 28 2 OTD317 650850 4763229 980.0 5.0 0.97 2.99 66 2 OTD317 650852 4763227 975.7 5.0 0.82 3.24 8 2 OTD317 650854 4763225 971.3 5.0 0.80 1.22 17 2 OTD317 650856 4763224 967.0 5.0 0.75 2.01 55 2 OTD317 650858 4763222 962.7 5.0 0.76 1.64 8 2 OTD317 650860 4763220 958.4 5.0 0.79 2.68 14 2 OTD317 650862 4763219 954.0 5.0 0.68 1.94 7 2 OTD317 650863 4763217 949.7 5.0 0.99 2.18 133 2 OTD317 650865 4763215 945.4 5.0 0.75 1.81 20 2 OTD317 650867 4763213 941.1 5.0 0.88 3.19 134 2 OTD317 650869 4763212 936.8 5.0 1.06 2.70 95 2 OTD317 650871 4763210 932.5 5.0 0.61 1.67 40 2 OTD317 650873 4763208 928.1 5.0 0.66 1.47 10 2 OTD317 650875 4763207 923.8 5.0 1.11 2.16 9 2 OTD317 650877 4763205 919.5 5.0 0.62 1.39 16 2 OTD317 650879 4763204 915.2 5.0 0.95 2.22 18 2 OTD317 650881 4763202 910.9 5.0 0.92 2.10 21 2 OTD317 650883 4763200 906.6 5.0 0.51 1.24 271 2 OTD317 650884 4763199 903.1 3.0 0.46 0.65 5 2 OTD317 650886 4763198 899.7 5.0 0.45 0.52 13 1 OTD317 650888 4763196 895.4 5.0 0.46 0.53 21 1 OTD317 650890 4763195 891.1 5.0 0.33 0.12 11 1 OTD320 650569 4762965 1118.7 5.0 0.44 0.45 72 1 OTD320 650571 4762964 1114.0 5.0 0.31 0.15 29 1 OTD320 650573 4762962 1104.5 5.0 0.43 0.34 30 1 OTD320 650576 4762960 1095.0 5.0 0.31 0.22 48 1 OTD320 650577 4762959 1090.2 5.0 0.41 0.24 23 1 OTD320 650578 4762959 1085.5 5.0 0.47 0.23 32 1 OTD320 650581 4762956 1076.0 5.0 0.47 0.29 17 1 OTD320 650582 4762956 1071.2 5.0 0.37 0.20 46 1 OTD320 650583 4762955 1066.4 5.0 0.35 0.24 68 1 OTD320 650585 4762954 1061.7 5.0 0.38 0.21 97 1 OTD320 650586 4762953 1056.9 5.0 0.43 0.26 201 1 OTD320 650587 4762952 1052.2 5.0 0.31 0.21 70 1 OTD320 650591 4762949 1037.9 5.0 0.32 0.23 20 1 OTD320 650592 4762948 1033.1 5.0 0.48 0.24 71 1 OTD320 650595 4762947 1023.6 5.0 0.34 0.16 84 1 OTD320 650597 4762945 1014.0 5.0 0.40 0.19 31 1 OTD320 650598 4762944 1009.3 5.0 0.42 0.13 177 1 OTD320 650600 4762943 1004.5 5.0 0.33 0.16 67 1 OTD320 650601 4762942 999.7 5.0 0.33 0.15 36 1 OTD320 650602 4762941 994.9 5.0 0.30 0.20 56 1 OTD320 650604 4762940 990.2 5.0 0.35 0.17 29 1 OTD320 650605 4762940 985.4 5.0 0.46 0.17 70 1 OTD320 650606 4762939 980.6 5.0 0.50 0.20 49 1 OTD320 650610 4762937 966.3 5.0 0.45 0.19 44 1 OTD320 650611 4762936 961.5 5.0 0.46 0.19 27 1 OTD320 650613 4762936 956.8 5.0 0.57 0.25 96 1 OTD320 650614 4762935 952.0 5.0 0.69 0.32 75 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ============================================================================================================= OTD320 650615 4762934 947.2 5.0 1.41 0.73 192 1 OTD320 650616 4762933 942.4 5.0 0.58 0.31 39 1 OTD320 650618 4762933 937.6 5.0 0.69 0.36 64 1 OTD320 650619 4762932 932.9 5.0 0.50 0.32 43 1 OTD320 650620 4762931 928.1 5.0 0.42 0.25 12 1 OTD320 650621 4762930 923.3 5.0 0.36 0.26 15 1 OTD320 650623 4762930 918.5 5.0 0.64 0.35 26 1 OTD320 650624 4762929 913.7 5.0 0.63 0.43 34 1 OTD320 650625 4762928 908.9 5.0 0.32 0.21 18 1 OTD320 650626 4762927 904.1 5.0 0.46 0.31 27 1 OTD320 650628 4762927 899.3 5.0 0.44 0.21 13 1 OTD320 650629 4762926 894.5 5.0 0.55 0.30 94 1 OTD320 650630 4762925 889.8 5.0 0.35 0.33 46 1 OTD320 650631 4762924 885.0 5.0 0.61 0.59 179 1 OTD320 650632 4762924 880.2 5.0 0.57 0.46 342 1 OTD320 650634 4762923 875.4 5.0 0.36 0.21 23 1 OTD320 650635 4762922 871.1 4.0 0.54 0.34 80 1 OTD320 650639 4762920 855.3 5.0 0.65 0.37 64 1 OTD320 650640 4762919 850.5 5.0 0.52 0.35 85 1 OTD325 650896 4763207 1106.5 5.0 0.40 0.16 5 1 OTD325 650897 4763206 1102.1 5.0 0.45 0.20 7 1 OTD325 650899 4763204 1097.7 5.0 0.40 0.17 9 1 OTD325 650901 4763203 1093.3 5.0 0.48 0.21 6 1 OTD325 650903 4763201 1088.9 5.0 0.39 0.19 9 1 OTD325 650905 4763200 1084.5 5.0 0.46 0.21 24 1 OTD325 650907 4763199 1080.1 5.0 0.46 0.22 10 1 OTD325 650909 4763197 1075.7 5.0 0.50 0.33 23 1 OTD325 650911 4763196 1071.3 5.0 0.47 0.25 23 1 OTD325 650913 4763194 1066.9 5.0 0.60 0.26 38 1 OTD325 650915 4763193 1062.5 5.0 0.56 0.31 23 1 OTD325 650916 4763192 1058.0 5.0 0.68 0.33 51 1 OTD326 650857 4763360 1100.6 5.0 0.34 0.02 10 4 OTD326 650859 4763359 1096.3 5.0 0.58 0.02 26 4 OTD326 650863 4763356 1087.6 5.0 0.40 0.01 10 4 OTD326 650865 4763354 1083.2 5.0 0.40 0.01 14 4 OTD326 650867 4763353 1078.8 5.0 0.40 0.01 19 4 OTD326 650868 4763352 1075.8 2.0 0.54 0.01 17 4 OTD326 650872 4763350 1068.3 5.0 0.66 0.22 8 1 OTD326 650874 4763348 1064.0 5.0 0.99 0.34 10 1 OTD326 650876 4763347 1059.6 5.0 0.95 0.46 25 1 OTD326 650881 4763342 1046.4 5.0 0.65 0.41 15 1 OTD326 650883 4763341 1042.0 5.0 0.42 0.21 9 1 OTD326 650887 4763338 1033.2 5.0 0.52 0.23 7 1 OTD326 650889 4763337 1028.7 5.0 1.09 0.45 16 1 OTD326 650891 4763336 1024.3 5.0 0.64 0.21 19 1 OTD326 650893 4763334 1019.8 5.0 0.74 0.25 25 1 OTD326 650894 4763333 1015.4 5.0 0.42 0.18 76 1 OTD326 650898 4763330 1006.5 5.0 0.48 0.12 12 1 OTD326 650904 4763326 993.1 5.0 0.59 0.41 24 1 OTD326 650906 4763325 988.7 5.0 0.71 0.61 30 1 OTD326 650907 4763323 984.2 5.0 0.56 0.40 44 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ============================================================================================================== OTD326 650909 4763322 979.7 5.0 0.95 0.57 56 1 OTD326 650911 4763321 975.3 5.0 0.85 0.53 37 1 OTD326 650913 4763320 970.8 5.0 0.76 1.14 26 1 OTD326 650915 4763319 966.3 5.0 1.33 0.58 43 1 OTD326 650916 4763317 961.8 5.0 0.86 0.44 39 1 OTD326 650918 4763316 957.3 5.0 0.73 0.42 63 1 OTD326 650920 4763315 952.7 5.0 0.52 0.31 37 1 OTD326 650921 4763313 948.2 5.0 0.83 0.54 15 1 OTD326 650923 4763312 943.7 5.0 0.91 0.73 17 1 OTD326 650924 4763310 939.1 5.0 0.78 0.39 46 1 OTD326 650926 4763309 934.5 5.0 0.49 0.24 30 1 OTD326 650927 4763308 929.9 5.0 0.55 0.33 46 1 OTD326 650929 4763306 925.4 5.0 0.67 0.47 41 1 OTD326 650930 4763305 920.8 5.0 0.63 0.39 27 1 OTD326 650932 4763304 916.3 5.0 0.36 0.24 14 1 OTD326 650934 4763302 911.8 5.0 0.71 0.43 33 1 OTD326 650936 4763301 907.2 5.0 0.92 0.43 25 1 OTD326 650937 4763300 902.7 5.0 0.42 0.23 24 1 OTD326 650939 4763298 898.2 5.0 0.68 0.44 11 1 OTD326 650941 4763297 893.7 5.0 0.36 0.26 15 1 OTD326 650943 4763296 889.2 5.0 0.60 0.45 54 1 OTD326 650945 4763295 884.8 5.0 0.49 0.25 9 1 OTD326 650947 4763294 880.3 5.0 0.34 0.37 22 1 OTD326 650948 4763293 875.8 5.0 0.31 0.24 15 1 OTD326 650950 4763291 871.3 5.0 0.51 0.35 25 1 OTD326 650952 4763290 866.8 5.0 0.65 0.22 28 1 OTD326 650954 4763289 862.4 5.0 0.84 0.07 26 1 OTD326 650956 4763288 857.9 5.0 1.05 0.14 16 1 OTD326 650958 4763286 853.4 5.0 0.89 0.09 17 1 OTD326 650960 4763285 848.9 5.0 0.59 0.11 39 1 OTD328 650535 4762987 1131.2 5.0 0.47 0.30 121 1 OTD328 650537 4762986 1126.7 5.0 0.46 0.24 132 1 OTD328 650545 4762981 1108.8 5.0 0.31 0.17 18 1 OTD328 650549 4762979 1099.9 5.0 0.31 0.18 38 1 OTD328 650554 4762975 1086.5 5.0 0.52 0.21 72 1 OTD328 650556 4762973 1082.1 5.0 0.36 0.21 28 1 OTD328 650562 4762969 1068.7 5.0 0.31 0.23 28 1 OTD328 650563 4762968 1064.3 5.0 0.44 0.31 20 1 OTD328 650567 4762966 1055.4 5.0 0.50 0.34 52 1 OTD328 650569 4762964 1051.0 5.0 0.36 0.34 35 1 OTD328 650571 4762963 1046.5 5.0 0.33 0.63 15 1 OTD328 650579 4762957 1028.9 5.0 0.48 0.27 7 1 OTD328 650580 4762956 1024.5 5.0 0.46 0.26 25 1 OTD328 650582 4762955 1020.1 5.0 0.31 0.20 20 1 OTD328 650584 4762953 1015.6 5.0 0.49 0.67 18 1 OTD328 650586 4762952 1011.2 5.0 0.73 0.41 27 1 OTD328 650588 4762950 1006.8 5.0 0.53 0.29 46 1 OTD328 650590 4762949 1002.5 5.0 0.45 0.18 39 1 OTD328 650592 4762948 998.1 5.0 0.62 0.22 103 1 OTD328 650594 4762946 993.7 5.0 0.60 0.25 107 1 OTD328 650596 4762945 989.3 5.0 0.58 0.27 144 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN =============================================================================================================== OTD328 650604 4762939 971.8 5.0 0.42 0.17 38 1 OTD328 650606 4762937 967.5 5.0 0.59 0.28 102 1 OTD328 650608 4762936 963.1 5.0 0.65 0.35 83 1 OTD328 650610 4762935 958.8 5.0 0.52 0.19 39 1 OTD328 650612 4762933 954.4 5.0 0.60 0.29 50 1 OTD328 650614 4762932 950.0 5.0 0.61 0.31 93 1 OTD328 650616 4762930 945.7 5.0 0.32 0.15 24 1 OTD328 650618 4762929 941.4 5.0 0.37 0.18 20 1 OTD328 650626 4762923 924.1 5.0 0.50 0.22 33 1 OTD328 650628 4762921 919.8 5.0 0.43 0.17 114 1 OTD328 650630 4762920 915.5 5.0 0.38 0.19 88 1 OTD328 650632 4762918 911.2 5.0 0.50 0.28 111 1 OTD328 650634 4762917 906.9 5.0 0.66 0.33 132 1 OTD328 650636 4762915 902.6 5.0 0.54 0.46 84 1 OTD328 650638 4762913 898.3 5.0 0.60 2.14 123 1 OTD328 650640 4762912 894.0 5.0 0.59 0.41 51 1 OTD328 650642 4762910 889.7 5.0 0.72 0.42 83 1 OTD328 650647 4762907 880.3 5.0 0.34 0.17 41 1 OTD328 650649 4762906 876.0 5.0 0.54 0.29 57 1 OTD328 650651 4762904 871.8 5.0 0.51 0.35 133 1 OTD328 650653 4762902 867.5 5.0 0.41 0.40 152 1 OTD328 650655 4762901 863.2 5.0 0.59 0.56 181 1 OTD328 650657 4762899 859.0 5.0 0.51 0.51 120 1 OTD328 650659 4762897 854.7 5.0 0.50 0.29 141 1 OTD328 650665 4762892 842.0 5.0 0.36 0.10 20 1 OTD328 650669 4762888 833.6 5.0 0.36 0.18 37 1 OTD330 650304 4763149 1121.2 5.0 0.39 0.31 20 1 OTD330 650306 4763149 1116.5 5.0 0.37 0.34 28 1 OTD330 650307 4763148 1111.8 5.0 0.39 0.40 42 1 OTD330 650309 4763147 1107.1 5.0 0.51 0.40 38 1 OTD330 650310 4763146 1102.5 5.0 0.70 0.40 34 1 OTD330 650311 4763145 1097.8 5.0 0.35 0.34 76 1 OTD330 650313 4763144 1093.1 5.0 0.43 0.59 115 1 OTD330 650314 4763143 1088.4 5.0 0.46 0.47 44 1 OTD330 650323 4763137 1060.4 5.0 0.47 0.43 123 1 OTD330 650324 4763136 1055.7 5.0 0.34 0.33 162 1 OTD330 650330 4763131 1037.0 5.0 0.33 0.42 164 1 OTD330 650343 4763121 995.0 5.0 0.39 0.27 145 1 OTD330 650353 4763113 962.6 5.0 0.39 0.25 400 1 OTD330 650356 4763110 953.3 5.0 0.33 0.13 84 1 OTD330 650360 4763107 939.4 5.0 0.32 0.22 37 1 OTD330 650363 4763104 930.1 5.0 0.31 0.28 183 1 OTD330 650364 4763102 925.5 5.0 0.31 0.28 88 1 OTD330 650376 4763091 883.8 5.0 0.31 0.32 68 1 OTD330 650381 4763086 865.2 5.0 0.37 0.40 95 1 OTD330 650382 4763084 860.6 5.0 0.43 0.42 111 1 OTD330 650384 4763083 855.9 5.0 0.56 0.37 59 1 OTD330 650385 4763081 851.3 5.0 0.31 0.31 63 1 OTD330 650392 4763073 824.4 5.0 0.32 0.34 49 1 OTD330 650393 4763071 819.8 5.0 0.35 0.33 176 1 OTD330 650394 4763070 815.1 5.0 0.34 0.42 66 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ============================================================================================================== OTD330 650400 4763060 787.3 5.0 0.38 0.30 75 1 OTD330 650402 4763058 778.0 5.0 0.34 0.36 67 1 OTD330 650403 4763056 773.4 5.0 0.36 0.39 48 1 OTD330 650404 4763055 768.7 5.0 0.39 0.47 68 1 OTD330 650407 4763050 754.8 5.0 0.32 0.35 53 1 OTD330 650422 4763024 680.4 5.0 0.42 0.43 54 1 OTD330 650431 4763009 636.6 5.0 0.47 0.61 31 1 OTD330 650431 4763007 632.0 5.0 0.59 0.75 60 1 OTD330 650432 4763006 627.3 5.0 0.33 0.64 50 1 OTD330 650433 4763004 622.6 5.0 0.36 0.67 37 1 OTD330 650434 4763003 618.0 5.0 0.48 0.58 44 1 OTD330 650435 4763001 613.3 5.0 0.68 0.67 46 1 OTD330 650435 4762999 608.6 5.0 1.14 0.97 59 1 OTD330 650436 4762998 604.0 5.0 0.89 0.77 95 1 OTD330 650437 4762996 599.3 5.0 0.70 0.92 53 1 OTD330 650442 4762986 571.3 5.0 0.41 0.57 8 1 OTD330 650443 4762984 566.6 5.0 0.35 0.81 19 1 OTD330 650443 4762983 562.0 5.0 0.34 1.03 19 1 OTD330 650445 4762980 552.6 5.0 0.31 0.72 126 1 OTD330 650447 4762975 538.6 5.0 0.33 1.03 82 1 OTD330 650447 4762973 533.9 5.0 0.36 1.47 133 1 OTD330 650449 4762970 524.6 5.0 0.31 1.18 57 1 OTD330 650453 4762958 491.8 5.0 0.32 0.90 23 1 OTD330 650454 4762957 487.1 5.0 0.34 0.69 146 1 OTD330 650454 4762955 482.5 5.0 0.34 1.34 12 1 OTD330 650456 4762952 473.1 5.0 0.35 1.58 7 1 OTD330 650457 4762949 463.7 5.0 0.41 0.97 14 1 OTD330 650457 4762947 459.0 5.0 0.43 1.30 8 1 OTD330 650466 4762923 388.7 5.0 0.32 0.90 9 1 OTD330 650473 4762903 332.3 5.0 0.34 0.68 47 1 OTD330 650474 4762902 327.6 5.0 0.33 0.56 22 1 OTD331 650539 4762791 1126.4 5.0 0.40 0.16 88 1 OTD331 650542 4762789 1117.0 5.0 0.35 0.13 92 1 OTD331 650544 4762788 1112.3 5.0 0.77 0.18 319 1 OTD331 650547 4762787 1103.0 5.0 0.49 0.19 113 1 OTD331 650550 4762785 1093.6 5.0 0.32 0.16 163 1 OTD331 650551 4762785 1088.9 5.0 0.48 0.17 245 1 OTD331 650555 4762783 1079.5 5.0 0.95 0.19 703 1 OTD331 650556 4762782 1074.8 5.0 0.41 0.14 339 1 OTD331 650579 4762769 1004.7 5.0 0.65 0.08 6 1 OTD331 650581 4762768 1000.0 5.0 1.25 0.12 14 1 OTD331 650584 4762767 990.7 5.0 1.14 0.15 16 1 OTD331 650586 4762765 986.1 5.0 1.02 0.10 7 1 OTD331 650587 4762765 981.4 5.0 0.99 0.13 7 1 OTD331 650589 4762764 976.8 5.0 1.16 0.13 7 1 OTD331 650590 4762763 972.1 5.0 1.26 0.10 13 1 OTD331 650592 4762762 967.5 5.0 0.94 0.07 10 1 OTD331 650594 4762761 962.8 5.0 0.84 0.06 10 1 OTD331 650595 4762760 958.2 5.0 0.56 0.14 5 1 OTD331 650597 4762759 953.6 5.0 0.43 0.07 5 1 OTD331 650598 4762758 948.9 5.0 0.57 0.07 7 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ============================================================================================================== OTD331 650600 4762757 944.3 5.0 0.44 0.05 5 1 OTD336 650456 4762847 1127.3 5.0 0.48 0.23 45 1 OTD336 650458 4762846 1122.6 5.0 0.44 0.15 54 1 OTD336 650460 4762843 1113.2 5.0 0.37 0.15 70 1 OTD336 650462 4762842 1108.5 5.0 0.75 0.26 193 1 OTD336 650463 4762841 1103.8 5.0 0.53 0.14 105 1 OTD336 650464 4762839 1099.1 5.0 0.36 0.12 58 1 OTD336 650466 4762838 1094.5 5.0 0.67 0.37 185 1 OTD336 650467 4762837 1089.8 5.0 0.83 0.47 316 1 OTD336 650468 4762836 1085.1 5.0 0.86 0.54 339 1 OTD336 650470 4762835 1080.4 5.0 0.55 0.16 86 1 OTD336 650471 4762834 1075.7 5.0 0.74 0.26 198 1 OTD336 650472 4762833 1071.1 5.0 0.33 0.17 231 1 OTD336 650475 4762831 1061.7 5.0 0.56 0.14 70 1 OTD336 650476 4762829 1057.0 5.0 0.83 0.26 60 1 OTD336 650478 4762828 1052.4 5.0 0.38 0.12 74 1 OTD336 650479 4762827 1047.7 5.0 0.79 0.25 118 1 OTD336 650480 4762825 1043.0 5.0 0.54 0.27 98 1 OTD336 650482 4762824 1038.4 5.0 0.49 0.14 140 1 OTD336 650484 4762822 1029.1 5.0 0.37 0.22 50 1 OTD336 650497 4762809 983.6 5.0 0.32 0.17 139 1 OTD336 650499 4762808 979.0 5.0 0.47 0.24 228 1 OTD336 650500 4762807 974.3 5.0 0.48 0.20 178 1 OTD336 650503 4762804 965.1 5.0 0.59 0.27 136 1 OTD336 650505 4762801 955.9 5.0 0.34 0.23 188 1 OTD336 650507 4762800 951.3 5.0 0.30 0.21 39 1 OTD336 650508 4762798 946.7 5.0 0.35 0.20 95 1 OTD336 650511 4762795 937.5 5.0 0.45 0.25 171 1 OTD336 650515 4762791 923.7 5.0 0.32 0.19 184 1 OTD336 650516 4762790 919.1 5.0 0.46 0.21 196 1 OTD336 650518 4762788 914.5 5.0 0.42 0.17 107 1 OTD336 650520 4762785 905.4 5.0 0.53 0.30 108 1 OTD336 650522 4762783 900.8 5.0 0.43 0.21 177 1 OTD336 650523 4762782 896.2 5.0 0.50 0.23 65 1 OTD336 650526 4762779 887.1 5.0 0.44 0.26 96 1 OTD336 650529 4762776 878.0 5.0 0.48 0.28 79 1 OTD336 650530 4762774 873.5 5.0 0.44 0.17 89 1 OTD336 650532 4762773 868.9 5.0 0.55 0.30 235 1 OTD336 650533 4762771 864.4 5.0 0.58 0.34 114 1 OTD336 650535 4762770 859.8 5.0 0.46 0.26 91 1 OTD336 650536 4762769 855.3 5.0 0.41 0.26 495 1 OTD336 650538 4762767 850.8 5.0 0.43 0.19 112 1 OTD336 650539 4762765 846.3 5.0 0.35 0.24 60 1 OTD336 650540 4762764 841.8 5.0 0.30 0.26 44 1 OTD336 650542 4762762 837.2 5.0 0.35 0.24 61 1 OTD336 650543 4762760 832.7 5.0 0.51 0.26 146 1 OTD336 650545 4762759 828.2 5.0 0.45 0.41 170 1 OTD336 650548 4762755 819.2 5.0 0.42 0.74 214 1 OTD336 650549 4762754 814.7 5.0 0.50 0.40 52 1 OTD336 650551 4762752 810.2 5.0 0.35 0.39 89 1 OTD336 650552 4762750 805.7 5.0 0.46 0.48 53 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ============================================================================================================= OTD336 650554 4762749 801.2 5.0 0.59 1.00 163 1 OTD337 650306 4762955 1072.7 5.0 0.59 0.24 91 1 OTD337 650307 4762954 1067.9 5.0 0.78 0.32 261 1 OTD337 650309 4762953 1063.2 5.0 0.54 0.14 108 1 OTD337 650310 4762952 1058.5 5.0 1.06 0.34 216 1 OTD337 650311 4762952 1053.7 5.0 0.62 0.27 109 1 OTD337 650313 4762951 1049.0 5.0 0.68 0.25 161 1 OTD337 650314 4762950 1044.3 5.0 0.35 0.15 43 1 OTD337 650315 4762949 1039.5 5.0 0.77 0.30 120 1 OTD337 650317 4762949 1034.8 5.0 0.43 0.26 78 1 OTD337 650343 4762933 940.5 5.0 0.37 0.22 50 1 OTD337 650344 4762933 935.8 5.0 0.76 0.39 182 1 OTD337 650346 4762932 931.0 5.0 0.65 0.32 137 1 OTD337 650347 4762932 926.2 5.0 0.72 0.23 225 1 OTD337 650348 4762931 921.5 5.0 0.52 0.21 140 1 OTD337 650350 4762930 916.7 5.0 0.52 0.31 164 1 OTD337 650351 4762929 911.9 5.0 0.38 0.24 71 1 OTD337 650356 4762926 892.8 5.0 0.38 0.25 98 1 OTD337 650357 4762926 888.0 5.0 0.31 0.23 67 1 OTD337 650369 4762919 845.0 5.0 0.35 0.27 115 1 OTD337 650378 4762913 806.7 5.0 1.03 1.19 221 1 OTD337 650380 4762912 801.9 5.0 1.08 0.89 161 1 OTD337 650381 4762911 797.1 5.0 0.31 0.46 51 1 OTD337 650382 4762910 792.3 5.0 0.31 0.28 49 1 OTD337 650383 4762910 787.6 5.0 0.32 0.12 42 1 OTD337 650384 4762909 782.8 5.0 0.33 0.36 68 1 OTD337 650386 4762908 778.0 5.0 0.43 0.51 57 1 OTD337 650387 4762908 773.2 5.0 0.35 0.43 81 1 OTD337 650388 4762907 768.4 5.0 0.47 0.46 91 1 OTD337 650389 4762906 763.6 5.0 0.47 0.74 51 1 OTD337 650390 4762905 758.8 5.0 0.47 0.60 78 1 OTD337 650392 4762904 754.1 5.0 0.36 0.39 43 1 OTD337 650399 4762900 725.3 5.0 0.48 0.45 69 1 OTD337 650401 4762898 715.8 5.0 0.31 0.61 104 1 OTD337 650402 4762898 711.0 5.0 0.31 0.39 56 1 OTD337 650406 4762896 696.6 5.0 0.38 0.59 40 1 OTD337 650409 4762894 687.0 5.0 0.35 0.61 108 1 OTD337 650410 4762893 682.2 5.0 0.63 1.38 110 1 OTD337 650413 4762891 667.9 5.0 0.42 0.71 139 1 OTD337 650416 4762889 658.3 5.0 0.65 0.51 55 1 OTD337 650417 4762889 653.5 5.0 0.35 0.39 52 1 OTD337 650418 4762888 648.7 5.0 0.37 0.92 59 1 OTD337 650423 4762885 629.6 5.0 0.30 0.48 83 1 OTD337 650430 4762880 600.8 5.0 0.39 0.50 95 1 OTD337 650431 4762880 596.0 5.0 0.52 0.86 100 1 OTD337 650433 4762879 591.2 5.0 0.49 0.81 46 1 OTD337 650435 4762878 581.7 5.0 0.34 0.57 28 1 OTD337 650436 4762877 576.9 5.0 0.39 0.37 9 1 OTD337 650437 4762876 572.1 5.0 0.50 0.47 60 1 OTD337 650440 4762875 562.5 5.0 0.38 1.08 23 1 OTD337 650441 4762874 557.7 5.0 0.72 1.86 13 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ======================================================================================================================== OTD337 650445 4762872 543.4 5.0 0.35 0.94 12 1 OTD337 650446 4762871 538.6 5.0 0.39 1.03 31 1 OTD337 650448 4762869 529.0 5.0 0.49 2.35 23 1 OTD337 650449 4762868 524.2 5.0 0.46 0.83 32 1 OTD337 650451 4762867 519.4 5.0 0.39 0.91 15 1 OTD337 650453 4762866 509.8 5.0 0.39 0.72 16 1 OTD337 650454 4762866 505.0 5.0 0.39 0.55 28 1 OTD337 650457 4762864 495.5 5.0 0.37 1.22 15 1 OTD337 650458 4762863 490.7 5.0 0.61 0.83 33 1 OTD337 650459 4762863 485.9 5.0 0.59 1.17 10 1 OTD337 650460 4762862 481.1 5.0 0.71 1.66 29 1 OTD337 650470 4762855 442.9 5.0 0.37 0.84 19 1 OTD337 650487 4762843 375.9 5.0 0.41 0.14 96 1 OTD337 650489 4762841 366.4 5.0 0.33 0.11 82 1 OTRCD150 650646 4763071 1109.2 5.0 0.63 0.37 30 1 OTRCD150 650647 4763073 1105.0 5.0 0.56 0.39 23 1 OTRCD150 650650 4763076 1099.1 5.0 0.60 0.44 23 1 OTRCD150 650651 4763078 1094.9 5.0 0.56 0.43 33 1 OTRCD150 650653 4763080 1090.7 5.0 0.62 0.44 44 1 OTRCD150 650655 4763082 1086.5 5.0 0.63 0.61 43 1 OTRCD150 650657 4763084 1082.4 5.0 0.46 0.49 52 1 OTRCD150 650658 4763086 1078.2 5.0 0.52 0.52 43 1 OTRCD150 650660 4763088 1074.0 5.0 0.48 0.66 46 1 OTRCD150 650662 4763090 1069.8 5.0 0.33 0.43 101 1 OTRCD150 650663 4763093 1065.6 5.0 0.69 0.65 164 1 OTRCD150 650665 4763095 1061.4 5.0 0.59 0.70 141 1 OTRCD150 650667 4763097 1057.2 5.0 0.80 0.93 338 1 OTRCD150 650669 4763099 1053.0 5.0 0.63 0.77 174 1 OTRCD150 650670 4763101 1048.8 5.0 0.72 0.77 159 1 OTRCD150 650672 4763103 1044.6 5.0 0.56 0.61 124 1 OTRCD150 650674 4763105 1040.5 5.0 0.73 0.77 254 2 OTRCD150 650675 4763107 1036.3 5.0 1.12 1.14 220 2 OTRCD150 650677 4763109 1032.1 5.0 0.61 1.41 90 2 OTRCD150 650679 4763111 1027.9 5.0 0.56 0.89 104 2 OTRCD150 650681 4763113 1023.7 5.0 0.61 1.05 175 2 OTRCD150 650683 4763116 1019.5 5.0 0.45 0.79 190 2 OTRCD150 650684 4763118 1015.3 5.0 0.45 1.24 37 2 OTRCD150 650686 4763120 1011.1 5.0 0.66 1.77 27 2 OTRCD150 650688 4763122 1006.9 5.0 0.62 1.78 33 2 OTRCD150 650690 4763124 1002.7 5.0 0.72 1.69 114 2 OTRCD150 650691 4763126 998.5 5.0 0.63 1.47 96 2 OTRCD150 650693 4763128 994.3 5.0 0.71 2.04 48 2 OTRCD150 650695 4763130 990.1 5.0 0.37 1.39 16 2 OTRCD150 650697 4763133 986.0 5.0 0.63 1.83 260 2 OTRCD150 650698 4763135 981.8 5.0 1.21 2.36 96 2 OTRCD150 650700 4763137 977.6 5.0 0.63 1.33 63 2 OTRCD150 650702 4763139 973.4 5.0 0.57 0.83 475 2 OTRCD150 650704 4763141 969.2 5.0 0.93 1.57 167 2 OTRCD150 650706 4763143 965.0 5.0 0.73 1.56 106 2 OTRCD150 650707 4763145 960.8 5.0 0.86 1.94 34 2 OTRCD150 650709 4763147 956.6 5.0 0.56 1.34 43 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ======================================================================================================================= OTRCD150 650711 4763149 952.4 5.0 0.99 2.13 48 2 OTRCD150 650713 4763151 948.2 5.0 0.75 1.09 80 2 OTRCD150 650715 4763153 944.0 5.0 0.79 1.24 62 2 OTRCD150 650716 4763155 939.8 5.0 0.59 1.13 111 2 OTRCD150 650718 4763157 935.6 5.0 0.87 1.64 102 2 OTRCD150 650720 4763159 931.4 5.0 1.30 1.79 167 2 OTRCD150 650722 4763161 927.2 5.0 1.18 1.51 219 2 OTRCD150 650724 4763163 923.1 5.0 2.05 1.86 420 2 OTRCD150 650725 4763165 918.9 5.0 1.50 0.94 182 2 OTRCD150 650727 4763167 914.7 5.0 1.06 0.34 300 2 OTRCD150 650729 4763169 910.5 5.0 1.18 1.88 134 2 OTRCD150 650731 4763171 906.3 5.0 1.42 2.21 127 2 OTRCD150 650732 4763174 902.1 5.0 1.03 1.71 117 2 OTRCD150 650734 4763176 897.9 5.0 1.35 2.55 209 2 OTRCD150 650736 4763178 893.7 5.0 1.30 1.23 272 2 OTRCD150 650738 4763180 889.5 5.0 0.99 1.11 194 2 OTRCD150 650740 4763181 885.3 5.0 1.46 0.72 2696 2 OTRCD150 650741 4763183 881.1 5.0 1.21 1.58 169 2 OTRCD150 650743 4763185 876.9 5.0 1.00 1.28 125 2 OTRCD150 650745 4763187 872.7 5.0 1.07 1.63 69 2 OTRCD150 650747 4763189 868.5 5.0 1.96 3.26 125 2 OTRCD150 650749 4763191 864.3 5.0 1.73 2.14 234 2 OTRCD150 650750 4763193 860.1 5.0 1.48 1.37 182 2 OTRCD150 650752 4763196 855.9 5.0 1.06 1.05 114 2 OTRCD150 650754 4763197 851.7 5.0 1.22 1.20 222 2 OTRCD150 650756 4763199 847.5 5.0 0.82 1.24 124 2 OTRCD150 650758 4763201 843.4 5.0 1.23 0.99 179 2 OTRCD150 650760 4763203 839.2 5.0 0.85 0.95 157 2 OTRCD150 650762 4763206 835.0 5.0 1.00 0.91 559 2 OTRCD150 650763 4763208 830.8 5.0 1.08 1.09 239 2 OTRCD150 650765 4763210 826.7 5.0 1.01 1.40 189 2 OTRCD150 650767 4763212 822.5 5.0 1.41 2.26 293 2 OTRCD150 650769 4763214 818.3 5.0 1.03 1.72 225 2 OTRCD150 650771 4763216 814.2 5.0 0.97 1.56 138 2 OTRCD150 650773 4763218 810.0 5.0 0.90 1.80 192 2 OTRCD150 650775 4763220 805.8 5.0 1.10 2.08 340 2 OTRCD150 650777 4763222 801.6 5.0 1.26 3.00 352 2 OTRCD150 650778 4763223 797.5 5.0 0.98 1.58 157 2 OTRCD150 650780 4763225 793.3 5.0 0.64 1.13 97 2 OTRCD150 650782 4763227 789.1 5.0 0.74 2.66 171 2 OTRCD150 650784 4763229 785.0 5.0 1.04 2.16 137 2 OTRCD150 650786 4763231 780.8 5.0 0.60 1.22 47 2 OTRCD150 650788 4763233 776.6 5.0 0.52 0.75 80 2 OTRCD150 650790 4763235 772.5 5.0 0.98 1.10 187 2 OTRCD150 650792 4763237 768.3 5.0 0.54 0.79 31 2 OTRCD150 650794 4763239 764.1 5.0 0.78 1.06 88 2 OTRCD150 650795 4763241 760.0 5.0 0.65 1.03 23 2 OTRCD150 650797 4763243 755.8 5.0 0.59 0.85 48 2 OTRCD150 650801 4763247 747.4 5.0 0.42 0.71 52 2 OTRCD150 650803 4763249 743.3 5.0 1.02 1.22 145 2 OTRCD150 650805 4763252 739.1 5.0 0.39 0.43 45 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ===================================================================================================================== OTRCD150 650811 4763258 725.8 5.0 0.40 0.53 38 1 OTRCD150 650813 4763260 721.6 5.0 0.71 0.65 322 1 OTRCD150 650815 4763262 717.4 5.0 0.56 0.58 69 1 OTRCD150 650818 4763266 709.1 5.0 0.56 0.35 16 1 OTRCD150 650820 4763268 704.9 5.0 0.48 0.26 10 1 OTRCD150 650822 4763270 700.8 5.0 0.75 0.45 37 1 OTRCD150 650824 4763272 696.6 5.0 0.59 0.26 28 1 OTRCD150 650826 4763274 692.4 5.0 0.60 0.41 69 1 OTRCD150 650828 4763276 688.2 5.0 0.39 0.25 50 1 OTRCD169 650590 4762992 1084.2 5.0 0.32 0.25 12 1 OTRCD169 650592 4762995 1080.0 5.0 0.42 0.22 10 1 OTRCD169 650593 4762997 1075.9 5.0 0.49 0.25 139 1 OTRCD169 650595 4762999 1071.8 5.0 0.37 0.23 40 1 OTRCD169 650597 4763002 1067.6 5.0 0.52 0.35 67 1 OTRCD169 650598 4763004 1063.5 5.0 0.36 0.27 58 1 OTRCD169 650600 4763006 1059.3 5.0 0.38 0.33 24 1 OTRCD169 650603 4763011 1051.0 5.0 0.46 0.51 19 1 OTRCD169 650606 4763015 1042.7 5.0 0.39 0.35 25 1 OTRCD169 650608 4763018 1038.6 5.0 0.46 0.40 19 1 OTRCD169 650610 4763020 1034.4 5.0 0.60 0.47 50 1 OTRCD169 650611 4763022 1030.3 5.0 0.46 0.36 28 1 OTRCD169 650619 4763033 1009.4 5.0 0.45 0.72 25 1 OTRCD169 650621 4763035 1005.2 5.0 0.55 0.52 41 1 OTRCD169 650622 4763037 1001.0 5.0 0.48 0.49 42 1 OTRCD169 650624 4763040 996.8 5.0 0.43 0.56 37 1 OTRCD169 650626 4763042 992.5 5.0 0.53 0.62 27 1 OTRCD169 650630 4763048 979.8 5.0 0.63 0.46 26 1 OTRCD169 650632 4763050 975.6 5.0 0.44 0.37 24 1 OTRCD169 650633 4763053 971.4 5.0 0.61 0.68 20 1 OTRCD169 650635 4763055 967.1 5.0 0.39 0.43 17 1 OTRCD169 650636 4763057 962.9 5.0 0.53 0.40 29 1 OTRCD169 650638 4763059 958.6 5.0 0.51 0.50 55 1 OTRCD169 650639 4763061 954.4 5.0 0.71 0.73 17 1 OTRCD169 650641 4763063 950.2 5.0 0.57 0.57 11 1 OTRCD169 650643 4763065 945.9 5.0 0.72 0.85 22 1 OTRCD169 650644 4763067 941.7 5.0 0.73 1.53 42 1 OTRCD169 650646 4763069 937.4 5.0 0.72 18.95 72 1 OTRCD169 650647 4763071 934.0 3.0 0.59 31.03 26 1 OTRCD169 650648 4763073 930.7 5.0 0.67 0.91 93 2 OTRCD169 650649 4763075 926.4 5.0 0.63 0.97 70 2 OTRCD169 650651 4763077 922.2 5.0 0.65 1.05 55 2 OTRCD169 650653 4763079 917.9 5.0 0.86 1.57 36 2 OTRCD169 650654 4763081 913.6 5.0 0.68 0.79 31 2 OTRCD169 650656 4763083 909.4 5.0 1.16 1.19 53 2 OTRCD169 650657 4763086 905.1 5.0 0.57 0.66 11 2 OTRCD169 650664 4763096 883.6 5.0 0.74 1.19 52 2 OTRCD169 650666 4763098 879.3 5.0 0.70 1.49 24 2 OTRCD169 650667 4763100 875.0 5.0 0.67 1.25 48 2 OTRCD169 650669 4763102 870.7 5.0 0.54 1.33 25 2 OTRCD169 650670 4763104 866.4 5.0 0.52 1.06 19 2 OTRCD169 650672 4763106 862.0 5.0 0.91 2.22 111 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ====================================================================================================================== OTRCD169 650673 4763108 857.7 5.0 0.73 1.96 58 2 OTRCD169 650675 4763110 853.4 5.0 1.16 3.22 33 2 OTRCD169 650676 4763112 849.0 5.0 1.27 2.86 55 2 OTRCD169 650677 4763114 844.7 5.0 0.44 1.22 14 2 OTRCD169 650695 4763138 792.8 5.0 1.53 0.38 26 2 OTRCD169 650703 4763150 766.8 5.0 0.35 1.25 24 2 OTRCD169 650705 4763152 762.4 5.0 0.90 2.38 36 2 OTRCD169 650706 4763154 758.1 5.0 0.98 2.03 57 2 OTRCD169 650708 4763156 753.8 5.0 1.14 2.40 22 2 OTRCD169 650709 4763158 749.5 5.0 0.91 2.54 36 2 OTRCD169 650710 4763160 745.1 5.0 0.93 2.84 21 2 OTRCD169 650712 4763162 740.8 5.0 0.92 2.66 27 2 OTRCD169 650713 4763164 736.5 5.0 0.82 2.21 26 2 OTRCD169 650715 4763166 732.1 5.0 0.68 1.34 38 2 OTRCD169 650716 4763168 727.8 5.0 0.61 1.24 69 2 OTRCD169 650718 4763170 723.5 5.0 0.56 1.21 37 2 OTRCD169 650719 4763172 719.1 5.0 0.52 1.05 42 2 OTRCD169 650720 4763174 714.8 5.0 0.46 1.03 79 2 OTRCD169 650722 4763176 710.5 5.0 0.49 1.28 92 2 OTRCD169 650723 4763178 706.1 5.0 0.81 2.24 112 2 OTRCD169 650725 4763180 701.8 5.0 0.85 1.53 68 2 OTRCD169 650726 4763182 697.5 5.0 0.85 1.21 92 2 OTRCD169 650728 4763184 693.2 5.0 0.43 0.80 18 2 OTRCD169 650730 4763188 684.5 5.0 0.39 0.86 40 2 OTRCD169 650732 4763190 680.2 5.0 0.41 0.74 34 2 OTRCD169 650733 4763192 675.8 5.0 0.47 0.80 31 2 OTRCD169 650736 4763196 667.2 5.0 0.73 1.43 57 2 OTRCD169 650738 4763198 662.8 5.0 0.62 0.93 48 2 OTRCD169 650739 4763200 658.5 5.0 0.65 0.60 43 2 OTRCD169 650740 4763202 654.2 5.0 0.32 0.38 15 2 OTRCD214 650197 4763208 1035.2 5.0 0.46 0.32 124 1 OTRCD214 650197 4763206 1030.5 5.0 0.47 0.42 51 1 OTRCD214 650197 4763201 1016.9 4.0 0.48 0.27 41 1 OTRCD214 650197 4763176 947.8 5.0 0.32 0.36 68 1 OTRCD214 650197 4763171 933.7 5.0 0.39 0.36 83 1 OTRCD214 650197 4763168 924.3 5.0 0.47 0.52 65 1 OTRCD214 650197 4763166 919.6 5.0 0.37 0.38 85 1 OTRCD214 650197 4763152 882.0 5.0 0.32 0.23 69 1 OTRCD214 650197 4763151 877.3 5.0 0.31 0.34 53 1 OTRCD214 650197 4763149 872.6 5.0 0.37 0.50 37 1 OTRCD214 650197 4763144 858.5 5.0 0.80 0.38 41 1 OTRCD214 650197 4763133 830.3 5.0 0.34 0.42 51 1 OTRCD214 650197 4763127 811.6 5.0 0.32 0.27 34 1 OTRCD214 650197 4763089 708.2 5.0 0.36 0.27 87 4 OTRCD214 650197 4763087 703.5 5.0 0.30 0.24 65 4 OTRCD214 650197 4763046 590.7 5.0 0.36 0.89 12 4
TABLE B.2: SOUTH OYU COMPOSITED ASSAY VALUES (FOR VALUES >=0.30 Cu %) A negative value denotes "no assay value"; Domain code descriptions are in Table 17.1
DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN =================================================================================================================== OTD004 651268 4762865 1114.1 5.0 2.11 0.29 5 2 OTD004 651269 4762866 1109.3 5.0 2.51 0.37 5 2 OTD004 651269 4762867 1104.5 5.0 1.86 0.23 5 2 OTD004 651270 4762868 1099.7 5.0 2.04 0.16 5 2 OTD004 651271 4762869 1094.8 5.0 1.57 0.14 5 2 OTD004 651272 4762870 1090.0 5.0 1.81 0.14 5 2 OTD004 651273 4762871 1085.2 5.0 1.28 0.11 5 2 OTD004 651274 4762872 1080.3 5.0 1.63 0.14 5 2 OTD004 651274 4762873 1075.5 5.0 1.97 0.16 5 2 OTD004 651275 4762874 1070.7 5.0 1.79 0.12 5 2 OTD004 651276 4762875 1065.8 5.0 1.27 0.10 5 2 OTD004 651277 4762876 1061.0 5.0 1.24 0.07 5 2 OTD004 651278 4762877 1056.2 5.0 1.26 0.07 5 2 OTD004 651279 4762878 1051.4 5.0 0.79 0.06 5 2 OTD004 651280 4762880 1041.7 5.0 0.42 0.04 5 2 OTD004 651281 4762881 1036.9 5.0 0.54 0.05 5 2 OTD004 651282 4762882 1032.0 5.0 0.41 0.01 5 2 OTD004 651283 4762883 1027.2 5.0 0.49 0.02 5 2 OTD004 651284 4762884 1022.4 5.0 0.44 0.02 5 2 OTD004 651284 4762885 1017.5 5.0 0.52 0.03 5 2 OTD004 651285 4762886 1012.7 5.0 0.48 0.02 5 2 OTD004 651287 4762888 1003.1 5.0 0.41 0.03 5 2 OTD004 651288 4762889 998.2 5.0 0.38 0.03 5 2 OTD004 651289 4762890 993.4 5.0 0.50 0.05 5 2 OTD004 651290 4762892 983.7 5.0 0.74 0.07 5 2 OTD004 651291 4762893 978.9 5.0 0.72 0.07 5 2 OTD004 651292 4762894 974.1 5.0 0.51 0.05 5 2 OTD004 651293 4762895 969.2 5.0 0.97 0.09 5 2 OTD004 651294 4762896 964.4 5.0 0.51 0.05 5 2 OTD004 651299 4762903 930.8 4.7 0.30 0.04 5 2 OTD007 651051 4762644 1129.8 5.0 0.47 0.08 5 2 OTD007 651052 4762645 1124.9 5.0 0.58 0.05 5 2 OTD007 651052 4762646 1120.1 5.0 0.49 0.06 5 2 OTD007 651053 4762647 1115.3 5.0 0.41 0.04 5 2 OTD007 651056 4762650 1100.8 5.0 0.52 0.07 5 2 OTD007 651057 4762651 1096.0 5.0 0.43 0.08 5 2 OTD007 651060 4762655 1076.7 5.0 0.30 0.04 5 2 OTD007 651061 4762656 1071.8 5.0 0.43 0.11 5 2 OTD007 651062 4762657 1067.0 5.0 0.32 0.18 5 2 OTD007 651062 4762658 1062.2 5.0 0.32 0.20 5 2 OTD007 651064 4762660 1052.5 5.0 0.50 0.14 5 2 OTD007 651065 4762661 1047.7 5.0 0.36 0.38 5 2 OTD007 651067 4762663 1038.0 5.0 0.41 0.18 5 2 OTD007 651071 4762668 1013.9 5.0 0.40 0.28 5 2 OTD007 651072 4762669 1009.0 5.0 0.53 0.18 5 2 OTD007 651072 4762670 1004.2 5.0 0.99 0.36 5 2 OTD007 651073 4762671 999.4 5.0 0.84 0.40 5 2 OTD007 651074 4762672 994.5 5.0 0.58 0.29 5 2 OTD007 651075 4762673 989.7 5.0 0.81 0.40 5 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ==================================================================================================================== OTD007 651076 4762674 984.9 5.0 1.06 0.25 5 2 OTD007 651079 4762678 965.6 5.0 0.40 5.03 5 2 OTD007 651082 4762682 946.3 5.0 0.34 0.90 5 2 OTD007 651083 4762683 941.4 5.0 0.35 4.93 5 2 OTD007 651084 4762684 936.6 5.0 0.38 0.23 5 2 OTD007 651085 4762685 931.8 5.0 0.35 0.31 5 2 OTD007 651086 4762686 926.9 5.0 0.45 0.52 5 2 OTD007 651087 4762687 922.1 5.0 0.46 0.43 5 2 OTD007 651087 4762688 917.3 5.0 0.49 0.34 5 2 OTD007 651088 4762689 912.4 5.0 0.37 0.62 5 2 OTD007 651089 4762690 907.6 5.0 0.46 0.23 5 2 OTD007 651090 4762691 902.8 5.0 0.42 0.15 5 2 OTD019 650830 4762764 1052.5 5.0 0.31 0.02 5 4 OTD019 650830 4762769 1043.9 5.0 0.47 0.03 5 4 OTD019 650830 4762771 1039.5 5.0 0.43 0.01 5 4 OTD019 650830 4762774 1035.2 5.0 0.30 0.02 5 4 OTD164 651350 4762957 1106.6 5.0 0.46 0.02 26 2 OTD164 651348 4762955 1102.5 5.0 0.43 0.09 30 2 OTD164 651346 4762953 1098.4 5.0 0.58 0.08 28 2 OTD164 651344 4762950 1094.3 5.0 0.60 0.08 41 2 OTD164 651342 4762948 1090.3 5.0 0.46 0.03 19 2 OTD164 651340 4762946 1086.2 5.0 0.37 0.03 9 2 OTD164 651336 4762942 1078.0 5.0 0.60 0.03 18 2 OTD164 651334 4762940 1073.9 5.0 0.46 0.03 17 2 OTD164 651332 4762938 1069.8 5.0 0.33 0.03 9 2 OTD164 651330 4762936 1065.6 5.0 0.43 0.03 13 2 OTD164 651328 4762934 1061.5 5.0 0.42 0.04 14 2 OTD164 651326 4762932 1057.4 5.0 0.30 0.03 8 2 OTD164 651322 4762928 1049.2 5.0 0.32 0.02 11 2 OTD164 651320 4762926 1045.0 5.0 0.37 0.04 6 2 OTD164 651318 4762924 1040.9 5.0 0.50 0.03 6 2 OTD164 651316 4762922 1036.8 5.0 0.52 0.04 6 2 OTD164 651314 4762920 1032.7 5.0 0.32 0.05 5 2 OTD164 651312 4762918 1028.6 5.0 0.55 0.07 13 2 OTD164 651310 4762916 1024.5 5.0 0.54 0.05 11 2 OTD164 651308 4762914 1020.4 5.0 0.36 0.02 11 2 OTD164 651306 4762912 1016.3 5.0 0.31 0.02 9 2 OTD164 651304 4762910 1012.2 5.0 0.67 0.04 17 2 OTD164 651302 4762908 1008.1 5.0 0.92 0.09 27 2 OTD164 651300 4762906 1004.0 5.0 0.74 0.08 33 2 OTD164 651298 4762904 1000.0 5.0 0.93 0.09 16 2 OTD164 651296 4762901 995.9 5.0 0.54 0.06 19 2 OTD164 651294 4762899 991.8 5.0 0.62 0.06 38 2 OTD164 651292 4762897 987.7 5.0 0.51 0.06 32 2 OTD164 651290 4762895 983.6 5.0 0.50 0.06 9 2 OTD164 651288 4762893 979.5 5.0 0.40 0.07 33 2 OTD164 651286 4762891 975.4 5.0 0.41 0.06 16 2 OTD164 651282 4762887 967.2 5.0 0.52 0.13 21 2 OTD164 651280 4762885 963.1 5.0 0.41 0.06 35 2 OTD164 651278 4762883 959.0 5.0 0.85 0.08 73 2 OTD164 651276 4762882 954.9 5.0 0.60 0.19 37 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ======================================================================================================== OTD164 651274 4762880 950.8 5.0 0.39 0.30 23 2 OTD164 651272 4762878 946.7 5.0 0.50 0.18 32 2 OTD164 651264 4762870 930.3 5.0 0.46 0.07 7 2 OTD164 651261 4762868 926.2 5.0 0.64 0.06 32 2 OTD164 651259 4762866 922.1 5.0 0.68 0.33 38 2 OTD164 651257 4762864 918.0 5.0 0.79 0.33 22 2 OTD164 651255 4762862 913.9 5.0 0.77 0.62 55 2 OTD164 651251 4762858 905.8 5.0 0.38 0.17 9 2 OTD164 651246 4762854 897.6 5.0 0.65 0.22 23 2 OTD164 651244 4762852 893.5 5.0 0.49 0.20 18 2 OTD164 651242 4762851 889.4 5.0 0.35 0.51 21 2 OTD164 651240 4762849 885.3 5.0 0.41 0.28 22 2 OTD164 651235 4762845 877.1 5.0 0.35 1.20 11 2 OTD164 651231 4762841 869.1 5.0 0.39 0.25 76 2 OTD164 651224 4762835 857.1 5.0 0.40 0.14 12 2 OTD164 651219 4762831 849.1 5.0 0.36 0.12 13 2 OTD164 651217 4762829 845.0 5.0 0.48 0.28 48 2 OTD164 651215 4762827 841.0 5.0 0.43 0.11 14 2 OTD164 651213 4762825 837.0 5.0 0.56 0.19 17 2 OTD164 651203 4762815 816.6 5.0 0.47 1.64 12 2 OTD164 651201 4762813 812.6 5.0 0.42 0.26 15 2 OTD164 651199 4762811 808.5 5.0 0.32 0.35 16 2 OTD164 651185 4762799 784.8 5.0 0.93 0.43 8 2 OTD164 651178 4762793 773.3 5.0 0.97 0.22 8 2 OTD164 651175 4762791 769.5 5.0 0.73 0.34 11 2 OTD164 651172 4762789 765.7 5.0 0.40 0.19 11 2 OTD170 650914 4762703 1118.4 5.0 0.31 0.10 22 2 OTD170 650916 4762705 1114.3 5.0 0.30 0.06 24 2 OTD170 650922 4762711 1101.8 5.0 0.40 0.23 80 2 OTD170 650924 4762713 1097.7 5.0 0.31 0.15 21 2 OTD170 650934 4762722 1077.0 5.0 0.41 0.09 75 2 OTD170 650940 4762728 1064.5 5.0 0.52 0.11 48 2 OTD170 650947 4762734 1052.1 5.0 0.63 0.11 13 2 OTD170 650949 4762736 1047.9 5.0 0.81 0.19 35 2 OTD170 650951 4762737 1043.8 5.0 0.78 0.14 9 2 OTD170 650953 4762739 1039.7 5.0 0.56 0.09 33 2 OTD170 650955 4762741 1035.5 5.0 0.54 0.13 42 2 OTD170 650957 4762743 1031.4 5.0 0.80 0.19 113 2 OTD170 650959 4762745 1027.2 5.0 0.49 0.33 122 2 OTD170 650968 4762752 1011.0 5.0 0.30 0.20 58 2 OTD170 650973 4762756 1003.0 5.0 0.39 0.10 103 2 OTD170 650975 4762758 999.1 5.0 0.53 0.17 55 2 OTD170 650978 4762760 995.2 5.0 0.86 0.17 93 2 OTD170 650982 4762764 987.5 5.0 0.42 0.06 29 2 OTD170 650985 4762766 983.6 5.0 0.42 0.04 31 2 OTD170 650990 4762770 975.9 5.0 0.45 0.08 37 2 OTD170 650995 4762774 968.3 5.0 0.35 0.06 25 2 OTD170 650997 4762776 964.4 5.0 0.30 0.06 13 2 OTD170 651108 4762857 818.8 5.0 0.35 0.11 20 2 OTD170 651129 4762871 794.9 5.0 0.35 0.24 5 2 OTD170 651142 4762880 781.5 5.0 0.32 0.15 6 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ======================================================================================================== OTD173 650867 4763167 679.4 5.0 0.32 0.07 5 4 OTD173 650869 4763169 675.5 5.0 0.32 0.07 6 4 OTD175 650834 4763127 1045.2 5.0 0.30 0.09 32 4 OTD175 650842 4763121 1034.0 5.0 0.59 0.04 5 4 OTD175 650845 4763119 1030.3 5.0 0.83 0.18 5 4 OTD175 650847 4763117 1026.6 5.0 0.97 0.05 5 4 OTD175 650866 4763103 1000.4 5.0 0.30 0.03 18 4 OTD175 650945 4763046 891.8 5.0 0.36 0.08 224 3 OTD176 650847 4763094 785.1 5.0 0.30 0.06 8 4 OTD183 650849 4763118 1078.9 5.0 0.78 0.12 9 4 OTD183 650845 4763121 1064.7 5.0 0.35 0.06 29 4 OTD183 650844 4763121 1059.9 5.0 0.41 0.07 33 4 OTD183 650842 4763122 1055.2 5.0 0.36 0.04 37 4 OTD183 650841 4763123 1050.4 5.0 0.40 0.06 173 4 OTD183 650840 4763124 1045.7 5.0 0.38 0.06 142 4 OTD183 650838 4763125 1041.0 5.0 0.35 0.04 53 4 OTD183 650836 4763126 1031.5 5.0 0.53 1.11 36 4 OTD183 650834 4763127 1026.7 5.0 0.60 1.26 37 4 OTD183 650833 4763128 1022.0 5.0 0.70 1.30 31 4 OTD183 650832 4763129 1018.2 3.0 1.11 2.12 63 4 OTD186 651524 4762956 1109.2 5.0 0.30 0.02 17 2 OTD186 651525 4762939 1078.9 5.0 0.42 0.01 35 2 OTD186 651526 4762929 1061.6 5.0 0.34 0.03 5 2 OTD186 651526 4762926 1057.2 5.0 0.31 0.03 5 2 OTD186 651527 4762921 1048.6 5.0 0.47 0.07 18 2 OTD186 651528 4762892 996.6 5.0 0.32 0.47 30 2 OTD186 651529 4762877 970.6 5.0 0.38 0.04 24 2 OTD186 651530 4762874 966.3 5.0 0.41 0.03 29 2 OTD186 651530 4762864 949.0 5.0 0.32 0.03 9 2 OTD186 651532 4762850 922.8 5.0 0.34 0.04 13 2 OTD186 651533 4762835 896.6 5.0 0.39 0.15 15 2 OTD186 651533 4762833 892.2 5.0 0.30 0.07 15 2 OTD186 651534 4762828 883.4 5.0 0.67 0.10 94 2 OTD186 651534 4762825 879.1 5.0 0.44 0.05 36 2 OTD186 651534 4762823 874.7 5.0 0.33 0.04 29 2 OTD186 651534 4762821 870.3 5.0 0.35 0.05 20 2 OTD186 651535 4762818 866.0 5.0 0.37 0.06 30 2 OTD186 651535 4762816 861.6 5.0 0.63 0.34 70 2 OTD186 651535 4762813 857.2 5.0 0.38 0.14 60 2 OTD186 651535 4762811 852.8 5.0 0.49 0.12 50 2 OTD186 651535 4762809 848.4 5.0 0.70 4.79 226 2 OTD186 651536 4762804 839.6 5.0 0.43 0.06 55 2 OTD186 651536 4762801 835.2 5.0 0.42 0.06 39 2 OTD186 651536 4762795 822.0 5.0 0.38 0.12 18 2 OTD186 651536 4762792 817.6 5.0 0.31 0.09 16 2 OTD186 651536 4762790 813.3 5.0 0.50 0.08 56 2 OTD186 651536 4762787 808.9 5.0 0.49 0.08 35 2 OTD186 651536 4762785 804.5 5.0 0.33 0.06 16 2 OTD186 651536 4762783 800.1 5.0 0.37 0.06 39 2 OTD186 651537 4762773 782.5 5.0 0.34 0.06 44 2 OTD186 651537 4762768 773.7 5.0 0.38 0.03 65 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ========================================================================================================= OTD186 651537 4762756 751.7 5.0 0.33 0.05 17 2 OTD186 651537 4762735 712.1 5.0 0.32 0.16 24 2 OTD186 651537 4762730 703.2 5.0 0.70 0.49 67 2 OTD186 651538 4762705 656.0 2.0 0.40 0.06 71 2 OTD190 650620 4763022 383.1 5.0 0.32 0.27 83 4 OTD208 650775 4762932 1087.7 5.0 0.33 0.04 76 4 OTD208 650851 4762870 994.8 5.0 0.34 0.04 33 4 OTD208 650854 4762868 991.5 5.0 0.30 0.03 24 4 OTD208 650857 4762866 988.1 5.0 0.35 0.03 37 4 OTD208 650860 4762863 984.8 5.0 0.46 0.05 45 4 OTD208 650862 4762861 981.5 5.0 0.59 0.06 142 4 OTD208 650865 4762858 978.1 5.0 0.48 0.07 89 4 OTD208 650868 4762856 974.8 5.0 0.75 0.07 68 4 OTD208 650871 4762854 971.5 5.0 0.32 0.05 20 4 OTD208 650877 4762849 964.8 5.0 0.58 0.07 28 4 OTD208 650883 4762845 958.2 5.0 0.41 1.12 10 4 OTD208 650886 4762842 954.9 5.0 0.67 1.29 30 4 OTD208 650891 4762838 948.9 3.0 0.53 0.23 37 4 OTD208 650894 4762837 946.3 5.0 0.33 0.21 54 2 OTD208 650896 4762834 943.0 5.0 0.42 0.01 128 2 OTD208 650899 4762831 939.7 5.0 0.60 0.08 9 2 OTD208 650902 4762829 936.4 5.0 0.98 0.11 38 2 OTD208 650905 4762826 933.1 5.0 0.40 0.03 10 2 OTD208 650910 4762821 926.5 5.0 0.44 0.03 52 2 OTD208 650913 4762818 923.2 5.0 0.40 0.07 66 2 OTD208 650938 4762792 892.0 5.0 0.35 0.07 27 2 OTD208 650941 4762789 888.8 5.0 0.40 0.12 19 2 OTD208 650965 4762765 859.3 5.0 0.31 0.08 33 2 OTD208 650968 4762762 856.1 5.0 0.34 0.12 34 2 OTD208 650996 4762732 822.8 5.0 0.43 0.13 6 2 OTD208 650999 4762729 819.6 5.0 0.44 0.13 6 2 OTD208 651004 4762723 813.4 5.0 0.33 0.10 5 2 OTD208 651007 4762720 810.3 5.0 0.34 0.13 5 2 OTD208 651010 4762717 807.2 5.0 0.66 0.22 7 2 OTD208 651024 4762703 791.8 5.0 0.89 0.23 10 2 OTD208 651026 4762700 788.7 5.0 0.57 0.15 7 2 OTD208 651029 4762697 785.6 5.0 0.71 0.22 8 2 OTD208 651032 4762694 782.6 5.0 0.43 0.25 11 2 OTD213 650763 4762942 1046.7 5.0 0.46 0.02 5 4 OTD213 650765 4762940 1042.3 5.0 0.58 0.02 5 4 OTD213 650767 4762939 1038.0 5.0 0.42 0.01 5 4 OTD213 650771 4762936 1029.3 5.0 0.47 0.04 8 4 OTD213 650773 4762935 1025.0 5.0 0.60 0.07 13 4 OTD213 650776 4762933 1020.6 5.0 0.46 0.11 39 4 OTD213 650778 4762932 1016.3 5.0 0.51 0.06 44 4 OTD213 650780 4762931 1011.9 5.0 0.42 0.08 53 4 OTD213 650782 4762929 1007.6 5.0 0.41 0.11 35 4 OTD213 650784 4762928 1003.3 5.0 0.48 0.05 33 4 OTD213 650786 4762927 998.9 5.0 0.45 0.04 18 4 OTD213 650788 4762925 994.6 5.0 0.35 0.03 21 4 OTD213 650790 4762924 990.2 5.0 0.57 0.02 26 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t MO ppm DOMAIN ======================================================================================================== OTD213 650796 4762920 977.2 5.0 0.50 0.02 26 4 OTD213 650798 4762918 972.8 5.0 0.59 0.05 26 4 OTD213 650800 4762917 968.5 5.0 0.38 0.03 30 4 OTD213 650802 4762915 964.1 5.0 0.57 0.04 45 4 OTD213 650805 4762914 959.8 5.0 0.53 0.03 26 4 OTD213 650807 4762913 955.4 5.0 0.65 0.06 27 4 OTD213 650809 4762911 951.1 5.0 0.52 0.05 24 4 OTD213 650811 4762910 946.7 5.0 0.40 0.07 30 4 OTD213 650813 4762909 942.4 5.0 0.48 0.10 14 4 OTD213 650815 4762907 938.0 5.0 0.36 0.03 17 4 OTD213 650817 4762906 933.7 5.0 1.37 0.15 32 4 OTD213 650819 4762905 929.3 5.0 0.43 0.07 47 4 OTD213 650825 4762901 916.3 5.0 0.77 0.04 29 4 OTD213 650853 4762883 860.0 5.0 0.34 0.14 11 4 OTD213 650872 4762871 821.0 5.0 0.40 0.21 27 4 OTD213 650874 4762869 816.7 5.0 0.50 0.04 57 4 OTD213 650924 4762834 713.5 5.0 0.64 0.12 22 4 OTD213 650942 4762822 679.8 5.0 0.31 0.05 24 4 OTD213 650944 4762820 675.5 5.0 0.41 0.08 19 4 OTD213 650957 4762812 650.1 5.0 0.64 0.17 45 4 OTD213 651003 4762780 561.3 5.0 0.40 0.07 36 4 OTD213 651005 4762778 557.1 5.0 0.69 0.09 19 4 OTD213 651008 4762777 552.9 5.0 0.42 0.22 47 4 OTD213 651019 4762770 531.9 5.0 0.53 0.16 33 4 OTD213 651021 4762768 527.7 5.0 0.31 0.09 11 4 OTD213 651023 4762767 523.5 5.0 0.42 0.08 22 4 OTD213 651026 4762765 519.4 5.0 0.37 0.64 37 4 OTD213 651030 4762762 511.0 5.0 0.39 0.11 21 4 OTD213 651039 4762757 494.2 5.0 0.51 0.20 17 4 OTD213 651042 4762755 490.0 5.0 1.10 0.37 48 4 OTD213 651044 4762754 485.8 5.0 0.35 0.09 12 4 OTD230 651323 4762892 1104.2 3.9 0.73 0.05 11 2 OTD232 651064 4763203 863.1 5.0 0.36 0.03 189 3 OTD232 651066 4763202 858.9 5.0 0.37 0.02 162 3 OTD232 651068 4763200 854.7 5.0 0.37 0.04 180 3 OTD232 651070 4763199 850.5 5.0 0.39 0.02 153 3 OTD232 651073 4763197 846.3 5.0 0.36 0.03 217 3 OTD232 651075 4763195 842.1 5.0 0.37 0.04 168 3 OTD232 651077 4763194 837.9 5.0 0.30 0.04 156 3 OTD232 651079 4763192 833.7 5.0 0.52 0.03 327 3 OTD232 651081 4763190 829.5 5.0 0.58 0.03 229 3 OTD232 651083 4763188 825.3 5.0 0.32 0.02 223 3 OTD232 651085 4763187 821.1 5.0 0.38 0.03 86 3 OTD232 651087 4763185 816.9 5.0 0.31 0.02 72 3 OTD232 651089 4763183 812.7 5.0 0.30 0.02 101 3 OTD232 651091 4763181 808.5 5.0 0.39 0.01 75 3 OTD232 651095 4763178 800.0 5.0 0.40 0.02 209 3 OTD232 651098 4763177 795.8 5.0 0.37 0.02 166 3 OTD232 651104 4763172 783.3 5.0 0.35 0.03 119 3 OTD232 651106 4763170 779.1 5.0 0.32 0.02 123 3 OTD232 651108 4763167 774.9 5.0 0.31 0.01 118 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD232 651110 4763166 770.8 5.0 0.35 0.01 88 3 OTD232 651114 4763162 762.5 5.0 0.32 0.01 72 3 OTD232 651117 4763160 758.3 5.0 0.31 0.03 60 3 OTD232 651119 4763158 754.2 5.0 0.37 0.02 100 3 OTD232 651121 4763157 750.0 5.0 0.45 0.01 115 3 OTD232 651123 4763155 745.9 5.0 0.32 0.01 64 3 OTD232 651127 4763151 737.6 5.0 0.35 0.01 158 3 OTD233 651219 4762835 1121.1 5.0 1.05 0.13 15 2 OTD233 651218 4762836 1116.4 5.0 0.89 0.14 11 2 OTD233 651217 4762837 1111.7 5.0 1.63 0.17 7 2 OTD233 651215 4762838 1107.0 5.0 0.89 0.09 5 2 OTD233 651214 4762839 1102.2 5.0 1.23 0.12 8 2 OTD233 651213 4762840 1097.5 5.0 0.60 0.07 16 2 OTD233 651211 4762841 1092.8 5.0 0.91 0.08 7 2 OTD233 651210 4762842 1088.0 5.0 0.73 0.04 22 2 OTD233 651209 4762843 1083.3 5.0 0.53 0.03 28 2 OTD233 651197 4762852 1040.8 5.0 0.63 0.06 6 2 OTD233 651196 4762852 1036.0 5.0 1.06 0.10 29 2 OTD233 651194 4762853 1031.3 5.0 0.82 0.05 13 2 OTD233 651193 4762854 1026.6 5.0 0.90 0.06 11 2 OTD233 651192 4762855 1021.9 5.0 0.63 0.03 10 2 OTD233 651190 4762856 1017.1 5.0 0.43 0.02 9 2 OTD233 651189 4762858 1012.4 5.0 0.82 0.07 21 2 OTD233 651188 4762859 1007.7 5.0 0.72 0.06 19 2 OTD233 651186 4762860 1003.0 5.0 0.94 0.11 13 2 OTD233 651185 4762861 998.3 5.0 0.92 0.13 11 2 OTD233 651184 4762862 993.6 5.0 0.72 0.10 6 2 OTD233 651182 4762863 988.9 5.0 0.76 0.08 18 2 OTD233 651181 4762864 984.2 5.0 0.78 0.05 25 2 OTD233 651180 4762865 979.5 5.0 0.76 0.12 40 2 OTD233 651178 4762866 974.8 5.0 0.78 0.16 6 2 OTD233 651157 4762886 900.3 5.0 0.67 0.14 28 2 OTD233 651148 4762893 872.5 5.0 0.35 0.09 37 2 OTD233 651147 4762895 867.9 5.0 0.52 0.18 46 2 OTD233 651145 4762896 863.2 5.0 0.73 0.34 12 2 OTD233 651144 4762897 858.6 5.0 0.68 0.26 8 2 OTD233 651143 4762898 854.0 5.0 0.59 0.28 6 2 OTD233 651141 4762899 849.4 5.0 0.65 0.25 47 2 OTD233 651140 4762901 844.7 5.0 0.55 0.27 52 2 OTD233 651139 4762902 840.1 5.0 0.51 0.25 18 2 OTD233 651137 4762903 835.5 5.0 0.48 0.32 15 2 OTD233 651136 4762905 830.8 5.0 0.33 0.35 10 2 OTD233 651135 4762907 826.2 5.0 0.84 0.98 24 2 OTD233 651117 4762925 764.2 5.0 0.54 0.05 46 3 OTD261 651357 4762860 1104.1 5.0 0.83 0.02 23 2 OTD261 651356 4762858 1099.8 5.0 0.75 0.03 12 2 OTD261 651354 4762856 1095.4 5.0 0.67 0.03 27 2 OTD261 651352 4762854 1091.1 5.0 0.79 0.03 12 2 OTD261 651351 4762852 1086.8 5.0 0.91 0.06 5 2 OTD261 651349 4762850 1082.4 5.0 0.57 0.07 8 2 OTD261 651346 4762847 1073.8 5.0 0.58 0.04 5 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD261 651344 4762845 1069.5 5.0 0.84 0.06 13 2 OTD261 651343 4762843 1065.1 5.0 0.58 0.04 13 2 OTD261 651338 4762837 1052.1 5.0 0.83 0.05 9 2 OTD261 651336 4762835 1047.8 5.0 0.91 0.03 9 2 OTD261 651324 4762820 1013.2 5.0 0.58 0.06 20 2 OTD261 651322 4762818 1008.9 5.0 0.52 0.05 20 2 OTD261 651304 4762797 961.4 5.0 0.51 0.40 32 2 OTD265 651233 4762964 1117.5 5.0 0.97 0.15 16 2 OTD265 651232 4762962 1113.1 5.0 0.95 0.12 6 2 OTD265 651231 4762959 1108.7 5.0 0.73 0.10 12 2 OTD265 651229 4762957 1104.4 5.0 0.52 0.05 15 2 OTD265 651228 4762955 1100.0 5.0 0.55 0.02 26 2 OTD265 651227 4762953 1095.6 5.0 0.56 0.02 36 2 OTD265 651225 4762951 1091.2 5.0 0.36 0.02 50 2 OTD265 651220 4762943 1073.5 5.0 0.34 0.02 51 2 OTD265 651219 4762941 1069.0 5.0 0.32 0.01 20 2 OTD265 651214 4762934 1051.2 5.0 0.31 0.09 46 2 OTD265 651210 4762928 1037.6 5.0 0.31 0.05 28 2 OTD265 651209 4762926 1033.1 5.0 0.35 0.07 636 2 OTD265 651208 4762925 1028.6 5.0 0.32 0.03 67 2 OTD265 651207 4762923 1024.0 5.0 0.47 0.06 33 2 OTD265 651204 4762920 1014.9 5.0 0.47 0.07 18 2 OTD265 651203 4762918 1010.4 5.0 0.87 0.16 11 2 OTD265 651202 4762916 1005.8 5.0 1.19 0.24 21 2 OTD265 651201 4762914 1001.2 5.0 1.11 0.15 7 2 OTD265 651200 4762913 996.7 5.0 0.75 0.27 13 2 OTD265 651198 4762911 992.1 5.0 0.73 0.10 11 2 OTD265 651197 4762910 987.5 5.0 0.53 0.14 5 2 OTD265 651196 4762908 982.9 5.0 0.47 0.22 9 2 OTD265 651195 4762907 978.3 5.0 0.40 0.06 8 2 OTD265 651187 4762896 946.0 5.0 0.45 0.06 122 2 OTD265 651186 4762894 941.3 5.0 0.71 0.07 52 2 OTD265 651185 4762893 936.7 5.0 0.89 0.05 87 2 OTD265 651184 4762891 932.0 5.0 0.89 0.05 38 2 OTD265 651183 4762890 927.3 5.0 0.55 0.08 32 2 OTD265 651182 4762889 922.7 5.0 0.48 0.06 16 2 OTD266 651279 4762749 1112.4 5.0 0.61 0.01 12 2 OTD266 651277 4762747 1108.0 5.0 0.65 0.01 16 2 OTD266 651276 4762746 1103.7 5.0 0.60 0.03 7 2 OTD266 651275 4762744 1099.3 5.0 0.61 0.02 9 2 OTD266 651273 4762742 1095.0 5.0 0.47 0.01 32 2 OTD266 651272 4762740 1090.6 5.0 0.63 0.03 23 2 OTD266 651270 4762738 1086.3 5.0 0.56 0.08 18 2 OTD266 651269 4762736 1081.9 5.0 0.58 0.04 14 2 OTD266 651267 4762733 1077.6 5.0 0.60 0.03 16 2 OTD266 651266 4762731 1073.3 5.0 0.63 0.03 53 2 OTD266 651264 4762729 1069.0 5.0 0.54 0.05 18 2 OTD266 651263 4762727 1064.6 5.0 0.72 0.28 39 2 OTD266 651261 4762726 1060.3 5.0 0.49 0.07 33 2 OTD266 651260 4762724 1056.0 5.0 0.47 0.04 27 2 OTD266 651259 4762722 1051.6 5.0 0.53 0.17 27 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD266 651257 4762719 1047.3 5.0 0.41 0.05 15 2 OTD266 651256 4762717 1043.0 5.0 0.72 0.57 109 2 OTD266 651253 4762713 1034.3 5.0 0.43 0.05 9 2 OTD266 651251 4762711 1030.0 5.0 0.35 0.05 5 2 OTD266 651247 4762706 1017.0 5.0 0.39 0.03 61 2 OTD266 651246 4762704 1012.7 5.0 0.47 0.02 37 2 OTD266 651244 4762702 1008.3 5.0 0.35 0.02 7 2 OTD266 651243 4762700 1004.0 5.0 0.43 0.01 9 2 OTD266 651241 4762698 999.6 5.0 0.52 0.02 5 2 OTD266 651240 4762695 995.3 5.0 0.64 0.12 5 2 OTD266 651238 4762693 990.9 5.0 0.51 0.07 9 2 OTD266 651237 4762691 986.6 5.0 0.54 0.13 17 2 OTD266 651235 4762689 982.2 5.0 0.56 0.09 14 2 OTD266 651234 4762687 977.9 5.0 0.66 0.08 5 2 OTD266 651232 4762685 973.5 5.0 0.55 0.30 5 2 OTD266 651231 4762683 969.2 5.0 0.88 0.13 5 2 OTD266 651229 4762682 964.8 5.0 1.10 0.14 5 2 OTD266 651228 4762680 960.5 5.0 0.46 0.04 5 2 OTD266 651227 4762679 956.9 3.3 0.57 0.05 5 2 OTD268 650503 4763162 109.8 5.0 0.51 0.15 103 4 OTD269 651353 4762693 1111.1 5.0 0.49 0.10 5 2 OTD269 651351 4762692 1106.8 5.0 0.63 0.12 5 2 OTD269 651350 4762690 1102.4 5.0 0.61 0.06 192 2 OTD269 651348 4762688 1098.1 5.0 0.58 0.04 11 2 OTD269 651346 4762686 1093.7 5.0 0.63 0.06 9 2 OTD269 651345 4762684 1089.4 5.0 0.60 0.04 10 2 OTD269 651343 4762682 1085.0 5.0 0.57 0.03 24 2 OTD269 651342 4762680 1080.7 5.0 0.82 0.05 14 2 OTD269 651340 4762678 1076.3 5.0 0.59 0.06 6 2 OTD269 651339 4762676 1071.9 5.0 0.36 0.05 6 2 OTD269 651337 4762674 1067.6 5.0 0.57 0.07 7 2 OTD269 651336 4762672 1063.2 5.0 0.42 0.04 30 2 OTD269 651331 4762667 1050.1 5.0 0.72 0.25 14 2 OTD269 651330 4762665 1045.7 5.0 0.99 0.27 25 2 OTD269 651328 4762663 1041.3 5.0 0.72 0.28 20 2 OTD269 651327 4762661 1037.0 5.0 0.74 0.16 46 2 OTD269 651325 4762659 1032.6 5.0 0.93 0.17 44 2 OTD269 651324 4762657 1028.2 5.0 1.06 0.16 41 2 OTD269 651322 4762655 1023.8 5.0 0.72 0.09 23 2 OTD269 651321 4762654 1019.5 5.0 0.53 0.33 16 2 OTD269 651319 4762652 1015.1 5.0 0.91 0.09 28 2 OTD269 651317 4762650 1010.7 5.0 0.80 0.16 23 2 OTD269 651316 4762648 1006.3 5.0 1.33 1.93 9 2 OTD269 651314 4762646 1002.0 5.0 0.82 0.62 13 2 OTD269 651313 4762644 997.6 5.0 0.85 0.19 5 2 OTD269 651311 4762642 993.2 5.0 0.81 0.14 5 2 OTD269 651310 4762640 988.9 5.0 0.95 0.18 5 2 OTD269 651308 4762639 984.5 5.0 1.06 0.16 9 2 OTD269 651307 4762637 980.1 5.0 0.82 0.15 8 2 OTD269 651305 4762635 975.7 5.0 0.61 0.10 8 2 OTD269 651303 4762633 971.4 5.0 0.58 0.10 13 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD269 651302 4762631 967.0 5.0 0.71 0.11 5 2 OTD269 651283 4762609 914.5 5.0 1.49 0.18 14 2 OTD269 651280 4762605 905.8 5.0 0.39 0.14 5 2 OTD279 651223 4762676 1118.3 5.0 0.85 0.07 6 2 OTD279 651222 4762674 1113.9 5.0 0.58 0.06 12 2 OTD279 651220 4762672 1109.5 5.0 0.55 0.10 12 2 OTD279 651219 4762670 1105.2 5.0 0.39 0.18 8 2 OTD279 651217 4762668 1100.8 5.0 0.49 0.35 20 2 OTD279 651216 4762666 1096.5 5.0 0.49 0.11 7 2 OTD279 651214 4762665 1092.1 5.0 0.37 0.12 5 2 OTD279 651213 4762663 1087.8 5.0 0.35 0.07 5 2 OTD279 651211 4762661 1083.4 5.0 0.41 0.06 11 2 OTD279 651209 4762659 1079.0 5.0 0.56 1.00 13 2 OTD279 651208 4762657 1074.7 5.0 0.45 0.09 5 2 OTD279 651206 4762655 1070.3 5.0 0.43 0.06 10 2 OTD279 651203 4762652 1061.5 5.0 0.48 0.33 13 2 OTD279 651201 4762650 1057.2 5.0 0.39 0.07 5 2 OTD279 651198 4762646 1048.4 5.0 0.61 0.07 10 2 OTD279 651196 4762644 1044.1 5.0 0.80 0.19 5 2 OTD279 651195 4762642 1039.7 5.0 0.97 0.12 5 2 OTD279 651193 4762641 1035.3 5.0 2.29 0.24 10 2 OTD279 651192 4762639 1030.9 5.0 0.92 1.39 6 2 OTD279 651190 4762637 1026.6 5.0 1.41 0.15 12 2 OTD279 651189 4762635 1022.2 5.0 1.26 0.14 6 2 OTD279 651187 4762633 1017.8 5.0 1.16 0.16 6 2 OTD279 651186 4762631 1013.4 5.0 1.18 0.26 5 2 OTD279 651184 4762630 1009.1 5.0 0.63 0.10 5 2 OTD279 651182 4762628 1004.7 5.0 1.59 0.25 7 2 OTD279 651181 4762626 1000.3 5.0 1.05 0.17 5 2 OTD279 651179 4762624 995.9 5.0 0.72 0.15 5 2 OTD279 651178 4762622 991.6 5.0 0.98 0.19 5 2 OTD279 651176 4762620 987.2 5.0 0.86 0.32 5 2 OTD279 651175 4762618 982.8 5.0 0.91 1.14 5 2 OTD279 651173 4762617 978.5 5.0 0.85 0.44 8 2 OTD279 651171 4762615 974.1 5.0 0.38 0.18 21 2 OTD279 651168 4762611 965.3 5.0 0.47 0.12 87 2 OTD279 651167 4762609 961.0 5.0 0.51 0.13 15 2 OTD279 651165 4762607 956.6 5.0 0.58 0.10 5 2 OTD279 651164 4762605 952.2 5.0 0.47 0.14 11 2 OTD279 651160 4762602 943.5 5.0 0.38 0.12 5 2 OTD279 651157 4762598 934.7 5.0 0.30 0.06 39 2 OTD279 651156 4762596 930.4 5.0 0.37 0.07 19 2 OTD279 651154 4762594 926.0 5.0 0.51 0.10 28 2 OTD279 651143 4762582 895.4 5.0 0.34 0.05 73 2 OTD279 651139 4762578 886.6 5.0 0.40 0.04 17 2 OTD279 651138 4762576 882.2 5.0 0.34 0.04 22 2 OTD279 651136 4762574 877.9 5.0 0.41 0.05 38 2 OTD281 651467 4763001 1127.9 5.0 0.45 0.02 23 2 OTD281 651434 4762963 1041.8 5.0 0.52 0.14 27 2 OTD281 651420 4762949 1007.2 5.0 0.30 0.02 24 2 OTD281 651418 4762947 1002.9 5.0 0.36 0.03 32 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD281 651412 4762939 985.7 5.0 0.35 0.02 31 2 OTD281 651410 4762937 981.3 5.0 0.45 0.02 19 2 OTD281 651408 4762935 977.0 5.0 0.31 0.03 17 2 OTD281 651405 4762931 968.4 5.0 0.38 0.06 28 2 OTD281 651403 4762929 964.1 5.0 0.33 0.03 53 2 OTD281 651402 4762927 959.8 5.0 0.35 0.03 45 2 OTD281 651400 4762925 955.5 5.0 0.45 0.04 26 2 OTD281 651395 4762919 942.5 5.0 0.34 0.02 22 2 OTD281 651394 4762917 938.2 5.0 0.42 0.03 50 2 OTD281 651390 4762914 929.5 5.0 0.31 0.03 24 2 OTD281 651389 4762912 925.2 5.0 0.36 0.02 28 2 OTD281 651383 4762907 912.2 5.0 0.31 0.09 19 2 OTD281 651378 4762901 899.3 5.0 0.36 0.17 13 2 OTD281 651376 4762899 895.1 5.0 0.46 0.27 5 2 OTD281 651375 4762897 890.8 5.0 0.41 0.05 71 2 OTD281 651373 4762896 886.5 5.0 0.86 0.12 22 2 OTD281 651343 4762869 822.9 5.0 0.81 0.18 4 2 OTD281 651341 4762867 818.7 5.0 0.41 0.09 5 2 OTD281 651339 4762865 814.6 5.0 0.59 0.09 5 2 OTD281 651337 4762863 810.5 5.0 1.71 0.25 5 2 OTD281 651335 4762861 806.3 5.0 1.08 0.21 5 2 OTD281 651333 4762859 802.2 5.0 0.85 0.27 5 2 OTD281 651331 4762857 798.0 5.0 0.74 0.44 7 2 OTD281 651329 4762855 793.9 5.0 0.59 0.12 5 2 OTD281 651327 4762854 789.8 5.0 0.51 0.26 8 2 OTD281 651324 4762852 785.8 5.0 0.49 0.12 7 2 OTD281 651322 4762850 781.7 5.0 0.64 0.10 5 2 OTD281 651320 4762848 777.6 5.0 0.72 0.18 5 2 OTD281 651318 4762846 773.6 5.0 0.46 0.11 5 2 OTD281 651316 4762844 769.6 5.0 0.36 0.07 7 2 OTD281 651314 4762842 765.5 5.0 0.58 0.14 5 2 OTD281 651309 4762838 757.5 5.0 0.38 0.10 5 2 OTD281 651307 4762836 753.5 5.0 0.70 0.14 5 2 OTD281 651304 4762834 749.6 5.0 0.74 0.16 5 2 OTD281 651302 4762832 745.6 5.0 0.60 0.12 5 2 OTD281 651300 4762830 741.6 5.0 0.60 0.12 8 2 OTD281 651298 4762828 737.6 5.0 0.53 0.10 5 2 OTD281 651295 4762826 733.7 5.0 0.60 0.10 13 2 OTD283 650785 4763028 980.6 5.0 0.33 0.02 5 4 OTD283 650787 4763026 976.6 5.0 0.61 0.01 5 4 OTD283 650789 4763025 972.6 5.0 0.77 0.03 16 4 OTD283 650792 4763022 968.5 5.0 0.47 0.01 11 4 OTD283 650794 4763020 964.5 5.0 0.75 0.07 5 4 OTD283 650796 4763018 960.5 5.0 0.73 0.05 11 4 OTD283 650799 4763017 956.5 5.0 0.59 0.05 13 4 OTD283 650801 4763015 952.5 5.0 0.44 0.03 16 4 OTD283 650803 4763013 948.4 5.0 0.50 0.06 22 4 OTD283 650805 4763011 944.4 5.0 0.41 0.11 9 4 OTD283 650808 4763009 940.4 5.0 0.38 0.03 8 4 OTD283 650810 4763007 936.4 5.0 0.49 0.04 16 4 OTD283 650812 4763006 932.4 5.0 0.44 0.17 16 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD283 650815 4763003 928.3 5.0 0.63 0.06 22 4 OTD283 650817 4763001 924.3 5.0 0.56 0.07 17 4 OTD283 650819 4762999 920.3 5.0 0.48 0.11 18 4 OTD283 650821 4762998 916.3 5.0 0.74 0.04 26 4 OTD283 650824 4762996 912.3 5.0 0.66 0.07 16 4 OTD283 650826 4762994 908.3 5.0 0.83 0.06 41 4 OTD283 650830 4762990 900.2 5.0 0.39 0.04 23 4 OTD283 650837 4762984 888.1 5.0 0.84 0.21 38 4 OTD283 650839 4762982 884.1 5.0 0.56 1.88 22 4 OTD283 650842 4762980 880.1 5.0 0.76 0.56 21 4 OTD283 650844 4762979 876.1 5.0 0.81 0.11 25 4 OTD283 650846 4762977 872.0 5.0 0.97 0.10 22 4 OTD283 650848 4762975 868.0 5.0 0.78 0.27 25 4 OTD283 650851 4762973 864.0 5.0 0.72 0.10 40 4 OTD283 650862 4762963 844.2 5.0 0.62 0.10 67 4 OTD283 650864 4762961 840.3 5.0 0.32 0.08 22 4 OTD283 650869 4762957 832.4 5.0 0.66 0.11 13 4 OTD283 650871 4762954 828.5 5.0 0.31 0.03 5 4 OTD283 650873 4762952 824.6 5.0 0.58 0.07 13 4 OTD283 650876 4762950 820.7 5.0 0.36 0.18 22 4 OTD283 650878 4762948 816.8 5.0 0.31 0.29 21 4 OTD283 650880 4762946 812.9 5.0 0.48 0.23 16 4 OTD283 650883 4762944 809.0 5.0 0.41 0.03 30 4 OTD283 650889 4762937 797.4 5.0 0.54 0.01 21 4 OTD283 650892 4762935 793.5 5.0 0.56 0.04 31 4 OTD283 650894 4762933 789.7 5.0 0.48 0.04 20 4 OTD283 650896 4762931 785.8 5.0 0.45 0.07 12 4 OTD283 650899 4762929 782.0 5.0 0.68 0.05 38 4 OTD291 650788 4763027 864.2 5.0 0.32 0.05 15 4 OTD291 650791 4763025 860.2 5.0 0.33 0.02 6 4 OTD291 650793 4763023 856.3 5.0 0.43 0.03 27 4 OTD291 650795 4763021 852.4 5.0 0.45 0.06 39 4 OTD291 650802 4763015 840.5 5.0 0.43 0.05 22 4 OTD292 650825 4763124 973.5 5.0 0.35 0.10 14 4 OTD292 650841 4763111 951.6 5.0 0.76 0.08 9 4 OTD292 650843 4763109 948.0 5.0 0.71 0.05 12 4 OTD292 650846 4763107 944.3 5.0 0.50 0.03 12 4 OTD292 650852 4763103 937.0 5.0 0.36 0.05 7 4 OTD292 650854 4763100 933.4 5.0 0.56 0.07 13 4 OTD292 650857 4763098 929.8 5.0 0.62 0.03 12 4 OTD292 650860 4763096 926.1 5.0 0.69 0.04 19 4 OTD292 650863 4763094 922.5 5.0 0.70 0.02 13 4 OTD292 650865 4763092 918.8 5.0 0.75 0.03 18 4 OTD292 650868 4763090 915.2 5.0 0.45 0.02 22 4 OTD292 650870 4763089 912.6 2.2 0.46 0.04 17 4 OTD307 650889 4763211 739.8 5.0 0.46 0.07 5 4 OTD307 650893 4763208 732.6 2.5 0.35 0.14 5 4 OTD308 651067 4762826 1119.1 5.0 0.64 0.24 12 2 OTD308 651065 4762828 1114.7 5.0 0.37 0.43 5 2 OTD308 651064 4762829 1110.3 5.0 0.56 0.15 30 2 OTD308 651062 4762831 1106.0 5.0 0.57 0.15 11 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD308 651060 4762832 1101.6 5.0 0.35 0.11 11 2 OTD308 651056 4762835 1092.8 5.0 0.46 1.41 14 2 OTD308 651054 4762836 1088.3 5.0 0.62 1.33 34 2 OTD308 651052 4762837 1083.8 5.0 0.47 0.70 40 2 OTD308 651050 4762839 1079.4 5.0 0.44 7.88 47 2 OTD308 651048 4762840 1075.0 5.0 0.58 0.64 16 2 OTD308 651047 4762841 1070.5 5.0 0.41 0.29 14 2 OTD308 651045 4762843 1066.1 5.0 0.57 0.41 36 2 OTD308 651041 4762845 1057.2 5.0 0.50 0.08 10 2 OTD308 651039 4762846 1052.6 5.0 0.33 0.17 27 2 OTD308 651036 4762849 1043.6 5.0 0.39 0.11 31 2 OTD308 651034 4762850 1039.1 5.0 0.63 0.19 55 2 OTD308 651032 4762851 1034.6 5.0 0.44 0.14 65 2 OTD308 651030 4762853 1030.1 5.0 0.42 0.13 46 2 OTD308 651029 4762854 1025.6 5.0 0.77 0.25 93 2 OTD308 651027 4762855 1021.1 5.0 1.05 0.26 49 2 OTD308 651025 4762857 1016.6 5.0 1.21 0.23 181 2 OTD308 651024 4762858 1012.0 5.0 1.55 0.22 52 2 OTD308 651022 4762859 1006.5 5.0 1.02 0.28 24 3 OTD308 650996 4762878 933.0 5.0 1.17 0.05 167 3 OTD308 650995 4762879 928.3 5.0 1.09 0.05 95 3 OTD308 650991 4762882 914.4 5.0 0.43 0.04 114 3 OTD308 650989 4762883 909.7 5.0 0.49 0.04 53 3 OTD308 650986 4762885 900.4 5.0 0.65 0.04 87 3 OTD308 650985 4762886 895.7 5.0 0.99 0.05 91 3 OTD308 650984 4762887 892.0 3.0 0.95 0.07 69 3 OTD308 650983 4762888 888.3 5.0 0.46 0.04 37 4 OTD308 650981 4762889 883.6 5.0 0.41 0.05 31 4 OTD308 650980 4762891 878.9 5.0 0.38 0.05 28 4 OTD308 650958 4762909 804.2 5.0 0.45 0.05 52 4 OTD311 650746 4762958 853.7 5.0 0.67 0.11 101 4 OTD311 650748 4762956 849.3 5.0 0.42 0.06 25 4 OTD311 650750 4762955 845.0 5.0 0.41 0.11 64 4 OTD311 650752 4762953 840.7 5.0 0.33 0.09 24 4 OTD311 650754 4762952 836.3 5.0 0.68 0.53 39 4 OTD311 650756 4762950 832.0 5.0 0.47 0.51 12 4 OTD311 650762 4762946 818.9 5.0 0.36 0.05 15 4 OTD311 650764 4762944 814.6 5.0 0.34 0.03 9 4 OTD317 650900 4763186 868.9 5.0 0.41 0.03 9 4 OTD317 650902 4763184 864.6 5.0 0.58 0.04 13 4 OTD317 650904 4763183 860.4 5.0 0.54 0.06 40 4 OTD317 650906 4763181 856.1 5.0 0.67 0.04 32 4 OTD317 650908 4763179 851.9 5.0 0.78 0.04 31 4 OTD317 650910 4763177 847.6 5.0 0.78 0.04 49 4 OTD317 650912 4763176 843.4 5.0 0.39 0.02 38 4 OTD317 650914 4763174 839.1 5.0 0.42 0.29 25 4 OTD317 650920 4763168 826.4 5.0 0.42 0.43 36 4 OTD317 650922 4763167 822.2 5.0 0.62 0.23 57 4 OTD317 650924 4763165 818.0 5.0 0.78 0.59 62 4 OTD317 650926 4763163 813.7 5.0 0.96 0.37 41 4 OTD317 650928 4763161 809.5 5.0 0.77 0.09 45 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD317 650930 4763159 805.3 5.0 0.59 0.09 34 4 OTD317 650932 4763158 801.1 5.0 0.72 0.06 42 4 OTD317 650934 4763156 796.8 5.0 0.80 0.10 77 4 OTD317 650936 4763154 792.6 5.0 0.63 0.07 37 4 OTD317 650938 4763152 788.4 5.0 0.67 0.15 61 4 OTD317 650940 4763150 784.2 5.0 0.73 0.11 46 4 OTD317 650942 4763149 780.0 5.0 0.72 0.07 43 4 OTD317 650944 4763147 775.8 5.0 0.73 0.05 54 4 OTD317 650946 4763145 771.7 5.0 0.62 0.04 34 4 OTD317 650948 4763143 767.5 5.0 0.89 0.10 84 4 OTD317 650950 4763141 763.3 5.0 0.58 0.07 126 4 OTD317 650952 4763139 759.1 5.0 0.61 0.08 44 4 OTD317 650954 4763137 755.0 5.0 0.66 0.14 46 4 OTD317 650956 4763136 750.8 5.0 0.38 0.28 19 4 OTD317 650958 4763134 746.6 5.0 0.32 0.19 12 4 OTD317 650960 4763132 742.4 5.0 0.37 0.04 16 4 OTD317 650962 4763130 738.3 5.0 0.38 0.18 8 4 OTD317 650964 4763128 734.1 5.0 0.58 0.22 11 4 OTD317 650966 4763126 730.0 5.0 1.16 0.28 32 4 OTD317 650968 4763124 725.8 5.0 1.19 0.23 15 4 OTD317 650970 4763122 721.7 5.0 0.53 0.06 12 4 OTD317 650976 4763118 710.6 2.0 0.85 0.08 22 4 OTD317 650977 4763116 707.7 5.0 1.12 0.12 21 3 OTD317 650980 4763114 703.6 5.0 0.99 0.10 21 3 OTD317 650982 4763112 699.5 5.0 0.61 0.09 36 3 OTD317 650984 4763110 695.4 5.0 0.60 0.10 36 3 OTD317 650986 4763108 691.3 5.0 0.67 0.18 29 3 OTD317 650988 4763106 687.2 5.0 0.66 0.25 37 3 OTD317 650990 4763105 683.1 5.0 0.68 0.41 42 3 OTD317 650993 4763103 679.0 5.0 0.56 0.08 33 3 OTD317 650995 4763101 675.0 5.0 0.43 0.08 28 3 OTD317 650997 4763099 670.9 5.0 0.69 0.03 16 3 OTD317 650999 4763097 666.8 5.0 0.53 0.03 21 3 OTD317 651001 4763095 662.8 5.0 0.34 0.03 24 3 OTD317 651008 4763089 650.6 5.0 0.30 0.02 31 3 OTD317 651010 4763087 646.6 5.0 0.32 0.03 23 3 OTD325 650958 4763162 960.7 5.0 0.32 0.05 107 4 OTD325 650967 4763157 942.2 5.0 0.32 0.11 11 3 OTD325 650969 4763155 937.8 5.0 0.35 0.30 16 3 OTD325 650971 4763154 933.4 5.0 0.32 0.19 10 3 OTD325 650972 4763153 929.1 5.0 0.34 0.17 14 3 OTD325 650974 4763151 924.7 5.0 0.37 0.13 14 3 OTD325 651017 4763120 828.0 5.0 0.34 0.04 389 3 OTD325 651019 4763119 823.6 5.0 0.36 0.04 489 3 OTD325 651025 4763114 810.4 5.0 0.32 0.03 150 3 OTD325 651029 4763112 801.6 5.0 0.45 0.04 116 3 OTD325 651031 4763110 797.2 5.0 0.33 0.06 266 3 OTD325 651042 4763102 770.9 5.0 0.37 0.01 171 3 OTD325 651048 4763098 757.7 5.0 0.40 0.01 192 3 OTD325 651050 4763096 753.3 5.0 0.40 0.01 278 3 OTD325 651052 4763095 748.9 5.0 0.43 0.01 235 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD325 651054 4763094 744.5 5.0 0.36 0.01 425 3 OTD325 651058 4763091 735.7 5.0 0.42 0.17 21 3 OTD325 651060 4763089 731.3 5.0 0.33 0.03 39 3 OTD325 651062 4763088 726.9 5.0 0.40 0.01 87 3 OTD325 651070 4763083 709.4 5.0 0.47 0.03 55 3 OTD325 651072 4763081 705.0 5.0 0.37 0.03 82 3 OTD325 651074 4763079 700.6 5.0 0.36 0.03 66 3 OTD325 651076 4763078 696.2 5.0 0.69 0.04 118 3 OTD325 651077 4763077 691.8 5.0 0.57 0.04 47 3 OTD325 651079 4763075 687.4 5.0 0.53 0.04 1207 3 OTD325 651081 4763074 683.0 5.0 0.42 0.04 79 3 OTD325 651083 4763073 678.6 5.0 0.50 0.05 60 3 OTD325 651085 4763071 674.2 5.0 0.53 0.06 62 3 OTD325 651087 4763070 669.8 5.0 0.56 0.08 61 3 OTD325 651089 4763068 665.4 5.0 0.82 0.14 32 3 OTD325 651091 4763067 661.0 5.0 1.01 0.14 121 3 OTD325 651093 4763066 656.6 5.0 0.47 0.07 108 3 OTD325 651095 4763064 652.2 5.0 0.48 0.06 112 3 OTD325 651097 4763063 647.8 5.0 0.64 0.06 109 3 OTD325 651099 4763062 643.4 5.0 0.59 0.06 97 3 OTD325 651101 4763060 639.0 5.0 0.48 0.13 128 3 OTD326 650967 4763281 830.9 5.0 0.31 0.05 31 4 OTD326 650969 4763279 826.4 5.0 0.35 0.02 31 4 OTD326 650987 4763268 781.1 5.0 0.32 0.03 35 4 OTD326 650991 4763266 772.0 5.0 0.37 0.02 54 4 OTD326 650993 4763265 767.5 5.0 0.33 0.01 53 4 OTD331 650617 4762748 898.2 5.0 0.49 0.02 14 4 OTD331 650618 4762747 893.6 5.0 0.33 0.01 11 4 OTRCD149 651265 4762876 1119.1 5.0 0.49 0.03 5 2 OTRCD149 651263 4762874 1115.0 5.0 0.34 0.05 5 2 OTRCD149 651260 4762873 1110.9 5.0 0.77 0.13 5 2 OTRCD149 651258 4762871 1106.8 5.0 2.38 0.39 5 2 OTRCD149 651256 4762869 1102.7 5.0 2.73 0.42 5 2 OTRCD149 651254 4762867 1098.6 5.0 2.28 0.46 5 2 OTRCD149 651251 4762866 1094.5 5.0 2.17 0.34 5 2 OTRCD149 651249 4762864 1090.4 5.0 1.36 0.15 5 2 OTRCD149 651247 4762862 1086.2 5.0 2.38 0.20 5 2 OTRCD149 651245 4762861 1082.1 5.0 1.31 0.17 5 2 OTRCD149 651242 4762859 1078.0 5.0 1.12 0.10 5 2 OTRCD149 651240 4762857 1073.9 5.0 0.91 0.08 5 2 OTRCD149 651238 4762856 1069.8 5.0 0.66 0.05 5 2 OTRCD149 651235 4762854 1065.6 5.0 0.63 0.05 5 2 OTRCD149 651233 4762853 1061.5 5.0 0.42 0.04 5 2 OTRCD149 651213 4762836 1024.7 5.0 0.45 0.03 5 2 OTRCD149 651202 4762826 1004.3 5.0 0.52 0.04 5 2 OTRCD149 651200 4762824 1000.3 5.0 0.65 0.04 5 2 OTRCD149 651198 4762822 996.2 5.0 0.41 0.05 5 2 OTRCD149 651196 4762820 992.2 5.0 0.48 0.09 5 2 OTRCD149 651193 4762818 988.1 5.0 0.44 0.23 5 2 OTRCD149 651191 4762816 984.1 5.0 0.36 0.26 5 2 OTRCD149 651189 4762815 980.0 5.0 0.39 0.76 5 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTRCD149 651187 4762813 976.0 5.0 0.32 0.44 5 2 OTRCD149 651185 4762811 971.9 5.0 0.73 0.28 5 2 OTRCD149 651183 4762809 967.9 5.0 0.72 0.18 5 2 OTRCD149 651180 4762807 963.8 5.0 0.57 0.43 5 2 OTRCD149 651176 4762803 955.7 5.0 0.77 0.17 5 2 OTRCD149 651174 4762801 951.6 5.0 0.59 0.44 5 2 OTRCD149 651171 4762800 947.6 5.0 0.69 0.39 5 2 OTRCD149 651169 4762798 943.5 5.0 0.69 0.25 5 2 OTRCD149 651167 4762796 939.4 5.0 0.68 0.15 5 2 OTRCD149 651160 4762790 927.2 5.0 0.62 0.24 5 2 OTRCD149 651158 4762789 923.2 5.0 0.53 0.13 5 2 OTRCD149 651155 4762787 919.1 5.0 0.64 0.99 5 2 OTRCD149 651153 4762785 915.1 5.0 0.63 1.06 5 2 OTRCD149 651151 4762783 911.0 5.0 0.62 0.34 5 2 OTRCD149 651148 4762782 907.0 5.0 0.34 0.16 5 2 OTRCD149 651146 4762780 902.9 5.0 0.58 0.34 5 2 OTRCD149 651144 4762778 898.9 5.0 0.45 0.48 5 2 OTRCD149 651141 4762776 894.8 5.0 0.47 0.37 5 2 OTRCD149 651139 4762775 890.8 5.0 0.65 0.46 5 2 OTRCD149 651136 4762773 886.8 5.0 0.57 0.26 5 2 OTRCD149 651134 4762771 882.8 5.0 0.41 0.18 5 2 OTRCD149 651132 4762769 878.8 5.0 0.45 0.29 5 2 OTRCD149 651129 4762768 874.8 5.0 0.31 0.34 5 2 OTRCD149 651114 4762757 850.9 5.0 0.35 0.13 5 2 OTRCD149 651112 4762755 846.9 5.0 0.53 0.21 5 2 OTRCD149 651109 4762754 843.0 5.0 0.50 0.16 5 2 OTRCD152 651411 4762790 1108.1 5.0 0.61 0.04 5 2 OTRCD152 651409 4762788 1104.0 5.0 0.55 0.03 5 2 OTRCD152 651408 4762786 1099.9 5.0 0.51 0.03 5 2 OTRCD152 651387 4762763 1054.3 5.0 0.46 0.01 3 2 OTRCD152 651385 4762760 1050.1 5.0 0.55 0.01 5 2 OTRCD152 651369 4762742 1012.5 5.0 0.48 0.07 12 2 OTRCD152 651367 4762740 1008.4 5.0 0.54 1.14 32 2 OTRCD152 651363 4762736 1000.0 5.0 0.33 0.07 5 2 OTRCD152 651361 4762734 995.8 5.0 0.39 0.06 9 2 OTRCD152 651359 4762732 991.6 5.0 0.39 0.04 12 2 OTRCD152 651358 4762730 987.4 5.0 0.65 0.05 5 2 OTRCD152 651356 4762728 983.3 5.0 0.40 0.05 7 2 OTRCD152 651354 4762726 979.1 5.0 0.45 0.14 11 2 OTRCD152 651352 4762724 974.9 5.0 0.43 0.05 5 2 OTRCD152 651350 4762722 970.7 5.0 0.43 0.08 5 2 OTRCD152 651348 4762720 966.5 5.0 0.37 0.05 5 2 OTRCD152 651346 4762718 962.4 5.0 0.43 0.04 5 2 OTRCD152 651344 4762716 958.2 5.0 0.33 0.05 5 2 OTRCD152 651342 4762714 954.0 5.0 0.30 0.03 5 2 OTRCD152 651341 4762712 949.9 5.0 0.42 0.05 5 2 OTRCD152 651339 4762710 945.7 5.0 0.54 0.03 9 2 OTRCD152 651337 4762708 941.5 5.0 0.61 0.07 5 2 OTRCD152 651335 4762706 937.4 5.0 0.42 0.07 5 2 OTRCD152 651331 4762702 929.0 5.0 0.32 0.03 5 2 OTRCD152 651329 4762700 924.9 5.0 0.46 0.03 5 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTRCD152 651327 4762698 920.7 5.0 0.45 0.23 5 2 OTRCD152 651325 4762696 916.6 5.0 0.35 0.04 5 2 OTRCD152 651317 4762688 900.0 5.0 0.31 0.05 5 2 OTRCD152 651315 4762686 895.9 5.0 0.35 0.24 5 2 OTRCD152 651313 4762684 891.7 5.0 0.54 0.57 5 2 OTRCD152 651311 4762682 887.6 5.0 0.40 0.10 5 2 OTRCD152 651309 4762680 883.5 5.0 0.56 0.07 5 2 OTRCD152 651306 4762678 879.4 5.0 0.62 0.05 5 2 OTRCD152 651304 4762677 875.2 5.0 0.58 0.03 5 2 OTRCD152 651302 4762675 871.1 5.0 0.55 0.04 5 2 OTRCD152 651300 4762673 867.0 5.0 0.39 0.02 9 2 OTRCD152 651298 4762671 862.9 5.0 0.35 0.12 7 2 OTRCD152 651296 4762669 858.8 5.0 0.44 0.44 11 2 OTRCD152 651294 4762667 854.7 5.0 0.35 1.17 5 2 OTRCD152 651291 4762665 850.6 5.0 0.72 0.62 9 2 OTRCD152 651289 4762664 846.5 5.0 0.47 1.31 9 2 OTRCD152 651287 4762662 842.4 5.0 0.39 0.07 5 2 OTRCD152 651285 4762660 838.3 5.0 0.60 0.17 5 2 OTRCD152 651283 4762658 834.2 5.0 0.36 0.61 8 2 OTRCD152 651280 4762656 830.1 5.0 0.44 0.07 5 2 OTRCD152 651278 4762654 826.0 5.0 0.55 0.09 5 2 OTRCD152 651276 4762652 821.9 5.0 0.39 0.16 5 2 OTRCD152 651274 4762650 817.8 5.0 0.32 0.05 16 2 OTRCD152 651272 4762648 813.8 5.0 0.33 0.11 5 2 OTRCD152 651268 4762645 805.6 5.0 0.34 0.16 33 2 OTRCD152 651266 4762643 801.5 5.0 0.34 0.12 18 2 OTRCD152 651263 4762641 797.4 5.0 0.74 0.59 7 2 OTRCD152 651257 4762635 785.1 5.0 0.51 0.23 9 2 OTRCD152 651255 4762633 781.0 5.0 0.37 0.14 6 2 OTRCD152 651253 4762631 776.9 5.0 0.32 0.06 6 2 OTRCD152 651251 4762629 772.8 5.0 0.53 0.09 5 2
TABLE B.3: CENTRAL OYU COMPOSITED ASSAY VALUES (FOR VALUES >=0.30 Cu %) A negative value denotes "no assay value"; Domain code descriptions are in Table 17.1
DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD001 651026 4763893 1139.4 5.0 1.24 0.06 5 5 OTD001 651026 4763894 1134.6 5.0 0.74 0.01 5 5 OTD001 651026 4763896 1129.7 5.0 0.72 0.01 5 5 OTD001 651026 4763897 1124.9 5.0 0.64 0.01 5 5 OTD001 651025 4763898 1120.1 5.0 0.77 0.15 5 5 OTD001 651025 4763899 1116.2 3.0 0.99 0.24 5 5 OTD001 651025 4763900 1112.4 5.0 0.44 0.02 5 1 OTD001 651025 4763901 1107.5 5.0 0.33 0.05 5 1 OTD001 651025 4763903 1102.7 5.0 0.50 0.07 5 1 OTD001 651024 4763904 1097.9 5.0 0.46 0.09 5 1 OTD001 651024 4763905 1093.0 5.0 0.46 0.01 5 1 OTD001 651024 4763908 1083.4 5.0 0.39 0.09 5 1 OTD001 651023 4763909 1078.5 5.0 0.63 0.05 5 1 OTD001 651023 4763912 1068.9 5.0 0.38 0.08 5 1 OTD001 651023 4763913 1064.1 5.0 0.47 0.13 5 1 OTD001 651023 4763914 1059.2 5.0 0.45 0.04 5 1 OTD001 651022 4763915 1054.4 5.0 0.38 0.01 5 1 OTD001 651022 4763917 1049.6 5.0 0.40 0.03 5 1 OTD001 651022 4763918 1044.7 5.0 0.62 0.03 5 1 OTD001 651022 4763919 1039.9 5.0 0.39 0.07 5 1 OTD003 651029 4764044 1149.0 5.0 1.82 0.20 5 5 OTD003 651029 4764044 1144.0 5.0 2.34 0.11 5 5 OTD003 651029 4764044 1139.0 5.0 1.45 0.07 5 5 OTD003 651029 4764044 1134.0 5.0 1.40 0.06 5 5 OTD003 651029 4764044 1129.0 5.0 2.13 0.08 5 5 OTD003 651029 4764044 1124.0 5.0 2.11 0.11 5 5 OTD003 651029 4764044 1119.0 5.0 0.83 0.04 5 5 OTD003 651029 4764044 1115.0 3.0 0.49 0.05 5 5 OTD003 651029 4764044 1097.0 5.0 0.38 0.01 5 1 OTD003 651029 4764044 1092.0 5.0 0.44 0.01 5 1 OTD003 651029 4764044 1087.0 5.0 0.31 0.03 5 1 OTD003 651029 4764044 1082.0 5.0 0.48 0.01 5 1 OTD003 651029 4764044 1077.0 5.0 0.45 0.01 5 1 OTD003 651029 4764044 1033.0 5.0 0.45 0.01 5 1 OTD003 651029 4764044 1028.0 5.0 0.74 0.03 5 1 OTD003 651029 4764044 1023.0 5.0 0.48 0.08 5 1 OTD003 651029 4764044 1018.0 5.0 0.91 0.14 5 1 OTD003 651029 4764044 1013.0 5.0 0.63 0.08 5 1 OTD003 651029 4764044 1008.0 5.0 0.60 0.14 5 1 OTD003 651029 4764044 1003.0 5.0 0.46 0.03 5 1 OTD003 651029 4764044 998.0 5.0 0.39 0.04 5 1 OTD003 651029 4764044 993.0 5.0 0.78 0.03 5 2 OTD003 651029 4764044 988.0 5.0 1.02 0.04 5 2 OTD003 651029 4764044 984.4 2.3 1.04 0.09 5 2 OTD013 651275 4764277 1114.5 5.0 0.96 0.13 5 5 OTD013 651275 4764276 1109.8 5.0 0.66 0.16 5 5 OTD013 651275 4764274 1105.1 5.0 0.55 0.16 5 5 OTD013 651275 4764272 1100.4 5.0 0.46 0.17 5 5 OTD013 651275 4764271 1095.7 5.0 0.43 0.19 5 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD013 651275 4764269 1091.0 5.0 0.32 0.11 5 5 OTD013 651275 4764267 1086.3 5.0 0.32 0.10 5 5 OTD013 651275 4764266 1081.6 5.0 0.46 0.09 5 5 OTD013 651275 4764264 1078.3 2.0 0.33 0.05 5 5 OTD013 651275 4764259 1063.7 5.0 0.48 0.10 5 1 OTD013 651275 4764257 1059.0 5.0 0.40 0.08 5 1 OTD013 651275 4764256 1054.3 5.0 0.62 0.31 5 1 OTD013 651275 4764254 1049.7 5.0 0.59 0.10 5 1 OTD013 651275 4764252 1044.9 5.0 0.37 0.04 5 1 OTD013 651275 4764249 1035.5 5.0 0.46 0.05 5 1 OTD013 651275 4764247 1030.8 5.0 0.34 0.05 5 1 OTD013 651275 4764244 1021.5 5.0 0.40 0.06 5 1 OTD013 651275 4764240 1012.1 5.0 0.39 0.04 5 1 OTD013 651275 4764235 998.0 5.0 0.31 0.06 5 1 OTD013 651275 4764233 993.3 5.0 0.41 0.07 5 1 OTD013 651275 4764230 983.9 5.0 0.30 0.06 5 1 OTD013 651275 4764228 979.2 5.0 0.38 0.06 5 1 OTD013 651275 4764227 975.0 3.9 0.38 0.06 5 1 OTD159 651132 4764192 1111.6 5.0 1.65 0.18 76 5 OTD159 651132 4764192 1106.6 5.0 1.66 0.32 445 5 OTD159 651132 4764192 1101.6 5.0 1.66 0.35 184 5 OTD159 651132 4764192 1096.6 5.0 1.15 0.18 111 5 OTD159 651132 4764192 1091.6 5.0 1.68 0.15 129 5 OTD159 651132 4764192 1086.6 5.0 1.16 0.11 148 5 OTD159 651132 4764192 1081.6 5.0 0.56 0.17 68 5 OTD159 651132 4764192 1076.9 4.5 0.52 0.10 74 5 OTD159 651131 4764193 1072.1 5.0 0.74 0.30 70 1 OTD159 651131 4764193 1067.1 5.0 0.79 0.22 71 1 OTD159 651131 4764193 1062.1 5.0 0.41 0.10 72 1 OTD159 651131 4764193 1052.1 5.0 0.61 0.08 100 1 OTD159 651131 4764193 1047.1 5.0 0.68 0.11 86 1 OTD159 651131 4764193 1042.1 5.0 0.83 0.17 199 1 OTD159 651131 4764193 1037.1 5.0 0.69 0.12 137 1 OTD159 651131 4764193 1032.1 5.0 0.57 0.07 95 1 OTD159 651131 4764193 1027.1 5.0 0.59 0.08 108 1 OTD159 651131 4764193 1022.1 5.0 0.42 0.07 94 1 OTD159 651131 4764193 1017.1 5.0 0.44 0.11 118 1 OTD159 651131 4764193 1012.1 5.0 0.48 0.12 261 1 OTD159 651131 4764193 1007.1 5.0 0.37 0.07 144 1 OTD159 651131 4764193 1002.1 5.0 0.39 0.06 161 1 OTD159 651131 4764192 997.1 5.0 0.37 0.06 141 1 OTD159 651131 4764192 992.1 5.0 0.38 0.07 109 1 OTD159 651130 4764192 987.1 5.0 0.44 0.06 157 1 OTD159 651130 4764192 982.1 5.0 0.46 0.09 511 1 OTD159 651130 4764192 977.1 5.0 0.60 0.07 153 1 OTD159 651130 4764192 972.1 5.0 0.75 0.16 118 1 OTD159 651130 4764192 967.1 5.0 0.66 0.16 172 1 OTD159 651130 4764192 961.6 5.0 0.83 0.25 193 2 OTD159 651130 4764192 956.6 5.0 1.23 0.14 137 2 OTD159 651130 4764192 951.6 5.0 0.74 0.13 183 1 OTD159 651130 4764192 946.6 5.0 0.69 0.08 174 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD159 651130 4764192 941.6 5.0 0.53 0.08 302 1 OTD159 651130 4764192 931.6 5.0 0.33 0.04 123 1 OTD159 651129 4764192 911.6 5.0 0.73 0.13 164 1 OTD159 651129 4764192 906.6 5.0 0.80 0.13 252 1 OTD159 651129 4764192 901.6 5.0 0.83 0.07 93 1 OTD159 651129 4764192 896.6 5.0 0.81 0.11 524 1 OTD159 651129 4764192 891.6 5.0 0.50 0.05 85 1 OTD159 651129 4764192 886.6 5.0 0.81 0.07 185 1 OTD159 651129 4764192 881.7 5.0 0.75 0.07 168 1 OTD159 651129 4764192 876.7 5.0 0.57 0.10 106 1 OTD159 651129 4764192 871.7 5.0 0.94 0.12 86 1 OTD159 651129 4764192 866.7 5.0 0.38 0.08 220 1 OTD159 651129 4764192 861.7 5.0 0.76 0.10 115 1 OTD159 651129 4764192 856.7 5.0 0.64 0.17 145 1 OTD159 651129 4764192 851.7 5.0 0.76 0.13 310 1 OTD159 651129 4764192 846.7 5.0 0.81 0.15 166 1 OTD159 651128 4764192 841.7 5.0 1.18 0.21 269 1 OTD159 651128 4764192 836.7 5.0 1.27 0.30 360 1 OTD159 651128 4764192 831.7 5.0 0.75 0.32 145 1 OTD159 651128 4764192 826.7 5.0 0.63 0.18 77 1 OTD159 651128 4764192 821.7 5.0 0.63 0.20 201 1 OTD159 651128 4764192 816.7 5.0 0.47 0.17 110 1 OTD159 651128 4764192 811.7 5.0 0.34 0.19 144 1 OTD159 651128 4764192 806.7 5.0 0.31 0.10 104 1 OTD159 651128 4764193 796.7 5.0 0.92 0.16 115 1 OTD159 651128 4764193 791.7 5.0 1.25 0.19 102 1 OTD159 651128 4764193 786.7 5.0 0.65 0.22 81 1 OTD159 651128 4764193 781.7 5.0 0.34 0.29 111 1 OTD159 651128 4764193 776.7 5.0 0.73 0.24 62 1 OTD159 651128 4764193 771.7 5.0 0.58 0.12 40 1 OTD159 651128 4764193 766.7 5.0 0.83 0.12 51 1 OTD159 651128 4764193 761.7 5.0 0.50 0.20 293 1 OTD159 651128 4764193 756.7 5.0 0.78 0.15 163 1 OTD159 651128 4764193 751.7 5.0 0.67 0.16 296 1 OTD159 651128 4764193 746.7 5.0 0.52 0.09 728 1 OTD159 651128 4764194 742.2 4.0 0.44 0.09 459 1 OTD187 650829 4764133 1104.6 5.0 0.93 0.36 31 5 OTD187 650829 4764130 1100.3 5.0 0.78 0.32 25 5 OTD187 650829 4764128 1095.9 5.0 0.60 0.33 7 5 OTD187 650829 4764125 1091.5 5.0 0.42 0.23 10 5 OTD187 650829 4764123 1087.2 5.0 0.47 0.27 8 5 OTD187 650830 4764120 1082.8 5.0 0.45 0.28 10 5 OTD187 650830 4764119 1079.7 2.0 0.72 0.47 18 5 OTD187 650830 4764117 1076.7 5.0 0.45 0.35 9 3 OTD187 650830 4764115 1072.3 5.0 0.90 0.43 15 3 OTD187 650830 4764112 1067.9 5.0 0.89 0.42 40 3 OTD187 650830 4764110 1063.6 5.0 0.57 0.39 8 3 OTD187 650831 4764108 1059.2 5.0 0.44 0.29 8 3 OTD187 650831 4764105 1054.9 5.0 0.33 0.25 8 3 OTD187 650831 4764103 1050.5 5.0 0.33 0.23 5 3 OTD187 650831 4764100 1046.2 5.0 0.41 0.29 5 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD187 650832 4764098 1041.9 5.0 0.59 0.47 6 3 OTD187 650832 4764095 1037.6 5.0 0.55 0.48 13 3 OTD187 650832 4764093 1033.3 5.0 0.46 0.35 8 3 OTD187 650832 4764090 1029.0 5.0 0.56 0.37 7 3 OTD187 650832 4764088 1024.7 5.0 0.43 0.38 5 3 OTD187 650833 4764085 1020.4 5.0 0.48 0.35 5 3 OTD187 650833 4764083 1016.0 5.0 0.39 0.31 6 3 OTD187 650833 4764080 1011.7 5.0 0.69 0.47 6 3 OTD187 650833 4764078 1007.4 5.0 0.58 0.53 5 3 OTD187 650834 4764075 1003.1 5.0 0.60 0.60 6 3 OTD187 650834 4764073 998.8 5.0 0.83 0.52 18 3 OTD187 650834 4764070 994.5 5.0 0.45 0.26 20 3 OTD187 650834 4764067 990.2 5.0 0.62 0.45 31 3 OTD187 650835 4764065 985.9 5.0 0.82 0.72 26 3 OTD187 650835 4764063 982.0 4.0 0.94 0.76 42 3 OTD187 650835 4764058 974.7 5.0 0.67 0.69 29 3 OTD187 650836 4764056 970.4 5.0 0.62 0.31 41 3 OTD187 650836 4764053 966.0 5.0 0.30 0.04 66 3 OTD187 650836 4764051 961.7 5.0 0.49 0.14 63 3 OTD187 650836 4764047 955.6 5.0 0.42 0.16 56 1 OTD187 650837 4764045 951.3 5.0 0.43 0.07 74 1 OTD187 650837 4764040 942.6 5.0 0.31 0.11 39 1 OTD187 650837 4764037 938.3 5.0 0.44 0.13 33 1 OTD187 650837 4764035 934.8 3.0 0.41 0.05 20 1 OTD187 650840 4764000 872.6 5.0 0.56 0.78 119 3 OTD187 650841 4763997 868.3 5.0 0.83 0.64 140 3 OTD187 650841 4763995 863.9 5.0 0.83 0.99 65 3 OTD187 650841 4763992 859.6 5.0 0.59 0.25 39 3 OTD187 650841 4763989 855.3 5.0 0.60 0.13 35 3 OTD187 650841 4763987 850.9 5.0 0.57 0.77 186 3 OTD187 650842 4763984 846.6 5.0 0.62 1.69 33 3 OTD187 650842 4763982 842.3 5.0 1.05 1.88 24 3 OTD187 650842 4763979 837.9 5.0 0.87 1.04 18 3 OTD187 650842 4763977 833.6 5.0 0.75 1.29 13 3 OTD187 650842 4763974 829.3 5.0 0.81 0.58 25 3 OTD187 650843 4763972 824.9 5.0 0.80 1.67 134 3 OTD187 650843 4763969 820.6 5.0 1.82 4.13 39 3 OTD187 650843 4763967 816.3 5.0 1.55 3.05 137 3 OTD187 650843 4763964 812.0 5.0 0.64 1.68 24 3 OTD187 650843 4763962 807.6 5.0 1.09 1.75 18 3 OTD187 650843 4763960 803.3 5.0 0.79 2.15 25 3 OTD187 650844 4763957 799.0 5.0 0.83 1.58 32 3 OTD187 650844 4763955 794.6 5.0 0.87 1.27 20 3 OTD187 650844 4763952 790.3 5.0 0.63 1.22 20 3 OTD192 651021 4763987 1140.6 5.0 0.47 0.03 28 5 OTD192 651022 4763987 1135.9 5.0 1.51 0.04 39 5 OTD192 651024 4763986 1131.2 5.0 1.10 0.03 33 5 OTD192 651034 4763979 1097.4 5.0 0.63 0.04 36 1 OTD192 651036 4763978 1092.7 5.0 0.55 0.04 22 1 OTD192 651037 4763977 1088.0 5.0 0.56 0.06 25 1 OTD192 651039 4763977 1083.3 5.0 0.53 0.04 28 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD192 651040 4763976 1078.7 5.0 0.53 0.04 33 1 OTD192 651042 4763975 1074.0 5.0 0.62 0.07 161 1 OTD192 651043 4763974 1069.3 5.0 0.68 0.01 26 1 OTD192 651045 4763973 1064.6 5.0 0.63 0.09 25 1 OTD192 651048 4763971 1055.2 5.0 0.61 0.08 40 1 OTD192 651050 4763971 1050.6 5.0 0.40 0.05 36 1 OTD192 651051 4763970 1045.9 5.0 0.32 0.10 30 1 OTD192 651053 4763969 1041.2 5.0 0.39 0.05 38 1 OTD192 651054 4763968 1036.5 5.0 0.40 0.08 167 1 OTD192 651056 4763967 1031.8 5.0 0.55 0.20 43 1 OTD192 651057 4763966 1027.2 5.0 0.40 0.11 76 1 OTD192 651059 4763965 1022.5 5.0 0.35 0.14 66 1 OTD192 651060 4763964 1017.8 5.0 0.51 0.21 37 1 OTD192 651062 4763963 1013.1 5.0 0.51 0.16 35 1 OTD192 651063 4763963 1008.5 5.0 0.75 0.08 88 1 OTD192 651065 4763962 1003.8 5.0 0.51 0.15 44 1 OTD192 651067 4763961 999.1 5.0 0.37 0.12 179 1 OTD192 651068 4763960 994.4 5.0 0.54 0.09 62 1 OTD192 651070 4763959 989.8 5.0 0.51 0.07 69 1 OTD192 651071 4763958 985.1 5.0 0.65 0.11 82 1 OTD192 651073 4763957 980.4 5.0 0.56 0.09 224 1 OTD192 651074 4763956 975.8 5.0 0.53 0.08 315 1 OTD192 651076 4763955 971.1 5.0 0.55 0.09 106 1 OTD192 651078 4763955 966.4 5.0 0.69 0.09 55 1 OTD192 651079 4763954 961.8 5.0 0.65 0.07 54 1 OTD192 651081 4763953 957.1 5.0 0.57 0.05 147 1 OTD192 651082 4763952 952.4 5.0 0.73 0.09 45 1 OTD192 651084 4763951 947.8 5.0 0.54 0.16 46 1 OTD192 651086 4763950 943.1 5.0 0.47 0.22 130 1 OTD192 651087 4763950 938.4 5.0 0.44 0.13 26 1 OTD192 651089 4763949 933.7 5.0 0.51 0.19 19 1 OTD192 651090 4763948 930.5 2.0 0.48 0.06 21 1 OTD192 651112 4763937 865.6 5.0 0.75 0.10 10 3 OTD192 651113 4763936 860.9 5.0 0.51 0.11 14 3 OTD192 651115 4763935 856.3 5.0 0.45 0.10 20 3 OTD192 651117 4763934 851.6 5.0 0.72 0.13 6 3 OTD192 651118 4763934 846.9 5.0 0.48 0.08 20 3 OTD192 651120 4763933 842.2 5.0 0.81 0.15 33 3 OTD192 651121 4763932 837.6 5.0 0.72 0.10 121 3 OTD192 651123 4763931 832.9 5.0 0.85 0.13 130 3 OTD192 651124 4763930 828.2 5.0 0.67 0.14 158 3 OTD192 651126 4763929 823.6 5.0 0.48 0.10 107 3 OTD192 651128 4763929 818.9 5.0 0.42 0.12 105 3 OTD192 651129 4763928 815.2 3.0 0.36 0.07 132 3 OTD192 651167 4763907 703.3 5.0 0.43 0.11 60 3 OTD192 651169 4763906 698.7 5.0 0.47 0.03 13 3 OTD192 651170 4763905 694.0 5.0 0.54 0.04 26 3 OTD192 651172 4763904 689.3 5.0 0.70 0.09 63 3 OTD192 651173 4763903 684.6 5.0 0.66 0.05 211 3 OTD192 651175 4763902 680.0 5.0 0.57 0.05 84 3 OTD192 651176 4763901 675.3 5.0 0.73 0.06 24 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD192 651178 4763900 670.6 5.0 0.45 0.04 33 3 OTD192 651180 4763898 662.2 3.0 0.34 0.03 63 3 OTD193 651325 4764316 1120.7 5.0 1.15 0.21 144 5 OTD193 651325 4764313 1116.4 5.0 0.68 0.07 156 5 OTD193 651325 4764311 1112.2 5.0 0.66 0.08 130 5 OTD193 651325 4764308 1107.9 5.0 0.60 0.07 115 5 OTD193 651325 4764306 1103.6 5.0 0.48 0.08 99 5 OTD193 651325 4764303 1099.3 5.0 0.80 0.08 128 5 OTD193 651324 4764300 1095.0 5.0 0.90 0.09 96 5 OTD193 651324 4764298 1090.7 5.0 0.72 0.09 46 5 OTD193 651324 4764295 1086.4 5.0 0.48 0.06 90 5 OTD193 651324 4764292 1081.2 5.0 0.40 0.05 148 1 OTD193 651324 4764290 1076.9 5.0 0.41 0.05 125 1 OTD193 651324 4764288 1072.6 5.0 0.52 0.08 108 1 OTD193 651324 4764285 1068.2 5.0 0.49 0.08 90 1 OTD193 651324 4764283 1063.9 5.0 0.46 0.08 93 1 OTD193 651324 4764280 1059.6 5.0 0.49 0.08 73 1 OTD193 651324 4764278 1056.1 3.0 0.96 0.09 61 1 OTD193 651323 4764276 1052.7 5.0 1.41 0.09 74 2 OTD193 651323 4764274 1048.3 5.0 0.90 0.06 48 2 OTD193 651323 4764271 1044.0 5.0 1.31 0.07 59 2 OTD193 651323 4764269 1039.7 5.0 1.57 0.09 72 2 OTD193 651323 4764266 1035.3 5.0 0.84 0.07 76 2 OTD193 651323 4764264 1031.0 5.0 0.73 0.06 128 2 OTD193 651323 4764261 1026.7 5.0 0.89 0.04 62 2 OTD193 651322 4764259 1022.3 5.0 1.59 0.07 122 2 OTD193 651322 4764256 1018.0 5.0 1.93 0.06 110 2 OTD193 651322 4764254 1013.7 5.0 2.45 0.08 155 2 OTD193 651322 4764251 1009.3 5.0 1.65 0.06 111 2 OTD193 651322 4764249 1005.0 5.0 1.50 0.06 103 2 OTD193 651322 4764246 1000.7 5.0 1.47 0.08 141 2 OTD193 651321 4764244 996.4 5.0 2.63 0.09 88 2 OTD193 651321 4764241 992.0 5.0 1.11 0.05 84 2 OTD193 651321 4764239 987.7 5.0 1.19 0.06 155 2 OTD193 651321 4764236 982.5 5.0 0.44 0.04 56 1 OTD193 651321 4764233 978.2 5.0 0.37 0.03 65 1 OTD193 651321 4764231 973.8 5.0 0.47 0.06 89 1 OTD193 651321 4764228 969.5 5.0 0.46 0.08 93 1 OTD193 651321 4764226 965.2 5.0 0.49 0.07 112 1 OTD193 651320 4764223 960.8 5.0 0.44 0.11 148 1 OTD193 651320 4764221 956.5 5.0 0.45 0.20 123 1 OTD193 651320 4764218 952.2 5.0 0.38 0.18 124 1 OTD196 650927 4764166 1120.6 5.0 2.76 0.25 18 5 OTD196 650927 4764164 1116.3 5.0 2.19 0.31 43 5 OTD196 650927 4764161 1111.9 5.0 2.59 0.16 39 5 OTD196 650927 4764159 1107.5 5.0 2.11 0.35 39 5 OTD196 650927 4764157 1103.2 5.0 1.97 0.21 31 5 OTD196 650927 4764154 1098.0 5.0 0.48 0.06 40 1 OTD196 650927 4764151 1093.6 5.0 0.42 0.01 9 1 OTD196 650927 4764149 1089.2 5.0 0.46 0.06 5 1 OTD196 650927 4764146 1084.8 5.0 0.51 0.12 5 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD196 650927 4764144 1080.5 5.0 0.34 0.02 11 1 OTD196 650927 4764142 1076.1 5.0 0.56 0.03 8 1 OTD196 650927 4764139 1071.7 5.0 0.65 0.02 15 1 OTD196 650926 4764137 1067.4 5.0 0.64 0.04 5 1 OTD196 650926 4764134 1063.0 5.0 0.57 0.05 15 1 OTD196 650926 4764132 1058.6 5.0 0.56 0.01 8 1 OTD196 650926 4764129 1054.2 5.0 0.57 0.02 13 1 OTD196 650926 4764127 1049.8 5.0 0.58 0.01 7 1 OTD196 650926 4764125 1045.4 5.0 0.48 0.01 6 1 OTD196 650926 4764123 1041.9 3.0 0.50 0.01 8 1 OTD196 650926 4764121 1038.4 5.0 1.16 0.02 34 2 OTD196 650926 4764119 1034.0 5.0 0.64 0.02 13 2 OTD196 650926 4764114 1025.1 5.0 0.70 0.04 6 2 OTD196 650926 4764112 1020.7 5.0 0.77 0.63 8 2 OTD196 650926 4764109 1016.3 5.0 0.71 0.31 8 2 OTD196 650926 4764107 1011.9 5.0 0.87 0.26 103 2 OTD196 650926 4764105 1007.5 5.0 1.23 0.10 25 2 OTD196 650926 4764102 1003.0 5.0 1.20 0.07 22 2 OTD196 650926 4764100 998.6 5.0 0.99 0.18 8 2 OTD196 650926 4764098 995.5 2.0 1.32 0.06 55 2 OTD196 650926 4764097 992.4 5.0 0.44 0.02 22 1 OTD196 650926 4764095 988.0 5.0 0.38 0.01 15 1 OTD196 650930 4764052 903.3 5.0 0.59 0.09 22 3 OTD196 650930 4764050 898.8 5.0 0.86 0.10 16 3 OTD196 650931 4764048 894.3 5.0 1.20 0.69 27 3 OTD196 650931 4764045 889.8 5.0 1.26 0.75 19 3 OTD196 650932 4764043 885.4 5.0 1.16 0.71 18 3 OTD196 650932 4764041 880.9 5.0 1.15 0.49 11 3 OTD196 650932 4764038 876.4 5.0 1.09 0.86 11 3 OTD196 650933 4764036 872.0 5.0 1.08 0.61 24 3 OTD196 650933 4764034 867.5 5.0 1.04 1.21 22 3 OTD196 650933 4764032 863.0 5.0 1.14 1.10 21 3 OTD196 650933 4764030 858.6 5.0 0.77 0.64 10 3 OTD196 650933 4764028 854.1 5.0 0.92 0.57 11 3 OTD196 650933 4764025 849.6 5.0 0.81 0.33 31 3 OTD196 650933 4764023 845.2 5.0 0.95 0.09 31 3 OTD196 650933 4764021 840.7 5.0 1.04 0.10 24 3 OTD196 650934 4764019 836.3 5.0 1.01 0.10 13 3 OTD196 650934 4764016 831.8 5.0 1.20 0.09 20 3 OTD196 650934 4764014 827.4 5.0 1.20 0.07 15 3 OTD196 650934 4764012 822.9 5.0 0.44 0.04 21 3 OTD196 650934 4764009 818.5 5.0 0.89 0.44 47 3 OTD196 650934 4764007 814.0 5.0 0.76 0.76 23 3 OTD196 650934 4764005 809.5 5.0 1.04 0.46 16 3 OTD196 650935 4763992 786.4 5.0 0.80 0.40 19 3 OTD196 650935 4763990 781.9 5.0 0.95 0.37 11 3 OTD196 650935 4763988 777.5 5.0 0.39 0.21 6 3 OTD196 650936 4763986 773.0 5.0 0.84 0.53 9 3 OTD196 650936 4763984 769.5 3.0 0.69 1.40 19 3 OTD202 650925 4764077 1141.7 5.0 0.46 0.03 16 5 OTD202 650925 4764075 1137.4 5.0 1.85 0.08 37 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD202 650925 4764072 1133.1 5.0 1.03 0.04 11 5 OTD202 650926 4764070 1128.7 5.0 0.94 0.03 5 5 OTD202 650926 4764068 1125.7 2.0 0.81 0.05 12 5 OTD202 650926 4764066 1122.7 5.0 0.61 0.03 99 1 OTD202 650926 4764064 1118.3 5.0 0.72 0.06 27 1 OTD202 650926 4764061 1113.9 5.0 0.62 0.03 10 1 OTD202 650926 4764059 1110.5 3.0 0.73 0.04 8 1 OTD202 650926 4764057 1107.0 5.0 0.92 0.05 9 2 OTD202 650926 4764055 1102.7 5.0 0.87 0.06 9 2 OTD202 650926 4764052 1098.3 5.0 0.85 0.05 25 2 OTD202 650926 4764050 1093.9 5.0 0.76 0.04 26 2 OTD202 650926 4764047 1089.6 5.0 0.83 0.06 37 2 OTD202 650926 4764045 1085.2 5.0 0.99 0.06 26 2 OTD202 650926 4764043 1082.2 2.0 0.89 0.06 12 2 OTD202 650926 4764041 1079.1 5.0 0.37 0.04 11 1 OTD202 650926 4764039 1074.7 5.0 0.76 0.04 13 1 OTD202 650926 4764037 1071.7 2.0 0.60 0.02 19 1 OTD202 650927 4764001 1005.4 5.0 0.32 0.02 23 1 OTD202 650927 4763998 1001.0 5.0 0.39 0.03 14 1 OTD202 650927 4763994 992.2 5.0 0.34 0.02 21 1 OTD202 650928 4763991 987.8 5.0 0.34 0.03 31 1 OTD202 650928 4763989 983.4 5.0 0.39 0.03 29 1 OTD202 650928 4763987 979.4 3.9 0.45 0.01 28 1 OTD202 650928 4763976 958.7 5.0 0.43 0.04 20 3 OTD202 650929 4763973 954.3 5.0 0.55 0.19 21 3 OTD202 650929 4763969 945.4 5.0 0.57 0.25 33 3 OTD202 650929 4763967 941.0 5.0 0.73 0.24 16 3 OTD202 650929 4763965 936.6 5.0 0.66 0.25 75 3 OTD202 650929 4763962 932.1 5.0 0.57 0.26 50 3 OTD202 650929 4763960 927.7 5.0 0.55 0.25 87 3 OTD202 650929 4763958 923.3 5.0 0.57 0.27 26 3 OTD202 650929 4763955 918.8 5.0 0.95 0.37 212 3 OTD202 650929 4763953 914.4 5.0 0.87 0.38 230 3 OTD202 650929 4763951 910.0 5.0 0.58 0.29 19 3 OTD202 650929 4763948 905.6 5.0 0.89 0.32 20 3 OTD202 650929 4763946 901.1 5.0 0.98 0.44 74 3 OTD202 650929 4763944 896.7 5.0 1.00 0.45 31 3 OTD202 650929 4763942 893.6 2.0 0.79 0.33 50 3 OTD202 650929 4763935 879.9 5.0 1.50 1.28 43 3 OTD202 650929 4763933 875.5 5.0 1.23 1.21 34 3 OTD202 650929 4763930 871.1 5.0 1.49 1.34 52 3 OTD202 650929 4763928 866.7 5.0 1.31 1.09 16 3 OTD202 650929 4763925 862.3 5.0 1.13 0.80 12 3 OTD202 650929 4763923 857.9 5.0 0.97 0.76 19 3 OTD202 650929 4763921 853.5 5.0 0.91 1.21 24 3 OTD202 650929 4763918 849.0 5.0 1.07 0.97 29 3 OTD202 650929 4763916 844.6 5.0 1.42 1.11 42 3 OTD202 650929 4763914 840.2 5.0 1.07 0.47 24 3 OTD202 650929 4763911 835.8 5.0 0.97 0.45 13 3 OTD202 650928 4763909 831.4 5.0 0.87 0.47 7 3 OTD202 650928 4763907 827.0 5.0 1.20 0.68 6 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD202 650928 4763904 822.6 5.0 0.88 0.59 8 3 OTD202 650928 4763902 818.2 5.0 0.88 0.39 7 3 OTD202 650928 4763900 813.8 5.0 0.40 0.10 16 3 OTD202 650928 4763897 809.3 5.0 0.33 0.07 8 3 OTD202 650928 4763895 804.9 5.0 0.63 0.23 16 3 OTD202 650928 4763894 801.9 2.0 0.50 0.13 25 3 OTD206 650926 4763969 1134.6 5.0 1.04 0.02 31 5 OTD206 650926 4763966 1130.3 5.0 0.79 0.02 24 5 OTD206 650926 4763964 1125.9 5.0 0.86 0.02 32 5 OTD206 650926 4763959 1117.2 5.0 0.96 0.04 108 5 OTD206 650926 4763957 1112.9 5.0 0.75 0.02 69 5 OTD206 650926 4763954 1108.5 5.0 0.47 0.02 9 5 OTD206 650926 4763952 1104.2 5.0 0.36 0.04 23 5 OTD206 650926 4763939 1082.4 5.0 0.41 0.03 13 1 OTD206 650926 4763937 1078.0 5.0 0.48 0.03 14 1 OTD206 650926 4763934 1073.7 5.0 0.52 0.02 16 1 OTD206 650927 4763932 1069.3 5.0 0.59 0.01 23 1 OTD206 650927 4763930 1064.9 5.0 0.51 0.01 11 1 OTD206 650927 4763927 1060.6 5.0 0.45 0.01 16 1 OTD206 650927 4763925 1056.2 5.0 0.41 0.01 5 1 OTD206 650927 4763922 1051.8 5.0 0.99 0.01 5 1 OTD206 650927 4763920 1047.5 5.0 0.48 0.01 6 1 OTD206 650927 4763917 1043.1 5.0 0.46 0.02 34 1 OTD206 650927 4763915 1038.7 5.0 0.46 0.06 23 1 OTD206 650927 4763912 1034.4 5.0 0.42 0.07 24 1 OTD206 650927 4763910 1030.4 4.0 0.60 0.11 24 1 OTD206 650928 4763899 1009.0 5.0 0.52 0.18 20 3 OTD206 650928 4763896 1004.6 5.0 0.44 0.15 13 3 OTD206 650928 4763894 1000.2 5.0 0.41 0.16 11 3 OTD206 650928 4763892 995.9 5.0 0.72 0.23 19 3 OTD206 650928 4763889 991.5 5.0 0.41 0.13 15 3 OTD206 650928 4763887 987.1 5.0 0.78 0.36 13 3 OTD206 650928 4763884 982.8 5.0 1.47 0.60 1205 3 OTD206 650928 4763882 978.4 5.0 0.94 0.35 343 3 OTD206 650928 4763880 974.0 5.0 0.78 0.33 180 3 OTD206 650928 4763877 969.6 5.0 0.56 0.19 62 3 OTD206 650928 4763875 965.2 5.0 0.84 0.25 57 3 OTD206 650928 4763873 960.8 5.0 0.48 0.14 20 3 OTD206 650928 4763870 956.4 5.0 0.37 0.10 25 3 OTD206 650928 4763868 952.0 5.0 0.66 0.19 16 3 OTD207 650826 4764045 1126.6 5.0 5.07 0.53 9 5 OTD207 650826 4764042 1122.2 5.0 2.20 0.18 7 5 OTD207 650827 4764040 1117.8 5.0 2.59 0.07 9 5 OTD207 650827 4764037 1113.5 5.0 2.85 0.11 23 5 OTD207 650827 4764035 1109.1 5.0 3.21 0.07 22 5 OTD207 650827 4764033 1104.7 5.0 2.48 0.07 19 5 OTD207 650827 4764031 1100.3 5.0 2.04 0.22 20 2 OTD207 650827 4764028 1095.9 5.0 2.38 0.16 33 2 OTD207 650827 4764026 1091.5 5.0 1.41 0.14 24 2 OTD207 650827 4764024 1087.1 5.0 1.25 0.12 52 2 OTD207 650827 4764021 1082.7 5.0 1.16 0.09 254 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD207 650828 4764018 1078.3 5.0 0.97 0.10 52 2 OTD207 650828 4764016 1073.9 5.0 0.80 0.10 79 2 OTD207 650828 4764014 1070.3 3.0 1.28 0.07 93 2 OTD207 650828 4764013 1066.8 5.0 0.51 0.05 37 1 OTD207 650828 4764010 1062.3 5.0 0.50 0.05 27 1 OTD207 650828 4764008 1058.8 3.0 0.60 0.22 19 1 OTD207 650833 4763955 952.4 5.0 0.49 0.53 44 3 OTD207 650833 4763953 947.9 5.0 0.67 0.38 49 3 OTD207 650833 4763951 943.4 5.0 0.40 0.27 23 3 OTD207 650834 4763949 938.9 5.0 0.63 0.19 27 3 OTD207 650834 4763946 934.4 5.0 0.59 0.29 34 3 OTD207 650834 4763944 929.9 5.0 0.56 0.16 27 3 OTD207 650834 4763942 925.4 5.0 0.46 0.23 25 3 OTD207 650835 4763940 920.9 5.0 0.45 0.27 28 3 OTD207 650835 4763937 916.4 5.0 0.38 0.26 43 3 OTD207 650835 4763935 911.9 5.0 0.31 0.35 20 3 OTD207 650835 4763933 907.4 5.0 0.40 1.12 11 3 OTD207 650836 4763931 902.9 5.0 0.56 0.19 26 3 OTD207 650836 4763929 898.3 5.0 0.44 0.38 31 3 OTD207 650836 4763927 893.8 5.0 0.95 1.47 27 3 OTD207 650837 4763925 889.3 5.0 1.20 0.82 24 3 OTD207 650837 4763923 884.8 5.0 1.18 1.38 15 3 OTD207 650837 4763921 880.2 5.0 1.07 1.23 19 3 OTD207 650837 4763919 875.7 5.0 0.97 0.42 25 3 OTD207 650837 4763917 871.2 5.0 0.71 0.25 30 3 OTD207 650838 4763915 866.7 5.0 0.67 0.13 29 3 OTD207 650838 4763912 862.2 5.0 0.84 0.22 18 3 OTD207 650838 4763910 857.6 5.0 1.02 0.80 25 3 OTD207 650838 4763908 853.1 5.0 1.10 1.86 19 3 OTD207 650838 4763906 848.6 5.0 1.01 1.89 15 3 OTD207 650839 4763904 844.1 5.0 1.46 1.26 29 3 OTD207 650839 4763902 839.7 5.0 1.51 0.50 51 3 OTD207 650839 4763899 835.2 5.0 1.37 1.00 30 3 OTD207 650839 4763897 830.7 5.0 0.75 0.77 16 3 OTD207 650839 4763895 826.6 4.0 0.48 0.34 33 3 OTD209 650525 4764152 1129.0 5.0 0.75 0.08 23 5 OTD209 650525 4764150 1125.5 3.0 0.63 0.05 39 5 OTD210 650824 4764229 1106.7 5.0 0.44 0.02 12 5 OTD210 650823 4764183 1017.8 5.0 0.58 0.75 23 3 OTD210 650823 4764181 1013.3 5.0 0.48 0.57 16 3 OTD210 650823 4764179 1008.8 5.0 0.43 0.42 15 3 OTD210 650823 4764174 999.8 5.0 0.42 0.39 6 3 OTD210 650823 4764172 995.3 5.0 0.37 0.38 6 3 OTD210 650823 4764171 992.1 2.0 0.31 0.26 8 3 OTD210 650823 4764160 969.3 5.0 0.37 0.39 17 3 OTD210 650823 4764157 964.8 5.0 0.42 0.39 12 3 OTD210 650823 4764153 955.8 5.0 0.44 0.35 17 3 OTD210 650823 4764151 951.3 5.0 0.65 0.29 16 3 OTD210 650823 4764148 946.8 5.0 0.47 0.26 20 3 OTD210 650823 4764146 942.3 5.0 0.87 0.47 22 3 OTD210 650823 4764144 937.8 5.0 0.61 0.30 25 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD210 650823 4764142 933.3 5.0 0.36 0.26 64 3 OTD210 650823 4764140 928.8 5.0 0.32 0.42 62 3 OTD210 650823 4764137 924.3 5.0 0.42 0.34 46 3 OTD210 650823 4764136 920.8 3.0 0.34 0.14 28 3 OTD210 650823 4764130 908.1 5.0 0.44 0.71 16 3 OTD210 650823 4764127 903.6 5.0 0.39 0.61 7 3 OTD210 650823 4764125 899.1 5.0 0.46 0.78 6 3 OTD210 650823 4764123 894.6 5.0 0.40 0.51 7 3 OTD210 650823 4764116 881.1 5.0 0.66 0.78 8 3 OTD210 650823 4764114 876.6 5.0 0.99 1.06 26 3 OTD210 650823 4764112 872.1 5.0 0.91 0.66 34 3 OTD210 650823 4764110 867.5 5.0 0.67 0.60 53 3 OTD210 650823 4764108 863.0 5.0 0.99 1.17 142 3 OTD210 650823 4764106 858.5 5.0 0.81 0.97 22 3 OTD210 650823 4764103 854.0 5.0 0.88 0.90 23 3 OTD210 650822 4764101 849.5 5.0 0.36 0.60 24 3 OTD210 650822 4764099 845.0 5.0 0.44 0.14 46 3 OTD210 650822 4764096 840.5 5.0 0.43 0.21 67 3 OTD210 650822 4764094 836.0 5.0 0.78 0.79 35 3 OTD210 650822 4764090 826.9 5.0 0.48 0.61 14 3 OTD210 650822 4764086 817.9 5.0 0.37 0.83 11 3 OTD210 650822 4764084 813.4 5.0 0.77 1.24 17 3 OTD210 650821 4764068 782.0 5.0 0.56 0.67 16 3 OTD210 650821 4764066 777.5 5.0 0.46 0.52 13 3 OTD210 650821 4764064 773.0 5.0 0.96 0.74 85 3 OTD210 650821 4764061 768.5 5.0 0.64 0.72 98 3 OTD210 650820 4764057 760.4 3.0 0.48 0.69 29 3 OTD211 650925 4764265 1105.2 5.0 1.11 0.01 6 5 OTD211 650925 4764264 1101.7 3.0 1.63 0.01 6 5 OTD211 650925 4764238 1056.7 5.0 0.48 0.19 81 1 OTD211 650925 4764235 1052.4 5.0 0.54 0.19 117 1 OTD211 650925 4764233 1048.0 5.0 0.49 0.11 21 1 OTD211 650925 4764230 1043.7 5.0 0.56 0.12 53 1 OTD211 650925 4764228 1039.4 5.0 0.64 0.13 62 1 OTD211 650925 4764226 1035.1 5.0 0.52 0.08 47 1 OTD211 650924 4764223 1030.7 5.0 0.45 0.07 40 1 OTD211 650924 4764221 1026.4 5.0 0.40 0.04 36 1 OTD211 650924 4764218 1022.1 5.0 0.62 0.05 20 1 OTD211 650924 4764216 1017.7 5.0 0.79 0.08 38 1 OTD211 650924 4764213 1013.4 5.0 0.31 0.04 17 1 OTD211 650924 4764211 1009.1 5.0 0.45 0.04 17 1 OTD211 650924 4764208 1004.8 5.0 0.45 0.04 19 1 OTD211 650924 4764206 1000.4 5.0 0.47 0.03 14 1 OTD211 650924 4764203 996.1 5.0 0.41 0.04 16 1 OTD211 650924 4764201 991.8 5.0 0.41 0.08 15 1 OTD211 650924 4764198 987.4 5.0 0.45 0.01 20 1 OTD211 650924 4764196 983.1 5.0 0.44 0.01 12 1 OTD211 650923 4764191 974.4 5.0 0.48 0.03 13 1 OTD211 650923 4764189 970.1 5.0 0.62 0.14 15 1 OTD211 650923 4764186 965.8 5.0 0.78 0.06 12 1 OTD211 650923 4764184 961.4 5.0 0.76 0.04 18 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD211 650923 4764181 957.1 5.0 0.76 0.04 9 1 OTD211 650923 4764179 952.8 5.0 0.72 0.03 7 1 OTD211 650923 4764176 948.4 5.0 0.65 0.02 6 1 OTD211 650923 4764174 944.1 5.0 0.80 0.02 7 1 OTD211 650923 4764171 939.8 5.0 0.80 0.03 9 1 OTD211 650923 4764169 935.5 5.0 0.72 0.03 9 1 OTD211 650923 4764166 930.3 5.0 1.23 0.04 24 2 OTD211 650923 4764163 925.9 5.0 1.50 0.06 23 2 OTD211 650923 4764161 921.6 5.0 1.26 0.06 7 2 OTD211 650923 4764158 917.3 5.0 0.99 0.17 16 2 OTD211 650923 4764156 912.9 5.0 1.37 0.18 11 2 OTD211 650923 4764153 908.6 5.0 1.25 0.19 14 2 OTD211 650923 4764151 904.3 5.0 1.70 0.34 12 2 OTD211 650923 4764149 900.0 5.0 2.38 0.36 17 2 OTD211 650923 4764146 895.6 5.0 1.36 0.14 30 2 OTD211 650923 4764144 891.3 5.0 1.78 0.23 72 2 OTD211 650923 4764141 887.0 5.0 1.49 0.09 58 2 OTD211 650923 4764139 882.6 5.0 1.66 0.12 78 2 OTD211 650923 4764136 878.3 5.0 1.94 0.08 15 2 OTD211 650923 4764134 873.9 5.0 2.65 0.11 20 2 OTD211 650923 4764131 869.6 5.0 1.21 0.08 24 2 OTD211 650923 4764129 865.2 5.0 0.39 0.01 11 2 OTD211 650923 4764126 860.8 5.0 0.82 0.02 15 2 OTD211 650923 4764124 856.5 5.0 1.12 0.05 15 2 OTD211 650923 4764122 852.1 5.0 0.91 0.03 24 2 OTD211 650923 4764120 847.8 5.0 0.84 0.04 28 2 OTD211 650923 4764117 843.3 5.0 1.63 0.04 32 2 OTD211 650923 4764115 839.8 3.0 0.95 0.04 35 2 OTD211 650924 4764113 836.3 5.0 0.41 0.05 41 1 OTD211 650926 4764069 752.9 5.0 0.78 0.54 8 3 OTD211 650926 4764067 748.4 5.0 0.63 0.48 73 3 OTD211 650926 4764065 744.0 5.0 0.53 0.37 70 3 OTD211 650927 4764041 695.7 5.0 0.44 0.37 37 3 OTD216 651026 4764227 1040.6 5.0 0.49 0.03 74 1 OTD216 651026 4764224 1036.2 5.0 0.68 0.01 71 1 OTD216 651026 4764222 1031.9 5.0 0.72 0.01 50 1 OTD216 651026 4764219 1027.6 5.0 0.75 0.11 27 1 OTD216 651026 4764217 1023.3 5.0 0.35 0.11 30 1 OTD216 651026 4764214 1018.9 5.0 0.43 0.10 36 1 OTD216 651026 4764212 1014.6 5.0 0.65 0.09 28 1 OTD216 651026 4764209 1010.3 5.0 0.56 0.05 24 1 OTD216 651026 4764207 1005.9 5.0 0.64 0.03 22 1 OTD216 651026 4764204 1001.6 5.0 0.57 0.04 23 1 OTD216 651026 4764202 997.3 5.0 0.72 0.04 30 1 OTD216 651026 4764199 992.9 5.0 0.91 0.04 55 1 OTD216 651026 4764197 988.6 5.0 0.62 0.03 57 1 OTD216 651026 4764194 984.3 5.0 0.60 0.04 33 1 OTD216 651026 4764192 980.0 5.0 0.80 0.04 41 2 OTD216 651026 4764189 975.6 5.0 0.75 0.03 123 2 OTD216 651026 4764187 971.3 5.0 0.80 0.08 43 2 OTD216 651026 4764184 967.0 5.0 0.78 0.06 30 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD216 651026 4764182 962.6 5.0 0.98 0.05 46 2 OTD216 651026 4764179 958.3 5.0 0.94 0.08 48 2 OTD216 651026 4764177 954.0 5.0 1.37 0.07 121 2 OTD216 651026 4764174 949.6 5.0 0.88 0.05 88 2 OTD216 651026 4764172 945.3 5.0 0.64 0.13 22 1 OTD216 651026 4764169 941.0 5.0 0.34 0.05 33 1 OTD216 651026 4764167 936.7 5.0 0.68 0.06 65 1 OTD216 651026 4764164 932.3 5.0 0.62 0.09 41 1 OTD216 651026 4764162 928.0 5.0 0.59 0.13 35 1 OTD216 651026 4764159 923.7 5.0 0.81 0.11 68 1 OTD216 651026 4764157 919.3 5.0 0.40 0.12 54 1 OTD216 651026 4764152 910.7 5.0 0.30 0.07 110 1 OTD216 651026 4764149 906.3 5.0 0.70 0.10 53 1 OTD216 651026 4764147 902.0 5.0 0.82 0.11 37 1 OTD216 651026 4764144 897.7 5.0 0.32 0.09 14 1 OTD216 651026 4764142 893.3 5.0 0.48 0.04 18 1 OTD216 651026 4764139 889.0 5.0 0.46 0.04 25 1 OTD216 651026 4764137 884.7 5.0 0.38 0.02 18 1 OTD216 651026 4764134 880.4 5.0 0.55 0.07 44 1 OTD216 651026 4764132 876.0 5.0 0.47 0.07 43 1 OTD216 651026 4764130 872.6 3.0 0.39 0.05 28 1 OTD216 651026 4764128 869.1 5.0 1.21 0.16 47 2 OTD216 651026 4764125 864.8 5.0 1.01 0.16 34 2 OTD216 651026 4764123 860.4 5.0 0.77 0.09 54 2 OTD216 651026 4764120 856.1 5.0 0.60 0.08 49 2 OTD216 651026 4764118 851.8 5.0 0.92 0.10 58 2 OTD216 651026 4764115 847.5 5.0 1.10 0.12 72 2 OTD216 651026 4764113 843.1 5.0 0.63 0.04 71 2 OTD216 651026 4764110 838.8 5.0 0.84 0.06 141 2 OTD216 651026 4764108 834.5 5.0 1.10 0.08 76 2 OTD216 651026 4764105 830.1 5.0 0.69 0.09 19 2 OTD216 651026 4764100 821.5 5.0 0.96 0.05 16 2 OTD216 651026 4764098 817.1 5.0 1.48 0.06 12 2 OTD216 651026 4764096 813.7 3.0 0.79 0.05 8 2 OTD216 651026 4764094 811.5 2.0 0.95 0.05 10 1 OTD216 651026 4764066 761.7 5.0 0.66 0.08 17 3 OTD216 651026 4764063 757.4 5.0 0.58 0.17 30 3 OTD216 651026 4764061 753.1 5.0 0.86 0.23 28 3 OTD216 651026 4764058 748.7 5.0 1.13 0.30 93 3 OTD216 651026 4764056 744.4 5.0 0.64 0.23 26 3 OTD216 651026 4764053 740.1 5.0 0.50 0.15 33 3 OTD216 651026 4764051 735.7 5.0 0.61 0.19 38 3 OTD216 651026 4764049 732.3 3.0 0.64 0.16 25 3 OTD216 651026 4764041 718.4 5.0 0.45 0.11 20 3 OTD216 651026 4764038 714.1 5.0 0.48 0.07 28 3 OTD216 651026 4764036 709.8 5.0 0.91 0.19 32 3 OTD216 651026 4764033 705.4 5.0 0.85 0.28 41 3 OTD216 651026 4764031 701.1 5.0 1.07 0.23 41 3 OTD216 651026 4764028 696.8 5.0 0.34 0.07 12 3 OTD216 651026 4764026 692.4 5.0 0.82 0.10 42 3 OTD216 651026 4764021 684.2 4.0 0.35 0.33 58 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD217 651025 4764175 1117.7 5.0 0.75 0.16 5 5 OTD217 651025 4764173 1113.3 5.0 0.45 0.10 5 5 OTD217 651025 4764170 1109.0 5.0 0.44 0.20 5 5 OTD217 651025 4764169 1104.6 5.0 0.54 0.18 5 5 OTD217 651025 4764166 1100.2 5.0 0.31 0.08 3 5 OTD217 651025 4764164 1095.8 5.0 0.54 0.10 5 5 OTD217 651025 4764162 1091.3 5.0 0.48 0.06 5 5 OTD217 651025 4764159 1086.9 5.0 0.56 0.02 5 5 OTD217 651025 4764157 1082.5 5.0 0.72 0.02 5 5 OTD217 651024 4764154 1078.1 5.0 0.67 0.04 5 5 OTD217 651024 4764152 1073.7 5.0 0.44 0.04 5 5 OTD217 651024 4764150 1069.2 5.0 0.45 0.04 5 5 OTD217 651024 4764148 1064.8 5.0 0.39 0.02 5 1 OTD217 651024 4764145 1060.3 5.0 0.79 0.03 5 1 OTD217 651024 4764143 1055.8 5.0 0.38 0.03 5 1 OTD217 651024 4764141 1051.4 5.0 0.47 0.02 5 1 OTD217 651024 4764139 1046.9 5.0 0.48 0.01 5 1 OTD217 651024 4764132 1033.5 5.0 0.47 0.02 5 1 OTD217 651024 4764129 1029.0 5.0 0.43 0.01 5 1 OTD217 651024 4764127 1024.5 5.0 0.59 0.01 5 1 OTD217 651024 4764125 1020.0 5.0 0.99 0.07 5 1 OTD217 651024 4764123 1015.5 5.0 0.59 0.05 5 1 OTD217 651024 4764121 1012.4 2.0 0.57 0.03 5 1 OTD217 651024 4764120 1009.2 5.0 0.97 0.08 5 2 OTD217 651023 4764118 1004.7 5.0 1.12 0.09 5 2 OTD217 651023 4764115 1000.2 5.0 1.06 0.11 5 2 OTD217 651023 4764113 995.7 5.0 1.10 0.09 5 2 OTD217 651023 4764111 991.2 5.0 0.81 0.10 5 2 OTD217 651023 4764109 986.8 5.0 1.14 0.13 5 2 OTD217 651023 4764107 982.2 5.0 2.26 0.08 5 2 OTD217 651023 4764104 977.8 5.0 3.26 0.03 5 2 OTD217 651023 4764102 973.3 5.0 2.83 0.04 5 2 OTD217 651023 4764100 968.8 5.0 2.74 0.09 5 2 OTD217 651023 4764098 964.3 5.0 0.92 0.03 5 1 OTD217 651023 4764096 959.8 5.0 0.61 0.02 5 1 OTD217 651023 4764094 956.6 2.0 0.69 0.04 5 1 OTD217 651023 4764092 951.7 5.0 0.87 0.03 5 1 OTD217 651023 4764090 947.2 5.0 1.05 0.04 43 1 OTD217 651022 4764087 942.7 5.0 0.73 0.04 130 1 OTD217 651022 4764085 938.2 5.0 1.09 0.08 66 1 OTD217 651022 4764083 933.7 5.0 0.94 0.07 64 1 OTD217 651022 4764081 929.2 5.0 0.86 0.05 32 1 OTD217 651022 4764079 924.7 5.0 0.61 0.07 37 1 OTD217 651022 4764077 920.2 5.0 1.09 0.13 58 1 OTD217 651022 4764074 915.7 5.0 0.73 0.09 38 1 OTD217 651022 4764072 911.2 5.0 0.71 0.07 32 1 OTD217 651021 4764070 906.8 5.0 0.31 0.04 55 1 OTD217 651021 4764068 902.3 5.0 0.37 0.02 49 1 OTD217 651021 4764059 884.3 5.0 0.52 0.03 82 1 OTD217 651021 4764056 879.8 5.0 0.54 0.08 50 1 OTD217 651020 4764054 875.3 5.0 0.50 0.08 56 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD217 651020 4764052 870.8 5.0 0.90 0.05 18 1 OTD217 651020 4764050 866.3 5.0 0.72 0.04 27 1 OTD217 651020 4764048 861.8 5.0 0.87 0.12 33 1 OTD217 651020 4764046 857.2 5.0 0.54 0.14 16 1 OTD217 651020 4764044 854.1 2.0 0.94 0.25 37 1 OTD217 651019 4764043 850.9 5.0 0.72 0.17 61 3 OTD217 651019 4764041 846.4 5.0 0.50 0.14 40 3 OTD217 651019 4764039 841.9 5.0 0.59 0.17 39 3 OTD217 651019 4764037 837.3 5.0 0.54 0.12 45 3 OTD217 651019 4764035 832.8 5.0 0.79 0.20 51 3 OTD217 651019 4764032 828.3 5.0 0.66 0.16 55 3 OTD217 651018 4764031 824.2 4.0 0.68 0.17 28 3 OTD217 651017 4764021 803.8 5.0 0.80 0.11 21 3 OTD217 651017 4764019 799.3 5.0 0.92 0.10 18 3 OTD217 651017 4764017 794.7 5.0 0.64 0.08 21 3 OTD217 651017 4764015 790.2 5.0 0.52 0.16 28 3 OTD217 651016 4764013 785.7 5.0 0.55 0.20 90 3 OTD217 651016 4764011 781.1 5.0 1.14 0.65 53 3 OTD217 651016 4764009 776.6 5.0 0.85 0.45 11 3 OTD217 651015 4764007 772.1 5.0 0.63 0.41 13 3 OTD217 651015 4764005 767.6 5.0 1.01 0.73 12 3 OTD217 651015 4764002 763.0 5.0 1.18 0.51 14 3 OTD217 651014 4764000 758.5 5.0 0.47 0.10 12 3 OTD217 651014 4763998 754.0 5.0 0.46 0.07 24 3 OTD217 651014 4763996 749.5 5.0 0.48 0.14 18 3 OTD217 651014 4763994 745.0 5.0 0.30 0.11 11 3 OTD217 651013 4763992 740.5 5.0 0.56 0.27 8 3 OTD217 651013 4763990 736.0 5.0 0.38 0.15 15 3 OTD217 651012 4763988 731.5 5.0 0.67 0.20 20 3 OTD217 651012 4763985 727.0 5.0 0.39 0.15 40 3 OTD217 651012 4763984 723.8 2.0 0.44 0.16 31 3 OTD224 651126 4764257 1105.3 5.0 0.34 0.06 144 5 OTD224 651127 4764255 1100.8 5.0 0.42 0.05 131 5 OTD224 651127 4764253 1096.4 5.0 0.45 0.06 99 5 OTD224 651127 4764250 1091.9 5.0 0.40 0.06 141 5 OTD224 651127 4764248 1087.5 5.0 0.45 0.05 124 1 OTD224 651127 4764246 1083.1 5.0 0.36 0.07 269 1 OTD224 651127 4764244 1078.6 5.0 0.47 0.07 262 1 OTD224 651127 4764241 1074.2 5.0 0.46 0.08 142 1 OTD224 651127 4764239 1069.7 5.0 0.49 0.10 114 1 OTD224 651127 4764237 1065.2 5.0 0.39 0.09 177 1 OTD224 651127 4764235 1060.7 5.0 0.42 0.09 184 1 OTD224 651127 4764232 1056.2 5.0 0.44 0.07 218 1 OTD224 651128 4764226 1042.6 5.0 0.45 0.08 35 1 OTD224 651128 4764224 1038.1 5.0 0.43 0.05 51 1 OTD224 651128 4764222 1033.6 5.0 0.39 0.05 52 1 OTD224 651128 4764220 1029.1 5.0 0.37 0.05 46 1 OTD224 651128 4764217 1024.6 5.0 0.54 0.06 36 1 OTD224 651129 4764215 1020.0 5.0 0.39 0.05 68 1 OTD224 651129 4764213 1015.5 5.0 0.43 0.05 33 1 OTD224 651129 4764211 1011.0 5.0 0.40 0.05 54 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD224 651129 4764209 1006.4 5.0 0.45 0.05 57 1 OTD224 651129 4764207 1001.9 5.0 0.45 0.11 66 1 OTD224 651129 4764205 997.3 5.0 0.51 0.05 91 1 OTD224 651130 4764203 992.8 5.0 0.41 0.04 143 1 OTD224 651130 4764201 988.3 5.0 0.45 0.09 34 1 OTD224 651130 4764199 983.7 5.0 0.49 0.10 48 1 OTD224 651130 4764197 979.2 5.0 0.43 0.05 154 1 OTD224 651130 4764195 974.6 5.0 0.66 0.09 45 1 OTD224 651130 4764192 970.1 5.0 0.82 0.06 73 1 OTD224 651131 4764191 966.0 4.0 0.43 0.06 58 1 OTD224 651131 4764189 961.9 5.0 1.01 0.11 140 2 OTD224 651131 4764187 957.3 5.0 0.64 0.12 59 2 OTD224 651131 4764184 951.8 5.0 0.38 0.04 56 1 OTD224 651131 4764182 947.3 5.0 0.32 0.04 88 1 OTD224 651131 4764180 942.7 5.0 0.49 0.06 80 1 OTD224 651132 4764178 938.2 5.0 0.47 0.08 55 1 OTD224 651132 4764176 933.6 5.0 0.51 0.05 45 1 OTD224 651132 4764174 929.0 5.0 0.75 0.06 87 1 OTD224 651132 4764172 924.4 5.0 0.83 0.07 203 1 OTD224 651132 4764170 919.9 5.0 0.56 0.04 61 1 OTD224 651132 4764168 915.3 5.0 0.49 0.06 37 1 OTD224 651132 4764166 910.7 5.0 0.45 0.06 30 1 OTD224 651133 4764164 906.2 5.0 0.56 0.04 148 1 OTD224 651133 4764162 901.6 5.0 0.66 0.03 38 1 OTD224 651133 4764161 897.0 5.0 0.54 0.05 21 1 OTD224 651133 4764159 892.4 5.0 0.45 0.04 19 1 OTD224 651133 4764157 887.8 5.0 0.70 0.04 263 1 OTD224 651133 4764155 883.2 5.0 0.38 0.01 43 1 OTD224 651133 4764153 878.7 5.0 0.66 0.05 34 1 OTD224 651133 4764150 874.1 5.0 0.53 0.05 90 1 OTD224 651134 4764148 869.5 5.0 0.89 0.06 268 1 OTD224 651134 4764146 864.9 5.0 0.69 0.06 105 1 OTD224 651134 4764145 861.7 2.0 0.94 0.07 37 1 OTD224 651137 4764087 724.0 5.0 0.86 0.11 19 3 OTD224 651137 4764085 719.4 5.0 0.82 0.07 27 3 OTD224 651137 4764083 714.8 5.0 0.39 0.03 33 3 OTD224 651137 4764077 701.0 5.0 0.32 0.09 1293 3 OTD224 651137 4764075 696.4 5.0 0.61 0.16 807 3 OTD224 651137 4764073 691.8 5.0 0.58 0.25 655 3 OTD224 651137 4764071 687.2 5.0 0.78 0.17 468 3 OTD224 651137 4764069 682.6 5.0 0.51 0.09 77 3 OTD224 651137 4764067 678.0 5.0 0.53 0.15 51 3 OTD224 651137 4764065 673.4 5.0 0.90 0.27 14 3 OTD224 651137 4764063 668.8 5.0 0.87 0.27 27 3 OTD224 651137 4764061 664.2 5.0 0.58 0.11 31 3 OTD224 651137 4764059 659.6 5.0 0.68 0.12 265 3 OTD224 651137 4764057 655.0 5.0 0.83 0.08 26 3 OTD224 651137 4764056 651.8 2.0 0.45 0.08 20 3 OTD226 650926 4764464 1117.2 5.0 1.46 0.06 27 5 OTD226 650926 4764461 1112.9 5.0 0.73 0.09 43 5 OTD226 650926 4764459 1108.6 5.0 1.30 0.03 30 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD226 650926 4764456 1104.2 5.0 1.14 0.02 43 5 OTD226 650926 4764454 1099.9 5.0 0.80 0.02 17 5 OTD226 650926 4764451 1095.5 5.0 0.69 0.02 8 5 OTD226 650926 4764449 1091.2 5.0 0.58 0.02 5 5 OTD226 650926 4764446 1086.8 5.0 0.86 0.01 9 5 OTD226 650926 4764444 1082.5 5.0 1.30 0.02 64 5 OTD226 650926 4764441 1078.2 5.0 0.45 0.02 25 5 OTD226 650926 4764439 1073.8 5.0 0.31 0.01 16 5 OTD226 650927 4764436 1069.5 5.0 0.40 0.03 10 5 OTD226 650927 4764434 1066.4 2.0 0.61 0.01 5 5 OTD226 650932 4764362 934.1 5.0 0.77 0.41 10 2 OTD226 650932 4764359 929.8 5.0 0.92 0.51 18 2 OTD226 650932 4764357 925.4 5.0 1.61 0.87 9 2 OTD226 650933 4764354 921.0 5.0 1.30 0.35 12 2 OTD226 650933 4764351 916.6 5.0 3.15 0.44 33 2 OTD226 650933 4764349 912.3 5.0 3.12 0.34 53 2 OTD226 650933 4764347 907.9 5.0 1.89 0.25 42 2 OTD226 650933 4764344 903.5 5.0 1.56 0.16 97 2 OTD226 650934 4764342 899.2 5.0 2.38 0.32 20 2 OTD226 650934 4764339 894.8 5.0 2.55 0.68 16 2 OTD226 650934 4764337 890.4 5.0 2.51 0.38 139 2 OTD226 650934 4764335 886.9 3.0 0.52 0.22 7 2 OTD226 650945 4764250 729.0 5.0 0.47 0.17 56 3 OTD226 650945 4764247 724.6 5.0 0.66 0.16 64 3 OTD226 650945 4764245 720.2 5.0 0.33 0.09 98 3 OTD226 650946 4764243 715.8 5.0 0.53 0.13 85 3 OTD226 650947 4764234 699.1 5.0 0.58 0.23 52 3 OTD226 650947 4764231 694.7 5.0 0.51 0.14 66 3 OTD226 650948 4764229 690.3 5.0 1.06 0.58 44 3 OTD226 650948 4764227 685.9 5.0 0.31 0.24 21 3 OTD226 650948 4764225 681.5 5.0 0.71 1.40 20 3 OTD226 650949 4764222 677.2 5.0 1.21 2.09 28 3 OTD226 650949 4764220 672.8 5.0 1.34 2.34 22 3 OTD226 650949 4764218 668.4 5.0 1.46 2.06 27 3 OTD226 650950 4764215 664.0 5.0 1.78 2.27 25 3 OTD226 650950 4764213 659.6 5.0 0.93 1.56 18 3 OTD226 650950 4764211 655.2 5.0 1.24 1.70 19 3 OTD226 650951 4764208 650.8 5.0 0.86 0.64 23 3 OTD226 650954 4764185 607.7 5.0 0.47 0.38 31 3 OTD226 650954 4764183 603.3 5.0 0.62 1.04 14 3 OTD226 650954 4764180 598.9 5.0 1.03 1.27 39 3 OTD226 650954 4764178 594.5 5.0 0.51 0.39 79 3 OTD226 650955 4764175 590.1 5.0 0.39 0.30 17 3 OTD226 650955 4764173 585.8 5.0 0.39 0.16 42 3 OTD226 650955 4764171 581.8 4.0 0.42 0.31 42 3 OTD226 650958 4764150 544.5 5.0 0.34 0.06 26 3 OTD226 650958 4764148 540.1 5.0 0.39 0.07 16 3 OTD226 650958 4764146 535.7 5.0 0.47 0.07 43 3 OTD226 650959 4764143 531.3 5.0 0.38 0.07 37 3 OTD226 650959 4764141 526.9 5.0 0.75 0.41 22 3 OTD226 650959 4764138 522.5 5.0 0.82 0.33 33 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD226 650959 4764136 518.1 5.0 0.42 0.20 15 3 OTD226 650960 4764134 513.7 5.0 0.93 0.18 57 3 OTD226 650960 4764131 509.4 5.0 0.57 0.19 10 3 OTD234 651121 4764104 1138.8 5.0 1.33 0.13 55 5 OTD234 651121 4764104 1133.8 5.0 1.46 0.10 73 5 OTD234 651121 4764104 1128.8 5.0 1.46 0.04 58 5 OTD234 651121 4764104 1123.8 5.0 1.54 0.05 58 5 OTD234 651121 4764104 1118.8 5.0 1.25 0.03 60 5 OTD234 651121 4764104 1113.8 5.0 0.84 0.02 48 5 OTD234 651121 4764104 1108.8 5.0 0.69 0.05 40 5 OTD234 651121 4764104 1103.8 5.0 0.83 0.09 69 5 OTD235 651026 4764094 1141.0 5.0 1.40 0.14 56 5 OTD235 651026 4764094 1136.0 5.0 1.75 0.04 48 5 OTD235 651026 4764094 1131.0 5.0 1.14 0.05 51 5 OTD235 651026 4764094 1126.0 5.0 1.53 0.19 66 5 OTD235 651026 4764094 1121.0 5.0 0.62 0.12 32 5 OTD235 651026 4764094 1116.0 5.0 0.41 0.11 19 5 OTD235 651026 4764094 1101.0 5.0 0.56 0.04 53 5 OTD235 651026 4764094 1096.0 5.0 0.64 0.05 47 5 OTD235 651026 4764094 1092.0 3.0 0.59 0.04 42 5 OTD236 651025 4764492 1110.5 5.0 1.18 0.04 75 5 OTD236 651025 4764492 1105.5 5.0 0.90 0.06 175 5 OTD239 650930 4764392 1113.8 5.0 0.60 0.03 28 5 OTD239 650930 4764392 1108.8 5.0 1.17 0.03 77 5 OTD239 650930 4764392 1103.8 5.0 1.19 0.03 18 5 OTD239 650930 4764392 1098.8 5.0 1.28 0.02 7 5 OTD239 650930 4764392 1093.8 5.0 1.00 0.03 36 5 OTD239 650930 4764392 1088.8 5.0 1.22 0.04 49 5 OTD239 650930 4764392 1085.3 2.0 0.83 0.04 8 5 OTD241 650925 4764557 1108.6 5.0 0.36 0.02 46 5 OTD241 650925 4764557 1103.6 5.0 0.32 0.01 28 5 OTD241 650925 4764557 1098.6 5.0 0.35 0.02 33 5 OTD241 650925 4764557 1093.6 5.0 0.41 0.02 32 5 OTD242 651327 4764351 1026.1 2.0 0.91 0.07 79 1 OTD242 651328 4764349 1023.1 5.0 0.82 0.08 50 2 OTD242 651328 4764347 1018.8 5.0 1.22 0.06 44 2 OTD242 651328 4764344 1014.4 5.0 0.92 0.07 30 2 OTD242 651328 4764342 1010.1 5.0 1.57 0.08 30 2 OTD242 651328 4764339 1005.8 5.0 2.24 0.10 73 2 OTD242 651328 4764337 1001.4 5.0 1.54 0.08 88 2 OTD242 651328 4764334 997.1 5.0 2.31 0.10 92 2 OTD242 651328 4764332 992.8 5.0 1.72 0.07 145 2 OTD242 651328 4764329 988.5 5.0 2.08 0.07 53 2 OTD242 651328 4764327 984.1 5.0 1.17 0.06 40 2 OTD242 651328 4764324 979.8 5.0 1.68 0.07 64 2 OTD242 651328 4764322 975.5 5.0 2.20 0.08 127 2 OTD242 651328 4764319 971.1 5.0 0.66 0.07 17 2 OTD242 651328 4764317 966.8 5.0 0.96 0.06 22 2 OTD242 651328 4764314 962.5 5.0 3.07 0.08 77 2 OTD242 651329 4764312 958.1 5.0 1.51 0.07 42 2 OTD242 651329 4764310 955.1 2.0 0.73 0.08 45 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD242 651329 4764308 952.1 5.0 0.59 0.08 63 1 OTD242 651329 4764306 947.8 5.0 0.47 0.07 71 1 OTD242 651329 4764303 943.4 5.0 0.77 0.06 95 1 OTD242 651329 4764298 934.8 5.0 0.34 0.05 23 1 OTD242 651330 4764295 930.4 5.0 0.54 0.06 46 1 OTD242 651330 4764293 926.1 5.0 0.40 0.05 120 1 OTD242 651330 4764290 921.8 5.0 0.42 0.07 35 1 OTD242 651330 4764288 917.4 5.0 0.32 0.05 48 1 OTD242 651330 4764286 913.1 5.0 0.41 0.07 53 1 OTD243 650925 4764664 1120.4 5.0 0.34 0.01 5 5 OTD243 650925 4764661 1116.0 5.0 0.55 0.01 8 5 OTD243 650925 4764659 1111.6 5.0 0.70 0.02 15 5 OTD243 650925 4764655 1102.8 5.0 0.38 0.05 104 5 OTD243 650925 4764652 1098.4 5.0 1.20 0.06 55 5 OTD243 650925 4764650 1094.0 5.0 1.06 0.07 42 5 OTD243 650925 4764648 1089.6 5.0 0.97 0.03 42 5 OTD243 650926 4764645 1085.2 5.0 0.54 0.03 67 5 OTD243 650926 4764643 1080.8 5.0 1.36 0.08 77 5 OTD243 650926 4764641 1076.3 5.0 1.41 0.03 47 5 OTD243 650926 4764639 1072.8 3.0 0.52 0.01 23 5 OTD247 651227 4764365 1119.8 5.0 0.92 0.18 56 5 OTD247 651227 4764362 1115.5 5.0 0.96 0.18 63 5 OTD247 651227 4764360 1111.2 5.0 0.40 0.10 19 5 OTD247 651227 4764357 1106.9 5.0 0.58 0.11 32 5 OTD247 651227 4764354 1102.7 5.0 0.57 0.07 49 5 OTD247 651227 4764352 1098.4 5.0 0.50 0.06 49 5 OTD247 651227 4764350 1094.1 5.0 0.34 0.09 20 5 OTD247 651227 4764347 1089.8 5.0 0.44 0.07 35 5 OTD247 651227 4764345 1085.5 5.0 0.54 0.06 57 5 OTD247 651226 4764342 1081.2 5.0 0.46 0.07 37 5 OTD247 651226 4764339 1076.9 5.0 1.38 0.09 46 5 OTD247 651226 4764337 1073.4 3.0 1.53 0.07 77 5 OTD247 651226 4764335 1070.0 5.0 0.40 0.03 27 1 OTD247 651226 4764332 1065.7 5.0 0.39 0.03 56 1 OTD247 651226 4764330 1061.4 5.0 0.42 0.04 69 1 OTD247 651226 4764328 1057.1 5.0 0.95 0.05 33 1 OTD247 651226 4764325 1052.7 5.0 0.64 0.04 33 1 OTD247 651225 4764323 1048.4 5.0 0.89 0.03 42 1 OTD247 651225 4764320 1044.1 5.0 0.76 0.07 56 1 OTD247 651225 4764318 1039.8 5.0 0.73 0.03 36 1 OTD247 651225 4764315 1035.5 5.0 0.53 0.03 29 1 OTD247 651225 4764313 1031.1 5.0 0.43 0.03 31 1 OTD247 651225 4764310 1026.8 5.0 0.60 0.03 81 1 OTD247 651225 4764308 1022.5 5.0 0.57 0.03 98 1 OTD247 651224 4764305 1018.1 5.0 0.56 0.05 90 1 OTD247 651224 4764303 1013.8 5.0 1.06 0.06 276 1 OTD247 651224 4764300 1009.5 5.0 0.60 0.05 87 1 OTD247 651224 4764298 1005.2 5.0 0.34 0.03 26 1 OTD247 651224 4764295 1000.8 5.0 0.36 0.03 90 1 OTD247 651224 4764293 996.5 5.0 0.32 0.02 43 1 OTD247 651224 4764288 987.9 5.0 0.40 0.03 33 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD247 651223 4764285 983.6 5.0 0.57 0.05 47 1 OTD247 651223 4764282 979.3 5.0 0.36 0.04 16 1 OTD247 651223 4764280 975.0 5.0 0.63 0.06 42 1 OTD247 651223 4764277 970.7 5.0 0.53 0.06 55 1 OTD247 651223 4764275 966.3 5.0 0.50 0.04 19 1 OTD247 651223 4764272 962.1 5.0 0.46 0.09 24 1 OTD247 651223 4764269 957.8 5.0 0.38 0.22 29 1 OTD247 651223 4764267 953.5 5.0 0.43 0.15 12 1 OTD247 651223 4764264 949.2 5.0 0.39 0.06 10 1 OTD247 651222 4764261 944.9 5.0 0.44 0.10 13 1 OTD247 651222 4764259 940.6 5.0 0.63 0.07 17 1 OTD247 651222 4764256 936.2 5.0 0.62 0.08 16 1 OTD247 651222 4764254 931.9 5.0 0.43 0.04 38 1 OTD247 651222 4764251 927.6 5.0 0.59 0.04 33 1 OTD247 651221 4764249 923.2 5.0 0.51 0.02 27 1 OTD247 651221 4764246 918.9 5.0 0.61 0.04 29 1 OTD247 651221 4764244 914.6 5.0 0.53 0.05 61 1 OTD247 651221 4764241 910.2 5.0 0.46 0.04 46 1 OTD247 651221 4764239 905.9 5.0 0.45 0.05 33 1 OTD247 651221 4764237 901.6 5.0 0.42 0.05 54 1 OTD247 651221 4764234 897.3 5.0 0.44 0.06 62 1 OTD247 651220 4764232 892.9 5.0 0.35 0.07 68 1 OTD247 651220 4764229 888.6 5.0 0.51 0.03 46 1 OTD247 651220 4764227 884.3 5.0 0.52 0.07 49 1 OTD247 651220 4764224 879.9 5.0 0.36 0.12 39 1 OTD247 651220 4764222 875.6 5.0 0.52 0.12 69 1 OTD247 651220 4764219 871.3 5.0 0.50 0.08 81 1 OTD247 651220 4764217 866.9 5.0 0.32 0.06 31 1 OTD247 651219 4764207 849.6 5.0 0.46 0.04 23 1 OTD247 651219 4764204 845.3 5.0 0.47 0.06 27 1 OTD247 651219 4764201 841.0 5.0 0.63 0.09 42 1 OTD247 651219 4764199 836.6 5.0 0.42 0.09 18 1 OTD247 651219 4764196 832.3 5.0 0.45 0.07 19 1 OTD247 651216 4764148 752.8 5.0 0.91 0.16 82 3 OTD247 651216 4764146 748.6 5.0 0.78 0.13 61 3 OTD247 651216 4764143 744.4 5.0 0.88 0.20 68 3 OTD247 651216 4764140 740.2 5.0 1.09 0.24 70 3 OTD247 651215 4764138 737.3 2.0 0.68 0.12 22 3 OTD249 650902 4764063 1138.8 5.0 1.11 0.03 23 5 OTD249 650898 4764063 1135.0 5.0 1.35 0.06 19 5 OTD249 650895 4764063 1131.2 5.0 0.99 0.06 15 5 OTD249 650892 4764062 1127.6 5.0 0.92 0.03 14 5 OTD249 650888 4764062 1123.9 5.0 0.87 0.02 22 5 OTD249 650885 4764062 1120.2 5.0 0.88 0.04 17 5 OTD249 650882 4764062 1116.5 5.0 0.87 0.02 12 5 OTD249 650878 4764063 1112.8 5.0 0.97 0.02 23 5 OTD249 650875 4764062 1109.1 5.0 0.79 0.05 21 5 OTD249 650871 4764062 1104.7 5.0 0.83 0.11 16 1 OTD249 650868 4764062 1101.0 5.0 0.55 0.04 15 1 OTD249 650864 4764062 1097.3 5.0 0.68 0.03 17 1 OTD249 650861 4764062 1093.6 5.0 0.72 0.03 35 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD249 650857 4764062 1089.9 5.0 0.85 0.03 21 1 OTD249 650854 4764062 1086.2 5.0 0.61 0.06 18 1 OTD249 650852 4764062 1083.5 2.0 0.64 0.05 10 1 OTD249 650849 4764062 1080.9 5.0 0.84 0.05 59 2 OTD249 650846 4764061 1077.2 5.0 0.89 0.12 24 2 OTD249 650843 4764061 1073.5 5.0 0.78 0.24 27 2 OTD249 650839 4764061 1069.8 5.0 1.04 0.42 35 2 OTD249 650836 4764061 1066.1 5.0 0.86 0.34 17 2 OTD249 650833 4764061 1062.4 5.0 0.77 0.71 20 2 OTD249 650829 4764061 1058.7 5.0 1.15 0.44 24 2 OTD249 650826 4764061 1054.9 5.0 1.10 0.62 39 2 OTD249 650823 4764061 1051.2 5.0 0.75 0.39 16 2 OTD249 650819 4764060 1047.5 5.0 1.37 0.91 40 2 OTD249 650816 4764060 1043.8 5.0 0.77 0.55 15 2 OTD249 650812 4764060 1039.3 5.0 0.72 0.70 13 3 OTD249 650809 4764060 1035.6 5.0 0.44 0.44 20 3 OTD249 650805 4764060 1031.9 5.0 0.34 0.42 11 3 OTD249 650802 4764060 1028.2 5.0 0.40 0.39 11 3 OTD249 650799 4764060 1024.5 5.0 0.53 0.48 16 3 OTD249 650796 4764060 1021.5 3.0 0.66 0.33 30 3 OTD249 650776 4764059 999.6 4.0 0.31 0.33 16 3 OTD256 650825 4763817 954.7 5.0 0.49 0.25 5 3 OTD256 650825 4763814 950.5 5.0 0.62 0.29 14 3 OTD256 650825 4763812 946.3 5.0 0.52 0.24 17 3 OTD256 650825 4763810 942.9 3.0 0.44 0.08 54 3 OTD258 651026 4764339 1037.8 5.0 0.50 0.47 37 1 OTD258 651026 4764337 1033.5 5.0 0.34 0.19 26 1 OTD258 651026 4764334 1029.2 5.0 0.42 0.11 40 1 OTD258 651026 4764332 1024.9 5.0 0.55 0.12 27 1 OTD258 651026 4764329 1020.6 5.0 0.50 0.17 32 1 OTD258 651026 4764325 1012.0 5.0 0.34 0.13 21 1 OTD258 651026 4764322 1007.7 5.0 0.58 0.08 57 1 OTD258 651026 4764320 1003.3 5.0 0.65 0.08 20 1 OTD258 651026 4764317 999.0 5.0 0.65 0.09 37 1 OTD258 651026 4764315 994.7 5.0 0.61 0.14 27 1 OTD258 651026 4764312 989.4 5.0 1.07 0.09 37 2 OTD258 651026 4764309 985.1 5.0 0.89 0.07 49 2 OTD258 651026 4764307 980.8 5.0 1.04 0.09 76 2 OTD258 651026 4764304 976.4 5.0 1.01 0.14 67 2 OTD258 651026 4764302 972.0 5.0 0.56 0.10 34 2 OTD258 651026 4764299 967.7 5.0 0.88 0.12 45 2 OTD258 651026 4764297 963.3 5.0 0.78 0.08 44 2 OTD258 651027 4764292 954.6 5.0 1.04 0.10 61 2 OTD258 651027 4764290 950.3 5.0 1.10 0.12 25 2 OTD258 651027 4764287 946.0 5.0 0.93 0.15 15 2 OTD258 651027 4764285 941.6 5.0 1.22 0.13 25 2 OTD258 651027 4764282 937.3 5.0 1.28 0.18 23 2 OTD258 651027 4764280 933.8 3.0 0.80 1.62 16 2 OTD258 651027 4764278 930.3 5.0 0.90 0.38 26 1 OTD258 651027 4764276 926.0 5.0 0.89 0.16 13 1 OTD258 651027 4764273 921.6 5.0 0.70 0.11 16 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD258 651027 4764270 917.3 5.0 0.47 0.07 18 1 OTD258 651027 4764269 914.3 2.0 0.50 0.07 25 1 OTD258 651027 4764267 911.2 5.0 1.20 0.22 47 2 OTD258 651027 4764264 906.9 5.0 1.39 0.35 14 2 OTD258 651027 4764262 902.6 5.0 1.59 0.20 41 2 OTD258 651027 4764259 898.2 5.0 1.55 0.72 35 2 OTD258 651027 4764257 893.9 5.0 1.51 0.55 38 2 OTD258 651027 4764255 889.6 5.0 1.87 0.43 87 2 OTD258 651027 4764252 885.2 5.0 1.79 0.40 29 2 OTD258 651027 4764250 880.9 5.0 1.85 0.38 26 2 OTD258 651027 4764247 876.6 5.0 1.54 0.60 44 2 OTD258 651026 4764245 872.3 5.0 2.16 0.45 46 2 OTD258 651026 4764242 867.9 5.0 2.26 0.39 25 2 OTD258 651026 4764239 863.6 5.0 1.91 0.32 63 2 OTD258 651026 4764237 859.3 5.0 1.75 0.27 27 2 OTD258 651026 4764234 855.0 5.0 2.14 0.28 63 2 OTD258 651026 4764232 850.6 5.0 1.58 0.19 15 2 OTD258 651026 4764229 846.3 5.0 1.47 0.11 25 2 OTD258 651026 4764227 842.0 5.0 1.37 0.26 23 2 OTD258 651026 4764224 837.7 5.0 1.55 0.17 28 2 OTD258 651026 4764222 833.4 5.0 1.46 0.12 73 2 OTD258 651026 4764219 829.1 5.0 1.68 0.12 70 2 OTD258 651026 4764217 824.7 5.0 1.27 0.48 52 2 OTD258 651026 4764215 821.3 3.0 0.66 0.09 53 2 OTD258 651026 4764213 817.8 5.0 0.67 0.14 51 1 OTD258 651026 4764211 813.5 5.0 1.04 0.61 40 1 OTD258 651026 4764208 809.2 5.0 0.62 0.13 98 1 OTD258 651026 4764205 804.9 5.0 0.48 0.11 35 1 OTD258 651025 4764203 800.6 5.0 0.93 0.14 16 1 OTD258 651025 4764200 796.3 5.0 1.12 0.17 16 1 OTD258 651025 4764198 792.0 5.0 0.58 0.11 20 1 OTD258 651025 4764195 787.7 5.0 0.76 0.08 25 1 OTD258 651025 4764193 783.4 5.0 0.62 0.09 17 1 OTD258 651025 4764190 779.1 5.0 0.78 0.08 20 1 OTD258 651025 4764187 774.8 5.0 0.77 0.13 27 1 OTD258 651025 4764185 770.5 5.0 0.46 0.11 53 1 OTD258 651025 4764182 766.2 5.0 0.45 0.08 31 1 OTD258 651025 4764180 762.0 5.0 0.69 0.09 33 1 OTD258 651025 4764177 757.7 5.0 0.48 0.09 64 1 OTD258 651025 4764174 753.4 5.0 0.51 0.09 25 1 OTD258 651024 4764172 749.1 5.0 0.33 0.09 44 1 OTD258 651024 4764169 744.9 5.0 0.67 0.09 116 1 OTD258 651024 4764167 740.6 5.0 0.72 0.10 134 1 OTD258 651024 4764164 736.3 5.0 0.41 0.10 183 1 OTD258 651024 4764162 732.1 5.0 0.33 0.09 146 1 OTD258 651024 4764158 727.0 5.0 1.29 0.14 74 2 OTD258 651024 4764156 722.8 5.0 1.91 0.24 144 2 OTD258 651024 4764153 718.5 5.0 1.87 0.28 91 2 OTD258 651024 4764150 714.3 5.0 1.20 0.19 100 2 OTD258 651024 4764148 710.1 5.0 0.85 0.10 116 2 OTD258 651024 4764145 705.8 5.0 0.88 0.14 32 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD258 651024 4764142 701.6 5.0 0.61 0.11 41 1 OTD258 651023 4764140 698.2 3.0 0.62 0.14 29 1 OTD258 651023 4764137 693.1 5.0 0.48 0.26 40 3 OTD258 651023 4764134 688.9 5.0 0.57 0.20 38 3 OTD258 651023 4764132 684.7 5.0 0.74 0.19 48 3 OTD258 651023 4764129 680.5 5.0 1.38 0.23 52 3 OTD258 651023 4764126 676.3 5.0 0.65 0.24 60 3 OTD258 651023 4764124 672.0 5.0 0.72 0.26 78 3 OTD258 651023 4764121 667.8 5.0 0.54 0.12 39 3 OTD258 651023 4764118 663.6 5.0 0.83 0.21 53 3 OTD258 651023 4764116 659.4 5.0 1.02 0.20 27 3 OTD258 651023 4764113 655.2 5.0 0.82 0.19 32 3 OTD258 651023 4764110 651.5 4.0 0.71 0.17 66 3 OTD258 651022 4764097 630.9 5.0 0.64 0.10 123 3 OTD258 651022 4764094 626.7 5.0 0.98 0.14 912 3 OTD258 651022 4764092 622.5 5.0 0.60 0.30 185 3 OTD258 651022 4764089 618.3 5.0 0.61 0.52 14 3 OTD258 651021 4764086 614.5 4.0 0.60 0.44 5 3 OTD258 651021 4764077 600.3 2.0 0.58 0.25 17 3 OTD262 650929 4764359 1112.2 5.0 0.87 0.04 11 5 OTD262 650928 4764356 1107.8 5.0 0.60 0.01 13 5 OTD262 650928 4764354 1104.0 4.0 0.57 0.02 32 5 OTD262 650924 4764274 981.5 5.0 0.43 0.26 8 1 OTD262 650924 4764271 977.4 5.0 0.73 0.42 8 1 OTD262 650923 4764268 973.4 5.0 0.68 0.36 31 1 OTD262 650923 4764265 969.3 5.0 0.88 0.39 25 1 OTD262 650923 4764262 965.2 5.0 0.52 0.31 7 1 OTD262 650922 4764253 953.0 5.0 0.38 0.27 5 1 OTD262 650922 4764250 948.9 5.0 0.68 0.57 7 1 OTD262 650922 4764247 944.9 5.0 0.73 0.64 5 1 OTD262 650921 4764244 940.8 5.0 0.67 0.78 4 1 OTD262 650921 4764242 936.7 5.0 0.80 0.81 5 1 OTD262 650921 4764239 932.6 5.0 0.51 0.67 9 1 OTD262 650920 4764230 920.4 5.0 0.36 0.27 12 1 OTD262 650920 4764227 916.4 5.0 0.64 0.93 5 1 OTD262 650920 4764224 912.3 5.0 0.63 1.00 13 1 OTD262 650919 4764222 908.2 5.0 0.85 0.58 17 1 OTD262 650919 4764219 904.1 5.0 1.00 0.35 21 1 OTD262 650919 4764216 900.0 5.0 0.55 0.45 17 1 OTD262 650919 4764213 895.9 5.0 0.52 0.71 11 1 OTD262 650918 4764210 891.8 5.0 0.38 0.08 12 1 OTD262 650918 4764207 887.8 5.0 0.52 0.08 13 1 OTD262 650918 4764204 883.6 5.0 0.65 0.09 46 1 OTD262 650917 4764201 878.7 5.0 1.40 0.15 16 2 OTD262 650917 4764198 874.6 5.0 0.92 0.05 16 2 OTD262 650917 4764195 870.5 5.0 0.97 0.06 15 2 OTD262 650916 4764192 866.4 5.0 1.61 0.04 18 2 OTD262 650916 4764189 862.3 5.0 1.43 0.07 26 2 OTD262 650916 4764186 858.3 5.0 1.46 0.09 24 2 OTD262 650915 4764184 854.2 5.0 1.46 0.12 28 2 OTD262 650915 4764181 850.1 5.0 1.60 0.15 50 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD262 650915 4764178 846.0 5.0 1.17 0.11 53 2 OTD262 650915 4764175 841.9 5.0 1.39 0.13 25 2 OTD262 650914 4764172 837.8 5.0 1.24 0.21 31 2 OTD262 650914 4764169 833.7 5.0 2.32 0.20 33 2 OTD262 650914 4764166 829.6 5.0 2.56 0.16 44 2 OTD262 650913 4764163 825.5 5.0 1.95 0.16 56 2 OTD262 650913 4764160 821.4 5.0 1.50 0.15 85 2 OTD262 650913 4764157 817.3 5.0 0.95 0.07 32 2 OTD262 650913 4764155 813.2 5.0 0.58 0.04 39 2 OTD262 650912 4764150 806.6 5.0 0.57 0.04 26 1 OTD262 650912 4764147 802.5 5.0 0.69 0.06 18 1 OTD262 650911 4764144 798.5 5.0 0.74 0.05 46 1 OTD262 650911 4764142 794.4 5.0 0.91 0.06 83 1 OTD262 650910 4764133 782.1 5.0 0.79 0.03 155 1 OTD262 650910 4764127 773.9 5.0 0.32 0.03 29 1 OTD262 650909 4764125 769.8 5.0 0.50 0.04 33 1 OTD262 650909 4764121 765.7 5.0 0.67 0.04 47 1 OTD262 650909 4764119 761.6 5.0 0.72 0.09 51 1 OTD262 650908 4764116 757.5 5.0 0.41 0.12 13 1 OTD262 650907 4764105 742.8 5.0 0.59 0.14 23 2 OTD262 650907 4764103 738.7 5.0 1.12 0.43 32 2 OTD262 650906 4764099 734.6 5.0 1.18 0.53 95 2 OTD262 650906 4764097 730.5 5.0 0.98 0.56 64 2 OTD262 650906 4764094 726.4 5.0 0.68 0.59 55 2 OTD262 650905 4764091 722.3 5.0 0.67 0.61 98 2 OTD262 650905 4764089 719.4 2.0 0.74 0.35 44 2 OTD262 650905 4764088 717.8 2.0 1.43 0.25 74 1 OTD271 651126 4764364 1107.6 5.0 0.41 0.01 9 5 OTD271 651126 4764360 1098.6 5.0 0.61 0.08 13 5 OTD271 651126 4764358 1094.1 5.0 0.52 0.09 19 5 OTD271 651126 4764355 1089.7 5.0 0.69 0.03 25 5 OTD271 651126 4764353 1085.3 5.0 0.91 0.06 36 5 OTD271 651126 4764350 1080.9 5.0 0.70 0.08 21 5 OTD271 651126 4764348 1076.4 5.0 0.60 0.06 19 5 OTD271 651126 4764346 1072.0 5.0 0.72 0.04 29 5 OTD271 651126 4764343 1067.6 5.0 0.69 0.03 44 5 OTD271 651126 4764341 1063.7 4.0 0.55 0.07 59 5 OTD271 651126 4764339 1059.7 5.0 0.68 0.04 37 1 OTD271 651126 4764337 1055.3 5.0 0.79 0.05 36 1 OTD271 651126 4764334 1050.8 5.0 0.67 0.03 28 1 OTD271 651126 4764332 1046.4 5.0 0.56 0.03 37 1 OTD271 651126 4764330 1042.0 5.0 0.62 0.02 17 1 OTD271 651126 4764327 1037.6 5.0 0.51 0.03 17 1 OTD271 651126 4764325 1033.1 5.0 0.46 0.05 27 1 OTD271 651126 4764323 1028.7 5.0 0.44 0.03 21 1 OTD271 651126 4764320 1024.3 5.0 0.47 0.02 45 1 OTD271 651126 4764318 1019.9 5.0 0.58 0.02 18 1 OTD271 651126 4764315 1015.4 5.0 0.68 0.03 19 1 OTD271 651126 4764313 1011.0 5.0 0.60 0.03 5 1 OTD271 651126 4764311 1006.6 5.0 0.50 0.02 8 1 OTD271 651126 4764308 1002.1 5.0 0.71 0.02 8 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD271 651126 4764306 997.7 5.0 0.37 0.03 5 1 OTD271 651126 4764304 993.3 5.0 0.73 0.02 12 1 OTD271 651126 4764302 988.8 5.0 0.53 0.02 20 1 OTD271 651126 4764299 984.4 5.0 0.51 0.02 39 1 OTD271 651126 4764297 979.9 5.0 0.48 0.03 102 1 OTD271 651126 4764295 975.5 5.0 0.52 0.03 33 1 OTD271 651126 4764293 971.1 5.0 0.71 0.09 16 1 OTD271 651126 4764290 966.6 5.0 0.73 0.22 23 1 OTD271 651126 4764288 962.2 5.0 0.55 0.06 16 1 OTD271 651126 4764286 957.7 5.0 0.70 0.05 36 1 OTD271 651126 4764283 953.3 5.0 0.66 0.07 37 1 OTD271 651126 4764281 948.8 5.0 0.78 0.05 39 1 OTD271 651126 4764279 944.4 5.0 0.49 0.05 16 1 OTD271 651126 4764277 939.9 5.0 0.48 0.07 12 1 OTD271 651126 4764274 935.5 5.0 0.53 0.06 19 1 OTD271 651126 4764272 931.0 5.0 0.63 0.09 60 1 OTD271 651126 4764270 926.6 5.0 0.65 0.10 39 1 OTD271 651126 4764267 922.1 5.0 0.57 0.08 73 1 OTD271 651126 4764265 917.7 5.0 0.92 0.10 41 1 OTD271 651126 4764263 913.2 5.0 0.64 0.08 34 1 OTD271 651126 4764261 908.7 5.0 0.65 0.09 46 1 OTD271 651126 4764259 904.3 5.0 0.80 0.05 75 1 OTD271 651126 4764256 899.8 5.0 0.36 0.02 26 1 OTD271 651126 4764249 886.4 5.0 0.57 0.09 117 1 OTD271 651126 4764247 881.9 5.0 0.87 0.17 69 1 OTD271 651126 4764243 873.0 5.0 0.47 0.05 146 1 OTD271 651126 4764240 868.5 5.0 0.41 0.12 120 1 OTD271 651126 4764236 859.5 5.0 0.73 0.07 72 1 OTD271 651126 4764233 855.0 5.0 0.51 0.07 25 1 OTD271 651126 4764231 850.5 5.0 0.79 0.08 45 1 OTD271 651126 4764229 846.1 5.0 0.43 0.05 33 1 OTD271 651126 4764227 841.6 5.0 0.44 0.06 34 1 OTD271 651126 4764222 832.6 5.0 0.34 0.10 46 1 OTD271 651126 4764220 828.1 5.0 0.61 0.11 50 1 OTD271 651126 4764218 823.6 5.0 0.59 0.12 56 1 OTD271 651126 4764216 819.1 5.0 0.78 0.10 115 1 OTD271 651126 4764214 814.6 5.0 1.28 0.16 78 1 OTD271 651125 4764212 810.1 5.0 0.70 0.34 79 1 OTD271 651125 4764210 805.6 5.0 0.65 0.16 102 1 OTD271 651125 4764207 801.1 5.0 0.42 0.08 137 1 OTD271 651125 4764205 796.5 5.0 0.38 0.05 74 1 OTD271 651125 4764203 792.0 5.0 0.33 0.04 112 1 OTD271 651125 4764199 783.0 5.0 0.69 0.07 105 1 OTD271 651125 4764197 778.5 5.0 0.78 0.07 65 1 OTD271 651125 4764195 774.0 5.0 0.85 0.09 72 1 OTD271 651124 4764192 769.5 5.0 0.47 0.30 35 1 OTD271 651124 4764190 765.0 5.0 0.34 0.26 130 1 OTD271 651124 4764188 760.4 5.0 0.43 0.28 147 1 OTD271 651124 4764186 755.9 5.0 0.63 0.13 114 1 OTD271 651124 4764183 751.4 5.0 0.58 0.16 292 1 OTD271 651124 4764181 746.9 5.0 0.69 0.14 243 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD271 651124 4764179 742.4 5.0 0.64 0.09 217 1 OTD271 651123 4764158 696.3 5.0 0.59 0.06 93 3 OTD271 651122 4764155 691.8 5.0 0.58 0.05 70 3 OTD271 651122 4764153 687.3 5.0 0.55 0.10 96 3 OTD271 651122 4764151 682.7 5.0 0.88 0.16 26 3 OTD271 651122 4764149 678.2 5.0 0.68 0.39 8 3 OTD271 651122 4764147 673.7 5.0 0.59 0.22 8 3 OTD271 651122 4764145 669.2 5.0 0.75 0.08 45 3 OTD271 651122 4764143 664.6 5.0 0.76 0.22 59 3 OTD271 651122 4764141 660.1 5.0 0.98 0.51 82 3 OTD271 651121 4764139 655.6 5.0 1.00 0.46 42 3 OTD271 651121 4764136 651.1 5.0 0.94 0.67 36 3 OTD271 651121 4764134 646.6 5.0 0.76 0.44 61 3 OTD271 651121 4764132 642.0 5.0 0.49 0.44 18 3 OTD271 651121 4764130 637.5 5.0 0.43 0.24 11 3 OTD271 651121 4764128 633.0 5.0 0.73 0.32 13 3 OTD271 651121 4764126 628.5 5.0 0.54 0.18 14 3 OTD271 651120 4764124 623.9 5.0 0.63 0.28 8 3 OTD271 651120 4764121 619.4 5.0 0.60 0.26 5 3 OTD271 651120 4764119 614.9 5.0 1.09 0.54 6 3 OTD271 651120 4764117 610.4 5.0 1.36 0.64 11 3 OTD271 651120 4764115 605.8 5.0 0.69 0.17 16 3 OTD271 651120 4764113 601.3 5.0 0.92 0.24 38 3 OTD271 651120 4764111 596.8 5.0 0.87 0.22 18 3 OTD271 651119 4764109 592.2 5.0 0.81 0.20 12 3 OTD271 651119 4764107 587.7 5.0 0.50 0.12 14 3 OTD271 651119 4764105 583.2 5.0 0.39 0.11 7 3 OTD271 651119 4764103 580.0 2.0 1.04 0.31 67 3 OTD275 651126 4764172 1121.9 5.0 0.90 0.10 69 5 OTD275 651126 4764170 1117.3 5.0 0.73 0.10 46 5 OTD275 651126 4764167 1112.8 5.0 1.05 0.09 68 5 OTD275 651126 4764165 1108.2 5.0 0.76 0.10 67 5 OTD275 651126 4764163 1103.7 5.0 0.72 0.11 92 5 OTD275 651126 4764157 1089.2 5.0 0.48 0.06 133 1 OTD275 651126 4764155 1084.6 5.0 0.38 0.05 120 1 OTD275 651126 4764153 1080.0 5.0 0.32 0.02 77 1 OTD275 651126 4764151 1075.5 5.0 0.35 0.03 59 1 OTD275 651126 4764149 1070.9 5.0 0.41 0.06 122 1 OTD275 651126 4764147 1066.4 5.0 0.56 0.12 136 1 OTD275 651126 4764144 1061.9 5.0 0.61 0.09 52 1 OTD275 651126 4764142 1057.3 5.0 0.74 0.13 68 1 OTD275 651126 4764140 1052.7 5.0 0.55 0.11 91 1 OTD275 651126 4764139 1049.1 3.0 0.56 0.12 85 1 OTD275 651126 4764137 1045.4 5.0 0.87 0.15 89 2 OTD275 651126 4764135 1040.9 5.0 0.91 0.14 118 2 OTD275 651127 4764133 1036.3 5.0 0.73 0.11 75 2 OTD275 651127 4764131 1031.8 5.0 0.78 0.12 98 2 OTD275 651127 4764129 1027.2 5.0 0.72 0.08 79 2 OTD275 651127 4764127 1022.6 5.0 0.66 0.12 86 2 OTD275 651127 4764125 1018.1 5.0 0.68 0.11 370 2 OTD275 651127 4764123 1013.5 5.0 0.88 0.11 121 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD275 651127 4764121 1008.9 5.0 0.83 0.07 97 2 OTD275 651127 4764119 1004.4 5.0 0.71 0.08 76 2 OTD275 651127 4764117 999.8 5.0 1.06 0.13 62 2 OTD275 651127 4764115 995.2 5.0 1.08 0.12 111 2 OTD275 651127 4764113 990.7 5.0 0.99 0.17 87 2 OTD275 651127 4764111 986.1 5.0 1.01 0.20 92 2 OTD275 651127 4764108 981.5 5.0 1.06 0.10 84 2 OTD275 651127 4764106 977.0 5.0 0.77 0.10 81 2 OTD275 651127 4764104 972.4 5.0 0.56 0.09 107 1 OTD275 651127 4764102 967.9 5.0 0.51 0.09 79 1 OTD275 651127 4764100 963.3 5.0 0.49 0.05 112 1 OTD275 651127 4764098 958.8 5.0 0.49 0.04 57 1 OTD275 651127 4764096 954.2 5.0 0.82 0.03 116 1 OTD275 651127 4764094 949.7 5.0 0.74 0.04 138 1 OTD275 651127 4764092 945.1 5.0 0.50 0.06 39 1 OTD275 651127 4764090 940.6 5.0 0.73 0.06 219 1 OTD275 651126 4764088 936.0 5.0 0.87 0.09 87 1 OTD275 651126 4764086 931.5 5.0 0.64 0.08 23 1 OTD275 651126 4764084 926.9 5.0 0.69 0.09 214 1 OTD275 651126 4764082 922.4 5.0 0.43 0.07 176 1 OTD275 651126 4764080 917.9 5.0 0.84 0.11 201 1 OTD275 651126 4764077 913.3 5.0 0.85 0.07 207 1 OTD275 651126 4764075 908.8 5.0 0.87 0.10 68 1 OTD275 651126 4764073 904.2 5.0 0.80 0.12 225 1 OTD275 651126 4764071 899.7 5.0 0.53 0.06 89 1 OTD275 651126 4764069 895.2 5.0 0.65 0.06 61 1 OTD275 651125 4764067 890.6 5.0 0.64 0.05 162 1 OTD275 651125 4764065 886.1 5.0 0.78 0.09 105 1 OTD275 651125 4764063 882.0 4.0 0.58 0.04 92 1 OTD275 651122 4764032 816.5 5.0 0.83 0.07 13 3 OTD275 651122 4764030 812.0 5.0 0.61 0.08 22 3 OTD275 651121 4764028 807.5 5.0 0.57 0.12 24 3 OTD275 651121 4764026 803.0 5.0 0.54 0.11 23 3 OTD275 651121 4764023 798.5 5.0 0.59 0.08 5 3 OTD275 651120 4764021 794.0 5.0 0.63 0.06 5 3 OTD275 651119 4764015 780.5 5.0 0.33 0.06 12 3 OTD275 651118 4764008 767.1 5.0 0.75 0.28 20 3 OTD275 651118 4764006 762.7 5.0 0.32 0.06 25 3 OTD275 651118 4764004 758.2 5.0 0.32 0.05 26 3 OTD275 651117 4764001 753.8 5.0 0.42 0.05 88 3 OTD275 651117 4763997 745.0 5.0 0.95 0.11 13 3 OTD275 651116 4763994 740.5 5.0 0.57 0.06 41 3 OTD275 651116 4763992 736.1 5.0 0.50 0.06 22 3 OTD275 651116 4763990 731.7 5.0 0.36 0.11 27 3 OTD275 651115 4763985 722.9 5.0 0.44 0.11 23 3 OTD275 651115 4763983 718.5 5.0 0.44 0.09 52 3 OTD275 651114 4763981 714.0 5.0 0.34 0.08 21 3 OTD275 651114 4763979 709.6 5.0 0.39 0.11 22 3 OTD275 651114 4763976 705.2 5.0 0.40 0.09 63 3 OTD275 651111 4763954 663.8 5.0 0.84 0.44 20 3 OTD275 651111 4763952 659.4 5.0 0.52 0.28 21 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD275 651110 4763950 655.1 5.0 0.63 0.80 44 3 OTD275 651110 4763947 650.7 5.0 0.38 1.12 34 3 OTD275 651110 4763944 646.3 5.0 0.42 1.63 27 3 OTD275 651109 4763942 642.0 5.0 0.52 1.36 41 3 OTD275 651109 4763939 637.6 5.0 0.30 1.73 109 3 OTD275 651107 4763928 615.8 5.0 0.36 0.49 30 3 OTD280 650827 4764222 932.5 5.0 0.93 0.58 38 3 OTD280 650827 4764220 928.2 5.0 0.51 0.40 15 3 OTD280 650827 4764217 923.8 5.0 0.46 0.52 5 3 OTD280 650827 4764215 919.4 5.0 0.52 0.49 13 3 OTD280 650827 4764212 915.0 5.0 0.63 0.52 6 3 OTD280 650827 4764210 910.7 5.0 0.72 0.83 6 3 OTD280 650827 4764208 906.3 5.0 0.70 0.72 7 3 OTD280 650827 4764206 901.9 5.0 0.78 0.79 5 3 OTD280 650826 4764203 897.6 5.0 0.79 1.03 5 3 OTD280 650826 4764201 893.2 5.0 0.51 0.71 5 3 OTD280 650826 4764198 888.9 5.0 0.61 0.89 11 3 OTD280 650825 4764182 861.2 5.0 1.62 0.40 49 2 OTD280 650824 4764180 856.9 5.0 2.11 0.47 35 2 OTD280 650824 4764177 852.5 5.0 1.25 0.46 54 2 OTD280 650824 4764175 848.2 5.0 1.09 0.44 48 2 OTD280 650824 4764172 843.9 5.0 1.21 0.62 30 2 OTD280 650824 4764170 839.6 5.0 1.16 0.68 34 2 OTD280 650824 4764167 835.2 5.0 0.81 0.74 44 1 OTD280 650824 4764165 830.9 5.0 0.51 0.48 34 1 OTD280 650824 4764162 827.0 4.0 0.57 0.44 41 1 OTD280 650824 4764160 823.1 5.0 0.86 1.55 38 3 OTD280 650824 4764158 818.8 5.0 1.04 1.77 13 3 OTD280 650824 4764155 814.4 5.0 1.02 1.41 7 3 OTD280 650824 4764153 810.1 5.0 1.27 1.88 7 3 OTD280 650824 4764150 805.8 5.0 1.58 1.60 9 3 OTD280 650824 4764148 801.4 5.0 1.38 3.19 13 3 OTD280 650824 4764146 797.1 5.0 1.32 2.62 7 3 OTD280 650824 4764143 792.7 5.0 2.09 3.32 33 3 OTD280 650824 4764142 789.7 2.0 0.38 0.31 11 3 OTD280 650822 4764120 751.8 5.0 0.63 0.69 18 3 OTD280 650822 4764118 747.5 3.0 1.22 0.36 25 3 OTD280 650822 4764115 743.1 5.0 0.90 1.01 62 3 OTD284 651028 4764476 1103.5 5.0 0.62 0.09 5 5 OTD284 651031 4764391 939.9 4.0 0.41 0.06 29 1 OTD284 651031 4764390 935.8 5.0 0.90 0.55 35 2 OTD284 651031 4764387 931.3 5.0 0.67 0.61 16 2 OTD284 651031 4764385 926.8 5.0 0.66 0.63 18 2 OTD284 651032 4764381 917.7 5.0 0.47 0.15 11 2 OTD284 651032 4764379 913.2 5.0 1.01 0.45 20 2 OTD284 651032 4764377 908.6 5.0 0.88 0.66 41 2 OTD284 651032 4764375 904.1 5.0 0.83 0.51 41 2 OTD284 651032 4764373 899.6 5.0 1.27 0.64 183 2 OTD284 651033 4764371 895.0 5.0 1.44 0.29 189 2 OTD284 651033 4764369 890.5 5.0 1.23 0.45 66 2 OTD284 651033 4764366 886.0 5.0 1.51 0.54 146 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD284 651033 4764364 881.4 5.0 2.48 0.30 231 2 OTD284 651033 4764362 876.9 5.0 1.40 0.36 148 2 OTD284 651034 4764360 872.4 5.0 1.19 0.23 57 2 OTD284 651034 4764358 867.8 5.0 0.74 0.19 81 2 OTD284 651034 4764356 863.3 5.0 0.98 0.25 47 2 OTD284 651034 4764354 858.8 5.0 1.31 0.27 50 2 OTD284 651034 4764352 854.2 5.0 1.07 0.28 40 2 OTD284 651035 4764350 849.7 5.0 1.33 0.30 50 2 OTD284 651035 4764347 845.2 5.0 1.89 0.63 60 2 OTD284 651035 4764345 840.7 5.0 1.88 0.58 61 2 OTD284 651035 4764343 836.1 5.0 1.28 1.36 52 2 OTD284 651035 4764341 831.6 5.0 1.20 1.47 60 2 OTD284 651035 4764339 827.1 3.0 2.06 0.90 101 2 OTD284 651036 4764337 822.6 5.0 1.54 0.50 204 2 OTD284 651036 4764335 818.1 5.0 1.30 0.37 81 2 OTD284 651036 4764331 810.4 2.0 0.86 0.04 5 2 OTD285 651027 4764084 1139.2 5.0 1.49 0.07 78 5 OTD285 651027 4764081 1134.9 5.0 1.54 0.10 48 5 OTD285 651026 4764079 1130.6 5.0 1.67 0.09 72 5 OTD285 651026 4764076 1126.2 5.0 0.87 0.07 69 5 OTD285 651026 4764075 1123.2 2.0 0.72 0.06 62 5 OTD285 651026 4764063 1102.0 5.0 0.36 0.05 18 1 OTD285 651026 4764060 1097.7 5.0 0.64 0.04 19 1 OTD285 651026 4764058 1093.3 5.0 0.73 0.04 47 1 OTD285 651026 4764055 1089.0 5.0 0.55 0.02 32 1 OTD285 651026 4764050 1080.3 5.0 0.39 0.03 29 1 OTD285 651026 4764046 1073.0 2.0 0.38 0.01 22 1 OTD285 651026 4764040 1063.0 5.0 0.37 0.01 27 1 OTD285 651026 4764038 1058.7 5.0 0.40 0.01 49 1 OTD285 651025 4764036 1054.4 5.0 0.47 0.02 81 1 OTD285 651025 4764033 1050.1 5.0 0.45 0.01 75 1 OTD285 651025 4764031 1045.7 5.0 0.46 0.02 43 1 OTD285 651025 4764028 1041.4 5.0 0.52 0.03 41 1 OTD285 651025 4764026 1037.1 5.0 0.56 0.04 16 1 OTD285 651025 4764023 1032.7 5.0 0.48 0.03 34 1 OTD285 651025 4764021 1028.4 5.0 0.49 0.07 11 1 OTD285 651025 4764018 1024.0 5.0 0.47 0.02 10 1 OTD285 651025 4764016 1019.7 5.0 0.32 0.02 7 1 OTD285 651024 4764013 1015.4 5.0 0.62 0.02 5 1 OTD285 651024 4764011 1011.0 5.0 0.74 0.01 13 1 OTD285 651024 4764008 1006.7 5.0 0.49 0.04 8 1 OTD285 651024 4764006 1002.3 5.0 0.42 0.12 5 1 OTD285 651024 4764003 998.0 5.0 0.58 0.14 5 1 OTD285 651024 4764001 993.6 5.0 0.43 0.13 7 1 OTD285 651024 4763998 989.3 5.0 0.59 0.19 57 1 OTD285 651023 4763996 984.9 5.0 0.42 0.15 16 1 OTD285 651023 4763993 980.6 5.0 0.73 0.07 48 1 OTD285 651023 4763991 976.2 5.0 0.50 0.26 23 1 OTD285 651023 4763988 971.9 5.0 0.52 0.08 19 1 OTD285 651023 4763986 967.5 5.0 0.60 0.13 18 1 OTD285 651023 4763983 963.2 5.0 0.76 0.21 21 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD285 651023 4763981 958.8 5.0 0.71 0.11 36 1 OTD285 651022 4763978 954.5 5.0 0.56 0.06 32 1 OTD285 651022 4763976 950.1 5.0 0.59 0.10 29 1 OTD285 651022 4763973 945.8 5.0 0.50 0.08 35 1 OTD285 651022 4763971 941.5 5.0 0.54 0.05 24 1 OTD285 651022 4763968 937.1 5.0 0.52 0.09 28 1 OTD285 651021 4763966 932.8 5.0 0.43 0.09 28 1 OTD285 651021 4763963 928.4 5.0 0.65 0.10 125 1 OTD285 651021 4763961 924.1 5.0 0.63 0.09 91 1 OTD285 651021 4763959 920.6 3.0 0.83 0.08 52 1 OTD285 651020 4763954 911.9 5.0 0.58 0.36 66 3 OTD285 651020 4763951 907.6 5.0 0.65 0.09 122 3 OTD285 651020 4763949 903.2 5.0 0.52 0.02 172 3 OTD285 651020 4763946 898.9 5.0 0.90 0.03 146 3 OTD285 651019 4763943 894.5 5.0 0.83 0.02 107 3 OTD285 651019 4763941 890.2 5.0 1.05 0.09 137 3 OTD285 651019 4763939 885.8 5.0 0.62 0.11 99 3 OTD285 651019 4763936 881.5 5.0 0.66 0.16 121 3 OTD285 651019 4763934 877.1 5.0 1.03 0.12 165 3 OTD285 651018 4763931 872.8 5.0 0.45 0.10 76 3 OTD285 651018 4763929 868.4 5.0 0.52 0.13 76 3 OTD285 651018 4763926 864.1 5.0 0.50 0.08 81 3 OTD285 651018 4763924 859.7 5.0 0.51 0.09 1301 3 OTD285 651018 4763922 855.4 5.0 0.71 0.13 117 3 OTD285 651017 4763915 844.0 5.0 0.57 0.17 25 3 OTD285 651017 4763913 839.7 5.0 0.70 0.24 18 3 OTD285 651016 4763911 835.3 5.0 0.85 0.33 7 3 OTD285 651016 4763908 831.0 5.0 0.75 0.21 5 3 OTD285 651016 4763906 826.6 5.0 0.48 0.17 25 3 OTD285 651015 4763903 822.3 5.0 0.81 0.21 31 3 OTD285 651015 4763901 817.9 5.0 0.82 0.29 19 3 OTD285 651015 4763899 814.4 3.0 0.56 0.15 19 3 OTD285 651006 4763848 722.5 5.0 0.40 0.13 18 3 OTD285 651005 4763845 718.2 5.0 0.38 0.10 17 3 OTD285 651005 4763843 713.9 5.0 0.40 0.10 24 3 OTD285 651004 4763840 710.5 3.0 0.36 0.12 22 3 OTD290 651124 4764418 997.2 5.0 0.76 0.58 18 1 OTD290 651124 4764416 992.6 5.0 0.69 0.76 10 1 OTD290 651124 4764410 978.9 5.0 1.07 0.13 17 2 OTD290 651123 4764408 974.3 5.0 0.49 0.09 34 2 OTD290 651123 4764406 969.7 5.0 0.56 0.05 29 2 OTD290 651123 4764404 965.1 5.0 0.74 0.05 82 2 OTD290 651123 4764402 960.5 5.0 0.93 0.06 14 2 OTD290 651123 4764400 955.9 5.0 0.86 0.08 36 2 OTD290 651123 4764398 951.4 5.0 0.87 0.09 28 2 OTD290 651123 4764396 946.8 5.0 1.01 0.14 25 2 OTD290 651123 4764394 942.2 5.0 1.04 0.17 26 2 OTD290 651123 4764392 937.6 5.0 1.03 0.18 41 2 OTD290 651122 4764390 933.0 5.0 1.05 0.16 43 2 OTD290 651122 4764388 928.4 5.0 0.90 0.13 33 2 OTD290 651122 4764386 923.8 5.0 0.70 0.09 50 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD290 651122 4764384 919.2 5.0 1.60 0.11 43 2 OTD290 651122 4764382 914.6 5.0 1.61 0.11 68 2 OTD290 651122 4764379 910.1 5.0 2.07 0.13 76 2 OTD290 651121 4764378 905.5 5.0 1.50 0.17 30 2 OTD290 651121 4764376 900.9 5.0 1.20 0.13 52 2 OTD290 651121 4764374 896.3 5.0 0.94 0.10 23 2 OTD290 651116 4764330 793.3 5.0 0.93 0.19 77 3 OTD290 651116 4764328 788.6 5.0 1.03 0.28 74 3 OTD290 651116 4764326 784.0 5.0 1.91 0.75 216 3 OTD290 651115 4764324 779.4 5.0 1.24 0.42 45 3 OTD290 651115 4764322 775.2 4.0 0.72 0.57 47 3 OTD294 650932 4763985 1146.4 5.0 2.74 0.12 9 5 OTD294 650932 4763985 1141.4 5.0 1.94 0.08 5 5 OTD294 650932 4763985 1136.4 5.0 1.48 0.09 36 5 OTD294 650932 4763985 1131.4 5.0 2.63 0.07 96 5 OTD294 650932 4763985 1126.4 5.0 2.54 0.09 8 5 OTD294 650932 4763985 1121.4 5.0 2.21 0.08 5 5 OTD294 650932 4763985 1116.4 5.0 1.72 0.06 15 5 OTD294 650932 4763985 1111.4 5.0 0.70 0.04 35 5 OTD294 650932 4763985 1106.4 5.0 0.41 0.03 27 5 OTD294 650932 4763985 1101.4 5.0 0.44 0.05 29 5 OTD294 650932 4763985 1096.4 5.0 0.65 0.02 52 5 OTD294 650932 4763985 1091.4 5.0 0.58 0.02 113 5 OTD294 650932 4763985 1012.4 5.0 0.73 0.04 9 1 OTD294 650932 4763985 1007.4 5.0 0.99 0.24 33 1 OTD294 650932 4763985 1002.4 5.0 0.68 0.14 5 1 OTD294 650932 4763985 997.4 5.0 0.74 0.23 20 1 OTD294 650932 4763985 992.4 5.0 0.58 0.18 12 1 OTD294 650932 4763985 987.4 5.0 0.52 0.08 38 1 OTD294 650932 4763985 982.4 5.0 0.47 0.03 22 1 OTD294 650932 4763985 977.4 5.0 0.32 0.02 23 1 OTD294 650932 4763985 964.4 5.0 0.75 0.26 28 3 OTD294 650932 4763985 959.4 5.0 0.66 0.07 49 3 OTD294 650932 4763985 954.4 5.0 0.68 0.16 36 3 OTD294 650932 4763985 949.4 5.0 0.51 0.04 43 3 OTD294 650932 4763985 944.4 5.0 0.54 0.18 18 3 OTD294 650932 4763985 929.4 5.0 0.34 0.04 18 3 OTD294 650932 4763985 924.4 5.0 0.57 0.31 24 3 OTD294 650932 4763985 919.4 5.0 0.42 0.18 18 3 OTD294 650932 4763986 909.4 5.0 0.56 0.36 27 3 OTD294 650932 4763986 904.4 5.0 0.78 0.34 29 3 OTD294 650932 4763986 899.4 5.0 0.46 0.19 27 3 OTD294 650932 4763986 884.4 5.0 0.37 0.18 34 3 OTD294 650932 4763986 879.4 5.0 0.63 0.25 30 3 OTD294 650932 4763986 874.4 5.0 0.65 0.33 25 3 OTD294 650932 4763986 869.4 5.0 0.69 0.57 13 3 OTD294 650932 4763986 864.4 5.0 0.70 0.32 52 3 OTD294 650932 4763986 859.4 5.0 0.66 0.33 84 3 OTD294 650932 4763986 854.4 5.0 0.75 0.47 18 3 OTD294 650932 4763986 850.4 3.0 0.42 0.21 60 3 OTD294 650932 4763987 810.4 5.0 0.96 0.39 138 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================================= OTD294 650932 4763987 805.4 5.0 0.98 0.51 36 3 OTD294 650932 4763987 800.4 5.0 1.15 0.75 59 3 OTD294 650932 4763987 795.4 5.0 0.96 0.62 46 3 OTD294 650932 4763987 790.4 5.0 1.06 0.52 30 3 OTD294 650931 4763987 785.4 5.0 0.69 0.41 25 3 OTD294 650931 4763987 780.4 5.0 0.98 0.58 19 3 OTD294 650931 4763988 775.4 5.0 0.48 0.51 16 3 OTD294 650931 4763988 770.4 5.0 0.47 0.50 17 3 OTD294 650931 4763988 765.4 5.0 0.52 0.60 18 3 OTD294 650931 4763988 760.4 5.0 0.79 0.86 24 3 OTD294 650931 4763988 756.4 3.0 0.56 0.17 22 3 OTD299 651228 4764393 994.3 5.0 0.64 0.11 61 2 OTD299 651228 4764391 990.0 5.0 1.08 0.28 65 2 OTD299 651228 4764388 985.7 5.0 1.19 0.10 16 2 OTD299 651228 4764386 981.3 5.0 1.09 0.13 33 2 OTD299 651228 4764383 977.0 5.0 0.76 0.07 45 2 OTD299 651228 4764381 972.7 5.0 1.29 0.17 42 2 OTD299 651228 4764378 968.3 5.0 0.86 0.12 71 2 OTD299 651228 4764376 964.4 2.0 0.41 0.08 96 1 OTD299 651228 4764336 895.6 5.0 0.46 0.76 39 1 OTD299 651228 4764334 891.3 5.0 0.60 0.62 38 1 OTD299 651228 4764331 886.9 5.0 0.56 0.40 100 1 OTD299 651228 4764329 882.6 5.0 0.58 0.21 58 1 OTD299 651228 4764326 878.3 5.0 0.55 0.52 49 1 OTD299 651228 4764324 873.9 5.0 0.41 0.55 41 1 OTD299 651228 4764321 869.6 5.0 0.34 0.26 22 1 OTD299 651228 4764319 865.3 5.0 0.32 0.33 55 1 OTD299 651228 4764316 860.9 5.0 0.35 0.34 66 1 OTD299 651228 4764314 856.6 5.0 0.41 0.32 40 1 OTD299 651228 4764311 852.3 5.0 0.45 0.20 115 1 OTD299 651228 4764309 848.0 5.0 0.46 0.09 28 1 OTD299 651228 4764306 843.6 5.0 0.58 0.10 50 1 OTD299 651228 4764304 839.3 5.0 0.58 0.06 47 1 OTD299 651228 4764301 835.0 5.0 0.57 0.08 196 1 OTD299 651228 4764299 830.6 5.0 0.56 0.11 229 1 OTD299 651228 4764296 826.3 5.0 0.71 0.50 49 1 OTD299 651228 4764294 822.0 5.0 0.35 0.27 59 1 OTD299 651228 4764291 818.1 4.0 0.33 0.15 76 1 OTD302 651126 4764078 1136.7 5.0 0.71 0.04 69 5 OTD302 651126 4764076 1132.2 5.0 0.94 0.05 72 5 OTD302 651126 4764074 1127.6 5.0 1.36 0.08 120 5 OTD302 651126 4764072 1123.0 5.0 1.65 0.04 124 5 OTD302 651126 4764071 1118.4 5.0 1.27 0.07 117 5 OTD302 651126 4764069 1113.8 5.0 1.11 0.02 140 5 OTD302 651126 4764067 1109.2 5.0 0.88 0.03 186 5 OTD302 651126 4764065 1105.6 3.0 0.54 0.04 130 5 OTD302 651126 4764063 1101.9 5.0 0.54 0.08 86 1 OTD302 651126 4764061 1097.3 5.0 0.48 0.07 111 1 OTD302 651126 4764060 1094.0 2.0 0.86 0.02 130 1 OTD302 651126 4764050 1070.5 5.0 0.58 0.09 143 1 OTD302 651126 4764048 1065.8 5.0 0.56 0.10 219 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD302 651126 4764047 1061.2 5.0 0.47 0.09 138 1 OTD302 651126 4764045 1057.5 3.0 0.58 0.05 96 1 OTD302 651126 4764044 1053.8 5.0 0.83 0.05 151 2 OTD302 651126 4764042 1049.2 5.0 0.88 0.05 78 2 OTD302 651126 4764040 1044.5 5.0 0.85 0.03 217 2 OTD302 651126 4764038 1039.9 5.0 0.93 0.06 71 2 OTD302 651126 4764036 1035.8 4.0 1.17 0.06 92 2 OTD302 651126 4764034 1031.6 5.0 0.67 0.03 96 1 OTD302 651126 4764033 1027.9 3.0 0.81 0.04 239 1 OTD302 651126 4764020 998.4 5.0 0.60 0.05 25 1 OTD302 651126 4764018 993.8 5.0 0.60 0.05 78 1 OTD302 651126 4764016 989.2 5.0 0.55 0.06 81 1 OTD302 651126 4764014 984.6 5.0 0.88 0.07 79 1 OTD302 651126 4764012 980.0 5.0 0.72 0.07 55 1 OTD302 651126 4764010 976.3 3.0 0.72 0.07 29 1 OTD309 651193 4763916 1137.9 5.0 0.50 0.02 153 5 OTD309 651195 4763915 1133.6 5.0 2.27 0.07 217 5 OTD309 651197 4763914 1129.3 5.0 1.87 0.04 160 5 OTD309 651199 4763912 1125.0 5.0 1.39 0.07 138 5 OTD309 651201 4763911 1120.6 5.0 1.41 0.07 190 5 OTD309 651203 4763909 1116.3 5.0 1.20 0.05 208 5 OTD309 651205 4763908 1111.9 5.0 1.47 0.05 194 5 OTD309 651207 4763907 1107.5 5.0 1.19 0.07 158 5 OTD309 651209 4763905 1103.2 5.0 1.30 0.04 357 5 OTD309 651211 4763904 1098.8 5.0 1.69 0.06 213 5 OTD309 651213 4763902 1094.5 5.0 1.68 0.08 142 5 OTD309 651215 4763901 1090.2 5.0 0.34 0.08 109 5 OTD309 651217 4763899 1085.8 5.0 0.56 0.11 128 5 OTD309 651219 4763898 1081.4 5.0 0.33 0.08 124 5 OTD309 651221 4763896 1077.0 5.0 0.80 0.11 171 5 OTD309 651223 4763895 1072.7 5.0 0.43 0.08 227 5 OTD309 651225 4763894 1068.7 4.0 0.42 0.04 173 5 OTD309 651241 4763882 1033.2 5.0 1.00 0.15 510 1 OTD309 651243 4763881 1028.8 5.0 1.03 0.14 270 1 OTD309 651245 4763879 1024.4 5.0 1.35 0.12 173 1 OTD309 651247 4763878 1020.0 5.0 1.42 0.11 299 1 OTD309 651248 4763877 1015.6 5.0 0.66 0.07 241 1 OTD309 651250 4763875 1011.2 5.0 0.78 0.08 215 1 OTD309 651252 4763874 1006.8 5.0 0.65 0.10 276 1 OTD312 651091 4764007 1128.0 5.0 0.73 0.02 48 5 OTD312 651088 4764009 1124.1 5.0 0.82 0.02 74 5 OTD312 651085 4764011 1120.3 5.0 0.61 0.02 83 5 OTD312 651083 4764013 1116.4 5.0 0.31 0.05 34 5 OTD312 651080 4764015 1112.5 5.0 0.64 0.05 204 5 OTD312 651072 4764021 1100.2 5.0 0.35 0.03 74 1 OTD312 651070 4764023 1096.3 5.0 0.37 0.03 75 1 OTD312 651067 4764025 1092.5 5.0 0.44 0.02 41 1 OTD312 651065 4764026 1089.4 3.0 0.41 0.01 30 1 OTD312 651057 4764032 1077.2 5.0 0.39 0.01 48 1 OTD312 651054 4764034 1073.3 5.0 0.56 0.01 58 1 OTD312 651052 4764036 1069.5 5.0 0.46 0.01 41 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD312 651049 4764038 1065.7 5.0 0.49 0.01 127 1 OTD312 651046 4764040 1061.9 5.0 0.45 0.01 82 1 OTD312 651044 4764042 1058.1 5.0 0.46 0.01 64 1 OTD312 651041 4764044 1054.3 5.0 0.49 0.02 111 1 OTD312 651039 4764046 1050.5 5.0 0.56 0.02 73 1 OTD312 651018 4764062 1021.4 5.0 0.39 0.03 21 1 OTD312 651015 4764064 1017.7 5.0 0.54 0.02 5 1 OTD312 651013 4764066 1014.0 5.0 0.62 0.03 100 1 OTD312 651010 4764068 1010.3 5.0 0.42 0.02 110 1 OTD312 651007 4764070 1006.7 5.0 0.51 0.02 82 1 OTD312 651005 4764073 1003.0 5.0 0.38 0.02 23 1 OTD312 651002 4764075 999.3 5.0 0.35 0.02 11 1 OTD312 650965 4764104 950.4 5.0 0.57 0.01 10 1 OTD312 650963 4764106 946.8 5.0 0.42 0.01 16 1 OTD312 650960 4764108 943.3 5.0 0.69 0.01 11 1 OTD312 650957 4764111 939.8 5.0 0.62 0.03 22 1 OTD312 650955 4764113 936.3 5.0 0.62 0.01 38 1 OTD312 650952 4764116 932.8 5.0 0.83 0.02 40 1 OTD312 650949 4764118 929.3 5.0 0.65 0.03 21 1 OTD312 650946 4764120 925.8 5.0 0.51 0.01 14 1 OTD312 650944 4764123 922.4 5.0 0.37 0.01 18 1 OTD312 650941 4764125 918.9 5.0 0.38 0.01 15 1 OTD312 650938 4764127 915.4 5.0 0.58 0.02 20 1 OTD312 650935 4764130 911.9 5.0 0.77 0.05 12 1 OTD312 650933 4764132 908.5 5.0 0.63 0.17 13 1 OTD312 650930 4764134 905.1 5.0 0.50 0.04 19 1 OTD312 650927 4764137 902.0 4.0 0.38 0.04 17 1 OTD312 650925 4764139 898.9 5.0 1.31 0.11 25 2 OTD312 650922 4764141 895.4 5.0 1.20 0.23 33 2 OTD312 650919 4764143 892.0 5.0 1.31 0.17 34 2 OTD312 650917 4764146 888.6 5.0 1.61 0.12 26 2 OTD312 650914 4764148 885.2 5.0 1.59 0.13 123 2 OTD312 650911 4764150 881.8 5.0 1.35 0.09 127 2 OTD312 650908 4764153 878.4 5.0 1.71 0.09 45 2 OTD312 650906 4764155 875.0 5.0 2.00 0.12 143 2 OTD312 650903 4764158 871.6 5.0 1.59 0.10 50 2 OTD312 650900 4764160 868.2 5.0 1.22 0.10 274 2 OTD312 650897 4764162 864.8 5.0 1.22 0.11 95 2 OTD312 650895 4764165 861.4 5.0 1.63 0.09 118 2 OTD312 650892 4764167 858.0 5.0 1.94 0.19 372 2 OTD312 650889 4764169 854.7 5.0 1.52 0.12 86 2 OTD312 650886 4764172 851.3 5.0 2.16 0.16 60 2 OTD312 650883 4764174 848.0 5.0 1.95 0.15 24 2 OTD312 650881 4764177 844.6 5.0 1.17 0.24 23 2 OTD312 650878 4764179 841.3 5.0 0.51 0.11 50 2 OTD312 650875 4764182 837.9 5.0 0.96 0.56 21 2 OTD312 650872 4764185 834.6 5.0 0.72 0.90 10 2 OTD312 650869 4764187 831.3 5.0 0.94 1.11 11 2 OTD312 650867 4764190 828.0 5.0 1.04 1.20 17 2 OTD312 650864 4764192 824.7 5.0 0.87 0.91 11 2 OTD312 650861 4764195 821.3 5.0 1.37 0.94 23 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD312 650858 4764197 818.0 5.0 1.56 0.61 39 2 OTD312 650856 4764199 814.7 5.0 0.58 0.17 30 2 OTD312 650853 4764202 811.3 5.0 0.73 0.25 47 2 OTD312 650850 4764204 808.0 5.0 0.73 0.19 60 2 OTD312 650847 4764207 804.7 5.0 0.42 0.12 60 2 OTD312 650844 4764209 801.3 5.0 0.41 0.14 56 2 OTD312 650842 4764212 798.0 5.0 0.71 0.10 56 2 OTD312 650839 4764214 794.6 5.0 1.46 0.08 81 2 OTD312 650836 4764217 791.3 5.0 2.16 0.13 142 2 OTD321 650821 4764117 1108.1 5.0 0.37 0.22 13 5 OTD321 650824 4764116 1103.8 5.0 0.70 0.46 16 5 OTD321 650826 4764115 1099.5 5.0 0.81 0.50 16 5 OTD321 650827 4764113 1096.0 3.0 0.56 0.37 9 5 OTD321 650829 4764112 1092.6 5.0 0.85 0.52 10 2 OTD321 650831 4764111 1088.3 5.0 0.81 0.53 16 2 OTD321 650833 4764110 1084.0 5.0 0.67 0.33 14 2 OTD321 650836 4764108 1079.7 5.0 0.89 0.52 12 2 OTD321 650838 4764107 1075.4 5.0 0.83 0.57 21 2 OTD321 650840 4764105 1071.1 5.0 0.87 0.46 6 2 OTD321 650842 4764104 1066.8 5.0 0.71 0.50 19 2 OTD321 650844 4764103 1062.5 5.0 0.72 0.38 9 2 OTD321 650846 4764101 1058.2 5.0 1.12 0.57 23 2 OTD321 650848 4764100 1053.8 5.0 0.93 0.72 17 2 OTD321 650850 4764099 1049.5 5.0 0.55 0.36 31 2 OTD321 650853 4764097 1045.2 5.0 0.61 0.63 14 2 OTD321 650855 4764096 1040.9 5.0 1.26 0.70 24 2 OTD321 650857 4764094 1036.5 5.0 0.62 0.48 17 2 OTD321 650859 4764093 1032.2 5.0 0.69 0.96 10 2 OTD321 650861 4764092 1027.8 5.0 1.16 0.88 25 2 OTD321 650863 4764090 1023.4 5.0 0.95 1.27 17 2 OTD321 650865 4764089 1019.1 5.0 1.17 1.31 19 2 OTD321 650866 4764088 1016.0 2.0 0.89 0.75 19 2 OTD321 650868 4764087 1013.0 5.0 0.62 0.55 15 1 OTD321 650870 4764086 1008.6 5.0 0.74 0.75 13 1 OTD321 650872 4764084 1004.3 5.0 0.81 0.79 38 1 OTD321 650874 4764083 999.9 5.0 0.54 0.50 16 1 OTD321 650876 4764082 995.5 5.0 0.40 0.20 18 1 OTD321 650882 4764079 983.3 5.0 1.46 0.66 28 2 OTD321 650884 4764077 978.9 5.0 1.43 0.47 34 2 OTD321 650886 4764076 974.6 5.0 1.19 0.67 152 2 OTD321 650888 4764074 970.2 5.0 1.32 0.47 56 2 OTD321 650889 4764073 967.1 2.0 1.32 0.25 785 2 OTD321 650891 4764073 964.1 5.0 1.08 0.03 70 1 OTD321 650893 4764071 959.7 5.0 0.67 0.08 59 1 OTD321 650895 4764070 955.3 5.0 0.81 0.26 32 1 OTD321 650897 4764069 950.9 5.0 0.41 0.07 32 1 OTD321 650898 4764068 947.9 2.0 1.03 0.01 50 1 OTD321 650917 4764056 908.0 5.0 1.02 0.18 19 3 OTD321 650919 4764055 903.7 5.0 0.78 0.14 19 3 OTD321 650921 4764054 899.4 5.0 0.93 0.10 21 3 OTD321 650923 4764052 895.0 5.0 0.93 0.62 26 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD321 650925 4764051 890.7 5.0 1.63 1.04 46 3 OTD321 650927 4764050 886.3 5.0 1.05 0.43 25 3 OTD321 650929 4764048 882.0 5.0 0.49 0.07 15 3 OTD321 650931 4764047 877.6 5.0 0.43 0.04 15 3 OTD321 650933 4764046 873.3 5.0 0.51 0.05 13 3 OTD321 650936 4764044 868.9 5.0 0.32 0.06 12 3 OTD321 650938 4764043 864.6 5.0 0.47 0.11 17 3 OTD321 650940 4764042 860.2 5.0 0.49 0.17 25 3 OTD321 650942 4764041 855.9 5.0 0.72 0.44 23 3 OTD321 650944 4764040 851.5 5.0 0.73 0.55 26 3 OTD321 650948 4764037 842.8 5.0 0.77 0.50 51 3 OTD321 650950 4764035 838.5 5.0 1.20 0.78 72 3 OTD321 650953 4764034 834.2 5.0 0.79 0.52 42 3 OTD321 650955 4764033 829.8 5.0 0.97 0.35 23 3 OTD321 650957 4764032 825.5 5.0 0.96 0.60 22 3 OTD321 650959 4764030 821.1 5.0 0.77 0.97 17 3 OTD321 650961 4764029 816.8 5.0 0.59 0.72 32 3 OTD321 650963 4764028 812.5 5.0 0.92 0.69 38 3 OTD321 650965 4764026 808.1 5.0 0.53 0.44 24 3 OTD321 650967 4764026 805.1 2.0 0.50 0.21 27 3 OTD321 650977 4764019 784.6 5.0 0.70 0.43 78 3 OTD321 650979 4764018 780.3 5.0 0.71 0.36 100 3 OTD321 650981 4764017 775.9 5.0 0.82 0.54 10 3 OTD321 650983 4764016 771.5 5.0 0.79 0.67 13 3 OTD321 650985 4764014 767.1 5.0 0.59 0.41 11 3 OTD321 650987 4764013 762.8 5.0 0.72 0.35 9 3 OTD321 650989 4764011 758.4 5.0 0.37 0.17 8 3 OTD321 650991 4764010 754.0 5.0 0.60 0.27 20 3 OTD321 650993 4764009 749.6 5.0 0.71 0.29 11 3 OTD321 650995 4764007 745.2 5.0 0.41 0.10 25 3 OTD321 650997 4764006 740.9 5.0 0.46 0.16 28 3 OTD321 650999 4764005 736.5 5.0 0.59 0.19 33 3 OTD321 651001 4764004 732.1 5.0 0.60 0.25 5 3 OTD321 651003 4764003 727.7 5.0 0.54 0.24 5 3 OTD321 651005 4764001 723.3 5.0 0.63 0.20 17 3 OTD323 651325 4764197 1102.5 5.0 1.38 0.03 74 5 OTD323 651325 4764194 1098.2 5.0 0.98 0.05 100 5 OTD323 651325 4764192 1095.1 2.0 1.43 0.07 105 5 OTD323 651326 4764183 1077.9 5.0 0.72 0.10 106 5 OTD323 651326 4764181 1073.5 5.0 1.22 0.09 93 5 OTD323 651326 4764178 1069.1 5.0 1.06 0.15 101 5 OTD323 651326 4764176 1064.7 5.0 1.25 0.18 87 5 OTD323 651326 4764174 1061.6 2.0 0.97 0.11 80 5 OTD323 651326 4764173 1058.5 5.0 0.36 0.14 41 1 OTD323 651326 4764169 1051.4 5.0 0.56 0.08 60 2 OTD323 651327 4764167 1047.0 5.0 0.95 0.08 84 2 OTD323 651327 4764165 1043.0 4.0 1.34 0.10 71 2 OTD323 651327 4764163 1039.1 5.0 0.51 0.05 76 1 OTD323 651327 4764160 1034.7 5.0 0.54 0.09 64 1 OTD323 651327 4764158 1030.2 5.0 0.68 0.15 101 1 OTD323 651328 4764156 1025.8 5.0 0.44 0.08 37 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD323 651328 4764153 1021.4 5.0 0.46 0.10 60 1 OTD323 651329 4764152 1017.9 3.0 0.71 0.10 78 1 OTD323 651330 4764143 1002.0 5.0 0.92 0.06 153 3 OTD323 651330 4764141 997.6 5.0 1.84 0.13 145 3 OTD323 651330 4764139 993.1 5.0 2.02 0.12 108 3 OTD323 651330 4764136 988.7 5.0 1.22 0.06 101 3 OTD323 651331 4764134 984.3 5.0 0.99 0.08 134 3 OTD323 651331 4764132 979.9 5.0 0.58 0.09 216 3 OTD323 651331 4764129 975.5 5.0 0.78 0.08 265 3 OTD323 651331 4764127 971.1 5.0 1.43 0.06 387 3 OTD323 651331 4764125 966.7 5.0 1.14 0.06 382 3 OTD323 651331 4764123 963.1 3.0 1.05 0.07 300 3 OTD332 651226 4764254 1116.0 5.0 0.36 0.16 17 5 OTD332 651226 4764236 1082.3 5.0 0.58 0.13 90 1 OTD332 651226 4764234 1077.8 5.0 0.43 0.13 105 1 OTD332 651226 4764232 1073.4 5.0 0.46 0.14 227 1 OTD332 651226 4764230 1068.9 5.0 0.45 0.12 113 1 OTD332 651226 4764227 1064.5 5.0 0.38 0.14 149 1 OTD332 651226 4764225 1060.1 5.0 0.47 0.18 150 1 OTD332 651226 4764223 1055.7 5.0 0.43 0.21 112 1 OTD332 651226 4764220 1051.2 5.0 0.48 0.16 131 1 OTD332 651226 4764218 1046.8 5.0 0.45 0.13 156 1 OTD332 651226 4764216 1042.3 5.0 0.48 0.13 186 1 OTD332 651226 4764213 1037.9 5.0 0.49 0.13 85 1 OTD332 651226 4764211 1033.5 5.0 0.44 0.17 74 1 OTD332 651226 4764209 1029.0 5.0 0.51 0.15 37 1 OTD332 651226 4764206 1024.6 5.0 0.49 0.13 23 1 OTD332 651226 4764204 1020.2 5.0 0.51 0.19 15 1 OTD332 651226 4764202 1015.7 5.0 0.47 0.17 12 1 OTD332 651226 4764200 1011.3 5.0 0.60 0.18 18 1 OTD332 651226 4764197 1006.9 5.0 0.37 0.11 15 1 OTD332 651226 4764195 1002.4 5.0 0.60 0.14 31 1 OTD332 651226 4764193 998.0 5.0 0.58 0.09 20 1 OTD332 651226 4764190 993.5 5.0 0.47 0.08 32 1 OTD332 651226 4764186 984.7 5.0 0.45 0.08 49 1 OTD332 651227 4764183 980.2 5.0 0.50 0.15 56 1 OTD332 651227 4764181 975.8 5.0 0.43 0.10 36 1 OTD332 651227 4764179 971.4 5.0 0.52 0.08 41 1 OTD332 651227 4764176 966.9 5.0 0.83 0.15 81 1 OTD332 651227 4764174 962.5 5.0 0.69 0.15 225 1 OTD332 651227 4764172 958.1 5.0 0.93 0.13 222 2 OTD332 651227 4764170 953.6 5.0 0.96 0.14 55 2 OTD332 651227 4764167 949.2 5.0 0.74 0.07 241 2 OTD332 651227 4764165 944.8 5.0 0.61 0.07 29 2 OTD332 651227 4764163 940.3 5.0 0.67 0.11 161 1 OTD332 651227 4764160 935.9 5.0 0.60 0.07 39 1 OTD332 651227 4764158 931.4 5.0 0.63 0.06 65 1 OTD332 651227 4764156 927.0 5.0 0.52 0.04 89 1 OTD332 651227 4764153 922.6 5.0 0.66 0.04 91 1 OTD332 651227 4764151 918.1 5.0 0.70 0.08 45 1 OTD332 651227 4764149 913.7 5.0 0.51 0.11 28 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD332 651227 4764146 909.3 5.0 0.53 0.07 11 1 OTD332 651227 4764144 904.8 5.0 0.84 0.11 17 1 OTD332 651227 4764142 900.4 5.0 0.64 0.08 37 1 OTD332 651227 4764140 896.0 5.0 0.68 0.10 18 1 OTD332 651227 4764137 891.5 5.0 0.75 0.13 86 1 OTD332 651227 4764135 887.1 5.0 0.68 0.14 47 1 OTD332 651227 4764133 882.7 5.0 0.59 0.10 16 1 OTD332 651227 4764130 878.2 5.0 0.51 0.07 13 1 OTD332 651227 4764128 873.8 5.0 0.55 0.07 7 1 OTD332 651227 4764109 837.4 5.0 0.43 0.08 209 3 OTD332 651227 4764107 833.0 5.0 0.76 0.09 65 3 OTD332 651227 4764105 829.9 2.0 0.65 0.03 120 3 OTD335 651150 4764099 1136.4 5.0 0.67 0.05 55 5 OTD335 651148 4764100 1131.9 5.0 1.51 0.06 75 5 OTD335 651146 4764101 1127.4 5.0 0.43 0.03 57 5 OTD335 651144 4764102 1122.8 5.0 2.89 0.04 39 5 OTD335 651143 4764104 1118.3 5.0 0.84 0.07 47 5 OTD335 651141 4764105 1113.8 5.0 0.94 0.15 75 5 OTD335 651139 4764106 1109.3 5.0 0.57 0.08 155 5 OTD335 651137 4764108 1104.7 5.0 0.71 0.11 239 5 OTD335 651136 4764109 1100.2 5.0 0.55 0.07 161 5 OTD335 651134 4764110 1096.6 3.0 0.51 0.05 77 5 OTD335 651133 4764110 1092.9 5.0 0.38 0.04 100 1 OTD335 651131 4764111 1088.4 5.0 0.41 0.11 105 1 OTD335 651129 4764112 1083.9 5.0 0.45 0.06 86 1 OTD335 651127 4764113 1079.3 5.0 0.80 0.07 190 1 OTD335 651126 4764115 1074.8 5.0 0.36 0.04 53 1 OTD335 651122 4764117 1065.7 5.0 0.39 0.02 61 1 OTD335 651121 4764119 1061.2 5.0 0.41 0.06 80 1 OTD335 651119 4764120 1056.6 5.0 0.32 0.04 69 1 OTD335 651117 4764121 1052.1 5.0 0.33 0.06 77 1 OTD335 651115 4764122 1047.5 5.0 0.38 0.11 153 1 OTD335 651113 4764124 1039.8 2.0 0.46 0.07 85 1 OTD335 651111 4764125 1036.6 5.0 0.43 0.06 42 2 OTD335 651110 4764126 1032.1 5.0 0.95 0.08 75 2 OTD335 651108 4764128 1027.5 5.0 0.91 0.03 78 2 OTD335 651106 4764129 1023.0 5.0 0.73 0.04 92 2 OTD335 651105 4764131 1018.4 5.0 0.87 0.04 93 2 OTD335 651103 4764132 1013.9 5.0 0.81 0.06 64 2 OTD335 651102 4764133 1009.4 5.0 0.91 0.07 107 2 OTD335 651100 4764134 1004.8 5.0 0.99 0.06 64 2 OTD335 651098 4764136 1000.3 5.0 0.78 0.10 67 2 OTD335 651097 4764137 996.6 3.0 0.68 0.17 64 2 OTD335 651096 4764138 993.0 5.0 0.77 0.11 103 1 OTD335 651094 4764139 988.5 5.0 0.42 0.11 79 1 OTD335 651092 4764140 983.9 5.0 0.32 0.12 192 1 OTD335 651091 4764142 979.4 5.0 0.58 0.12 244 1 OTD335 651089 4764143 974.8 5.0 0.78 0.22 251 1 OTD335 651088 4764144 970.3 5.0 0.57 0.15 409 1 OTD335 651086 4764146 965.7 5.0 0.72 0.18 100 2 OTD335 651084 4764147 961.2 5.0 1.08 0.10 158 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD335 651083 4764148 956.6 5.0 0.99 0.10 144 2 OTD335 651081 4764149 952.1 5.0 0.71 0.14 73 2 OTD335 651080 4764151 947.5 5.0 0.87 0.09 125 2 OTD335 651078 4764152 943.0 5.0 0.51 0.10 107 2 OTD335 651077 4764153 938.4 5.0 1.06 0.12 134 2 OTD335 651075 4764155 933.9 5.0 1.24 0.20 79 2 OTD335 651073 4764156 929.3 5.0 1.61 0.16 339 2 OTD335 651072 4764157 924.8 5.0 0.96 0.14 90 2 OTD335 651070 4764159 920.2 5.0 0.87 0.12 135 2 OTD335 651069 4764160 916.6 3.0 0.67 0.19 66 2 OTD335 651068 4764161 912.9 5.0 0.74 0.23 182 1 OTD335 651066 4764162 908.4 5.0 0.39 0.08 73 1 OTD335 651064 4764163 903.8 5.0 0.81 0.10 147 1 OTD335 651063 4764165 899.3 5.0 0.78 0.09 90 1 OTD335 651061 4764166 894.7 5.0 0.47 0.08 204 1 OTD335 651059 4764167 890.2 5.0 0.73 0.10 72 1 OTD335 651058 4764168 885.6 5.0 0.80 0.14 90 1 OTD335 651056 4764170 881.1 5.0 0.56 0.18 179 1 OTD335 651055 4764171 876.6 5.0 0.61 0.25 109 1 OTD335 651053 4764172 872.0 5.0 0.65 0.24 67 1 OTD335 651051 4764174 867.5 5.0 0.73 0.15 69 1 OTD335 651050 4764175 862.9 5.0 0.70 0.15 22 1 OTD335 651048 4764176 858.4 5.0 0.81 0.17 20 1 OTD335 651046 4764178 853.8 5.0 0.67 0.12 23 1 OTD335 651045 4764179 849.7 4.0 0.54 0.18 13 1 OTD335 651044 4764180 845.6 5.0 0.87 0.22 34 2 OTD335 651042 4764181 841.1 5.0 0.97 0.20 37 2 OTD335 651040 4764182 836.5 5.0 0.80 0.09 60 2 OTD335 651039 4764184 832.0 5.0 0.80 0.13 48 2 OTD335 651037 4764185 827.4 5.0 0.76 0.11 27 2 OTD335 651036 4764186 822.8 5.0 0.91 0.11 18 2 OTD335 651034 4764188 818.3 5.0 1.21 0.16 54 2 OTD335 651032 4764189 813.7 5.0 1.12 0.20 55 2 OTD335 651031 4764190 809.2 5.0 1.31 0.18 198 2 OTD335 651029 4764191 804.6 5.0 1.14 0.23 106 2 OTD335 651028 4764193 800.1 5.0 0.65 0.20 11 1 OTD335 651026 4764194 795.5 5.0 0.63 0.16 12 1 OTD335 651024 4764196 791.0 5.0 0.73 0.14 10 1 OTD335 651023 4764197 786.4 5.0 0.84 0.17 9 1 OTD335 651021 4764198 781.8 5.0 0.68 0.10 30 1 OTD335 651020 4764199 777.3 5.0 0.52 0.11 5 1 OTD335 651018 4764201 772.7 5.0 0.87 0.16 18 1 OTD335 651017 4764202 768.2 5.0 0.86 0.17 49 1 OTD335 651015 4764203 763.6 5.0 0.69 0.09 15 1 OTD335 651013 4764205 759.0 5.0 0.77 0.10 26 1 OTD335 651012 4764206 754.5 5.0 0.36 0.04 42 1 OTD335 651009 4764209 745.4 5.0 0.35 0.11 49 2 OTD335 651007 4764210 740.8 5.0 1.59 0.27 53 2 OTD335 651006 4764211 736.2 5.0 1.35 0.33 44 2 OTD335 651004 4764212 731.7 5.0 0.87 0.25 38 2 OTD335 651003 4764213 728.5 2.0 1.03 0.19 28 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD335 651002 4764214 726.7 2.0 0.78 0.13 26 1 OTD335 651001 4764215 721.6 5.0 0.91 0.24 78 3 OTD335 650999 4764217 717.1 5.0 1.43 0.57 42 3 OTD335 650997 4764218 712.5 5.0 1.15 0.62 68 3 OTD335 650996 4764219 707.9 5.0 0.68 0.42 106 3 OTD335 650994 4764221 703.4 5.0 0.86 0.42 29 3 OTD335 650993 4764222 698.8 5.0 1.06 0.68 42 3 OTD335 650991 4764223 694.2 5.0 1.43 0.68 74 3 OTD335 650990 4764225 689.7 5.0 1.54 1.90 32 3 OTD335 650988 4764225 685.1 5.0 1.44 2.06 24 3 OTD335 650987 4764227 680.5 5.0 1.20 1.93 28 3 OTD335 650985 4764228 675.9 5.0 0.56 0.95 26 3 OTD335 650984 4764230 671.4 5.0 0.47 0.76 15 3 OTD335 650962 4764253 598.3 5.0 0.34 0.14 94 3 OTD335 650960 4764254 593.7 5.0 0.35 0.11 64 3 OTD335 650959 4764255 589.1 5.0 0.69 0.16 417 3 OTD335 650958 4764257 584.5 5.0 1.64 0.72 159 3 OTD335 650956 4764258 579.9 5.0 2.35 0.96 458 3 OTD335 650955 4764260 575.3 5.0 0.60 0.41 63 3 OTD335 650953 4764261 570.7 5.0 0.58 0.70 57 3 OTD335 650952 4764263 566.1 5.0 0.68 1.12 52 3 OTD335 650951 4764264 561.5 5.0 0.81 1.08 45 3 OTD335 650949 4764265 557.2 4.3 0.65 0.82 77 3
TABLE B.4: FAR NORTH OYU COMPOSITED ASSAY VALUES (FOR VALUES >=0.30 Cu %) A negative value denotes "no assay value"; Domain code descriptions are in Table 17.1
DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD244 651127 4765412 1023.9 5.0 0.37 0.03 19 10 OTD244 651127 4765414 1019.6 5.0 0.46 0.03 35 10 OTD244 651127 4765417 1015.3 5.0 0.33 0.01 45 10 OTD244 651127 4765419 1010.9 5.0 0.42 0.03 15 10 OTD244 651127 4765422 1006.6 5.0 0.46 0.02 69 10 OTD244 651126 4765427 998.0 5.0 0.41 0.03 20 10 OTD244 651126 4765429 993.6 5.0 0.49 0.05 24 10 OTD244 651126 4765437 980.6 5.0 0.56 0.04 41 10 OTD244 651126 4765439 976.3 5.0 0.49 0.05 69 10 OTD244 651126 4765442 972.0 5.0 1.09 0.07 131 10 OTD244 651126 4765444 967.6 4.0 0.38 0.03 92 10 OTD244 651126 4765452 954.6 4.0 0.42 0.05 167 10 OTD244 651126 4765459 941.8 5.0 0.34 0.03 205 10 OTD244 651126 4765465 933.2 5.0 0.41 0.04 55 10 OTD244 651126 4765472 920.3 5.0 0.31 0.02 55 10 OTD244 651126 4765475 916.5 4.0 0.45 0.03 105 10 OTD244 651126 4765477 912.6 5.0 0.39 0.03 79 1 OTD244 651126 4765480 908.4 5.0 0.63 0.05 90 1 OTD244 651126 4765482 904.1 5.0 0.69 0.04 89 1 OTD244 651126 4765485 899.8 5.0 0.73 0.03 143 1 OTD244 651126 4765487 895.6 5.0 0.73 0.04 165 1 OTD244 651126 4765490 891.3 5.0 0.71 0.04 113 1 OTD244 651127 4765493 887.0 5.0 0.64 0.03 89 1 OTD244 651127 4765495 882.8 5.0 0.71 0.04 75 1 OTD244 651127 4765498 878.5 5.0 0.75 0.04 81 1 OTD244 651127 4765500 874.3 5.0 0.83 0.04 134 1 OTD244 651127 4765503 870.1 5.0 0.82 0.05 40 1 OTD244 651127 4765506 865.8 5.0 0.82 0.05 31 1 OTD244 651127 4765508 861.6 5.0 0.77 0.05 121 1 OTD244 651127 4765513 853.1 5.0 0.36 0.03 61 1 OTD244 651127 4765516 848.9 5.0 0.92 0.04 65 1 OTD244 651128 4765519 844.7 5.0 0.66 0.04 60 1 OTD244 651128 4765522 840.5 5.0 0.80 0.04 37 1 OTD244 651128 4765524 836.3 5.0 0.97 0.04 51 1 OTD244 651128 4765527 832.2 5.0 0.43 0.03 30 1 OTD244 651128 4765530 828.0 5.0 0.70 0.05 45 1 OTD244 651129 4765533 823.9 5.0 1.00 0.05 57 1 OTD244 651129 4765536 819.7 5.0 1.07 0.04 132 1 OTD244 651129 4765539 815.6 5.0 0.73 0.04 48 1 OTD244 651130 4765541 811.5 5.0 0.83 0.04 52 1 OTD244 651130 4765544 808.2 3.0 0.81 0.04 50 1 OTD244 651130 4765546 805.0 5.0 0.67 0.03 62 10 OTD244 651131 4765548 800.9 5.0 0.74 0.03 70 10 OTD244 651131 4765551 796.8 5.0 0.62 0.02 78 10 OTD244 651131 4765554 792.7 5.0 0.72 0.03 40 10 OTD244 651132 4765557 788.7 5.0 0.80 0.03 39 10 OTD244 651132 4765560 784.6 5.0 0.90 0.03 44 10 OTD244 651133 4765563 780.5 5.0 0.62 0.01 41 10 OTD244 651133 4765566 776.5 5.0 0.66 0.03 110 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD244 651134 4765569 772.4 5.0 0.60 0.03 101 10 OTD244 651134 4765572 768.4 5.0 0.66 0.02 79 10 OTD244 651135 4765574 764.3 5.0 0.58 0.01 180 10 OTD244 651135 4765577 760.3 5.0 0.85 0.01 306 10 OTD244 651136 4765580 756.3 5.0 0.68 0.04 179 10 OTD244 651136 4765583 752.3 5.0 0.72 0.03 120 10 OTD244 651137 4765586 748.4 5.0 0.64 0.02 150 10 OTD244 651137 4765589 744.4 5.0 0.57 0.03 146 10 OTD244 651138 4765592 740.4 5.0 0.44 0.03 160 10 OTD244 651138 4765595 736.5 5.0 0.47 0.02 110 10 OTD244 651139 4765598 732.6 5.0 0.63 0.04 122 10 OTD244 651140 4765601 728.8 5.0 0.62 0.06 109 10 OTD244 651140 4765605 724.9 5.0 0.30 0.02 136 10 OTD244 651142 4765611 717.1 5.0 0.55 0.03 205 10 OTD244 651142 4765614 713.3 5.0 0.46 0.03 243 10 OTD244 651143 4765617 709.5 5.0 0.49 0.04 127 10 OTD244 651144 4765620 705.6 5.0 0.62 0.04 137 10 OTD244 651144 4765623 701.8 5.0 0.44 0.05 116 10 OTD244 651145 4765627 698.0 5.0 0.92 0.06 140 10 OTD244 651146 4765630 694.2 5.0 0.74 0.06 98 10 OTD244 651146 4765633 690.5 5.0 0.54 0.04 125 10 OTD244 651147 4765636 686.7 5.0 0.73 0.09 123 10 OTD244 651148 4765639 682.9 5.0 0.38 0.03 75 10 OTD244 651149 4765642 679.5 4.0 0.41 0.03 80 10 OTD246 650924 4765378 1085.8 5.0 0.35 0.02 140 10 OTD246 650924 4765380 1081.4 5.0 0.39 0.02 164 10 OTD246 650924 4765383 1077.1 5.0 0.32 0.03 166 10 OTD246 650924 4765388 1068.5 5.0 0.37 0.03 123 10 OTD246 650922 4765418 1016.6 5.0 0.67 0.05 50 10 OTD246 650922 4765421 1012.3 5.0 0.81 0.06 104 10 OTD246 650922 4765423 1008.0 5.0 0.49 0.04 52 10 OTD246 650922 4765428 999.4 5.0 0.40 0.07 49 10 OTD246 650922 4765431 995.1 5.0 0.37 0.07 26 10 OTD246 650922 4765433 990.8 5.0 0.65 0.06 38 10 OTD246 650921 4765436 986.5 5.0 0.56 0.06 282 10 OTD246 650921 4765439 982.3 5.0 0.85 0.07 31 10 OTD246 650921 4765441 978.0 5.0 0.66 0.05 29 10 OTD246 650921 4765444 973.7 5.0 0.62 0.05 58 10 OTD246 650921 4765446 969.4 3.0 0.44 0.04 28 10 OTD246 650919 4765474 922.2 5.0 0.49 0.04 142 10 OTD246 650919 4765477 917.9 5.0 0.58 0.08 155 10 OTD246 650919 4765480 913.6 5.0 1.04 0.07 151 10 OTD246 650919 4765482 909.3 5.0 0.48 0.04 102 10 OTD246 650919 4765485 905.0 5.0 0.60 0.07 73 10 OTD246 650918 4765495 887.9 5.0 0.38 0.05 85 10 OTD246 650918 4765498 883.6 5.0 0.53 0.07 193 10 OTD246 650917 4765500 879.3 5.0 0.49 0.05 290 10 OTD246 650917 4765503 875.0 5.0 0.71 0.08 167 10 OTD246 650917 4765506 870.7 5.0 0.52 0.05 267 10 OTD246 650917 4765508 866.4 5.0 0.46 0.04 119 10 OTD246 650916 4765510 862.2 5.0 0.68 0.05 83 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD246 650916 4765513 857.9 5.0 1.05 0.12 121 10 OTD246 650916 4765515 853.6 5.0 0.38 0.05 113 10 OTD246 650915 4765524 840.7 5.0 0.53 0.06 30 10 OTD246 650915 4765526 836.4 5.0 0.34 0.03 31 10 OTD246 650914 4765529 832.1 5.0 0.33 0.01 40 10 OTD246 650914 4765531 827.8 5.0 0.45 0.03 44 10 OTD246 650914 4765534 823.5 5.0 0.40 0.06 67 10 OTD246 650912 4765549 797.7 5.0 0.37 0.09 39 10 OTD246 650912 4765551 793.4 5.0 0.43 0.08 51 10 OTD246 650908 4765580 742.8 5.0 0.30 0.04 41 10 OTD254 650923 4765283 1046.5 5.0 0.38 0.03 89 10 OTD254 650923 4765288 1037.9 5.0 0.81 0.02 213 10 OTD254 650923 4765290 1033.5 5.0 1.03 0.03 166 10 OTD254 650923 4765292 1029.2 5.0 0.79 0.02 226 10 OTD254 650922 4765295 1024.9 5.0 0.45 0.02 210 10 OTD254 650922 4765297 1020.5 5.0 0.52 0.04 114 10 OTD254 650922 4765300 1016.2 5.0 0.82 0.05 52 10 OTD254 650922 4765302 1011.9 5.0 0.65 0.04 63 10 OTD254 650922 4765305 1007.6 5.0 0.47 0.04 71 10 OTD254 650921 4765307 1003.2 5.0 0.71 0.05 116 10 OTD254 650921 4765310 998.9 5.0 0.63 0.05 129 10 OTD254 650921 4765312 994.6 5.0 0.65 0.04 115 10 OTD254 650921 4765315 990.2 5.0 0.77 0.07 182 10 OTD254 650921 4765317 985.9 5.0 0.88 0.12 100 10 OTD254 650920 4765325 972.9 5.0 0.67 0.05 131 10 OTD254 650920 4765327 968.6 5.0 0.59 0.04 97 10 OTD254 650920 4765330 964.3 5.0 0.53 0.02 109 10 OTD254 650920 4765332 959.9 5.0 0.52 0.02 66 10 OTD254 650920 4765335 955.6 5.0 0.61 0.02 97 10 OTD254 650919 4765337 951.3 5.0 0.57 0.01 82 10 OTD254 650919 4765339 946.9 5.0 0.68 0.03 179 10 OTD254 650919 4765342 942.6 5.0 0.59 0.04 75 10 OTD254 650919 4765347 933.9 5.0 0.39 0.06 235 10 OTD254 650919 4765349 929.6 5.0 0.62 0.06 138 10 OTD254 650919 4765352 925.3 3.0 0.30 0.03 79 10 OTD254 650918 4765357 916.6 2.0 0.38 0.02 34 10 OTD254 650918 4765359 912.3 5.0 0.66 0.05 149 10 OTD254 650918 4765362 908.0 5.0 0.57 0.04 136 10 OTD254 650918 4765364 903.6 5.0 0.84 0.06 133 10 OTD254 650918 4765367 899.3 5.0 0.56 0.03 121 10 OTD254 650918 4765369 895.0 5.0 0.78 0.05 111 10 OTD254 650917 4765384 869.4 4.0 0.56 0.03 96 10 OTD254 650913 4765493 679.8 5.0 0.71 0.06 16 10 OTD254 650913 4765496 675.4 5.0 1.01 0.11 17 10 OTD254 650913 4765509 653.7 3.0 0.66 0.14 30 10 OTD254 650913 4765511 649.4 5.0 0.70 0.11 28 10 OTD254 650913 4765513 645.0 5.0 0.31 0.08 20 10 OTD254 650913 4765516 640.6 5.0 1.28 0.08 24 10 OTD254 650913 4765518 636.3 5.0 1.09 0.15 68 10 OTD254 650913 4765521 631.9 5.0 0.52 0.06 22 10 OTD254 650913 4765528 618.8 5.0 0.80 0.08 23 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD254 650913 4765530 614.4 5.0 0.44 0.11 21 10 OTD254 650913 4765535 605.6 5.0 0.77 0.06 24 10 OTD259 650725 4765254 1056.0 5.0 0.77 0.06 50 10 OTD259 650725 4765256 1051.6 5.0 0.42 0.03 49 10 OTD259 650724 4765258 1047.2 5.0 0.78 0.09 93 10 OTD259 650724 4765261 1042.8 5.0 0.51 0.04 87 10 OTD259 650724 4765263 1038.3 5.0 0.39 0.04 119 10 OTD259 650724 4765265 1033.9 5.0 0.42 0.04 82 10 OTD259 650724 4765267 1029.5 5.0 0.42 0.03 66 10 OTD259 650724 4765269 1025.1 5.0 0.42 0.03 98 10 OTD259 650724 4765272 1020.7 5.0 0.31 0.03 100 10 OTD259 650724 4765274 1016.3 5.0 0.55 0.04 193 10 OTD259 650723 4765276 1011.8 5.0 0.39 0.05 148 10 OTD259 650723 4765278 1007.4 5.0 0.51 0.06 104 10 OTD259 650723 4765281 1002.9 5.0 0.90 0.14 53 10 OTD259 650722 4765297 971.6 5.0 0.38 0.03 92 10 OTD259 650718 4765332 899.7 5.0 0.33 0.03 28 10 OTD259 650718 4765334 895.2 5.0 0.58 0.01 72 10 OTD259 650717 4765336 890.7 5.0 0.55 0.02 128 10 OTD259 650711 4765385 791.8 5.0 1.18 0.09 156 10 OTD259 650710 4765387 787.3 5.0 1.14 0.27 51 10 OTD259 650709 4765398 764.8 5.0 0.45 0.04 58 10 OTD259 650707 4765428 701.6 5.0 0.39 0.01 20 10 OTD259 650706 4765451 651.8 5.0 0.45 0.13 14 10 OTD259 650706 4765459 633.6 3.0 0.30 0.03 172 10 OTD270 651331 4765505 969.5 5.0 0.60 0.03 28 10 OTD270 651331 4765508 965.3 5.0 0.34 -1.00 59 10 OTD270 651331 4765510 961.1 5.0 0.84 0.01 82 1 OTD270 651331 4765513 957.0 5.0 0.65 0.01 79 1 OTD270 651331 4765516 952.8 5.0 1.03 0.02 51 1 OTD270 651331 4765519 948.6 5.0 1.18 0.02 40 1 OTD270 651331 4765522 944.4 5.0 0.95 0.02 58 1 OTD270 651331 4765524 940.3 5.0 1.06 0.01 69 1 OTD270 651331 4765527 936.2 5.0 1.19 0.02 40 1 OTD270 651331 4765530 932.0 5.0 1.30 0.02 41 1 OTD270 651331 4765533 927.9 5.0 1.13 0.02 50 1 OTD270 651331 4765536 923.8 5.0 1.16 0.02 47 1 OTD270 651331 4765539 919.7 5.0 1.19 0.02 45 1 OTD270 651331 4765541 915.5 5.0 1.21 0.02 56 1 OTD270 651331 4765544 911.4 5.0 1.45 0.04 39 1 OTD270 651331 4765547 907.3 5.0 0.85 0.03 16 1 OTD270 651332 4765553 899.2 5.0 1.12 0.02 27 1 OTD270 651332 4765556 895.1 5.0 1.08 0.04 21 1 OTD270 651332 4765558 891.0 5.0 0.97 0.04 23 1 OTD270 651332 4765562 887.0 5.0 1.24 0.02 15 1 OTD270 651332 4765567 878.9 5.0 0.65 0.03 46 1 OTD270 651333 4765570 874.8 5.0 1.17 0.03 18 1 OTD270 651333 4765573 870.8 5.0 1.36 0.02 16 1 OTD270 651333 4765576 866.8 5.0 1.28 0.02 12 1 OTD270 651333 4765579 862.7 5.0 1.05 0.02 33 1 OTD270 651333 4765582 858.7 5.0 1.25 0.07 17 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD270 651334 4765585 854.7 5.0 0.47 0.03 74 1 OTD270 651334 4765588 850.7 5.0 0.83 0.04 76 1 OTD270 651334 4765591 846.7 5.0 1.54 0.05 26 1 OTD270 651334 4765594 842.7 5.0 1.15 0.03 15 1 OTD270 651334 4765597 838.7 5.0 1.45 0.02 26 1 OTD270 651335 4765600 834.7 5.0 1.74 0.02 17 1 OTD270 651335 4765603 830.7 5.0 2.02 0.02 23 1 OTD270 651335 4765606 826.7 5.0 1.78 0.03 18 1 OTD270 651335 4765609 822.7 5.0 1.70 0.08 40 1 OTD270 651336 4765612 818.8 5.0 1.12 0.09 37 1 OTD270 651336 4765615 814.8 5.0 1.10 0.04 21 1 OTD270 651336 4765618 810.8 5.0 1.22 0.04 20 1 OTD270 651336 4765621 806.9 5.0 1.55 0.04 20 1 OTD270 651337 4765624 802.9 5.0 1.99 0.04 47 1 OTD270 651337 4765627 799.0 5.0 1.64 0.03 56 1 OTD270 651337 4765630 795.1 5.0 1.73 0.02 77 1 OTD270 651338 4765633 791.1 5.0 1.73 0.08 33 1 OTD270 651338 4765636 787.2 5.0 2.01 0.05 38 1 OTD270 651338 4765639 783.3 5.0 1.76 0.04 32 1 OTD270 651339 4765642 779.4 5.0 1.68 0.06 15 1 OTD270 651339 4765645 775.5 5.0 1.72 0.08 33 1 OTD270 651339 4765648 772.5 3.0 1.97 0.11 40 1 OTD270 651340 4765651 769.4 5.0 0.93 0.07 72 3 OTD270 651341 4765660 757.8 5.0 0.96 0.05 21 3 OTD270 651341 4765663 753.9 5.0 1.81 0.06 23 3 OTD270 651341 4765666 750.1 5.0 2.03 0.07 29 3 OTD270 651342 4765672 742.4 5.0 0.73 0.06 30 3 OTD270 651343 4765675 738.6 5.0 2.07 0.08 30 3 OTD270 651343 4765679 734.7 5.0 1.65 0.09 28 3 OTD270 651344 4765682 730.9 5.0 1.95 0.09 34 3 OTD270 651344 4765686 727.1 5.0 2.74 0.08 63 3 OTD270 651345 4765689 723.3 5.0 2.30 0.09 35 3 OTD270 651345 4765692 719.5 5.0 2.25 0.05 20 3 OTD270 651346 4765695 715.7 5.0 2.76 0.07 24 3 OTD270 651346 4765698 711.9 5.0 1.46 0.05 22 3 OTD270 651347 4765702 708.1 5.0 2.50 0.06 14 3 OTD270 651347 4765705 704.3 5.0 0.32 0.03 -1 3 OTD270 651349 4765711 696.7 5.0 0.36 0.05 12 3 OTD270 651350 4765718 689.1 5.0 2.45 0.54 12 3 OTD270 651350 4765721 685.3 5.0 2.73 0.36 29 3 OTD270 651351 4765724 681.5 5.0 3.63 0.55 31 3 OTD270 651351 4765727 677.8 5.0 1.48 0.12 15 3 OTD270 651353 4765734 670.3 5.0 2.54 0.20 24 3 OTD270 651353 4765737 666.6 5.0 4.68 0.20 38 3 OTD270 651354 4765740 662.8 5.0 5.72 0.19 49 3 OTD270 651355 4765743 659.1 5.0 5.24 0.20 76 3 OTD270 651355 4765747 655.4 5.0 3.73 0.18 36 3 OTD270 651356 4765750 651.7 5.0 4.31 0.16 26 3 OTD270 651357 4765753 648.0 5.0 4.83 0.38 62 3 OTD270 651357 4765757 644.3 5.0 5.05 0.24 57 3 OTD270 651358 4765760 640.6 5.0 5.16 0.37 108 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD270 651359 4765763 636.9 5.0 4.09 0.36 118 3 OTD270 651359 4765766 633.2 5.0 3.43 0.27 207 3 OTD270 651360 4765770 629.5 5.0 4.02 0.23 157 3 OTD270 651361 4765773 625.9 5.0 3.26 0.13 109 3 OTD270 651362 4765777 622.2 5.0 3.90 0.13 83 3 OTD270 651362 4765780 618.6 5.0 3.36 0.11 91 3 OTD270 651363 4765783 615.0 5.0 3.50 0.10 119 3 OTD270 651364 4765787 611.3 5.0 2.60 0.11 117 2 OTD270 651365 4765790 607.7 5.0 1.94 0.09 45 2 OTD270 651366 4765793 604.0 5.0 1.64 0.07 56 2 OTD270 651366 4765797 600.4 5.0 1.09 0.03 66 2 OTD270 651367 4765800 596.7 5.0 1.09 0.03 54 2 OTD270 651368 4765803 593.1 5.0 1.03 0.04 43 2 OTD270 651369 4765807 589.5 5.0 0.75 0.03 134 2 OTD270 651369 4765810 586.0 5.0 1.52 0.04 960 2 OTD270 651370 4765813 582.4 5.0 1.25 0.04 190 2 OTD270 651371 4765817 578.8 5.0 1.18 0.09 125 2 OTD270 651372 4765820 575.2 5.0 1.79 0.06 167 2 OTD270 651373 4765824 571.6 5.0 1.60 0.04 161 2 OTD270 651374 4765827 568.0 5.0 1.55 0.03 247 2 OTD270 651375 4765830 564.5 5.0 1.02 0.03 141 2 OTD270 651375 4765834 560.9 5.0 1.08 0.03 98 2 OTD270 651376 4765837 557.3 5.0 1.14 0.03 98 2 OTD270 651377 4765841 553.8 5.0 1.10 0.04 186 2 OTD270 651378 4765844 550.2 5.0 0.98 0.03 213 2 OTD270 651379 4765848 546.7 5.0 0.72 0.02 51 2 OTD270 651380 4765851 543.1 5.0 0.70 0.03 108 2 OTD270 651381 4765855 539.6 5.0 1.04 0.04 106 2 OTD270 651382 4765858 536.0 5.0 1.15 0.03 134 2 OTD270 651383 4765861 532.5 5.0 1.09 0.04 138 2 OTD270 651384 4765865 528.9 5.0 1.00 0.11 90 2 OTD270 651385 4765868 525.4 5.0 0.91 0.04 82 2 OTD270 651386 4765871 521.9 5.0 0.67 0.04 72 2 OTD270 651387 4765875 518.3 5.0 0.46 0.03 97 2 OTD270 651388 4765878 514.8 5.0 0.44 0.02 101 2 OTD270 651389 4765882 511.3 5.0 1.26 0.04 141 2 OTD270 651390 4765885 507.8 5.0 2.83 0.07 207 2 OTD270 651391 4765888 504.3 5.0 0.85 0.02 223 2 OTD270 651392 4765892 500.8 5.0 1.01 0.04 161 2 OTD270 651393 4765895 497.2 5.0 0.53 0.04 86 2 OTD270 651394 4765899 493.7 5.0 0.69 0.05 91 2 OTD270 651395 4765902 490.2 5.0 0.59 0.07 130 2 OTD270 651396 4765906 486.7 5.0 0.35 0.05 45 2 OTD270 651400 4765919 472.7 5.0 0.86 0.03 172 2 OTD272 650931 4765486 1110.8 5.0 0.39 0.05 112 10 OTD272 650931 4765489 1106.5 5.0 0.30 0.03 24 10 OTD272 650921 4765559 979.0 5.0 1.32 0.16 58 10 OTD272 650921 4765561 974.6 5.0 1.24 0.15 59 10 OTD272 650920 4765564 970.2 5.0 1.31 0.22 98 10 OTD272 650920 4765566 965.8 5.0 0.82 0.09 103 10 OTD272 650920 4765568 961.3 5.0 0.43 0.06 56 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD272 650919 4765571 956.9 5.0 0.63 0.07 74 10 OTD272 650919 4765573 952.5 5.0 0.73 0.09 118 10 OTD272 650919 4765575 948.1 5.0 0.35 0.06 85 10 OTD272 650907 4765654 794.2 5.0 0.39 0.07 35 10 OTD272 650906 4765658 785.3 5.0 0.33 0.08 31 10 OTD272 650895 4765709 677.1 5.0 0.41 0.03 53 10 OTD273 651323 4765603 987.9 5.0 0.75 0.05 33 1 OTD273 651322 4765606 983.5 5.0 0.91 0.03 64 1 OTD273 651322 4765608 979.1 5.0 1.34 0.03 123 1 OTD273 651322 4765610 974.6 5.0 0.98 -1.00 36 1 OTD273 651322 4765613 970.2 5.0 1.33 0.01 33 1 OTD273 651322 4765615 965.8 5.0 1.53 0.02 27 1 OTD273 651322 4765617 961.4 5.0 2.02 0.02 24 1 OTD273 651322 4765620 957.0 5.0 0.71 0.01 13 1 OTD273 651321 4765624 948.2 5.0 0.43 0.02 34 1 OTD273 651321 4765627 943.8 5.0 1.24 0.02 26 1 OTD273 651321 4765629 939.3 5.0 1.17 0.03 23 1 OTD273 651321 4765631 934.9 5.0 1.34 0.01 20 1 OTD273 651321 4765634 930.5 5.0 1.43 0.03 17 1 OTD273 651321 4765636 926.1 5.0 1.55 0.02 22 1 OTD273 651320 4765638 921.7 5.0 1.68 0.02 76 1 OTD273 651320 4765641 917.3 5.0 1.74 0.01 36 1 OTD273 651320 4765643 912.9 5.0 1.74 0.05 87 1 OTD273 651320 4765645 908.5 5.0 1.76 0.04 23 1 OTD273 651320 4765648 904.0 5.0 1.64 0.04 90 1 OTD273 651319 4765650 899.6 5.0 1.76 0.02 66 1 OTD273 651319 4765652 895.2 5.0 1.54 0.03 17 1 OTD273 651319 4765655 890.8 5.0 1.66 0.02 20 1 OTD273 651319 4765657 886.5 5.0 2.04 0.03 25 1 OTD273 651318 4765659 882.1 5.0 1.89 0.04 15 1 OTD273 651318 4765662 877.7 5.0 1.84 0.04 19 1 OTD273 651318 4765664 873.3 5.0 1.68 0.03 18 1 OTD273 651318 4765667 868.9 5.0 2.14 0.06 16 1 OTD273 651317 4765669 864.5 5.0 1.88 0.07 13 1 OTD273 651317 4765671 860.1 5.0 1.21 0.08 14 1 OTD273 651317 4765674 855.7 5.0 1.73 0.09 20 1 OTD273 651317 4765676 851.3 5.0 2.55 0.06 11 1 OTD273 651317 4765678 846.9 5.0 1.97 0.05 -1 1 OTD273 651316 4765683 838.0 5.0 1.55 0.06 -1 1 OTD273 651316 4765685 833.6 5.0 1.35 0.08 11 1 OTD273 651316 4765687 829.2 5.0 0.66 0.08 11 1 OTD273 651316 4765690 824.8 5.0 0.91 0.12 18 1 OTD273 651316 4765692 820.4 5.0 0.83 0.13 15 1 OTD273 651316 4765694 816.0 5.0 1.23 0.14 43 1 OTD273 651316 4765697 811.5 5.0 1.24 0.11 10 1 OTD273 651316 4765699 807.1 5.0 0.53 0.03 10 1 OTD273 651315 4765702 802.8 5.0 1.55 0.05 144 1 OTD273 651315 4765704 798.4 5.0 1.81 0.04 38 1 OTD273 651315 4765707 794.0 5.0 1.99 0.01 104 1 OTD273 651315 4765709 789.6 5.0 1.78 0.03 30 1 OTD273 651315 4765712 785.3 5.0 1.40 0.02 16 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD273 651315 4765714 781.0 5.0 1.24 0.02 10 1 OTD273 651315 4765717 776.6 5.0 1.54 0.02 14 1 OTD273 651314 4765719 772.3 5.0 1.55 0.03 21 1 OTD273 651314 4765721 767.9 5.0 1.24 0.02 15 1 OTD273 651314 4765724 763.6 5.0 1.72 0.03 12 1 OTD273 651314 4765727 759.3 5.0 1.42 0.03 18 1 OTD273 651314 4765729 755.0 5.0 0.89 0.04 63 1 OTD273 651314 4765732 750.7 5.0 1.28 0.02 39 1 OTD273 651314 4765734 746.4 5.0 1.56 0.03 67 1 OTD273 651314 4765737 742.1 5.0 1.76 0.04 49 1 OTD273 651314 4765739 737.8 5.0 1.98 0.04 39 1 OTD273 651314 4765742 733.5 5.0 1.61 0.04 35 1 OTD273 651314 4765744 729.1 5.0 1.38 0.05 65 1 OTD273 651314 4765747 724.8 5.0 1.33 0.06 41 1 OTD273 651314 4765749 720.5 5.0 1.87 0.05 55 1 OTD273 651314 4765752 716.2 5.0 1.39 0.04 57 1 OTD273 651314 4765754 711.9 5.0 1.49 0.05 125 1 OTD273 651314 4765757 707.6 5.0 1.27 0.05 135 1 OTD273 651314 4765759 703.3 5.0 1.61 0.06 156 1 OTD273 651314 4765761 699.0 5.0 1.79 0.11 141 1 OTD273 651315 4765764 694.7 5.0 1.38 0.03 11 1 OTD273 651315 4765767 690.4 5.0 0.95 0.02 37 1 OTD273 651315 4765769 686.1 5.0 1.20 0.04 40 1 OTD273 651315 4765772 681.8 5.0 0.96 0.03 77 1 OTD273 651315 4765775 677.5 5.0 1.20 0.03 48 1 OTD273 651315 4765777 673.2 5.0 1.33 0.04 94 1 OTD273 651315 4765780 669.0 5.0 1.29 0.04 148 1 OTD273 651315 4765783 664.7 5.0 1.24 0.03 149 1 OTD273 651315 4765785 660.4 5.0 0.93 0.03 96 1 OTD273 651315 4765787 656.1 5.0 1.18 0.04 122 1 OTD273 651315 4765790 651.9 5.0 1.12 0.03 126 1 OTD273 651315 4765793 647.6 5.0 1.47 0.04 148 1 OTD273 651315 4765795 643.3 5.0 1.16 0.06 101 1 OTD273 651315 4765798 639.1 5.0 1.18 0.04 88 1 OTD273 651316 4765801 634.9 5.0 0.90 0.02 136 1 OTD273 651316 4765803 630.6 5.0 0.79 0.01 171 1 OTD273 651316 4765806 626.4 5.0 0.90 0.02 98 1 OTD273 651316 4765809 622.2 5.0 0.99 0.03 78 1 OTD273 651316 4765812 618.0 5.0 0.89 0.06 77 1 OTD273 651317 4765814 613.8 5.0 0.98 0.07 120 1 OTD273 651317 4765817 609.6 5.0 1.43 0.07 152 1 OTD273 651317 4765819 606.3 2.8 1.49 0.08 97 1 OTD273 651317 4765821 603.0 5.0 0.95 0.05 133 2 OTD273 651317 4765824 598.8 5.0 0.65 0.05 64 2 OTD273 651318 4765826 594.6 5.0 0.83 0.12 61 2 OTD273 651318 4765829 590.5 5.0 0.98 0.09 94 2 OTD273 651318 4765832 586.3 5.0 1.19 0.12 103 2 OTD273 651319 4765835 582.1 5.0 0.39 0.05 46 2 OTD273 651319 4765837 578.0 5.0 0.59 0.05 49 2 OTD273 651319 4765840 573.8 5.0 0.41 0.05 52 2 OTD273 651319 4765843 569.6 5.0 0.62 0.10 153 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD273 651320 4765845 565.5 5.0 0.57 0.08 209 2 OTD273 651320 4765848 561.3 5.0 0.91 0.07 304 2 OTD273 651320 4765851 557.2 5.0 0.73 0.07 252 2 OTD273 651321 4765854 553.0 5.0 0.68 0.06 220 2 OTD273 651321 4765856 549.7 3.0 0.62 0.04 397 2 OTD273 651321 4765859 546.4 5.0 0.34 0.06 411 10 OTD273 651322 4765867 533.9 5.0 0.31 0.23 192 10 OTD273 651323 4765870 529.8 5.0 0.42 1.01 369 10 OTD273 651323 4765872 525.7 5.0 0.55 0.58 195 10 OTD273 651324 4765875 521.6 5.0 0.57 0.79 139 10 OTD273 651325 4765881 513.3 5.0 0.77 0.13 100 10 OTD273 651325 4765884 509.2 5.0 0.47 0.05 125 10 OTD273 651326 4765887 505.1 5.0 0.52 0.15 292 10 OTD273 651326 4765890 501.0 5.0 0.78 0.15 290 10 OTD273 651327 4765892 496.9 5.0 0.39 0.15 155 10 OTD273 651327 4765895 492.8 5.0 0.35 0.13 100 10 OTD273 651327 4765898 488.7 5.0 0.33 0.07 181 10 OTD278 651127 4765518 1053.3 3.0 0.37 0.01 74 10 OTD278 651127 4765520 1049.1 5.0 0.47 0.02 48 10 OTD278 651127 4765523 1044.8 5.0 0.63 0.03 65 10 OTD278 651128 4765526 1040.6 5.0 0.38 0.04 85 10 OTD278 651128 4765531 1032.2 5.0 0.38 0.03 146 10 OTD278 651128 4765534 1028.0 5.0 0.45 0.05 273 10 OTD278 651128 4765537 1023.8 5.0 0.37 0.03 227 10 OTD278 651128 4765539 1019.6 5.0 0.50 0.02 71 10 OTD278 651128 4765542 1015.4 5.0 0.42 0.03 54 10 OTD278 651129 4765544 1011.2 5.0 0.74 0.04 68 10 OTD278 651129 4765547 1007.0 5.0 1.22 0.05 60 10 OTD278 651129 4765550 1002.9 5.0 0.63 0.04 61 10 OTD278 651129 4765553 998.7 5.0 0.87 0.05 217 10 OTD278 651129 4765556 994.5 5.0 0.82 0.04 210 10 OTD278 651129 4765559 990.4 5.0 0.38 0.02 332 10 OTD278 651130 4765561 986.2 5.0 0.73 0.03 88 10 OTD278 651130 4765564 982.1 5.0 0.79 0.02 80 10 OTD278 651130 4765567 977.9 5.0 0.65 0.03 90 10 OTD278 651130 4765570 973.8 5.0 0.67 0.03 150 10 OTD278 651130 4765573 969.7 5.0 0.65 0.02 247 10 OTD278 651131 4765575 965.6 5.0 0.60 0.03 60 10 OTD278 651131 4765578 961.4 5.0 0.81 0.04 67 10 OTD278 651131 4765581 957.3 5.0 0.78 0.03 89 10 OTD278 651131 4765584 953.2 5.0 0.65 0.03 114 10 OTD278 651131 4765587 949.1 5.0 0.87 0.03 51 10 OTD278 651132 4765590 945.0 5.0 1.19 0.04 33 10 OTD278 651132 4765592 940.9 5.0 1.08 0.04 55 10 OTD278 651132 4765595 936.8 5.0 0.72 0.02 24 1 OTD278 651133 4765598 932.6 5.0 0.78 0.02 47 1 OTD278 651133 4765601 928.6 5.0 0.65 -1.00 117 1 OTD278 651133 4765603 924.5 5.0 0.57 -1.00 112 1 OTD278 651133 4765606 920.4 5.0 0.81 -1.00 158 1 OTD278 651134 4765609 916.3 5.0 0.66 0.02 69 1 OTD278 651134 4765612 912.2 5.0 0.55 0.02 129 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD278 651134 4765615 908.2 5.0 0.49 0.02 113 1 OTD278 651135 4765618 904.1 5.0 0.63 0.05 165 1 OTD278 651135 4765621 900.1 5.0 0.86 0.03 95 1 OTD278 651135 4765624 896.0 5.0 0.81 0.04 52 1 OTD278 651136 4765627 892.0 5.0 0.74 0.03 38 1 OTD278 651136 4765630 888.0 5.0 0.95 0.05 62 1 OTD278 651136 4765633 884.0 5.0 0.53 0.04 79 1 OTD278 651137 4765636 879.9 5.0 0.94 0.05 98 1 OTD278 651137 4765639 875.9 5.0 0.84 0.05 113 1 OTD278 651137 4765642 871.9 5.0 0.76 0.03 104 1 OTD278 651138 4765645 867.9 5.0 0.81 0.04 134 1 OTD278 651138 4765648 863.9 5.0 0.62 0.02 51 1 OTD278 651138 4765651 860.0 5.0 0.95 0.02 46 1 OTD278 651139 4765654 856.0 5.0 0.93 0.04 43 1 OTD278 651139 4765657 852.0 5.0 1.22 0.07 56 1 OTD278 651139 4765660 848.1 5.0 0.71 0.03 51 1 OTD278 651140 4765663 844.1 5.0 0.67 0.03 41 1 OTD278 651140 4765666 840.2 5.0 0.65 0.04 32 1 OTD278 651140 4765669 836.2 5.0 0.77 0.05 41 1 OTD278 651141 4765672 832.3 5.0 0.79 0.03 59 1 OTD278 651141 4765675 828.3 5.0 0.69 0.01 28 1 OTD278 651141 4765678 824.4 5.0 0.58 0.01 56 1 OTD278 651142 4765681 820.5 5.0 0.95 0.03 77 1 OTD278 651142 4765684 816.6 5.0 0.88 0.04 29 1 OTD278 651143 4765687 812.6 5.0 0.65 0.03 21 1 OTD278 651143 4765690 808.8 5.0 0.81 0.05 83 1 OTD278 651144 4765697 801.0 5.0 0.86 0.04 104 1 OTD278 651144 4765700 797.1 5.0 0.88 0.03 85 1 OTD278 651144 4765703 793.3 5.0 0.56 0.03 77 1 OTD278 651145 4765706 789.4 5.0 0.68 0.03 47 1 OTD278 651145 4765709 785.6 5.0 0.46 0.03 47 1 OTD278 651145 4765713 781.8 5.0 0.74 0.04 84 1 OTD278 651146 4765716 777.9 5.0 0.74 0.03 72 1 OTD278 651146 4765719 774.1 5.0 0.64 0.02 45 1 OTD278 651146 4765722 770.3 5.0 0.66 0.03 88 1 OTD278 651147 4765725 766.5 5.0 0.61 0.04 66 1 OTD278 651147 4765729 762.7 5.0 0.79 0.03 53 1 OTD278 651148 4765732 758.9 5.0 0.77 0.07 41 1 OTD278 651148 4765735 755.1 5.0 0.70 0.03 35 1 OTD278 651148 4765738 751.4 5.0 0.67 0.05 61 1 OTD278 651149 4765741 747.6 5.0 1.37 0.03 87 1 OTD278 651149 4765745 743.9 5.0 1.20 0.06 100 1 OTD278 651150 4765748 740.1 5.0 0.69 0.07 192 1 OTD278 651150 4765751 736.4 5.0 0.68 0.05 107 1 OTD278 651151 4765755 732.6 5.0 0.76 0.03 114 1 OTD278 651151 4765758 728.9 5.0 0.86 0.03 141 1 OTD278 651152 4765761 725.2 5.0 0.57 0.04 81 1 OTD278 651152 4765764 721.5 5.0 0.98 0.10 187 1 OTD278 651153 4765768 717.8 5.0 0.72 0.06 98 1 OTD278 651153 4765771 714.0 5.0 0.49 0.05 102 1 OTD278 651153 4765774 710.3 5.0 0.49 0.04 406 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD278 651154 4765778 706.6 5.0 0.58 0.09 504 1 OTD278 651154 4765781 703.0 5.0 0.72 0.07 140 1 OTD278 651155 4765785 699.3 5.0 0.52 0.06 111 1 OTD278 651155 4765788 695.6 5.0 0.56 0.04 93 1 OTD278 651156 4765791 691.9 5.0 0.44 0.03 106 1 OTD278 651156 4765795 688.3 5.0 0.56 0.06 87 1 OTD278 651158 4765805 677.3 5.0 0.56 0.08 69 1 OTD278 651158 4765808 673.7 4.0 0.77 0.09 155 1 OTD278 651160 4765821 659.3 3.0 0.41 0.09 56 1 OTD278 651161 4765825 655.8 5.0 0.53 0.10 69 1 OTD282 651326 4765714 1017.1 5.0 1.02 0.03 33 1 OTD282 651326 4765717 1012.7 5.0 0.77 0.01 13 1 OTD282 651326 4765719 1008.4 5.0 1.72 0.08 58 1 OTD282 651326 4765722 1004.1 5.0 2.10 0.06 20 1 OTD282 651326 4765724 999.7 5.0 1.21 0.04 17 1 OTD282 651326 4765727 995.4 5.0 1.08 0.01 17 1 OTD282 651326 4765729 991.1 5.0 1.22 0.01 58 1 OTD282 651326 4765732 986.8 5.0 1.28 0.03 34 1 OTD282 651326 4765734 982.4 5.0 1.38 0.06 29 1 OTD282 651326 4765737 978.1 5.0 1.19 0.02 31 1 OTD282 651326 4765739 973.8 5.0 0.94 0.03 16 1 OTD282 651326 4765742 969.4 5.0 1.66 0.03 20 1 OTD282 651326 4765744 965.1 5.0 1.62 0.02 19 1 OTD282 651326 4765747 960.8 5.0 1.15 0.02 10 1 OTD282 651326 4765749 956.4 5.0 1.60 0.03 11 1 OTD282 651326 4765752 952.1 5.0 1.19 0.02 12 1 OTD282 651326 4765754 947.8 5.0 1.26 0.03 20 1 OTD282 651326 4765757 943.4 5.0 1.29 0.01 30 1 OTD282 651326 4765759 939.1 5.0 1.00 0.02 20 1 OTD282 651326 4765762 934.8 5.0 0.79 0.02 26 1 OTD282 651326 4765764 930.5 5.0 1.67 0.01 20 1 OTD282 651326 4765767 926.1 5.0 1.71 0.03 27 1 OTD282 651326 4765769 921.8 5.0 1.27 0.04 12 1 OTD282 651326 4765772 917.5 5.0 1.41 0.03 61 1 OTD282 651326 4765774 913.1 5.0 1.13 0.03 16 1 OTD282 651326 4765777 908.8 5.0 0.99 0.05 14 1 OTD282 651326 4765779 904.5 5.0 0.87 0.06 18 1 OTD282 651326 4765782 900.1 5.0 1.52 0.03 20 1 OTD282 651326 4765784 895.8 5.0 1.44 0.01 12 1 OTD282 651326 4765787 891.5 5.0 1.63 0.03 290 1 OTD282 651326 4765789 887.2 5.0 1.10 0.02 11 1 OTD282 651326 4765792 882.8 5.0 1.10 0.03 17 1 OTD282 651326 4765794 878.5 5.0 0.82 0.04 20 1 OTD282 651326 4765797 874.2 5.0 1.10 0.04 88 1 OTD282 651326 4765799 869.8 5.0 1.27 0.04 38 1 OTD282 651326 4765802 865.5 5.0 1.33 0.05 28 1 OTD282 651326 4765804 861.2 5.0 1.94 0.10 32 1 OTD282 651326 4765807 856.8 5.0 1.49 0.12 27 1 OTD282 651326 4765809 852.5 5.0 1.11 0.03 23 1 OTD282 651326 4765812 848.2 5.0 1.09 0.03 42 1 OTD282 651326 4765814 843.9 5.0 1.14 0.02 37 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD282 651326 4765817 839.5 5.0 1.48 0.04 14 1 OTD282 651326 4765819 835.2 5.0 1.25 0.04 15 1 OTD282 651326 4765822 830.9 5.0 1.39 0.05 12 1 OTD282 651326 4765824 826.5 5.0 1.15 0.06 32 1 OTD282 651326 4765827 822.2 3.0 1.62 0.09 27 1 OTD282 651326 4765829 817.9 5.0 1.44 0.09 19 1 OTD282 651326 4765832 813.5 5.0 1.15 0.06 22 1 OTD282 651326 4765834 809.2 5.0 1.04 0.06 23 1 OTD282 651326 4765837 804.9 5.0 0.82 0.04 18 1 OTD282 651326 4765839 800.6 5.0 1.20 0.09 22 1 OTD282 651326 4765842 796.2 5.0 1.18 0.07 43 1 OTD282 651326 4765844 791.9 5.0 0.74 0.03 28 1 OTD282 651326 4765847 787.6 5.0 1.39 0.05 30 1 OTD282 651326 4765849 783.2 5.0 0.99 0.23 34 1 OTD282 651326 4765852 778.9 5.0 1.34 0.06 25 1 OTD282 651326 4765854 774.6 5.0 1.81 0.08 41 1 OTD282 651326 4765857 770.2 5.0 1.38 0.12 29 1 OTD282 651326 4765859 765.9 5.0 1.03 0.12 48 1 OTD282 651326 4765862 761.6 5.0 2.06 0.18 97 1 OTD282 651326 4765864 757.3 5.0 1.06 0.05 20 1 OTD282 651326 4765867 752.9 5.0 0.81 0.06 36 1 OTD282 651326 4765869 748.6 5.0 1.11 0.07 49 1 OTD282 651326 4765872 744.3 5.0 0.86 0.05 60 1 OTD282 651326 4765874 739.9 5.0 0.83 0.06 46 1 OTD282 651326 4765877 735.6 5.0 0.74 0.06 54 1 OTD282 651326 4765879 731.3 5.0 0.76 0.04 55 1 OTD282 651326 4765882 727.0 5.0 1.20 0.10 77 1 OTD282 651326 4765884 722.6 5.0 0.80 0.03 79 1 OTD282 651326 4765887 718.3 5.0 0.75 0.02 79 1 OTD282 651326 4765889 714.0 5.0 0.63 0.02 174 1 OTD282 651326 4765892 709.6 5.0 0.60 0.02 52 1 OTD282 651326 4765894 705.3 5.0 0.77 0.04 74 1 OTD282 651326 4765897 701.0 5.0 0.71 0.01 136 1 OTD282 651326 4765899 696.6 5.0 0.80 0.04 69 1 OTD282 651326 4765902 692.3 5.0 0.76 0.04 56 1 OTD282 651326 4765904 688.0 5.0 0.90 0.05 37 1 OTD282 651326 4765907 683.6 5.0 0.75 0.05 53 1 OTD282 651326 4765914 670.6 5.0 0.34 0.13 138 1 OTD282 651326 4765917 666.3 5.0 0.43 0.17 95 1 OTD282 651326 4765921 659.6 5.0 0.57 0.22 122 10 OTD282 651326 4765928 646.9 4.2 0.56 0.10 112 10 OTD282 651326 4765930 642.9 5.0 0.87 0.10 68 1 OTD282 651326 4765933 638.6 5.0 0.77 0.12 99 1 OTD282 651326 4765935 635.6 2.0 0.32 0.26 105 1 OTD282 651326 4765943 620.9 2.0 0.47 0.06 62 10 OTD282 651326 4765945 617.8 5.0 0.70 0.03 84 1 OTD282 651326 4765947 614.8 2.0 0.40 0.05 26 1 OTD282 651326 4765948 611.8 5.0 0.82 0.12 92 2 OTD282 651326 4765951 606.6 5.0 0.44 0.04 96 10 OTD282 651326 4765954 602.2 5.0 0.35 0.04 104 10 OTD282 651326 4765956 597.9 5.0 0.69 0.08 63 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD282 651326 4765959 593.6 5.0 0.36 0.04 43 10 OTD282 651326 4765964 584.9 5.0 0.42 0.05 35 10 OTD282 651326 4765966 580.6 5.0 0.35 0.02 41 10 OTD282 651326 4765969 576.3 5.0 0.35 0.02 28 10 OTD282 651326 4765971 571.9 5.0 0.41 0.04 33 2 OTD282 651326 4765976 563.3 5.0 0.42 0.05 50 2 OTD282 651326 4765979 558.9 5.0 0.44 0.04 63 2 OTD282 651326 4765981 554.6 5.0 0.42 0.06 219 2 OTD282 651326 4765984 550.3 5.0 0.42 0.05 180 2 OTD282 651326 4765986 546.0 5.0 0.43 0.08 86 2 OTD282 651326 4765994 532.1 5.0 0.68 0.11 158 10 OTD282 651326 4765997 527.8 5.0 0.77 0.11 196 10 OTD282 651326 4765999 523.4 5.0 0.48 0.07 132 10 OTD282 651326 4766002 519.1 5.0 0.35 0.06 62 10 OTD282 651326 4766004 514.8 5.0 0.31 0.07 97 10 OTD282 651326 4766007 510.4 5.0 0.48 0.13 140 10 OTD282 651326 4766009 506.1 4.0 0.68 0.16 175 10 OTD286 651318 4765397 921.6 5.0 0.46 0.02 19 10 OTD286 651318 4765399 917.2 5.0 0.44 0.02 19 10 OTD286 651317 4765404 908.4 5.0 0.41 0.02 28 10 OTD286 651316 4765409 899.7 5.0 0.78 0.04 22 10 OTD286 651316 4765412 895.4 4.9 0.99 0.04 70 10 OTD286 651316 4765414 891.0 5.0 1.09 0.02 38 1 OTD286 651316 4765416 886.7 5.0 0.97 0.01 24 1 OTD286 651315 4765419 882.3 5.0 1.00 0.02 44 1 OTD286 651315 4765421 877.9 5.0 1.06 0.02 86 1 OTD286 651315 4765424 873.5 5.0 1.32 0.04 71 1 OTD286 651315 4765426 869.2 5.0 1.43 0.03 64 1 OTD286 651314 4765428 864.8 5.0 1.20 0.03 52 1 OTD286 651314 4765431 860.4 5.0 1.09 0.03 82 1 OTD286 651314 4765433 856.1 5.0 0.97 0.02 53 1 OTD286 651314 4765436 851.7 5.0 1.29 0.02 86 1 OTD286 651313 4765438 847.3 5.0 1.18 0.01 66 1 OTD286 651313 4765441 842.9 5.0 1.02 0.01 34 1 OTD286 651313 4765443 838.6 5.0 1.04 0.01 52 1 OTD286 651313 4765445 834.2 5.0 1.08 0.01 93 1 OTD286 651312 4765448 829.8 5.0 1.03 0.03 80 1 OTD286 651312 4765450 825.4 5.0 1.21 0.02 55 1 OTD286 651312 4765453 821.1 5.0 1.24 0.02 74 1 OTD286 651312 4765455 816.7 5.0 1.62 0.03 89 1 OTD286 651311 4765457 812.3 5.0 1.11 0.03 120 1 OTD286 651311 4765460 808.0 5.0 1.13 0.04 203 1 OTD286 651311 4765462 803.6 5.0 1.18 0.02 56 1 OTD286 651311 4765465 799.2 5.0 1.55 0.03 138 1 OTD286 651310 4765467 794.8 5.0 1.58 0.03 103 1 OTD286 651310 4765469 791.3 3.0 1.57 0.02 148 1 OTD286 651310 4765471 787.8 5.0 2.31 0.02 121 3 OTD286 651310 4765473 783.5 5.0 1.86 0.03 126 3 OTD286 651309 4765476 779.1 5.0 2.09 0.02 91 3 OTD286 651309 4765478 774.7 5.0 2.27 0.03 60 3 OTD286 651309 4765481 770.3 5.0 1.65 0.01 75 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD286 651309 4765483 766.0 5.0 2.28 0.03 83 3 OTD286 651308 4765485 761.6 5.0 1.99 0.05 49 3 OTD286 651308 4765488 757.2 5.0 2.19 0.03 39 3 OTD286 651308 4765490 752.8 5.0 2.14 0.04 18 3 OTD286 651308 4765493 748.5 5.0 2.21 0.04 19 3 OTD286 651307 4765495 744.1 5.0 2.49 0.02 38 3 OTD286 651307 4765497 739.7 5.0 2.08 0.03 68 3 OTD286 651307 4765500 735.4 5.0 2.67 0.07 91 3 OTD286 651307 4765502 731.0 5.0 2.92 0.06 62 3 OTD286 651306 4765505 726.6 5.0 1.86 0.03 39 3 OTD286 651306 4765507 722.2 5.0 2.62 0.05 48 3 OTD286 651306 4765509 717.9 5.0 2.88 0.03 24 3 OTD286 651306 4765512 713.5 5.0 2.92 0.03 39 3 OTD286 651305 4765514 709.1 5.0 2.28 0.03 36 3 OTD286 651305 4765517 704.8 5.0 3.64 0.08 41 3 OTD286 651305 4765519 700.4 5.0 2.10 0.09 83 3 OTD286 651305 4765522 696.0 5.0 2.88 0.14 42 3 OTD286 651304 4765524 691.6 5.0 3.82 0.26 260 3 OTD286 651304 4765526 687.3 5.0 2.22 0.26 100 3 OTD286 651304 4765529 682.9 5.0 2.00 0.09 215 3 OTD286 651304 4765531 678.5 5.0 5.01 0.19 665 3 OTD286 651303 4765534 674.1 5.0 4.43 0.26 217 3 OTD286 651303 4765536 669.8 5.0 4.33 0.26 241 3 OTD286 651303 4765538 665.4 5.0 2.26 0.11 203 3 OTD286 651303 4765541 661.0 5.0 1.61 0.09 193 3 OTD286 651302 4765543 656.6 5.0 1.61 0.07 95 3 OTD286 651302 4765546 652.3 5.0 3.58 0.17 43 3 OTD286 651302 4765548 647.9 5.0 1.54 0.15 14 3 OTD286 651301 4765555 634.8 5.0 2.53 0.07 36 3 OTD286 651301 4765558 630.4 5.0 2.54 0.04 29 3 OTD286 651301 4765560 626.0 5.0 2.04 0.07 42 3 OTD286 651300 4765562 621.7 5.0 2.30 0.04 18 3 OTD286 651300 4765565 617.3 5.0 2.21 0.04 27 3 OTD286 651300 4765567 612.9 5.0 2.33 0.03 39 3 OTD286 651300 4765570 608.5 5.0 2.11 0.03 132 3 OTD286 651299 4765572 604.2 5.0 1.44 0.05 63 1 OTD286 651299 4765575 599.8 5.0 1.76 0.06 50 1 OTD286 651299 4765577 595.4 5.0 1.70 0.04 102 1 OTD286 651299 4765579 591.0 5.0 1.68 0.07 17 1 OTD286 651298 4765582 586.7 5.0 1.49 0.10 88 1 OTD286 651298 4765584 582.3 5.0 1.85 0.07 98 1 OTD286 651298 4765587 577.9 5.0 1.56 0.05 133 1 OTD286 651298 4765589 573.6 5.0 1.27 0.07 143 1 OTD286 651297 4765591 569.2 5.0 1.27 0.08 68 1 OTD286 651297 4765594 564.8 5.0 1.54 0.04 56 1 OTD286 651297 4765596 560.4 5.0 1.21 0.06 35 1 OTD286 651297 4765599 556.1 5.0 1.35 0.07 62 1 OTD286 651296 4765601 551.7 5.0 0.43 0.05 57 1 OTD286 651296 4765603 547.3 5.0 0.56 0.06 62 1 OTD286 651296 4765607 541.2 5.0 0.52 0.06 92 2 OTD286 651295 4765609 536.8 5.0 1.22 0.09 97 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD286 651295 4765612 532.5 5.0 1.24 0.03 163 2 OTD286 651295 4765614 528.1 5.0 1.01 0.03 173 2 OTD286 651295 4765616 523.7 5.0 1.24 0.04 214 2 OTD286 651294 4765619 519.3 5.0 1.05 0.03 168 2 OTD286 651294 4765621 515.0 5.0 0.97 0.03 134 2 OTD286 651294 4765624 510.6 5.0 1.29 0.03 128 2 OTD286 651294 4765626 506.2 5.0 1.15 0.03 311 2 OTD286 651293 4765629 501.8 5.0 1.19 0.03 223 2 OTD286 651293 4765631 497.5 5.0 0.73 0.02 155 2 OTD286 651293 4765633 493.1 5.0 0.78 0.02 109 2 OTD286 651293 4765636 488.7 5.0 0.65 0.03 94 2 OTD286 651292 4765638 484.3 5.0 0.84 0.02 127 2 OTD286 651292 4765641 480.0 5.0 1.08 0.05 186 2 OTD286 651292 4765643 475.6 5.0 0.84 0.04 226 2 OTD286 651291 4765648 466.8 5.0 0.52 0.03 123 2 OTD286 651291 4765650 462.9 4.0 0.66 0.03 173 2 OTD286 651291 4765652 459.0 5.0 0.81 0.04 103 10 OTD286 651291 4765655 454.6 5.0 0.69 0.04 139 10 OTD286 651290 4765657 450.2 5.0 1.22 0.08 201 10 OTD286 651290 4765659 445.9 5.0 1.29 0.05 127 10 OTD286 651290 4765662 441.5 5.0 0.93 0.03 143 10 OTD286 651290 4765664 437.1 5.0 1.01 0.04 113 10 OTD286 651289 4765667 432.7 5.0 0.63 0.06 169 10 OTD286 651289 4765669 428.4 5.0 0.56 0.06 137 10 OTD286 651289 4765671 424.0 5.0 0.33 0.05 27 10 OTD287 651131 4765669 996.2 5.0 1.11 0.12 171 10 OTD287 651132 4765685 970.6 5.0 0.32 0.04 65 10 OTD287 651132 4765688 966.4 5.0 0.43 0.07 10 10 OTD287 651132 4765690 962.1 5.0 0.34 0.05 22 10 OTD287 651134 4765706 936.7 5.0 0.33 0.06 45 10 OTD287 651134 4765708 932.5 5.0 0.51 0.07 47 10 OTD287 651134 4765711 928.3 5.0 0.60 0.10 28 10 OTD287 651134 4765714 924.1 5.0 0.38 0.07 23 10 OTD287 651135 4765717 919.9 5.0 0.35 0.05 72 10 OTD287 651135 4765720 915.7 5.0 0.32 0.04 36 10 OTD287 651135 4765722 911.5 5.0 0.33 0.02 53 10 OTD287 651135 4765725 907.4 5.0 0.82 0.11 77 10 OTD287 651136 4765728 903.2 5.0 0.45 0.10 62 10 OTD287 651136 4765731 899.0 5.0 0.42 0.04 38 10 OTD287 651137 4765736 890.7 5.0 0.37 0.05 74 10 OTD287 651137 4765739 886.6 5.0 0.50 0.08 35 10 OTD287 651140 4765763 851.1 5.0 0.33 0.05 103 1 OTD287 651140 4765766 847.0 5.0 0.51 0.07 85 1 OTD287 651141 4765769 842.9 5.0 0.46 0.06 60 1 OTD287 651141 4765772 838.8 5.0 0.43 0.08 60 1 OTD287 651142 4765777 830.6 5.0 0.67 0.09 42 1 OTD287 651143 4765783 822.5 5.0 0.45 0.08 97 1 OTD287 651143 4765786 818.4 5.0 0.60 0.09 58 1 OTD287 651144 4765789 814.3 5.0 0.89 0.16 185 1 OTD287 651144 4765792 810.3 5.0 0.87 0.11 164 1 OTD287 651144 4765795 806.2 5.0 0.66 0.08 155 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD287 651145 4765798 802.2 5.0 0.68 0.09 119 1 OTD287 651145 4765801 798.1 5.0 0.55 0.06 109 1 OTD287 651146 4765804 794.1 5.0 0.67 0.06 117 1 OTD287 651146 4765806 790.0 5.0 0.31 0.04 44 1 OTD287 651148 4765815 777.9 5.0 0.59 0.05 94 1 OTD287A 651140 4765766 847.1 5.0 0.61 0.07 181 1 OTD287A 651141 4765769 843.0 5.0 0.54 0.06 70 1 OTD287A 651141 4765771 838.9 5.0 0.66 0.07 68 1 OTD287A 651142 4765777 830.7 5.0 0.65 0.12 58 1 OTD287A 651143 4765782 822.5 5.0 0.83 0.15 85 1 OTD287A 651143 4765785 818.4 5.0 0.60 0.09 62 1 OTD287A 651144 4765788 814.3 5.0 1.05 0.17 101 1 OTD287A 651144 4765791 810.2 5.0 1.01 0.13 173 1 OTD287A 651145 4765794 806.1 5.0 1.02 0.10 163 1 OTD287A 651145 4765796 802.1 5.0 0.68 0.12 101 1 OTD287A 651146 4765799 798.0 5.0 0.56 0.12 86 1 OTD287A 651146 4765802 794.0 5.0 0.71 0.09 92 1 OTD287A 651147 4765805 789.9 5.0 0.41 0.08 55 1 OTD287A 651148 4765814 777.8 5.0 0.79 0.12 113 1 OTD287A 651149 4765817 773.8 5.0 0.68 0.07 114 1 OTD287A 651149 4765820 769.8 5.0 0.46 0.03 73 1 OTD287A 651150 4765823 765.8 5.0 0.32 0.06 58 1 OTD287A 651150 4765826 761.8 5.0 0.48 0.04 61 1 OTD287A 651151 4765829 757.8 5.0 0.60 0.03 96 1 OTD287A 651152 4765832 753.9 5.0 0.66 0.06 70 1 OTD287A 651152 4765835 749.9 5.0 0.65 0.04 75 1 OTD287A 651153 4765838 745.9 5.0 0.94 0.06 171 1 OTD287A 651157 4765859 718.2 5.0 0.98 0.08 90 1 OTD287A 651157 4765862 714.3 5.0 0.51 0.04 118 1 OTD287A 651158 4765865 710.4 5.0 0.92 0.06 126 1 OTD287A 651159 4765868 706.4 5.0 0.66 0.06 167 1 OTD287A 651159 4765871 702.5 5.0 0.77 0.07 112 1 OTD287A 651160 4765874 698.6 5.0 0.43 0.04 159 1 OTD287A 651161 4765877 694.7 5.0 0.80 0.06 216 1 OTD287A 651161 4765880 690.9 5.0 0.64 0.05 130 1 OTD287A 651162 4765883 687.0 5.0 0.95 0.07 99 1 OTD287A 651163 4765886 683.1 5.0 0.94 0.05 120 1 OTD287A 651163 4765890 679.2 5.0 0.94 0.06 115 1 OTD287A 651165 4765896 671.6 5.0 0.39 0.06 74 1 OTD287A 651166 4765899 667.7 5.0 0.77 0.07 130 1 OTD287A 651167 4765902 663.9 5.0 0.42 0.04 175 1 OTD287A 651167 4765905 660.1 5.0 0.84 0.12 193 1 OTD287A 651168 4765908 656.3 5.0 0.36 0.05 253 1 OTD287A 651169 4765911 652.5 5.0 0.41 0.07 143 1 OTD287A 651171 4765917 645.5 5.0 0.34 0.08 92 10 OTD287A 651174 4765930 630.6 5.0 0.46 0.05 162 10 OTD287A 651175 4765933 626.8 5.0 0.54 0.06 97 10 OTD287A 651176 4765936 623.1 5.0 0.34 0.07 109 10 OTD287A 651179 4765946 612.1 5.0 0.84 0.10 118 10 OTD287A 651181 4765956 601.1 5.0 0.90 0.12 206 10 OTD287A 651182 4765959 597.4 5.0 0.64 0.11 182 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD287A 651183 4765963 593.8 5.0 0.62 0.14 260 10 OTD287A 651184 4765966 590.2 5.0 0.65 0.24 206 10 OTD287A 651185 4765969 586.6 5.0 0.69 0.10 176 10 OTD287A 651186 4765973 583.0 5.0 0.63 0.08 226 10 OTD287A 651187 4765976 579.4 5.0 0.45 0.10 113 10 OTD289 651279 4765784 893.8 5.0 0.37 0.08 70 10 OTD289 651282 4765782 886.3 5.0 1.52 0.07 60 1 OTD289 651283 4765781 881.6 5.0 1.80 0.06 27 1 OTD289 651284 4765780 876.9 5.0 1.53 0.04 53 1 OTD289 651286 4765779 872.2 5.0 1.51 0.02 56 1 OTD289 651287 4765778 867.6 5.0 0.87 0.02 11 1 OTD289 651289 4765777 862.9 5.0 1.51 0.03 -1 1 OTD289 651290 4765776 858.2 5.0 1.92 0.05 15 1 OTD289 651292 4765775 853.5 5.0 1.73 0.05 16 1 OTD289 651293 4765774 848.9 5.0 1.44 0.03 17 1 OTD289 651295 4765773 844.2 5.0 2.06 0.06 65 1 OTD289 651296 4765772 839.5 5.0 1.11 0.04 -1 1 OTD289 651297 4765771 834.8 5.0 1.38 0.03 17 1 OTD289 651299 4765770 830.1 5.0 1.69 0.03 16 1 OTD289 651300 4765769 825.4 5.0 1.51 0.02 -1 1 OTD289 651302 4765768 820.8 5.0 1.56 0.01 21 1 OTD289 651303 4765767 816.1 5.0 2.17 0.03 30 1 OTD289 651305 4765766 811.4 5.0 1.71 0.03 32 1 OTD289 651306 4765765 806.7 5.0 1.53 0.03 20 1 OTD289 651307 4765764 802.0 5.0 1.16 0.04 19 1 OTD289 651309 4765763 797.3 5.0 1.65 0.04 40 1 OTD289 651310 4765762 792.6 5.0 1.52 0.03 37 1 OTD289 651312 4765761 787.9 5.0 1.53 0.03 52 1 OTD289 651313 4765760 783.2 5.0 1.26 0.03 119 1 OTD289 651314 4765759 778.5 5.0 1.66 0.03 79 1 OTD289 651316 4765757 773.9 5.0 1.63 0.05 22 1 OTD289 651317 4765757 769.2 5.0 1.02 0.03 24 1 OTD289 651319 4765756 764.5 5.0 1.29 0.02 32 1 OTD289 651320 4765755 759.8 5.0 1.32 0.03 26 1 OTD289 651321 4765754 756.5 2.0 2.19 0.03 17 1 OTD289 651322 4765753 753.2 5.0 1.88 0.02 23 3 OTD289 651323 4765752 748.5 5.0 2.21 0.07 21 3 OTD289 651325 4765751 743.8 5.0 0.76 0.03 48 3 OTD289 651326 4765750 739.2 5.0 1.30 0.04 19 3 OTD289 651328 4765749 734.5 5.0 1.52 0.05 29 3 OTD289 651329 4765748 729.8 5.0 2.35 0.09 73 3 OTD289 651330 4765747 725.1 5.0 2.46 0.08 21 3 OTD289 651332 4765746 720.4 5.0 2.26 0.07 29 3 OTD289 651333 4765745 715.7 5.0 2.34 0.10 41 3 OTD289 651334 4765744 711.0 5.0 2.36 0.09 42 3 OTD289 651336 4765743 706.3 5.0 2.32 0.12 22 3 OTD289 651337 4765742 701.6 5.0 2.41 0.07 22 3 OTD289 651339 4765741 697.0 5.0 2.06 0.09 94 3 OTD289 651340 4765740 692.3 5.0 1.56 0.10 33 3 OTD289 651341 4765739 687.6 5.0 3.26 0.16 57 3 OTD289 651343 4765738 682.9 5.0 3.28 0.23 91 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ==================================================================================================================== OTD289 651344 4765737 678.2 5.0 3.58 0.22 22 3 OTD289 651346 4765736 673.5 5.0 3.25 0.24 20 3 OTD289 651347 4765735 668.8 5.0 4.15 0.29 15 3 OTD289 651348 4765734 664.1 5.0 1.78 0.41 32 3 OTD289 651350 4765733 659.4 5.0 3.40 0.25 98 3 OTD289 651351 4765731 654.7 5.0 2.52 0.28 81 3 OTD289 651352 4765730 650.0 5.0 2.98 0.20 29 3 OTD289 651354 4765729 645.3 5.0 2.52 0.23 72 3 OTD289 651355 4765728 640.6 5.0 2.53 0.18 135 3 OTD289 651356 4765727 635.9 5.0 1.64 0.20 63 3 OTD289 651358 4765726 631.2 5.0 2.43 0.18 27 3 OTD289 651359 4765725 626.5 5.0 1.83 0.17 17 3 OTD289 651360 4765724 621.8 5.0 0.83 0.07 -1 3 OTD289 651361 4765723 617.1 5.0 1.60 0.10 14 3 OTD289 651363 4765722 612.4 5.0 3.35 0.18 60 3 OTD289 651364 4765721 607.6 5.0 2.60 0.17 22 3 OTD289 651365 4765719 602.9 5.0 2.44 0.13 13 3 OTD289 651366 4765718 598.2 5.0 3.64 0.16 45 3 OTD289 651368 4765717 594.0 4.0 2.16 0.07 27 3 OTD289 651369 4765716 589.7 5.0 1.56 0.05 28 1 OTD289 651370 4765715 585.0 5.0 1.62 0.04 41 1 OTD289 651371 4765714 580.3 5.0 1.48 0.05 29 1 OTD289 651373 4765713 575.5 5.0 0.92 0.02 58 1 OTD289 651374 4765712 570.8 5.0 1.66 0.04 112 1 OTD289 651375 4765711 566.1 5.0 1.45 0.07 44 1 OTD289 651376 4765710 561.4 5.0 1.54 0.04 58 1 OTD289 651378 4765709 556.7 5.0 1.64 0.04 96 1 OTD289 651379 4765708 551.9 5.0 0.92 0.04 100 1 OTD289 651380 4765707 547.6 4.2 1.55 0.04 113 1 OTD289 651381 4765706 543.7 4.1 1.29 0.03 98 2 OTD298 651309 4765349 796.2 5.0 0.93 0.02 43 1 OTD298 651308 4765351 791.8 5.0 1.30 0.03 87 1 OTD298 651308 4765354 787.4 5.0 1.09 0.05 64 1 OTD298 651308 4765356 783.0 5.0 0.74 0.02 80 1 OTD298 651307 4765358 778.6 5.0 1.02 0.04 81 1 OTD298 651307 4765360 774.1 5.0 0.50 0.01 110 1 OTD298 651307 4765363 769.7 5.0 0.92 0.02 117 1 OTD298 651306 4765365 765.3 5.0 1.81 -1.00 98 1 OTD298 651306 4765367 760.8 5.0 1.79 0.01 80 1 OTD298 651305 4765370 756.4 5.0 1.45 0.01 54 1 OTD298 651305 4765372 752.0 5.0 1.10 0.01 106 1 OTD298 651305 4765374 747.6 5.0 1.35 0.06 107 1 OTD298 651304 4765376 743.1 5.0 1.23 0.03 88 1 OTD298 651304 4765379 738.7 5.0 1.09 0.03 106 1 OTD298 651303 4765381 734.2 5.0 0.96 0.05 68 1 OTD298 651303 4765383 729.8 5.0 1.20 0.02 75 1 OTD298 651303 4765385 725.3 5.0 1.13 0.01 64 1 OTD298 651302 4765388 720.9 4.0 0.87 0.04 30 1 OTD298 651300 4765397 703.1 5.0 0.93 0.02 39 1 OTD298 651300 4765399 698.6 5.0 0.64 0.01 47 1 OTD298 651300 4765401 694.1 5.0 0.71 0.02 60 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD298 651299 4765406 685.2 5.0 0.41 0.02 26 1 OTD298 651298 4765408 680.8 5.0 1.37 0.03 73 1 OTD298 651298 4765410 676.3 5.0 0.65 0.02 47 1 OTD298 651297 4765412 671.8 5.0 1.16 0.01 53 1 OTD298 651297 4765414 667.3 5.0 0.75 0.02 74 1 OTD298 651296 4765417 662.9 5.0 1.38 0.03 90 1 OTD298 651296 4765419 658.4 5.0 1.31 0.02 77 1 OTD298 651295 4765421 653.9 5.0 1.09 0.02 90 1 OTD298 651295 4765423 649.4 5.0 0.72 0.02 35 1 OTD298 651294 4765425 645.0 5.0 0.95 0.02 45 1 OTD298 651294 4765427 640.5 5.0 1.35 0.03 107 1 OTD298 651293 4765430 636.0 5.0 1.63 0.03 132 1 OTD298 651293 4765432 631.5 5.0 1.17 0.03 42 1 OTD298 651292 4765434 627.0 5.0 1.22 0.03 114 1 OTD298 651292 4765436 622.5 5.0 1.69 0.03 117 1 OTD298 651291 4765438 618.1 5.0 1.56 0.02 108 1 OTD298 651291 4765440 613.6 5.0 1.76 0.02 187 1 OTD298 651290 4765442 609.1 5.0 1.77 0.03 213 1 OTD298 651290 4765445 604.6 5.0 1.27 0.01 247 1 OTD298 651289 4765447 600.1 5.0 1.39 0.02 251 1 OTD298 651289 4765449 595.6 5.0 1.05 0.03 96 1 OTD298 651288 4765451 591.1 5.0 0.49 0.03 190 1 OTD298 651288 4765453 586.7 5.0 0.66 0.02 20 1 OTD298 651287 4765456 582.2 5.0 0.39 0.01 11 1 OTD298 651287 4765458 577.7 4.0 0.65 0.01 17 10 OTD298 651284 4765468 555.2 5.0 1.01 0.03 140 10 OTD298 651284 4765470 550.7 5.0 0.93 0.05 108 10 OTD298 651283 4765473 546.3 5.0 0.62 0.02 67 10 OTD298 651283 4765474 541.8 5.0 0.65 0.03 103 10 OTD298 651282 4765476 537.3 5.0 0.49 0.02 80 10 OTD298 651282 4765478 532.8 5.0 0.63 0.06 111 10 OTD298 651281 4765481 528.3 5.0 0.60 0.04 133 10 OTD298 651281 4765483 523.8 5.0 0.44 0.06 140 10 OTD298 651280 4765488 514.9 5.0 0.60 0.01 105 10 OTD298 651279 4765494 501.4 5.0 0.34 0.01 54 10 OTD298 651278 4765496 496.9 5.0 0.48 0.06 117 10 OTD298 651278 4765498 492.4 5.0 0.35 0.05 77 10 OTD298 651278 4765500 488.0 5.0 0.43 0.04 57 10 OTD298 651278 4765503 483.5 5.0 0.39 0.03 56 10 OTD298 651277 4765505 479.0 5.0 0.34 0.36 42 10 OTD298 651277 4765507 474.5 5.0 0.44 0.40 49 10 OTD298 651277 4765511 465.5 5.0 0.33 0.04 24 10 OTD298 651276 4765513 461.0 5.0 0.44 0.01 184 10 OTD298 651276 4765516 456.5 5.0 0.55 0.06 147 10 OTD298 651276 4765518 452.1 5.0 0.31 0.09 43 10 OTD298 651275 4765522 443.1 5.0 0.35 0.05 107 10 OTD303 651431 4765620 864.4 5.0 0.37 0.01 22 10 OTD303 651431 4765623 860.4 5.0 0.48 0.02 25 10 OTD303 651431 4765626 856.4 5.0 0.30 0.02 16 10 OTD303 651431 4765632 848.4 5.0 0.30 0.02 52 10 OTD303 651431 4765635 844.4 5.0 0.39 0.01 52 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD303 651432 4765638 840.4 5.0 0.50 0.03 22 10 OTD303 651432 4765641 836.4 5.0 0.76 0.02 26 10 OTD303 651433 4765660 810.9 5.0 0.77 0.02 72 1 OTD303 651433 4765663 806.9 5.0 0.78 0.02 102 1 OTD303 651433 4765666 803.0 5.0 0.75 0.01 72 1 OTD303 651433 4765669 799.0 5.0 0.95 0.01 53 1 OTD303 651433 4765672 795.1 5.0 0.96 0.03 52 1 OTD303 651434 4765675 791.1 5.0 0.71 0.02 62 1 OTD303 651434 4765678 787.2 5.0 0.60 0.02 37 1 OTD303 651434 4765682 783.3 5.0 1.30 0.01 55 1 OTD303 651434 4765685 779.4 5.0 1.75 0.02 52 1 OTD303 651435 4765688 775.5 5.0 2.62 0.05 40 1 OTD303 651435 4765691 771.6 5.0 1.16 0.02 32 1 OTD303 651435 4765694 767.7 5.0 1.13 0.02 17 1 OTD303 651435 4765697 763.8 5.0 1.08 0.01 21 1 OTD303 651435 4765700 759.9 5.0 1.06 0.01 17 1 OTD303 651436 4765703 756.0 5.0 1.16 0.01 17 1 OTD303 651436 4765706 752.1 5.0 0.86 0.03 27 1 OTD303 651436 4765709 748.2 5.0 1.21 0.02 25 1 OTD303 651437 4765713 744.4 5.0 1.08 0.04 19 1 OTD303 651437 4765716 740.5 5.0 1.12 0.04 48 1 OTD303 651437 4765719 736.7 5.0 0.59 0.01 13 1 OTD303 651438 4765722 732.8 5.0 0.99 0.02 16 1 OTD303 651438 4765725 728.9 5.0 1.19 0.02 12 1 OTD303 651438 4765728 725.1 5.0 1.19 0.03 10 1 OTD303 651439 4765732 721.3 5.0 1.81 0.03 21 1 OTD303 651439 4765735 717.5 5.0 1.34 0.03 15 1 OTD303 651439 4765738 713.6 5.0 1.24 0.05 14 1 OTD303 651440 4765741 709.8 5.0 1.18 0.07 12 1 OTD303 651440 4765744 706.0 5.0 1.47 0.04 13 1 OTD303 651441 4765748 702.2 5.0 1.50 0.04 20 1 OTD303 651441 4765751 698.4 5.0 1.39 0.06 12 1 OTD303 651441 4765754 694.6 5.0 1.33 0.04 15 1 OTD303 651442 4765758 690.8 5.0 1.06 0.04 15 1 OTD303 651442 4765761 687.0 5.0 1.55 0.06 26 1 OTD303 651443 4765764 683.4 4.6 0.97 0.04 23 1 OTD303 651443 4765767 679.7 5.0 1.63 0.04 29 3 OTD303 651444 4765770 675.9 5.0 1.72 0.05 167 3 OTD303 651444 4765773 672.1 5.0 1.87 0.06 147 3 OTD303 651445 4765776 668.4 5.0 1.65 0.07 56 3 OTD303 651445 4765779 664.6 5.0 1.96 0.10 43 3 OTD303 651446 4765783 660.8 5.0 4.39 0.33 25 3 OTD303 651446 4765786 657.0 5.0 1.53 0.04 23 3 OTD303 651447 4765789 653.2 5.0 1.36 0.03 36 3 OTD303 651448 4765793 649.5 5.0 1.83 0.04 16 3 OTD303 651448 4765796 645.7 5.0 2.23 0.04 25 3 OTD303 651449 4765799 642.0 5.0 2.07 0.05 32 3 OTD303 651449 4765802 638.2 5.0 0.87 0.04 18 3 OTD303 651450 4765806 634.5 5.0 2.02 0.10 31 3 OTD303 651451 4765809 630.8 5.0 1.98 0.08 36 3 OTD303 651451 4765812 627.1 5.0 2.54 0.09 25 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ===================================================================================================================== OTD303 651452 4765816 623.4 5.0 2.30 0.08 19 3 OTD303 651453 4765819 619.7 5.0 3.06 0.08 22 3 OTD303 651453 4765822 616.0 5.0 2.40 0.06 18 3 OTD303 651454 4765825 612.3 5.0 2.18 0.09 11 3 OTD303 651455 4765828 608.6 5.0 2.38 0.11 35 3 OTD303 651455 4765832 605.0 5.0 3.60 0.17 71 3 OTD303 651456 4765835 601.3 5.0 1.71 0.14 24 3 OTD303 651457 4765838 597.6 5.0 2.26 0.37 47 3 OTD303 651458 4765842 594.0 5.0 2.29 0.41 217 3 OTD303 651458 4765845 590.3 5.0 2.40 0.50 212 3 OTD303 651459 4765849 586.7 5.0 1.12 0.22 169 3 OTD303 651460 4765852 583.1 5.0 4.05 0.56 144 3 OTD303 651461 4765855 579.4 5.0 3.15 0.24 105 3 OTD303 651462 4765858 575.8 5.0 2.08 0.18 152 3 OTD303 651462 4765862 572.3 5.0 2.36 0.14 126 3 OTD303 651463 4765865 568.7 5.0 1.80 0.16 56 3 OTD303 651464 4765869 564.7 5.0 1.18 0.09 103 2 OTD303 651465 4765873 561.1 5.0 1.26 0.10 57 2 OTD303 651466 4765876 557.6 5.0 1.28 0.06 185 2 OTD303 651467 4765879 554.0 5.0 1.04 0.06 523 2 OTD303 651467 4765883 550.5 5.0 1.23 0.06 110 2 OTD303 651468 4765886 547.0 5.0 1.37 0.06 92 2 OTD303 651469 4765889 543.4 5.0 1.07 0.06 68 2 OTD303 651470 4765893 539.9 5.0 0.97 0.04 63 2 OTD303 651471 4765896 536.4 5.0 1.15 0.04 54 2 OTD303 651472 4765900 532.9 5.0 1.23 0.03 79 2 OTD303 651473 4765903 529.4 5.0 0.98 0.03 55 2 OTD303 651474 4765907 525.9 5.0 0.88 0.03 65 2 OTD303 651475 4765910 522.5 5.0 0.75 0.03 41 2 OTD303 651476 4765913 519.0 5.0 0.84 0.04 55 2 OTD303 651477 4765917 515.6 5.0 1.05 0.04 69 2 OTD303 651478 4765920 512.1 5.0 1.15 0.05 108 2 OTD303 651479 4765923 508.6 5.0 0.84 0.05 68 2 OTD303 651480 4765927 505.2 5.0 0.91 0.03 85 2 OTD303 651482 4765930 501.8 5.0 0.78 0.03 85 2 OTD303 651483 4765934 498.4 5.0 0.87 0.05 113 2 OTD303 651484 4765937 495.0 5.0 0.87 0.06 63 2 OTD303 651485 4765941 491.6 5.0 0.74 0.05 62 2 OTD303 651486 4765945 488.3 5.0 0.62 0.03 73 2 OTD303 651487 4765948 484.9 5.0 0.58 0.05 101 2 OTD303 651488 4765952 481.5 5.0 0.72 0.05 182 2 OTD303 651489 4765955 478.2 5.0 1.02 0.08 120 2 OTD303 651490 4765959 474.8 5.0 0.81 0.06 125 2 OTD303 651491 4765962 471.5 5.0 0.84 0.09 283 2 OTD303 651492 4765966 468.1 5.0 0.74 0.07 257 2 OTD303 651493 4765969 464.8 5.0 0.69 0.07 253 2 OTD303 651494 4765972 462.0 3.1 1.03 0.11 309 2 OTD304 651138 4765633 1021.2 5.0 0.38 0.04 58 10 OTD304 651140 4765632 1016.8 5.0 0.56 0.05 34 10 OTD304 651142 4765630 1012.4 5.0 0.70 0.04 18 10 OTD304 651144 4765629 1008.0 5.0 1.15 0.10 25 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ==================================================================================================================== OTD304 651146 4765627 1003.6 5.0 0.56 0.03 39 10 OTD304 651148 4765626 999.2 5.0 0.81 0.02 41 10 OTD304 651150 4765624 994.8 5.0 0.40 0.03 64 10 OTD304 651152 4765623 990.3 5.0 0.35 0.02 51 10 OTD304 651153 4765622 986.3 4.0 0.41 0.05 100 10 OTD304 651155 4765621 982.3 5.0 1.29 0.09 129 1 OTD304 651157 4765619 977.9 5.0 0.86 0.05 187 1 OTD304 651159 4765618 973.5 5.0 0.58 0.04 48 1 OTD304 651162 4765615 964.6 5.0 0.53 0.03 171 1 OTD304 651164 4765613 960.1 5.0 0.60 0.04 157 1 OTD304 651166 4765612 955.7 5.0 1.10 0.05 36 1 OTD304 651168 4765611 951.2 5.0 0.86 0.04 30 1 OTD304 651170 4765610 946.7 5.0 0.91 0.03 106 1 OTD304 651172 4765608 942.3 5.0 1.26 0.04 241 1 OTD304 651173 4765607 937.8 5.0 1.06 0.05 44 1 OTD304 651175 4765606 933.3 5.0 1.04 0.05 57 1 OTD304 651177 4765604 928.9 5.0 0.70 0.01 41 1 OTD304 651179 4765603 924.4 5.0 1.06 0.04 128 1 OTD304 651181 4765602 919.9 5.0 1.29 0.05 100 1 OTD304 651183 4765601 915.4 5.0 1.08 0.05 71 1 OTD304 651184 4765599 910.9 5.0 0.54 0.01 42 1 OTD304 651186 4765598 906.4 5.0 0.86 0.05 38 1 OTD304 651188 4765597 901.9 5.0 0.92 0.05 42 1 OTD304 651190 4765596 897.4 5.0 0.77 0.03 31 1 OTD304 651192 4765594 892.9 5.0 1.60 0.06 30 1 OTD304 651193 4765593 888.4 5.0 1.35 0.04 34 1 OTD304 651195 4765592 883.9 5.0 1.50 0.06 33 1 OTD304 651197 4765591 879.4 5.0 1.63 0.07 51 1 OTD304 651199 4765590 874.9 5.0 1.22 0.06 62 1 OTD304 651201 4765589 870.3 5.0 1.17 0.04 40 1 OTD304 651202 4765587 865.8 5.0 0.93 0.05 39 1 OTD304 651204 4765586 861.3 5.0 0.70 0.02 41 1 OTD304 651206 4765585 856.8 5.0 0.75 0.04 21 1 OTD304 651208 4765584 852.2 5.0 0.74 0.03 44 1 OTD304 651209 4765583 847.7 5.0 0.87 0.05 45 1 OTD304 651211 4765582 843.1 5.0 0.87 0.05 80 1 OTD304 651213 4765581 838.6 5.0 1.35 0.06 71 1 OTD304 651215 4765580 834.0 5.0 0.81 0.04 87 1 OTD304 651216 4765579 829.5 5.0 0.85 0.03 64 1 OTD304 651218 4765578 824.9 5.0 0.75 0.02 200 1 OTD304 651220 4765576 820.4 5.0 0.68 0.04 204 1 OTD304 651222 4765575 815.8 5.0 0.60 0.02 61 1 OTD304 651223 4765574 811.3 5.0 0.66 0.04 132 1 OTD304 651225 4765573 806.7 5.0 1.50 0.04 213 1 OTD304 651227 4765572 802.1 5.0 1.27 0.03 117 1 OTD304 651229 4765571 797.6 5.0 2.44 0.06 174 1 OTD304 651230 4765570 793.0 5.0 2.21 0.05 117 1 OTD304 651232 4765569 788.5 5.0 1.43 0.06 176 1 OTD304 651234 4765568 783.9 5.0 1.12 0.05 131 1 OTD304 651235 4765567 779.3 5.0 1.21 0.03 133 1 OTD304 651237 4765566 775.2 4.0 1.32 0.05 153 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD304 651239 4765565 771.1 5.0 1.75 0.05 227 3 OTD304 651240 4765564 766.5 5.0 2.48 0.11 213 3 OTD304 651242 4765562 762.0 5.0 2.77 0.05 190 3 OTD304 651244 4765561 757.4 5.0 2.02 0.03 112 3 OTD304 651245 4765560 752.8 5.0 1.66 0.05 135 3 OTD304 651247 4765559 747.3 5.0 0.89 0.03 44 1 OTD304 651251 4765557 738.2 5.0 0.81 0.03 52 1 OTD304 651253 4765556 733.6 5.0 1.11 0.03 44 1 OTD304 651254 4765555 729.1 5.0 1.15 0.03 71 1 OTD304 651256 4765553 724.5 5.0 1.31 0.04 72 1 OTD304 651258 4765552 719.9 5.0 1.49 0.03 63 1 OTD304 651259 4765551 715.4 5.0 1.53 0.03 55 1 OTD304 651261 4765550 710.8 5.0 1.39 0.03 44 1 OTD304 651263 4765549 706.2 5.0 1.69 0.05 42 1 OTD304 651265 4765548 701.7 5.0 2.01 0.07 41 1 OTD304 651266 4765547 697.1 5.0 1.68 0.03 34 1 OTD304 651268 4765546 692.5 5.0 0.99 0.03 29 1 OTD304 651270 4765545 688.0 5.0 0.90 0.02 27 1 OTD304 651271 4765544 683.4 5.0 1.88 0.04 62 1 OTD304 651273 4765542 678.8 5.0 1.89 0.04 61 1 OTD304 651275 4765541 674.3 5.0 2.19 0.10 50 1 OTD304 651276 4765540 669.7 5.0 1.93 0.07 122 1 OTD304 651278 4765539 665.6 4.0 1.33 0.06 87 1 OTD304 651279 4765538 661.5 5.0 1.85 0.05 61 3 OTD304 651281 4765537 656.9 5.0 1.70 0.04 86 3 OTD304 651283 4765536 652.3 5.0 2.40 0.05 66 3 OTD304 651284 4765535 648.7 3.0 1.78 0.03 64 3 OTD304 651285 4765534 645.0 5.0 1.74 0.03 125 1 OTD304 651287 4765533 640.4 5.0 1.47 0.03 58 1 OTD304 651289 4765532 635.9 5.0 1.43 0.03 53 1 OTD304 651290 4765530 631.3 5.0 2.28 0.03 28 1 OTD304 651292 4765529 626.7 5.0 1.79 0.04 91 1 OTD304 651294 4765528 622.2 5.0 1.55 0.03 44 1 OTD304 651295 4765527 617.6 5.0 1.34 0.03 40 1 OTD304 651297 4765525 613.0 5.0 1.38 0.03 36 1 OTD304 651299 4765524 608.4 5.0 1.73 0.04 57 1 OTD304 651300 4765523 603.9 5.0 1.68 0.04 47 1 OTD304 651302 4765522 599.3 5.0 1.41 0.04 21 1 OTD304 651304 4765521 594.8 5.0 1.60 0.04 24 1 OTD304 651305 4765520 590.2 5.0 1.37 0.03 25 1 OTD304 651307 4765518 585.6 5.0 1.43 0.03 29 1 OTD304 651308 4765517 581.1 5.0 1.31 0.05 49 1 OTD304 651310 4765516 576.5 5.0 1.26 0.03 58 1 OTD304 651312 4765515 572.0 5.0 1.27 0.03 41 1 OTD304 651314 4765513 567.4 5.0 0.78 0.04 25 1 OTD304 651315 4765512 562.8 5.0 0.36 0.05 37 10 OTD304 651322 4765507 544.6 5.0 0.41 0.04 49 10 OTD304 651324 4765506 540.1 5.0 0.62 0.07 62 10 OTD304 651326 4765505 534.8 5.0 0.44 0.02 78 1 OTD304 651327 4765503 530.3 5.0 0.97 0.07 78 1 OTD304 651329 4765502 525.7 5.0 0.41 0.03 84 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD304 651330 4765501 521.2 5.0 0.78 0.04 61 1 OTD304 651332 4765500 516.6 5.0 0.74 0.05 54 1 OTD304 651334 4765498 512.0 5.0 0.72 0.06 58 1 OTD304 651335 4765497 507.5 5.0 1.13 0.06 54 1 OTD304 651337 4765496 502.9 5.0 1.55 0.09 50 1 OTD304 651339 4765495 498.4 5.0 0.67 0.05 115 1 OTD304 651340 4765493 493.8 5.0 1.08 0.06 123 1 OTD304 651342 4765492 489.2 5.0 1.03 0.05 76 1 OTD304 651343 4765491 484.7 5.0 0.46 0.03 123 1 OTD304 651345 4765489 480.1 5.0 1.05 0.05 160 1 OTD304 651347 4765488 475.6 5.0 2.56 0.07 348 1 OTD304 651348 4765487 471.0 5.0 2.06 0.07 198 1 OTD304 651350 4765486 466.4 5.0 1.92 0.07 200 1 OTD304 651351 4765484 461.9 5.0 1.20 0.05 206 1 OTD304 651353 4765483 457.3 5.0 1.34 0.07 259 1 OTD304 651354 4765481 452.7 5.0 0.62 0.03 140 1 OTD304 651355 4765480 448.2 5.0 0.81 0.04 186 1 OTD304 651357 4765478 443.6 5.0 0.55 0.04 102 1 OTD304 651361 4765474 430.4 5.0 0.66 0.05 176 1 OTD304 651363 4765473 425.8 5.0 1.08 0.10 192 1 OTD304 651366 4765470 416.7 5.0 1.19 0.07 145 1 OTD304 651367 4765468 412.2 5.0 0.94 0.04 248 1 OTD304 651369 4765467 407.6 5.0 1.01 0.04 73 1 OTD304 651370 4765466 403.1 5.0 1.06 0.04 100 1 OTD304 651372 4765464 398.5 5.0 0.89 0.05 142 1 OTD304 651375 4765462 389.4 5.0 1.12 0.06 104 1 OTD304 651376 4765460 384.9 5.0 0.81 0.06 147 1 OTD304 651378 4765459 380.4 5.0 0.43 0.03 135 1 OTD304 651379 4765458 375.8 5.0 1.71 0.10 249 1 OTD304 651381 4765456 371.3 5.0 1.13 0.02 267 1 OTD304 651383 4765455 366.7 5.0 1.24 0.03 206 1 OTD304 651384 4765453 362.2 5.0 1.41 0.08 315 1 OTD304 651386 4765452 357.7 5.0 1.10 0.08 229 1 OTD304 651387 4765450 353.1 5.0 1.19 0.08 239 1 OTD304 651389 4765449 348.7 4.8 0.92 0.06 181 1 OTD304 651391 4765448 344.3 5.0 1.22 0.05 135 10 OTD304 651394 4765445 335.2 5.0 0.46 0.04 50 10 OTD304 651395 4765444 330.7 5.0 0.60 0.05 78 10 OTD304 651397 4765442 326.2 5.0 0.65 0.03 129 10 OTD304 651399 4765441 321.6 5.0 0.75 0.04 189 10 OTD305 651422 4765470 897.4 5.0 0.51 0.02 63 10 OTD305 651422 4765473 893.4 5.0 0.92 0.05 88 10 OTD305 651421 4765476 889.4 5.0 0.49 0.02 18 10 OTD305 651419 4765490 869.0 5.0 0.31 0.04 14 10 OTD305 651419 4765499 856.7 5.0 0.50 0.03 15 1 OTD305 651418 4765518 827.6 5.0 0.79 0.02 76 1 OTD305 651418 4765521 823.5 5.0 0.68 0.03 38 1 OTD305 651418 4765524 819.3 5.0 0.48 0.01 15 1 OTD305 651417 4765527 815.1 5.0 0.75 0.01 36 1 OTD305 651417 4765530 811.0 5.0 0.67 0.01 25 1 OTD305 651417 4765532 806.8 5.0 0.61 0.02 28 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD305 651417 4765535 802.7 5.0 0.96 0.02 56 1 OTD305 651417 4765538 798.5 5.0 0.49 0.03 521 1 OTD305 651417 4765541 794.4 5.0 0.67 0.02 34 1 OTD305 651417 4765544 790.2 5.0 0.71 0.03 31 1 OTD305 651417 4765547 786.1 5.0 0.63 0.03 25 1 OTD305 651417 4765549 781.9 5.0 0.40 0.01 10 1 OTD305 651417 4765552 777.8 5.0 0.61 0.02 35 1 OTD305 651417 4765555 773.6 5.0 1.78 0.01 38 1 OTD305 651417 4765558 769.4 5.0 1.33 0.01 36 1 OTD305 651417 4765560 765.3 5.0 1.57 0.02 23 1 OTD305 651417 4765563 761.1 5.0 1.04 0.02 15 1 OTD305 651417 4765566 756.9 5.0 1.76 0.03 23 1 OTD305 651417 4765569 752.7 5.0 1.95 0.03 19 1 OTD305 651417 4765571 748.5 5.0 1.41 0.01 15 1 OTD305 651417 4765574 744.3 5.0 1.71 0.02 23 1 OTD305 651417 4765577 740.1 5.0 2.21 0.03 15 1 OTD305 651417 4765580 735.9 5.0 2.41 0.02 19 1 OTD305 651418 4765582 731.7 5.0 1.33 0.02 30 1 OTD305 651418 4765585 727.5 5.0 1.04 0.01 29 1 OTD305 651418 4765588 723.3 5.0 1.56 0.01 47 1 OTD305 651418 4765590 719.1 5.0 1.19 0.02 64 1 OTD305 651418 4765593 715.0 5.0 1.12 0.01 79 1 OTD305 651418 4765596 710.8 5.0 1.54 0.01 63 1 OTD305 651418 4765599 706.6 5.0 1.63 0.01 49 1 OTD305 651418 4765601 702.4 5.0 1.90 0.03 52 1 OTD305 651418 4765604 698.2 5.0 1.38 0.03 37 1 OTD305 651418 4765607 694.0 5.0 1.38 0.03 49 1 OTD305 651418 4765609 689.8 5.0 1.44 0.03 35 1 OTD305 651418 4765612 685.6 5.0 2.63 0.06 136 1 OTD305 651418 4765615 681.4 5.0 2.02 0.04 40 1 OTD305 651418 4765618 677.2 5.0 1.56 0.02 72 1 OTD305 651418 4765620 673.1 5.0 1.46 0.02 48 1 OTD305 651418 4765623 668.9 5.0 1.80 0.04 52 1 OTD305 651419 4765626 664.7 5.0 1.99 0.06 68 1 OTD305 651419 4765628 660.5 5.0 1.78 0.07 34 1 OTD305 651419 4765631 656.3 5.0 1.23 0.04 64 1 OTD305 651419 4765634 652.2 5.0 1.45 0.05 13 1 OTD305 651419 4765637 648.0 5.0 1.87 0.06 47 1 OTD305 651419 4765640 643.0 5.0 1.41 0.05 53 3 OTD305 651419 4765643 638.8 5.0 1.31 0.12 58 3 OTD305 651420 4765646 634.7 5.0 2.60 0.16 84 3 OTD305 651420 4765648 630.5 5.0 2.21 0.27 44 3 OTD305 651420 4765651 626.3 5.0 2.94 0.26 150 3 OTD305 651420 4765654 622.2 5.0 3.30 0.23 70 3 OTD305 651420 4765657 618.0 5.0 3.04 0.24 63 3 OTD305 651420 4765659 613.9 5.0 1.40 0.11 76 3 OTD305 651421 4765662 609.7 5.0 2.54 0.17 102 3 OTD305 651421 4765665 605.5 5.0 2.52 0.13 58 3 OTD305 651421 4765668 601.4 5.0 2.18 0.09 212 3 OTD305 651421 4765670 597.2 5.0 1.39 0.09 169 3 OTD305 651421 4765673 593.1 5.0 1.05 0.09 52 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================================= OTD305 651422 4765676 589.0 5.0 1.64 0.06 30 3 OTD305 651422 4765679 584.8 5.0 1.48 0.08 34 3 OTD305 651422 4765681 580.7 5.0 2.41 0.12 36 3 OTD305 651422 4765685 576.5 5.0 2.20 0.09 37 3 OTD305 651423 4765687 572.4 5.0 2.34 0.15 42 3 OTD305 651423 4765690 569.1 3.0 2.09 0.08 23 3 OTD305 651423 4765692 565.8 5.0 1.52 0.06 19 1 OTD305 651423 4765695 561.7 5.0 1.62 0.08 48 1 OTD305 651424 4765697 557.5 5.0 1.01 0.04 44 1 OTD305 651424 4765700 553.5 5.0 1.37 0.04 52 1 OTD305 651424 4765703 550.1 3.1 0.98 0.04 33 1 OTD305 651425 4765708 542.7 5.0 0.91 0.03 30 2 OTD305 651425 4765711 538.6 5.0 0.92 0.03 24 2 OTD305 651426 4765713 534.5 5.0 0.88 0.03 29 2 OTD305 651426 4765716 530.5 5.0 0.78 0.02 20 2 OTD305 651426 4765719 526.5 5.0 0.78 0.03 23 2 OTD305 651427 4765722 522.5 5.0 0.83 0.02 84 2 OTD305 651427 4765725 518.4 5.0 0.70 0.03 34 2 OTD305 651428 4765735 506.6 5.0 0.92 0.03 56 2 OTD305 651429 4765738 502.6 5.0 0.68 0.03 74 2 OTD305 651429 4765741 498.7 5.0 0.85 0.04 74 2 OTD305 651429 4765743 494.8 5.0 0.87 0.04 83 2 OTD305 651430 4765746 490.8 5.0 0.73 0.03 67 2 OTD305 651430 4765749 486.8 5.0 0.79 0.04 41 2 OTD305 651431 4765752 482.8 5.0 0.46 0.04 30 2 OTD305 651431 4765755 478.8 5.0 0.72 0.04 72 2 OTD305 651431 4765758 474.8 5.0 0.50 0.04 34 2 OTD305 651432 4765761 470.8 5.0 0.63 0.05 52 2 OTD305 651432 4765764 466.8 5.0 0.87 0.04 47 2 OTD305 651432 4765767 462.8 5.0 0.65 0.05 30 2 OTD305 651433 4765769 460.0 2.0 0.94 0.04 54 2 OTD310 651361 4765900 899.4 5.0 0.31 0.02 45 10 OTD310 651367 4765893 875.3 5.0 0.75 0.07 41 1 OTD310 651368 4765891 870.7 5.0 0.80 0.05 23 1 OTD310 651370 4765890 866.0 5.0 0.54 0.03 21 1 OTD310 651371 4765889 861.3 5.0 0.72 0.04 40 1 OTD310 651372 4765887 856.7 5.0 1.19 0.03 24 1 OTD310 651373 4765886 852.1 5.0 1.52 0.06 19 1 OTD310 651374 4765885 847.4 5.0 0.89 0.05 25 1 OTD310 651376 4765883 842.8 5.0 1.04 0.03 17 1 OTD310 651377 4765882 838.1 5.0 1.46 0.07 17 1 OTD310 651378 4765880 833.5 5.0 1.31 0.04 -1 1 OTD310 651379 4765879 828.8 5.0 1.83 0.07 45 1 OTD310 651380 4765877 824.2 5.0 1.23 0.05 19 1 OTD310 651381 4765876 819.5 5.0 1.40 0.10 25 1 OTD310 651383 4765875 814.9 5.0 1.87 0.10 16 1 OTD310 651384 4765873 810.3 5.0 1.55 0.05 10 1 OTD310 651385 4765872 805.7 5.0 1.69 0.04 10 1 OTD310 651386 4765870 801.4 4.2 1.76 0.04 -1 1 OTD310 651387 4765869 797.2 5.0 2.49 0.05 26 3 OTD310 651388 4765867 792.5 5.0 0.69 0.04 23 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD310 651389 4765866 787.9 5.0 2.59 0.16 14 3 OTD310 651391 4765864 783.3 5.0 2.73 0.10 13 3 OTD310 651392 4765863 778.8 5.0 2.34 0.10 -1 3 OTD310 651393 4765861 774.2 5.0 2.16 0.10 36 3 OTD310 651394 4765859 769.6 5.0 3.41 0.10 10 3 OTD310 651395 4765858 765.0 5.0 3.00 0.15 -1 3 OTD310 651397 4765856 760.4 5.0 3.89 0.12 11 3 OTD310 651398 4765855 755.8 5.0 3.48 0.17 26 3 OTD310 651399 4765853 751.2 5.0 2.92 0.20 16 3 OTD310 651400 4765852 746.6 5.0 1.76 0.14 58 3 OTD310 651401 4765850 742.0 5.0 2.69 0.21 35 3 OTD310 651403 4765848 737.4 5.0 3.12 0.32 56 3 OTD310 651404 4765847 732.8 5.0 3.96 0.48 108 3 OTD310 651405 4765845 728.2 5.0 2.78 0.43 44 3 OTD310 651406 4765844 723.6 5.0 2.89 0.40 72 3 OTD310 651407 4765842 719.0 5.0 3.07 0.60 71 3 OTD310 651408 4765840 714.3 5.0 5.40 1.87 75 3 OTD310 651409 4765839 709.7 5.0 3.79 1.93 116 3 OTD310 651410 4765837 705.1 5.0 4.63 0.79 107 3 OTD310 651412 4765835 700.5 5.0 1.47 0.34 11 3 OTD310 651413 4765834 695.9 5.0 1.76 0.55 13 3 OTD310 651414 4765832 691.2 5.0 3.82 0.52 16 3 OTD310 651415 4765831 686.6 5.0 4.75 0.58 24 3 OTD310 651416 4765829 682.0 5.0 2.47 0.21 18 3 OTD310 651417 4765827 677.4 5.0 3.11 0.31 156 3 OTD310 651418 4765826 672.7 5.0 7.34 0.33 39 3 OTD310 651419 4765824 668.1 5.0 9.56 0.32 103 3 OTD310 651420 4765823 663.5 5.0 8.91 0.24 75 3 OTD310 651421 4765821 658.9 5.0 2.95 0.12 187 3 OTD310 651422 4765819 654.2 5.0 1.88 0.11 108 3 OTD310 651423 4765818 649.6 5.0 2.23 0.15 32 3 OTD310 651424 4765816 645.0 5.0 2.45 0.18 41 3 OTD310 651425 4765815 640.4 5.0 1.77 0.11 118 3 OTD310 651426 4765813 635.8 5.0 1.10 0.06 32 3 OTD310 651427 4765812 631.1 5.0 1.62 0.11 22 3 OTD310 651428 4765810 626.5 5.0 0.77 0.07 24 3 OTD310 651429 4765808 621.9 5.0 1.06 0.12 25 3 OTD310 651430 4765807 617.3 5.0 0.64 0.09 15 3 OTD310 651431 4765805 612.7 5.0 1.24 0.22 14 3 OTD310 651433 4765804 608.1 5.0 1.89 0.17 36 3 OTD310 651434 4765802 603.5 5.0 2.87 0.26 44 3 OTD310 651435 4765800 599.0 5.0 3.09 0.24 40 3 OTD310 651436 4765799 594.4 5.0 2.58 0.17 28 3 OTD310 651437 4765797 589.8 5.0 3.64 0.24 38 3 OTD310 651438 4765795 585.2 5.0 2.37 0.14 37 3 OTD310 651439 4765793 580.6 5.0 2.06 0.09 30 3 OTD310 651440 4765792 576.0 5.0 1.69 0.06 70 3 OTD310 651441 4765790 571.5 5.0 1.90 0.06 50 3 OTD310 651442 4765788 566.9 5.0 2.06 0.07 38 3 OTD310 651443 4765787 563.2 3.0 2.08 0.07 21 3 OTD310 651444 4765786 559.6 5.0 1.82 0.04 32 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD310 651445 4765784 555.0 5.0 1.43 0.03 41 2 OTD310 651446 4765782 550.4 5.0 1.68 0.04 38 2 OTD310 651447 4765780 545.8 5.0 1.01 0.03 26 2 OTD310 651448 4765779 541.2 5.0 1.49 0.03 25 2 OTD310 651450 4765777 536.7 5.0 1.43 0.04 31 2 OTD310 651451 4765775 532.1 5.0 0.85 0.02 42 2 OTD310 651452 4765774 527.5 5.0 0.96 0.02 59 2 OTD310 651453 4765772 523.0 5.0 0.80 0.02 59 2 OTD310 651454 4765770 518.4 5.0 0.84 0.04 61 2 OTD310 651455 4765769 513.8 5.0 0.73 0.02 51 2 OTD310 651459 4765764 500.2 5.0 0.42 0.02 24 2 OTD310 651460 4765762 495.6 5.0 0.48 0.01 24 2 OTD310 651461 4765761 491.0 5.0 0.39 0.01 24 2 OTD310 651463 4765757 482.0 5.0 0.46 0.05 38 2 OTD310 651464 4765755 477.4 5.0 0.60 0.02 30 2 OTD310 651466 4765754 472.9 5.0 0.76 0.03 69 2 OTD310 651467 4765752 468.3 5.0 0.93 0.03 48 2 OTD310 651468 4765750 463.8 5.0 1.06 0.05 60 2 OTD310 651469 4765748 459.3 5.0 1.44 0.07 106 2 OTD310 651470 4765747 454.8 5.0 0.58 0.02 42 2 OTD310 651472 4765745 450.2 5.0 0.45 0.01 34 2 OTD310 651473 4765743 445.7 5.0 0.51 0.02 39 2 OTD310 651474 4765741 441.2 5.0 0.80 0.02 73 2 OTD310 651475 4765740 436.6 5.0 0.67 0.02 81 2 OTD310 651476 4765738 432.1 5.0 0.63 0.02 63 2 OTD310 651478 4765736 427.6 5.0 0.70 0.02 59 2 OTD310 651479 4765734 423.1 5.0 0.83 0.02 69 2 OTD310 651480 4765732 418.5 5.0 0.84 0.30 76 2 OTD310 651481 4765731 415.4 2.0 0.96 0.04 52 2 OTD310 651481 4765730 412.2 2.0 0.45 0.04 24 10 OTD310 651487 4765721 389.6 5.0 0.82 0.03 112 10 OTD310 651488 4765719 385.1 5.0 0.50 0.02 143 10 OTD310 651489 4765717 380.6 5.0 0.74 0.03 129 10 OTD310 651491 4765715 376.1 5.0 0.56 0.01 59 10 OTD310 651492 4765713 371.6 5.0 0.38 0.02 44 10 OTD310 651493 4765712 367.1 5.0 0.54 0.02 63 10 OTD310 651495 4765708 358.1 5.0 0.51 0.03 66 10 OTD310 651497 4765706 353.5 5.0 0.67 0.04 82 10 OTD310 651498 4765704 349.0 5.0 0.60 0.04 106 10 OTD310 651499 4765702 344.5 5.0 0.46 0.01 72 10 OTD310 651500 4765701 340.0 5.0 0.49 0.02 61 10 OTD310 651502 4765699 335.5 5.0 0.56 0.02 102 10 OTD310 651503 4765697 331.9 3.0 0.57 0.02 57 10 OTD313 651432 4765727 867.0 5.0 0.81 0.12 28 10 OTD313 651434 4765752 830.5 5.0 0.52 0.03 62 10 OTD313 651435 4765759 822.4 5.0 0.38 0.01 61 10 OTD313 651435 4765765 814.5 5.0 0.36 0.01 33 10 OTD313 651435 4765768 810.5 5.0 0.40 0.01 17 1 OTD313 651436 4765771 806.5 5.0 1.06 0.01 31 1 OTD313 651436 4765773 802.5 5.0 1.09 0.02 53 1 OTD313 651436 4765776 798.6 5.0 1.28 0.02 63 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ==================================================================================================================== OTD313 651437 4765780 794.6 5.0 1.05 0.01 149 1 OTD313 651437 4765783 790.7 5.0 0.75 0.01 51 1 OTD313 651437 4765786 786.8 5.0 0.69 0.01 59 1 OTD313 651438 4765789 782.8 5.0 0.94 0.01 64 1 OTD313 651438 4765792 778.9 5.0 0.72 -1.00 131 1 OTD313 651438 4765795 775.0 5.0 1.09 0.01 81 1 OTD313 651439 4765798 771.2 5.0 0.90 -1.00 35 1 OTD313 651439 4765801 767.3 5.0 0.89 -1.00 36 1 OTD313 651440 4765804 763.4 5.0 1.07 -1.00 35 1 OTD313 651440 4765807 759.5 5.0 1.28 -1.00 46 1 OTD313 651441 4765811 755.7 5.0 1.18 0.01 39 1 OTD313 651441 4765814 751.9 5.0 1.25 -1.00 45 1 OTD313 651442 4765817 748.0 5.0 1.16 0.01 46 1 OTD313 651442 4765821 744.2 5.0 1.11 -1.00 55 1 OTD313 651443 4765824 740.4 5.0 0.97 -1.00 40 1 OTD313 651443 4765827 736.6 5.0 0.99 0.01 90 1 OTD313 651444 4765830 732.8 5.0 1.03 0.01 41 1 OTD313 651444 4765834 729.1 5.0 0.98 0.01 41 1 OTD313 651445 4765836 725.3 5.0 1.01 0.02 33 1 OTD313 651445 4765840 721.6 5.0 1.52 0.03 37 1 OTD313 651446 4765842 719.0 2.0 1.44 0.06 12 1 OTD313 651446 4765844 716.4 5.0 1.66 0.06 17 3 OTD313 651447 4765848 712.7 5.0 1.27 0.05 44 3 OTD313 651447 4765851 708.9 5.0 2.52 0.08 26 3 OTD313 651448 4765854 705.2 5.0 3.21 0.08 25 3 OTD313 651449 4765858 701.6 5.0 3.09 0.11 30 3 OTD313 651449 4765861 698.0 5.0 2.77 0.11 24 3 OTD313 651450 4765864 694.3 5.0 2.92 0.11 24 3 OTD313 651451 4765868 690.7 5.0 2.99 0.15 28 3 OTD313 651451 4765871 687.0 5.0 2.31 0.13 15 3 OTD313 651452 4765874 683.5 5.0 2.85 0.28 24 3 OTD313 651452 4765878 679.8 5.0 3.79 0.39 12 3 OTD313 651453 4765881 676.2 5.0 6.11 0.85 12 3 OTD313 651454 4765885 672.6 5.0 4.07 0.54 16 3 OTD313 651455 4765888 669.1 5.0 3.56 0.37 22 3 OTD313 651455 4765892 665.5 5.0 3.76 0.42 55 3 OTD313 651456 4765895 662.0 5.0 4.51 0.49 27 3 OTD313 651457 4765899 658.4 5.0 3.56 0.51 30 3 OTD313 651457 4765902 654.9 5.0 4.58 0.48 49 3 OTD313 651458 4765906 651.3 5.0 3.60 0.55 53 3 OTD313 651459 4765909 647.7 5.0 4.60 0.43 31 3 OTD313 651460 4765912 644.3 5.0 4.65 0.86 53 3 OTD313 651460 4765916 640.8 5.0 3.83 0.47 41 3 OTD313 651461 4765920 637.4 5.0 1.70 0.21 61 3 OTD313 651463 4765927 630.5 5.0 2.92 0.15 34 3 OTD313 651463 4765930 627.0 5.0 2.83 0.14 87 3 OTD313 651464 4765934 623.5 5.0 2.13 0.11 61 3 OTD313 651465 4765937 620.2 5.0 1.38 0.07 88 3 OTD313 651466 4765941 616.8 5.0 1.33 0.07 68 3 OTD313 651466 4765944 613.5 5.0 1.27 0.05 104 3 OTD313 651467 4765948 610.1 5.0 1.03 0.04 89 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD313 651468 4765952 606.8 5.0 1.18 0.04 149 3 OTD313 651469 4765955 603.4 5.0 1.16 0.07 127 3 OTD313 651470 4765960 599.4 5.0 1.17 0.05 96 2 OTD313 651470 4765964 596.1 5.0 1.00 0.05 115 2 OTD313 651471 4765967 592.9 5.0 1.07 0.05 103 2 OTD313 651472 4765971 589.6 5.0 1.05 0.04 127 2 OTD313 651473 4765975 586.4 5.0 0.87 0.04 101 2 OTD313 651474 4765978 583.1 5.0 0.99 0.04 138 2 OTD313 651475 4765982 579.9 5.0 0.77 0.03 70 2 OTD313 651475 4765985 576.7 5.0 0.76 0.03 72 2 OTD313 651476 4765989 573.5 5.0 0.85 0.04 98 2 OTD313 651477 4765993 570.3 5.0 0.65 0.04 237 2 OTD313 651478 4765997 567.1 5.0 0.79 0.04 108 2 OTD313 651479 4766001 563.9 5.0 0.78 0.04 105 2 OTD313 651480 4766004 560.7 5.0 0.89 0.03 98 2 OTD313 651481 4766008 557.5 5.0 0.65 0.03 76 2 OTD313 651482 4766012 554.4 5.0 1.20 0.05 87 2 OTD313 651482 4766016 551.2 5.0 1.31 0.06 97 2 OTD313 651483 4766019 548.1 5.0 0.65 0.04 134 2 OTD313 651484 4766023 545.0 5.0 0.80 0.05 134 2 OTD313 651485 4766027 541.9 5.0 0.89 0.04 127 2 OTD313 651486 4766031 538.7 5.0 1.16 0.04 149 2 OTD313 651487 4766035 535.6 5.0 0.94 0.04 107 2 OTD313 651488 4766038 532.6 5.0 0.90 0.03 150 2 OTD313 651489 4766042 529.5 5.0 1.02 0.03 117 2 OTD313 651490 4766046 526.5 5.0 0.87 0.03 173 2 OTD313 651490 4766050 523.4 5.0 0.91 0.02 241 2 OTD313 651491 4766054 520.4 5.0 0.75 0.02 109 2 OTD313 651492 4766057 517.3 5.0 0.84 0.04 101 2 OTD313 651493 4766061 514.3 5.0 1.09 0.05 223 2 OTD313 651494 4766065 511.3 5.0 0.83 0.06 156 2 OTD313 651495 4766069 508.3 5.0 0.48 0.07 118 2 OTD313 651496 4766073 505.3 5.0 0.67 0.03 163 2 OTD313 651497 4766077 502.4 5.0 0.70 0.09 105 2 OTD313 651498 4766081 499.4 5.0 0.90 0.08 107 2 OTD313 651499 4766085 496.4 5.0 0.85 0.09 101 2 OTD313 651500 4766089 493.5 5.0 0.77 0.20 89 2 OTD313 651501 4766093 490.5 5.0 0.79 0.51 135 2 OTD313 651502 4766097 487.5 5.0 0.82 0.19 130 2 OTD313 651503 4766101 484.7 5.0 0.84 0.44 101 2 OTD313 651504 4766105 481.8 5.0 1.01 0.83 143 2 OTD313 651505 4766109 478.9 5.0 0.87 0.55 103 2 OTD313 651506 4766113 476.0 5.0 0.86 0.52 82 2 OTD313 651507 4766117 473.2 5.0 0.63 0.78 56 2 OTD313 651508 4766121 470.3 5.0 0.48 0.25 40 2 OTD313 651509 4766125 467.4 5.0 0.54 0.16 61 2 OTD313 651510 4766129 464.6 5.0 0.49 0.57 130 2 OTD313 651511 4766133 461.8 5.0 0.43 0.35 64 2 OTD313 651512 4766137 459.0 5.0 0.86 0.63 103 2 OTD313 651513 4766141 456.2 5.0 0.59 0.37 58 2 OTD313 651514 4766145 453.4 5.0 0.94 0.37 65 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD313 651515 4766149 450.7 5.0 0.75 0.24 46 2 OTD313 651516 4766151 448.6 2.5 2.02 0.21 110 2 OTD319 651531 4765853 918.4 5.0 2.13 0.12 17 10 OTD319 651529 4765855 909.0 5.0 0.45 0.04 99 10 OTD319 651528 4765856 904.3 5.0 0.38 0.03 34 10 OTD319 651516 4765868 857.3 5.0 0.33 0.04 66 10 OTD319 651515 4765869 853.6 2.9 0.40 0.04 26 10 OTD319 651514 4765870 849.9 5.0 0.83 0.06 71 1 OTD319 651513 4765871 845.2 5.0 0.81 0.04 111 1 OTD319 651511 4765873 840.5 5.0 0.58 0.02 37 1 OTD319 651510 4765874 835.8 5.0 0.96 0.10 78 1 OTD319 651509 4765875 831.2 5.0 1.03 0.04 59 1 OTD319 651508 4765877 826.5 5.0 1.70 0.06 92 1 OTD319 651507 4765878 821.8 5.0 2.44 0.10 86 1 OTD319 651505 4765879 817.1 5.0 1.56 0.06 67 1 OTD319 651504 4765881 812.5 5.0 0.99 0.02 108 1 OTD319 651503 4765882 807.8 5.0 1.13 0.02 80 1 OTD319 651502 4765883 803.1 5.0 0.75 0.01 125 1 OTD319 651501 4765885 798.5 5.0 1.13 0.01 117 1 OTD319 651499 4765886 793.8 5.0 1.61 0.01 41 1 OTD319 651498 4765887 789.1 5.0 1.10 0.01 40 1 OTD319 651497 4765889 784.5 5.0 1.21 0.05 49 1 OTD319 651496 4765890 779.8 5.0 1.21 0.03 40 1 OTD319 651494 4765891 775.2 5.0 1.51 0.04 32 1 OTD319 651493 4765893 770.5 5.0 1.13 0.04 31 1 OTD319 651492 4765894 765.9 5.0 0.72 0.03 49 1 OTD319 651491 4765895 761.3 5.0 0.92 0.04 44 1 OTD319 651490 4765897 756.6 5.0 1.50 0.07 53 1 OTD319 651488 4765898 752.0 5.0 1.35 0.05 65 1 OTD319 651487 4765899 747.3 5.0 1.17 0.03 110 1 OTD319 651486 4765901 742.7 5.0 0.92 0.03 84 1 OTD319 651485 4765903 738.1 5.0 1.25 0.03 92 1 OTD319 651484 4765904 733.4 5.0 1.15 0.03 56 1 OTD319 651482 4765906 728.8 5.0 1.08 0.03 35 1 OTD319 651482 4765907 725.1 3.0 1.19 0.04 15 1 OTD319 651481 4765908 721.4 5.0 4.21 0.43 15 3 OTD319 651479 4765909 716.7 5.0 6.57 0.56 12 3 OTD319 651478 4765911 712.1 5.0 1.22 0.40 15 3 OTD319 651477 4765912 707.5 5.0 3.23 0.63 104 3 OTD319 651476 4765914 702.8 5.0 4.63 0.61 17 3 OTD319 651475 4765915 698.2 5.0 4.86 0.33 42 3 OTD319 651473 4765916 693.6 5.0 3.02 0.24 33 3 OTD319 651472 4765918 688.9 5.0 2.95 0.21 98 3 OTD319 651471 4765919 684.3 5.0 3.67 0.35 50 3 OTD319 651470 4765921 679.6 5.0 4.06 0.47 82 3 OTD319 651469 4765922 675.0 5.0 3.57 0.61 112 3 OTD319 651468 4765924 670.3 5.0 3.98 0.60 86 3 OTD319 651467 4765926 665.7 5.0 4.15 0.60 95 3 OTD319 651465 4765927 661.1 5.0 3.46 0.33 79 3 OTD319 651464 4765929 656.4 5.0 2.97 0.22 59 3 OTD319 651463 4765930 651.8 5.0 2.96 0.16 65 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD319 651462 4765931 647.1 5.0 2.58 0.10 64 3 OTD319 651461 4765933 642.5 5.0 2.00 0.11 47 3 OTD319 651460 4765934 637.9 5.0 2.61 0.11 86 3 OTD319 651459 4765936 633.2 5.0 2.31 0.11 55 3 OTD319 651457 4765939 623.9 5.0 0.53 0.03 14 3 OTD319 651454 4765942 614.6 5.0 3.23 0.28 63 3 OTD319 651453 4765943 610.0 5.0 4.86 0.22 56 3 OTD319 651452 4765945 605.4 5.0 4.02 0.20 82 3 OTD319 651451 4765947 600.7 5.0 2.79 0.19 81 3 OTD319 651450 4765948 596.0 5.0 2.17 0.10 92 3 OTD319 651449 4765949 591.4 5.0 1.36 0.08 42 2 OTD319 651448 4765951 586.7 5.0 1.12 0.12 54 2 OTD319 651447 4765952 582.1 5.0 1.24 0.10 88 2 OTD319 651445 4765953 577.4 5.0 0.61 0.05 56 2 OTD319 651444 4765955 572.8 5.0 0.66 0.04 137 2 OTD319 651443 4765956 568.1 5.0 0.83 0.05 123 2 OTD319 651442 4765958 563.5 5.0 0.51 0.03 91 2 OTD319 651441 4765959 558.8 5.0 0.76 0.04 81 2 OTD319 651440 4765960 554.1 5.0 0.76 0.03 92 2 OTD319 651439 4765962 549.5 5.0 0.69 0.03 132 2 OTD319 651438 4765963 544.8 5.0 1.20 0.08 256 2 OTD319 651437 4765965 540.2 5.0 0.69 0.04 204 2 OTD319 651436 4765966 535.5 5.0 0.66 0.04 306 2 OTD319 651434 4765967 530.8 5.0 0.45 0.06 328 2 OTD319 651433 4765969 526.2 5.0 0.60 0.04 145 2 OTD319 651432 4765970 521.5 5.0 0.89 0.08 156 2 OTD319 651431 4765972 516.9 5.0 0.81 0.11 173 2 OTD319 651430 4765973 512.2 5.0 0.61 0.08 107 2 OTD319 651429 4765975 507.5 5.0 0.56 0.05 166 2 OTD319 651428 4765977 502.9 5.0 0.52 0.08 124 2 OTD319 651427 4765978 498.2 5.0 0.69 0.09 159 2 OTD319 651426 4765980 493.5 5.0 0.65 0.05 160 2 OTD319 651425 4765981 488.9 5.0 0.79 0.03 167 2 OTD319 651424 4765982 484.2 5.0 0.79 0.04 407 2 OTD319 651423 4765983 479.5 5.0 0.59 0.04 149 2 OTD319 651422 4765985 474.9 5.0 0.56 0.04 66 2 OTD319 651421 4765986 470.2 5.0 0.56 0.04 90 2 OTD319 651420 4765988 465.5 5.0 0.83 0.08 86 2 OTD319 651419 4765989 460.9 5.0 0.76 0.02 117 2 OTD319 651418 4765991 456.2 5.0 0.44 0.04 104 2 OTD319 651416 4765994 446.9 5.0 0.37 0.06 168 2 OTD319 651415 4765995 442.2 5.0 0.77 0.10 158 2 OTD319 651414 4765997 437.5 5.0 0.68 0.07 121 2 OTD319 651413 4765998 432.9 2.0 0.52 0.07 160 10 OTD319 651409 4766002 418.9 5.0 0.50 0.04 76 10 OTD319 651408 4766004 414.2 5.0 0.44 0.02 108 10 OTD319 651407 4766005 409.6 5.0 0.43 0.03 92 10 OTD319 651406 4766007 404.9 5.0 0.42 0.06 136 10 OTD319 651404 4766010 395.6 5.0 0.62 0.08 92 10 OTD319 651403 4766011 390.9 5.0 0.51 0.09 168 10 OTD319 651400 4766016 377.0 5.0 0.54 0.05 31 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================================== OTD319 651399 4766018 372.4 5.0 0.50 0.07 66 10 OTD319 651398 4766019 367.8 5.0 0.42 0.06 218 10 OTD319 651397 4766021 363.2 5.0 0.40 0.05 235 10 OTD319 651396 4766022 358.6 5.0 0.38 0.06 719 10 OTD319 651394 4766026 349.4 5.0 0.71 0.11 229 10 OTD319 651393 4766027 344.8 5.0 0.80 0.12 2625 10 OTD319 651392 4766029 340.2 5.0 1.12 0.08 755 10 OTD319 651390 4766031 335.6 5.0 0.92 0.07 279 10 OTD319 651389 4766032 331.1 5.0 0.41 0.04 121 10 OTD319 651388 4766034 326.5 5.0 0.31 0.08 56 10 OTD319 651387 4766035 321.9 5.0 0.56 0.22 81 10 OTD319 651386 4766037 317.3 5.0 0.58 0.25 103 10 OTD319 651385 4766039 312.7 5.0 0.38 0.14 42 10 OTD319 651384 4766040 308.1 5.0 0.62 0.11 99 10 OTD319 651383 4766042 303.5 5.0 0.34 0.12 33 10 OTD324 651284 4765316 878.1 5.0 0.36 0.01 72 10 OTD324 651273 4765326 851.9 5.0 0.82 0.03 31 1 OTD324 651271 4765327 847.5 5.0 0.73 0.03 34 1 OTD324 651270 4765328 843.1 5.0 0.97 0.03 28 1 OTD324 651268 4765330 838.7 5.0 1.00 0.03 22 1 OTD324 651266 4765331 834.3 5.0 0.95 0.04 39 1 OTD324 651264 4765333 829.9 5.0 0.73 0.04 67 1 OTD324 651262 4765334 825.6 5.0 1.01 0.03 53 1 OTD324 651260 4765336 821.2 5.0 1.39 0.05 33 1 OTD324 651258 4765337 816.8 5.0 1.18 0.04 51 1 OTD324 651256 4765339 812.5 5.0 1.00 0.03 57 1 OTD324 651255 4765340 808.1 5.0 0.86 0.02 115 1 OTD324 651253 4765342 803.8 5.0 1.54 0.05 128 1 OTD324 651251 4765344 799.5 5.0 1.43 0.02 190 1 OTD324 651249 4765346 795.1 5.0 1.10 0.03 93 1 OTD324 651247 4765347 790.8 5.0 1.33 0.02 84 1 OTD324 651245 4765349 786.5 5.0 1.22 0.02 44 1 OTD324 651243 4765350 782.1 5.0 1.22 0.02 157 1 OTD324 651241 4765352 777.8 5.0 1.30 0.01 83 1 OTD324 651239 4765354 773.5 5.0 1.30 0.02 96 1 OTD324 651237 4765355 769.2 5.0 1.46 0.03 65 1 OTD324 651235 4765357 764.9 5.0 1.15 0.03 176 1 OTD324 651233 4765358 760.5 5.0 2.09 0.04 510 1 OTD324 651231 4765360 756.2 5.0 1.77 0.02 121 1 OTD324 651229 4765361 751.9 5.0 1.85 0.03 121 1 OTD324 651227 4765363 747.5 5.0 1.69 0.02 77 1 OTD324 651225 4765364 743.2 5.0 1.83 0.03 124 1 OTD324 651223 4765366 738.9 5.0 1.18 0.02 336 1 OTD324 651217 4765372 724.1 2.2 0.46 0.05 130 1 OTD324 651215 4765373 719.8 5.0 0.75 0.03 352 1 OTD324 651213 4765375 715.5 5.0 0.67 0.03 415 1 OTD324 651211 4765377 711.1 5.0 0.86 0.05 293 1 OTD324 651202 4765384 692.4 5.0 1.31 0.05 251 1 OTD324 651200 4765386 688.2 4.9 1.51 0.05 245 1 OTD324 651198 4765388 684.0 5.0 0.48 0.03 178 10 OTD324 651196 4765389 679.7 5.0 0.45 0.03 297 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================================== OTD324 651194 4765391 675.5 5.0 0.30 0.06 154 10 OTD324 651192 4765393 671.2 5.0 0.35 0.06 136 10 OTD324 651190 4765394 667.0 5.0 0.42 0.04 222 10 OTD324 651188 4765396 662.8 5.0 0.52 0.05 199 10 OTD324 651186 4765397 658.5 5.0 0.45 0.06 93 10 OTD324 651184 4765399 654.3 5.0 0.44 0.04 122 10 OTD324 651182 4765401 650.1 5.0 0.45 0.03 44 10 OTD324 651180 4765403 645.9 5.0 0.62 0.04 132 10 OTD324 651178 4765404 641.7 5.0 0.38 0.04 175 10 OTD324 651176 4765406 637.5 5.0 0.32 0.03 147 10 OTD324 651174 4765408 633.3 5.0 0.52 0.04 122 10 OTD324 651172 4765410 629.1 5.0 0.60 0.05 270 10 OTD324 651170 4765412 625.0 5.0 0.43 0.05 118 10 OTD324 651167 4765414 620.8 5.0 0.88 0.08 361 10 OTD324 651165 4765415 616.7 5.0 0.46 0.04 98 10 OTD324 651121 4765453 535.0 5.0 0.46 0.08 20 10 OTD324 651103 4765468 503.1 5.0 0.42 0.06 73 10 OTD324 651101 4765470 499.1 5.0 0.40 0.04 112 10 OTD324 651098 4765472 495.2 5.0 0.36 0.05 98 10 OTD324 651096 4765474 491.3 5.0 0.59 0.08 158 10 OTD324 651089 4765480 479.6 5.0 0.41 0.08 88 10 OTD324 651086 4765482 475.8 5.0 0.85 0.12 159 10 OTD327 651561 4765964 826.7 5.0 0.91 0.02 17 1 OTD327 651560 4765966 822.1 5.0 0.83 0.01 23 1 OTD327 651559 4765967 817.4 5.0 1.01 0.03 27 1 OTD327 651557 4765968 812.8 5.0 0.97 0.02 25 1 OTD327 651556 4765969 808.1 5.0 1.29 0.02 23 1 OTD327 651554 4765970 803.5 5.0 1.44 0.02 23 1 OTD327 651553 4765971 798.8 5.0 1.20 0.02 17 1 OTD327 651551 4765973 793.2 5.0 2.61 0.14 10 3 OTD327 651550 4765974 788.6 5.0 2.35 0.12 -1 3 OTD327 651548 4765975 783.9 5.0 2.50 0.39 -1 3 OTD327 651547 4765976 779.3 5.0 2.96 0.41 11 3 OTD327 651545 4765977 774.6 5.0 2.83 0.15 -1 3 OTD327 651544 4765978 770.0 5.0 2.43 0.12 -1 3 OTD327 651542 4765979 765.3 5.0 2.69 0.11 10 3 OTD327 651541 4765980 760.7 5.0 3.29 0.12 12 3 OTD327 651539 4765981 756.0 5.0 3.29 0.10 -1 3 OTD327 651538 4765982 751.3 5.0 2.84 0.09 -1 3 OTD327 651537 4765983 746.7 5.0 3.55 0.09 15 3 OTD327 651535 4765985 742.0 5.0 3.82 0.12 16 3 OTD327 651534 4765986 737.4 5.0 3.25 0.11 16 3 OTD327 651532 4765987 732.7 5.0 3.10 0.06 14 3 OTD327 651531 4765988 728.1 5.0 2.27 0.07 22 3 OTD327 651529 4765989 723.4 5.0 2.09 0.05 37 3 OTD327 651528 4765990 720.2 2.0 2.42 0.04 30 3 OTD327 651527 4765990 716.9 5.0 1.87 0.03 30 1 OTD327 651526 4765992 712.3 5.0 2.09 0.03 25 1 OTD327 651524 4765993 707.6 5.0 1.47 0.10 29 1 OTD327 651523 4765994 703.0 5.0 1.32 0.09 22 1 OTD327 651521 4765995 697.7 5.0 1.07 0.07 31 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD327 651520 4765996 693.0 5.0 1.04 0.09 26 2 OTD327 651518 4765997 688.4 5.0 1.40 0.10 29 2 OTD327 651517 4765998 683.7 5.0 0.87 0.04 24 2 OTD327 651516 4766000 679.1 5.0 1.08 0.05 26 2 OTD327 651514 4766001 674.4 5.0 1.07 0.04 39 2 OTD327 651513 4766002 669.8 5.0 1.09 0.02 59 2 OTD327 651511 4766003 665.1 5.0 1.33 0.04 91 2 OTD327 651510 4766004 660.5 5.0 1.45 0.05 142 2 OTD327 651508 4766006 655.8 5.0 1.34 0.04 116 2 OTD327 651507 4766007 651.2 5.0 1.32 0.06 119 2 OTD327 651506 4766008 646.5 5.0 1.38 0.07 102 2 OTD327 651504 4766010 641.9 5.0 2.19 0.10 143 2 OTD327 651503 4766011 637.3 5.0 1.75 0.08 130 2 OTD327 651501 4766012 632.6 5.0 1.73 0.06 95 2 OTD327 651500 4766013 628.0 5.0 1.65 0.07 97 2 OTD327 651498 4766014 623.4 5.0 1.21 0.09 65 2 OTD327 651497 4766015 618.7 5.0 0.82 0.05 49 2 OTD327 651495 4766017 614.1 5.0 1.23 0.12 102 2 OTD327 651494 4766018 609.5 5.0 1.34 0.19 89 2 OTD327 651493 4766019 604.8 5.0 1.04 0.08 67 2 OTD327 651491 4766020 600.2 5.0 0.47 0.06 33 2 OTD327 651490 4766021 595.5 5.0 1.10 0.08 117 2 OTD327 651488 4766023 590.9 5.0 0.84 0.06 57 2 OTD327 651487 4766024 586.3 5.0 0.85 0.07 80 2 OTD327 651485 4766025 581.6 5.0 0.79 0.06 78 2 OTD327 651484 4766026 577.0 5.0 0.68 0.08 95 2 OTD327 651483 4766028 572.4 5.0 0.63 0.07 67 2 OTD327 651481 4766029 567.7 5.0 0.91 0.09 96 2 OTD327 651480 4766030 563.1 5.0 0.79 0.09 106 2 OTD327 651478 4766032 558.5 5.0 0.87 0.07 103 2 OTD327 651477 4766033 553.8 5.0 1.07 0.07 74 2 OTD327 651476 4766034 549.2 5.0 1.10 0.06 114 2 OTD327 651474 4766035 544.6 5.0 1.01 0.04 99 2 OTD327 651473 4766037 539.9 5.0 1.08 0.05 87 2 OTD327 651471 4766038 535.3 5.0 1.06 0.08 118 2 OTD327 651470 4766039 530.6 5.0 0.98 0.09 243 2 OTD327 651469 4766040 526.0 5.0 0.79 0.05 173 2 OTD327 651467 4766042 521.4 5.0 0.95 0.07 131 2 OTD327 651466 4766043 516.7 5.0 0.90 0.10 160 2 OTD327 651464 4766044 512.1 5.0 0.90 0.06 134 2 OTD327 651463 4766045 507.5 5.0 0.82 0.07 205 2 OTD327 651462 4766046 502.8 5.0 0.78 0.06 225 2 OTD327 651460 4766048 498.2 5.0 1.07 0.07 165 2 OTD327 651459 4766049 493.6 5.0 1.04 0.08 240 2 OTD327 651458 4766050 488.9 5.0 0.78 0.12 136 2 OTD327 651456 4766052 484.3 5.0 0.67 0.17 174 2 OTD327 651455 4766053 479.6 5.0 0.63 0.18 56 2 OTD327 651453 4766054 475.0 5.0 0.67 0.19 89 2 OTD327 651452 4766056 470.4 5.0 0.62 0.16 133 2 OTD327 651451 4766057 465.8 5.0 0.58 0.05 115 2 OTD327 651449 4766059 461.1 5.0 0.65 0.05 111 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ==================================================================================================================== OTD327 651448 4766060 456.5 5.0 0.60 0.04 73 2 OTD327 651447 4766061 451.8 5.0 0.62 0.08 48 2 OTD327 651445 4766062 447.2 5.0 0.81 0.05 82 2 OTD327 651444 4766063 442.6 5.0 0.83 0.05 69 2 OTD327 651443 4766065 437.9 5.0 0.84 0.04 78 2 OTD327 651441 4766066 433.3 5.0 0.84 0.06 56 2 OTD327 651440 4766067 428.7 5.0 0.74 0.07 118 2 OTD327 651439 4766069 424.0 5.0 0.76 0.06 65 2 OTD327 651437 4766070 419.4 5.0 0.81 0.07 146 2 OTD327 651436 4766071 414.8 5.0 0.73 0.07 58 2 OTD327 651434 4766072 410.1 5.0 0.84 0.08 63 2 OTD327 651433 4766074 405.5 5.0 0.78 0.08 118 2 OTD327 651432 4766075 400.8 5.0 0.64 0.08 130 2 OTD327 651428 4766079 386.6 5.0 0.43 0.09 104 10 OTD327 651426 4766080 382.0 5.0 0.54 0.17 91 10 OTD327 651425 4766081 377.3 5.0 0.45 0.05 47 10 OTD327 651424 4766083 372.7 5.0 0.40 0.05 47 10 OTD327 651422 4766084 368.0 5.0 0.38 0.11 57 10 OTD327 651421 4766085 363.9 3.9 0.52 0.08 51 10 OTD329 651507 4765630 743.7 5.0 0.60 0.02 23 1 OTD329 651506 4765631 739.0 5.0 0.63 0.02 34 1 OTD329 651504 4765633 734.3 5.0 0.79 0.02 40 1 OTD329 651503 4765634 729.7 5.0 0.88 0.02 34 1 OTD329 651502 4765635 725.0 5.0 1.25 0.02 39 1 OTD329 651500 4765636 720.3 5.0 2.65 0.03 40 1 OTD329 651499 4765638 715.7 5.0 2.30 0.04 35 1 OTD329 651497 4765639 711.0 5.0 1.43 0.04 24 1 OTD329 651496 4765640 706.3 5.0 1.14 0.02 28 1 OTD329 651495 4765641 701.7 5.0 1.56 0.03 33 1 OTD329 651493 4765642 697.0 5.0 1.99 0.03 41 1 OTD329 651492 4765643 692.3 5.0 1.40 0.01 41 1 OTD329 651491 4765645 687.7 5.0 1.30 0.01 35 1 OTD329 651489 4765646 683.0 5.0 1.33 0.01 34 1 OTD329 651488 4765647 678.4 5.0 1.92 0.03 31 1 OTD329 651487 4765648 673.7 5.0 1.55 0.02 36 1 OTD329 651485 4765650 669.1 5.0 1.78 0.02 39 1 OTD329 651484 4765651 664.4 5.0 1.85 0.02 40 1 OTD329 651483 4765653 659.8 5.0 1.76 0.02 43 1 OTD329 651481 4765654 655.1 5.0 1.55 0.03 63 1 OTD329 651480 4765655 650.5 5.0 1.95 0.03 41 3 OTD329 651479 4765656 645.8 5.0 2.29 0.10 46 3 OTD329 651477 4765658 641.2 5.0 3.36 0.13 64 3 OTD329 651476 4765659 636.6 5.0 2.58 0.08 102 3 OTD329 651475 4765660 632.0 5.0 2.48 0.07 16 3 OTD329 651473 4765661 627.3 5.0 1.95 0.05 24 3 OTD329 651472 4765663 622.7 5.0 1.90 0.04 40 3 OTD329 651471 4765664 618.0 5.0 2.01 0.04 56 3 OTD329 651469 4765665 613.4 5.0 2.50 0.05 53 3 OTD329 651468 4765667 608.8 5.0 3.32 0.19 35 3 OTD329 651466 4765668 604.1 5.0 2.45 0.03 44 3 OTD329 651465 4765669 599.5 5.0 2.36 0.03 18 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD329 651464 4765671 594.9 5.0 2.46 0.06 25 3 OTD329 651462 4765672 590.3 5.0 2.29 0.10 29 3 OTD329 651461 4765673 585.7 5.0 2.41 0.10 26 3 OTD329 651460 4765675 581.1 5.0 1.95 0.08 46 3 OTD329 651458 4765676 576.5 5.0 1.60 0.08 30 3 OTD329 651457 4765678 571.9 5.0 1.56 0.09 17 3 OTD329 651456 4765679 567.3 5.0 2.28 0.13 32 3 OTD329 651455 4765680 563.6 3.0 2.05 0.15 23 3 OTD329 651454 4765682 559.9 5.0 2.37 0.19 25 1 OTD329 651452 4765683 555.3 5.0 1.28 0.09 18 1 OTD329 651450 4765685 548.2 5.0 2.63 0.10 24 2 OTD329 651449 4765687 543.7 5.0 0.57 0.05 17 2 OTD329 651448 4765688 539.1 5.0 1.51 0.08 20 2 OTD329 651447 4765690 534.5 5.0 1.42 0.08 30 2 OTD329 651444 4765693 525.4 5.0 0.87 0.04 36 2 OTD329 651443 4765695 520.8 5.0 0.35 0.03 23 2 OTD329 651440 4765698 511.7 3.2 0.38 0.02 15 2 OTD329 651436 4765703 498.0 5.0 1.04 0.04 120 2 OTD329 651435 4765704 493.5 5.0 0.81 0.04 60 2 OTD329 651433 4765706 488.9 5.0 0.56 0.03 35 2 OTD329 651431 4765709 479.8 5.0 0.61 0.03 45 2 OTD329 651429 4765711 475.3 5.0 0.61 0.06 57 2 OTD329 651428 4765712 470.8 5.0 0.45 0.02 33 2 OTD329 651427 4765714 466.2 5.0 0.78 0.03 69 2 OTD329 651425 4765716 461.7 5.0 0.92 0.09 57 2 OTD329 651424 4765718 457.1 5.0 1.16 0.16 82 2 OTD329 651423 4765719 452.6 5.0 0.92 0.01 76 2 OTD329 651422 4765721 448.1 5.0 0.63 -1.00 383 2 OTD329 651421 4765723 443.6 5.0 0.87 0.04 261 2 OTD329 651419 4765724 439.1 5.0 1.26 0.02 475 2 OTD329 651418 4765726 434.6 5.0 1.58 0.03 132 2 OTD329 651417 4765728 430.1 5.0 1.24 0.01 131 2 OTD329 651416 4765729 426.8 2.5 1.75 0.05 128 2 OTD329 651415 4765731 423.4 3.8 0.48 0.03 140 10 OTD329 651410 4765738 405.5 3.2 0.56 -1.00 118 10 OTD329 651408 4765740 401.0 5.0 0.45 0.01 60 10 OTD329 651407 4765742 396.5 5.0 0.50 0.02 83 10 OTD329 651406 4765743 392.0 5.0 0.47 0.01 169 10 OTD333 651064 4765922 896.2 5.0 0.53 0.06 15 10 OTD333 651066 4765921 891.4 5.0 0.62 0.08 47 10 OTD333 651067 4765920 886.7 5.0 0.46 0.06 31 10 OTD333 651075 4765912 853.5 5.0 0.35 0.05 96 10 OTD333 651076 4765911 848.7 5.0 0.40 0.06 60 10 OTD333 651077 4765910 843.8 5.0 0.49 0.07 55 1 OTD333 651078 4765909 839.0 5.0 0.62 0.08 51 1 OTD333 651079 4765908 834.3 5.0 1.10 0.14 65 1 OTD333 651080 4765907 829.5 5.0 0.61 0.07 64 1 OTD333 651082 4765906 824.8 5.0 0.52 0.06 46 1 OTD333 651083 4765905 820.0 5.0 0.74 0.03 105 1 OTD333 651084 4765904 815.3 5.0 1.12 0.13 76 1 OTD333 651085 4765902 810.5 5.0 1.11 0.15 58 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD333 651086 4765901 805.7 5.0 0.77 0.08 67 1 OTD333 651087 4765900 801.0 5.0 0.67 0.07 213 1 OTD333 651088 4765899 796.2 5.0 0.94 0.08 113 1 OTD333 651090 4765898 791.4 5.0 0.67 0.05 57 1 OTD333 651091 4765898 786.7 5.0 1.09 0.06 50 1 OTD333 651092 4765897 781.9 5.0 1.60 0.17 80 1 OTD333 651093 4765896 777.1 5.0 0.93 0.08 72 1 OTD333 651094 4765895 772.3 5.0 0.92 0.09 85 1 OTD333 651095 4765894 767.5 5.0 1.02 0.11 89 1 OTD333 651096 4765893 762.8 5.0 1.45 0.12 65 1 OTD333 651097 4765892 758.0 5.0 0.33 0.03 45 1 OTD333 651102 4765888 738.8 5.0 0.90 0.09 113 1 OTD333 651103 4765887 734.0 5.0 1.20 0.10 137 1 OTD333 651104 4765886 729.2 5.0 0.77 0.08 96 1 OTD333 651105 4765885 724.5 5.0 0.45 0.05 76 1 OTD333 651106 4765884 719.6 5.0 0.54 0.08 77 1 OTD333 651107 4765882 714.9 5.0 0.71 0.09 89 1 OTD333 651108 4765881 710.1 5.0 0.64 0.10 86 10 OTD333 651109 4765881 705.3 5.0 0.81 0.14 73 10 OTD333 651110 4765880 700.5 5.0 0.52 0.09 65 10 OTD333 651111 4765879 695.7 5.0 0.46 0.08 74 10 OTD333 651113 4765877 686.1 5.0 0.52 0.07 49 10 OTD333 651114 4765876 681.3 5.0 0.60 0.08 39 10 OTD333 651115 4765875 676.6 5.0 0.50 0.08 46 10 OTD333 651117 4765874 671.8 5.0 0.93 0.12 53 10 OTD333 651118 4765872 667.0 5.0 1.14 0.15 76 10 OTD333 651119 4765871 662.2 5.0 0.46 0.05 39 10 OTD333 651122 4765868 647.9 5.0 0.56 0.06 40 10 OTD333 651123 4765868 643.1 5.0 0.55 0.07 54 10 OTD333 651124 4765867 638.3 5.0 0.52 0.07 67 10 OTD333 651125 4765866 633.5 5.0 0.82 0.10 74 10 OTD334 651156 4765132 775.4 5.0 0.47 0.03 42 10 OTD334 651154 4765133 770.8 5.0 0.66 0.03 101 10 OTD334 651153 4765134 766.2 5.0 0.33 0.02 92 10 OTD334 651148 4765138 752.6 5.0 0.54 0.02 211 10 OTD334 651146 4765139 748.0 5.0 0.39 0.01 86 10 OTD334 651145 4765140 743.5 5.0 0.46 0.02 80 10 OTD334 651142 4765143 734.5 5.0 0.50 0.02 99 10 OTD334 651140 4765145 729.9 5.0 0.36 0.02 95 10 OTD334 651138 4765146 725.4 5.0 0.56 0.03 122 10 OTD334 651132 4765152 707.2 5.0 0.40 0.02 269 10 OTD334 651130 4765153 702.7 5.0 0.37 0.02 125 10 OTD339 651420 4765931 846.0 5.0 0.41 0.05 41 1 OTD339 651418 4765932 841.2 5.0 0.99 0.05 46 1 OTD339 651417 4765934 836.5 5.0 1.01 0.05 100 1 OTD339 651416 4765935 831.9 5.0 0.58 0.05 44 1 OTD339 651414 4765936 827.2 5.0 0.56 0.06 37 1 OTD339 651413 4765937 822.5 5.0 0.63 0.07 42 1 OTD339 651412 4765938 817.9 5.0 0.45 0.11 32 1 OTD339 651410 4765939 813.2 5.0 1.03 0.14 39 1 OTD339 651409 4765940 808.5 5.0 0.64 0.03 29 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD339 651408 4765942 803.9 5.0 0.73 0.01 16 1 OTD339 651406 4765943 799.2 5.0 0.84 0.02 28 1 OTD339 651405 4765944 794.6 5.0 0.73 0.04 33 1 OTD339 651404 4765945 789.9 5.0 1.36 0.06 20 1 OTD339 651402 4765946 785.2 5.0 1.00 0.04 16 1 OTD339 651401 4765947 780.6 5.0 1.16 0.02 15 1 OTD339 651399 4765949 775.9 5.0 0.96 0.04 35 1 OTD339 651398 4765950 771.3 5.0 1.12 0.05 15 1 OTD339 651397 4765951 766.6 5.0 1.18 0.05 16 1 OTD339 651395 4765952 762.0 5.0 0.72 0.03 19 1 OTD339 651394 4765953 757.3 5.0 0.73 0.05 18 1 OTD339 651392 4765955 752.7 5.0 1.25 0.06 32 1 OTD339 651391 4765956 748.0 5.0 1.10 0.04 21 1 OTD339 651390 4765957 743.4 5.0 1.28 0.04 19 1 OTD339 651388 4765958 738.7 5.0 0.78 0.03 17 1 OTD339 651387 4765959 734.1 5.0 0.69 0.03 22 1 OTD339 651385 4765961 729.4 5.0 0.71 0.04 25 1 OTD339 651384 4765962 724.8 5.0 0.92 0.05 21 1 OTD339 651383 4765963 720.1 5.0 0.74 0.03 17 1 OTD339 651381 4765964 715.5 5.0 0.87 0.05 44 1 OTD339 651380 4765965 710.9 5.0 1.00 0.09 46 1 OTD339 651378 4765966 706.2 5.0 1.14 0.09 34 1 OTD339 651377 4765968 701.6 5.0 0.66 0.05 21 1 OTD339 651376 4765969 697.4 4.0 0.90 0.10 25 1 OTD339 651374 4765970 693.2 5.0 1.16 0.08 42 2 OTD339 651373 4765971 688.5 5.0 0.95 0.04 25 2 OTD339 651372 4765972 683.9 5.0 0.77 0.05 67 2 OTD339 651370 4765973 679.2 5.0 1.15 0.17 77 2 OTD339 651369 4765974 674.6 5.0 1.51 0.21 61 2 OTD339 651367 4765976 669.9 5.0 1.35 0.11 94 2 OTD339 651366 4765977 665.3 5.0 0.52 0.07 82 2 OTD339 651365 4765978 660.7 5.0 0.77 0.08 64 2 OTD339 651363 4765979 656.0 5.0 1.47 0.14 121 2 OTD339 651362 4765980 651.4 5.0 1.14 0.10 67 2 OTD339 651360 4765982 646.7 5.0 1.07 0.06 136 2 OTD339 651359 4765983 642.1 5.0 0.92 0.09 124 2 OTD339 651357 4765984 637.5 5.0 0.85 0.11 98 2 OTD339 651356 4765985 632.8 5.0 0.79 0.07 139 2 OTD339 651355 4765987 628.2 5.0 0.67 0.06 89 2 OTD339 651353 4765988 623.6 5.0 0.80 0.06 111 2 OTD339 651352 4765989 619.0 5.0 0.88 0.07 142 2 OTD339 651350 4765991 614.4 5.0 0.82 0.04 161 2 OTD339 651349 4765992 609.8 5.0 0.91 0.05 72 2 OTD339 651347 4765993 605.1 5.0 0.81 0.02 105 2 OTD339 651346 4765994 600.5 5.0 1.01 0.06 167 2 OTD339 651344 4765996 595.9 5.0 1.19 0.06 225 2 OTD339 651343 4765997 591.3 5.0 1.32 0.07 222 2 OTD339 651341 4765998 586.8 5.0 1.20 0.04 490 2 OTD339 651340 4766000 582.1 5.0 0.75 0.05 188 2 OTD339 651338 4766001 577.5 5.0 0.55 0.04 104 2 OTD339 651337 4766002 573.0 5.0 0.83 0.08 115 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD339 651336 4766004 568.4 5.0 0.73 0.06 99 2 OTD339 651334 4766005 563.8 5.0 0.65 0.05 107 2 OTD339 651332 4766006 559.2 5.0 0.81 0.05 116 2 OTD339 651331 4766008 554.6 5.0 0.81 0.05 154 2 OTD339 651329 4766009 550.0 5.0 0.75 0.08 130 2 OTD339 651328 4766010 545.5 5.0 0.66 0.08 156 2 OTD339 651326 4766012 540.9 5.0 0.75 0.07 238 2 OTD339 651325 4766013 537.7 2.0 0.80 0.08 125 2 OTD339 651324 4766014 534.5 5.0 0.63 0.06 221 10 OTD339 651323 4766015 530.0 5.0 0.34 0.04 97 10 OTD339 651322 4766016 526.8 2.0 0.51 0.14 120 10 OTD342 650944 4765765 942.0 5.0 0.33 0.04 -1 10 OTD342 651005 4765714 700.8 5.0 0.52 0.12 24 10 OTD342 651006 4765713 696.0 5.0 0.80 0.16 22 10 OTD342 651007 4765712 691.3 5.0 0.77 0.12 19 10 OTD342 651008 4765711 686.5 5.0 0.58 0.08 18 10 OTD342 651009 4765710 681.7 5.0 0.56 0.06 18 10 OTD342 651010 4765709 676.9 3.0 0.38 0.04 27 10 OTD342 651013 4765707 667.4 5.0 0.62 0.12 32 10 OTD342 651014 4765706 662.6 5.0 0.39 0.08 39 10 OTD342 651015 4765705 657.8 5.0 0.60 0.08 32 10 OTD342 651016 4765704 653.0 5.0 0.67 0.08 30 10 OTD342 651017 4765703 648.3 5.0 0.53 0.06 25 10 OTD342 651018 4765702 643.5 5.0 0.58 0.08 21 10 OTD342 651045 4765676 517.5 5.0 0.54 0.07 34 10 OTD342 651046 4765675 512.6 5.0 0.79 0.12 49 10 OTD342 651047 4765674 507.8 5.0 0.69 0.08 81 10 OTD342 651048 4765672 503.0 5.0 0.72 0.08 88 10 OTD342 651049 4765672 498.2 5.0 1.00 0.10 57 10 OTD342 651050 4765671 493.4 5.0 0.47 0.06 32 10 OTD342 651052 4765669 483.8 5.0 0.55 0.07 42 10 OTD342 651053 4765668 479.0 5.0 0.44 0.07 39 10 OTD342 651054 4765667 474.2 5.0 0.73 0.11 75 10 OTD342 651055 4765666 469.4 5.0 0.62 0.10 73 10 OTD342 651056 4765665 464.6 5.0 0.63 0.08 127 10 OTD342 651057 4765664 459.8 5.0 0.46 0.06 135 10 OTD342 651058 4765663 455.0 5.0 0.43 0.18 61 10 OTD342 651059 4765662 450.2 5.0 0.34 0.08 51 10 OTD342 651060 4765661 445.4 5.0 0.40 0.06 180 10 OTD342 651061 4765660 440.5 5.0 0.48 0.08 96 10 OTD342 651062 4765659 435.7 5.0 0.38 0.05 58 10 OTD342 651063 4765658 430.9 5.0 0.41 0.09 43 10 OTD342 651064 4765657 426.1 5.0 0.53 0.21 51 10 OTD342 651064 4765656 421.3 5.0 0.36 0.11 44 10 OTD342 651065 4765655 416.5 5.0 0.34 0.12 42 10 OTD342 651066 4765654 411.6 5.0 0.44 0.13 113 10 OTD342 651067 4765653 406.8 5.0 0.70 0.18 74 10 OTD342 651068 4765652 402.0 5.0 1.02 0.42 58 10 OTD342 651069 4765651 397.2 5.0 1.20 0.63 83 10 OTD342 651070 4765650 392.4 5.0 0.91 0.55 55 10 OTD342 651071 4765649 387.5 5.0 0.85 0.37 53 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ==================================================================================================================== OTD342 651071 4765648 382.6 5.0 0.77 0.22 48 10 OTD342 651073 4765647 378.0 5.0 1.21 0.32 61 10 OTD342 651074 4765646 373.3 5.0 0.46 0.17 30 10 OTD342 651075 4765644 368.7 5.0 0.69 0.22 54 10 OTD342 651076 4765643 364.0 5.0 1.03 0.22 63 10 OTD342 651077 4765641 359.3 5.0 1.01 0.43 124 10 OTD342 651079 4765640 354.9 5.0 1.01 0.36 66 10 OTD342 651080 4765638 350.4 2.5 0.70 0.27 43 10 OTD342 651091 4765624 309.2 5.0 0.40 0.15 16 10 OTD342 651093 4765622 299.6 5.0 0.40 0.13 34 10 OTD342 651094 4765621 294.7 5.0 0.34 0.11 17 10 OTD342 651095 4765620 289.9 5.0 0.36 0.10 17 10 OTD342 651095 4765619 285.1 4.5 0.42 0.11 15 10 OTD342 651100 4765613 256.1 4.4 0.49 0.27 57 10 OTD342 651102 4765611 246.4 5.0 0.32 0.12 26 10 OTD342 651103 4765610 241.6 5.0 0.35 0.11 13 10 OTD343 650888 4766056 990.8 5.0 0.32 0.02 18 10 OTD343 650906 4766045 939.9 5.0 0.38 0.02 18 10 OTD343 650972 4765999 732.7 5.0 0.31 0.12 24 10 OTD343 650978 4765995 714.0 5.0 0.66 0.13 26 10 OTD343 650979 4765994 709.4 5.0 0.33 0.06 25 10 OTD343 650984 4765991 695.5 5.0 0.58 0.13 19 10 OTD343 650985 4765990 690.8 5.0 0.32 0.05 15 10 OTD343 650987 4765988 686.1 5.0 0.43 0.06 18 10 OTD343 650988 4765987 681.5 5.0 0.51 0.06 27 10 OTD343 650989 4765986 676.8 5.0 0.46 0.07 28 10 OTD343 650991 4765985 672.2 5.0 0.50 0.10 22 10 OTD343 650992 4765984 667.6 5.0 0.38 0.11 20 10 OTD343 650994 4765983 662.9 5.0 0.32 0.09 20 10 OTD343 650995 4765982 658.3 5.0 0.40 0.05 14 10 OTD343 650996 4765980 653.6 5.0 0.39 0.07 14 10 OTD343 650998 4765979 649.0 5.0 0.51 0.11 17 10 OTD343 650999 4765978 644.4 5.0 0.58 0.10 32 10 OTD343 651001 4765976 639.7 5.0 0.71 0.28 25 10 OTD343 651002 4765975 635.1 5.0 1.02 0.25 69 10 OTD343 651003 4765974 630.5 5.0 0.74 0.13 66 10 OTD343 651005 4765972 625.8 5.0 0.84 0.19 52 10 OTD343 651006 4765971 622.0 3.2 0.86 0.17 26 10 OTD343 651012 4765966 602.1 5.0 0.99 0.24 137 10 OTD343 651013 4765964 597.5 5.0 0.64 0.16 422 10 OTD343 651015 4765963 592.9 5.0 0.78 0.27 84 10 OTD343 651016 4765962 588.2 5.0 0.67 0.25 42 10 OTD343 651017 4765960 583.6 5.0 1.08 0.34 138 10 OTD343 651019 4765959 579.0 5.0 0.81 0.24 30 10 OTD343 651020 4765958 574.4 5.0 0.78 0.58 34 10 OTD343 651021 4765956 569.8 5.0 0.83 0.37 27 10 OTD343 651023 4765955 565.1 5.0 0.84 0.18 30 10 OTD343 651024 4765953 560.5 5.0 0.78 0.13 14 10 OTD343 651025 4765952 555.9 5.0 0.58 0.26 15 10 OTD343 651034 4765943 524.6 5.0 0.54 0.09 26 10 OTD343 651036 4765942 520.0 5.0 0.32 0.05 67 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD343 651037 4765940 515.3 5.0 0.47 0.10 72 10 OTD343 651038 4765939 510.7 5.0 0.54 0.20 40 10 OTD343 651044 4765933 492.3 5.0 0.31 0.11 22 10 OTD343 651045 4765932 487.7 5.0 0.45 0.09 45 10 OTD343 651048 4765929 478.4 5.0 0.45 0.20 62 10 OTD343 651049 4765928 473.8 4.0 0.62 0.10 306 10 OTD346 651086 4765197 841.2 5.0 0.42 0.04 28 10 OTD346 651078 4765206 813.9 5.0 0.36 0.04 279 10 OTD346 651075 4765209 804.8 5.0 0.41 0.06 120 10 OTD346 651073 4765210 800.2 5.0 0.44 0.06 668 10 OTD346 651072 4765212 795.7 5.0 0.39 0.06 162 10 OTD346 651070 4765214 791.1 5.0 0.47 0.10 108 10 OTD346 651069 4765215 786.6 5.0 0.46 0.04 77 10 OTD346 651067 4765217 782.1 5.0 0.60 0.05 41 10 OTD346 651066 4765218 777.6 5.0 0.64 0.07 63 10 OTD346 651064 4765220 773.0 5.0 0.54 0.11 93 10 OTD346 651058 4765226 755.0 5.0 0.44 0.09 267 10 OTD346 651057 4765228 750.5 5.0 0.39 0.08 657 10 OTD346 651050 4765236 728.0 5.0 0.70 0.09 68 10 OTD346 651048 4765238 723.5 5.0 0.92 0.08 85 10 OTD346 651047 4765239 719.0 5.0 0.99 0.08 75 10 OTD346 651045 4765241 714.5 5.0 0.97 0.08 101 10 OTD346 651044 4765243 710.0 5.0 1.04 0.10 84 10 OTD346 651042 4765244 705.6 5.0 0.40 0.05 49 10 OTD346 651041 4765246 701.1 5.0 0.44 0.08 45 10 OTD346 651016 4765273 624.7 5.0 0.33 0.05 47 10 OTD346 650984 4765309 523.5 5.0 1.12 0.27 150 10 OTD355 651759 4766523 370.8 5.0 0.33 0.04 -1 10 OTD355 651758 4766524 366.1 5.0 1.20 0.03 29 10 OTD355 651753 4766531 347.5 5.0 1.60 0.05 10 10 OTD355 651752 4766532 342.8 5.0 1.59 0.04 -1 10 OTD355 651751 4766534 338.1 5.0 1.69 0.05 -1 10 OTD355 651750 4766535 333.5 5.0 1.98 0.08 -1 10 OTD355 651749 4766537 328.8 5.0 2.01 0.11 18 10 OTD355 651748 4766538 324.1 5.0 1.92 0.16 21 10 OTD355 651747 4766540 319.5 5.0 1.77 0.08 -1 10 OTD355 651745 4766542 310.2 5.0 1.02 0.05 11 10 OTD355 651738 4766555 272.8 4.0 1.29 0.07 14 10 OTD355 651737 4766556 268.2 5.0 3.36 0.14 26 10 OTD355 651736 4766558 263.5 5.0 2.94 0.07 27 10 OTD355 651735 4766559 258.8 5.0 2.26 0.07 -1 10 OTD355 651734 4766561 254.2 5.0 3.26 0.07 24 10 OTD355 651733 4766562 249.5 5.0 2.63 0.11 11 10 OTD355 651732 4766564 244.8 5.0 2.56 0.08 10 10 OTD355 651731 4766565 240.1 5.0 3.19 0.08 -1 10 OTD355 651730 4766567 235.5 5.0 3.38 0.16 -1 10 OTD355 651729 4766568 230.8 5.0 4.75 0.13 25 10 OTD355 651728 4766570 226.1 5.0 3.74 0.15 28 10 OTD355 651727 4766571 221.4 2.0 1.47 0.23 60 10 OTD355 651715 4766591 160.7 4.0 0.67 0.08 55 10 OTD355 651714 4766592 156.0 5.0 1.24 0.18 103 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD356 651614 4765570 629.9 5.0 0.37 0.02 45 10 OTD356 651613 4765571 625.1 5.0 0.32 0.02 81 10 OTD356 651610 4765573 615.6 5.0 0.37 0.02 44 10 OTD356 651606 4765577 596.6 4.0 0.68 0.02 38 1 OTD356 651605 4765578 592.3 5.0 0.51 0.02 43 10 OTD356 651603 4765579 587.5 5.0 0.59 0.02 41 10 OTD356 651602 4765580 582.8 5.0 0.58 0.02 39 10 OTD356 651601 4765581 578.0 5.0 0.62 0.02 39 10 OTD356 651600 4765582 574.6 2.0 0.60 0.02 33 10 OTD356 651600 4765582 571.3 5.0 0.52 0.03 74 1 OTD356 651598 4765583 566.6 5.0 0.63 0.02 30 1 OTD356 651597 4765584 561.8 5.0 0.71 0.03 36 1 OTD356 651596 4765585 557.0 5.0 0.67 0.02 60 1 OTD356 651595 4765586 552.3 5.0 0.80 0.03 44 2 OTD356 651594 4765587 547.5 5.0 0.69 0.03 52 2 OTD356 651593 4765588 542.8 5.0 0.42 0.03 23 2 OTD356 651592 4765589 538.0 5.0 0.58 0.04 24 2 OTD356 651591 4765590 533.2 5.0 0.72 0.03 33 2 OTD356 651590 4765592 528.5 5.0 1.08 0.02 57 2 OTD356 651588 4765593 523.7 5.0 1.02 0.03 40 2 OTD356 651587 4765594 519.0 5.0 0.59 0.03 16 2 OTD356 651586 4765594 514.2 5.0 0.55 0.02 21 2 OTD356 651585 4765595 509.4 5.0 1.04 0.02 25 2 OTD356 651584 4765596 504.7 5.0 1.06 0.04 32 2 OTD356 651583 4765597 499.9 5.0 0.89 0.08 59 2 OTD356 651582 4765598 495.1 5.0 1.09 0.11 40 2 OTD356 651581 4765599 490.4 5.0 1.29 0.13 43 2 OTD356 651580 4765600 485.6 5.0 1.03 0.14 33 2 OTD356 651579 4765601 480.8 5.0 0.98 0.07 33 2 OTD356 651577 4765602 476.0 5.0 1.50 0.09 46 2 OTD356 651576 4765603 471.3 5.0 1.48 0.10 82 2 OTD356 651575 4765604 466.5 5.0 0.64 0.09 25 2 OTD356 651574 4765605 461.7 5.0 0.59 0.05 24 2 OTD356 651573 4765606 457.0 5.0 0.83 0.06 16 2 OTD356 651571 4765608 447.4 5.0 0.34 0.03 20 2 OTD356 651570 4765609 442.6 5.0 0.31 0.03 14 2 OTD356 651569 4765610 437.9 5.0 0.56 0.04 20 2 OTD356 651568 4765611 433.1 5.0 1.05 0.07 25 2 OTD356 651567 4765612 428.3 5.0 0.79 0.05 41 2 OTD356 651566 4765613 423.5 5.0 0.80 0.06 40 2 OTD356 651565 4765614 418.8 5.0 0.85 0.07 99 2 OTD356 651564 4765615 414.0 5.0 1.95 0.30 64 2 OTD356 651563 4765616 409.2 5.0 1.00 0.19 68 2 OTD356 651562 4765617 404.4 5.0 1.87 0.50 174 2 OTD356 651561 4765618 399.6 5.0 2.32 0.48 239 2 OTD356 651560 4765619 394.9 5.0 2.22 0.29 392 2 OTD356 651559 4765620 390.1 5.0 2.15 0.49 134 2 OTD356 651558 4765621 385.3 5.0 1.88 0.43 74 2 OTD356 651557 4765622 380.5 5.0 1.60 0.37 124 2 OTD356 651556 4765623 375.8 5.0 2.18 0.40 55 2 OTD356 651555 4765624 371.0 5.0 2.77 0.54 25 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD356 651553 4765625 366.2 5.0 2.41 0.38 29 2 OTD356 651552 4765627 361.4 5.0 1.08 0.12 30 2 OTD356 651551 4765628 356.7 5.0 0.94 0.08 22 2 OTD356 651550 4765629 351.9 5.0 0.71 0.07 30 2 OTD356 651549 4765630 347.1 5.0 0.85 0.06 30 2 OTD356 651548 4765631 342.4 5.0 0.75 0.05 32 2 OTD356 651547 4765632 337.6 5.0 0.63 0.05 25 2 OTD356 651546 4765633 332.8 5.0 0.68 0.04 42 2 OTD356 651545 4765634 328.1 5.0 0.84 0.07 44 2 OTD356 651544 4765636 323.3 5.0 0.82 0.06 31 2 OTD356 651543 4765637 318.5 5.0 0.92 0.07 41 2 OTD356 651542 4765638 313.8 5.0 0.83 0.05 45 2 OTD356 651541 4765639 309.0 5.0 0.87 0.06 82 2 OTD356 651540 4765640 304.2 5.0 0.71 0.06 27 2 OTD356 651539 4765641 299.4 5.0 1.02 0.08 58 2 OTD356 651538 4765642 294.7 5.0 0.73 0.05 46 2 OTD356 651537 4765643 289.9 5.0 0.75 0.05 44 2 OTD356 651536 4765644 285.1 5.0 0.56 0.05 30 2 OTD356 651534 4765645 280.4 5.0 0.62 0.05 45 2 OTD356 651534 4765646 276.0 4.0 0.43 0.03 31 2 OTD356 651533 4765647 271.8 4.0 0.57 0.03 93 10 OTD356 651530 4765650 257.4 2.0 0.42 0.02 235 10 OTD356 651529 4765651 252.6 5.0 0.73 0.04 107 10 OTD356 651527 4765652 247.8 5.0 0.58 0.02 102 10 OTD356 651526 4765654 243.1 5.0 0.57 0.02 126 10 OTD356 651525 4765655 238.3 5.0 0.76 0.03 104 10 OTD356 651524 4765656 233.5 5.0 0.41 0.02 56 10 OTD356 651523 4765657 228.7 5.0 0.61 0.03 68 10 OTD356 651522 4765658 223.9 5.0 0.62 0.03 82 10 OTD356 651521 4765659 219.1 5.0 0.58 0.05 161 10 OTD356 651520 4765660 214.3 5.0 0.76 -1.00 65 10 OTD356 651519 4765661 209.5 5.0 0.83 0.01 39 10 OTD356 651518 4765662 204.8 5.0 0.83 0.02 71 10 OTD356 651517 4765662 199.9 5.0 0.96 0.03 44 10 OTD356 651516 4765663 195.1 5.0 0.88 0.05 49 10 OTD356 651515 4765664 190.3 5.0 0.70 0.05 40 10 OTD356 651514 4765665 185.6 5.0 0.82 0.04 45 10 OTD356 651513 4765666 180.8 5.0 0.67 0.03 49 10 OTD356 651512 4765667 176.0 5.0 0.58 0.03 48 10 OTD356 651511 4765668 171.2 5.0 0.60 0.02 42 10 OTD356 651510 4765669 166.4 5.0 0.78 0.04 85 10 OTD356 651509 4765670 161.6 5.0 0.54 0.02 104 10 OTD356 651508 4765671 156.8 5.0 0.61 0.02 47 10 OTD356 651507 4765672 152.0 5.0 0.49 0.01 39 10 OTD356 651506 4765673 147.2 5.0 0.35 0.01 46 10 OTD356 651505 4765674 142.4 5.0 0.39 0.03 45 10 OTD356 651503 4765676 132.8 5.0 0.37 0.06 92 10 OTD356 651502 4765677 128.0 5.0 0.49 0.07 51 10 OTD356 651501 4765678 123.2 5.0 0.48 0.05 29 10 OTD356 651500 4765679 118.4 5.0 0.74 0.05 32 10 OTD356 651499 4765680 113.6 5.0 0.63 0.07 36 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD356 651498 4765681 108.8 5.0 0.50 0.04 19 10 OTD359 651214 4766038 759.7 5.0 0.45 0.04 19 10 OTD359 651215 4766037 755.0 5.0 0.84 0.11 23 10 OTD359 651217 4766035 750.3 5.0 0.68 0.12 34 10 OTD359 651218 4766034 745.7 5.0 1.09 0.13 26 10 OTD359 651219 4766033 741.0 5.0 0.61 0.08 28 10 OTD359 651220 4766032 736.3 5.0 0.49 0.10 24 10 OTD359 651222 4766029 727.0 5.0 0.71 0.18 57 10 OTD359 651223 4766028 722.3 5.0 0.79 0.28 64 10 OTD359 651225 4766026 717.7 5.0 0.67 0.30 108 10 OTD359 651228 4766022 703.7 5.0 0.34 0.06 45 10 OTD359 651265 4765973 562.2 5.0 0.41 0.06 77 10 OTD359 651266 4765972 558.3 3.7 0.44 0.04 76 10 OTD366 651415 4765327 764.8 5.0 1.66 0.02 35 10 OTD366 651414 4765329 760.2 5.0 0.36 -1.00 18 10 OTD366 651412 4765330 755.6 5.0 0.54 -1.00 20 10 OTD366 651411 4765331 751.1 5.0 0.49 0.01 49 10 OTRCD340 651415 4765571 877.4 5.0 0.34 0.02 250 10 OTRCD340 651414 4765572 872.7 5.0 0.61 0.03 120 10 OTRCD340 651412 4765574 863.0 5.0 0.39 0.01 53 1 OTRCD340 651411 4765575 858.3 5.0 0.39 0.01 47 1 OTRCD340 651410 4765576 853.5 5.0 0.38 0.01 24 1 OTRCD340 651408 4765577 848.7 5.0 0.50 0.01 22 1 OTRCD340 651406 4765579 839.2 5.0 0.58 0.03 60 1 OTRCD340 651405 4765580 834.4 5.0 1.53 0.03 41 1 OTRCD340 651404 4765581 829.7 5.0 1.15 0.02 36 1 OTRCD340 651403 4765582 824.9 5.0 1.47 0.04 26 1 OTRCD340 651402 4765583 820.1 5.0 0.87 0.03 55 1 OTRCD340 651401 4765584 815.4 5.0 0.62 0.03 71 1 OTRCD340 651398 4765588 801.1 5.0 0.65 0.02 39 1 OTRCD340 651396 4765589 796.3 5.0 1.46 0.04 36 1 OTRCD340 651395 4765590 791.5 5.0 1.30 0.03 39 1 OTRCD340 651394 4765591 786.8 5.0 1.39 0.12 52 1 OTRCD340 651393 4765592 782.0 5.0 0.98 0.05 33 1 OTRCD340 651392 4765593 777.2 5.0 1.14 0.07 32 1 OTRCD340 651391 4765594 772.5 5.0 1.18 0.08 55 1 OTRCD340 651390 4765595 767.7 5.0 0.40 0.04 166 1 OTRCD340 651389 4765596 763.2 4.5 0.71 0.08 77 1 OTRCD340 651388 4765597 758.6 5.0 2.67 0.26 53 3 OTRCD340 651387 4765598 753.9 5.0 2.85 0.19 42 3 OTRCD340 651386 4765599 749.1 5.0 2.53 0.09 41 3 OTRCD340 651385 4765600 744.3 5.0 2.56 0.08 29 3 OTRCD340 651384 4765601 739.5 5.0 1.09 0.06 -1 3 OTRCD340 651383 4765603 734.8 5.0 3.83 0.26 67 3 OTRCD340 651382 4765604 730.0 5.0 5.01 0.19 19 3 OTRCD340 651381 4765605 725.2 5.0 2.98 0.16 23 3 OTRCD340 651380 4765606 720.4 5.0 4.55 0.11 36 3 OTRCD340 651379 4765607 715.6 5.0 3.69 0.13 42 3 OTRCD340 651378 4765608 710.8 5.0 3.22 0.15 20 3 OTRCD340 651377 4765609 706.0 5.0 2.96 0.18 28 3 OTRCD340 651376 4765610 701.2 5.0 2.75 0.10 47 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTRCD340 651375 4765611 696.5 5.0 2.15 0.08 56 3 OTRCD340 651374 4765613 691.7 5.0 4.00 0.14 44 3 OTRCD340 651373 4765614 686.9 5.0 2.14 0.12 81 3 OTRCD340 651373 4765614 683.5 2.0 0.70 0.06 86 3 OTRCD340 651372 4765615 680.2 5.0 1.69 0.11 95 1 OTRCD340 651371 4765616 675.4 5.0 1.73 0.12 46 1 OTRCD340 651370 4765617 670.6 5.0 0.99 0.09 49 1 OTRCD340 651369 4765619 665.8 5.0 1.47 0.11 53 1 OTRCD340 651368 4765620 661.1 5.0 1.00 0.11 49 1 OTRCD340 651367 4765621 656.3 5.0 0.37 0.06 88 1 OTRCD340 651367 4765622 651.5 5.0 0.39 0.04 66 3 OTRCD340 651366 4765623 646.7 5.0 1.66 0.10 33 3 OTRCD340 651365 4765624 641.9 5.0 2.02 0.13 73 3 OTRCD340 651364 4765625 637.1 5.0 2.41 0.08 54 3 OTRCD340 651363 4765626 632.3 5.0 2.16 0.05 49 3 OTRCD340 651362 4765627 627.6 5.0 1.91 0.05 20 3 OTRCD340 651361 4765628 622.8 5.0 1.94 0.04 29 3 OTRCD340 651360 4765629 618.0 5.0 1.32 0.04 29 3 OTRCD340 651359 4765630 613.2 5.0 1.87 0.06 57 3 OTRCD340 651358 4765632 608.4 5.0 0.90 0.03 16 3 OTRCD340 651357 4765633 603.6 5.0 1.32 0.04 18 3 OTRCD340 651356 4765634 598.8 5.0 1.57 0.06 34 3 OTRCD340 651355 4765635 594.0 5.0 1.51 0.04 24 3 OTRCD340 651354 4765637 588.3 5.0 0.69 0.02 25 1 OTRCD340 651353 4765638 583.5 5.0 1.73 0.08 37 1 OTRCD340 651353 4765639 578.7 5.0 0.64 0.05 39 1 OTRCD340 651352 4765640 573.9 5.0 0.34 0.03 37 1 OTRCD340 651350 4765642 564.4 5.0 0.72 0.05 95 1 OTRCD340 651349 4765643 559.6 5.0 0.85 0.05 56 2 OTRCD340 651348 4765644 554.8 5.0 1.19 0.04 93 2 OTRCD340 651347 4765645 550.0 5.0 0.77 0.03 110 2 OTRCD340 651346 4765647 545.2 5.0 1.05 0.03 77 2 OTRCD340 651346 4765648 540.4 5.0 0.98 0.03 75 2 OTRCD340 651345 4765649 535.6 5.0 1.00 0.03 58 2 OTRCD340 651344 4765650 530.8 5.0 1.17 0.03 85 2 OTRCD340 651343 4765651 526.0 5.0 1.25 0.03 119 2 OTRCD340 651342 4765652 521.3 5.0 0.74 0.02 119 2 OTRCD340 651341 4765653 516.5 5.0 0.79 0.02 144 2 OTRCD340 651340 4765654 511.7 5.0 0.65 0.02 127 2 OTRCD340 651339 4765656 506.9 5.0 0.92 0.02 129 2 OTRCD340 651339 4765657 502.1 5.0 1.05 0.03 186 2 OTRCD340 651338 4765658 497.3 5.0 0.80 0.03 138 2 OTRCD340 651337 4765659 492.5 5.0 0.82 0.04 166 2 OTRCD340 651336 4765660 487.7 5.0 0.63 0.03 170 2 OTRCD340 651334 4765662 478.1 5.0 0.65 0.03 182 2 OTRCD340 651333 4765663 473.3 5.0 0.86 0.03 224 2 OTRCD340 651333 4765665 468.5 5.0 0.60 0.08 182 2 OTRCD340 651331 4765667 459.0 5.0 0.31 0.05 58 2 OTRCD340 651330 4765668 454.2 5.0 0.37 0.05 103 2 OTRCD340 651324 4765676 420.4 5.0 0.61 0.51 -1 10 OTRCD344 651629 4766057 762.6 5.0 0.86 0.03 25 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTRCD344 651628 4766058 757.9 5.0 1.13 0.03 27 1 OTRCD344 651627 4766060 753.1 5.0 1.29 0.03 31 1 OTRCD344 651626 4766061 748.4 5.0 1.20 0.02 23 1 OTRCD344 651625 4766062 743.7 5.0 1.16 0.06 13 1 OTRCD344 651624 4766063 738.9 5.0 1.39 0.02 14 1 OTRCD344 651623 4766065 734.2 5.0 1.84 0.36 14 1 OTRCD344 651622 4766065 730.8 2.2 1.12 0.04 14 1 OTRCD344 651622 4766066 727.3 5.0 4.27 1.00 14 3 OTRCD344 651621 4766067 722.6 5.0 5.49 0.70 13 3 OTRCD344 651620 4766069 717.9 5.0 4.32 0.50 -1 3 OTRCD344 651619 4766070 713.1 5.0 3.97 0.28 14 3 OTRCD344 651618 4766071 708.4 5.0 4.13 0.43 22 3 OTRCD344 651617 4766072 703.7 5.0 4.62 0.44 33 3 OTRCD344 651616 4766074 699.0 5.0 3.44 0.45 30 3 OTRCD344 651615 4766075 694.2 5.0 3.51 0.41 36 3 OTRCD344 651614 4766076 689.5 5.0 3.40 0.28 37 3 OTRCD344 651613 4766078 684.8 5.0 2.92 0.18 80 3 OTRCD344 651612 4766079 680.0 5.0 2.10 0.09 111 3 OTRCD344 651611 4766080 675.3 5.0 2.08 0.07 80 3 OTRCD344 651610 4766081 670.6 5.0 1.21 0.04 69 3 OTRCD344 651609 4766082 666.4 3.8 3.83 0.11 44 3 OTRCD344 651608 4766083 662.3 5.0 1.80 0.06 39 2 OTRCD344 651607 4766085 657.6 5.0 1.57 0.06 59 2 OTRCD344 651606 4766086 652.8 5.0 1.33 0.04 15 2 OTRCD344 651605 4766087 648.1 5.0 1.00 0.07 21 2 OTRCD344 651604 4766089 643.4 5.0 0.95 0.04 42 2 OTRCD344 651603 4766090 638.6 5.0 1.15 0.03 42 2 OTRCD344 651602 4766091 633.9 5.0 0.70 0.02 44 2 OTRCD344 651601 4766092 629.1 5.0 1.04 0.03 43 2 OTRCD344 651600 4766094 624.4 5.0 1.18 0.11 82 2 OTRCD344 651599 4766095 619.7 5.0 1.13 0.06 57 2 OTRCD344 651598 4766096 614.9 5.0 1.06 0.06 41 2 OTRCD344 651597 4766097 610.2 5.0 0.82 0.05 43 2 OTRCD344 651596 4766098 605.4 5.0 0.80 0.03 42 2 OTRCD344 651595 4766100 600.7 5.0 1.00 0.04 50 2 OTRCD344 651595 4766101 596.0 5.0 0.85 0.03 44 2 OTRCD344 651594 4766102 591.2 5.0 0.95 0.06 53 2 OTRCD344 651593 4766103 586.5 5.0 0.82 0.04 40 2 OTRCD344 651592 4766105 581.7 5.0 0.73 0.07 53 2 OTRCD344 651591 4766106 577.0 5.0 0.99 0.06 52 2 OTRCD344 651590 4766107 572.3 5.0 1.07 0.04 132 2 OTRCD344 651589 4766108 567.5 5.0 1.29 0.05 115 2 OTRCD344 651588 4766110 562.8 5.0 1.34 0.11 89 2 OTRCD344 651587 4766111 558.0 5.0 1.17 0.06 76 2 OTRCD344 651586 4766112 553.3 5.0 1.26 0.19 83 2 OTRCD344 651585 4766114 548.6 5.0 1.27 0.14 75 2 OTRCD344 651584 4766115 543.8 5.0 1.42 0.23 92 2 OTRCD344 651583 4766116 539.1 5.0 1.07 0.10 59 2 OTRCD344 651582 4766117 534.3 5.0 0.81 0.23 74 2 OTRCD344 651581 4766118 529.6 5.0 0.84 0.25 77 2 OTRCD344 651580 4766119 524.9 5.0 0.96 0.16 107 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTRCD344 651579 4766121 520.1 5.0 0.63 0.06 42 2 OTRCD344 651578 4766122 515.4 5.0 0.83 0.07 63 2 OTRCD344 651577 4766123 510.6 5.0 0.71 0.11 70 2 OTRCD344 651576 4766126 501.2 5.0 0.81 0.20 89 2 OTRCD344 651575 4766127 496.4 5.0 0.89 0.14 77 2 OTRCD344 651574 4766129 491.7 5.0 0.76 0.13 55 2 OTRCD344 651573 4766130 486.9 5.0 0.66 0.47 83 2 OTRCD344 651572 4766131 482.2 5.0 0.91 0.39 130 2 OTRCD344 651571 4766132 477.4 5.0 0.87 0.39 269 2 OTRCD344 651570 4766134 472.7 5.0 0.74 0.92 83 2 OTRCD344 651570 4766135 468.0 5.0 0.94 1.39 77 2 OTRCD344 651569 4766136 463.2 5.0 0.79 0.41 98 2 OTRCD344 651568 4766138 458.5 5.0 0.75 0.36 84 2 OTRCD344 651567 4766139 453.7 5.0 0.68 0.63 61 2 OTRCD344 651566 4766141 449.0 5.0 0.66 1.01 50 2 OTRCD344 651565 4766142 444.3 5.0 0.69 0.44 84 2 OTRCD344 651565 4766144 439.5 5.0 0.69 0.27 63 2 OTRCD344 651564 4766145 434.8 5.0 0.71 0.13 71 2 OTRCD344 651563 4766146 430.0 5.0 0.68 0.11 48 2 OTRCD344 651562 4766148 425.3 5.0 0.69 0.10 57 2 OTRCD344 651561 4766149 420.6 5.0 0.69 0.16 60 2 OTRCD344 651561 4766151 415.8 5.0 0.59 0.11 70 2 OTRCD344 651560 4766152 411.1 5.0 0.54 0.08 69 2 OTRCD344 651559 4766153 406.4 5.0 0.62 0.15 45 2 OTRCD344 651558 4766155 401.6 5.0 0.89 0.19 121 2 OTRCD344 651558 4766156 398.1 2.5 0.92 0.11 84 10 OTRCD347 651602 4765817 607.6 5.0 0.65 0.02 85 10 OTRCD347 651601 4765818 602.8 5.0 0.48 0.02 62 10 OTRCD347 651597 4765822 582.2 5.0 0.93 0.03 25 2 OTRCD347 651596 4765823 577.4 5.0 0.89 0.04 18 2 OTRCD347 651595 4765824 572.6 5.0 0.91 0.05 28 2 OTRCD347 651594 4765825 567.8 5.0 0.79 0.03 41 2 OTRCD347 651593 4765826 563.0 5.0 0.60 0.04 -1 2 OTRCD347 651592 4765828 558.2 5.0 0.53 0.02 12 2 OTRCD347 651591 4765829 553.4 5.0 1.25 0.05 39 2 OTRCD347 651590 4765830 548.6 5.0 0.61 0.03 19 2 OTRCD347 651589 4765831 543.9 5.0 1.33 0.05 30 2 OTRCD347 651588 4765832 539.1 5.0 0.81 0.03 22 2 OTRCD347 651587 4765833 534.3 5.0 0.66 0.01 21 2 OTRCD347 651586 4765834 529.6 5.0 0.61 0.01 -1 2 OTRCD347 651585 4765835 524.8 5.0 0.64 0.01 21 2 OTRCD347 651584 4765836 520.0 5.0 0.69 0.03 22 2 OTRCD347 651581 4765840 505.8 4.0 0.99 0.04 16 2 OTRCD347 651580 4765841 501.0 5.0 1.38 0.07 10 2 OTRCD347 651579 4765842 496.2 5.0 1.16 0.04 17 2 OTRCD347 651578 4765843 491.5 5.0 1.46 0.06 92 2 OTRCD347 651577 4765845 486.8 5.0 1.18 0.06 161 2 OTRCD347 651576 4765846 482.0 5.0 1.82 0.10 43 2 OTRCD347 651575 4765847 477.3 5.0 2.15 0.14 35 2 OTRCD347 651574 4765848 472.6 5.0 1.86 0.16 51 2 OTRCD347 651568 4765856 444.2 5.0 1.59 0.10 36 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTRCD347 651566 4765857 439.5 5.0 1.30 0.09 20 2 OTRCD347 651565 4765858 434.8 5.0 1.34 0.06 68 2 OTRCD347 651564 4765860 430.1 5.0 1.61 0.11 21 2 OTRCD347 651563 4765861 425.3 5.0 1.46 0.09 20 2 OTRCD347 651562 4765862 420.6 5.0 1.47 0.08 59 2 OTRCD347 651561 4765863 415.9 5.0 1.12 0.06 43 2 OTRCD347 651560 4765865 411.2 5.0 1.23 0.07 44 2 OTRCD347 651559 4765866 406.5 5.0 1.08 0.10 28 2 OTRCD347 651558 4765867 401.8 5.0 0.94 0.08 48 2 OTRCD347 651557 4765869 397.1 5.0 0.48 0.04 25 2 OTRCD347 651556 4765870 392.4 5.0 0.79 0.05 78 2 OTRCD347 651554 4765871 387.7 5.0 0.75 0.05 53 2 OTRCD347 651553 4765873 383.0 5.0 0.71 0.07 32 2 OTRCD347 651552 4765874 378.3 5.0 0.88 0.06 22 2 OTRCD347 651551 4765875 373.6 5.0 0.44 0.04 28 2 OTRCD347 651550 4765877 369.0 5.0 0.45 0.04 86 2 OTRCD347 651549 4765878 363.4 5.0 0.78 0.07 163 10 OTRCD347 651548 4765880 358.7 5.0 0.96 0.07 259 10 OTRCD347 651545 4765883 349.4 5.0 0.56 0.06 279 10 OTRCD347 651544 4765884 344.7 5.0 0.48 0.03 109 10 OTRCD347 651543 4765885 340.1 5.0 0.46 0.03 134 10 OTRCD347 651542 4765887 335.4 5.0 0.33 0.03 159 10 OTRCD347 651541 4765888 330.8 5.0 0.54 0.11 135 10 OTRCD347 651539 4765890 326.1 5.0 0.71 0.09 88 10 OTRCD347 651538 4765891 321.5 5.0 0.67 0.06 141 10 OTRCD347 651537 4765892 316.8 5.0 0.60 0.05 122 10 OTRCD347 651536 4765894 312.5 4.2 0.40 0.05 84 10 OTRCD350 651582 4765709 569.8 5.0 0.36 0.03 48 10 OTRCD350 651580 4765712 553.1 5.0 0.56 0.01 38 2 OTRCD350 651579 4765713 548.3 5.0 0.88 0.02 46 2 OTRCD350 651578 4765714 543.4 5.0 0.69 0.02 31 2 OTRCD350 651578 4765715 538.5 5.0 0.67 0.03 38 2 OTRCD350 651577 4765715 533.6 5.0 1.02 0.03 50 2 OTRCD350 651576 4765716 528.7 5.0 0.72 0.03 29 2 OTRCD350 651576 4765717 523.8 5.0 0.65 0.03 31 2 OTRCD350 651575 4765718 518.9 5.0 0.60 0.02 27 2 OTRCD350 651574 4765719 514.0 5.0 0.51 0.02 41 2 OTRCD350 651574 4765719 509.1 5.0 0.54 0.03 36 2 OTRCD350 651573 4765720 504.3 5.0 0.37 0.03 103 2 OTRCD350 651572 4765721 499.4 5.0 0.71 0.03 35 2 OTRCD350 651572 4765722 494.5 5.0 0.46 0.02 32 2 OTRCD350 651571 4765723 489.6 5.0 0.60 0.02 24 2 OTRCD350 651570 4765724 484.7 5.0 0.93 0.03 48 2 OTRCD350 651570 4765724 479.8 5.0 0.64 0.03 32 2 OTRCD350 651569 4765725 474.9 5.0 0.75 0.04 27 2 OTRCD350 651568 4765726 470.0 5.0 0.88 0.06 23 2 OTRCD350 651568 4765727 465.1 5.0 0.93 0.06 30 2 OTRCD350 651567 4765728 460.2 5.0 0.70 0.05 39 2 OTRCD350 651566 4765728 455.4 5.0 1.57 0.10 35 2 OTRCD350 651566 4765729 450.5 5.0 1.23 0.15 19 2 OTRCD350 651565 4765730 445.6 5.0 1.28 0.16 59 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTRCD350 651564 4765731 440.7 5.0 1.02 0.09 129 2 OTRCD350 651564 4765731 435.8 5.0 1.94 0.18 106 2 OTRCD350 651563 4765733 430.9 5.0 1.06 0.16 34 2 OTRCD350 651563 4765734 426.1 5.0 2.07 0.31 74 2 OTRCD350 651562 4765734 421.2 5.0 1.68 0.29 48 2 OTRCD350 651561 4765735 416.3 5.0 1.29 0.20 21 2 OTRCD350 651561 4765736 411.4 5.0 1.36 0.23 18 2 OTRCD350 651560 4765737 406.5 5.0 1.48 0.36 25 2 OTRCD350 651559 4765738 401.7 5.0 3.43 0.75 32 2 OTRCD350 651559 4765739 396.8 5.0 1.87 0.30 188 2 OTRCD350 651558 4765740 391.9 5.0 2.85 0.64 94 2 OTRCD350 651557 4765741 387.0 5.0 1.31 0.19 128 2 OTRCD350 651557 4765741 382.1 5.0 0.72 0.05 155 2 OTRCD350 651556 4765742 377.2 5.0 1.11 0.09 55 2 OTRCD350 651555 4765743 372.4 5.0 1.96 0.27 128 2 OTRCD350 651555 4765744 367.5 5.0 1.28 0.18 29 2 OTRCD350 651554 4765745 362.6 5.0 1.29 0.21 32 2 OTRCD350 651553 4765745 357.7 5.0 0.31 0.09 11 2 OTRCD350 651553 4765746 352.8 5.0 1.54 0.32 90 2 OTRCD350 651552 4765747 347.9 5.0 0.50 0.03 27 2 OTRCD350 651551 4765748 343.0 5.0 0.67 0.04 35 2 OTRCD350 651551 4765749 338.1 5.0 0.76 0.06 51 2 OTRCD350 651550 4765749 333.3 5.0 0.65 0.03 72 2 OTRCD350 651550 4765750 328.4 5.0 0.78 0.17 31 2 OTRCD350 651549 4765751 323.5 5.0 1.07 0.03 38 2 OTRCD350 651548 4765752 318.6 5.0 0.58 0.04 26 2 OTRCD350 651548 4765753 313.7 5.0 0.44 0.04 31 2 OTRCD350 651547 4765754 308.8 5.0 0.81 0.04 34 2 OTRCD350 651547 4765755 303.9 5.0 1.32 0.08 37 2 OTRCD350 651546 4765756 299.0 5.0 0.78 0.04 60 2 OTRCD350 651545 4765756 294.1 5.0 0.63 0.04 66 2 OTRCD350 651545 4765757 289.2 5.0 0.62 0.04 50 2 OTRCD350 651544 4765758 284.3 5.0 0.78 0.04 52 2 OTRCD350 651544 4765758 279.9 4.0 0.83 0.05 68 2 OTRCD350 651543 4765759 275.5 5.0 0.65 0.03 69 10 OTRCD350 651542 4765760 270.6 5.0 0.61 0.02 40 10 OTRCD350 651542 4765761 267.2 2.0 0.69 0.03 52 10 OTRCD352 651649 4766235 604.0 4.9 0.37 -1.00 10 2 OTRCD352 651648 4766236 599.4 5.0 1.24 0.03 10 2 OTRCD352 651646 4766237 594.7 5.0 1.79 0.14 90 2 OTRCD352 651645 4766238 590.0 5.0 1.84 0.12 30 2 OTRCD352 651644 4766239 586.7 2.2 1.01 0.11 46 2 OTRCD352A 651653 4766245 600.1 5.0 1.07 0.03 92 2 OTRCD352A 651652 4766246 595.5 5.0 1.63 0.05 13 2 OTRCD352A 651650 4766248 590.9 5.0 1.69 0.09 22 2 OTRCD352A 651649 4766249 586.3 5.0 2.30 0.14 28 2 OTRCD352A 651647 4766250 581.7 5.0 1.16 0.06 34 2 OTRCD352A 651646 4766252 577.1 5.0 1.66 0.13 48 2 OTRCD352A 651645 4766253 572.5 5.0 1.27 0.11 47 2 OTRCD352A 651643 4766254 567.9 5.0 2.26 0.20 59 2 OTRCD352A 651642 4766256 563.3 5.0 2.24 0.18 56 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTRCD352A 651641 4766257 558.7 5.0 1.86 0.12 54 2 OTRCD352A 651639 4766259 554.1 5.0 1.68 0.09 57 2 OTRCD352A 651638 4766261 549.5 5.0 1.37 0.09 18 2 OTRCD352A 651637 4766262 544.9 5.0 1.51 0.12 24 2 OTRCD352A 651635 4766263 540.3 5.0 1.25 0.07 26 2 OTRCD352A 651634 4766265 535.7 5.0 1.32 0.07 49 2 OTRCD352A 651633 4766266 531.1 5.0 1.46 0.08 64 2 OTRCD352A 651631 4766267 526.5 5.0 1.70 0.09 33 2 OTRCD352A 651630 4766269 521.8 5.0 1.47 0.07 46 2 OTRCD352A 651629 4766270 517.2 5.0 1.35 0.07 15 2 OTRCD352A 651627 4766271 512.5 5.0 0.71 0.04 14 2 OTRCD352A 651626 4766273 507.9 5.0 0.76 0.05 28 2 OTRCD352A 651625 4766274 503.3 5.0 0.62 0.04 22 2 OTRCD352A 651624 4766276 498.6 5.0 0.87 0.05 26 2 OTRCD352A 651623 4766277 493.9 5.0 0.73 0.21 20 2 OTRCD352A 651622 4766278 489.3 5.0 0.89 0.56 25 2 OTRCD352A 651621 4766280 484.6 5.0 1.03 0.06 22 2 OTRCD352A 651619 4766281 479.9 5.0 1.28 0.07 28 2 OTRCD352A 651618 4766283 475.5 4.4 0.87 0.04 22 2 OTRCD353 651553 4765490 704.9 5.0 0.33 0.02 20 10 OTRCD353 651553 4765491 700.0 5.0 0.31 0.01 23 10 OTRCD353 651552 4765491 695.0 5.0 0.44 0.02 65 10 OTRCD353 651552 4765492 690.0 5.0 0.38 0.01 46 10 OTRCD353 651552 4765492 685.1 5.0 0.37 0.01 29 10 OTRCD353 651551 4765493 680.1 5.0 0.48 0.02 32 10 OTRCD353 651551 4765493 675.1 5.0 0.38 0.01 80 10 OTRCD353 651551 4765494 670.2 5.0 0.36 0.01 77 10 OTRCD353 651550 4765494 665.2 5.0 0.31 0.02 57 10 OTRCD353 651550 4765495 660.2 5.0 0.38 0.02 80 10 OTRCD353 651550 4765495 655.8 3.9 0.51 0.01 31 10 OTRCD353 651549 4765496 646.4 5.0 0.58 0.03 26 1 OTRCD353 651549 4765496 641.5 5.0 0.75 0.02 29 1 OTRCD353 651549 4765497 636.5 5.0 0.90 0.02 34 1 OTRCD353 651548 4765497 631.5 5.0 1.01 0.03 48 1 OTRCD353 651548 4765498 626.6 5.0 0.96 0.02 55 1 OTRCD353 651548 4765498 621.6 5.0 0.74 0.01 68 1 OTRCD353 651547 4765499 616.6 5.0 1.16 0.02 47 1 OTRCD353 651547 4765500 611.7 5.0 0.73 0.02 34 1 OTRCD353 651547 4765500 606.7 5.0 0.73 0.03 68 1 OTRCD353 651546 4765501 601.8 5.0 0.78 0.04 41 1 OTRCD353 651546 4765501 596.8 5.0 0.65 0.03 38 1 OTRCD353 651546 4765502 591.8 5.0 0.56 0.02 21 1 OTRCD353 651546 4765502 586.9 5.0 0.50 0.02 30 1 OTRCD353 651545 4765503 581.9 5.0 0.64 0.02 36 1 OTRCD353 651545 4765503 576.9 5.0 0.62 0.02 43 1 OTRCD353 651545 4765503 572.0 5.0 0.73 0.03 79 1 OTRCD353 651544 4765504 567.0 5.0 0.60 0.02 37 1 OTRCD353 651544 4765504 562.0 5.0 0.54 0.02 49 1 OTRCD353 651543 4765505 552.1 5.0 0.74 0.03 66 1 OTRCD353 651543 4765506 547.2 5.0 0.72 0.02 50 1 OTRCD353 651543 4765507 542.2 5.0 0.50 0.01 64 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTRCD353 651542 4765507 537.2 5.0 0.91 0.02 60 1 OTRCD353 651542 4765508 527.3 5.0 0.71 0.03 73 1 OTRCD353 651542 4765509 522.3 5.0 0.64 0.03 82 1 OTRCD353 651541 4765509 517.4 5.0 0.79 0.02 50 1 OTRCD353 651541 4765510 512.4 5.0 0.64 0.02 55 1 OTRCD353 651541 4765511 507.5 5.0 0.82 0.02 66 1 OTRCD353 651541 4765511 502.5 5.0 1.18 0.02 68 1 OTRCD353 651540 4765512 497.5 5.0 0.88 0.02 61 1 OTRCD353 651540 4765512 494.1 2.0 0.62 -1.00 75 1 OTRCD353 651540 4765512 490.6 5.0 0.70 0.03 38 2 OTRCD353 651540 4765513 485.6 5.0 1.19 0.03 48 2 OTRCD353 651539 4765514 480.7 5.0 1.15 0.02 75 2 OTRCD353 651539 4765514 475.7 5.0 1.56 0.04 125 2 OTRCD353 651539 4765515 470.7 5.0 1.96 0.09 66 2 OTRCD353 651539 4765515 465.8 5.0 1.21 0.05 96 2 OTRCD353 651538 4765516 460.8 5.0 0.72 0.10 46 2 OTRCD353 651538 4765516 455.8 5.0 2.82 0.17 24 2 OTRCD353 651538 4765517 450.9 5.0 1.27 0.05 65 2 OTRCD353 651538 4765517 445.9 5.0 0.94 0.06 55 2 OTRCD353 651537 4765518 440.9 5.0 0.59 0.04 20 2 OTRCD353 651537 4765518 436.0 5.0 1.45 0.06 55 2 OTRCD353 651537 4765519 431.0 5.0 1.69 0.09 61 2 OTRCD353 651537 4765519 426.0 5.0 0.75 0.05 46 2 OTRCD353 651536 4765520 421.1 5.0 0.65 0.07 29 2 OTRCD353 651536 4765520 416.1 5.0 0.77 0.05 33 2 OTRCD353 651536 4765521 411.1 5.0 1.03 0.05 40 2 OTRCD353 651536 4765521 406.2 5.0 0.45 0.02 31 2 OTRCD353 651535 4765522 401.2 5.0 0.89 0.08 71 2 OTRCD353 651535 4765522 396.2 5.0 0.82 0.10 53 2 OTRCD353 651535 4765523 391.3 5.0 1.03 0.06 47 2 OTRCD353 651535 4765523 386.3 5.0 0.87 0.08 33 2 OTRCD353 651535 4765524 381.3 5.0 0.52 0.08 14 10 OTRCD353 651534 4765524 376.9 4.0 0.54 0.68 26 10 OTRCD365 651658 4766023 634.3 5.0 1.71 0.19 -1 3 OTRCD365 651657 4766025 629.7 5.0 2.20 0.28 21 3 OTRCD365 651655 4766026 625.0 5.0 2.70 0.24 62 3 OTRCD365 651654 4766027 620.4 5.0 3.85 0.29 57 3 OTRCD365 651652 4766029 615.8 5.0 2.99 0.47 49 3 OTRCD365 651651 4766030 611.2 5.0 2.43 0.39 84 3 OTRCD365 651649 4766031 606.6 5.0 5.62 0.34 61 3 OTRCD365 651648 4766032 602.0 5.0 6.40 0.45 25 3 OTRCD365 651647 4766034 597.4 3.0 4.05 0.68 -1 3 OTRCD365 651645 4766035 592.8 5.0 3.18 0.39 -1 3 OTRCD365 651644 4766036 588.2 3.0 3.16 0.21 -1 3 OTRCD365 651642 4766038 583.6 3.0 2.88 0.19 -1 3 OTRCD365 651641 4766039 580.4 2.0 2.81 0.17 -1 3 OTRCD365 651640 4766040 577.2 5.0 1.17 0.08 -1 2 OTRCD365 651639 4766041 572.6 5.0 1.45 0.10 -1 2 OTRCD365 651637 4766042 568.0 5.0 1.89 0.12 -1 2 OTRCD365 651636 4766044 563.4 5.0 2.14 0.12 -1 2 OTRCD365 651634 4766045 558.8 5.0 1.26 0.07 -1 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTRCD365 651633 4766046 554.2 5.0 1.10 0.06 -1 2 OTRCD365 651632 4766048 549.6 5.0 1.09 0.06 -1 2 OTRCD365 651630 4766049 545.0 5.0 1.03 0.07 -1 2 OTRCD365 651629 4766050 540.4 5.0 0.92 0.10 -1 2 OTRCD365 651627 4766052 535.8 5.0 1.29 0.07 -1 2 OTRCD365 651626 4766053 531.2 5.0 1.24 0.08 -1 2 OTRCD365 651624 4766055 526.6 5.0 1.08 0.07 -1 2 OTRCD365 651623 4766056 522.0 5.0 1.14 0.07 -1 2 OTRCD365 651621 4766057 517.5 5.0 1.09 0.05 -1 2 OTRCD365 651620 4766059 512.9 5.0 1.06 0.05 -1 2 OTRCD365 651619 4766060 508.3 5.0 0.90 0.07 -1 2 OTRCD365 651617 4766061 503.7 5.0 2.27 0.12 -1 2 OTRCD365 651616 4766063 499.1 5.0 1.33 0.07 -1 2 OTRCD365 651614 4766064 494.5 5.0 1.00 0.05 -1 2 OTRCD365 651613 4766066 490.0 5.0 0.95 0.05 -1 2 OTRCD365 651611 4766067 485.4 5.0 0.84 0.07 -1 2 OTRCD365 651610 4766069 480.8 5.0 0.65 0.46 -1 2 OTRCD365 651609 4766070 476.2 5.0 0.92 0.46 -1 2 OTRCD365 651607 4766071 471.6 5.0 0.97 0.39 -1 2 OTRCD365 651606 4766073 467.1 5.0 1.12 0.38 -1 2 OTRCD365 651604 4766074 462.5 5.0 0.91 0.32 -1 2 OTRCD365 651603 4766075 459.3 2.0 0.70 0.10 -1 2 OTRCD365 651602 4766076 456.1 4.0 0.47 0.11 -1 10 OTRCD365 651597 4766082 437.8 3.0 0.62 0.25 -1 10 OTRCD365 651596 4766084 433.2 5.0 0.69 0.41 -1 10 OTRCD365 651594 4766085 428.7 5.0 0.81 0.22 -1 10 OTRCD365 651593 4766087 424.1 5.0 0.68 0.20 -1 10 OTRCD365 651592 4766088 419.5 5.0 0.62 0.36 -1 10 OTRCD365 651590 4766090 415.0 5.0 0.63 0.39 -1 10 OTRCD365 651589 4766092 410.4 5.0 0.45 0.14 -1 10 OTRCD365 651586 4766095 401.3 5.0 0.84 0.66 -1 10 OTRCD365 651585 4766096 396.7 5.0 0.45 0.46 -1 10 OTRCD365 651584 4766098 392.1 5.0 0.50 0.34 -1 10 OTRCD365 651582 4766099 387.6 5.0 0.53 0.58 -1 10 OTRCD365 651581 4766101 383.0 5.0 0.52 1.50 -1 10 OTRCD365 651580 4766103 378.5 5.0 0.54 1.40 -1 10 OTRCD365 651579 4766104 373.9 5.0 0.66 0.83 -1 10 OTRCD365 651577 4766106 369.4 5.0 0.38 0.35 -1 10 OTRCD365 651576 4766108 364.8 5.0 0.61 0.40 -1 10 OTRCD365 651575 4766109 360.3 5.0 0.48 0.40 -1 10 OTRCD365 651573 4766111 355.8 5.0 0.59 0.22 -1 10 OTRCD365 651572 4766113 351.2 5.0 0.55 0.08 -1 10 OTRCD365 651571 4766114 346.7 5.0 0.76 0.10 -1 10 OTRCD365 651569 4766116 342.1 5.0 0.89 0.18 -1 10 OTRCD365 651568 4766117 337.6 5.0 0.68 0.09 -1 10 OTRCD365 651567 4766119 333.0 3.0 0.63 0.08 -1 10 OTD364 651508 4766098 765.7 5.0 1.22 0.07 10 1 OTD364 651507 4766098 760.9 5.0 1.19 0.04 5 1 OTD364 651505 4766099 756.1 5.0 1.92 0.07 47 1 OTD364 651504 4766100 751.3 5.0 1.77 0.07 16 1 OTD364 651503 4766101 746.6 5.0 2.18 0.09 19 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD364 651502 4766101 741.8 5.0 1.61 0.05 12 1 OTD364 651500 4766102 737.0 5.0 1.22 0.03 33 1 OTD364 651499 4766103 732.2 5.0 1.28 0.04 48 1 OTD364 651498 4766104 727.4 5.0 1.45 0.04 19 1 OTD364 651497 4766105 723.1 4.0 1.45 0.05 5 1 OTD364 651496 4766105 718.8 5.0 1.09 0.03 7 2 OTD364 651495 4766106 714.0 5.0 1.13 0.04 9 2 OTD364 651493 4766107 709.3 5.0 0.98 0.05 15 2 OTD364 651492 4766108 704.5 5.0 1.11 0.03 11 2 OTD364 651491 4766108 699.7 5.0 1.03 0.04 49 2 OTD364 651490 4766109 694.9 5.0 0.90 0.05 61 2 OTD364 651488 4766110 690.1 5.0 1.10 0.05 32 2 OTD364 651487 4766111 685.4 5.0 1.03 0.04 16 2 OTD364 651486 4766112 680.6 5.0 0.92 0.02 11 2 OTD364 651485 4766112 675.8 5.0 1.17 0.05 19 2 OTD364 651484 4766113 671.0 5.0 1.04 0.02 11 2 OTD364 651482 4766114 666.2 5.0 0.92 0.01 19 2 OTD364 651481 4766115 661.5 5.0 1.19 0.03 10 2 OTD364 651480 4766115 656.7 5.0 1.01 0.03 9 2 OTD364 651479 4766116 651.9 5.0 1.51 0.06 16 2 OTD364 651477 4766117 647.1 5.0 1.53 0.21 15 2 OTD364 651476 4766118 642.3 5.0 1.87 0.19 21 2 OTD364 651475 4766119 637.6 5.0 1.60 0.10 18 2 OTD364 651474 4766119 632.8 5.0 1.16 0.03 20 2 OTD364 651472 4766120 628.0 5.0 1.73 0.07 32 2 OTD364 651471 4766121 623.2 5.0 0.96 0.08 30 2 OTD364 651470 4766122 618.5 5.0 0.73 0.08 28 2 OTD364 651469 4766123 613.7 5.0 1.03 0.08 19 2 OTD364 651467 4766124 608.9 5.0 0.86 0.03 23 2 OTD364 651466 4766124 604.1 5.0 0.69 0.12 29 2 OTD364 651465 4766125 599.4 5.0 0.97 0.12 52 2 OTD364 651461 4766128 585.1 5.0 0.59 0.20 40 2 OTD364 651460 4766129 580.3 5.0 1.08 0.29 45 2 OTD364 651459 4766130 575.5 5.0 0.88 0.16 21 2 OTD364 651457 4766130 570.8 5.0 0.99 0.10 18 2 OTD364 651456 4766131 566.0 5.0 1.75 0.29 41 2 OTD364 651455 4766132 561.2 5.0 1.39 0.12 60 2 OTD364 651454 4766133 556.5 5.0 1.01 0.05 71 2 OTD364 651452 4766134 551.7 5.0 1.12 0.08 44 2 OTD364 651451 4766134 546.9 5.0 0.45 0.10 54 2 OTD364 651450 4766135 542.1 5.0 0.46 0.14 118 2 OTD364 651449 4766136 537.4 5.0 1.24 0.10 69 2 OTD364 651447 4766137 532.6 5.0 1.10 0.10 98 2 OTD364 651446 4766138 527.8 5.0 0.79 0.06 143 2 OTD364 651445 4766139 523.1 5.0 0.67 0.08 82 2 OTD364 651444 4766140 518.3 5.0 0.72 0.12 85 2 OTD364 651442 4766141 513.6 5.0 0.77 0.07 125 2 OTD364 651441 4766142 508.8 5.0 0.91 0.03 84 2 OTD364 651440 4766143 504.0 5.0 0.99 0.06 109 2 OTD364 651439 4766144 499.3 5.0 0.77 0.07 68 2 OTD364 651438 4766145 494.5 5.0 0.68 0.06 109 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD364 651436 4766145 489.8 5.0 0.71 0.02 101 2 OTD364 651435 4766146 485.9 3.0 0.83 0.04 138 2
APPENDIX C STANDARD REFERENCE MATERIAL (SRM) CHARTS [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT COPPER ASSAYS FOR STANDARD #1 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT GOLD ASSAYS FOR STANDARD #1 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL COPPER ASSAYS FOR STANDARD #3 - MARCH 1,2002 TO JANUARY 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL GOLD ASSAYS FOR STANDARD #3 - MARCH 1, 2002 TO JANUARY 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #3 - MARCH 1, 2002 TO JANUARY 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #5 - MARCH 1 TO SEPTEMBER 30, 2002 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #5 - MARCH 1 TO SEPTEMBER 30, 2002 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #5 - MARCH 1 TO SEPTEMBER 30, 2002 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #6 - JULY 1 TO NOVEMBER 30, 2002 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #6 - JULY 1 TO NOVEMBER 30 , 2002 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #6 - JULY 1 TO NOVEMBER 30, 2002 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #7 - JULY 1, 2002 TO JANUARY 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #7 - JULY 1, 2002 TO JANUARY 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #7- JULY 1, 2002 TO JANUARY 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #8 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #8 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #8 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #9 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #9 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #9 - JULY 1, 2002 TO JANUARY 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #10 - JULY 1, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #10 - JULY 1, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT MOLYBDENUM ASSAYS FOR STANDARD #10 - JULY 1, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #11 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #11 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #11 - OCTOBER 1,2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #12 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #12 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #12 - OCTOBER 1 TO DECEMBER 31, 2002 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #13 - OCTOBER 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #13 - OCTOBER 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #13 - OCTOBER 1, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #14 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #14 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #14 - DECEMBER 10, 2002 TO FEBRUARY 28, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #15 - JULY 1, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #15 - JULY 1, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #15 - DECEMBER 10, 2002 TO FEBRUARY 28, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #16 - JULY 1, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #16 - JULY 1, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #16 - DECEMBER 10 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #17 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #17 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #17 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #18 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #18 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #18 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #19 - DECEMBER 30, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #19 - DECEMBER 30, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #19 - DECEMBER 30, 2002 TO FEBRUARY 28, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #20 - DEC 10 , 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #20 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #20 - DECEMBER 10, 2002 TO FEBRUARY 28, 2003 GRAPH] APPENDIX D DATA ANALYSIS Summarized Statistics Contact Profile Plots TABLE D-1: SOUTH WEST OYU STATISTICS SUMMARY
METAL DOMAIN VALUE NUMBER MEAN CV MIN Q25 Q50 Q75 MAX =================================================================================================================== Cu% ALL Assays Cut 16545 0.42 0.92 0.00 0.16 0.34 0.58 4.00 Assays Uncut 16545 0.43 0.94 0.00 0.16 0.34 0.58 6.19 Comps Cut 6715 0.42 0.84 0.00 0.17 0.35 0.57 3.80 Blocks KG 70919 0.29 0.75 0.01 0.14 0.25 0.40 2.25 Blocks NN 70919 0.28 1.02 0.00 0.04 0.22 0.41 3.80 AUGITE BASALT Assays Cut 8918 0.36 0.72 0.00 0.18 0.32 0.48 3.28 Assays Uncut 8918 0.36 0.72 0.00 0.18 0.32 0.48 3.28 Comps Cut 3576 0.36 0.62 0.00 0.20 0.33 0.47 2.11 Blocks KG 43756 0.30 0.43 0.01 0.19 0.28 0.39 1.07 Blocks NN 43756 0.29 0.74 0.00 0.14 0.25 0.40 2.11 HIGH GOLD ZONE Assays Cut 4243 0.75 0.67 0.00 0.42 0.67 0.98 4.00 Assays Uncut 4243 0.76 0.69 0.00 0.42 0.67 0.98 6.19 Comps Cut 1691 0.75 0.57 0.00 0.46 0.70 0.96 3.80 Blocks KG 8184 0.64 0.40 0.09 0.45 0.62 0.80 2.25 Blocks NN 8184 0.65 0.64 0.00 0.36 0.58 0.87 3.80 QUARTZ MONZODIORITE Assays Cut 1393 0.13 1.49 0.00 0.02 0.04 0.17 1.00 Assays Uncut 1393 0.13 1.53 0.00 0.02 0.04 0.17 1.91 Comps Cut 588 0.13 1.40 0.00 0.02 0.03 0.17 1.00 Blocks KG 18206 0.09 1.07 0.01 0.02 0.05 0.11 0.55 Blocks NN 18206 0.08 1.94 0.00 0.00 0.01 0.06 1.00 LOW GRADE QM (14) Assays Cut 214 0.11 1.24 0.00 0.02 0.06 0.14 0.89 Assays Uncut 214 0.11 1.24 0.00 0.02 0.06 0.14 0.89 Comps Cut 91 0.11 1.04 0.01 0.02 0.08 0.14 0.51 Blocks KG 177 0.10 0.74 0.01 0.04 0.07 0.17 0.34 Blocks NN 177 0.10 1.29 0.00 0.01 0.03 0.14 0.48 DYKES Assays Cut 579 0.17 1.38 0.00 0.01 0.05 0.25 1.00 Assays Uncut 579 0.17 1.45 0.00 0.01 0.05 0.25 1.69 Comps Cut 281 0.15 1.29 0.00 0.02 0.07 0.19 1.00 Au GPT ALL Assays Cut 16545 0.65 1.41 0.00 0.12 0.32 0.77 10.00 Assays Uncut 16545 0.66 1.81 0.00 0.12 0.32 0.77 91.60 Comps Cut 6715 0.63 1.32 0.00 0.14 0.34 0.76 8.98 Blocks KG 57764 0.49 0.99 0.00 0.23 0.37 0.53 5.77 Blocks NN 57764 0.50 1.25 0.00 0.13 0.32 0.61 8.98 AUGITE BASALT Assays Cut 8918 0.37 0.92 0.01 0.16 0.29 0.49 3.00 Assays Uncut 8918 0.38 2.71 0.01 0.16 0.29 0.49 91.60 Comps Cut 3576 0.37 0.79 0.00 0.18 0.30 0.48 2.75 Blocks KG 43756 0.37 0.41 0.02 0.25 0.35 0.47 1.57 Blocks NN 43756 0.38 0.82 0.00 0.17 0.31 0.53 2.75 HIGH GOLD ZONE Assays Cut 4243 1.61 0.80 0.01 0.74 1.35 2.10 10.00 Assays Uncut 4243 1.64 0.85 0.01 0.74 1.35 2.15 17.90 Comps Cut 1691 1.60 0.71 0.00 0.83 1.37 2.11 8.98 Blocks KG 8180 1.43 0.46 0.15 0.99 1.30 1.75 5.77 Blocks NN 8180 1.40 0.75 0.00 0.68 1.18 1.93 8.98 QUARTZ MONZODIORITE Assays Cut 1393 0.10 2.06 0.01 0.01 0.03 0.09 1.30 Assays Uncut 1393 0.12 3.52 0.01 0.01 0.03 0.09 11.80 Comps Cut 588 0.10 1.84 0.00 0.01 0.03 0.10 1.30 Blocks KG 5055 0.05 1.32 0.00 0.01 0.03 0.07 0.55 Blocks NN 5055 0.06 2.45 0.00 0.00 0.01 0.04 1.30 LOW GRADE QM (14) Assays Cut 214 0.19 1.36 0.01 0.03 0.09 0.28 2.25 Assays Uncut 214 0.19 1.36 0.01 0.03 0.09 0.28 2.25 Comps Cut 91 0.19 1.13 0.01 0.03 0.11 0.25 1.18 Blocks KG 177 0.18 0.94 0.01 0.04 0.10 0.31 0.59 Blocks NN 177 0.21 1.48 0.00 0.02 0.05 0.24 1.18 DYKES Assays Cut 579 0.17 1.51 0.01 0.01 0.04 0.23 1.50 Assays Uncut 579 0.17 1.65 0.01 0.01 0.04 0.23 2.45 Comps Cut 281 0.15 1.41 0.00 0.02 0.06 0.21 1.30

METAL DOMAIN VALUE NUMBER MEAN CV MIN Q25 Q50 Q75 MAX ===================================================================================================================== Mo ppm ALL Assays Cut 16545 54.22 1.80 0.00 9.00 26.00 60.00 1500.00 Assays Uncut 16545 54.83 2.04 0.00 9.00 26.00 60.00 4990.00 Comps Cut 6715 53.01 1.38 0.00 11.00 30.00 63.00 1270.00 Blocks KG 66783 46.21 0.83 0.00 17.00 36.00 68.00 334.00 Blocks NN 66783 47.62 1.49 0.00 6.00 25.00 59.00 1021.00 AUGITE BASALT Assays Cut 8918 58.79 1.63 5.00 12.00 31.00 67.00 1500.00 Assays Uncut 8918 59.01 1.70 5.00 12.00 31.00 67.00 2590.00 Comps Cut 3576 57.83 1.21 1.00 16.00 37.00 72.00 861.00 Blocks KG 43756 55.09 0.65 4.00 27.00 47.00 75.00 330.00 Blocks NN 43756 56.95 1.33 0.00 11.00 36.00 70.00 861.00 HIGH GOLD ZONE Assays Cut 4243 71.30 1.71 5.00 16.00 35.00 80.00 1500.00 Assays Uncut 4243 72.84 2.08 5.00 16.00 35.00 80.00 4990.00 Comps Cut 1691 71.02 1.29 2.00 21.00 41.00 82.00 1270.00 Blocks KG 8184 65.64 0.63 6.00 34.00 58.00 85.00 334.00 Blocks NN 8184 65.64 1.26 0.00 20.00 38.00 74.00 1021.00 QUARTZ MONZODIORITE Assays Cut 1393 16.42 1.66 5.00 5.00 7.00 17.00 375.00 Assays Uncut 1393 16.42 1.66 5.00 5.00 7.00 17.00 375.00 Comps Cut 588 15.61 1.37 1.00 5.00 8.00 17.00 222.00 Blocks KG 14070 9.37 0.87 0.00 3.00 7.00 13.00 72.00 Blocks NN 14070 10.23 1.74 0.00 0.00 5.00 12.00 222.00 LOW GRADE QM (14) Assays Cut 214 20.33 2.03 5.00 5.00 8.00 18.00 470.00 Assays Uncut 214 20.33 2.03 5.00 5.00 8.00 18.00 470.00 Comps Cut 91 20.00 1.69 3.00 5.00 10.00 20.00 277.00 Blocks KG 177 17.38 0.78 1.00 8.00 13.00 26.00 114.00 Blocks NN 177 15.93 1.30 0.00 5.00 7.00 18.00 135.00 DYKES Assays Cut 579 31.21 2.57 5.00 5.00 9.00 29.00 1500.00 Assays Uncut 579 34.32 4.24 5.00 5.00 9.00 29.00 3300.00 Comps Cut 281 27.72 2.14 1.00 5.00 9.00 27.00 782.00
TABLE D-2: SOUTH OYU STATISTICS SUMMARY
METAL DOMAIN VALUE NUMBER MEAN CV MIN Q25 Q50 Q75 MAX =================================================================================================================== Cu% ALL Assays Cut 6,026 0.33 1.21 0.00 0.05 0.23 0.46 6.38 Assays Uncut 6,026 0.33 1.23 0.00 0.05 0.23 0.46 6.38 Comps Cut 2,745 0.27 1.24 0.00 0.02 0.17 0.41 3.18 Blocks KG 46,039 0.22 0.79 0.01 0.07 0.20 0.32 2.24 Blocks NN 46,039 0.21 1.18 0.00 0.02 0.12 0.31 2.73 SOUTH OF S2 Assays Cut 246 0.10 1.63 0.00 0.01 0.01 0.16 0.82 Assays Uncut 246 0.10 1.63 0.00 0.01 0.01 0.16 0.82 Comps Cut 100 0.10 1.53 0.00 0.01 0.01 0.20 0.61 BETWEEN S1 AND S2 Assays Cut 2,340 0.44 0.89 0.00 0.20 0.36 0.59 3.78 Assays Uncut 2,340 0.44 0.90 0.00 0.20 0.36 0.59 3.78 Comps Cut 1,012 0.40 0.91 0.00 0.15 0.34 0.54 2.73 Blocks KG 18,680 0.34 0.50 0.01 0.22 0.31 0.42 2.24 Blocks NN 18,680 0.33 0.83 0.00 0.16 0.30 0.43 2.73 BETWEEN SWO AND S1 Assays Cut 867 0.19 1.22 0.00 0.02 0.10 0.29 1.96 Assays Uncut 867 0.19 1.22 0.00 0.02 0.10 0.29 1.96 Comps Cut 378 0.17 1.21 0.00 0.01 0.10 0.28 1.16 Blocks KG 7,924 0.17 0.60 0.01 0.09 0.15 0.24 0.58 Blocks NN 7,924 0.16 1.47 0.00 0.01 0.09 0.18 1.17 QUART MONZODIORITE Assays Cut 1,818 0.22 1.11 0.00 0.04 0.13 0.33 2.26 Assays Uncut 1,818 0.22 1.12 0.00 0.04 0.13 0.33 2.54 Comps Cut 928 0.17 1.25 0.00 0.01 0.08 0.26 1.25 Blocks KG 19,435 0.12 1.00 0.01 0.03 0.06 0.19 0.68 Blocks NN 19,435 0.12 1.46 0.00 0.01 0.05 0.16 1.25 OXIDE Assays Cut 743 0.45 1.46 0.00 0.05 0.25 0.54 6.38 Assays Uncut 743 0.46 1.49 0.00 0.05 0.25 0.54 6.38 Comps Cut 309 0.37 1.45 0.00 0.02 0.17 0.46 3.18 Au gpt ALL Assays Cut 6,025 0.10 2.77 0.00 0.02 0.04 0.09 10.06 Assays Uncut 6,025 0.11 3.69 0.00 0.02 0.04 0.09 15.20 Comps Cut 2,745 0.08 2.29 0.00 0.01 0.04 0.08 4.38 Blocks KG 43,284 0.08 1.22 0.00 0.03 0.05 0.10 1.49 Blocks NN 43,284 0.08 2.73 0.00 0.01 0.03 0.07 4.38 SOUTH OF S2 Assays Cut 246 0.07 3.30 0.01 0.01 0.01 0.05 2.75 Assays Uncut 246 0.07 3.30 0.01 0.01 0.01 0.05 2.75 Comps Cut 100 0.07 2.17 0.01 0.01 0.02 0.05 0.82 BETWEEN S1 AND S2 Assays Cut 2,340 0.14 2.78 0.01 0.03 0.06 0.14 10.06 Assays Uncut 2,340 0.15 3.63 0.01 0.03 0.06 0.14 15.20 Comps Cut 1,012 0.13 2.20 0.00 0.02 0.06 0.14 4.38 Blocks KG 16,248 0.13 1.07 0.00 0.06 0.10 0.15 1.49 Blocks NN 16,248 0.13 2.39 0.00 0.03 0.06 0.13 4.38 BETWEEN SWO AND S1 Assays Cut 867 0.05 1.86 0.01 0.01 0.03 0.05 1.00 Assays Uncut 867 0.05 1.88 0.01 0.01 0.03 0.05 1.08 Comps Cut 378 0.05 1.77 0.00 0.01 0.03 0.05 0.92 Blocks KG 7,606 0.04 0.57 0.00 0.03 0.04 0.05 0.21 Blocks NN 7,606 0.04 1.35 0.00 0.01 0.02 0.04 0.41 QUART MONZODIORITE Assays Cut 1,818 0.08 1.81 0.01 0.02 0.04 0.07 1.00 Assays Uncut 1,818 0.09 3.39 0.01 0.02 0.04 0.07 7.95 Comps Cut 928 0.06 1.74 0.00 0.01 0.03 0.06 1.00 Blocks KG 19,430 0.05 0.68 0.00 0.03 0.04 0.07 0.33 Blocks NN 19,430 0.04 1.73 0.00 0.01 0.02 0.04 1.00 OXIDE Assays Cut 742 0.09 2.21 0.01 0.01 0.03 0.08 2.35 Assays Uncut 742 0.09 2.21 0.01 0.01 0.03 0.08 2.35 Comps Cut 309 0.07 1.87 0.00 0.01 0.03 0.07 1.05

METAL DOMAIN VALUE NUMBER MEAN CV MIN Q25 Q50 Q75 MAX ======================================================================================================================== Mo ppm ALL Assays Cut 6,026 21.48 1.82 0.00 5.00 7.00 21.00 400.00 Assays Uncut 6,026 22.25 2.56 0.00 5.00 7.00 21.00 2720.00 Comps Cut 2,745 18.42 1.74 0.00 5.00 7.00 19.00 386.00 Blocks KG 46,007 17.91 1.18 0.00 7.00 11.00 21.00 267.00 Blocks NN 46,007 18.11 1.75 0.00 5.00 6.00 18.00 386.00 SOUTH OF S2 Assays Cut 246 9.81 1.31 5.00 5.00 5.00 5.00 100.00 Assays Uncut 246 9.81 1.31 5.00 5.00 5.00 5.00 100.00 Comps Cut 100 10.05 1.21 5.00 5.00 5.00 5.00 64.00 BETWEEN S1 AND S2 Assays Cut 2,340 17.09 1.67 5.00 5.00 5.00 18.00 300.00 Assays Uncut 2,340 17.71 2.42 5.00 5.00 5.00 18.00 1540.00 Comps Cut 1,012 15.25 1.35 0.00 5.00 7.00 18.00 213.00 Blocks KG 18,653 15.95 0.84 0.00 8.00 12.00 19.00 121.00 Blocks NN 18,653 16.16 1.36 0.00 5.00 7.00 19.00 213.00 BETWEEN SWO AND S1 Assays Cut 867 49.84 1.54 5.00 5.00 14.00 57.00 400.00 Assays Uncut 867 53.55 2.28 5.00 5.00 14.00 57.00 2720.00 Comps Cut 378 44.64 1.49 0.00 5.00 13.00 59.00 386.00 Blocks KG 7,924 35.20 1.11 0.00 8.00 20.00 49.00 267.00 Blocks NN 7,924 33.42 1.73 0.00 5.00 7.00 29.00 386.00 QUARTZ MONZODIORITE Assays Cut 1,818 20.20 1.25 5.00 5.00 12.00 25.00 320.00 Assays Uncut 1,818 20.20 1.25 5.00 5.00 12.00 25.00 320.00 Comps Cut 928 15.63 1.28 0.00 5.00 9.00 21.00 173.00 Blocks KG 19,430 12.74 0.80 0.00 5.00 10.00 17.00 82.00 Blocks NN 19,430 13.73 1.50 0.00 5.00 5.00 15.00 159.00 OXIDE Assays Cut 743 9.38 1.36 5.00 5.00 5.00 9.00 168.00 Assays Uncut 743 9.38 1.36 5.00 5.00 5.00 9.00 168.00 Comps Cut 309 8.74 1.20 0.00 5.00 5.00 9.00 88.00
TABLE D-3: CENTRAL OYU STATISTICS SUMMARY
METAL DOMAIN VALUE NUMBER MEAN CV MIN Q25 Q50 Q75 MAX ======================================================================================================================= Cu% ALL Assays Cut 11,564 0.43 1.12 0.00 0.06 0.29 0.62 5.22 Assays Uncut 11,564 0.43 1.15 0.00 0.06 0.29 0.62 5.87 Comps Cut 5,380 0.37 1.19 0.00 0.04 0.21 0.57 4.51 Blocks KG 61,351 0.24 1.22 0.01 0.07 0.13 0.25 2.75 Blocks NN 61,351 0.24 1.45 0.00 0.02 0.10 0.32 4.14 COVELLITE Assays Cut 2,225 0.55 0.45 0.00 0.38 0.51 0.68 2.30 Assays Uncut 2,225 0.55 0.45 0.00 0.38 0.51 0.68 2.30 Comps Cut 884 0.55 0.36 0.01 0.41 0.52 0.66 1.43 Blocks KG 4,769 0.55 0.19 0.07 0.48 0.54 0.60 1.23 Blocks NN 4,769 0.55 0.35 0.00 0.41 0.52 0.66 1.42 COVELLITE HIGH GRADE Assays Cut 991 1.17 0.50 0.00 0.79 1.05 1.43 4.50 Assays Uncut 991 1.18 0.52 0.00 0.79 1.05 1.43 4.84 Comps Cut 399 1.16 0.42 0.12 0.83 1.05 1.41 2.93 Blocks KG 2,095 1.22 0.21 0.67 1.03 1.20 1.39 2.08 Blocks NN 2,095 1.15 0.45 0.12 0.80 1.06 1.44 2.93 CHALCOPYRITE Assays Cut 1,458 0.70 0.54 0.00 0.43 0.63 0.89 2.78 Assays Uncut 1,458 0.70 0.54 0.00 0.43 0.63 0.89 2.78 Comps Cut 588 0.69 0.47 0.00 0.46 0.63 0.87 2.35 Blocks KG 3,077 0.71 0.23 0.32 0.60 0.69 0.81 1.35 Blocks NN 3,077 0.68 0.44 0.00 0.48 0.64 0.84 2.35 CHALCOCITE Assays Cut 683 0.96 0.74 0.00 0.49 0.75 1.26 5.22 Assays Uncut 683 0.97 0.77 0.00 0.49 0.75 1.26 5.87 Comps Cut 276 0.93 0.64 0.00 0.50 0.75 1.22 4.51 Blocks KG 1,478 0.95 0.31 0.38 0.73 0.89 1.13 2.75 Blocks NN 1,478 0.96 0.69 0.01 0.48 0.73 1.24 4.14 BACKGROUND Assays Cut 4,850 0.14 1.26 0.00 0.03 0.07 0.20 2.09 Assays Uncut 4,850 0.14 1.26 0.00 0.03 0.07 0.20 2.09 Comps Cut 2,357 0.12 1.29 0.00 0.02 0.06 0.18 1.58 Blocks KG 49,924 0.12 0.75 0.01 0.06 0.11 0.17 0.90 Blocks NN 49,924 0.12 1.32 0.00 0.02 0.05 0.17 1.54 - ----------------------------------------------------------------------------------------------------------------------- Au gpt ALL Assays Cut 11,562 0.13 2.10 0.00 0.02 0.05 0.12 3.00 Assays Uncut 11,562 0.13 1.99 0.00 0.02 0.05 0.12 5.25 Comps Cut 5,380 0.11 2.02 0.00 0.01 0.04 0.10 3.00 Blocks KG 60,997 0.08 1.50 0.00 0.03 0.05 0.08 1.77 Blocks NN 60,998 0.07 2.16 0.00 0.01 0.03 0.07 3.00 COVELLITE Assays Cut 2,224 0.10 1.29 0.01 0.03 0.07 0.12 1.23 Assays Uncut 2,224 0.10 1.29 0.01 0.03 0.07 0.12 1.23 Comps Cut 884 0.10 1.18 0.01 0.04 0.07 0.11 1.00 Blocks KG 4,766 0.10 0.70 0.01 0.06 0.08 0.11 0.61 Blocks NN 4,766 0.10 1.24 0.01 0.04 0.07 0.11 1.00 COVELLITE HIGH GRADE Assays Cut 990 0.23 1.12 0.01 0.07 0.12 0.28 1.30 Assays Uncut 990 0.23 1.18 0.01 0.07 0.12 0.28 2.30 Comps Cut 399 0.22 1.04 0.01 0.08 0.12 0.28 1.30 Blocks KG 2,095 0.21 0.56 0.05 0.12 0.19 0.28 0.90 Blocks NN 2,095 0.21 1.02 0.01 0.08 0.13 0.25 1.30 CHALCOPYRITE Assays Cut 1,458 0.44 1.16 0.01 0.12 0.26 0.54 3.00 Assays Uncut 1,458 0.45 1.25 0.01 0.12 0.26 0.54 5.25 Comps Cut 588 0.44 1.06 0.00 0.13 0.27 0.57 3.00 Blocks KG 3,020 0.42 0.67 0.07 0.21 0.36 0.55 1.77 Blocks NN 3,020 0.41 1.13 0.00 0.11 0.24 0.52 3.00 CHALCOCITE Assays Cut 682 0.09 1.14 0.01 0.03 0.06 0.10 0.80 Assays Uncut 682 0.09 1.17 0.01 0.03 0.06 0.10 1.00 Comps Cut 276 0.08 1.01 0.01 0.03 0.06 0.10 0.53 Blocks KG 1,185 0.08 0.60 0.02 0.05 0.08 0.10 0.40 Blocks NN 1,185 0.08 1.03 0.01 0.03 0.05 0.08 0.53 BACKGROUND Assays Cut 4,850 0.05 1.70 0.01 0.01 0.03 0.06 1.00 Assays Uncut 4,850 0.05 1.80 0.01 0.01 0.03 0.06 1.70 Comps Cut 2,357 0.05 1.65 0.00 0.01 0.02 0.05 0.99 Blocks KG 49,924 0.05 0.70 0.00 0.03 0.04 0.06 0.51 Blocks NN 49,924 0.04 1.51 0.00 0.01 0.03 0.05 0.99

METAL DOMAIN VALUE NUMBER MEAN CV MIN Q25 Q50 Q75 MAX ==================================================================================================================== Mo ppm ALL Assays Cut 11,564 41.47 1.59 0.00 7.00 19.00 46.00 800.00 Assays Uncut 11,564 43.48 2.11 0.00 7.00 19.00 46.00 3100.00 Comps Cut 5,380 35.60 1.52 0.00 5.00 16.00 42.00 785.00 Blocks KG 61,058 28.80 1.00 0.00 10.00 19.00 37.00 437.00 Blocks NN 61,058 26.81 1.63 0.00 5.00 13.00 29.00 785.00 COVELLITE Assays Cut 2,225 63.44 1.37 5.00 15.00 34.00 77.00 800.00 Assays Uncut 2,225 63.93 1.44 5.00 15.00 34.00 77.00 1115.00 Comps Cut 884 63.49 1.16 4.00 17.00 38.00 82.00 656.00 Blocks KG 4,769 61.05 0.70 6.00 28.00 53.00 84.00 437.00 Blocks NN 4,769 62.71 1.26 0.00 17.00 336.00 78.00 510.00 COVELLITE HIGH GRADE Assays Cut 991 58.63 1.33 5.00 18.00 38.00 71.00 800.00 Assays Uncut 991 58.65 1.33 5.00 18.00 38.00 71.00 820.00 Comps Cut 399 59.08 1.08 5.00 23.00 44.00 76.00 785.00 Blocks KG 2,095 55.36 0.50 5.00 36.00 50.00 69.00 191.00 Blocks NN 2,095 51.21 1.03 0.00 19.00 37.00 64.00 785.00 CHALCOPYRITE Assays Cut 1,458 45.25 1.53 5.00 13.00 23.00 45.00 400.00 Assays Uncut 1,458 53.60 2.59 5.00 13.00 23.00 45.00 2240.00 Comps Cut 588 44.80 1.33 0.00 15.00 25.00 48.00 400.00 Blocks KG 3,077 50.36 0.80 6.00 28.00 40.00 60.00 378.00 Blocks NN 3,077 50.65 1.20 0.00 17.00 27.00 62.00 400.00 CHALCOCITE Assays Cut 683 59.18 1.16 5.00 11.00 36.00 84.00 400.00 Assays Uncut 683 61.05 1.36 5.00 11.00 36.00 84.00 1092.00 Comps Cut 276 55.48 1.02 3.00 12.00 36.50 75.00 348.00 Blocks KG 1,185 57.12 0.64 5.00 30.00 51.00 76.00 226.00 Blocks NN 1,185 56.43 1.04 3.00 13.00 31.00 82.00 348.00 BACKGROUND Assays Cut 4,850 27.81 1.80 5.00 5.00 12.00 26.00 500.00 Assays Uncut 4,850 29.58 2.85 5.00 5.00 12.00 26.00 3100.00 Comps Cut 2,357 23.13 1.74 0.00 5.00 10.00 24.00 500.00 Blocks KG 49,924 22.60 0.95 0.00 9.00 16.00 29.00 313.00 Blocks NN 49,924 20.19 1.62 0.00 5.00 10.00 21.00 443.00
TABLE D-4: FAR NORTH STATISTICS SUMMARY
METAL DOMAIN VALUE NUMBER MEAN CV MIN Q25 Q50 Q75 MAX =================================================================================================================== Cu % ALL Assays Cut 14,708 0.80 1.12 0.00 0.14 0.58 1.11 10.65 Assays Uncut 14,708 0.80 1.13 0.00 0.14 0.58 1.11 10.65 Comps Cut 4,159 0.82 1.05 0.00 0.18 0.63 1.12 9.56 Blocks KG 103,213 0.53 0.87 0.00 0.24 0.41 0.65 6.30 Blocks NN 103,213 0.50 1.11 0.00 0.11 0.37 0.69 9.56 GRADE SHELL - IGNIMBRITE Assays Cut 3,813 1.04 0.55 0.00 0.65 1.00 1.39 4.80 Assays Uncut 3,813 1.04 0.55 0.00 0.65 1.00 1.39 4.80 Comps Cut 1,040 1.06 0.46 0.01 0.71 1.04 1.38 2.65 Blocks KG 14,884 1.04 0.26 0.18 0.85 1.03 1.24 1.90 Blocks NN 14,884 0.99 0.52 0.01 0.65 0.95 1.34 2.82 GRADE SHELL - AUGITE BASALT Assays Cut 2,534 0.91 0.54 0.00 0.62 0.83 1.12 4.52 Assays Uncut 2,534 0.91 0.54 0.00 0.62 0.83 1.12 4.52 Comps Cut 763 0.94 0.46 0.01 0.68 0.87 1.12 3.43 Blocks KG 8,271 0.98 0.25 0.30 0.80 0.97 1.14 2.46 Blocks NN 8,271 0.97 0.49 0.01 0.68 0.90 1.17 3.43 HIGH GRADE SHELL Assays Cut 1,414 2.49 0.59 0.01 1.61 2.37 3.12 10.65 Assays Uncut 1,414 2.49 0.59 0.01 1.61 2.37 3.12 10.65 Comps Cut 389 2.60 0.48 0.01 1.87 2.41 3.23 9.56 Blocks KG 1,968 2.57 0.25 0.85 2.11 2.47 2.95 6.30 Blocks NN 1,968 2.62 0.48 0.01 1.87 2.42 3.35 9.56 BACKGROUND Assays Cut 5,887 0.31 1.17 0.00 0.04 0.20 0.47 2.50 Assays Uncut 5,887 0.32 1.27 0.00 0.04 0.20 0.47 7.62 Comps Cut 1,649 0.32 1.04 0.00 0.07 0.23 0.48 2.50 Blocks KG 71,035 0.35 0.49 0.01 0.22 0.35 0.47 1.48 Blocks NN 71,035 0.32 0.87 0.00 0.08 0.25 0.52 1.69 DYKES Assays Cut 593 0.21 1.27 0.00 0.02 0.08 0.32 1.41 Assays Uncut 593 0.21 1.27 0.00 0.02 0.08 0.32 1.41 Comps Cut 172 0.21 1.18 0.00 0.03 0.09 0.30 1.25 Blocks KG 7,054 0.17 0.88 0.01 0.04 0.12 0.25 0.83 Blocks NN 7,054 0.15 1.43 0.00 0.01 0.05 0.22 1.25 SEDIMENTS Assays Cut 466 0.02 1.56 0.00 0.01 0.01 0.01 0.27 Assays Uncut 466 0.02 1.56 0.00 0.01 0.01 0.01 0.27 Comps Cut 145 0.02 1.25 0.00 0.01 0.01 0.01 0.19 Au gpt ALL Assays Cut 13,120 0.07 1.53 0.00 0.02 0.04 0.07 1.76 Assays Uncut 13,120 0.07 2.21 0.00 0.02 0.04 0.07 7.20 Comps Cut 3,972 0.07 1.41 0.00 0.02 0.04 0.07 1.39 Blocks KG 68,744 0.07 0.92 0.00 0.03 0.05 0.08 0.77 Blocks NN 68,744 0.06 1.39 0.00 0.02 0.04 0.07 1.39 GRADE SHELL - IGNIMBRITE Assays Cut 3,524 0.04 0.79 0.01 0.02 0.03 0.05 0.30 Assays Uncut 3,524 0.04 0.83 0.01 0.02 0.03 0.05 0.54 Comps Cut 1,023 0.04 0.69 0.01 0.02 0.03 0.05 0.26 Blocks KG 14,884 0.04 0.39 0.01 0.03 0.04 0.05 0.12 Blocks NN 14,884 0.04 0.73 0.01 0.02 0.03 0.05 0.26 GRADE SHELL - AUGITE BASALT Assays Cut 2,474 0.08 1.53 0.01 0.03 0.05 0.08 1.76 Assays Uncut 2,474 0.08 1.53 0.01 0.03 0.05 0.08 1.76 Comps Cut 757 0.09 1.37 0.01 0.03 0.05 0.09 1.39 Blocks KG 8,271 0.09 0.88 0.01 0.05 0.06 0.10 0.77 Blocks NN 8,271 0.08 1.34 0.01 0.03 0.05 0.09 1.39 HIGH GRADE SHELL Assays Cut 1,373 0.17 1.05 0.01 0.05 0.10 0.22 1.00 Assays Uncut 1,373 0.19 2.03 0.01 0.05 0.10 0.22 7.20 Comps Cut 385 0.17 0.92 0.01 0.06 0.11 0.23 0.82 Blocks KG 1,949 0.17 0.58 0.03 0.09 0.14 0.23 0.51 Blocks NN 1,949 0.18 0.98 0.01 0.05 0.11 0.24 0.82 BACKGROUND Assays Cut 4,964 0.06 1.53 0.00 0.02 0.03 0.06 1.00 Assays Uncut 4,964 0.06 1.91 0.00 0.02 0.03 0.06 3.70 Comps Cut 1,538 0.06 1.40 0.01 0.02 0.03 0.06 0.85 Blocks KG 41,786 0.06 0.89 0.01 0.03 0.05 0.08 0.75 Blocks NN 41,786 0.05 0.80 0.01 0.03 0.03 0.06 0.21 DYKES Assays Cut 502 0.05 0.91 0.01 0.02 0.04 0.07 0.30 Assays Uncut 502 0.05 1.17 0.01 0.02 0.04 0.07 0.96 Comps Cut 162 0.05 0.82 0.01 0.02 0.04 0.07 0.23 Blocks KG 1,853 0.05 0.48 0.01 0.03 0.05 0.06 0.12 Blocks NN 1,853 0.05 0.80 0.01 0.03 0.03 0.06 0.21 SEDIMENTS Assays Cut 282 0.02 0.77 0.01 0.01 0.01 0.02 0.09 Assays Uncut 282 0.02 0.77 0.01 0.01 0.01 0.02 0.09 Comps Cut 106 0.02 0.58 0.01 0.01 0.01 0.02 0.06

METAL DOMAIN VALUE NUMBER MEAN CV MIN Q25 Q50 Q75 MAX ==================================================================================================================== Mo ppm ALL Assays Cut 12,002 69.65 1.15 0.00 23.00 45.00 87.00 1000.00 Assays Uncut 12,002 71.19 1.53 0.00 23.00 45.00 87.00 6080.00 Comps Cut 3,687 68.30 0.98 0.00 25.00 48.00 90.00 885.00 Blocks KG 73,688 67.79 0.58 0.00 38.00 59.00 88.00 385.00 Blocks NN 73,688 73.90 1.32 0.00 23.00 45.00 86.00 885.00 GRADE SHELL - IGNIMBRITE Assays Cut 3,523 66.37 1.00 5.00 25.00 47.00 84.00 700.00 Assays Uncut 3,523 66.65 1.05 5.00 25.00 47.00 84.00 1070.00 Comps Cut 1,024 66.77 0.87 5.00 28.00 49.50 87.00 491.00 Blocks KG 14,880 65.34 0.53 12.00 38.00 58.00 85.00 283.00 Blocks NN 14,880 67.62 0.89 5.00 25.00 50.00 89.00 491.00 GRADE SHELL - AUGITE BASALT Assays Cut 2,337 86.08 0.90 5.00 34.00 65.00 110.00 500.00 Assays Uncut 2,337 88.09 1.07 5.00 34.00 65.00 110.00 1910.00 Comps Cut 724 83.74 0.76 7.00 38.00 66.00 111.00 397.00 Blocks KG 8,271 78.14 0.49 17.00 49.00 68.00 99.00 252.00 Blocks NN 8,271 77.64 0.86 7.00 32.00 56.00 101.00 397.00 HIGH GRADE SHELL Assays Cut 1,163 57.61 1.09 10.00 22.00 35.00 70.00 500.00 Assays Uncut 1,163 58.41 1.23 10.00 22.00 35.00 70.00 1210.00 Comps Cut 365 56.29 0.87 10.00 24.00 40.00 71.00 381.00 Blocks KG 1,968 54.70 0.49 11.00 37.00 50.00 66.00 196.00 Blocks NN 1,968 54.11 0.95 10.00 23.00 37.00 66.00 381.00 BACKGROUND Assays Cut 4,566 69.74 1.35 5.00 20.00 41.00 83.00 1000.00 Assays Uncut 4,566 72.28 2.01 5.00 20.00 41.00 83.00 6080.00 Comps Cut 1,420 68.03 1.14 5.00 21.00 44.00 87.00 885.00 Blocks KG 46,169 68.54 0.60 6.00 38.00 59.00 89.00 385.00 Blocks NN 46,169 77.90 1.46 5.00 20.00 45.00 86.00 885.00 DYKES Assays Cut 315 45.78 1.15 6.00 14.00 28.00 47.00 300.00 Assays Uncut 315 46.63 1.24 6.00 14.00 28.00 47.00 490.00 Comps Cut 119 43.97 0.99 10.00 16.00 28.00 49.00 227.00 Blocks KG 2,399 43.43 0.66 14.00 24.00 33.00 50.00 179.00 Blocks NN 2,399 39.26 1.11 10.00 16.00 26.00 38.00 227.00 SEDIMENTS Assays Cut 97 11.09 1.02 5.00 5.00 6.00 11.00 52.00 Assays Uncut 97 11.09 1.02 5.00 5.00 6.00 11.00 52.00 Comps Cut 34 12.59 0.83 5.00 5.00 7.00 16.00 41.00
[CENTRAL OYU, TOLGOI PROJECT: ASSAY Au Cp vs Bkgd 10m bin GRAPH] [CENTRAL OYU, TOLGOI PROJECT: ASSAY Mo Cv 0.3 vs Cv 0.7 10m bin GRAPH] [CENTRAL OYU, TOLGOI PROJECT: ASSAY Mo Cv vs Cc 10m bin GRAPH] [CENTRAL OYU, TOLGOI PROJECT: ASSAY Mo Cv vs Bkgd 10m bin GRAPH] [CENTRAL OYU, TOLGOI PROJECT: ASSAY Mo Cp 0.3 vs Bkgd 10m bin GRAPH] [CENTRAL OYU, TOLGOI PROJECT: ASSAY CV% Cv vs Cp 10m bin GRAPH] [CENTRAL OYU, OYU TOLGOI PROJECT: ASSAY Cu Cv vs Cp 10m bin GRAPH] [CENTRAL OYU, OYU TOLGOI PROJECT: ASSAY Cu Cv vs Cc 10m bin GRAPH] [CENTRAL OYU, OYU TOLGOI PROJECT: ASSAY Cu Cv vs Bkgd 10m bin GRAPH] [CENTRAL OYU, OYU TOLGOI PROJECT: ASSAY Cu Cp vs Bkgd 10m bin GRAPH] [CENTRAL OYU, TOLGOI PROJECT: ASSAY CP% Cv vs Cp 10m bin GRAPH] [CENTRAL OYU, TOLGOI PROJECT: ASSAY Au Cv vs Cp 10m bin GRAPH] [CENTRAL OYU, OYU TOLGOI PROJECT: ASSAY Au Cv 0.3 vs Cv 0.7 10m bin GRAPH] [CENTRAL OYU, TOLGOI PROJECT: ASSAY Au Cv vs Cc 10m bin GRAPH] [CENTRAL OYU, TOLGOI PROJECT: ASSAY Au Cv vs Bkgd 10m bin GRAPH] [CENTRAL OYU, TOLGOI PROJECT: ASSAY Mo Cv vs Cp 10m bin GRAPH] [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY Au DMAIN 1 vs 10 10m bin GRAPH] [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY Mo DMAIN 2 vs 10 10m bin GRAPH] [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY Mo DMAIN 1 vs 3 10m bin GRAPH] [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY Mo DMAIN 1 vs 2 10m bin GRAPH] [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY Cu DMAIN 2 vs 3 10m bin GRAPH] [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY Cu DMAIN 2 vs 10 10m bin GRAPH] [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY Cu DMAIN 1 vs 3 10m bin GRAPH] [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY Cu DMAIN 1 vs 2 10m bin GRAPH] [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY Cu DMAIN 1 vs 10 10m bin GRAPH] [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY Au DMAIN 2 vs 3 10m bin GRAPH] [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY Au DMAIN 2 vs 10 10m bin GRAPH] [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY Au DMAIN 1 vs 3 10m bin GRAPH] [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY Au DMAIN 1 vs 2 10m bin GRAPH] [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY Mo DMAIN 2 vs 3 10m bin GRAPH] [SOUTH OYU, TOLGOI PROJECT: ASSAY Au D2 vs D3 10m bin GRAPH] [SOUTH OYU, TOLGOI PROJECT: 5m COMP Cu D2 vs D3 10m bin GRAPH] [SOUTH OYU, TOLGOI PROJECT: ASSAY Cu D2 vs D3 10m bin GRAPH] [SOUTH OYU, TOLGOI PROJECT: 5m COMP Au D2 vs D3 10m bin GRAPH] [SOUTH OYU, TOLGOI PROJECT: ASSAY Mo D2 vs D3 10m bin GRAPH] [SOUTH WEST OYU, TOLGOI PROJECT: ASSAY Au Au ZONE vs Va 10m bin GRAPH] [SOUTH WEST OYU, TOLGOI PROJECT: ASSAY Mo Au ZONE vs Va 10m bin GRAPH] [SOUTH WEST OYU, OYU TOLGOI PROJECT: ASSAY Cu QMD vs Va 10m bin GRAPH] [SOUTH WEST OYU, OYU TOLGOI PROJECT: ASSAY Cu Au ZONE vs Va 10m bin GRAPH] [SOUTH WEST OYU, TOLGOI PROJECT: ASSAY Au QMD vs Va 10m bin GRAPH] [SOUTH WEST OYU, TOLGOI PROJECT: ASSAY Mo QMD vs Va 10m bin GRAPH] APPENDIX E - -------------------------------------------------------------------------------- MODEL VALIDATION HERCO Plots Bias Charts Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [SOUTH WEST OYU DOMAIN 1 Cu [SOUTH WEST OYU DOMAIN 1 Au AUGITE BASALT GRAPH] AUGITE BASALT GRAPH] [SOUTH WEST OYU DOMAIN 1 Cu [SOUTH WEST OYU DOMAIN 1 Au AUGITE BASALT GRAPH] AUGITE BASALT GRAPH] [SOUTH WEST OYU DOMAIN 1 Cu [SOUTH WEST OYU DOMAIN 1 Au AUGITE BASALT GRAPH] AUGITE BASALT GRAPH] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [SW OYU DOMAIN 2 Cu [SW OYU DOMAIN 2 Au HIGH GOLD ZONE GRAPH] HIGH GOLD ZONE GRAPH] [SW OYU DOMAIN 2 Cu [SW OYU DOMAIN 2 Au HIGH GOLD ZONE GRAPH] HIGH GOLD ZONE GRAPH] [SW OYU DOMAIN 2 Cu [SW OYU DOMAIN 2 Au HIGH GOLD ZONE GRAPH] HIGH GOLD ZONE GRAPH] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [SOUTH OYU DOMAIN 2 Cu GRAPH] [SOUTH OYU DOMAIN 2 Au GRAPH] [SOUTH OYU DOMAIN 2 Cu GRAPH] [SOUTH OYU DOMAIN 2 Au GRAPH] [SOUTH OYU DOMAIN 2 Cu GRAPH] [SOUTH OYU DOMAIN 2 Au GRAPH] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [SOUTH OYU DOMAIN 3 Cu [SOUTH OYU DOMAIN 3 Au BETWEEN SWO AND S1 GRAPH] BETWEEN SWO AND S1 GRAPH] [SOUTH OYU DOMAIN 3 Cu [SOUTH OYU DOMAIN 3 Au BETWEEN SWO AND S1 GRAPH] BETWEEN SWO AND S1 GRAPH] [SOUTH OYU DOMAIN 3 Cu [SOUTH OYU DOMAIN 3 Au BETWEEN SWO AND S1 GRAPH] BETWEEN SWO AND S1 GRAPH] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [SOUTH OYU DOMAIN 4 Cu [SOUTH OYU DOMAIN 4 Au QUARTZ MONZODIORITE GRAPH] QUARTZ MONZODIORITE GRAPH] [SOUTH OYU DOMAIN 4 Cu [SOUTH OYU DOMAIN 4 Au QUARTZ MONZODIORITE GRAPH] QUARTZ MONZODIORITE GRAPH] [SOUTH OYU DOMAIN 4 Cu [SOUTH OYU DOMAIN 4 Au QUARTZ MONZODIORITE GRAPH] QUARTZ MONZODIORITE GRAPH] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [CENTRAL OYU DOMAIN 1 BLOCKS Cu [CENTRAL OYU DOMAIN 1 BLOCKS Au COVELLITE GRAPH] COVELLITE GRAPH] [CENTRAL OYU DOMAIN 1 BLOCKS Cu [CENTRAL OYU DOMAIN 1 BLOCKS Au COVELLITE GRAPH] COVELLITE GRAPH] [CENTRAL OYU DOMAIN 1 BLOCKS Cu [CENTRAL OYU DOMAIN 1 BLOCKS Au COVELLITE GRAPH] COVELLITE GRAPH] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [CENTRAL OYU DOMAIN 2 BLOCKS Cu [CENTRAL OYU DOMAIN 2 BLOCKS Au HIGH GRADE COVELLITE GRAPH] HIGH GRADE COVELLITE GRAPH] [CENTRAL OYU DOMAIN 2 BLOCKS Cu [CENTRAL OYU DOMAIN 2 BLOCKS Au HIGH GRADE COVELLITE GRAPH] HIGH GRADE COVELLITE GRAPH] [CENTRAL OYU DOMAIN 2 BLOCKS Cu [CENTRAL OYU DOMAIN 2 BLOCKS Au HIGH GRADE COVELLITE GRAPH] HIGH GRADE COVELLITE GRAPH] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [CENTRAL OYU DOMAIN 3 BLOCKS Cu [CENTRAL OYU DOMAIN 3 BLOCKS Au CHALCOPYRITE GRAPH] CHALCOPYRITE GRAPH] [CENTRAL OYU DOMAIN 3 BLOCKS Cu [CENTRAL OYU DOMAIN 3 BLOCKS Au CHALCOPYRITE GRAPH] CHALCOPYRITE GRAPH] [CENTRAL OYU DOMAIN 3 BLOCKS Cu [CENTRAL OYU DOMAIN 3 BLOCKS Au CHALCOPYRITE GRAPH] CHALCOPYRITE GRAPH] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [FAR NORTH DOMAIN 1 BLOCKS Cu [FAR NORTH DOMAIN 2 BLOCKS Cu MINERALIZED ENVELOPE - IGNIMBRITE MINERALIZED ENVELOPE - AUGITE BASALT GRAPH] GRAPH] [FAR NORTH DOMAIN 1 BLOCKS Cu [FAR NORTH DOMAIN 2 BLOCKS Cu MINERALIZED ENVELOPE - IGNIMBRITE MINERALIZED ENVELOPE - AUGITE BASALT GRAPH] GRAPH] [FAR NORTH DOMAIN 1 BLOCKS Cu [FAR NORTH DOMAIN 2 BLOCKS Cu MINERALIZED ENVELOPE - IGNIMBRITE MINERALIZED ENVELOPE - AUGITE BASALT GRAPH] GRAPH] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [FAR NORTH DOMAIN 3 BLOCKS Cu HIGH GRADE ENVELOPE GRAPH] [FAR NORTH DOMAIN 3 BLOCKS Cu HIGH GRADE ENVELOPE GRAPH] [FAR NORTH DOMAIN 3 BLOCKS Cu HIGH GRADE ENVELOPE GRAPH] APPENDIX F - -------------------------------------------------------------------------------- SECTIONS [OYU TOLGOI PROJECT - CENTRAL OYU GRAPH] [OYU TOLGOI PROJECT - SOUTH WEST OYU GRAPH] [OYU TOLGOI PROJECT - SOUTH WEST OYU GRAPH] [OYU TOLGOI PROJECT - SOUTH WEST OYU GRAPH] [OYU TOLGOI PROJECT - SOUTH OYU GRAPH] [OYU TOLGOI PROJECT - FAR NORTH OYU GRAPH] [OYU TOLGOI PROJECT - FAR NORTH OYU GRAPH] [OYU TOLGOI PROJECT - SOUTH WEST OYU GRAPH] IMPORTANT NOTICE This report was prepared exclusively for Ivanhoe Mines Ltd. (Ivanhoe) by AMEC E&C Services Limited (AMEC). The quality of information, conclusions and estimates contained herein is consistent with the level of effort involved in AMEC's services and based on: i) information available at the time of preparation, ii) data supplied by outside sources and iii) the assumptions, conditions and qualifications set forth in this report. This report is intended to be used by Ivanhoe only, subject to the terms and conditions of its contract with AMEC. Any other use of, or reliance on, this report by any third party is at that party's sole risk. [AMEC LOGO] CERTIFICATE OF AUTHOR Stephen J. Juras, P.Geo. 111 Dunsmuir Street, Suite 400 Vancouver, BC Tel: (604) 664-4349 Fax: (604) 664-3041 stephen.juras@amec.com I, Stephen J. Juras, P.Geo., am a Professional Geoscientist, employed as Principal Geologist of AMEC E&C Services Limited and residing at 9030 161 Street in the City of Surrey in the Province of British Columbia. I am a member of the Association of Professional Engineers and Geoscientists of British Columbia. I graduated from the University of Manitoba with a Bachelor of Science (Honours) degree in geology in 1978 and subsequently obtained a Master of Science degree in geology from the University of New Brunswick in 1981 and a Doctor of Philosophy degree in geology from the University of British Columbia in 1987. I have practiced my profession continuously since 1987 and have been involved in: mineral exploration for copper, zinc, gold and silver in Canada and United States and in underground mine geology, ore control and resource modelling for copper, zinc, gold, silver, tungsten, platinum/palladium and industrial mineral properties in Canada, United States, Peru, Chile, Vietnam and Russia. As a result of my experience and qualifications, I am a Qualified Person as defined in N.P. 43-101. I am currently a Consulting Geologist and have been so since January 1998. From January 12, 2003 until January 24, 2002 I visited the Oyu Tolgoi project in Mongolia for the purposes of reviewing pertinent geological data in sufficient detail to independently support the data incorporated into estimating the 2003 Oyu Tolgoi mineral resource. I also helped to direct the mineral estimation work for the Oyu Tolgoi project. This report was prepared under my direct supervision. I am not aware of any material fact or material change with respect to the subject matter of this technical report that is not reflected in this report and that the omission to disclose would make this report misleading. I am independent of Ivanhoe Mines Limited in accordance with the application of Section 1.5 of National Instrument 43-101. AMEC E&C Services Limited 111 Dunsmuir Street, Suite 400 Vancouver, B.C. V6B 5W3 Tel +1 604 664 3471 Fax +1 604 664 3041 www.amec.com 2 [AMEC LOGO] I have read National Instrument 43-101 and Form 43-101 Fl and this report has been prepared in compliance with same. Dated at Vancouver, British Columbia, this 24th day of March, 2003. - -s- Stephen J. Juras - -------------------------------- Stephen J. Juras, Ph.D., P.Geo. [SEAL] [AMEC LETTER HEAD] CONSENT OF QUALIFIED PERSON TO: The securities regulatory authorities of each of the provinces and territories of Canada I, Stephen Juras, Ph.D., P.Geo., do hereby consent to the filing of the technical report prepared for Ivanhoe Mines Limited and dated February 24, 2003 in respect of the Oyu Tolgoi Mine project, Mongolia. DATED at this 24 day of March, 2003. -s- Stephen Juras ------------------------------ Stephen Juras, Ph.D., P. GEO. [SEAL] IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA
CONTENTS - --------------------------------------------------------------------------------------- 1.0 SUMMARY........................................................... 1-1 2.0 INTRODUCTION AND TERMS OF REFERENCE............................... 2-1 3.0 DISCLAIMER........................................................ 3-1 4.0 PROPERTY DESCRIPTION AND LOCATION................................. 4-1 4.1 Mineral Tenure............................................ 4-1 4.2 Permits and Agreements.................................... 4-1 4.3 Environmental Impact Assessment........................... 4-2 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY...................................................... 5-1 6.0 HISTORY........................................................... 6-1 7.0 GEOLOGICAL SETTING................................................ 7-1 7.1 Regional Geology.......................................... 7-1 7.2 Oyu Tolgoi Property Geology............................... 7-1 7.3 Southwest Oyu Deposit..................................... 7-2 7.4 South Oyu Deposit......................................... 7-4 7.5 Central Oyu Deposit....................................... 7-4 7.6 Far North Oyu Deposit..................................... 7-5 8.0 DEPOSIT TYPES..................................................... 8-1 9.0 MINERALIZATION.................................................... 9-1 9.1 Southwest Oyu Deposit..................................... 9-1 9.2 South Oyu Deposit......................................... 9-1 9.3 Central Oyu Deposit....................................... 9-1 9.4 Far North Oyu Deposit..................................... 9-2 9.5 Oxidized Zone............................................. 9-2 10.0 EXPLORATION....................................................... 10-1 11.0 DRILLING.......................................................... 11-1 12.0 SAMPLING METHOD AND APPROACH...................................... 12-1 13.0 SAMPLE PREPARATION, ANALYSES AND SECURITY......................... 13-1 13.1 Sample Preparation and Shipment........................... 13-1 13.2 Assay Method.............................................. 13-2 13.3 QA/QC Program............................................. 13-2 14.0 DATA VERIFICATION................................................. 14-1 15.0 ADJACENT PROPERTIES............................................... 15-1 16.0 MINERAL PROCESSING AND METALLURGICAL TESTING...................... 16-1 17.0 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES.................... 17-1 17.1 Data Analysis............................................. 17-1 17.2 Evaluation of Extreme Grades.............................. 17-4
March 2003 [AMEC LOGO] TOC...i [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 17.3 Variography............................................... 17-5 17.4 Model Set-up.............................................. 17-8 17.5 Estimation................................................ 17-8 17.6 Mineral Resource Classification........................... 17-15 17.7 Mineral Resource Summary.................................. 17-15 18.0 OTHER RELEVANT DATA AND INFORMATION............................... 18-1 19.0 REQUIREMENTS FOR TECHNICAL REPORTS ON PRODUCTION AND DEVELOPMENT PROPERTIES........................................................ 19-1 20.0 CONCLUSIONS AND RECOMMENDATIONS................................... 20-1 21.0 REFERENCES........................................................ 21-1

FIGURES - --------------------------------------------------------------------------------------- Figure 4-1: Location Map.................................................... 4-3 Figure 4-2: Oyu Tolgoi Licence in Relation to Neighbouring Tenements........ 4-4 Figure 10-1: Project Drilling Update......................................... 10-3 Figure 10-2: Ground Magnetics................................................ 10-4 Figure 13-1: SRM Failure Chart............................................... 13-3 Figure 13-2: Blank Sample Results for Gold................................... 13-4 Figure 13-3: Blank Sample Results for Copper................................. 13-4 Figure 13-4: Blank Sample Results for Molybdenum............................. 13-5 Figure 13-5: Southwest Oyu Duplicate Data Analysis - Copper (%).............. 13-6 Figure 13-6: Southwest Oyu Duplicate Data Analysis - Gold (g/t).............. 13-7 Figure 13-7: South Oyu Duplicate Data Analysis - Copper (%).................. 13-7 Figure 13-8: Cental Oyu Duplicate Data Analysis - Copper (%)................. 13-8 Figure 13-9: Far North Duplicate Data Analysis - Copper (%).................. 13-8 Figure 13-10: Relative Difference Gold Bias Plot.............................. 13-11 Figure 13-11: Relative Difference Copper Bias Plot............................ 13-11

TABLES - --------------------------------------------------------------------------------------- Table 1-1: Oyu Tolgoi Project Mineral Resource Summary - Total Project (24 February 2003).................................................. 1-4 Table 13-1: Duplicate Sample Analyses, Oyu Tolgoi Project................... 13-6 Table 17-1: Mineralized Domains, Oyu Tolgoi Project......................... 17-2 Table 17-2: Cap Grades for Cu, Au and Mo Assays, Oyu Tolgoi Project......... 17-5 Table 17-3: Variogram Parameters for Copper (all main domains) and Gold (SW gold zone only), Oyu Tolgoi Project............................. 17-7 Table 17-4: Interpolation Parameters for SW, SO, CO and FN models........... 17-9 Table 17-5: Statistical Summary for KG and NN Estimates, Southwest Oyu...... 17-12 Table 17-6: Statistical Summary for KG and NN Estimates, South Oyu.......... 17-12 Table 17-7: Statistical Summary for KG and NN Estimates, Central Oyu........ 17-13 Table 17-8: Statistical Summary for KG and NN Estimates, Far North Oyu...... 17-14 Table 17-9: Oyu Tolgoi Project Mineral Resource Summary - Total Project (24 February 2003).................................................. 17-15
March 2003 [AMEC LOGO] TOC...ii [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA Table 17-10: Oyu Tolgoi Project Mineral Resource Summary - by Deposit (24 February 2003).................................................. 17-16 Table 17-11: Oyu Tolgoi Project Mineral Resource Summary - by Depth per Deposit (24 February 2003)...................................... 17-17

APPENDICES - -------------------------------------------------------------------------------- A Project Logging Sheet and Description B Composited Assay Values C Standard Reference Material (SRM) Charts D Data Analysis E Model Validation F Sections March 2003 [AMEC LOGO] TOC...iii [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 1.0 SUMMARY Ivanhoe Mines Ltd. (Ivanhoe) has asked AMEC E&C Services Limited (AMEC) to provide an independent mineral resource estimate and Qualified Person's review and Technical Report for the Oyu Tolgoi project in Mongolia. The work entailed estimating the mineral resources of the four deposits that comprise the Oyu Tolgoi project in conformance with the CIM Mineral Resource and Mineral Reserve definitions referred to in National Instrument (NI) 43-101, Standards of Disclosure for Mineral Projects. It also involved the preparation of a Technical Report as defined in NI 43-101 and in compliance with Form 43-101F1 (the "Technical Reports"). Dr. Harry Parker, Ch.P.Geol., and Dr. Stephen Juras, P.Geo., employees of AMEC, directed the mineral resource estimation work and review of the geological data. Dr. Parker visited the project site between 25 and 29 August 2002 and Dr. Juras from 12 to 23 January 2003. Dr. Stephen Juras, P.Geo., an employee of AMEC, served as the Qualified Person responsible for preparing this Technical Report. The Oyu Tolgoi project consists of copper-gold-molybdenum mineralization in a mid Paleozoic Cu-Au porphyry system. It is located in the Aimag (Province) of Omnogov, in the South Gobi region of Mongolia, about 530 km south of the capital city of Ulaanbaatar and 80 km north of the border with China. The Oyu Tolgoi project comprises Mineral Exploration Licence 66X, which covers an area of 8,496 ha. Ivanhoe Mines has been granted the exclusive right to explore within the bounds of its exploration licence. The current expiration date is 2 February 2004. This represents the second and final allowable extension of this type of licence, and the next application will have to be for a mining lease. Upon transfer of the exploration licence from the original licensee, BHP-Billiton, Ivanhoe agreed to a 2% NSR royalty. Royalties potentially payable to the Mongolian government will be equal to 2.5% of the sales value of all products extracted from the mining claim that are sold, shipped for sale, or used. Oyu Tolgoi occurs in an early to mid Paleozoic island arc environment that is part of the Gurvansayhan terrane. The arc terrane is dominated by basaltic volcanics and intercalated volcanogenic sediments, intruded by plutonic-size hornblende-bearing granitoids of mainly quartz monzodiorite to possibly granitic composition. Carboniferous sedimentary rocks overlie this assemblage. Property geology consists of massive porphyritic augite basalt, which underlies much of the central part of the exploration block. Dacitic to andesitic ash flow tuffs, several hundred metres in thickness, overlie the augite basalt. The southern edge of a large body of hornblende granodiorite outcrops along the northern margin of the exploration block. A wide variety of felsic to mafic dykes are found throughout the exploration block and in drill holes. These include porphyritic quartz monzodiorite dykes that may be genetically related to the Cu-Au porphyry systems. Based on satellite imagery and geophysical interpretations, major structures trend N35E and N70E. March 2003 [AMEC LOGO] SECTION 1-1 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA Four Cu-Au (Mo) deposits are identified within the project area: Southwest Oyu, South Oyu, Central Oyu and Far North Oyu. The Southwest Oyu deposit is an Au-rich porphyry system, characterized by a pipe-like geometry, encompassing a high-grade core (>1 g Au/t) about 250 m in diameter and extending over 700 m vertically. The deposit is centred on quartz monzodiorite dykes, possibly oriented N70E. Over 80% of the deposit is hosted by massive porphyritic basalt. Strong quartz veining (>20% volume) and secondary biotite alteration define the core of the porphyry system. Cu-Fe sulphide mineralization in the Southwest Oyu deposit consists mainly of finely disseminated pyrite-chalcopyrite and minor bornite. Molybdenite is also common but occurs mainly on late structures. South Oyu is a copper porphyry deposit, developed mainly in basaltic volcanics and related to small, strongly sericite altered quartz monzodiorite dykes. It is characterized by secondary biotite, magnetite and moderate intensity quartz veining (10% by volume), with strong late-stage overprinting by sericite-chlorite-smectite (intermediate argillic alteration). The main sulphide minerals are chalcopyrite and bornite. Unlike the nearby Southwest Oyu system, it is not gold-rich. Cu-Fe sulphide mineralization at the South Oyu deposit consists of finely disseminated pyrite-chalcopyrite and bornite. As at Southwest Oyu, molybdenite occurs locally on late-stage structures. The South Oyu deposit is bounded on its north and south sides by major N70E-oriented faults. The Central Oyu deposit includes high-sulphidation (covellite-chalcocite) and Cu-Au porphyry styles (chalcopyrite-gold), as well as a chalcocite enrichment blanket. High-sulphidation (HS) alteration and mineralization are telescoped onto an underlying Au- rich porphyry system. The HS system is centred on multiply intruded quartz monzodiorite dykes characterized by a high intensity of porphyry-related quartz veining. The Central Oyu deposit contains several styles of mineralization; volumetrically the most important is finely disseminated pyrite-covellite-chalcocite. In addition, it is mineralogically complex and contains minor amounts of chalcopyrite, bornite, enargite, tetrahedrite and tennantite. The Far North Oyu deposit is a high-sulphidation (HS) type, hosted by dacitic ash flow tuff overlying basaltic volcanics. Sedimentary rocks overly the dacitic tuffs and cap the HS system. High-grade copper occurs as bornite-chalcocite or bornite-chalcopyrite associated with intense quartz veining. The high grade trends N35E and extends over a strike length more than over 1.5 km. It is zoned laterally to lower-grade, chalcopyrite-dominated mineralization and to pyrite-enargite. The database used to estimate the mineral resources for the Oyu Tolgoi project consists of samples and geological information from 199 core drill holes drilled by Ivanhoe between mid 2001 and early 2003, and 19 core holes drilled earlier by BHP-Billiton. Samples from the drill programs were prepared for analysis at an on-site facility operated by SGS-Analabs Pty. Ltd (Analabs). The samples were then shipped under the custody of Ivanhoe Mines to Ulaanbaatar for assaying at a non-certified March 2003 [AMEC LOGO] SECTION 1-2 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA facility operated by Analabs. Data transfer to the resource database was validated from original assay certificates through a 5% check of the database. Ivanhoe employs a comprehensive QA/QC program. Each sample batch contains four quality control samples, consisting of one duplicate split core sample and one uncrushed field blank, which are inserted prior to sample preparation; a reject or pulp preparation duplicate, which is inserted during sample preparation; and a reference material sample, which is inserted after sample preparation. A total of 20 different reference materials have been developed and used to monitor the assaying of six different ore types made up of varying combinations of chalcopyrite, bornite, primary and supergene chalcocite, enargite, covellite and molybdenite. Ivanhoe strictly monitors the performance of the standard reference material (SRM) samples as the assay results arrive at site. If a batch fails, it is re-assayed until it passes. AMEC reviewed Ivanhoe's SRM procedures at site and found them to be stringently adhered to. Results of field blanks show low incidence of contamination and confirm negligible contamination in the assay process. Duplicate performance of core, coarse reject and pulp duplicates was evaluated by AMEC and found to perform well within the respective accepted ranges. The current Ivanhoe QA/QC program exceeds industry standards and demonstrates that the assay process for Oyu Tolgoi is well in control. Samples assayed earlier (prior to drill hole OTD231) were poorly supported by QA/QC data. To assess any potential for bias, a major re-assay program (20% of the Southwest mineralized zone) was undertaken. Analysis of results confirmed the presence of a bias in the higher grade ranges for Au (>6 g/t) and Cu (>2%). Assays from that sampling period that exceeded the respective metal thresholds were adjusted downward by 14% for Au and 11% for Cu before resource estimation. The mineral resource estimates for the Oyu Tolgoi project were calculated under the direction of Dr. Harry Parker, Ch.P.Geol., and Dr. Stephen Juras, P.Geo. The estimates were made from 3-dimensional block models utilizing commercial mine planning software (MineSight(R)). Industry-accepted methods were used to create interpolation domains based on mineralized geology and grade estimation based on ordinary kriging. The assays were composited into 5 m down-hole composites. The compositing honoured the domain zone by breaking the composites on the domain code values. The Oyu Tolgoi estimation plans, or sets of parameters used for estimating blocks, were designed using a philosophy of restricting the number of samples for local estimation. AMEC has found this to be an effective method of reducing smoothing and producing estimates that match the Discrete Gaussian change-of-support model and ultimately the actual recovered grade-tonnage distributions. Reasonableness of grade interpolation was reviewed by visual inspection of sections and plans displaying block model grades, drill hole composites and geology. Good agreement was observed. Global and local bias checks in block models, using nearest-neighbour estimated values versus the ordinary kriged values, found no evidence of bias. March 2003 [AMEC LOGO] SECTION 1-3 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA The mineral resources of the Oyu Tolgoi project were classified using logic consistent with the CIM definitions referred to in National Instrument 43-101. All interpolated blocks within 150 m of a drill composite were assigned as Inferred Mineral Resources. The South, Central and Far North deposits all fall within this category. Based on this criterion, the Southwest deposit contains Inferred Mineral Resources as well, but the increased drill coverage at this deposit, together with the demonstrated confidence in the assayed values with a well-functioning QA/QC program, allowed a portion of the Southwest deposit to be classified as Indicated Mineral Resources. A two-step assignment process was used for the assignation: 1) within a domain, model blocks were assigned as Indicated Mineral Resources if composites from at least two drill holes, each no more than 70 m away from the block centre, were used to interpolate the block grade; and 2) along the gold zone domain contact, a block needed to be within 35 m of a drill hole. The mineralization of the Oyu Tolgoi project as of 24 February 2003 is classified as Indicated and Inferred Mineral Resources. The resources are shown in Table 1-1, reported at a copper equivalent Cut-off grade. The equivalent grade was calculated using only assumed metal prices for copper and gold. The assumed prices were US$0.80 for Cu and US$350/oz for gold. For convenience the formula is: - CuEq = %Cu + (g/t Au*11.25)/17.64 TABLE 1-1: OYU TOLGOI PROJECT MINERAL RESOURCE SUMMARY - TOTAL PROJECT (24 FEBRUARY 2003)
GRADES CONTAINED METAL CuEq ----------------------------------------- ---------------------------------- CUT-OFF GRADE CuEq Cu Au Mo AuEq Cu Cu Au (%) TONNES (%) (%) (g/t) (ppm) (g/t) TONNES (000S lb) (oz) - -------------------------------------------------------------------------------------------------------------------- Indicated >= 1.00 92,300,000 1.74 0.74 1.57 74 2.73 682,000 1,500,000 4,662,000 >= 0.70 188,000,000 1.26 0.60 1.04 69 1.98 1,120,000 2,470,000 6,310,000 >= 0.60 267,000,000 1.08 0.53 0.86 69 1.69 1,423,000 3,140,000 7,346,000 >= 0.50 355,500,000 0.95 0.48 0.73 67 1.48 1,706,000 3,760,000 8,349,000 >= 0.40 442,400,000 0.85 0.44 0.65 64 1.33 1,928,000 4,250,000 9,187,000 >= 0.30 508,900,000 0.78 0.40 0.59 61 1.23 2,058,000 4,540,000 9,689,000 >= 0.20 548,000,000 0.74 0.39 0.56 59 1.17 2,115,000 4,660,000 9,889,000 - -------------------------------------------------------------------------------------------------------------------- Inferred >= 1.00 348,700,000 1.41 1.27 0.23 61 2.22 4,427,000 9,757,000 2,533,000 >= 0.70 632,900,000 1.15 1.02 0.21 64 1.81 6,428,000 14,167,000 4,331,000 >= 0.60 811,700,000 1.04 0.90 0.21 65 1.63 7,344,000 16,186,000 5,485,000 >= 0.50 1,046,600,000 0.93 0.80 0.20 63 1.45 8,361,000 18,428,000 6,802,000 >= 0.40 1,315,800,000 0.83 0.71 0.19 60 1.30 9,305,000 20,508,000 8,070,000 >= 0.30 1,602,300,000 0.74 0.63 0.17 57 1.16 10,110,000 22,282,000 8,959,000 >= 0.20 2,019,100,000 0.64 0.54 0.15 53 1.00 10,953,000 24,140,000 9,816,000 - --------------------------------------------------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 1-4 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 2.0 INTRODUCTION AND TERMS OF REFERENCE Ivanhoe Mines Ltd. (Ivanhoe) has asked AMEC E&C Services Limited (AMEC) to provide an independent mineral resource estimate and Qualified Person's review and Technical Report for the Oyu Tolgoi project in Mongolia. The work entailed estimating the mineral resources of the four deposits that comprise the Oyu Tolgoi project in conformance with the CIM Mineral Resource and Mineral Reserve definitions referred to in National Instrument (NI) 43-101, Standards of Disclosure for Mineral Projects. It also involved the preparation of a Technical Report as defined in NI 43-101 and in compliance with Form 43-101F1 (the "Technical Reports"). Dr. Stephen Juras, P.Geo., an employee of AMEC, served as the Qualified Person responsible for preparing this Technical Report. Information and data for the independent resource estimate were obtained from Ivanhoe personnel in Vancouver and from the project site in Mongolia. Pertinent geological data were reviewed in sufficient detail to prepare this document. Dr. Harry Parker, Ch.P.Geol., and Dr. Stephen Juras, P.Geo., directed the mineral resource estimation work and review of the geological data. Dr. Parker visited the project site between 25 and 29 August 2002 and Dr. Juras from 12 to 23 January 2003. The Oyu Tolgoi project consists of four deposits: Southwest Oyu, South Oyu, Central Oyu and Far North Oyu. Throughout this report, these may be termed SW, SO, CO and FN, respectively. All units are in the metric system except contained metal quantities shown in the mineral resource summary tables, which are also expressed in troy ounces and pounds. March 2003 [AMEC LOGO] SECTION 2-1 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 3.0 DISCLAIMER No disclaimer statement was necessary for the preparation of this report. March 2003 [AMEC LOGO] SECTION 3-1 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 4.0 PROPERTY DESCRIPTION AND LOCATION The Oyu Tolgoi project is located in the South Gobi region of Mongolia, about 530 km south of the capital city of Ulaanbaatar and 80 km north of the border with China (Figure 4-1). The Oyu Tolgoi project comprises Mineral Exploration Licence 66X (Figure 4-2), which covers an area of 8,496 ha and is centred at latitude 43 degrees 00'45"N, longitude 106 degrees 51'15"E. 4.1 MINERAL TENURE Ivanhoe Mines has been granted the exclusive right to explore within the bounds of its exploration licence. The licence was originally issued to BHP-Billiton on 17 February 1997 and was revalidated on 14 October 2002 upon being transferred to Ivanhoe. The current expiration date is 2 February 2004. This represents the second and final allowable extension of this type of licence, and the next application will have to be for a mining lease. Exploration licence fees were US$1.50 per hectare in 2002 and 2003 (6th and 7th years of tenure). Thus, Ivanhoe has paid US$12,744 to the Mongolian government each year since acquiring the property. The Oyu Tolgoi property was legally surveyed in August 2002 by Surtech International Ltd. of Australia. 4.2 PERMITS AND AGREEMENTS Upon transfer of the exploration licence, Ivanhoe agreed to a 2% NSR royalty with BHP-Billiton. Royalties potentially payable to the Mongolian government are governed by Article 38 of the Mongolian Mineral Act, which states: "Royalties shall be equal to 2.5 per cent of the sales value of all products extracted from the mining claim that are sold, shipped for sale, or used. Royalties shall be equal to 7.5 per cent of the sales value of gold extracted from the placer that are sold, shipped for sale, or used." As part of licensee obligations for its exploration licence, Ivanhoe must comply with environmental protection obligations. An environmental plan must accompany the annual work plans submitted to the relevant soum, or district (Khan Bogd Soum). The original environmental performance bond was posted in 1998 by BHP-Billiton and is still retained by the soum for the ongoing work. Further requirements for environmental impact assessment are discussed below. The soum must also be paid for water and road usage. Payments are computed at the end of each calendar year on the extent of use. March 2003 [AMEC LOGO] SECTION 4-1 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA Archaeological surveys and excavations have been completed for the project area by the Institute of Archaeology at the Mongolian Academy of Science. Archaeological approvals have been granted for disturbance at the site. 4.3 ENVIRONMENTAL IMPACT ASSESSMENT Project development for Oyu Tolgoi is currently subject to environmental impact assessment (EIA) in accordance with Mongolian environmental laws. The process was initiated with the completion of the "Oyu Tolgoi Project Environmental Baseline Study" in October 2002. This document was submitted along with preliminary project descriptions for screening by the Ministry for Nature and Environment (MNE). The MNE has reviewed the documentation and prepared guidelines for the completion of a detailed EIA, tentatively planned to be submitted in the first quarter of 2004. Government negotiations on EIA and coordination of documentation are being carried out by Sustainability, an Australian consulting firm, on behalf of Ivanhoe Mines. In accordance with the requirements of Mongolian law, Eco Trade, a licensed Mongolian consulting company, has been contracted to complete the EIA. March 2003 [AMEC LOGO] SECTION 4-2 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA FIGURE 4-1: LOCATION MAP [LOCATION MAP] March 2003 [AMEC LOGO] SECTION 4-3 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA FIGURE 4-2: OYU TOLGOI LICENCE IN RELATION TO NEIGHBOURING TENEMENTS [OYU TOLGOI LICENCE IN RELATION TO NEIGHBOURING TENEMENTS MAP] March 2003 [AMEC LOGO] SECTION 4-4 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY Oyu Tolgoi is in the Aimag (Province) of Omnogov, approximately 530 km due south of Ulaanbaatar and 80 km north of the Chinese border. An unpaved road provides access from Ulaanbaatar, via Mandalgov (a 12-hour drive under good conditions); a 1.6 km long airstrip allows air access. The region has a continental, semi-desert climate with long cold winters and short warm summers. Total precipitation is approximately 100 mm and falls largely as rain in the late summer. Temperatures in an average year range from an extreme maximum of about 36 degrees to an extreme minimum of about -25 degrees. The region is covered by very sparse semi-desert vegetation and is used by a small number of nomadic herders who tend camels, goats and sheep. Several ephemeral streams cross the area and flow for a few short periods in an average summer. Water is widely available from shallow wells. The Trans Mongolian Railway passes 350 km northeast of the property. A major thermal coal deposit is located at Tavaan Tolgoi, approximately 110 km west-northwest of Oyu Tolgoi. The Oyu Tolgoi property ranges in elevation from 1,140 m to 1,215 m above sea level and consists largely of gravel-covered plains, with low hills along its northern and western borders. Scattered, small rock outcrops and colluvial talus are widespread within the northern, western and southern parts of the property. The porphyry copper-gold deposits are very largely covered by overburden and are only exposed in outcrop over a small area at Central and South Oyu. March 2003 [AMEC LOGO] SECTION 5-1 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 6.0 HISTORY A minor amount of copper was recovered from malachite and chrysocolla at South Oyu during the Bronze Age, as indicated by small circular pits and minor copper smelting slag (Tseveendorj and Garamjav, 1999). The Oyu Tolgoi district was explored by a joint Mongolian and Russian regional geochemical survey during the 1980s, when the Central Oyu area was identified as a molybdenum anomaly. Dondog Garamjav (now senior geologist with Ivanhoe Mines Mongolia) first visited Oyu Tolgoi in 1983 and found evidence of alteration and copper mineralization at South Oyu. In September 1996 he brought a team of Magma Copper geologists to the area, who identified a porphyry copper leached cap nearby. Exploration tenements were secured in late 1996. During the 1997 field season, BHP-Billiton, which had acquired Magma Copper, carried out geological, geochemical and geophysical surveys and completed a six-hole diamond-drilling program of 1,102 m (Perello, 2001). This program was designed to test the potential for secondary chalcocite mineralization at Central Oyu and for hypogene copper-gold mineralization at South Oyu. Drill hole OTD3 at Central Oyu intersected 10 m of 1.89% copper from 20 m below surface, and drill hole 4 at South Oyu encountered 70 m of 1.65% copper and 0.15 g/t gold at a depth of 56 m. A second drilling program of 17 widely spaced, relatively shallow holes (2,800 m total) was completed in 1998. Based on the results of this drilling, BHP-Billiton in 1999 estimated a preliminary resource of 438 Mt averaging 0.52% copper and 0.25 ppm gold (Perello, 2001). BHP-Billiton shut down its exploration in Mongolia in mid-1999 and offered its properties for joint venture. Ivanhoe Mines visited Oyu Tolgoi in May 1999 and made an agreement to acquire 100% interest in the property, subject to a 2% Net Smelter Royalty (NSR). Ivanhoe completed all of its earn-in requirements by June 2002 and became the owner of the property. Ivanhoe carried out 8,000 m of reverse circulation (RC) drilling in 2000, mainly at Central Oyu, to explore the chalcocite blanket discovered earlier by BHP-Billiton. Based on this drilling, Ivanhoe estimated an indicated resource of 31.7 Mt at 0.80% copper and an additional inferred resource of 11.2 Mt grading 0.78% copper (Cargill, 2002). In 2001, Ivanhoe continued RC drilling, mostly in the South Oyu area, to test possible oxide resources, and then completed three diamond drill holes to test the deep hypogene copper-gold potential. Hole 150 intersected 508 m of chalcopyrite-rich mineralization grading 0.81% copper and 1.17 g/t gold. Hole 159 intersected a 49 m thick chalcocite blanket grading 1.17% copper and 0.21 g/t gold, followed by 252 m of hypogene covellite mineralization grading 0.61% copper and 0.11 g/t gold. March 2003 [AMEC LOGO] SECTION 6-1 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA These three holes were sufficiently encouraging for Ivanhoe to mount a major follow-up drill program. In late 2002, drilling in the far northern section of the property intersected 638 m of bornite-chalcopyrite-rich mineralization in hole 270, starting at a depth of 222 m. This hole marked the discovery of the Far North Oyu deposit. By the end of 2002, approximately 120,000 m of diamond drilling had been completed, using up to 14 drill rigs. This drilling delineated resources in Southwest Oyu, Central Oyu, South Oyu and Far North Oyu, as documented in this report. March 2003 [AMEC LOGO] SECTION 6-2 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 7.0 GEOLOGICAL SETTING 7.1 REGIONAL GEOLOGY Oyu Tolgoi occurs in an early to mid Paleozoic island arc environment, which is part of the Gurvansayhan terrane (Badarch et al., 2002). This terrane hosts several other South Gobi porphyry deposits, including Tsagaan Survarga (140 km northwest of Oyu Tolgoi). The terrane is composed of lower to mid Paleozoic metasediments and island arc basalts that rest upon a lower Paleozoic ophiolite complex. The structure of the terrane is complex and is dominated by imbricate thrust sheets, dismembered blocks and melanges (Badarch et al., 2002). Devonian to Carboniferous diorite and monzodiorite intrusive complexes appear to be spatially (and genetically?) associated with a major northeast-trending suture zone termed the East Mongolian Fault Zone. This suture, thought to be active from mid Paleozoic to Mesozoic times, forms the southern boundary of the Gurvansayhan terrane. On the northwest margin of the Gurvansayhan terrane (100 to 130 km northwest of Oyu Tolgoi) several other Cu-Au porphyry systems and high-sulphidation alteration zones occur in an east-northeast-trending belt (e.g., Kharmagtai, Shuteen). The arc terrane, at 50 km scale around Oyu Tolgoi, is dominated by basaltic volcanics and intercalated volcanogenic sediments, intruded by plutonic-size hornblende-bearing granitoids of mainly quartz monzodiorite to possibly granitic composition. Carboniferous sedimentary rocks (identified by plant fossils) overlie this assemblage, including parts of the Oyu Tolgoi exploration area. In addition, the largest magmatic system near Oyu Tolgoi (7 km from porphyry alteration) is the Lower Permian, Na-alkalic Hanbogd Complex. The Hanbogd Complex appears to comprise two adjacent sub-circular intrusions up to 35 km in diameter, possibly emplaced along N70E structures. Satellite imagery reveals a concentric structure, which correlates to abundant pegmatite dykes. The pegmatites are enriched in Rare Earth elements and Zr. The Hanbogd Complex has a flat roof, as indicated by numerous basaltic wall rock roof pendants, and may therefore have a "pancake" or lopolithic structure. 7.2 OYU TOLGOI PROPERTY GEOLOGY The Oyu Tolgoi property consists of a rectangular block 10 km x 9 km in area in which exploration prospects are named by geographic location (South Oyu, Southwest Oyu, Central Oyu and Far North Oyu). In general, outcrops are sparse and constitute less than 20% of the area. A Neogene(?) piedmont outwash deposit forms a flat terrace dipping gently to the south and occupies a north-northwest-trending zone in the centre of the exploration block. This deposit comprises red clay and gravel and is up to 40 m thick. Two major south-southeast drainages incise this terrace and are filled by Quaternary sands and gravels. March 2003 [AMEC LOGO] SECTION 7-1 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA A tentative hardrock stratigraphy is based mainly on drilling data, as well as detailed mapping of the exploration block (1:5000 scale): 1. Drilling shows that massive porphyritic augite basalt underlies much of the central part of the exploration block; some drill holes in Southwest Oyu encounter augite basalt to depths of over 1,000 m. However, the structural attitude and true thickness of the augite basalt are unknown. The augite basalts in South and North Oyu are underlain or intercalated by laminated andesitic volaniclastics of unknown thickness. 2. Dacitic to andesitic ash flow tuffs, several hundred metres in thickness, overlie the augite basalt. 3. Sedimentary rocks, consisting mainly of green to red siltstones, minor conglomerate and carbonaceous shale, with intercalated auto-brecciated basaltic lava and tuff, overlie the ash flow tuffs. The sedimentary-basalt sequence is more than 500 m thick. Near the base of the sedimentary sequence, thin polymictic conglomerate beds entrain sericite-altered quartz monzodiorite, mineralized quartz vein and pyrite clasts eroded from a porphyry system, possibly Southwest Oyu. 4. Carboniferous plant fossils have been identified in laminated siltstone 3 km south of Southwest Oyu, but the relationship of this sequence to mineralized host rocks is not understood. The southern edge of a large body of hornblende granodiorite outcrops along the northern margin of the exploration block. A wide variety of felsic to mafic dykes are found throughout the exploration block and in drill holes. These include porphyritic quartz monzodiorite dykes that may be genetically related to the Cu-Au porphyry systems. Major structures trend N35E and N70E based on satellite imagery and geophysical interpretations. 7.3 SOUTHWEST OYU DEPOSIT The Southwest Oyu deposit is an Au-rich porphyry system, characterized by a pipe-like geometry, encompassing a high-grade core (>1 g Au/t) about 250 m in diameter and extending over 700 m vertically. The deposit is centred on small (metres to tens of metres wide) quartz monzodiorite dykes, possibly oriented N70E. Over 80% of the deposit is hosted by massive porphyritic basalt. Strong quartz veining (>20% volume) and secondary biotite alteration define the core of the porphyry system. There is no outward sericite zone; instead, weak epidote occurs at about a 600 m radius. The high-grade core is enclosed by a large low-grade ore shell (0.3% Cu; 0.3 g Au/t) 600 m x 2,000 m in area. The system is low sulphide (<5%), and the Cu-Au is related to chalcopyrite. Bornite is minor (<20%). Moderate to strong hydrothermal magnetite and gypsum-anhydrite mineralization are characteristic. March 2003 [AMEC LOGO] SECTION 7-2 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA The porphyry system is related to several generations of porphyritic quartz monzodiorite (Qmd) dykes intruding massive porphyritic augite basalt. The earliest Qmd dykes (OT-Qmd) occur in the high-grade core of the deposit; they are small (metres to tens of metres wide) and may be discontinuous between drill holes. The OT-Qmd dykes are strongly quartz-veined (>20% by volume) and exhibit intense sericite alteration that overprints and obscures early K-silicate alteration (mainly biotite). Detailed logging suggests that the OT-Qmd is a multiply injected dyke swarm intruded as high-temperature quartz veining and K-silicate alteration developed, with later dykes entraining early quartz vein clasts (but not sulphide mineralization). On the northwest and east side of the high-grade core, relatively large quartz monzodiorite dykes (10 m to 50 m wide) with moderate to strong sericite alteration and weak sulphide mineralization are intruded in N25E to N70E directions. These dykes are regarded as intra- to post-mineral, but although they delimit the high-grade core of the deposit, they generally are not observed to cut high-grade mineralization. Hence the role of these dykes may be to provide a structural focus for the late mineralizing fluids. They also host sporadic Au-rich base metal veins at a radius of about 600 m from the centre of the high-grade zone. The east side of the deposit is interpreted from ground-magnetics and drill data to comprise an N25E-trending 80NW-dipping structural zone intruded by the late quartz monzodiorite dykes. Since these dykes dip to the northwest, they underlie the high-grade orebody at depths >800 m. Although weakly Cu-mineralized, the N25E dyke zone exhibits Au:Cu ratios of <1 (Au in g/t, Cu in %), a characteristic of the adjacent South Oyu deposit rather than Southwest Oyu. Strongly sericite-altered dykes along the N25E fault zone may represent the root zones for high sulphidation alteration, of which remnants are preserved in a down-faulted corridor extending north-northeast from Southwest Oyu. In the core of the Southwest Oyu deposit, early K-silicate alteration and quartz veining was followed by volumetrically minor implosion breccias characterized by shard-like, angular clasts of quartz vein, OT-Qmd and biotite-altered basalt wall rock clasts. These breccias contain early chalcopyrite as clasts or mineralized fragments, but also exhibit late pyrite-chalcopyrite mineralization in their matrix. A highly irregular xenolithic quartz monzodiorite (i.e., entraining the breccia clasts) intrudes the implosion breccia. This intrusion varies from relatively unaltered to intensely altered and exhibits spectacular zones of coarse minerals including biotite, muscovite, tourmaline, pyrite and albite. Tourmaline occurs in rosettes up to 20 cm in diameter, while other coarse minerals may form crystals up to centimetres in size. Patches of massive pyrite and interstitial bornite occur locally with the "coarse mineral" alteration. These alteration assemblages show an evolution to strong hydrolytic alteration in the core of the deposit, coupled with final stages of mineralization and quartz monzodiorite intrusion. March 2003 [AMEC LOGO] SECTION 7-3 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 7.4 SOUTH OYU DEPOSIT South Oyu is a copper porphyry deposit, developed mainly in basaltic volcanics and related to small, strongly-sericite altered quartz monzodiorite dykes. It is characterized by secondary biotite, magnetite and moderate intensity quartz veining (10% by volume), with strong late-stage overprinting by sericite-chlorite-smectite (intermediate argillic alteration). The main sulphide minerals are chalcopyrite and bornite. Unlike the nearby Southwest Oyu system, it is not gold-rich. The geometry of the system is poorly understood, but the prospect area covers about 400 m x 300 m in area, and mineralization extends to depths of over 500 m. The South Oyu deposit is located at Turquoise Hill, where secondary copper as malachite and minor turquoise has been exploited, possibly during the Bronze Age period. The main oxide cap corresponds to Turquoise Hill, and malachite covers an area of 300 m x 80 m along a northwest-oriented ridge. Three ancient pits are located along this ridge. The oxide zone is 40 m thick and assays up to 4% Cu over 2 m drill core samples, but overall grades are not known. Two smaller areas of malachite, each about 100 m x 30 m, occur nearby on lower topographic ridges. Hypogene porphyry mineralization beneath the oxide cap is mainly chalcopyrite-bornite in basaltic volcanics with low pyrite content. Possibly due to the low sulphide content, chalcocite is not widely developed at South Oyu. South Oyu is intruded by sericite-altered quartz monzodiorite dykes, with weak to locally strong Cu mineralization, and by post-mineral andesite, rhyolite and basalt dykes. The post-mineral dykes are usually small (metres) but may occupy up to 50% of the rock volume. The South Oyu deposit is bounded on its north and south sides by major N70E-oriented faults. Based on limited drill data and ground magnetic response, the northern fault juxtaposes a thick sequence of sedimentary rocks (~200 m thick) that cap high-sulphidation alteration and mineralization against South Oyu, while the southern fault appears to delimit different and largely unmineralized volcanic and sedimentary rocks. 7.5 CENTRAL OYU DEPOSIT The Central Oyu deposit includes high-sulphidation (covellite-chalcocite) and Cu-Au porphyry styles (chalcopyrite-gold), as well as a chalcocite enrichment blanket. High-sulphidation (HS) alteration and mineralization are telescoped onto an underlying Au- rich porphyry system. The HS system is centred on multiply intruded quartz monzodiorite dykes characterized by a high intensity of porphyry-related quartz veining. The quartz monzodiorite dykes have a complex geometry, and consequently their distribution and structural controls are poorly understood. They intrude porphyritic augite basalt and possibly dacitic ash flow tuff, but volcanic rocks may comprise less than 20% of the deposit at upper levels (0 to 300 m depth). March 2003 [AMEC LOGO] SECTION 7-4 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA The Central Oyu deposit is partly exposed as an elevated hill, about 1 km south of South Oyu. The outcropping zone consists of intensely clay-altered, silicified and quartz-veined quartz monzodiorite, and minor tectonic breccia. A vertical profile exhibits an oxide zone 40 m to 60 m, usually devoid of mineralization, overlying a chalcocite enrichment zone (up to 40 m thick), followed downward by pyrite-covellite-hypogene chalcocite that may extend to depths of more than 400 m. The covellite-chalcocite zone is highly pyritic (10%) and is hosted by buff coloured advanced argillic-altered quartz monzodiorite. The best covellite-chacocite mineralization correlates to the highest intensity of quartz veining, suggesting that this mineralization is inherited from earlier porphyry copper mineralization. Current interpretations of the Central Oyu deposit (principally as defined by covellite- chalcocite and advanced argillic alteration) indicate it may be somewhat "funnel-shaped," suggesting that high-sulphidation alteration extended upward to a paleosurface. Laterally at the margins and at depth, the advanced argillic zone shows a transition to intermediate argillic and chlorite alteration assemblages that overprint early biotite alteration. Chalcopyrite mineralization at these margins is commonly gold-rich, either relict from early Au-rich porphyry mineralization or possibly HS-related. 7.6 FAR NORTH OYU DEPOSIT The Far North Oyu deposit is a high-sulphidation (HS) type, hosted by dacitic ash flow tuff overlying basaltic volcanics. Sedimentary rocks overlie the dacitic tuffs and cap the HS system. High-grade copper (>2%) occurs as bornite-chalcocite or bornite-chalcopyrite associated with intense quartz veining (75% to 90% by volume). The high grade trends N35E and extends over a strike length more than over 1.5 km. It is zoned laterally to lower-grade, chalcopyrite-dominated mineralization and to pyrite-enargite. Porphyry-type quartz veining, strong biotite at depth in basaltic volcanics and sericite- altered quartz monzodiorite intrusions indicate that the HS system is telescoped onto an underlying porphyry system. March 2003 [AMEC LOGO] SECTION 7-5 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 8.0 DEPOSIT TYPES The Oyu Tolgoi deposits are Cu-Au porphyry and related high-sulphidation Cu-Au mineralization types. Cu-Au porphyry deposits are low-grade bulk tonnage, where copper sulphides are finely disseminated in a large volume of rock. High-sulphidation Cu-Au deposits for Oyu Tolgoi have similar characteristics, and both types are amenable to large-scale open pit or underground block cave mining. March 2003 [AMEC LOGO] SECTION 8-1 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 9.0 MINERALIZATION 9.1 SOUTHWEST OYU DEPOSIT Cu-Fe sulphide mineralization in the Southwest Oyu deposit consists mainly of finely disseminated pyrite-chalcopyrite and minor bornite. The mineralization is related to a late-stage sericite and sericite-chlorite-albite overprint, which affects the quartz monzodiorite intrusions and basaltic wall rocks, respectively. Molybdenite is also common but occurs mainly on late structures. Bornite is subordinate to chalcopyrite and is estimated to comprise less than 20% of the copper mineralization. The bulk of the orebody is within basaltic wall rocks, with less than 20% hosted by quartz monzodiorite. Mineralization is characterized by high Au content. Au:Cu ratios (Au in g/t, Cu in %) vary from 0.5 to 3, with highest ratios in the deeper part of the deposit and possibly in the core of the porphyry system. 9.2 SOUTH OYU DEPOSIT Cu-Fe sulphide mineralization at the South Oyu deposit consists of finely disseminated pyrite-chalcopyrite and bornite. Bornite may be dominant in the most strongly mineralized zones (Cu>1%). As at South West Oyu, molybdenite occurs locally on late-stage structures. 9.3 CENTRAL OYU DEPOSIT The Central Oyu deposit contains several styles of mineralization; volumetrically the most important is finely disseminated pyrite-covellite-chalcocite. The covellite mineralization generally averages about 0.7% Cu and is characterized by high pyrite content (7% to 10%). In addition, it is mineralogically complex and contains minor amounts of chalcopyrite, bornite, enargite, tetrahedrite and tennantite. A chalcocite enrichment blanket (up to 40 m thick) is developed over parts of the Central Oyu deposit and usually corresponds directly to the most strongly quartz-veined zones in quartz monzodiorite. The quartz-veined zones are also typically strongly covellite mineralized, thereby suggesting an inheritance from earlier porphyry mineralization, although there are exceptions where strong covellite correlates to the intensity of advanced argillic alteration rather than quartz vein intensity. However, polished section mineralogy indicates that the chalcocite is derived from chalcopyrite-bornite (shown by relict grains enclosed in chalcocite) and is therefore directly from the porphyry progenitor rather than indirectly from covellite. The base of the supergene chalcocite zone is mixed with covellite over metres to tens of metres. March 2003 [AMEC LOGO] SECTION 9-1 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 9.4 FAR NORTH OYU DEPOSIT The high-grade zone (>2% Cu) at Far North Oyu is dominated by bornite but is mixed with chalcopyrite and chalcocite in about equal proportions. Bornite-chalcocite is dominant in the south part of the high-grade zone, while bornite-chalcopyrite dominates to the north. In addition, some varieties of high-grade ore are dominated by fine disseminated chalcocite. Pyrite is ubiquitous but usually less abundant than the copper sulphides in high-grade ore. Moderate-grade (1% to 2% Cu) mineralization contains a mixture of chalcopyrite-bornite-chacocite-pyrite and is dominated by chalcopyrite, while low-grade mineralization (<0.8% Cu) is generally pyrite-rich and may be mixed with minor enargite. 9.5 OXIDIZED ZONE A deep oxidized zone occurs at Oyu Tolgoi. Although present water tables are in the order of 6 m to 8 m below the surface (average elevation 1,160 m), paleowater tables (which may be related to deep weathering during the Cretaceous) are 40 m to 60 m deep over most of the deposits. Owing to high pyrite contents inherent to high- sulphidation alteration, Central Oyu is characterized by 40 m to 60 m of highly leached, soft white clay with limonite and minor jarosite on fractures. A 5 m thick siliceous regolith above the clay covers a small hill at Central Oyu. At South Oyu, which is also a hill, malachite and minor turquoise occur in the oxide zone to depths of 40 m (or base of oxidation). This mineralization is developed above richer zones of chalcopyrite-bornite mineralization. At South Oyu, hypogene Cu (sulphides) are almost completely removed in the oxide zone, but at Southwest Oyu, the oxide zone assays low-grade Cu and Au. This is possibly due to partial depletion of sulphide, but it is also likely that high-grade mineralization does not reach the present surface, as Cu:Au ratios are unchanged. Because of the low sulphide contents of South and Southwest Oyu, no significant supergene chalcocite has developed. The host rocks are dominated by basalt, and so the oxidized zone is characterized by green-yellow clays (possibly chlorite-smectite) and limonite on fractures. Calcite filling fractures is also common within the oxide zone over basaltic rocks. March 2003 [AMEC LOGO] SECTION 9-2 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 10.0 EXPLORATION Exploration at Oyu Tolgoi has been mainly by remote sensing and geophysical methods, including satellite image interpretation, detailed ground magnetics, Bouguer gravity and gradient array induced polarization (IP), as well as extensive drilling. Gradient array IP has been conducted on north-south and subsequently east-west lines at 200 m line spacing, with electrode spacing up to 11 km. Drill holes have been targeted to test IP chargeability targets or structural zones. Outcropping prospects (Southwest, South and Central Oyu) have been mapped at 1:1000 scale. The central part of the exploration block was mapped at 1:5000 scale in 2001, and the entire block was mapped at 1:10,000 scale in 2002. As described below, geophysical methods have been the most important exploration tool. The initial geophysical surveys conducted by BHP-Billiton in 1996 consisted of airborne magnetics, ground magnetics and gradient array IP. The airborne magnetic survey was flown on 300 m spaced east-west lines approximately 100 m above surface level. The ground magnetic survey and IP survey were on 250 m line spacing; the latter showed chargeability anomalies over Central, South and Southwest Oyu. In 2001, subsequent to the Southwest Oyu high-grade discovery hole 150, Ivanhoe contracted Delta Geoscience of B.C., Canada, to conduct gradient array IP on 100 m spaced north-south lines over the 3 km x 4 km core block of Oyu Tolgoi. Using multiple current electrode (AB) spacing ranging from 1,000 m to 3,600 m, the sulphide assemblages in Southwest, South and Central Oyu were clearly defined on all of the AB plans, indicating significant vertical depth extents for the mineralization in all zones. The IP also defined a large, semi-circular feature with Central Oyu on the southern side and the Far North IP anomaly on the north side. Considerable speculation regarding the origin of this feature ensued, including the possibility of a pyritic halo surrounding a porphyry copper core to sulphides, or a ring structure around a volcanic caldera. Drill testing on 200 m spaced holes along the east-west extension of the Far North IP anomaly ultimately resulted in the drilling of hole 270 at the eastern end of the anomaly. This proved to be the discovery hole for Far North. With the recognition that the Far North high-grade copper zone might be trending north-northeast, Delta Geoscience re-oriented the IP survey lines to east-west and re-surveyed the core block of Oyu Tolgoi on 100 m spaced lines using multiple AB current electrode spacing. This survey resulted in an entirely different chargeability signature that now appears to reflect a continuous zone of sulphide mineralization extending north-northeasterly from the southwest end of Southwest Oyu through to the northernmost extent of the property, for a total strike length of approximately 5 km March 2003 [AMEC LOGO] SECTION 10-1 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA (Figure 10-1). The Southwest Oyu high-grade, near-vertical pipe clearly responds on this survey, becoming tightly constrained with depth. The Central Oyu mineralization now trends north to northeasterly and continues to be the dominant chargeability feature on the IP map, reflecting concentrations of pyrite up to 10% and the central covellite core of the high-sulphidation system. Extending north-northwesterly from Central Oyu, the strong IP anomaly reflecting 4% to 6% pyrite mineralization extends through Far North Oyu, with the high-grade copper mineralization intersected in hole 270 and subsequent drill holes flanking it on the east side. The contrast between the copper-rich sulphide mineralization and the pyrite-rich mineralization reflects the overall sulphide concentration and the depth of burial of the copper-rich zone. Detailed total field, ground magnetic surveys, reading 25 m x 5 m and 50 m x 10 m centres, have been completed over the full Oyu Tolgoi tenement (Figure 10-2). Although done in two surveys, the data were merged to produce a high-quality magnetic image of the block. The structural fabric of the property is clearly reflected by the magnetic survey, as are the hydrothermal magnetite-altered basalts underlying South and Southwest Oyu. The magnetite-rich, unmineralized basalts underlying the southern boundary of the property and buried under sedimentary cover on the east side are also clearly distinguished. The subtle, elongated magnetic features flanking the Far North copper-rich zone may be related to deeply buried, hydrothermal magnetite-rich basalt similar to Southwest Oyu. March 2003 [AMEC LOGO] SECTION 10-2 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA FIGURE 10-1: PROJECT DRILLING UPDATE [PROJECT DRILLING UPDATE MAP] March 2003 [AMEC LOGO] SECTION 10-3 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA FIGURE 10-2: GROUND MAGNETICS [GROUND MAGNETICS MAP] March 2003 [AMEC LOGO] SECTION 10-4 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 11.0 DRILLING Ivanhoe conducted diamond drilling at the site throughout 2002 and in early 2003. As of the mineral resource Cut-off date of 30 January 2003, drilling totals just over 121,000 m in 199 drill holes. The holes generally range in length from 60 m to 1,200 m, averaging 610 m. The locations of the drill holes are shown in Figure 10-1. Drilling was done by wireline method with H-size (HQ) and N-size (NQ) equipment. Up to 14 drill rigs were used. Upon completion, the collar and anchor rods were trimmed to about 0.5 m above ground and capped. Drill hole collars were located respective to a property grid. Proposed hole collars and completed collars were surveyed by a Nikon Theodolite instrument relative to 18 survey control stations recently established during a legal survey of the property in August 2002. Holes were drilled at a declination of between 45 degrees and 90 degrees, with the majority between 60 degrees and 70 degrees. Down-hole surveys were taken about every 50 m by the drill contractor using a multi-shot measurement system (RANGER survey instrument). This system has only been in use for relatively newer drill holes (OTD290 and above). A single-shot Sperry Sun instrument was used for holes drilled earlier. Standard logging and sampling conventions are used to capture information from the drill core. The core is logged in detail onto paper logging sheets (see Appendix A), and the data are then entered into the project database. The core is photographed prior to being sampled. AMEC reviewed the core logging and sampling procedures at site. Drill core was found to be well handled and maintained. Material was stored as stacked pallets in an organized "core farm." Data collection was competently done. Ivanhoe maintained consistency of observations from hole to hole and between different loggers by conducting regular internal checks. Core recovery in the mineralized units was excellent, usually between 95% and 100%. Very good to excellent recovery was observed in the mineralized intrusive sections checked by AMEC. Overall, the Ivanhoe drill program and data capture were performed in a competent manner. March 2003 [AMEC LOGO] SECTION 11-1 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 12.0 SAMPLING METHOD AND APPROACH Rock sampling for resource estimation has been conducted on diamond drill core obtained from holes drilled between May 2001 and February 2003. More than 200 holes, drilled in an area approximately 2 km x 4 km, were used for geological modelling and estimation. Collar spacing is approximately 100 m to 200 m. The holes are up to 1,200 m long and inclined between 45 degrees and 90 degrees. Samples are taken at 2 m intervals down the drill holes, excluding dykes that extend more than 10 m along the core length. NQ and HQ core sizes are drilled routinely, whereas PQ core is drilled primarily for metallurgical testing. One-half of each NG and HG core and one-quarter of each PG core is taken in the sampling. Since there are no adverse factors that would affect quality, all samples collected to date are considered representative of the mineralization being investigated. The core is split with a rock saw, flushed regularly with fresh water. Core recovery is good, with relatively few broken zones. To prevent sampling bias, the core is marked with a continuous linear cutting line before being split. Samples are placed in cloth bags and sent to the on-site preparation facility for processing. Reject samples are placed in bins on pallets and stored at site. Pulp samples are kept at the assaying facility for several months, then transferred to a warehouse in Ulaanbaatar. Significant composited assays for the Oyu Tolgoi project are shown in Appendix B. Only values greater than 0.30 wt% Cu were tabulated. March 2003 [AMEC LOGO] SECTION 12-1 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 13.0 SAMPLE PREPARATION, ANALYSES AND SECURITY 13.1 SAMPLE PREPARATION AND SHIPMENT Split core samples are prepared for analysis at an on-site facility operated by SGS-Analabs Pty. Ltd (Analabs). The samples are then shipped under the custody of Ivanhoe Mines to Ulaanbaatar, where they are assayed at a non-certified facility operated by Analabs. All sampling and QA/QC work is overseen on behalf of Ivanhoe Mines by Dale A. Sketchley, M.Sc., P.Geo., a geological consultant employed by Acuity Management Ltd. The samples are initially assembled into groups of 16, then interspersed with four quality control samples to make up a batch of 20. The quality control samples comprise one duplicate split core sample and one uncrushed field blank, which are inserted prior to sample preparation; a reject or pulp preparation duplicate, which is inserted during sample preparation; and a reference material sample, which is inserted after sample preparation. The duplicate split core, reject and pulp samples are used to monitor precision at the various stage of sample preparation, the field blank to monitor sample contamination or switches, and the reference material to monitor accuracy. Reference materials are obtained from round robin programs conducted to collect and prepare material of varying matrices and grades to formulate homogenous bulk material. Samples of this material have been sent to several international testing laboratories and the resulting assay data analyzed statistically to determine a representative mean value and standard deviation necessary for setting acceptance/rejection tolerance limits. Round robin programs are also conducted on barren material obtained from distant sources, away from the mineralized areas, to ensure that the material really is barren before being used for monitoring contamination or sample switching. A total of 20 different reference materials have been developed and used to monitor the assaying of six different ore types made up of varying combinations of chalcopyrite, bornite, primary and supergene chalcocite, enargite, covellite and molybdenite. Split core samples are prepared according to the following protocol: - The entire sample is crushed to 90% minus 2 mm. - A 1 kg subsample is riffle split from the crushed minus 2 mm sample and pulverized to 90% minus 75 (mu)/m (200 mesh). - A 150 g subsample is split off by taking multiple scoops from the pulverized 75 (mu)/m sample. March 2003 [AMEC LOGO] SECTION 13-1 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA - The 150 g subsample is placed in a kraft envelope, sealed with a folded wire top and prepared for shipping. All equipment is flushed with barren material and blasted with compressed air between each sampling procedure. Screen tests are done on one sample taken from each batch of crushed and pulverized material to ensure that sample preparation specifications are met. Prepared samples are placed in wooden shipping boxes, locked, sealed with tamper-proof tags and shipped to Ulaanbaatar for assaying. Sample shipment details are provided to the assaying facility both electronically and as paper hard copy accompanying each shipment. The assaying facility then confirms sample receipt and the state of the tamper-proof tags back to site. 13.2 ASSAY METHOD All samples are routinely assayed for gold, copper and molybdenum. Gold is determined using a 30 g fire assay fusion, cupelled to obtain a bead, and digested with Aqua Regia, followed by an AAS finish. Copper and molybdenum are determined by acid digestion of a 5 g subsample, followed by an AAS finish. Samples are digested with nitric, hydrochloric, hydrofluoric and perchloric acids to dryness before being leached with hydrochloric acid to dissolve soluble salts and made to volume with distilled water. The four-acid digestion procedure was introduced in mid-August 2002 because of assaying problems with high-sulphide samples rich in chalcocite and covellite. Early indications are that it has not made an appreciable difference in overall values or precision for either copper or molybdenum. 13.3 QA/QC PROGRAM Assay results are provided to Ivanhoe Mines in electronic format and as a paper certificate. Upon receipt of assay results, values for reference material samples and field blanks are tabulated and compared to the established round robin program results. The following batch acceptance/rejection criteria are applied: - automatic batch failure if the reference material assay is greater than the round robin limit of three standard deviations - automatic batch failure if two consecutive reference material assays are greater than two standard deviations on the same side of the mean - automatic batch failure if the field blank is over a pre-set limit of 0.07 g/t Au or 0.07% Cu. March 2003 [AMEC LOGO] SECTION 13-2 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA If a batch fails, it is re-assayed until it passes. Override allowances are made for barren batches. Batch pass/failure data are tabulated on an ongoing basis, and charts of individual reference material values with respect to round robin tolerance limits are maintained. Checks assays are conducted at the rate of one per batch of 20 samples, using the same QA/QC criteria as routine assays. Blind pulp duplicates are conducted at the rate of two per five batches of 100 samples, also using the same QA/QC criteria. 13.3.1 STANDARDS PERFORMANCE Ivanhoe strictly monitors the performance of the standard reference material (SRM) samples as the assay results arrive at site. Since the inception of the QA/QC program in March of 2002, the ability of the laboratories to return assay values in the prescribed SRM ranges has improved (Figure 13-1). Charts of the individual SRMs are included in Appendix B. FIGURE 13-1: SRM FAILURE CHART [SRM FAILURE CHART] 13.3.2 BLANK SAMPLE PERFORMANCE Assay performance of field blanks is presented in Figures 13-2 to 13-4 for gold, copper and molybdenum. The results show a low incidence of contamination and a few cases of sample mix-ups, which were investigated at site and corrected. March 2003 [AMEC LOGO] SECTION 13-3 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA FIGURE 13-2: BLANK SAMPLE RESULTS FOR GOLD [BLANK SAMPLE RESULTS FOR GOLD GRAPH] FIGURE 13-3: BLANK SAMPLE RESULTS FOR COPPER [BLANK SAMPLE RESULTS FOR COPPER GRAPH] March 2003 [AMEC LOGO] SECTION 13-4 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA FIGURE 13-4: BLANK SAMPLE RESULTS FOR MOLYBDENUM [BLANK SAMPLE RESULTS FOR MOLYBDENUM GRAPH] 13.3.3 DUPLICATES PERFORMANCE The QA/QC program currently uses five different types of duplicate samples: core duplicates, coarse reject duplicates, pulp duplicates, blind pulp duplicates (samples resubmitted back to Analabs) and laboratory pulp duplicates (samples sent to an umpire lab). 13.3.4 DUPLICATES PERFORMANCE The QA/QC program currently uses five different types of duplicate samples. There are core duplicates, coarse reject duplicates, pulp duplicates, blind pulp duplicates (repackaged, renumbered and resubmitted back to SGS-Analabs) and laboratory pulp duplicates (samples sent to an umpire lab). CORE, COARSE REJECT AND PULP DUPLICATES AMEC has reviewed the core, coarse reject and pulp duplicate samples for all four deposit areas of the project separately. Only the copper grades were reviewed for Central Oyu, South Oyu and Far North, and both copper and gold were reviewed for Southwest Oyu. AMEC plotted the absolute percent difference for duplicate pairs against the percentile ranking of the grade in the sample population. For the 90th March 2003 [AMEC LOGO] SECTION 13-5 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA percentile of the population, a difference of 30% is allowed for the core duplicates, 20% for the coarse reject duplicates and 10% of the pulp duplicates. Table 13-1 summarizes the results of these analyses for each of the areas. TABLE 13-1: DUPLICATE SAMPLE ANALYSES, OYU TOLGOI PROJECT
SOUTHWEST OYU ----------------------------- SOUTH OYU CENTRAL OYU FAR NORTH Cu Au Cu Cu Cu AREA ------------ -------------- ------------- -------------- ---------------- DUPLICATE TYPE % DIFF. LIMIT NO. % DIFF. NO. % DIFF. NO. % DIFF. NO. % DIFF. NO. % DIFF. - ------------------------------------------------------------------------------------------------------------------- Core 30 443 38 265 43 74 25 378 35 361 33 Coarse Reject 20 206 15 130 21 39 16 173 13 200 17 Pulp 10 290 6 162 11 47 4 304 6 159 6
The core duplicates for all areas tend to be above the recommended 30% limit in all areas except South Oyu, where the sample population is low. The coarse reject and pulp duplicates reproduce very well for all areas and are below the 20% and 10% limits, respectively. The charts are included in this section as Figures 13-5 to 13-9. FIGURE 13-5: SOUTHWEST OYU DUPLICATE DATA ANALYSIS - COPPER (%) [SOUTHWEST OYU DUPLICATE DATA ANALYSIS - COPPER (%) GRAPH] March 2003 [AMEC LOGO] SECTION 13-6 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA FIGURE 13-6: SOUTHWEST OYU DUPLICATE DATA ANALYSIS - GOLD (g/t) [SOUTHWEST OYU DUPLICATE DATA ANALYSIS - GOLD (g/t) GRAPH] FIGURE 13-7: SOUTH OYU DUPLICATE DATA ANALYSIS - COPPER (%) [SOUTH OYU DUPLICATE DATA ANALYSIS - COPPER (%) GRAPH] March 2003 [AMEC LOGO] SECTION 13-7 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA FIGURE 13-8: CENTRAL OYU DUPLICATE DATA ANALYSIS - COPPER (%) [CENTRAL OYU DUPLICATE DATA ANALYSIS - COPPER (%) GRAPH] FIGURE 13-9: FAR NORTH DUPLICATE DATA ANALYSIS - COPPER (%) [FAR NORTH DUPLICATE DATA ANALYSIS - COPPER (%) GRAPH] LABORATORY PULP DUPLICATES Descriptive statistics and precision for gold and copper assays have been analyzed using assay laboratory pulp duplicates. Data for molybdenum have not been compiled. Results for gold show no bias and a precision of 7%. Copper exhibits no bias and a precision of 4%. Both precision estimates are within expected ranges for this type of sample. March 2003 [AMEC LOGO] SECTION 13-8 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 13.3.5 REASSAY OF SAMPLES FROM SOUTHWEST OYU Samples taken from diamond drill holes in the sequence OTD149 to 190 from Southwest Oyu were originally assayed prior to the implementation of a formal QA/QC program. AMEC recommended that a re-assay program be completed to determine if any assay biases were present for these samples. AMEC stated that, "Once control has been achieved, 5 to 10% of the earlier assayed samples that are above the resource Cut-off grade should be reassayed under the new protocols." All samples from within the Southwest Oyu mineralized zone were therefore compiled and 20% selected by taking every fifth sample down drill holes for a total of 702 samples. Samples were grouped into batches of 20, which included five quality control samples comprising a reference standard, a field blank, a core duplicate, an original pulp duplicate and a new pulp duplicate. A total of 53 batches, consisting of 1,060 samples, were sent to the SGS Welshpool analytical facility in Australia for gold, copper and molybdenum assays plus additional multi-element analyses. Gold and copper assays were processed through the Oyu Tolgoi QC program, with re-assays requested for failures according to established pass/failure criteria. The data analysis and summary presented below were completed by D. Sketchley in his memo entitled, "South West Oyu Re-assay Program - Bias Assessment (Revised)," from February 2003. AMEC reviewed the data and agrees with the assessment. Analysis of the gold, copper and molybdenum scatter plots, QQ plots, relative difference plots, box plots and descriptive statistics for all data indicated a positive bias in the original gold and copper assays. These were assessed further by developing QQ plots for various grade ranges. The plotted grade ranges for gold were 0 to 2 g/t, 0 to 4 g/t, 0 to 6 g/t and 0 to 10 g/t. Based on distinctive patterns in these QQ plots, the gold data were grouped into grade ranges corresponding to 0 to 2.5 g/t, 2.5 to 3.9 g/t, 3.9 to 6 g/t and 6 to 10 g/t. The grade ranges for copper were 0 to 1%, 0 to 2%, 0 to 3% and 0 to 4%. Based on distinctive patterns in these QQ plots, the copper data were grouped into grade ranges corresponding 0 to 1.35%, 1.35 to 1.70%, and 1.70 to 4%. A bias assessment was conducted on moving grade windows to obtain a better understanding of the patterns. Data were trimmed at the lower and upper grade boundaries for gold windows varying in width from 1 to 10 g/t and for copper windows varying in width from 0.5 to 4%. Statistical parameters were tabulated for these windows, including the percentage relative differences between the original and re-assay mean grades for each window. The resulting relative difference bias plots are shown in Figure 13-10 for gold and Figure 13-11 for copper. Gold bias results were contoured at 5% and 10% to assist in determining grade ranges in the original data that have a significant bias. The percentage relative differences for grade windows with a width of 2 g/t from 0 to 2 g/t, 2 to 4 g/t and 4 to 6 g/t Au are highlighted in bold in Figure 13-10, as is the grade window with a width of 4 g/t from 6 March 2003 [AMEC LOGO] SECTION 13-9 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA to 10 g/t Au. These highlighted data correspond roughly to the previously described data ranges with distinctive bias patterns. It can be seen that the original data have a positive bias of between 5% and 10% below 2 g/t Au, of less than 5% from 2 to 6 g/t Au and of more than 10%, with an average of 14%, from 6 to 10 g/t Au. Copper bias results also were contoured at 5% and 10% to assist in determining grade ranges in the original data that have a significant bias. The percentage relative differences for grade windows with a width of 1% from 0 to 1% Cu and from 1 to 2% Cu are highlighted in bold in Figure 13-11, as is the grade window with a width of 2% from 2 to 4% Cu. These highlighted data correspond roughly to the previously described data ranges with distinctive bias patterns. The original data have a positive bias of less than 5% below 2% Cu and of more than 10%, with an average of 11%, from 2 to 4% Cu. DATA ADJUSTMENT PARAMETERS In order to use the original gold and copper date for resource estimation, adjustments are warranted where significant biases are evident. Adjustments should then be applied to data from all drill holes prior to OTD231. For gold, data below 2 g/t and above 6 g/t are biased by more than 5%. At a mean grade of 1.0 g/t Au, the approximate copper equivalent grade is 0.55% using US$300 per ounce gold and US$0.80 per pound copper (CuEq[$0.80] = %Cu+[g/tAu*9.65]/17.64). At this gold grade, an average bias of 8.5% for the 0 to 2 g/t Au grade window equates to a copper equivalent grade of 0.05%, which is negligible, hence no adjustment is proposed. Above 6 g/t Au, the effect of the bias is much higher, and the impact on copper equivalent grades is significant. At a mean grade of 8 g/t Au, the approximate copper equivalent grade is 4.38% with an average bias of 14%, which equates to a copper equivalent grade of 0.61%. Hence a proportional adjustment of the original grades equal to the average bias of 14% is proposed for pre-OTD231 data over 6 g/t Au. For copper, data above 2% Cu are biased by more than 5%. A mean grade of 3% Cu with an average bias of 11% equates to 0.33% Cu. This grade bias is significant, hence a proportional adjustment of the original grades equal to the average bias of 11% is proposed for pre-OTD231 data over 2% Cu. 13.3.6 SPECIFIC GRAVITY PROGRAM Samples for specific gravity determination are taken at approximately 20 to 30 locations per drill hole and tabulated by rock type. The specific gravity is calculated using the weights of representative samples in water and in air. Porous samples are dried and then coated with paraffin before weighing. Allowances are made for the weight and volume of the paraffin when calculating the specific gravity. March 2003 [AMEC LOGO] SECTION 13-10 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA FIGURE 13-10: RELATIVE DIFFERENCE GOLD BIAS PLOT [RELATIVE DIFFERENCE GOLD BIAS PLOT GRAPH] FIGURE 13-11: RELATIVE DIFFERENCE COPPER BIAS PLOT [RELATIVE DIFFERENCE COPPER BIAS PLOT GRAPH] March 2003 [AMEC LOGO] SECTION 13-11 [IVANHOE MINES LOGO] IVANHOE MINES LTD. Technical Report OYU TOLGOI, MONGOLIA 14.0 DATA VERIFICATION As a test of data integrity, the data used to estimate the February 2003 Oyu Tolgoi mineral resources were checked several ways. AMEC conducted a 5% check of randomly chosen drill holes in each of the four deposits (SW, SO, CO and FN). Copper, gold and molybdenum values were checked against the original electronic assay certificates. Only rare transcription errors were found. AMEC also checked the down-hole survey data. Camera shots and RANGER output were read for the check drill holes and compared to those stored in the resource database. Two errors were found - both involving the minus 5 degreeS bearing correction factor. AMEC discovered that these same errors were identified in a 100% internal review of survey data, but that the uncovered discrepancies had not yet been reconciled to the main Ivanhoe database. The reconciliation of the internal checks to the main database was done prior to final data extraction for this mineral resource update. Collar coordinates were checked against the database entries. Readings obtained matched those entered in the database. AMEC concludes that the assay and survey database used for the Oyu Tolgoi project mineral resource estimation is sufficiently free of error to be adequate for resource estimation. March 2003 [AMEC LOGO] SECTION 14-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 15.0 ADJACENT PROPERTIES Adjacent properties are not relevant for the review of the Oyu Tolgoi project. March 2003 [AMEC LOGO] SECTION 15-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 16.0 MINERAL PROCESSING AND METALLURGICAL TESTING Results of initial metallurgical test work on Oyu Tolgoi mineralized material have been documented in Cargill (2002). Additional work has focussed on gathering suitable sample material (PQ size drilling) for ongoing and future test work. Review of those test results and assessment of metallurgical process alternatives are currently being done as part of a scoping or preliminary assessment study on the project. March 2003 [AMEC LOGO] SECTION 16-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 17.0 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES The mineral resource estimates for the Oyu Tolgoi project were calculated under the direction of Dr. Harry Parker, Ch.P.Geol., and Dr. Stephen Juras, P.Geo. The estimates were made from 3-dimensional block models utilizing commercial mine planning software (MineSight(R)). The project was divided into four deposits, or Oyu's: Southwest (SW), South (SO), Central (CO) and Far North (FN). Projects limits are in truncated UTM coordinates. The Oyu Tolgoi project exists in two geologic block models, one containing the SW, SO and CO deposits, and the other constructed for FN. Project limits are 649000 to 652000 East, 4762000 to 4767000 North and 0 to +1,395 m elevation. Cell size was 20 m east x 20 m north x 15 m high. 17.1 DATA ANALYSIS 17.1.1 GENERAL One of the purposes of data analysis is to determine if it is necessary to divide the deposit into interpolation domains. The premise is that each interpolation domain is then statistically unique, which prevents statistically different grades from becoming mixed during estimation. On the other hand, if the composite grades are not actually statistically unique, then imposing domain boundaries may introduce local inaccuracies into the estimated block grades. Sometimes geologic models containing such variables as mineral types, lithology, intrusive domain and alteration types may be useful for the purposes of the resource model in terms of mining (e.g., density or hardness differences by lithology) or metallurgy (e.g., recovery changes with mineral type), but they may not be as useful for the purpose of interpolating block grades. The restriction of estimating block grades by geological units is generally recommended under the following circumstances: - The average grade within one domain is significantly different from the average grade in the neighbouring domain. - The change in grade across a domain boundary is very sharp or distinct. Each of the deposits, or Oyu's, were assigned mineralized domains based on geological criteria and marked changes in mineralization intensity (grade value patterns and mineralogical or alteration assemblages). These are listed in Table 17-1. AMEC checked the shapes for interpretational consistency in section and plan, and found them to have been properly constructed. These mineralized domains were then critically reviewed to determine appropriate estimation or grade interpolation domains. Several different procedures were applied to the data to discover whether statistically distinct domains could be constructed using the available geological variables. Results March 2003 [AMEC LOGO] SECTION 17-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA obtained were used to guide the construction of the block model and the development of estimation plans. TABLE 17-1: MINERALIZED DOMAINS, OYU TOLGOI PROJECT
DEPOSIT / MINERALIZED DOMAIN DOMAIN CODE DESCRIPTION - ---------------------------- ----------- ----------- Southwest Oyu (SW) (zone code 2) Augite Basalt (Va) 1 Quartz veined, biotite altered, massive porphyritic basalt; pyritechalcopyrite mineralization Gold Zone 2 Pipe-like and strongly quartz veined, >= 1 g/t Au, about 250 m diameter, includes mineralized Va and Qmd Quartz Monzodiorite (Qmd) 4 Multi-generational relative to mineralization, varying from strongly mineralized and altered pre- and intra-phases to unmineralized post-mineral phases. Background 10 Weakly mineralized Va Low-Grade Qmd 14 Late intra- or post-mineral, weakly mineralized Qmd phase within the Gold zone - -------------------------------------------------------------------------------------------------------------------- South Oyu (SO)(zone code 3) South of S2 Fault 1 Sparsely tested, poorly mineralized Va Between S1 and S2 Faults 2 Fault bounded porphyry in Va; strong quartz veining and chalcopyrite-bornite mineralization; gold-poor Between S2 and SW Fault (Va) 3 Faulted down Va, cut by numerous intra- and post-mineral dykes Between S2 and SW Fault (Qmd) 4 Intra- to post-mineral Qmd in Va - -------------------------------------------------------------------------------------------------------------------- Central Oyu (CO)(zone code 5) Covellite (low Cu) 1 High-sulphidation, pyrite-covellite mineralization in altered and quartz veined Qmd; gold-poor Covellite (high Cu) 2 High-sulphidation, pyrite-covellite-chalcocite mineralization in Qmd; gold-poor Chalcopyrite 3 Pyrite-chalcopyrite mineralization, peripheral to covellite zones; gold-rich Chalcocite Blanket 5 Supergene chalcocite from former porphyry chalcopyrite-bornite mineralization Background 10 Weakly mineralized Va and Qmd outside the high-sulphidation domains - -------------------------------------------------------------------------------------------------------------------- Far North Oyu (FN)(zone code 7) Ignimbrite Hosted >0.6% Cu 1 Bornite-chalcopyrite mineralization hosted by vitric ash flow tuff deposits Va Hosted >0.6% Cu 2 Bornite-chalcopyrite mineralization hosted by Va High-Grade Cu Zone 3 Strongly altered, bornite-chalcopyrite-rich mineralization Background 10 Weakly mineralized ignimbrite or Va - -------------------------------------------------------------------------------------------------------------------- Post-mineral Dykes (all Oyu's) Undifferentiated 15 Andesite Dykes 17 Common in SW Granodiorite Dykes 18 Common in FN Rhyolite Dykes 16 Common in SO, SW, CO - --------------------------------------------------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 17-2 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 17.1.2 HISTOGRAMS AND LOG-PROBABILITY PLOTS The data were displayed in cumulative frequency and probability plots, and statistical properties were calculated for each domain in each deposit. Summarized in Appendix D, these include mean values, coefficient of variation (CV - standard deviation divided by the mean) and quartile values for assay (raw and capped) and 5 m composite Cu, Au and Mo data. Key results are discussed below. SOUTHWEST OYU The two main domains, the augite basalt (Va) and the gold zone, show distinct mean values for all metals. The Cu CVs are around 0.6 to 0.7, whereas Au CVs range from 0.7 (gold zone) to 0.9 (Va). Probability plots show a double lognormal distribution for Cu, with about 10% to 15% of the data representing included lower-grade material. Au values in the Va domain display a single lognormal population, whereas in the gold zone a double population is shown, with about a 15% included lower-grade component. SOUTH OYU The main domains in the SO area are #2 (between S1 and S2 faults), #3 (Va between S1 and SW faults) and #4 (Qmd between S1 and SW faults). For Cu and Au, domain #2 shows distinctly higher mean values relative to both #3 and #4. Also, CV values for Cu are different, with #2 equal to 0.9 and the other two domains varying from 1.1 to 1.2. Mo values are noticeably higher in domain #3. Probability plots show single lognormal populations for Au and Mo. Cu show a double lognormal population for #2 (about 20% included lower-grade material) and generally single lognormal populations in #3 and #4. CENTRAL OYU All CO domains show distinct Cu and Au mean values relative to each other. Cu CV values are low for the two covellite domains and the chalcopyrite domain, with values around 0.4 to 0.5. The supergene chalcocite domain shows slightly higher CVs of around 0.6 to 0.7. Probability plots indicate good single lognormal population trends for Au and Mo. Cu plots show generally single lognormal distributions. FAR NORTH OYU The ignimbrite and augite basalt FN domains show slightly different mean Cu and Au mean values. A noticeable difference occurs in the Cu distribution, with the augite basalt domain characterized by a tight (+/-0.2% Cu) pattern about the median value of 0.8% Cu. Cu distribution in the ignimbrite is wider (+/-0.35% Cu) about a higher median value equal to 1.0% Cu. Cu CV values for the mineralized domains (including the high-grade zone) are similarly low, at around 0.5. Mo mean values are distinctly higher in March 2003 [AMEC LOGO] SECTION 17-3 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA the augite basalt domain. Probability plots show good single lognormal distribution for Au and Mo. Cu displays characteristic double lognormal population patterns. Each mineralized domain contains approximately 5% to 15% lower-grade material. 17.1.3 CONTACT PROFILE ANALYSIS To study changes in grades across geologic boundaries, contact profiles, or plots of average grades at increasing distances from a boundary, are developed. If averages are fairly close to the same value near a boundary and then diverge as the distance from the contact increases, the particular boundary is probably not a grade constraint. In fact, if a "hard" boundary is imposed where grades tend to change gradually, grades may be overestimated on one side of the boundary and underestimated on the opposite side. If there is a distinct difference in the averages across a boundary, there is evidence that the boundary may be important in constraining the grade estimation. Contact profiles, or plots, were made for Cu, Au and Mo across the various mineralized domains in each deposit, or Oyu. These are shown in Appendix D. Contact profiles for all metals in SW show distinct differences in grade in the vicinity of the domain boundaries. In SO the contact profiles show less distinct differences. These results, however, should be viewed with caution, as they are caused by small number of data around the domain boundaries. CO contact profiles for Cu show small yet distinct breaks between the mineralized domains (covellite, chalcopyrite and chalcocite blanket) and marked distinctions between these and background values. FN results show distinct breaks along the high-grade zone boundary for Cu and Au values. The boundary between the mineralized ignimbrite and mineralized augite basalt show a transitional difference for all metals. Distinct Cu grades are shown between background and mineralized domains. 17.1.4 MODELLING IMPLICATIONS The data analyses demonstrated that most of the domains in the four deposits should be treated as separate domains with respect to Cu, Au and Mo. The exception to this is the ignimbrite-augite basalt boundary in FN. This boundary shows transitional characteristics and will be treated as a soft boundary during grade interpolation. 17.2 EVALUATION OF EXTREME GRADES Extreme grades were examined for all grade items (copper, gold and molybdenum), mainly by histograms and probability plots. Generally the distributions do not indicate a problem with extreme grades for copper. Most of the capped grades for Cu were therefore intended to remove outlier-type grades. For Au and Mo, capped grades were selected in domains with high CVs and/or where trends defined in the cumulative probability plots begin to become discontinuous. In the latter case, this generally occurred between the 98% to 99.5% level. Capped grades for the Oyu Tolgoi project March 2003 [AMEC LOGO] SECTION 17-4 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA are shown in Table 17-2. The capped grades were applied to the assay data prior to compositing. TABLE 17-2: CAP GRADES FOR Cu, Au AND Mo ASSAYS, OYU TOLGOI PROJECT
DOMAIN Cu (wt %) Au (g/t) Mo (ppm) - ------ --------- -------- -------- Southwest Oyu (SW) #1 4.0 3.0 1,500 #2 4.0 10.0 1,500 #4 1.0 1.3 1,500 - ---------------------------------------------------- South Oyu (SO) #2 - 2.0 300 #3 1.5 1.0 400 #4 1.5 1.0 400 - ---------------------------------------------------- Central Oyu (CO) #1 4.5 1.3 800 #2 4.5 1.3 800 #3 4.5 3.0 400 #5 4.5 0.8 400 #10 2.0 1.0 500 - ---------------------------------------------------- Far North Oyu (FN) #1 - 0.3 700 #2 - - 500 #3 - 1.0 500 #10 2.5 1.0 1,000 - ----------------------------------------------------
17.3 VARIOGRAPHY Variography, a continuation of data analysis, is the study of the spatial variability of an attribute. AMEC prefers to use a correlogram, rather than the traditional variogram, because it is less sensitive to outliers and is normalized to the variance of data used for a given lag. The correlogram ranges from -1 to +1, although models are usually made over the interval [0,1], where 0 represents no correlation (statistical independence) and 1 represents perfect correlation. Correlograms were calculated for copper and gold in the main mineralized domains in each Oyu. The approach to correlogram model development is to calculate a relatively large number of sample correlograms in several directions using composite values. Directional sample correlograms are calculated along horizontal azimuths of 0degrees, 30degrees, 60degrees, 90degrees, 120degrees, 150degrees, 180degrees, 210degrees, 240degrees, 270degrees, 300degrees and 330degrees. For each azimuth, sample correlograms are also calculated at a dip of 30degrees and 60degrees down in addition to horizontally. Finally, a correlogram is calculated in the vertical direction. Using the 37 sample correlograms, an algorithm determines the best-fit model. This model consists of a nugget effect; single or two-nested structure variance contributions; ranges for the variance contributions; and the model type (spherical or exponential type). After fitting the variance parameters, the algorithm then fits an ellipsoid to the ranges from the directional models for each structure. The anisotropy in grade variation is given by the two ellipsoids March 2003 [AMEC LOGO] SECTION 17-5 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA The deposits of the Oyu Tolgoi project exhibit mineralization controls related to the intrusive history and structural geology (faults). The patterns of anisotropy demonstrated by the various correlograms tend to be consistent with geological interpretations. Key observations: - Southwest Oyu - Copper displays a north-south-trending, steeply dipping shorter-range structure for the augite basalt mineralization and a northwest-southeast-trending, moderately southwest dipping structure for the gold zone. Gold displays moderately south dipping, east-west-trending structures in both zones. In addition, a second structure is present in the gold zone, trending almost north-south with a moderate easterly dip. - South Oyu - Copper is influenced by the northeasterly-trending faults. Domains 2, 3 and 4 show moderately southeast dipping, northeast-southwest-trending shorter-range structures. Additionally, domain 2 displays a longer range moderate north-dipping east-west structure. - Central Oyu - Copper in domains 1 through 3 show elements of moderate to steep southwest-dipping, south-southeast to north-northwest-trending structures. - Far North Oyu (FN) - Copper structures show pronounced northeast-southwest trends. Dips vary by domains, with the ignimbrite having steep southeast dips and the augite basalt having moderate northwest dips. The ignimbrite also shows a second moderately dipping, northwest-southeast-trending structure. The interpreted spatial structures likely correspond to the property structural regime. Two attitudes seem prevalent from the property geophysics: northeast-southwest-trending (SW, SO and FN) and north-south-trending (CO and SW). These, plus possible conjugate sets, are reflected in the variography. The ignimbrite in the FN could also be showing the effect of the bedding attitude between the ignimbrite on the augite basalt. The nugget effects, or random variation components of spatial variation, tend to be moderate (20% to 40% of the total variation) in all domains. The correlogram parameters for copper in all domains plus gold for the gold zone at SW are given in Table 17-3. March 2003 [AMEC LOGO] SECTION 17-6 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA TABLE 17-3: VARIOGRAM PARAMETERS FOR COPPER (ALL MAIN DOMAINS) AND GOLD (SW GOLD ZONE ONLY), OYU TOLGOI PROJECT
DOMAIN MODEL C0 C1 R1 Y R1 X R1 Z ROT1 Z ROT1 X ROT1 Y C2 R2 Y R2 X R2 Z ROT2 Z ROT2 X ROT2 Y BLK VAR - ------------------------------------------------------------------------------------------------------------------------------------ Southwest Oyu #1 Cu exp 0.279 0.536 23 14 41 -7 9 0 0.185 98 71 253 41 26 -65 0.4712 #2 Cu exp 0.183 0.525 52 14 38 -98 -49 -71 0.292 16 76 167 7 25 2 0.5331 #4 Cu sph 0.243 0.757 362 55 25 -56 40 80 - - - - - - - 0.4464 #1 Au sph 0.284 0.176 51 141 34 43 20 -35 0.240 488 157 322 -37 -12 -40 0.5437 #2 Au sph 0.232 0.359 48 171 82 0 0 -21 0.409 149 53 370 6 -8 -53 0.6106 - ------------------------------------------------------------------------------------------------------------------------------------ South Oyu #2 Cu sph 0.248 0.196 48 76 58 33 22 -51 0.555 184 527 59 48 -52 37 0.6014 #3 Cu sph 0.117 0.662 37 156 9 18 -22 -65 0.221 48 331 140 54 25 -64 0.3504 #4 Cu sph 0.276 0.724 42 141 297 -30 -33 2 - - - - - - - 0.5571 - ------------------------------------------------------------------------------------------------------------------------------------ Central Oyu #1 Cu sph 0.356 0.644 22 72 21 27 32 -34 - - - - - - - 0.2720 #2 Cu sph 0.343 0.657 30 94 53 14 -11 -8 - - - - - - - 0.3372 #3 Cu sph 0.469 0.531 119 86 17 16 67 28 - - - - - - - 0.2609 #10 Cu sph 0.329 0.671 170 95 22 -63 20 76 - - - - - - - 0.3875 #3 Au sph 0.183 0.817 56 19 180 -77 -18 -39 - - - - - - - 0.4317 - ------------------------------------------------------------------------------------------------------------------------------------ Far North Oyu #1 Cu sph 0.300 0.452 500 26 183 33 -72 4 0.248 56 95 500 37 32 -16 0.4872 #2 Cu sph 0.402 0.598 32 500 116 -40 19 -9 - - - - - - - 0.4212 #3 Cu sph 0.339 0.343 192 44 16 56 -29 -13 0.317 500 22 94 30 -11 -10 0.3425 #10 Cu sph 0.398 0.602 500 224 82 93 16 27 - - - - - - - 0.5363 - ------------------------------------------------------------------------------------------------------------------------------------
NOTES: exp = exponential model (note range values are R/3 in table for MS input); sph = spherical model; C0 = nugget value, C1 = sill, first nest or range, C2 = sill, second nest or range; R Y = range (m) along Y axis, R X = range (m) along X axis, R Z = range (m) along Z axis; ROT Z = left-hand rotation around Z axis, ROT X = right-hand rotation around X axis, ROT Y = left-hand rotation around Y axis; 1 = first nest or range, 2 = second nest or range; Block Discretization = 4x 4y 2z for all domains, Blk Var = Block Variance March 2003 [AMEC LOGO] SECTION 17-7 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 17.4 MODEL SET-UP The estimates were made from 3-dimensional block models utilizing commercial mine planning software (MineSight(R)). The Oyu Tolgoi project exists in a two geologic block models, one containing the SW, SO and CO deposits, and the other constructed for FN. Project limits are 649000 to 652000 East, 4762000 to 4767000 North and 0 to +1,395 m elevation. Cell size was 20 m east x 20 m north x 15 m high. The block size for the model was selected based on mining selectivity considerations. It was assumed the smallest block size that could be selectively mined as ore or waste, referred to the selective mining unit (SMU), was approximately 20 m x 20 m x 15 m. In this case the SMU grade-tonnage curves predicted by the restricted estimation process adequately represented the likely actual grade-tonnage distribution. The assays were composited into 5 m down-hole composites. The compositing honoured the domain zone by breaking the composites on the domain code values. The capping limits were applied to the assay data prior to compositing. AMEC reviewed the compositing process and found it to have been performed correctly. Also assay data in older drill holes (pre-OTD231) were adjusted for bias (see Section 13.3.5) prior to capping. Bulk density data were assigned to a unique MineSight(R) assay database file. These data were composited into 15 m fixed-length down-hole values to reflect the block model bench height. Various coding was done on the block model in preparation for grade interpolation. The block model was coded according to Oyu and domain. Percent below topography was also calculated into the model blocks. Post-mineral dykes were assumed to represent zero grade waste cutting the mineralized rock. The shapes were used to calculate an ore-remaining percent for each block by subtracting the volume percent dyke that intersects a block from 100. This percentage was used in the resource tabulation procedure to properly account for mineralized material. 17.5 ESTIMATION The Oyu Tolgoi estimation plans, or sets of parameters used for estimating blocks, were designed using a philosophy of restricting the number of samples for local estimation. AMEC has found this to be an effective method of reducing smoothing and producing estimates that match the Discrete Gaussian change-of-support model and ultimately the actual recovered grade-tonnage distributions. While local predictions based on the small number of samples are uncertain, this method can produce reliable estimates of the recovered tonnage and grade over the entire deposit, i.e., the global grade-tonnage curves from the estimations are accurate predictors of the actual grade-tonnage curves. March 2003 [AMEC LOGO] SECTION 17-8 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA Modelling consisted of grade interpolation by ordinary kriging (KG). Note that inverse-distance weighting to the second power was used to interpolate Mo grades in SO and CO. Also, the chalcocite blanket in CO was interpolated by grade averaging because of the small data population in this domain. Only capped grades were interpolated. Nearest-neighbour (NN) grades were also interpolated for validation purposes. The interpolation parameters are listed in Table 17-4. TABLE 17-4: INTERPOLATION PARAMETERS FOR SW, SO, CO AND FN MODELS
NO. OF COMPOSITES PER BLOCK SEARCH ELLIPSE --------------------------- --------------------------------- DOMAIN / METAL MAX MIN PER DH Y X Z ROT1 ROT2 ROT3 - -------------------------------------------------------------------------------- Southwest #1 Cu 11 4 3 300 300 300 0 0 0 #2 Cu 15 5 4 300 300 300 0 0 0 #4 Cu 20 5 4 300 100 300 -50 0 40 #1 Au 20 5 4 300 300 300 0 0 0 #2 Au 15 4 3 300 300 300 0 0 0 #4 Au 20 5 4 150 50 150 25 0 20 #1, #2 Mo 20 5 4 300 300 300 0 0 0 #4 Mo 20 5 4 300 100 300 25 0 30 - -------------------------------------------------------------------------------- South #2 Cu 11 5 4 500 100 250 90 0 0 #3 Cu 15 5 4 250 100 250 0 0 0 #4 Cu 15 5 4 250 100 250 60 0 0 #2 Au 20 5 4 200 60 200 25 0 15 #3 Au 20 4 4 125 60 200 0 0 0 #4 Au 20 4 4 250 250 150 0 0 0 all, Mo 20 4 4 150 250 250 0 0 0 - -------------------------------------------------------------------------------- Central #1 Cu 20 6 5 150 60 60 90 0 0 #2 Cu 30 5 5 200 60 120 100 0 0 #3 Cu 35 7 7 200 60 200 130 0 20 #5 Cu 20 4 4 150 150 30 0 0 0 #10 Cu 20 4 4 300 60 200 -60 0 0 #1 Au 20 5 4 300 100 300 65 0 30 #2 Au 20 5 4 150 150 150 0 0 0 #3 Au 20 5 4 150 60 150 -70 0 50 #5 Au 20 4 4 150 150 30 0 0 0 #10 Au 30 4 4 200 200 200 0 0 0 all, Mo 20 4 4 150 250 250 0 0 0 - -------------------------------------------------------------------------------- Far North #1 Cu 11 4 3 500 200 200 0 -90 0 #2 Cu 11 4 3 500 100 200 45 0 20 #3 Cu 9 4 3 500 200 200 45 0 0 #10 Cu 11 4 3 500 300 150 60 0 -25 #1 Au 15 5 4 400 250 250 0 0 0 #2 Au 15 5 4 500 300 200 65 0 0 #3 Au 15 5 4 400 200 100 45 -60 0 #10 Au 15 4 3 300 200 100 45 -80 0 #1, #3 Mo 15 4 3 400 200 200 0 0 0 #2 Mo 15 4 3 400 300 200 0 0 0 #10 Mo 15 4 3 300 100 300 0 0 0 - --------------------------------------------------------------------------------
NOTES: 1. Search distances in metres; 2. Rotation angles based as follows: Rot1 left-hand about Z; Rot2 right-hand about X; Rot3 left-hand about Y March 2003 [AMEC LOGO] SECTION 17-9 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA These parameters were based on the geological interpretation, data analyses and variogram analyses. The number of composites used in estimating a model block grade followed a strategy that matched composite values and model blocks sharing the same ore code or domain. The minimum and maximum number of composites were adjusted for each grade item to incorporate an appropriate amount of grade smoothing. This was done by change-of-support analysis (Discrete Gaussian or Hermitian polynomial change-of-support method), as described below. Bulk density values were estimated into the resource model by an averaging of composites. A maximum of six and minimum of two 15 m composites were used for the averaging. A rectangular search was used, measuring 200 m north x 200 m east x 50 m elevation. The assignment was constrained by matching composite values and model blocks that shared the same domain. 17.5.1 VALIDATION VISUAL INSPECTION AMEC completed a detailed visual validation of the Oyu Tolgoi resource block models. The models were checked for proper coding of drill hole intervals and block model cells, in both section and plan. Coding was found to be properly done. Grade interpolation was examined relative to drill hole composite values by inspecting sections and plans. The checks showed good agreement between drill hole composite values and model cell values. Examples of representative sections and plans containing block model grades, drill hole composite values and domain outlines are included in Appendix F. MODEL CHECK FOR CHANGE-OF-SUPPORT An independent check on the smoothing in the estimates was made using the Discrete Gaussian or Hermitian polynominal change-of-support method described by Journel and Huijbregts (Mining Geostatistics, Academic Press, 1978). The distribution of hypothetical block grades derived by this method is compared to the estimated model grade distribution by means of grade-tonnage curves. The grade-tonnage curves allow comparison of the histograms of the two grade distributions in a format familiar to mining. If the estimation procedure has adequately predicted grades for the selected block size, then the grade-tonnage curves should match fairly closely. If the curves diverge significantly, then there is a problem with the estimated resource. This method uses the "declustered" distribution of composite grades from a nearest-neighbour or polygonal model to predict the distribution of grades in blocks. In this case the blocks used in the model are 20 m x 20 m x 15 m. The unadjusted polygonal model assumes much more selectivity for ore and waste than is actually possible in mining practice, since many sample-sized volumes are averaged together within a March 2003 [AMEC LOGO] SECTION 17-10 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA block. This means that part of the sample-sized volumes in the block may be ore (above the mining cut-off) and part may be waste. Hence, the distribution of the grade of the blocks is not likely to resemble the distribution of grades from composite samples derived from the polygonal estimate. The method assumes that the distribution of the blocks will become more symmetric as the variance of the block distribution is reduced, i.e., as the mining blocks become bigger. The histogram for the blocks is derived from two calculations: - the block-to-block variance (sometimes referred to in statistics as the between-block variance), which is calculated by subtracting the average value of the variogram within a block from the variance for composite samples (the sill of the variogram) - the frequency distribution for the composite grades transformed by means of hermite polynomials (Herco: hermite correction) into a less skewed distribution with the same mean as the declustered grade distribution and with the block-to-block variance of the grades. The distribution of hypothetical block grades derived by the Herco method is then compared to the estimated grade distribution to be validated by means of grade-tonnage curves. The distribution of calculated 20 m x 20 m x 15 m block grades for copper in the main domains of SW (#1 and #2), SO (#2), CO (#1, #2 and #3) and FN (#1, #2 and #3) are shown with short dashed lines on the grade-tonnage curves in Appendix E. This is the distribution of grades based on 20 m blocks obtained from the change-of-support models. The long dashed lines in the figures show the grade-tonnage distribution obtained from the block estimates. The grade-tonnage predictions produced for the model show that grade and tonnage estimates are validated by the change-of-support calculations over the likely range of mining grade cut-off values. MODEL CHECKS FOR BIAS AMEC checked the block model estimates for global bias by comparing the average metal grades (with no Cut-off) from the model (KG) with means from nearest-neighbour estimates. (The nearest-neighbour estimator produces a theoretically unbiased estimate of the average value when no Cut-off grade is imposed and is a good basis for checking the performance of different estimation methods.) Results displayed in Tables 17-5 to 17-8 show no evidence of bias in the estimate. March 2003 [AMEC LOGO] SECTION 17-11 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA TABLE 17-5: STATISTICAL SUMMARY FOR KG AND NN ESTIMATES, SOUTHWEST OYU
MEAN VALUE STANDARD DEVIATION COEFFICIENT OF VARIATION GRADE ITEM (m) (sd) (sd/m) - ------------------------------------------------------------------------ SW #1 Cu KG 0.30 0.13 0.43 Cu NN 0.29 0.22 0.74 Au KG 0.37 0.15 0.41 Au NN 0.38 0.31 0.82 Mo KG 55.09 35.80 0.65 Mo NN 56.95 75.53 1.33 - ------------------------------------------------------------------------ SW #2 Cu KG 0.64 0.26 0.40 Cu NN 0.65 0.42 0.65 Au KG 1.43 0.66 0.46 Au NN 1.45 1.07 0.74 Mo KG 65.64 41.68 0.64 Mo NN 65.64 83.02 1.26 - ------------------------------------------------------------------------ SW #4 Cu KG 0.07 0.09 1.21 Cu NN 0.07 0.14 2.12 Au KG 0.05 0.07 1.46 Au NN 0.05 0.13 2.71 Mo KG 8.53 8.09 0.95 Mo NN 9.06 16.95 1.87 - ------------------------------------------------------------------------
TABLE 17-6: STATISTICAL SUMMARY FOR KG AND NN ESTIMATES, SOUTH OYU
MEAN VALUE STANDARD DEVIATION COEFFICIENT OF VARIATION GRADE ITEM (m) (sd) (sd/m) - ------------------------------------------------------------------------ SO #2 Cu KG 0.34 0.17 0.50 Cu NN 0.33 0.27 0.83 Au KG 0.13 0.14 1.08 Au NN 0.13 0.32 2.39 Mo KG 15.97 13.44 0.84 Mo NN 16.18 21.98 1.36 - ------------------------------------------------------------------------ SO #3 Cu KG 0.17 0.10 0.60 Cu NN 0.16 0.23 1.47 Au KG 0.04 0.02 0.57 Au NN 0.04 0.05 1.34 Mo KG 35.19 39.04 1.11 Mo NN 33.42 57.77 1.73 - ------------------------------------------------------------------------ SO #4 Cu KG 0.12 0.12 1.02 Cu NN 0.12 0.17 1.48 Au KG 0.05 0.04 0.70 Au NN 0.04 0.07 1.73 Mo KG 12.65 10.22 0.81 Mo NN 13.62 20.42 1.50 - ------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 17-12 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA TABLE 17-7: STATISTICAL SUMMARY FOR KG AND NN ESTIMATES, CENTRAL OYU
MEAN VALUE STANDARD DEVIATION COEFFICIENT OF VARIATION GRADE ITEM (m) (sd) (sd/m) - ------------------------------------------------------------------------ CO #1 Cu KG 0.55 0.10 0.19 Cu NN 0.55 0.19 0.35 Au KG 0.10 0.07 0.71 Au NN 0.10 0.12 1.24 Mo KG 61.04 42.96 0.70 Mo NN 62.69 79.10 1.26 - ------------------------------------------------------------------------ CO #2 Cu KG 1.22 0.25 0.21 Cu NN 1.15 0.52 0.45 Au KG 0.21 0.12 0.57 Au NN 0.21 0.21 1.02 Mo KG 55.38 27.56 0.50 Mo NN 51.19 52.83 1.03 - ------------------------------------------------------------------------ CO #3 Cu KG 0.71 0.17 0.23 Cu NN 0.68 0.30 0.44 Au KG 0.42 0.28 0.67 Au NN 0.41 0.47 1.13 Mo KG 50.36 40.29 0.80 Mo NN 50.65 60.83 1.20 - ------------------------------------------------------------------------ CO #5 Cu KG 0.95 0.29 0.31 Cu NN 0.96 0.66 0.69 Au KG 0.08 0.05 0.60 Au NN 0.08 0.08 1.03 Mo KG 57.12 36.70 0.64 Mo NN 56.43 58.90 1.04 - ------------------------------------------------------------------------ CO #10 Cu KG 0.11 0.10 0.85 Cu NN 0.11 0.15 1.42 Au KG 0.04 0.03 0.77 Au NN 0.04 0.06 1.61 Mo KG 20.84 21.32 1.02 Mo NN 18.41 31.67 1.72 - ------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 17-13 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA TABLE 17-8: STATISTICAL SUMMARY FOR KG AND NN ESTIMATES, FAR NORTH OYU
MEAN VALUE STANDARD DEVIATION COEFFICIENT OF VARIATION GRADE ITEM (m) (sd) (sd/m) - ------------------------------------------------------------------------ FN #1 Cu KG 1.04 0.27 0.26 Cu NN 0.99 0.51 0.52 Au KG 0.04 0.02 0.39 Au NN 0.04 0.03 0.73 Mo KG 65.34 34.59 0.53 Mo NN 67.62 60.36 0.89 - ------------------------------------------------------------------------ FN #2 Cu KG 0.98 0.25 0.25 Cu NN 0.97 0.48 0.49 Au KG 0.09 0.08 0.88 Au NN 0.08 0.11 1.34 Mo KG 78.14 38.51 0.49 Mo NN 77.64 67.01 0.86 - ------------------------------------------------------------------------ FN #3 Cu KG 2.57 0.65 0.25 Cu NN 2.62 1.26 0.48 Au KG 0.17 0.10 0.59 Au NN 0.18 0.17 0.98 Mo KG 54.70 27.00 0.49 Mo NN 54.11 51.19 0.95 - ------------------------------------------------------------------------ FN #10 Cu KG 0.35 0.17 0.49 Cu NN 0.32 0.28 0.87 Au KG 0.06 0.06 0.89 Au NN 0.06 0.09 1.39 Mo KG 68.54 41.14 0.60 Mo NN 77.90 113.40 1.46 - ------------------------------------------------------------------------
AMEC also checked for local trends in the grade estimates. This was done by plotting the mean values from the nearest-neighbour estimate versus the kriged results benches, northings and eastings. The kriged estimate should be smoother than the nearest-neighbour estimate, thus the nearest-neighbour estimate should fluctuate around the kriged estimate on the plots. Results for copper and gold are shown in Appendix E. The two trends behave as predicted and show no significant trends of copper or gold in the estimates. HISTOGRAMS AND PROBABILITY PLOTS Histograms were constructed to show the frequency of sample grades within the mineralized domains. Both kriged and nearest-neighbour plots were made for copper, gold and molybdenum. The statistical properties are summarized in Appendix D. The nearest-neighbour plots mimic the respective composite value distribution. The kriged results show the formation of a more symmetric distribution because of the smoothing effect caused by using multiple values from multiple drill holes to interpolate a model block value. March 2003 [AMEC LOGO] SECTION 17-14 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 17.6 MINERAL RESOURCE CLASSIFICATION The mineral resources of the Oyu Tolgoi project were classified using logic consistent with the CIM definitions referred to in National Instrument 43-101. All interpolated blocks within 150 m of a drill composite were assigned as Inferred Mineral Resources. The South, Central and Far North deposits all fall within this category. Based on this criterion, the Southwest deposit contains Inferred Mineral Resources as well, but the increased drill coverage at this deposit, together with the demonstrated confidence in the assayed values with a well-functioning QA/QC program, allowed a portion of the Southwest deposit to be classified as Indicated Mineral Resources. A two step assignment process was used for the assignation: 1) within a domain, model blocks were assigned as Indicated Mineral Resources if composites from at least two drill holes, each no more than 70 m away from the block centre, were used to interpolate the block grade; and 2) along the gold zone domain contact, a block needed to be within 35 m of a drill hole. 17.7 MINERAL RESOURCE SUMMARY The mineralization of the Oyu Tolgoi project as of 24 February 2003 is classified as Indicated and Inferred Mineral Resources. The resources are shown by total project, by deposit and by depth per deposit, respectively, in Tables 17-9, 17-10 and 17-11, reported at a copper equivalent Cut-off grade. The equivalent grade was calculated using only assumed metal prices for copper and gold. The assumed prices were US$0.80 for Cu and US$350/oz for gold. For convenience the formula is: - CuEq = %Cu + (g/t Au*11.25)/17.64 TABLE 17-9: OYU TOLGOI PROJECT MINERAL RESOURCE SUMMARY - TOTAL PROJECT (24 FEBRUARY 2003)
GRADES CONTAINED METAL CuEq ---------------------------------- ------------------------------------- CUT-OFF GRADE CuEq Cu Au Mo AuEq Cu Cu Au (%) TONNES (%) (%) (g/t) (ppm) (g/t) TONNES (000s lb) (oz) - ---------------------------------------------------------------------------------------------------------- Indicated >= 1.00 92,300,000 1.74 0.74 1.57 74 2.73 682,000 1,500,000 4,662,000 >= 0.70 188,000,000 1.26 0.60 1.04 69 1.98 1,120,000 2,470,000 6,310,000 >= 0.60 267,000,000 1.08 0.53 0.86 69 1.69 1,423,000 3,140,000 7,346,000 >= 0.50 355,500,000 0.95 0.48 0.73 67 1.48 1,706,000 3,760,000 8,349,000 >= 0.40 442,400,000 0.85 0.44 0.65 64 1.33 1,928,000 4,250,000 9,187,000 >= 0.30 508,900,000 0.78 0.40 0.59 61 1.23 2,058,000 4,540,000 9,689,000 >= 0.20 548,000,000 0.74 0.39 0.56 59 1.17 2,115,000 4,660,000 9,889,000 - ---------------------------------------------------------------------------------------------------------- Inferred >= 1.00 348,700,000 1.41 1.27 0.23 61 2.22 4,427,000 9,757,000 2,533,000 >= 0.70 632,900,000 1.15 1.02 0.21 64 1.81 6,428,000 14,167,000 4,331,000 >= 0.60 811,700,000 1.04 0.90 0.21 65 1.63 7,344,000 16,186,000 5,485,000 >= 0.50 1,046,600,000 0.93 0.80 0.20 63 1.45 8,361,000 18,428,000 6,802,000 >= 0.40 1,315,800,000 0.83 0.71 0.19 60 1.30 9,305,000 20,508,000 8,070,000 >= 0.30 1,602,300,000 0.74 0.63 0.17 57 1.16 10,110,000 22,282,000 8,959,000 >= 0.20 2,019,100,000 0.64 0.54 0.15 53 1.00 10,953,000 24,140,000 9,816,000 - ----------------------------------------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 17-15 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA TABLE 17-10: OYU TOLGOI PROJECT MINERAL RESOURCE SUMMARY - BY DEPOSIT (24 FEBRUARY 2003)
GRADES CONTAINED METAL CuEq ----------------------------------- ---------------------------------- CUT-OFF GRADE CuEq Cu Au Mo AuEq Cu Cu Au (%) TONNES (%) (%) (g/t) (ppm) (g/t) TONNES (000s lb) (oz) - ------------------------------------------------------------------------------------------------------------- SW Indicated >= 1.00 92,300,000 1.74 0.74 1.57 74 2.73 682,000 1,500,000 4,662,000 >= 0.70 188,000,000 1.26 0.60 1.04 69 1.98 1,120,000 2,470,000 6,310,000 >= 0.60 267,000,000 1.08 0.53 0.86 69 1.69 1,423,000 3,140,000 7,346,000 >= 0.50 355,500,000 0.95 0.48 0.73 67 1.48 1,706,000 3,760,000 8,349,000 >= 0.40 442,400,000 0.85 0.44 0.65 64 1.33 1,928,000 4,250,000 9,187,000 >= 0.30 508,900,000 0.78 0.40 0.59 61 1.23 2,058,000 4,540,000 9,689,000 >= 0.20 548,000,000 0.74 0.39 0.56 59 1.17 2,115,000 4,660,000 9,889,000 - ------------------------------------------------------------------------------------------------------------- SW Deposit - Inferred >= 1.00 24,900,000 1.48 0.59 1.40 60 2.32 146,000 320,000 1,120,000 >= 0.70 76,700,000 1.02 0.49 0.83 64 1.60 376,000 830,000 2,040,000 >= 0.60 126,600,000 0.87 0.44 0.68 65 1.37 552,000 1,220,000 2,780,000 >= 0.50 185,600,000 0.77 0.38 0.60 59 1.20 710,000 1,560,000 3,600,000 >= 0.40 250,600,000 0.68 0.34 0.54 54 1.07 848,000 1,870,000 4,350,000 >= 0.30 290,800,000 0.64 0.32 0.50 52 1.00 922,000 2,030,000 4,700,000 >= 0.20 309,700,000 0.61 0.31 0.48 51 0.96 945,000 2,080,000 4,820,000 - ------------------------------------------------------------------------------------------------------------- SO Deposit - Inferred >= 1.00 5,400,000 1.18 0.82 0.56 32 1.85 44,000 100,000 100,000 >= 0.70 26,900,000 0.88 0.67 0.32 21 1.37 180,000 400,000 280,000 >= 0.60 48,400,000 0.77 0.61 0.26 20 1.21 294,000 650,000 400,000 >= 0.50 88,500,000 0.67 0.54 0.20 20 1.05 476,000 1,050,000 570,000 >= 0.40 162,000,000 0.56 0.46 0.16 22 0.88 750,000 1,650,000 820,000 >= 0.30 270,300,000 0.48 0.39 0.13 23 0.75 1,067,000 2,350,000 1,100,000 >= 0.20 404,200,000 0.40 0.33 0.11 22 0.63 1,342,000 2,960,000 1,360,000 - ------------------------------------------------------------------------------------------------------------- CO Deposit - Inferred >= 1.00 60,600,000 1.34 1.12 0.34 53 2.10 679,000 1,500,000 670,000 >= 0.70 112,900,000 1.10 0.92 0.28 56 1.72 1,040,000 2,290,000 1,020,000 >= 0.60 147,500,000 0.99 0.84 0.24 56 1.56 1,238,000 2,730,000 1,140,000 >= 0.50 183,400,000 0.91 0.77 0.21 56 1.42 1,415,000 3,120,000 1,240,000 >= 0.40 201,000,000 0.87 0.74 0.20 55 1.36 1,487,000 3,280,000 1,280,000 >= 0.30 236,800,000 0.79 0.67 0.18 53 1.23 1,591,000 3,510,000 1,360,000 >= 0.20 413,100,000 0.55 0.47 0.13 44 0.86 1,939,000 4,270,000 1,710,000 - ------------------------------------------------------------------------------------------------------------- FN Deposit - Inferred >= 1.00 257,800,000 1.43 1.38 0.08 64 2.24 3,558,000 7,840,000 640,000 >= 0.70 416,400,000 1.21 1.16 0.07 69 1.89 4,833,000 10,650,000 990,000 >= 0.60 489,200,000 1.12 1.08 0.07 72 1.76 5,261,000 11,590,000 1,170,000 >= 0.50 589,100,000 1.02 0.98 0.07 73 1.61 5,761,000 12,700,000 1,400,000 >= 0.40 702,200,000 0.93 0.89 0.07 73 1.46 6,220,000 13,710,000 1,620,000 >= 0.30 804,400,000 0.86 0.81 0.07 72 1.34 6,531,000 14,390,000 1,800,000 >= 0.20 892,100,000 0.80 0.75 0.07 71 1.25 6,727,000 14,830,000 1,930,000 - -------------------------------------------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 17-16 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA TABLE 17-11: OYU TOLGOI PROJECT MINERAL RESOURCE SUMMARY - BY DEPTH PER DEPOSIT (24 FEBRUARY 2003)
GRADES CuEq ---------------------------------- CUT-OFF GRADE CuEq Cu Au Mo AuEq (%) TONNES (%) (%) (g/t) (ppm) (g/t) - ------------------------------------------------------------------------------------------------- SW DEPOSIT - INDICATED >1.00 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 5,530,000 1.44 0.70 1.16 38 2.27 1020 to 900 m level (120 - 240 m below surface) 20,480,000 1.98 0.82 1.82 57 3.10 900 to 780 m level (240 - 360 m below surface) 16,320,000 1.89 0.87 1.59 101 2.96 780 to 660 m level (360 - 480 m below surface) 13,660,000 1.59 0.73 1.35 88 2.49 660 to 540 m level (480 - 600 m below surface) 21,580,000 1.75 0.73 1.60 88 2.74 540 to 420 m level (600 - 720 m below surface) 11,770,000 1.53 0.55 1.55 53 2.40 420 to 300 m level (720 to 840 m below surface) 2,280,000 1.23 0.41 1.29 23 1.94 300 to 180 m level (840 to 960 m below surface) 670,000 1.35 0.42 1.46 33 2.12 180 to 60 m level (960 to 1080 m below surface) 30,000 1.15 0.31 1.32 17 1.80 60 to 00 m level (1080 to 1200 m below surface) - - - - - - - ------------------------------------------------------------------------------------------------- >0.60 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 42,460,000 0.82 0.51 0.50 67 1.30 1020 to 900 m level (120 - 240 m below surface) 62,140,000 1.15 0.59 0.86 71 1.79 900 to 780 m level (240 - 360 m below surface) 50,640,000 1.09 0.58 0.80 90 1.72 780 to 660 m level (360 - 480 m below surface) 30,040,000 1.11 0.54 0.89 74 1.74 660 to 540 m level (480 - 600 m below surface) 42,060,000 1.26 0.55 1.11 70 1.97 540 to 420 m level (600 - 720 m below surface) 28,230,000 1.08 0.42 1.04 42 1.69 420 to 300 m level (720 to 840 m below surface) 7,800,000 0.88 0.31 0.90 24 1.38 300 to 180 m level (840 to 960 m below surface) 3,080,000 0.87 0.31 0.90 31 1.37 180 to 60 m level (960 to 1080 m below surface) 530,000 0.73 0.26 0.75 21 1.15 60 to 00 m level (1080 to 1200 m below surface) - - - - - - - ------------------------------------------------------------------------------------------------- >0.30 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 92,790,000 0.64 0.41 0.35 69 0.99 1020 to 900 m level (120 - 240 m below surface) 105,560,000 0.86 0.47 0.61 69 1.35 900 to 780 m level (240 - 360 m below surface) 92,730,000 0.80 0.45 0.56 75 1.26 780 to 660 m level (360 - 480 m below surface) 70,130,000 0.74 0.37 0.57 59 1.15 660 to 540 m level (480 - 600 m below surface) 56,800,000 1.05 0.47 0.92 61 1.65 540 to 420 m level (600 - 720 m below surface) 45,310,000 0.84 0.34 0.80 34 1.32 420 to 300 m level (720 to 840 m below surface) 24,460,000 0.58 0.23 0.54 30 0.91 300 to 180 m level (840 to 960 m below surface) 16,840,000 0.52 0.20 0.50 29 0.81 180 to 60 m level (960 to 1080 m below surface) 4,280,000 0.45 0.18 0.43 26 0.71 60 to 00 m level (1080 to 1200 m below surface) - - - - - - - ------------------------------------------------------------------------------------------------- SW DEPOSIT - INFERRED >1.00 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 1,600,000 1.67 0.76 1.44 35 2.63 1020 to 900 m level (120 - 240 m below surface) 2,570,000 1.96 0.78 1.85 52 3.08 900 to 780 m level (240 - 360 m below surface) 1,140,000 1.96 0.86 1.74 89 3.08 780 to 660 m level (360 - 480 m below surface) 2,240,000 1.44 0.70 1.17 88 2.26 660 to 540 m level (480 - 600 m below surface) 5,150,000 1.39 0.57 1.29 75 2.18 540 to 420 m level (600 - 720 m below surface) 9,130,000 1.41 0.52 1.39 58 2.21 420 to 300 m level (720 to 840 m below surface) 2,300,000 1.14 0.37 1.20 24 1.78 300 to 180 m level (840 to 960 m below surface) 760,000 1.25 0.38 1.36 34 1.95 180 to 60 m level (960 to 1080 m below surface) - - - - - - 60 to 00 m level (1080 to 1200 m below surface) - - - - - - - ------------------------------------------------------------------------------------------------- >0.60 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 14,910,000 0.84 0.52 0.51 76 1.32 1020 to 900 m level (120 - 240 m below surface) 23,200,000 0.86 0.53 0.53 79 1.35 900 to 780 m level (240 - 360 m below surface) 18,570,000 0.78 0.45 0.52 89 1.22 780 to 660 m level (360 - 480 m below surface) 13,890,000 0.83 0.42 0.65 75 1.30 660 to 540 m level (480 - 600 m below surface) 23,430,000 0.86 0.39 0.74 55 1.35 540 to 420 m level (600 - 720 m below surface) 20,650,000 1.03 0.41 0.98 43 1.62 420 to 300 m level (720 to 840 m below surface) 9,720,000 0.85 0.31 0.85 26 1.33 300 to 180 m level (840 to 960 m below surface) 1,820,000 0.95 0.31 1.00 33 1.49 - -------------------------------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 17-17 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA
GRADES CuEq ----------------------------------- CUT-OFF GRADE CuEq Cu Au Mo AuEq (%) TONNES (%) (%) (g/t) (ppm) (g/t) - -------------------------------------------------------------------------------------------------- 180 to 60 m level (960 to 1080 m below surface) 390,000 0.63 0.21 0.66 18 0.99 60 to 00 m level (1080 to 1200 m below surface) - - - - - - - -------------------------------------------------------------------------------------------------- >0.30 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 33,110,000 0.64 0.42 0.35 78 1.00 1020 to 900 m level (120 - 240 m below surface) 36,850,000 0.71 0.44 0.43 77 1.11 900 to 780 m level (240 - 360 m below surface) 33,470,000 0.64 0.37 0.43 78 0.99 780 to 660 m level (360 - 480 m below surface) 41,210,000 0.57 0.29 0.45 55 0.90 660 to 540 m level (480 - 600 m below surface) 42,700,000 0.70 0.31 0.61 44 1.10 540 to 420 m level (600 - 720 m below surface) 37,060,000 0.78 0.31 0.74 33 1.23 420 to 300 m level (720 to 840 m below surface) 30,820,000 0.59 0.23 0.56 28 0.92 300 to 180 m level (840 to 960 m below surface) 21,470,000 0.50 0.19 0.47 27 0.77 180 to 60 m level (960 to 1080 m below surface) 13,500,000 0.42 0.16 0.41 24 0.66 60 to 00 m level (1080 to 1200 m below surface) 580,000 0.42 0.17 0.39 28 0.66 - -------------------------------------------------------------------------------------------------- SO DEPOSIT - INFERRED >1.00 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 2,210,000 1.29 1.14 0.24 11 2.02 1020 to 900 m level (120 - 240 m below surface) 1,750,000 1.09 0.73 0.56 16 1.71 900 to 780 m level (240 - 360 m below surface) 1,400,000 1.11 0.42 1.07 84 1.74 780 to 660 m level (360 - 480 m below surface) - - - - - - 660 to 540 m level (480 - 600 m below surface) - - - - - - 540 to 420 m level (600 - 720 m below surface) - - - - - - 420 to 300 m level (720 to 840 m below surface) - - - - - - - -------------------------------------------------------------------------------------------------- >0.60 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 19,670,000 0.78 0.66 0.19 19 1.23 1020 to 900 m level (120 - 240 m below surface) 20,770,000 0.77 0.59 0.28 18 1.19 900 to 780 m level (240 - 360 m below surface) 5,680,000 0.79 0.51 0.44 33 1.24 780 to 660 m level (360 - 480 m below surface) 2,230,000 0.67 0.54 0.20 15 1.06 660 to 540 m level (480 - 600 m below surface) 30,000 0.73 0.61 0.18 32 1.14 540 to 420 m level (600 - 720 m below surface) - - - - - - 420 to 300 m level (720 to 840 m below surface) - - - - - - - -------------------------------------------------------------------------------------------------- >0.30 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 59,180,000 0.55 0.48 0.12 19 0.86 1020 to 900 m level (120 - 240 m below surface) 80,650,000 0.51 0.42 0.15 20 0.81 900 to 780 m level (240 - 360 m below surface) 74,050,000 0.43 0.35 0.13 29 0.68 780 to 660 m level (360 - 480 m below surface) 50,340,000 0.40 0.33 0.10 23 0.62 660 to 540 m level (480 - 600 m below surface) 5,630,000 0.36 0.31 0.08 21 0.56 540 to 420 m level (600 - 720 m below surface) 150,000 0.33 0.30 0.04 10 0.52 420 to 300 m level (720 to 840 m below surface) 20,000 0.31 0.21 0.16 71 0.49 - -------------------------------------------------------------------------------------------------- CO DEPOSIT - INFERRED >1.00 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 11,640,000 1.23 1.14 0.13 63 1.93 1020 to 900 m level (120 - 240 m below surface) 14,800,000 1.32 1.18 0.20 54 2.07 900 to 780 m level (240 - 360 m below surface) 23,570,000 1.44 1.15 0.45 47 2.25 780 to 660 m level (360 - 480 m below surface) 8,080,000 1.30 0.96 0.52 53 2.03 660 to 540 m level (480 - 600 m below surface) 2,370,000 1.28 0.87 0.64 68 2.01 540 to 420 m level (600 - 720 m below surface) 130,000 1.17 1.06 0.17 41 1.83 420 to 300 m level (720 to 840 m below surface) - - - - - - - -------------------------------------------------------------------------------------------------- >0.60 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 29,920,000 0.94 0.86 0.12 57 1.46 1020 to 900 m level (120 - 240 m below surface) 48,240,000 0.91 0.80 0.18 56 1.43 900 to 780 m level (240 - 360 m below surface) 40,330,000 1.15 0.94 0.35 54 1.81 780 to 660 m level (360 - 480 m below surface) 20,880,000 0.97 0.77 0.31 60 1.52 660 to 540 m level (480 - 600 m below surface) 7,720,000 0.95 0.72 0.36 65 1.49 540 to 420 m level (600 - 720 m below surface) 480,000 0.89 0.76 0.21 36 1.40 420 to 300 m level (720 to 840 m below surface) - - - - - - - --------------------------------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 17-18 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA
GRADES CuEq ---------------------------------------------- CUT-OFF GRADE CuEq Cu Au Mo AuEq (%) TONNES (%) (%) (g/t) (ppm) (g/t) - ---------------------------------------------------------------------------------------------------------------- >0.30 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 58,130,000 0.72 0.65 0.10 52 1.12 1020 to 900 m level (120 - 240 m below surface) 74,970,000 0.75 0.66 0.14 51 1.18 900 to 780 m level (240 - 360 m below surface) 54,420,000 0.97 0.79 0.27 54 1.52 780 to 660 m level (360 - 480 m below surface) 30,810,000 0.78 0.62 0.24 56 1.22 660 to 540 m level (480 - 600 m below surface) 14,960,000 0.68 0.54 0.22 61 1.06 540 to 420 m level (600 - 720 m below surface) 3,250,000 0.40 0.36 0.07 36 0.63 420 to 300 m level (720 to 840 m below surface) 280,000 0.33 0.31 0.03 25 0.52 - ---------------------------------------------------------------------------------------------------------------- FN DEPOSIT - INFERRED >1.00 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 400,000 1.14 1.11 0.04 64 1.78 1020 to 900 m level (120 - 240 m below surface) 11,490,000 1.24 1.22 0.03 45 1.94 900 to 780 m level (240 - 360 m below surface) 39,090,000 1.30 1.27 0.05 57 2.04 780 to 660 m level (360 - 480 m below surface) 84,300,000 1.60 1.56 0.07 58 2.51 660 to 540 m level (480 - 600 m below surface) 79,910,000 1.45 1.40 0.08 67 2.28 540 to 420 m level (600 - 720 m below surface) 32,300,000 1.16 1.09 0.11 83 1.82 420 to 300 m level (720 to 840 m below surface) 10,370,000 1.38 1.26 0.20 80 2.18 300 to 180 m level (840 to 960 m below surface) - - - - - - 180 to 60 m level (960 to 1080 m below surface) - - - - - - 60 to 00 m level (1080 to 1200 m below surface) - - - - - - - ---------------------------------------------------------------------------------------------------------------- >0.60 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 1,110,000 0.89 0.87 0.04 91 1.39 1020 to 900 m level (120 - 240 m below surface) 28,800,000 0.97 0.94 0.04 60 1.52 900 to 780 m level (240 - 360 m below surface) 78,140,000 1.07 1.03 0.04 59 1.67 780 to 660 m level (360 - 480 m below surface) 114,830,000 1.39 1.34 0.06 63 2.17 660 to 540 m level (480 - 600 m below surface) 115,660,000 1.26 1.21 0.07 70 1.97 540 to 420 m level (600 - 720 m below surface) 83,090,000 0.94 0.88 0.09 89 1.48 420 to 300 m level (720 to 840 m below surface) 40,910,000 0.90 0.80 0.15 94 1.41 300 to 180 m level (840 to 960 m below surface) 22,810,000 0.67 0.62 0.08 80 1.06 180 to 60 m level (960 to 1080 m below surface) 3,890,000 0.68 0.63 0.08 55 1.07 60 to 00 m level (1080 to 1200 m below surface) - - - - - - - ---------------------------------------------------------------------------------------------------------------- >0.30 CuEq (80) Cut-off 1140 to 1020 m level (0 - 120 m below surface) 7,860,000 0.45 0.43 0.03 69 0.71 1020 to 900 m level (120 - 240 m below surface) 62,840,000 0.68 0.66 0.04 64 1.06 900 to 780 m level (240 - 360 m below surface) 108,690,000 0.88 0.85 0.04 63 1.38 780 to 660 m level (360 - 480 m below surface) 164,190,000 1.10 1.06 0.06 65 1.73 660 to 540 m level (480 - 600 m below surface) 171,470,000 0.99 0.94 0.07 68 1.55 540 to 420 m level (600 - 720 m below surface) 142,530,000 0.73 0.68 0.08 86 1.16 420 to 300 m level (720 to 840 m below surface) 86,090,000 0.66 0.59 0.12 88 1.04 300 to 180 m level (840 to 960 m below surface) 53,910,000 0.56 0.52 0.08 74 0.89 180 to 60 m level (960 to 1080 m below surface) 7,920,000 0.59 0.55 0.06 58 0.92 60 to 00 m level (1080 to 1200 m below surface) - - - - - - - ----------------------------------------------------------------------------------------------------------------
March 2003 [AMEC LOGO] SECTION 17-19 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 18.0 OTHER RELEVANT DATA AND INFORMATION No other data or information are relevant for the review of the Oyu Tolgoi project. March 2003 [AMEC LOGO] SECTION 18-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 19.0 REQUIREMENTS FOR TECHNICAL REPORTS ON PRODUCTION AND DEVELOPMENT PROPERTIES This section is not relevant for this study. March 2003 [AMEC LOGO] SECTION 19-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 20.0 CONCLUSIONS AND RECOMMENDATIONS AMEC reviewed pertinent data from the Oyu Tolgoi project to obtain a sufficient level of understanding to assess the existing Mineral Resource statement. AMEC's general conclusions from this review are as follows: - The geology of the Oyu Tolgoi project is well understood. The various deposits that comprise the project are considered to be examples of a Cu-Au porphyry system and related high-sulphidation types of deposits. Four deposits are known: 1. The Southwest Oyu deposit consists primarily of pyrite-chalcopyrite mineralization related to sericite and sericite-albite alteration. Mineralization is characterized by high gold contents with Au:Cu ratios about 1:1 in the main part of the deposit, rising to between 2:1 to 3:1 in the core of the system and at depth. 2. South Oyu contains pyrite-chalocopyrite-bornite mineralization. It is gold-poor. 3. Central Oyu contains several mineralization types: a pyrite-covellite-chalcocite type, an auriferous chalcopyrite-pyrite type and a supergene chalcocite blanket type. 4. Far North consists of bornite +/-chalcopyrite +/-chalcocite mineralization in higher-grade concentrations. It is zoned laterally to lower-grade, chalcopyrite-dominated mineralization and to pyrite-enargite. - The exploration program relies strongly on geophysical survey data (IP and magnetics), and other target anomalies still remain within the project land holdings. Good potential exists for extending mineralization of the existing deposits, particularly Far North, South and Central. - The database used to estimate the mineral resources for the Oyu Tolgoi project consists of samples and geological information from 199 core drill holes drilled by Ivanhoe between mid 2001 and early 2003, and 19 earlier drilled core holes by BHP-Billiton. Data transfer to the resource database was validated from original assay certificates through a 5% check of the database. - Ivanhoe employs a comprehensive QA/QC program. Each sample batch contains four quality control samples: one duplicate split core sample and one uncrushed field blank, which are inserted prior to sample preparation; a reject or pulp preparation duplicate, which is inserted during sample preparation; and a reference material sample, which is inserted after sample preparation. A total of 20 different reference materials have been developed and used to monitor the assaying of six different ore types made up of varying combinations of chalcopyrite, bornite, March 2003 [AMEC LOGO] SECTION 20-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA primary and supergene chalcocite, enargite, covellite and molybdenite. Ivanhoe strictly monitors the performance of the standard reference material (SRM) samples as the assay results arrive at site. If a batch fails, it is re-assayed until it passes. AMEC reviewed Ivanhoe's SRM procedures at site and found them to be stringently adhered to. Results of field blanks show low incidence of contamination and confirm negligible contamination in the assay process. Duplicate performance of core, coarse reject and pulp duplicates was evaluated by AMEC and found to perform well within the respective accepted ranges. The current Ivanhoe QA/QC program exceeds industry standards and demonstrates that the assay process for Oyu Tolgoi is well in control. - Samples assayed earlier (prior to drill hole OTD231) were poorly supported by QA/QC data. To assess any potential for bias, a major re-assay program (20% of the Southwest mineralized zone) was undertaken. Analysis of results confirmed the presence of a bias in the higher-grade ranges for Au (>6 g/t) and Cu (>2%). Assays from that sampling period that exceeded the respective metal thresholds were adjusted downward by 14% for Au and 11% for Cu before resource estimation. - The Oyu Tolgoi resource models were developed using industry-accepted methods. AMEC validated the model estimates and found them to reasonably estimate grade and tonnage for the Southwest, South, Central and Far North deposits. - The mineralization at Oyu Tolgoi project was classified using logic consistent with the CIM definitions referred to in National Instrument 43-101 into Indicated Mineral Resources (SW) and Inferred Mineral Resources (SW, SO, CO, FN). This independent mineral resource estimate and review by AMEC supports the February 2003 Oyu Tolgoi Mineral Resource statement. March 2003 [AMEC LOGO] SECTION 20-2 IVANHOE MINES LTD. [IVANHOE MINES LOGO] Technical Report OYU TOLGOI, MONGOLIA 21.0 REFERENCES Badarch, G. et al., 2002. A new terrane subdivision for Mongolia: implications for the Phanerozoic crustal growth of Central Asia. Journal of Asian Earth Sciences, v.21, p.87-110 Cargill, G., 2002. Report on the Oyu Tolgoi Exploration Project South Gobi Region, Mongolia. National Instrument 43-101 Technical Report, January 11, 2002. Perello, J. et. al., 2001. Oyu Tolgoi, Mongolia: Siluro-Devonian porphyry Cu-Au-Moand high-sulphidation Cu mineralization with a Cretaceous chalcocite blanket. Econ.Geol. v.96, p.1407-1428. Tseveendorj, D. and Garamjav, D., 1999. About ancient copper mining and processing in Mongolia; Ulaanbaatar, Mongolia, Academy of Science Institute Proceedings Series 19, p.17-21 (in Mongolian) March 2003 [AMEC LOGO] SECTION 21-1 TECHNICAL REPORT LIST OF APPENDICES A Project Logging Sheet and Description B Composited Assay Values C Standard Reference Material (SRM) Charts D Data Analysis E Model Validation F Sections APPENDIX A ================================================================================ PROJECT LOGGING SHEET AND DESCRIPTION DESCRIPTION OF OYU TOLGOI PROJECT LOG SHEET PARAMETRES The log sheet lists the following parametres (from left to right). METRES: depth subdivided in sample interval (2m) 1) SAMPLE NO: 2) ASSAY: 3) LITHOLOGY: see Table 1 - Lithological units, (below) 4) STRUCTURE: in this column only major structures should be illustrated- the core photography captures the general fracture pattern of the core more adequately. MINERALIZATION: 5) FE OXIDE: 6) QUARTZ VEIN: estimate of quartz vein frequency and volume % over the 2 m sample interval, notation 15/10: indicates 15 veins, comprising 10% by volume. THE NEXT 5 COLUMNS DESCRIBE ALTERATION IN TERMS OF INTENSITY: 1 to 3 7) SILICA: mainly of use for the Advanced argillic zone, and should not be filled in routinely. 8) SERICITE: Intense sericite (+ pyrite-tourmaline) alteration at SW Oyu Tolgoi is localized to zones within Qmd, and is not present as an outward zonation to the mineralized system. Sericite is also widespread with chlorite alteration (below), but this style is less conspicuous. 1: Low- slight bleaching of the rock and plagioclase phenocrysts partly replaced by sericite (<5% by volume) 2: Moderate- strongly bleached, primary texture partly destroyed, plagioclase crystals almost completely replaced by sericite (pale-green, waxy) (5-50% by volume) 3: High-buff color, texture indistinct, almost completely destroyed (>50% by volume). 9) CHLORITE: Chlorite alteration is ubiquitous to the SW Oyu porphyry system. Because much of the host rocks are dark green-brown basaltic volcanics, the intensity chlorite alteration in these rocks is difficult to estimate. Conversely, lower intensity chlorite alteration in buff-red Qmd or in-filling quartz veins, standouts disproportionally due to the color contrast. In addition, chlorite is commonly intimately associated with sericite alteration, and in combination forms mottled patches and spots in Va and in Qmd. Because of these features, chlorite alteration generally cannot be mapped in a consistent manner that defines distribution or zonation. 1: Low- incipient chlorite alteration, i.e., chlorite is recognized to be present-almost all cases 2: Moderate- chlorite forms conspicuous mottled patches, spots in Va or Qmd 3: High- secondary chlorite imparts a strong green coloration to the host rocks together with strong textural destruction (re-crystallization to chlorite). 10) BIOTITE: Biotite is a distinctive indicator for K-silicate alteration, whilst on the other hand K-feldspar cannot be readily identified in hand specimen, and in fact may not be common. Secondary biotite replaces ferromagnesian minerals in Qmd, and mainly the matrix in basaltic volcanics (Va). Phenocrysts of augite present in Va are generally not replaced by biotite, but are converted to pale green fibrous actinolite. The intensity biotite alteration in basaltic volcanics decreases outward away from OT-Qmd intrusions. In general, the intensity of biotite alteration in volcanics can be gauged in terms of color, i.e., dark brown = high intensity 1: Low-incipient biotite alteration, i.e., secondary biotite is present, either as replacement of ferromagnesian minerals in Qmd, or patchy brown alteration in the matrix of Va. 2: Moderate-secondary biotite imparts a brown color to Va and Qmd 3: High-dark brown color, and sometimes relatively coarse sheaves of biotite (i.e., individual biotite crystals clearly discernable by the naked eye) 11) K-FELDSPAR: do not record, as hand specimen identification at SW Oyu Tolgoi is unreliable. THE NEXT 5 COLUMNS RECORD PRESENCE OR ABSENCE OF A KEY INDICATOR MINERAL 12) EPIDOTE: Small amounts of epidote occur in basaltic volcanics outward from the center of the SW Oyu Tolgoi porphyry system, and also in post-mineral andesite and rhyolite dykes. Therefore, the distribution of epidote in volcanic rocks may be useful in defining the outer boundaries of the porphyry system. 13) CLAY: Clay is rarely used except for soil, overburden. Clay zones on recent faults are rare at SW Oyu Tolgoi. Other usage could be for Advance argillic zone assemblages, particularly in the oxide zone, where only a general description of "clay" is possible. 14) TOURMALINE: Tourmaline is a useful "spot occurrence" 15) ALUNITE: May be useful for Advanced argillic zone assemblages, and currently not in use. 18) SO: sulphate THE NEXT 10 COLUMNS RECORD TOTAL SULFIDE CONTENT (%), LIST CU SPECIES (MAINLY SULFIDES) AND MAGNETITE: Magnetite is redundant, as this parameter is now quantified by magnetic susceptibility measurements. 30) COMMENTS: The final column is for comments. TABLE: 1: LITHOLOGICAL UNITS
CODE Abbreviation Full Name - ------------------------------------------------------------------------------------------------- 3 Va Porphyritic augite basalt - ------------------------------------------------------------------------------------------------- 4 Rhy Rhyolite - ------------------------------------------------------------------------------------------------- 5 Qmd Quartz monzodiorite - ------------------------------------------------------------------------------------------------- 6 Hbx Hydrothermal breccia - ------------------------------------------------------------------------------------------------- 9 Fz Fault zone - ------------------------------------------------------------------------------------------------- 11 Ba Basalt - ------------------------------------------------------------------------------------------------- 12 HbBiAnd Hornblende Biotite andesite - ------------------------------------------------------------------------------------------------- 14 Sst-SIt Fine grained sandstone-siltstone (tuffaceous, carbonaceous) - ------------------------------------------------------------------------------------------------- 16 Cong Conglomerate, coarse grained sandstone - ------------------------------------------------------------------------------------------------- 21 Vat andesitic tuff - ------------------------------------------------------------------------------------------------- 30 Hfs Hornfels - ------------------------------------------------------------------------------------------------- 34 OT-Qmd OT Quartz monzodiorite - ------------------------------------------------------------------------------------------------- 37 Ap Aplite dyke - ------------------------------------------------------------------------------------------------- 42 Qm Quartz monzonite - ------------------------------------------------------------------------------------------------- 43 Qco Cover - ------------------------------------------------------------------------------------------------- 45 BiGd Bi granodiorite - ------------------------------------------------------------------------------------------------- 46 xQmd xenolithic Quartz monzodiorite - ------------------------------------------------------------------------------------------------- 47 Silica Silica cap - ------------------------------------------------------------------------------------------------- 48 L Basaltic- tuffs and flows - ------------------------------------------------------------------------------------------------- 49 Vbx Dacitic block-ash tuff - ------------------------------------------------------------------------------------------------- 50 Ign Dacitic to andesitic ash flow tuff/ lapilli tuff - ------------------------------------------------------------------------------------------------- 51 Coal Coal - ------------------------------------------------------------------------------------------------- 52 Vcx Coarse volcaniclastic with sedimentary clasts - ------------------------------------------------------------------------------------------------- 53 Vatl Fine laminated tuff - ------------------------------------------------------------------------------------------------- 54 CSh Carbonaceous shale - ------------------------------------------------------------------------------------------------- 55 VSst Tuffaceous sandstone - ------------------------------------------------------------------------------------------------- 56 Vp Porphyritic basalt - ------------------------------------------------------------------------------------------------- 57 Globign Globular ignimbrite - ------------------------------------------------------------------------------------------------- 58 Gd Fine-grained granodiorite - -------------------------------------------------------------------------------------------------
APPENDIX B ================================================================================ COMPOSITED ASSAY VALUES Southwest Oyu South Oyu Central Oyu Far North Oyu TABLE B.1: SOUTHWEST OYU COMPOSITED ASSAY VALUES (FOR VALUES >=0.30 Cu %) A negative denotes "no assay value"; Domain code descriptions are in Table 17.1
DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD005 650302 4762661 1133.8 5.0 0.31 0.12 5 1 OTD005 650298 4762658 1114.5 5.0 0.32 0.22 5 1 OTD005 650297 4762657 1109.7 5.0 0.38 0.29 5 1 OTD005 650296 4762656 1104.9 5.0 0.34 0.20 5 1 OTD005 650295 4762655 1100.0 5.0 0.41 1.56 5 1 OTD005 650294 4762654 1095.2 5.0 0.95 0.73 5 1 OTD005 650293 4762653 1090.4 5.0 0.71 0.55 5 1 OTD005 650292 4762652 1085.5 5.0 0.34 0.25 5 1 OTD005 650291 4762651 1080.7 5.0 0.44 0.27 5 1 OTD005 650290 4762650 1075.9 5.0 0.62 0.37 5 1 OTD005 650290 4762650 1071.0 5.0 0.61 0.28 5 1 OTD005 650289 4762649 1066.2 5.0 0.46 0.37 5 1 OTD005 650288 4762648 1061.4 5.0 0.54 0.37 5 1 OTD005 650287 4762647 1056.6 5.0 0.30 0.23 5 1 OTD005 650286 4762646 1051.7 5.0 0.34 0.23 5 1 OTD005 650284 4762644 1042.1 5.0 0.37 0.34 5 1 OTD005 650283 4762643 1037.2 5.0 0.49 0.31 5 1 OTD005 650282 4762642 1032.4 5.0 0.58 0.28 5 1 OTD005 650281 4762641 1027.6 5.0 0.34 0.17 5 1 OTD005 650280 4762641 1022.8 5.0 0.30 0.21 5 1 OTD005 650278 4762639 1013.1 5.0 0.71 0.51 5 1 OTD005 650277 4762638 1008.3 5.0 1.37 1.39 5 1 OTD005 650276 4762637 1003.4 5.0 0.69 0.91 5 1 OTD005 650276 4762636 998.6 5.0 0.85 1.07 5 1 OTD005 650275 4762635 993.8 5.0 1.08 1.64 5 1 OTD005 650273 4762633 984.1 5.0 0.39 0.29 5 1 OTD005 650272 4762632 979.3 5.0 0.45 0.29 5 1 OTD005 650271 4762632 974.5 5.0 0.58 0.37 5 1 OTD005 650270 4762631 970.2 3.9 0.83 0.50 5 1 OTD009 650526 4763004 1133.9 5.0 0.49 0.35 5 1 OTD009 650526 4763005 1129.0 5.0 0.35 0.20 5 1 OTD009 650526 4763006 1124.2 5.0 0.47 0.32 5 1 OTD009 650526 4763009 1114.6 5.0 0.42 0.24 5 1 OTD009 650526 4763010 1109.7 5.0 0.52 0.43 5 1 OTD009 650526 4763011 1104.9 5.0 0.35 0.20 5 1 OTD009 650526 4763014 1095.2 5.0 0.33 0.28 5 1 OTD009 650526 4763015 1090.4 5.0 0.35 0.32 5 1 OTD009 650526 4763017 1085.6 5.0 0.55 0.44 5 1 OTD009 650526 4763018 1080.8 5.0 0.47 0.51 5 1 OTD009 650526 4763022 1066.3 5.0 0.38 0.17 5 1 OTD009 650526 4763023 1061.4 5.0 0.58 0.44 5 1 OTD009 650526 4763024 1056.6 5.0 0.59 0.28 5 1 OTD009 650526 4763026 1051.8 5.0 0.49 0.45 5 1 OTD009 650526 4763027 1046.9 5.0 0.35 0.22 5 1 OTD009 650526 4763028 1042.1 5.0 0.88 0.54 5 1 OTD009 650526 4763030 1037.3 5.0 0.46 0.24 5 1 OTD009 650526 4763031 1032.5 5.0 0.31 0.19 5 1 OTD009 650526 4763032 1027.6 5.0 0.31 0.19 5 1 OTD009 650526 4763035 1018.0 5.0 0.59 0.30 5 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD009 650526 4763036 1013.1 5.0 0.65 0.45 5 1 OTD009 650526 4763037 1008.3 5.0 0.61 0.39 5 1 OTD009 650526 4763039 1003.5 5.0 0.45 0.34 5 1 OTD009 650526 4763040 998.6 5.0 0.62 0.42 5 1 OTD009 650526 4763041 993.8 5.0 0.46 0.34 5 1 OTD009 650526 4763043 989.0 5.0 0.93 0.86 5 1 OTD009 650526 4763044 984.2 5.0 0.84 0.84 5 1 OTD009 650526 4763045 979.3 5.0 0.38 0.38 5 1 OTD009 650526 4763046 974.5 5.0 0.34 0.27 5 1 OTD009 650526 4763048 969.7 5.0 0.43 0.41 5 1 OTD009 650526 4763049 964.8 5.0 0.59 0.63 5 1 OTD009 650526 4763050 960.0 5.0 0.48 0.41 5 1 OTD009 650526 4763052 955.2 5.0 0.46 0.47 5 1 OTD009 650526 4763053 950.3 5.0 0.72 0.76 5 1 OTD009 650526 4763054 945.5 5.0 0.33 0.48 5 1 OTD009 650526 4763055 940.7 4.9 0.78 0.97 5 1 OTD010 650826 4763270 1054.2 5.0 0.42 0.42 5 1 OTD010 650826 4763269 1049.2 5.0 0.52 0.58 5 2 OTD010 650826 4763267 1044.4 5.0 0.75 1.04 5 2 OTD010 650826 4763266 1039.5 5.0 0.40 0.46 5 2 OTD010 650826 4763265 1034.7 5.0 1.05 1.89 5 2 OTD010 650826 4763263 1029.9 5.0 1.01 2.21 5 2 OTD010 650826 4763262 1025.0 5.0 0.59 1.17 5 2 OTD010 650826 4763261 1020.8 3.8 0.88 1.65 5 2 OTD012 651080 4763398 1114.5 5.0 0.35 0.04 5 4 OTD012 651080 4763397 1109.7 5.0 0.41 0.04 5 4 OTD012 651080 4763396 1104.9 5.0 0.61 0.05 5 4 OTD012 651080 4763395 1100.0 5.0 0.42 0.07 5 4 OTD012 651080 4763393 1095.2 5.0 0.35 0.08 5 4 OTD160 650710 4763164 1128.1 5.0 0.53 0.38 67 1 OTD160 650712 4763166 1124.0 5.0 0.31 0.24 53 1 OTD160 650713 4763168 1119.9 5.0 0.86 0.89 89 1 OTD160 650715 4763171 1115.8 5.0 0.57 0.52 31 1 OTD160 650716 4763173 1111.7 5.0 0.76 0.77 54 1 OTD160 650718 4763175 1107.5 5.0 0.48 0.45 32 1 OTD160 650720 4763178 1103.4 5.0 1.08 1.05 298 1 OTD160 650721 4763180 1099.3 5.0 0.55 0.53 75 1 OTD160 650723 4763182 1095.2 5.0 0.40 0.58 47 1 OTD160 650725 4763185 1091.1 5.0 0.39 0.54 58 1 OTD160 650726 4763187 1086.9 5.0 0.64 0.85 27 1 OTD160 650728 4763189 1082.8 5.0 0.69 1.21 35 1 OTD160 650730 4763192 1078.7 5.0 0.67 0.74 55 2 OTD160 650731 4763194 1074.5 5.0 1.04 1.34 27 2 OTD160 650733 4763196 1070.3 5.0 0.45 0.65 23 2 OTD160 650734 4763198 1066.2 5.0 0.77 0.93 18 2 OTD160 650736 4763201 1062.0 5.0 0.79 1.15 49 2 OTD160 650738 4763203 1057.8 5.0 1.09 1.95 25 2 OTD160 650739 4763205 1053.7 5.0 0.45 1.06 53 2 OTD160 650741 4763207 1049.5 5.0 0.90 1.73 71 2 OTD160 650743 4763210 1045.3 5.0 0.38 0.75 15 2 OTD160 650744 4763212 1041.1 5.0 0.93 1.75 60 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD160 650746 4763214 1036.9 5.0 0.54 1.24 6 2 OTD160 650747 4763216 1032.7 5.0 0.44 0.99 7 2 OTD160 650749 4763218 1028.5 5.0 0.42 0.75 13 2 OTD160 650751 4763220 1024.3 5.0 0.99 1.81 22 2 OTD160 650752 4763222 1020.1 5.0 2.11 3.40 52 2 OTD160 650754 4763225 1015.9 5.0 1.77 3.30 37 2 OTD160 650756 4763227 1011.7 5.0 0.95 1.96 47 2 OTD160 650757 4763229 1007.5 5.0 1.19 2.64 92 2 OTD160 650763 4763235 995.0 5.0 0.62 2.02 17 2 OTD160 650764 4763237 990.8 5.0 0.92 2.70 25 2 OTD160 650766 4763239 986.7 5.0 0.83 2.36 18 2 OTD160 650768 4763242 982.5 5.0 1.21 3.40 38 2 OTD160 650770 4763244 978.3 5.0 1.73 3.64 165 2 OTD160 650772 4763246 974.2 5.0 1.38 3.34 76 2 OTD160 650773 4763248 970.0 5.0 0.66 2.38 15 2 OTD160 650775 4763250 965.8 5.0 1.07 2.60 49 2 OTD160 650777 4763252 961.7 5.0 0.99 2.01 39 2 OTD160 650779 4763255 957.5 5.0 0.99 1.55 35 2 OTD160 650780 4763257 953.3 5.0 1.30 2.72 24 2 OTD160 650782 4763259 949.2 5.0 1.17 3.18 16 2 OTD160 650784 4763261 945.0 5.0 0.96 3.52 15 2 OTD160 650786 4763263 940.8 5.0 1.31 3.92 12 2 OTD160 650788 4763265 936.7 5.0 0.78 3.19 35 2 OTD160 650789 4763267 932.5 5.0 0.68 1.80 59 2 OTD160 650791 4763269 928.4 5.0 0.85 1.94 46 2 OTD160 650793 4763272 924.2 5.0 0.64 1.82 32 2 OTD160 650795 4763274 920.1 5.0 0.93 2.55 49 2 OTD160 650797 4763276 915.9 5.0 0.98 2.59 30 2 OTD160 650798 4763278 911.8 5.0 0.61 1.71 21 2 OTD160 650802 4763282 903.4 5.0 0.53 1.32 39 2 OTD160 650804 4763284 899.3 5.0 0.70 2.10 26 2 OTD160 650805 4763286 895.1 5.0 0.35 1.04 15 2 OTD160 650822 4763306 857.8 5.0 0.85 0.31 41 1 OTD160 650823 4763308 853.7 5.0 0.59 0.29 25 1 OTD160 650825 4763310 849.5 5.0 0.39 0.22 24 1 OTD161 650790 4763105 1126.8 5.0 0.70 0.88 37 1 OTD161 650792 4763108 1122.7 5.0 0.30 0.24 9 1 OTD161 650795 4763112 1114.4 5.0 0.42 0.25 12 1 OTD161 650797 4763115 1110.2 5.0 0.39 0.58 104 1 OTD161 650798 4763117 1106.1 5.0 0.42 0.33 26 1 OTD161 650800 4763119 1101.9 5.0 0.58 0.41 33 1 OTD161 650801 4763121 1097.8 5.0 0.61 0.45 23 1 OTD161 650803 4763124 1093.6 5.0 0.76 0.63 44 1 OTD161 650805 4763126 1089.5 5.0 0.83 0.93 31 1 OTD161 650806 4763128 1085.3 5.0 0.73 0.73 25 1 OTD161 650808 4763131 1081.2 5.0 0.41 0.41 16 1 OTD161 650809 4763133 1077.0 5.0 0.48 0.43 24 1 OTD161 650811 4763135 1072.9 5.0 0.41 0.54 26 1 OTD161 650813 4763137 1068.8 5.0 0.37 0.36 61 1 OTD161 650814 4763140 1064.6 5.0 0.51 0.51 20 1 OTD161 650816 4763142 1060.5 5.0 0.56 0.61 33 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD161 650819 4763147 1052.2 5.0 0.31 0.42 59 1 OTD161 650821 4763149 1048.1 5.0 0.35 0.43 14 1 OTD161 650822 4763152 1043.9 5.0 0.45 0.56 11 1 OTD161 650824 4763154 1039.8 5.0 0.59 0.75 23 1 OTD161 650826 4763156 1035.7 5.0 0.44 0.78 33 1 OTD161 650827 4763159 1031.6 5.0 0.45 0.62 41 1 OTD161 650829 4763161 1027.9 4.0 0.39 0.54 12 1 OTD161 650830 4763163 1024.2 5.0 0.54 0.77 14 2 OTD161 650832 4763165 1020.1 5.0 0.51 0.74 28 2 OTD161 650835 4763170 1011.8 5.0 0.68 1.33 21 2 OTD161 650837 4763172 1007.7 5.0 0.62 1.26 22 2 OTD161 650838 4763174 1003.6 5.0 0.54 1.48 24 2 OTD161 650840 4763176 999.5 5.0 0.68 1.93 27 2 OTD161 650842 4763179 995.4 5.0 0.80 2.17 15 2 OTD161 650843 4763181 991.3 5.0 0.82 2.73 26 2 OTD161 650845 4763183 987.2 5.0 0.65 2.81 60 2 OTD161 650847 4763186 983.1 5.0 1.14 3.94 28 2 OTD161 650848 4763188 979.1 5.0 3.88 10.40 27 2 OTD161 650850 4763190 975.0 5.0 1.76 4.92 48 2 OTD161 650852 4763193 970.9 5.0 0.65 2.30 29 2 OTD161 650853 4763195 966.8 5.0 0.49 1.66 24 2 OTD161 650855 4763197 962.7 5.0 0.37 0.83 23 2 OTD161 650856 4763199 958.6 5.0 0.49 1.71 30 2 OTD161 650858 4763202 954.5 5.0 0.96 2.65 26 2 OTD161 650860 4763204 950.4 5.0 1.65 4.04 23 2 OTD161 650861 4763206 946.3 5.0 0.57 1.76 16 2 OTD161 650863 4763209 942.2 5.0 0.40 1.40 24 2 OTD161 650865 4763211 938.2 5.0 0.40 1.15 32 2 OTD161 650866 4763213 934.1 5.0 0.38 1.62 24 2 OTD161 650868 4763216 930.1 5.0 1.87 4.21 39 2 OTD161 650870 4763218 926.1 5.0 0.61 2.29 45 2 OTD161 650872 4763220 922.1 5.0 0.65 2.65 30 2 OTD161 650873 4763223 918.1 5.0 0.49 1.43 8 2 OTD161 650875 4763225 914.2 5.0 1.11 2.66 32 2 OTD161 650877 4763228 910.3 5.0 0.86 2.38 38 2 OTD161 650879 4763230 906.3 5.0 0.75 2.12 35 2 OTD161 650880 4763233 902.4 5.0 1.13 3.07 64 2 OTD161 650882 4763236 898.5 5.0 0.62 1.19 37 2 OTD161 650884 4763238 894.6 5.0 0.66 2.27 30 2 OTD161 650886 4763241 890.8 5.0 0.62 1.80 32 2 OTD161 650888 4763243 886.9 5.0 0.98 2.91 25 2 OTD161 650889 4763246 883.0 5.0 0.60 2.51 27 2 OTD161 650891 4763249 879.2 5.0 0.68 2.34 33 2 OTD161 650893 4763252 875.4 5.0 0.83 3.14 29 2 OTD161 650895 4763254 871.6 5.0 0.56 2.34 30 2 OTD161 650897 4763257 867.8 5.0 0.63 2.35 32 2 OTD161 650899 4763260 864.0 5.0 0.52 1.36 18 2 OTD161 650901 4763262 860.3 5.0 0.59 1.15 41 2 OTD161 650903 4763265 856.5 5.0 0.98 1.80 26 2 OTD161 650904 4763268 852.8 5.0 1.11 2.09 21 2 OTD161 650906 4763270 849.1 5.0 1.26 2.55 11 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD161 650908 4763273 845.3 5.0 0.78 2.10 7 2 OTD161 650910 4763276 841.7 5.0 0.59 1.64 14 2 OTD161 650912 4763279 838.0 5.0 0.54 1.09 5 2 OTD161 650914 4763281 834.4 5.0 0.59 0.54 20 1 OTD161 650930 4763304 805.4 5.0 0.69 0.11 12 1 OTD162 650646 4763212 1128.3 5.0 0.34 0.31 21 1 OTD162 650648 4763214 1124.2 5.0 0.61 0.60 26 1 OTD162 650649 4763216 1120.1 5.0 0.65 0.65 14 1 OTD162 650651 4763219 1116.0 5.0 0.68 0.66 31 1 OTD162 650653 4763221 1111.9 5.0 0.36 0.49 7 1 OTD162 650656 4763226 1103.7 5.0 0.42 0.58 17 1 OTD162 650658 4763227 1099.5 5.0 0.45 0.59 7 1 OTD162 650659 4763230 1095.4 5.0 0.47 1.06 6 1 OTD162 650660 4763231 1092.5 2.0 0.66 1.44 20 1 OTD162 650662 4763233 1089.7 5.0 0.60 1.03 10 2 OTD162 650663 4763235 1085.5 5.0 0.62 1.04 38 2 OTD162 650665 4763237 1081.4 5.0 0.54 1.17 12 2 OTD162 650667 4763240 1077.3 5.0 0.86 1.25 37 2 OTD162 650668 4763242 1073.2 5.0 0.62 0.73 56 2 OTD162 650670 4763244 1069.0 5.0 0.73 0.96 28 2 OTD162 650672 4763246 1064.9 5.0 0.36 0.71 19 2 OTD162 650673 4763248 1060.8 5.0 0.63 1.05 16 2 OTD162 650675 4763251 1056.6 5.0 0.88 1.43 14 2 OTD162 650677 4763253 1052.5 5.0 0.65 1.16 27 2 OTD162 650678 4763255 1048.3 5.0 1.41 2.42 18 2 OTD162 650680 4763258 1044.2 5.0 1.30 2.96 10 2 OTD162 650682 4763260 1040.0 5.0 1.29 3.38 24 2 OTD162 650683 4763262 1035.8 5.0 0.65 1.02 94 2 OTD162 650685 4763264 1031.7 5.0 0.70 1.39 33 2 OTD162 650687 4763267 1027.5 5.0 0.81 1.65 26 2 OTD162 650688 4763269 1023.3 5.0 0.50 1.32 14 2 OTD162 650690 4763271 1019.1 5.0 0.68 1.56 12 2 OTD162 650691 4763273 1015.0 5.0 0.83 2.05 21 2 OTD162 650693 4763275 1010.8 5.0 0.99 2.57 21 2 OTD162 650695 4763277 1006.6 5.0 1.37 3.50 43 2 OTD162 650696 4763279 1002.4 5.0 0.81 2.24 18 2 OTD162 650698 4763281 998.2 5.0 0.70 2.60 34 2 OTD162 650700 4763284 994.0 5.0 0.83 4.48 41 2 OTD162 650701 4763286 989.8 5.0 0.93 3.69 25 2 OTD162 650703 4763288 985.6 5.0 1.26 4.39 54 2 OTD162 650705 4763290 981.4 5.0 0.88 3.66 36 2 OTD162 650706 4763292 977.2 5.0 1.01 4.26 16 2 OTD162 650708 4763294 973.4 4.0 0.46 2.07 10 2 OTD162 650726 4763318 925.8 5.0 1.14 3.19 67 1 OTD162 650728 4763320 921.5 5.0 0.58 0.77 19 1 OTD162 650730 4763322 917.3 5.0 0.43 0.11 30 1 OTD162 650731 4763325 913.1 5.0 0.43 0.12 13 1 OTD162 650733 4763326 910.1 2.0 0.61 0.22 6 1 OTD163 650573 4762969 1124.4 5.0 0.42 0.62 49 1 OTD163 650577 4762973 1116.0 5.0 0.31 0.18 20 1 OTD163 650585 4762984 1095.1 5.0 0.34 0.22 15 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD163 650586 4762987 1090.9 5.0 0.31 0.18 16 1 OTD163 650588 4762989 1086.7 5.0 0.33 0.19 19 1 OTD163 650589 4762991 1082.5 5.0 0.33 0.19 14 1 OTD163 650591 4762993 1078.3 5.0 0.30 0.18 13 1 OTD163 650592 4762995 1074.1 5.0 0.47 0.32 64 1 OTD163 650594 4762998 1069.8 5.0 0.36 0.21 70 1 OTD163 650596 4763000 1065.6 5.0 0.53 0.33 53 1 OTD163 650597 4763002 1061.4 5.0 0.53 0.35 84 1 OTD163 650599 4763004 1057.2 5.0 0.67 0.27 39 1 OTD163 650600 4763006 1053.0 5.0 0.37 0.20 47 1 OTD163 650602 4763009 1048.8 5.0 0.36 0.31 40 1 OTD163 650603 4763011 1044.5 5.0 0.43 0.46 31 1 OTD163 650605 4763013 1040.3 5.0 0.58 0.59 39 1 OTD163 650606 4763015 1036.1 5.0 0.38 0.40 34 1 OTD163 650608 4763017 1031.9 5.0 0.42 0.33 51 1 OTD163 650609 4763020 1027.7 5.0 0.41 0.31 59 1 OTD163 650611 4763022 1023.5 5.0 0.59 0.37 23 1 OTD163 650612 4763024 1019.2 5.0 0.49 0.32 8 1 OTD163 650614 4763026 1015.0 5.0 0.58 0.44 23 1 OTD163 650621 4763034 998.1 5.0 0.30 0.24 13 1 OTD163 650624 4763039 989.7 5.0 0.39 0.47 12 1 OTD163 650626 4763041 985.4 5.0 0.51 0.57 18 1 OTD163 650628 4763043 981.2 5.0 0.64 0.52 27 1 OTD163 650629 4763045 977.0 5.0 0.44 0.33 35 1 OTD163 650631 4763047 972.7 5.0 0.60 0.32 45 1 OTD163 650635 4763051 964.3 5.0 0.52 0.38 39 1 OTD163 650637 4763053 960.0 5.0 0.62 0.42 108 1 OTD163 650638 4763055 955.8 5.0 0.38 0.46 31 1 OTD163 650640 4763056 951.5 5.0 0.79 0.62 77 1 OTD163 650642 4763058 947.3 5.0 0.71 0.59 90 1 OTD163 650644 4763060 943.1 5.0 0.48 0.39 26 1 OTD163 650646 4763062 938.8 5.0 0.71 0.66 36 1 OTD163 650647 4763064 935.4 3.0 0.79 0.84 46 1 OTD163 650649 4763065 932.0 5.0 0.63 0.66 42 2 OTD163 650651 4763067 927.8 5.0 0.59 0.62 32 2 OTD163 650653 4763069 923.6 5.0 1.18 1.04 255 2 OTD163 650655 4763071 919.3 5.0 1.13 0.96 229 2 OTD163 650656 4763073 915.1 5.0 0.62 0.66 47 2 OTD163 650658 4763074 910.8 5.0 0.86 0.92 63 2 OTD163 650660 4763076 906.6 5.0 0.96 0.89 64 2 OTD163 650662 4763078 902.4 5.0 0.39 0.44 24 2 OTD163 650670 4763086 885.4 5.0 0.96 1.32 49 2 OTD163 650671 4763088 881.2 5.0 1.73 1.64 50 2 OTD163 650673 4763089 876.9 5.0 1.03 1.52 46 2 OTD163 650675 4763091 872.7 5.0 1.06 2.02 29 2 OTD163 650677 4763093 868.4 5.0 0.79 1.70 42 2 OTD163 650679 4763095 864.2 5.0 0.86 1.93 11 2 OTD163 650681 4763097 860.0 5.0 0.84 2.06 79 2 OTD163 650683 4763099 855.7 5.0 0.80 2.03 43 2 OTD163 650685 4763101 851.5 5.0 0.61 1.46 29 2 OTD163 650686 4763103 847.2 5.0 0.95 2.24 48 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD163 650690 4763106 838.8 5.0 0.46 1.21 30 2 OTD163 650692 4763108 834.5 5.0 0.49 1.59 28 2 OTD165 650404 4762731 1128.5 5.0 0.42 0.23 73 1 OTD165 650406 4762733 1124.4 5.0 0.35 0.18 30 1 OTD165 650409 4762738 1116.2 5.0 0.34 0.15 175 1 OTD165 650411 4762740 1112.0 5.0 0.35 0.15 51 1 OTD165 650413 4762742 1107.9 5.0 0.37 0.20 307 1 OTD165 650414 4762744 1103.8 5.0 0.54 0.15 53 1 OTD165 650416 4762747 1099.7 5.0 0.38 0.09 115 1 OTD165 650425 4762758 1079.1 5.0 0.39 0.19 39 1 OTD165 650426 4762760 1074.9 5.0 0.35 0.20 99 1 OTD165 650428 4762762 1070.8 5.0 0.44 0.34 64 1 OTD165 650430 4762764 1066.7 5.0 0.41 0.25 57 1 OTD165 650431 4762766 1062.6 5.0 0.56 0.27 272 1 OTD165 650433 4762769 1058.5 5.0 0.49 0.23 99 1 OTD165 650435 4762771 1054.3 5.0 0.36 0.17 56 1 OTD165 650437 4762773 1050.2 5.0 0.62 0.26 155 1 OTD165 650438 4762775 1046.1 5.0 0.77 0.35 151 1 OTD165 650440 4762778 1042.0 5.0 0.91 0.98 544 1 OTD165 650442 4762780 1037.8 5.0 0.47 0.22 152 1 OTD165 650444 4762782 1033.8 5.0 0.36 0.13 72 1 OTD165 650446 4762785 1029.8 5.0 0.33 0.14 67 1 OTD165 650447 4762787 1025.8 5.0 0.40 0.17 76 1 OTD165 650449 4762789 1021.8 5.0 0.41 0.20 35 1 OTD165 650451 4762792 1017.8 5.0 0.53 0.31 115 1 OTD165 650453 4762794 1013.8 5.0 0.56 0.33 134 1 OTD165 650455 4762796 1009.8 5.0 0.42 0.24 95 1 OTD165 650457 4762799 1005.7 5.0 0.53 0.24 87 1 OTD165 650460 4762803 997.7 5.0 0.34 0.13 49 1 OTD165 650464 4762808 989.9 5.0 0.46 0.37 82 1 OTD165 650466 4762811 986.0 5.0 0.43 0.41 176 1 OTD165 650468 4762813 982.1 5.0 0.62 0.45 108 1 OTD165 650472 4762818 974.3 5.0 0.31 0.20 68 1 OTD165 650474 4762820 970.4 5.0 0.50 0.34 140 1 OTD165 650476 4762823 966.5 5.0 0.34 0.15 80 1 OTD165 650486 4762836 947.4 5.0 0.42 0.29 127 1 OTD165 650488 4762838 943.6 5.0 0.44 0.31 173 1 OTD165 650490 4762841 939.8 5.0 0.41 0.39 146 1 OTD165 650492 4762843 936.0 5.0 0.31 0.35 43 1 OTD165 650500 4762852 925.9 5.0 0.41 0.45 78 1 OTD165 650505 4762857 919.2 5.0 0.34 0.40 41 1 OTD165 650508 4762860 915.9 5.0 0.40 0.38 119 1 OTD165 650511 4762862 912.8 5.0 0.49 0.46 115 1 OTD165 650514 4762865 910.0 5.0 0.32 0.44 151 1 OTD165 650517 4762868 907.2 5.0 0.50 0.29 50 1 OTD165 650520 4762870 904.4 5.0 0.41 0.31 69 1 OTD165 650526 4762876 898.8 5.0 0.31 0.22 86 1 OTD165 650530 4762878 896.0 5.0 0.43 0.29 278 1 OTD165 650533 4762881 893.3 5.0 0.55 0.35 98 1 OTD165 650536 4762883 890.3 5.0 0.32 0.28 92 1 OTD165 650539 4762886 887.3 5.0 0.33 0.24 112 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD165 650542 4762888 884.3 5.0 0.34 0.26 117 1 OTD165 650548 4762894 878.3 5.0 0.45 0.24 133 1 OTD165 650551 4762896 875.4 5.0 0.40 0.16 71 1 OTD165 650554 4762899 872.4 5.0 0.58 0.57 164 1 OTD165 650557 4762902 869.4 5.0 0.81 0.57 250 1 OTD165 650560 4762904 866.2 5.0 0.54 0.39 165 1 OTD165 650563 4762907 863.1 5.0 0.52 0.58 125 1 OTD165 650566 4762909 859.9 5.0 0.46 0.47 129 1 OTD165 650569 4762912 856.8 5.0 0.48 0.57 280 1 OTD165 650572 4762914 853.6 5.0 0.34 0.26 86 1 OTD165 650575 4762917 850.4 5.0 0.37 0.22 59 1 OTD165 650578 4762919 847.3 5.0 0.40 0.26 100 1 OTD165 650581 4762922 844.0 5.0 0.35 1.13 97 1 OTD165 650584 4762924 840.7 5.0 0.34 0.22 37 1 OTD165 650592 4762932 830.7 5.0 0.32 0.27 84 1 OTD165 650621 4762956 795.9 5.0 0.42 0.36 104 1 OTD165 650624 4762959 793.2 5.0 0.35 0.29 62 1 OTD165 650627 4762962 790.6 5.0 0.51 0.35 101 1 OTD165 650630 4762964 788.3 3.6 0.52 0.40 52 1 OTD166 650719 4763004 1130.1 5.0 0.48 0.27 70 1 OTD166 650722 4763009 1121.8 5.0 0.39 0.21 27 1 OTD166 650727 4763016 1109.5 5.0 0.37 0.20 42 1 OTD166 650729 4763017 1105.4 5.0 0.45 0.32 26 1 OTD166 650732 4763022 1097.1 5.0 0.41 0.28 112 1 OTD166 650736 4763026 1088.9 5.0 0.45 0.37 45 1 OTD166 650737 4763029 1084.7 5.0 0.66 0.52 15 1 OTD166 650739 4763031 1080.6 5.0 0.32 0.43 6 1 OTD166 650742 4763036 1072.3 5.0 0.37 0.44 20 1 OTD166 650749 4763045 1055.7 5.0 0.34 0.43 6 1 OTD166 650750 4763047 1051.6 5.0 0.32 0.47 6 1 OTD166 650752 4763049 1047.4 5.0 0.61 0.65 22 1 OTD166 650754 4763051 1043.2 5.0 0.40 0.64 9 1 OTD166 650755 4763054 1039.1 5.0 0.43 0.56 41 1 OTD166 650757 4763056 1034.9 5.0 0.35 0.46 23 1 OTD166 650759 4763058 1030.8 5.0 0.42 0.68 10 1 OTD166 650760 4763060 1026.6 5.0 0.48 0.86 5 1 OTD166 650761 4763062 1023.7 2.0 0.53 1.29 17 1 OTD166 650763 4763064 1020.8 5.0 0.64 1.16 24 2 OTD166 650764 4763066 1016.6 5.0 0.68 0.94 19 2 OTD166 650766 4763068 1012.4 5.0 0.68 1.06 27 2 OTD166 650768 4763070 1008.2 5.0 0.59 0.71 16 2 OTD166 650769 4763072 1004.0 5.0 0.96 1.43 31 2 OTD166 650771 4763074 999.8 5.0 0.92 1.88 27 2 OTD166 650773 4763076 995.6 5.0 0.75 1.68 19 2 OTD166 650774 4763078 991.4 5.0 1.48 3.48 17 2 OTD166 650776 4763081 987.3 5.0 1.15 3.34 7 2 OTD166 650778 4763083 983.1 5.0 1.06 3.82 7 2 OTD166 650779 4763085 979.0 5.0 1.18 4.92 111 2 OTD166 650781 4763087 974.8 5.0 1.31 4.78 48 2 OTD166 650783 4763090 970.7 5.0 1.36 5.45 69 2 OTD166 650784 4763092 966.6 5.0 1.36 1.87 80 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD166 650786 4763094 962.4 5.0 1.25 3.33 98 2 OTD166 650788 4763096 958.3 5.0 1.20 5.49 75 2 OTD166 650789 4763098 954.2 5.0 1.24 5.37 127 2 OTD166 650791 4763101 950.0 5.0 0.84 1.60 65 2 OTD166 650793 4763103 945.9 5.0 0.92 1.11 95 2 OTD166 650795 4763105 941.8 5.0 0.80 0.90 91 2 OTD166 650796 4763108 937.6 5.0 0.99 0.83 89 2 OTD166 650798 4763110 933.5 5.0 0.75 0.62 115 2 OTD166 650800 4763112 929.4 5.0 0.61 0.42 114 2 OTD166 650801 4763115 925.3 5.0 0.72 0.79 85 2 OTD166 650803 4763116 921.2 5.0 0.62 0.30 77 2 OTD166 650805 4763119 917.2 5.0 1.06 1.25 96 2 OTD166 650807 4763121 913.1 5.0 0.76 1.98 19 2 OTD166 650808 4763123 909.0 5.0 0.69 2.00 45 2 OTD166 650810 4763126 905.0 5.0 0.61 0.78 79 2 OTD166 650812 4763128 900.9 5.0 0.77 0.95 156 2 OTD166 650814 4763131 896.9 5.0 1.14 0.58 203 2 OTD166 650815 4763133 892.8 5.0 1.01 0.47 321 2 OTD166 650817 4763136 888.8 5.0 0.75 0.13 96 2 OTD166 650819 4763138 884.8 5.0 0.67 0.12 201 2 OTD166 650821 4763140 880.7 5.0 0.91 0.22 77 2 OTD166 650823 4763143 876.7 5.0 0.76 0.21 112 2 OTD166 650824 4763145 872.7 5.0 1.26 0.33 1229 2 OTD166 650826 4763147 868.6 5.0 1.41 0.35 179 2 OTD166 650828 4763150 864.6 5.0 1.09 0.61 191 2 OTD166 650830 4763152 860.6 5.0 0.73 2.38 100 2 OTD166 650832 4763154 856.5 5.0 0.70 0.80 79 2 OTD166 650834 4763156 852.5 5.0 0.62 0.19 52 2 OTD166 650836 4763159 848.4 5.0 0.59 0.49 26 2 OTD166 650838 4763161 844.4 5.0 0.66 0.66 41 2 OTD166 650840 4763162 840.3 5.0 0.82 1.13 80 2 OTD166 650842 4763165 836.3 5.0 0.62 1.24 14 2 OTD166 650844 4763167 832.4 5.0 0.62 1.20 15 2 OTD166 650846 4763169 828.4 5.0 0.74 1.44 6 2 OTD166 650848 4763172 824.4 5.0 0.74 1.55 17 2 OTD166 650850 4763174 820.4 5.0 0.65 1.44 12 2 OTD166 650852 4763176 816.4 5.0 0.80 1.84 22 2 OTD166 650854 4763178 812.4 5.0 1.05 1.97 30 2 OTD166 650856 4763180 808.5 5.0 0.89 1.65 86 2 OTD166 650858 4763183 804.5 5.0 0.79 1.51 96 2 OTD166 650860 4763185 800.6 5.0 0.90 2.48 48 2 OTD166 650862 4763187 796.6 5.0 0.99 2.22 43 2 OTD166 650864 4763189 792.7 5.0 1.21 2.56 36 2 OTD166 650867 4763192 788.8 5.0 1.09 2.36 110 2 OTD166 650869 4763194 784.8 5.0 1.02 2.14 956 2 OTD166 650871 4763196 780.9 5.0 0.99 2.56 57 2 OTD166 650873 4763199 776.9 5.0 1.10 3.05 68 2 OTD166 650875 4763201 773.0 5.0 0.47 1.38 19 2 OTD166 650877 4763203 769.1 5.0 0.49 1.44 17 2 OTD166 650879 4763205 765.2 5.0 0.86 2.08 40 2 OTD166 650881 4763207 761.2 5.0 0.95 2.20 40 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD166 650884 4763209 757.3 5.0 0.62 1.80 69 2 OTD166 650886 4763212 753.5 5.0 0.55 1.52 40 2 OTD166 650888 4763214 749.6 5.0 0.51 1.48 46 2 OTD166 650890 4763217 745.7 5.0 1.00 2.16 68 2 OTD166 650893 4763219 741.8 5.0 0.79 2.27 47 2 OTD166 650895 4763221 738.0 5.0 0.44 1.01 32 2 OTD166 650897 4763223 734.1 5.0 0.67 1.18 58 2 OTD166 650902 4763228 726.3 5.0 0.39 0.21 6 1 OTD166 650911 4763237 710.8 5.0 0.37 0.36 47 1 OTD167 650110 4762539 1117.5 5.0 0.53 0.61 101 1 OTD167 650112 4762541 1113.4 5.0 0.68 0.42 114 1 OTD167 650114 4762543 1109.3 5.0 0.61 0.43 72 1 OTD167 650116 4762545 1105.2 5.0 0.35 0.28 42 1 OTD167 650119 4762547 1101.1 5.0 0.37 0.34 152 1 OTD167 650121 4762549 1097.0 5.0 0.40 0.47 78 1 OTD167 650123 4762550 1092.9 5.0 0.42 0.86 175 1 OTD167 650125 4762552 1088.8 5.0 0.53 0.53 142 1 OTD167 650127 4762554 1084.7 5.0 0.32 0.47 93 1 OTD167 650130 4762556 1080.6 5.0 0.61 0.50 151 1 OTD167 650132 4762558 1076.5 5.0 0.42 0.41 104 1 OTD167 650134 4762560 1072.4 5.0 0.35 0.39 94 1 OTD167 650136 4762561 1068.3 5.0 0.40 0.30 116 1 OTD167 650139 4762563 1064.2 5.0 0.41 0.28 41 1 OTD167 650141 4762565 1060.1 5.0 0.35 0.28 182 1 OTD167 650143 4762567 1056.0 5.0 0.32 0.34 224 1 OTD167 650145 4762568 1051.9 5.0 0.47 0.54 260 1 OTD167 650148 4762570 1047.8 5.0 0.94 0.65 392 1 OTD167 650150 4762572 1043.8 5.0 0.61 0.78 286 1 OTD167 650152 4762574 1039.7 5.0 0.88 1.09 85 1 OTD167 650155 4762576 1035.7 5.0 0.61 0.40 116 1 OTD167 650157 4762577 1031.6 5.0 0.73 0.51 232 1 OTD167 650159 4762579 1027.6 5.0 0.80 0.47 316 1 OTD167 650162 4762581 1023.5 5.0 0.46 0.42 296 1 OTD167 650164 4762583 1019.5 5.0 0.39 0.37 126 1 OTD167 650166 4762584 1015.5 5.0 0.32 0.25 77 1 OTD167 650169 4762586 1011.5 5.0 0.62 0.53 134 1 OTD167 650171 4762588 1007.5 5.0 0.66 0.28 107 1 OTD167 650174 4762590 1003.5 5.0 0.39 0.23 64 1 OTD167 650176 4762592 999.5 5.0 0.44 0.34 83 1 OTD167 650179 4762593 995.5 5.0 0.65 0.61 209 1 OTD167 650181 4762595 991.5 5.0 0.63 0.60 191 1 OTD167 650183 4762597 987.6 5.0 0.70 0.63 161 1 OTD167 650186 4762599 983.6 5.0 0.44 0.41 120 1 OTD167 650188 4762601 979.6 5.0 0.43 0.41 200 1 OTD167 650191 4762602 975.7 5.0 0.48 0.44 119 1 OTD167 650193 4762604 971.7 5.0 0.38 0.48 130 1 OTD167 650196 4762606 967.7 5.0 0.47 0.47 135 1 OTD167 650198 4762608 963.8 5.0 0.55 0.67 558 1 OTD167 650200 4762610 959.8 5.0 0.66 0.59 182 1 OTD167 650203 4762612 955.9 5.0 0.73 0.80 120 1 OTD167 650205 4762613 951.9 5.0 0.46 0.49 91 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD167 650208 4762615 948.0 5.0 0.40 0.56 107 1 OTD167 650210 4762617 944.0 5.0 0.44 0.59 286 1 OTD167 650213 4762619 940.1 5.0 0.50 0.77 405 1 OTD167 650215 4762621 936.2 5.0 0.73 0.69 283 1 OTD167 650218 4762623 932.2 5.0 0.44 0.60 134 1 OTD167 650220 4762624 928.3 5.0 0.42 0.77 106 1 OTD167 650222 4762626 924.4 5.0 0.45 0.67 131 1 OTD167 650225 4762628 920.5 5.0 0.38 0.80 70 1 OTD167 650227 4762630 916.5 5.0 0.49 0.78 153 1 OTD167 650230 4762632 912.6 5.0 0.49 1.28 154 1 OTD167 650232 4762634 908.7 5.0 0.32 0.68 100 1 OTD167 650235 4762636 904.8 5.0 0.51 0.37 104 1 OTD167 650237 4762638 900.9 5.0 0.50 0.81 103 1 OTD167 650243 4762641 893.3 5.0 0.41 0.40 65 1 OTD167 650245 4762643 889.6 5.0 0.65 0.60 89 1 OTD167 650248 4762645 885.9 5.0 0.45 0.43 76 1 OTD167 650251 4762647 882.1 5.0 0.44 0.41 155 1 OTD167 650253 4762649 878.4 5.0 0.37 0.55 230 1 OTD167 650259 4762652 870.9 5.0 0.30 0.48 159 1 OTD168 650222 4762898 1080.0 5.0 0.40 0.30 14 1 OTD168 650397 4763050 807.0 5.0 0.41 0.29 78 1 OTD168 650403 4763054 800.2 5.0 0.39 0.43 66 1 OTD168 650406 4763057 796.8 5.0 0.35 0.35 35 1 OTD168 650409 4763059 793.5 5.0 0.48 0.49 84 1 OTD168 650423 4763070 776.5 5.0 0.44 1.50 45 1 OTD168 650426 4763072 773.3 5.0 0.47 0.88 41 1 OTD168 650429 4763075 770.0 5.0 0.42 0.42 50 1 OTD168 650442 4763083 756.9 5.0 0.30 0.39 28 1 OTD171 650599 4763148 1061.1 5.0 0.32 1.36 33 1 OTD171 650602 4763153 1052.9 5.0 0.55 0.56 22 1 OTD171 650610 4763165 1032.2 5.0 0.67 0.37 24 1 OTD171 650611 4763167 1028.1 5.0 0.33 0.24 12 1 OTD171 650613 4763169 1024.0 5.0 0.32 0.20 12 1 OTD171 650615 4763172 1019.8 5.0 0.34 0.30 13 1 OTD171 650616 4763174 1015.7 5.0 0.33 0.31 13 1 OTD171 650618 4763176 1011.6 5.0 0.44 0.23 24 1 OTD171 650620 4763178 1007.4 5.0 0.61 3.75 26 1 OTD171 650621 4763181 1003.3 5.0 0.42 1.61 62 1 OTD171 650623 4763183 999.1 5.0 0.30 0.30 17 1 OTD171 650625 4763185 995.0 5.0 0.39 0.42 22 1 OTD171 650628 4763189 986.7 5.0 0.37 0.22 18 1 OTD171 650630 4763192 982.5 5.0 0.33 0.26 11 1 OTD171 650631 4763194 978.4 5.0 0.42 0.36 37 1 OTD171 650635 4763198 970.1 5.0 0.47 0.48 12 1 OTD171 650636 4763201 965.9 5.0 0.40 0.39 9 1 OTD171 650638 4763203 961.8 5.0 0.86 0.77 16 1 OTD171 650640 4763205 957.6 5.0 0.73 0.78 10 1 OTD171 650641 4763207 953.5 5.0 0.43 0.42 37 1 OTD171 650643 4763210 948.5 5.0 0.58 1.09 63 2 OTD171 650645 4763212 944.3 5.0 1.11 2.11 45 2 OTD171 650646 4763215 940.2 5.0 0.84 2.38 76 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD171 650648 4763217 936.0 5.0 0.80 1.56 116 2 OTD171 650650 4763219 931.9 5.0 0.64 1.55 32 2 OTD171 650651 4763222 927.7 5.0 0.40 1.17 42 2 OTD171 650653 4763224 923.6 5.0 0.58 1.23 109 2 OTD171 650654 4763226 919.4 5.0 0.83 2.49 201 2 OTD171 650656 4763229 915.3 5.0 0.78 2.96 98 2 OTD171 650657 4763231 911.2 5.0 0.69 2.00 76 2 OTD171 650659 4763233 907.0 5.0 0.66 1.81 57 2 OTD171 650661 4763235 902.8 5.0 0.36 1.38 48 2 OTD171 650662 4763238 898.7 5.0 0.36 0.27 12 1 OTD171 650664 4763240 894.5 5.0 0.57 0.38 23 1 OTD171 650665 4763242 890.3 5.0 0.77 0.55 27 1 OTD171 650667 4763245 886.2 5.0 0.57 0.39 34 1 OTD171 650668 4763247 882.0 5.0 0.70 0.45 29 1 OTD171 650686 4763272 835.1 5.0 0.42 0.38 20 1 OTD171 650687 4763274 830.9 5.0 0.39 0.36 42 1 OTD171 650689 4763276 826.7 5.0 0.63 0.43 71 1 OTD171 650691 4763279 822.5 5.0 0.89 0.42 46 1 OTD171 650692 4763281 818.4 5.0 0.47 0.34 28 1 OTD171 650694 4763283 814.2 5.0 0.58 0.56 50 1 OTD171 650695 4763285 810.0 5.0 0.46 0.49 52 1 OTD171 650727 4763327 731.7 5.0 0.30 0.14 30 4 OTD171 650728 4763329 727.6 5.0 0.34 0.23 46 4 OTD171 650740 4763344 699.4 5.0 0.36 0.21 12 4 OTD171 650742 4763346 695.2 5.0 0.47 0.23 13 4 OTD171 650747 4763353 682.8 5.0 0.32 0.18 23 4 OTD172 650503 4763013 1126.7 5.0 0.33 0.17 43 1 OTD172 650504 4763016 1122.6 5.0 0.41 0.25 98 1 OTD172 650506 4763018 1118.5 5.0 0.64 0.31 85 1 OTD172 650508 4763020 1114.4 5.0 0.59 0.32 59 1 OTD172 650510 4763022 1110.3 5.0 0.54 0.39 47 1 OTD172 650511 4763024 1106.2 5.0 0.38 0.17 34 1 OTD172 650513 4763027 1102.2 5.0 0.32 0.24 42 1 OTD172 650515 4763029 1098.1 5.0 0.38 0.38 29 1 OTD172 650518 4763033 1089.9 5.0 0.45 0.21 28 1 OTD172 650522 4763038 1081.7 5.0 0.30 0.29 42 1 OTD172 650527 4763045 1069.4 5.0 0.32 0.34 21 1 OTD172 650529 4763047 1065.3 5.0 0.53 0.27 111 1 OTD172 650531 4763049 1061.2 5.0 0.52 0.27 67 1 OTD172 650533 4763052 1057.1 5.0 0.39 0.21 53 1 OTD172 650534 4763054 1053.0 5.0 0.38 0.36 54 1 OTD172 650536 4763056 1048.9 5.0 0.34 0.20 60 1 OTD172 650538 4763058 1044.8 5.0 0.42 0.23 101 1 OTD172 650540 4763060 1040.7 5.0 0.30 0.16 28 1 OTD172 650542 4763062 1036.7 5.0 0.45 0.24 61 1 OTD172 650544 4763065 1032.7 5.0 0.54 0.29 54 1 OTD172 650545 4763067 1028.6 5.0 0.42 0.25 50 1 OTD172 650547 4763070 1024.5 5.0 0.44 0.25 40 1 OTD172 650549 4763072 1020.5 5.0 0.35 0.86 30 1 OTD172 650551 4763074 1016.4 5.0 0.33 1.73 40 1 OTD172 650553 4763076 1012.4 5.0 0.44 0.46 110 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD172 650555 4763079 1008.3 5.0 0.39 0.35 89 1 OTD172 650557 4763081 1004.3 5.0 0.53 0.39 249 1 OTD172 650558 4763083 1000.3 5.0 0.35 0.31 155 1 OTD172 650562 4763088 992.2 5.0 0.37 0.35 37 1 OTD172 650564 4763090 988.2 5.0 0.32 0.38 75 1 OTD172 650566 4763092 984.1 5.0 0.51 0.58 49 1 OTD172 650577 4763106 959.9 5.0 0.40 0.51 47 1 OTD172 650579 4763108 955.8 5.0 0.50 0.74 36 1 OTD172 650585 4763115 943.7 5.0 0.40 0.37 27 1 OTD172 650590 4763121 931.6 5.0 0.31 0.28 47 1 OTD172 650594 4763126 923.6 5.0 0.55 0.41 22 1 OTD172 650596 4763128 919.6 5.0 0.42 0.30 28 1 OTD172 650598 4763130 915.6 5.0 0.43 0.27 162 1 OTD172 650600 4763132 911.6 5.0 0.55 0.41 170 1 OTD172 650602 4763135 907.6 5.0 0.48 0.39 150 1 OTD172 650604 4763137 903.7 5.0 0.53 0.76 167 1 OTD172 650606 4763139 899.7 5.0 0.73 0.63 54 1 OTD172 650608 4763142 895.7 5.0 0.46 0.35 55 1 OTD172 650609 4763144 893.0 2.0 0.67 0.58 74 1 OTD172 650611 4763145 890.2 5.0 0.68 0.62 152 2 OTD172 650613 4763148 886.3 5.0 0.60 0.76 169 2 OTD172 650615 4763150 882.4 5.0 0.63 0.84 29 2 OTD172 650617 4763152 878.4 5.0 0.79 1.11 73 2 OTD172 650619 4763155 874.5 5.0 0.77 1.36 179 2 OTD172 650621 4763157 870.6 5.0 0.65 1.17 59 2 OTD172 650623 4763159 866.7 5.0 0.50 0.83 44 2 OTD172 650625 4763162 862.8 5.0 0.63 1.31 70 2 OTD172 650627 4763164 858.9 5.0 0.87 1.63 104 2 OTD172 650629 4763167 855.0 5.0 0.66 1.49 86 2 OTD172 650631 4763169 851.0 5.0 0.59 1.54 95 2 OTD172 650633 4763172 847.2 5.0 1.24 2.92 70 2 OTD172 650635 4763174 843.3 5.0 1.35 3.18 92 2 OTD172 650637 4763177 839.4 5.0 1.27 2.54 121 2 OTD172 650639 4763179 835.5 5.0 1.18 1.80 341 2 OTD172 650641 4763181 831.6 5.0 0.72 1.31 142 2 OTD172 650643 4763183 827.7 5.0 1.14 2.75 116 2 OTD172 650645 4763186 823.8 5.0 0.72 2.04 33 2 OTD172 650647 4763188 820.0 5.0 0.70 1.66 61 2 OTD172 650649 4763190 816.1 5.0 0.99 2.37 191 2 OTD172 650651 4763193 812.3 5.0 1.03 4.39 74 2 OTD172 650653 4763195 808.4 5.0 1.00 3.15 132 2 OTD172 650655 4763198 804.6 5.0 0.79 2.33 107 2 OTD172 650657 4763200 800.7 5.0 0.75 2.31 93 2 OTD172 650660 4763202 796.9 5.0 0.76 2.93 27 2 OTD172 650662 4763205 793.1 5.0 0.62 2.19 30 2 OTD172 650664 4763207 789.2 5.0 0.66 2.02 21 2 OTD172 650666 4763210 785.4 5.0 0.77 2.34 31 2 OTD172 650668 4763212 781.6 5.0 0.59 2.01 41 2 OTD172 650670 4763214 777.8 5.0 0.81 1.92 56 2 OTD172 650672 4763217 774.0 5.0 1.18 3.05 94 2 OTD172 650674 4763219 770.2 5.0 0.64 1.60 47 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD172 650677 4763222 766.5 5.0 0.70 1.66 74 2 OTD172 650679 4763224 762.7 5.0 0.63 1.42 50 2 OTD172 650685 4763232 751.4 5.0 0.65 1.27 46 2 OTD172 650688 4763234 747.7 5.0 0.58 0.95 52 2 OTD172 650690 4763237 743.9 5.0 0.42 0.79 24 2 OTD172 650692 4763239 740.3 5.0 0.50 0.87 48 2 OTD172 650694 4763242 736.6 5.0 0.62 0.99 28 2 OTD172 650697 4763245 733.0 5.0 0.80 0.87 28 2 OTD172 650699 4763247 729.3 5.0 0.44 0.58 17 2 OTD172 650701 4763250 725.6 5.0 0.48 0.63 21 2 OTD172 650703 4763252 722.3 4.0 0.53 0.43 47 2 OTD172 650705 4763254 719.0 5.0 0.46 0.40 58 1 OTD172 650707 4763257 715.4 5.0 0.55 0.54 51 1 OTD172 650710 4763260 711.8 5.0 0.45 0.31 86 1 OTD172 650712 4763262 708.2 5.0 0.43 0.33 70 1 OTD172 650714 4763265 704.6 5.0 0.36 0.27 26 1 OTD172 650717 4763267 701.0 5.0 0.43 0.28 19 1 OTD172 650719 4763270 697.4 5.0 0.34 0.16 26 1 OTD172 650731 4763283 679.7 5.0 0.54 0.40 69 1 OTD172 650738 4763291 669.2 5.0 0.43 0.24 53 1 OTD172 650740 4763294 665.7 5.0 0.38 0.18 11 1 OTD172 650742 4763296 662.3 5.0 0.48 0.33 5 1 OTD172 650752 4763307 648.5 5.0 0.54 0.29 13 1 OTD172 650754 4763310 645.1 5.0 0.36 0.19 13 1 OTD172 650757 4763313 641.6 5.0 0.30 0.17 8 1 OTD172 650759 4763316 638.2 5.0 0.41 0.18 8 1 OTD173 650650 4762907 1132.4 5.0 0.52 0.26 52 1 OTD173 650651 4762910 1128.3 5.0 0.34 0.34 39 1 OTD173 650668 4762934 1087.9 5.0 0.38 0.26 27 1 OTD173 650670 4762936 1083.8 5.0 0.34 0.27 20 1 OTD173 650673 4762941 1075.8 5.0 0.37 0.25 39 1 OTD173 650675 4762944 1071.7 5.0 0.41 0.28 25 1 OTD173 650676 4762946 1067.7 5.0 0.43 0.30 45 1 OTD173 650678 4762949 1063.6 5.0 0.46 0.48 30 1 OTD173 650680 4762951 1059.6 5.0 0.43 0.46 63 1 OTD173 650691 4762968 1031.2 5.0 0.36 0.39 22 1 OTD173 650692 4762971 1027.2 5.0 0.35 0.33 43 1 OTD173 650694 4762973 1023.2 5.0 0.35 0.41 28 1 OTD173 650701 4762983 1007.0 5.0 0.36 0.58 37 1 OTD173 650702 4762986 1002.9 5.0 0.44 0.60 30 1 OTD173 650704 4762988 999.7 3.0 0.53 0.63 41 1 OTD173 650714 4763001 977.2 5.0 0.59 1.21 16 2 OTD173 650727 4763018 948.4 5.0 0.39 0.52 30 2 OTD173 650735 4763027 932.4 5.0 0.33 0.12 20 2 OTD173 650737 4763029 928.4 5.0 0.31 0.20 15 2 OTD173 650747 4763041 908.5 5.0 0.35 0.20 22 2 OTD173 650749 4763043 904.5 5.0 0.48 0.20 28 2 OTD173 650751 4763045 900.5 5.0 0.48 0.20 16 1 OTD173 650753 4763048 896.5 5.0 0.43 0.19 31 1 OTD173 650755 4763050 892.5 5.0 0.56 0.26 24 1 OTD174 650871 4763223 1093.8 5.0 0.32 0.19 7 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD174 650872 4763226 1089.7 5.0 0.38 0.18 10 1 OTD174 650874 4763228 1085.6 5.0 0.55 0.32 10 1 OTD174 650876 4763230 1081.5 5.0 0.41 0.20 5 1 OTD174 650877 4763233 1077.5 5.0 0.50 0.25 5 1 OTD174 650879 4763235 1073.4 5.0 0.64 0.39 6 1 OTD174 650881 4763237 1069.3 5.0 0.40 0.26 14 1 OTD174 650883 4763240 1065.2 5.0 0.57 0.50 9 1 OTD174 650884 4763242 1061.1 5.0 0.61 0.73 8 1 OTD174 650886 4763244 1057.0 5.0 0.52 0.63 11 1 OTD174 650888 4763247 1053.0 5.0 0.78 0.49 9 1 OTD174 650890 4763249 1048.9 5.0 0.95 0.87 7 1 OTD174 650891 4763251 1044.8 5.0 0.67 0.66 29 1 OTD174 650893 4763253 1040.7 5.0 0.56 0.59 13 1 OTD174 650895 4763256 1036.7 5.0 0.45 0.32 11 1 OTD174 650897 4763258 1032.6 5.0 0.62 0.35 13 1 OTD174 650905 4763270 1012.2 5.0 0.54 0.31 16 1 OTD174 650907 4763272 1008.1 5.0 0.61 0.40 15 1 OTD174 650909 4763274 1004.1 5.0 0.82 0.52 28 1 OTD174 650911 4763276 1000.0 5.0 0.46 0.35 41 1 OTD174 650913 4763279 995.9 5.0 0.52 0.35 29 1 OTD174 650914 4763281 991.8 5.0 0.54 0.40 7 1 OTD174 650916 4763283 987.8 5.0 0.40 0.39 14 1 OTD174 650918 4763285 983.7 5.0 0.57 0.70 17 1 OTD174 650920 4763288 979.6 5.0 0.63 0.55 34 1 OTD174 650922 4763290 975.6 5.0 0.61 0.43 22 1 OTD174 650923 4763292 971.5 5.0 0.48 0.38 12 1 OTD174 650925 4763295 967.4 5.0 0.37 0.27 32 1 OTD174 650927 4763297 963.4 5.0 0.55 0.36 46 1 OTD174 650929 4763299 959.3 5.0 0.62 0.36 46 1 OTD174 650931 4763301 955.2 5.0 0.62 0.33 28 1 OTD174 650932 4763304 951.1 5.0 0.64 0.49 27 1 OTD174 650934 4763306 947.1 5.0 0.67 0.80 17 1 OTD174 650936 4763309 943.0 5.0 0.64 0.24 24 1 OTD174 650938 4763311 938.9 5.0 0.60 0.28 21 1 OTD174 650940 4763313 934.9 5.0 0.78 0.39 15 1 OTD174 650941 4763315 930.8 5.0 0.72 0.34 20 1 OTD174 650943 4763318 926.7 5.0 0.35 0.20 8 1 OTD174 650945 4763320 922.6 5.0 0.47 0.23 30 1 OTD174 650947 4763322 918.6 5.0 0.32 0.11 12 1 OTD174 650950 4763326 911.3 3.0 0.42 0.19 5 1 OTD174 650952 4763328 908.0 5.0 0.59 0.31 7 4 OTD174 650953 4763331 903.9 5.0 0.51 0.25 13 4 OTD174 650955 4763333 899.9 5.0 0.63 0.32 11 4 OTD174 650957 4763335 895.8 5.0 0.72 0.89 8 4 OTD174 650959 4763337 891.7 5.0 0.45 0.22 10 4 OTD174 650961 4763340 887.6 5.0 0.75 0.38 14 4 OTD174 650963 4763342 883.6 5.0 0.51 0.22 9 4 OTD174 650979 4763362 846.9 5.0 0.58 0.25 24 4 OTD174 651006 4763393 790.2 5.0 0.35 0.13 5 4 OTD174 651008 4763395 786.2 5.0 0.37 0.10 11 4 OTD174 651010 4763397 782.1 5.0 0.30 0.13 9 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD174 651013 4763402 774.1 5.0 0.30 0.11 20 4 OTD174 651015 4763404 770.0 5.0 0.41 0.10 19 4 OTD174 651017 4763406 766.0 5.0 0.40 0.12 26 4 OTD174 651019 4763408 762.0 5.0 0.58 0.17 36 4 OTD174 651021 4763411 758.0 5.0 0.45 0.14 25 4 OTD174 651023 4763413 753.9 5.0 0.55 0.15 21 4 OTD174 651025 4763415 749.9 5.0 0.76 0.20 28 4 OTD175 650763 4763176 1139.8 5.0 0.34 0.41 23 1 OTD175 650766 4763174 1136.2 5.0 0.38 0.30 14 1 OTD175 650769 4763172 1132.6 5.0 0.43 0.35 12 1 OTD175 650772 4763170 1128.9 5.0 0.34 0.20 9 1 OTD175 650774 4763169 1125.2 5.0 0.36 0.39 10 1 OTD175 650777 4763167 1121.5 5.0 0.65 0.82 15 1 OTD175 650780 4763165 1117.8 5.0 0.80 0.98 18 1 OTD175 650783 4763163 1114.2 5.0 0.34 0.26 8 1 OTD175 650786 4763161 1110.5 5.0 0.32 0.27 12 1 OTD175 650788 4763159 1106.8 5.0 0.50 0.35 21 1 OTD175 650791 4763157 1103.1 5.0 0.49 0.34 20 1 OTD175 650794 4763155 1099.4 5.0 0.40 0.30 38 1 OTD175 650797 4763153 1095.7 5.0 0.68 0.43 93 1 OTD175 650799 4763151 1092.0 5.0 0.33 0.26 19 1 OTD175 650802 4763149 1088.3 5.0 0.35 0.24 11 1 OTD175 650808 4763146 1080.9 5.0 0.38 0.36 17 1 OTD175 650810 4763144 1077.1 5.0 0.39 0.30 14 1 OTD175 650813 4763142 1073.4 5.0 0.31 0.25 8 1 OTD175 650816 4763140 1069.7 5.0 0.33 0.23 5 1 OTD175 650819 4763138 1066.0 5.0 0.50 0.47 18 1 OTD175 650821 4763136 1062.3 5.0 0.39 0.34 82 1 OTD175 650824 4763134 1058.6 5.0 0.34 0.44 5 1 OTD175 650827 4763132 1054.8 5.0 0.39 1.29 5 1 OTD175 650829 4763130 1051.1 5.0 0.42 0.44 39 1 OTD175 650832 4763129 1048.2 3.0 0.46 0.43 6 1 OTD176 650654 4763247 1119.3 5.0 0.55 0.73 8 1 OTD176 650656 4763245 1115.2 5.0 0.46 0.48 7 1 OTD176 650659 4763243 1111.2 5.0 0.61 0.93 12 1 OTD176 650661 4763241 1107.1 5.0 0.70 1.01 14 1 OTD176 650663 4763240 1103.0 5.0 0.51 0.86 5 2 OTD176 650668 4763236 1094.9 5.0 0.43 0.96 5 2 OTD176 650670 4763234 1090.8 5.0 0.37 0.79 6 2 OTD176 650673 4763233 1086.7 5.0 0.58 1.25 7 2 OTD176 650675 4763231 1082.6 5.0 0.59 1.23 11 2 OTD176 650677 4763229 1078.5 5.0 0.53 0.69 20 2 OTD176 650680 4763228 1074.4 5.0 1.07 1.33 15 2 OTD176 650682 4763226 1070.3 5.0 0.41 0.62 14 2 OTD176 650684 4763224 1066.2 5.0 0.82 0.88 31 2 OTD176 650686 4763222 1062.1 5.0 0.71 0.73 39 2 OTD176 650689 4763221 1058.0 5.0 0.41 0.37 11 2 OTD176 650691 4763219 1053.9 5.0 0.49 0.56 112 2 OTD176 650693 4763217 1049.9 5.0 0.56 0.77 22 2 OTD176 650696 4763215 1045.8 5.0 0.61 0.82 66 2 OTD176 650698 4763214 1041.7 5.0 0.75 1.01 39 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD176 650700 4763211 1037.6 5.0 0.64 1.05 16 2 OTD176 650703 4763210 1033.5 5.0 0.90 1.56 25 2 OTD176 650705 4763208 1029.4 5.0 0.89 1.31 23 2 OTD176 650707 4763206 1025.3 5.0 0.70 1.41 11 2 OTD176 650709 4763205 1021.2 5.0 0.62 1.05 8 2 OTD176 650712 4763203 1017.1 5.0 0.53 0.89 16 2 OTD176 650714 4763201 1013.0 5.0 1.03 1.77 13 2 OTD176 650716 4763199 1008.9 5.0 0.81 1.37 74 2 OTD176 650718 4763197 1004.8 5.0 0.86 1.46 24 2 OTD176 650721 4763196 1000.7 5.0 0.72 1.49 56 2 OTD176 650723 4763194 996.6 5.0 1.21 2.09 54 2 OTD176 650725 4763192 992.5 5.0 0.47 1.14 19 2 OTD176 650728 4763190 988.4 5.0 0.63 1.66 6 2 OTD176 650730 4763189 984.3 5.0 0.70 2.13 10 2 OTD176 650732 4763187 980.3 5.0 1.26 2.76 27 2 OTD176 650734 4763185 976.2 5.0 0.54 1.28 18 2 OTD176 650737 4763184 972.1 5.0 0.69 1.37 13 2 OTD176 650739 4763182 968.1 5.0 0.75 1.70 15 2 OTD176 650741 4763180 964.0 5.0 0.74 1.59 19 2 OTD176 650744 4763178 959.9 5.0 0.96 1.38 50 2 OTD176 650746 4763177 955.9 5.0 0.71 1.41 73 2 OTD176 650748 4763175 951.8 5.0 0.92 1.69 39 2 OTD176 650751 4763173 947.8 5.0 0.86 1.39 22 2 OTD176 650753 4763171 943.7 5.0 0.47 1.10 9 2 OTD176 650755 4763169 939.7 5.0 0.80 1.67 23 2 OTD176 650758 4763168 935.6 5.0 1.00 1.81 27 2 OTD176 650760 4763166 931.6 5.0 0.42 1.18 13 2 OTD176 650762 4763164 927.6 5.0 0.45 1.30 8 2 OTD176 650765 4763162 923.6 5.0 0.48 0.92 10 2 OTD176 650767 4763160 919.5 5.0 0.44 0.90 17 2 OTD176 650769 4763158 915.5 5.0 0.53 1.11 19 2 OTD176 650772 4763157 911.5 5.0 0.33 0.50 20 2 OTD176 650774 4763155 907.5 5.0 0.38 0.10 25 2 OTD176 650776 4763153 903.5 5.0 0.80 0.20 37 2 OTD176 650779 4763151 899.5 5.0 0.75 0.17 28 2 OTD176 650781 4763149 895.5 5.0 0.78 0.13 28 2 OTD176 650783 4763147 891.6 5.0 0.82 0.28 47 2 OTD176 650786 4763145 887.6 5.0 0.96 0.78 27 2 OTD176 650788 4763143 883.6 5.0 0.91 1.00 25 2 OTD176 650790 4763141 879.7 5.0 0.74 0.78 37 2 OTD176 650793 4763140 875.7 5.0 0.81 0.25 43 2 OTD176 650795 4763138 871.7 5.0 0.66 0.11 33 2 OTD176 650797 4763136 867.8 5.0 0.73 0.20 29 2 OTD176 650800 4763134 863.8 5.0 0.87 0.49 54 2 OTD176 650802 4763132 859.8 5.0 0.70 1.03 69 2 OTD176 650805 4763130 855.9 5.0 0.76 1.89 25 2 OTD176 650807 4763128 851.9 5.0 0.74 1.81 24 2 OTD176 650809 4763126 848.0 5.0 0.61 1.87 35 2 OTD176 650812 4763124 844.0 5.0 0.65 1.66 18 2 OTD176 650814 4763122 840.1 5.0 0.52 1.39 18 2 OTD177 650542 4763196 1134.5 5.0 0.62 0.65 22 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD177 650544 4763194 1130.4 5.0 0.33 0.42 5 4 OTD177 650546 4763193 1126.7 4.0 0.45 0.65 11 4 OTD177 650548 4763191 1123.0 5.0 0.30 0.40 7 1 OTD177 650562 4763181 1098.4 5.0 0.37 0.23 28 1 OTD177 650567 4763178 1090.1 5.0 0.41 0.23 11 1 OTD177 650584 4763166 1059.4 5.0 0.38 0.38 38 1 OTD177 650587 4763164 1055.3 5.0 0.38 0.35 30 1 OTD177 650589 4763163 1051.2 5.0 0.39 0.46 21 1 OTD177 650591 4763161 1047.1 5.0 0.47 0.37 18 1 OTD177 650594 4763160 1042.9 5.0 0.39 0.31 11 1 OTD177 650598 4763156 1034.7 5.0 0.51 0.29 35 1 OTD177 650601 4763155 1030.6 5.0 0.45 0.25 63 1 OTD177 650603 4763153 1026.5 5.0 0.47 0.42 53 1 OTD177 650605 4763151 1022.3 5.0 0.37 0.27 13 1 OTD177 650610 4763148 1014.1 5.0 0.41 0.26 50 1 OTD177 650617 4763143 1001.7 5.0 0.56 0.41 25 1 OTD177 650619 4763142 997.6 5.0 0.58 0.30 10 1 OTD177 650621 4763140 993.4 5.0 0.38 0.22 10 1 OTD177 650624 4763138 989.3 5.0 0.50 0.34 43 1 OTD177 650626 4763136 985.2 5.0 0.49 0.39 34 1 OTD177 650628 4763135 981.0 5.0 0.57 0.37 67 1 OTD177 650631 4763133 976.9 5.0 0.66 0.53 43 1 OTD177 650633 4763132 972.8 5.0 0.48 0.36 9 1 OTD177 650635 4763130 968.6 5.0 0.76 0.58 7 1 OTD177 650637 4763128 964.5 5.0 0.62 0.52 68 1 OTD177 650640 4763127 960.3 5.0 0.61 0.54 33 1 OTD177 650642 4763125 956.2 5.0 0.51 0.58 14 1 OTD177 650644 4763123 952.1 5.0 0.50 0.59 42 1 OTD177 650647 4763122 947.9 5.0 0.91 0.71 52 1 OTD177 650649 4763120 943.8 5.0 0.79 0.77 24 1 OTD177 650651 4763119 939.6 5.0 0.54 0.67 8 1 OTD177 650654 4763117 935.5 5.0 0.69 0.89 31 1 OTD177 650656 4763115 931.3 5.0 0.64 0.95 15 1 OTD177 650658 4763114 926.6 5.0 0.80 1.06 111 2 OTD177 650661 4763112 922.5 5.0 1.18 1.56 36 2 OTD177 650663 4763110 918.4 5.0 0.57 0.86 22 2 OTD177 650665 4763109 914.2 5.0 0.42 0.67 15 2 OTD177 650668 4763107 910.1 5.0 0.97 1.85 21 2 OTD177 650670 4763106 905.9 5.0 0.70 1.51 15 2 OTD177 650672 4763104 901.8 5.0 0.62 1.53 28 2 OTD177 650674 4763102 897.6 5.0 0.47 1.11 13 2 OTD177 650679 4763099 889.3 5.0 0.76 1.72 91 2 OTD177 650681 4763098 885.1 5.0 0.40 0.82 6 2 OTD177 650684 4763096 881.0 5.0 0.80 1.33 6 2 OTD177 650686 4763094 876.8 5.0 0.90 1.73 14 2 OTD177 650688 4763093 872.7 5.0 1.35 3.25 51 2 OTD177 650690 4763091 868.5 5.0 0.74 1.79 14 2 OTD177 650693 4763090 864.3 5.0 0.80 1.95 66 2 OTD177 650695 4763088 860.2 5.0 0.66 1.61 108 2 OTD177 650697 4763086 856.0 5.0 0.34 1.11 36 2 OTD177 650706 4763080 839.4 5.0 0.33 1.16 33 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD177 650708 4763079 835.6 4.0 0.46 0.42 28 2 OTD177 650718 4763072 816.9 5.0 0.32 0.84 65 2 OTD177 650721 4763070 812.7 5.0 0.78 1.53 60 2 OTD177 650723 4763068 808.5 5.0 1.86 1.59 46 2 OTD177 650732 4763062 791.8 5.0 0.88 1.99 93 2 OTD177 650734 4763061 787.6 5.0 0.43 1.17 25 2 OTD177 650737 4763059 783.4 5.0 0.38 1.11 27 2 OTD177 650739 4763058 779.3 5.0 0.51 0.59 49 2 OTD177 650741 4763056 775.1 5.0 0.37 0.18 22 2 OTD178 650709 4763215 1132.5 5.0 0.61 0.67 31 1 OTD178 650706 4763217 1128.9 5.0 0.35 0.31 18 1 OTD178 650703 4763219 1125.3 5.0 0.33 0.36 11 1 OTD178 650701 4763221 1121.7 5.0 0.35 0.41 19 1 OTD178 650698 4763224 1118.1 5.0 0.48 0.56 13 1 OTD178 650695 4763226 1114.5 5.0 0.34 0.52 5 1 OTD178 650693 4763228 1111.3 4.0 0.71 1.08 19 1 OTD178 650690 4763229 1108.1 5.0 0.93 1.51 6 2 OTD178 650687 4763232 1104.5 5.0 1.01 1.45 5 2 OTD178 650685 4763234 1100.9 5.0 0.62 0.94 6 2 OTD178 650682 4763236 1097.3 5.0 1.25 1.91 50 2 OTD178 650679 4763238 1093.7 5.0 0.86 1.46 5 2 OTD178 650676 4763240 1090.1 5.0 0.56 0.86 5 2 OTD178 650673 4763242 1086.5 5.0 1.09 1.98 22 2 OTD178 650671 4763244 1082.9 5.0 0.81 1.89 16 2 OTD178 650668 4763246 1079.3 5.0 0.41 1.15 15 2 OTD178 650665 4763248 1075.7 5.0 0.38 1.10 8 2 OTD178 650660 4763252 1068.5 5.0 0.52 1.30 7 2 OTD178 650657 4763254 1064.9 5.0 0.80 1.47 52 2 OTD178 650654 4763257 1061.3 5.0 0.53 0.95 59 2 OTD178 650651 4763258 1058.1 4.0 0.41 0.82 47 2 OTD178 650649 4763260 1054.8 5.0 0.41 0.74 69 1 OTD178 650646 4763262 1051.2 5.0 0.55 0.90 27 1 OTD178 650643 4763265 1047.6 5.0 0.61 0.89 68 1 OTD178 650638 4763269 1040.4 5.0 0.53 0.63 67 1 OTD178 650635 4763271 1036.8 5.0 0.70 1.11 58 1 OTD178 650627 4763277 1026.1 5.0 0.42 0.52 41 1 OTD178 650624 4763279 1022.5 5.0 0.47 0.47 40 1 OTD178 650557 4763330 935.6 5.0 0.32 0.32 38 1 OTD178 650554 4763332 932.1 5.0 0.33 0.36 85 1 OTD178 650549 4763337 925.0 5.0 0.57 0.50 59 1 OTD178 650546 4763339 921.5 5.0 0.45 0.32 42 1 OTD178 650541 4763344 914.5 5.0 0.54 0.55 67 1 OTD179 650816 4763313 1043.2 5.0 0.63 0.31 12 1 OTD179 650818 4763315 1039.2 5.0 0.56 0.37 5 1 OTD179 650820 4763317 1035.2 5.0 0.42 0.22 15 1 OTD179 650823 4763322 1028.5 2.0 0.47 0.32 5 1 OTD179 650831 4763331 1012.2 5.0 0.58 0.52 5 1 OTD179 650890 4763403 898.2 5.0 0.73 0.36 24 4 OTD179 650898 4763412 884.8 5.0 0.31 0.09 13 4 OTD179 650900 4763414 881.0 5.0 0.63 0.18 24 4 OTD179 650902 4763417 877.3 5.0 0.37 0.14 29 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD179 650905 4763419 873.6 5.0 0.43 0.15 16 4 OTD179 650907 4763422 869.9 5.0 0.67 0.16 104 4 OTD179 650909 4763424 866.1 5.0 0.48 0.10 40 4 OTD179 650911 4763427 862.4 5.0 0.40 0.08 28 4 OTD179 650914 4763429 858.8 5.0 0.39 0.07 39 4 OTD179 650916 4763432 855.1 5.0 0.64 0.14 49 4 OTD179 650925 4763442 840.5 5.0 0.43 0.16 51 4 OTD179 650930 4763447 833.2 5.0 0.39 0.09 32 4 OTD179 650932 4763449 829.5 5.0 0.40 0.13 77 4 OTD179 650934 4763452 825.9 5.0 0.38 0.16 41 4 OTD179 650936 4763455 822.2 5.0 0.38 0.15 45 4 OTD179 650939 4763457 818.5 5.0 0.36 0.15 16 4 OTD179 650941 4763460 814.9 5.0 0.41 0.14 29 4 OTD179 650943 4763462 811.2 5.0 0.49 0.16 48 4 OTD179 650945 4763465 807.6 5.0 0.30 0.13 27 4 OTD179 650948 4763467 803.9 5.0 0.45 0.20 43 4 OTD179 650955 4763475 793.0 5.0 0.49 0.15 23 4 OTD180 650355 4762799 1129.5 5.0 0.39 0.18 219 1 OTD180 650356 4762801 1125.4 5.0 0.39 0.25 174 1 OTD180 650358 4762804 1121.4 5.0 0.64 0.23 102 1 OTD180 650360 4762806 1117.3 5.0 0.84 0.36 227 1 OTD180 650362 4762808 1113.3 5.0 0.44 0.26 215 1 OTD180 650364 4762811 1109.2 5.0 0.34 0.19 130 1 OTD180 650367 4762815 1101.1 5.0 0.35 0.19 165 1 OTD180 650369 4762817 1097.0 5.0 0.57 0.46 99 1 OTD180 650373 4762822 1088.9 5.0 0.44 0.32 195 1 OTD180 650375 4762824 1084.8 5.0 0.46 3.79 234 1 OTD180 650377 4762826 1080.7 5.0 0.42 2.80 110 1 OTD180 650379 4762829 1076.7 5.0 0.64 0.34 219 1 OTD180 650380 4762831 1072.6 5.0 0.38 0.28 113 1 OTD180 650382 4762833 1068.5 5.0 0.40 0.24 93 1 OTD180 650384 4762835 1064.4 5.0 0.42 0.20 114 1 OTD180 650388 4762840 1056.2 5.0 0.59 0.30 133 1 OTD180 650390 4762842 1052.2 5.0 0.48 0.22 123 1 OTD180 650392 4762844 1048.1 5.0 0.55 0.29 164 1 OTD180 650394 4762846 1044.0 5.0 0.33 0.42 333 1 OTD180 650395 4762849 1039.9 5.0 0.40 0.25 170 1 OTD180 650399 4762853 1031.8 5.0 0.40 0.39 139 1 OTD180 650401 4762855 1027.7 5.0 0.48 0.68 123 1 OTD180 650403 4762858 1023.7 5.0 0.35 0.25 32 1 OTD180 650405 4762860 1019.6 5.0 0.39 0.30 68 1 OTD180 650407 4762862 1015.6 5.0 0.32 0.30 131 1 OTD180 650415 4762870 999.4 5.0 0.37 0.32 103 1 OTD180 650417 4762872 995.4 5.0 0.52 0.36 193 1 OTD180 650422 4762877 987.3 5.0 0.37 0.32 61 1 OTD180 650424 4762879 983.3 5.0 0.32 0.30 99 1 OTD180 650426 4762881 979.3 5.0 0.47 0.37 111 1 OTD180 650428 4762883 975.3 5.0 0.31 0.42 45 1 OTD180 650430 4762885 971.3 5.0 0.34 0.38 84 1 OTD180 650432 4762887 967.3 5.0 0.52 0.43 95 1 OTD180 650435 4762889 963.3 5.0 0.42 0.37 44 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD180 650437 4762891 959.3 5.0 0.44 0.37 116 1 OTD180 650439 4762893 955.4 5.0 0.51 0.37 80 1 OTD180 650441 4762896 951.4 5.0 0.30 0.28 49 1 OTD180 650457 4762910 924.0 5.0 0.55 0.41 214 1 OTD180 650460 4762912 920.1 5.0 0.57 0.31 200 1 OTD180 650462 4762915 916.2 5.0 0.63 0.43 177 1 OTD180 650465 4762917 912.3 5.0 0.80 0.58 108 1 OTD180 650467 4762919 908.5 5.0 0.48 0.36 62 1 OTD180 650472 4762923 900.7 5.0 0.62 0.44 219 1 OTD180 650474 4762925 896.8 5.0 0.56 0.46 108 1 OTD180 650479 4762929 889.0 5.0 0.78 0.75 300 1 OTD180 650482 4762931 885.2 5.0 0.96 0.65 458 1 OTD180 650484 4762933 881.4 5.0 0.59 0.42 123 1 OTD180 650487 4762935 877.6 5.0 0.92 0.85 620 1 OTD180 650489 4762937 873.8 5.0 0.62 0.72 170 1 OTD180 650492 4762939 870.0 5.0 0.52 0.82 245 1 OTD180 650494 4762941 866.3 5.0 0.83 0.77 148 1 OTD180 650497 4762943 862.5 5.0 0.58 0.56 105 1 OTD180 650500 4762945 858.7 5.0 0.65 0.67 69 1 OTD180 650502 4762947 854.9 5.0 0.82 0.68 119 1 OTD180 650505 4762949 851.1 5.0 0.67 0.46 132 1 OTD180 650507 4762951 847.4 5.0 0.64 0.89 102 1 OTD180 650510 4762953 843.6 5.0 0.38 0.44 59 1 OTD180 650512 4762955 839.8 5.0 0.38 0.47 139 1 OTD180 650520 4762961 828.5 5.0 0.45 0.54 157 1 OTD180 650523 4762963 824.7 5.0 0.31 0.32 109 1 OTD180 650526 4762965 821.0 5.0 0.36 0.56 76 1 OTD180 650528 4762967 817.2 5.0 0.43 0.58 11 1 OTD180 650536 4762972 806.0 5.0 0.34 0.48 87 1 OTD180 650542 4762976 798.6 5.0 0.36 0.49 116 1 OTD180 650545 4762978 794.9 5.0 0.38 0.58 302 1 OTD180 650547 4762980 791.2 5.0 0.39 0.68 199 1 OTD180 650550 4762982 787.5 5.0 0.32 0.54 54 1 OTD180 650553 4762984 783.7 5.0 0.69 0.85 109 1 OTD180 650556 4762986 780.0 5.0 0.63 0.62 87 1 OTD180 650559 4762988 776.3 5.0 0.73 0.69 87 1 OTD180 650561 4762989 772.6 5.0 0.55 0.77 41 1 OTD180 650564 4762991 768.9 5.0 0.43 0.72 75 1 OTD180 650570 4762995 761.5 5.0 0.34 0.33 34 1 OTD180 650576 4762999 754.0 5.0 0.37 0.25 34 1 OTD180 650587 4763005 739.5 5.0 0.37 0.41 29 1 OTD180 650610 4763019 712.3 5.0 0.36 0.38 24 2 OTD180 650613 4763021 708.9 5.0 0.42 0.55 49 2 OTD180 650629 4763031 691.7 5.0 0.31 0.37 52 2 OTD180 650632 4763033 688.2 5.0 1.00 1.02 71 2 OTD180 650635 4763035 684.9 5.0 1.03 1.20 71 2 OTD180 650638 4763037 681.5 5.0 1.55 1.63 79 2 OTD180 650641 4763039 678.1 5.0 1.48 1.41 265 2 OTD180 650644 4763041 674.7 5.0 0.97 0.89 79 2 OTD180 650647 4763043 671.3 5.0 0.46 0.53 29 2 OTD180 650650 4763044 668.0 5.0 0.77 0.85 96 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD180 650653 4763046 664.6 5.0 0.53 0.80 184 2 OTD180 650657 4763048 661.2 5.0 0.76 0.96 148 2 OTD180 650660 4763050 657.8 5.0 0.99 1.13 369 2 OTD180 650663 4763052 654.4 5.0 1.08 1.35 396 2 OTD180 650666 4763054 651.0 5.0 1.04 1.60 230 2 OTD180 650669 4763057 647.6 5.0 0.83 1.55 168 2 OTD180 650684 4763067 631.2 5.0 0.84 1.37 72 2 OTD180 650687 4763070 627.9 5.0 1.33 2.15 224 2 OTD180 650690 4763072 624.6 5.0 1.58 2.85 134 2 OTD180 650693 4763074 621.3 5.0 1.53 3.01 128 2 OTD180 650697 4763076 618.0 5.0 0.72 1.46 48 2 OTD180 650700 4763078 614.7 5.0 0.97 2.08 122 2 OTD180 650703 4763080 611.4 5.0 0.82 1.96 183 2 OTD180 650706 4763082 608.1 5.0 1.60 3.60 58 2 OTD180 650709 4763084 604.8 5.0 3.05 9.46 106 2 OTD180 650712 4763086 601.5 5.0 2.37 6.66 60 2 OTD180 650715 4763089 598.1 5.0 2.35 8.06 24 2 OTD180 650718 4763091 594.8 5.0 1.81 6.38 18 2 OTD180 650721 4763093 591.5 5.0 1.80 5.91 69 2 OTD180 650724 4763096 588.3 5.0 2.03 7.13 64 2 OTD180 650727 4763098 585.0 5.0 1.47 4.16 28 2 OTD180 650730 4763100 581.7 5.0 0.78 2.01 35 2 OTD180 650733 4763102 578.4 5.0 0.94 2.85 125 2 OTD180 650736 4763104 575.1 5.0 0.69 1.64 114 2 OTD180 650739 4763107 571.9 5.0 0.76 1.76 102 2 OTD180 650742 4763109 568.6 5.0 0.59 1.49 78 2 OTD180 650745 4763112 565.2 5.0 0.57 1.10 72 2 OTD180 650747 4763113 562.8 2.1 0.60 1.24 50 2 OTD180 650749 4763115 560.5 5.0 0.61 1.43 128 1 OTD180 650752 4763117 557.1 5.0 0.73 1.89 66 1 OTD180 650755 4763119 553.8 5.0 0.74 1.54 57 1 OTD180 650758 4763122 550.5 5.0 0.32 0.17 29 1 OTD180 650775 4763135 531.5 5.0 0.78 0.86 137 1 OTD180 650781 4763140 524.9 5.0 0.39 0.50 26 1 OTD181 650933 4763317 1103.9 3.0 0.48 0.14 28 4 OTD181 650934 4763319 1100.6 5.0 0.65 0.17 35 1 OTD181 650935 4763322 1096.5 5.0 0.69 0.19 111 1 OTD181 650937 4763324 1092.5 5.0 0.87 0.29 80 1 OTD181 650938 4763327 1088.4 5.0 0.79 0.27 43 1 OTD181 650940 4763329 1084.4 5.0 0.55 0.23 22 1 OTD181 650941 4763332 1080.3 5.0 0.73 0.25 23 1 OTD181 650943 4763334 1076.3 5.0 0.74 0.28 28 4 OTD181 650944 4763337 1072.2 5.0 0.43 0.18 19 4 OTD181 650959 4763362 1031.7 5.0 0.41 0.09 30 4 OTD181 650960 4763364 1027.7 5.0 0.34 0.11 35 4 OTD181 650962 4763367 1023.6 5.0 0.41 0.17 49 4 OTD181 650963 4763369 1019.6 5.0 0.30 0.13 13 4 OTD181 650965 4763372 1015.5 5.0 0.32 0.19 16 4 OTD181 650969 4763380 1003.4 5.0 0.38 0.06 54 4 OTD181 650970 4763383 999.4 5.0 0.44 0.07 58 4 OTD181 650971 4763385 995.3 5.0 0.43 0.09 68 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD181 650973 4763388 991.3 5.0 0.30 0.12 21 4 OTD183 650831 4763130 1014.4 5.0 0.75 1.29 49 1 OTD183 650830 4763131 1009.6 5.0 0.98 2.83 49 1 OTD183 650828 4763132 1004.9 5.0 0.79 2.34 8 2 OTD183 650827 4763132 1000.2 5.0 0.89 2.21 18 2 OTD183 650826 4763134 995.4 5.0 0.53 1.55 5 2 OTD183 650824 4763135 990.7 5.0 1.20 3.24 5 2 OTD183 650823 4763135 986.0 5.0 0.67 2.28 8 2 OTD183 650822 4763136 981.3 5.0 0.77 2.72 37 2 OTD183 650820 4763137 976.5 5.0 0.49 1.96 12 2 OTD183 650819 4763138 971.8 5.0 0.57 1.81 12 2 OTD183 650818 4763139 967.1 5.0 0.84 3.02 9 2 OTD183 650816 4763140 962.3 5.0 0.44 1.56 9 2 OTD183 650815 4763140 957.6 5.0 0.87 2.99 8 2 OTD183 650814 4763141 952.9 5.0 0.76 3.58 7 2 OTD183 650812 4763142 948.1 5.0 1.01 2.59 16 2 OTD183 650811 4763143 943.4 5.0 0.95 2.55 17 2 OTD183 650810 4763144 938.7 5.0 1.51 3.50 156 2 OTD183 650808 4763145 933.9 5.0 1.11 3.34 50 2 OTD183 650807 4763146 929.2 5.0 0.89 3.22 12 2 OTD183 650806 4763147 924.5 5.0 1.08 3.16 22 2 OTD183 650805 4763148 919.8 5.0 1.07 2.22 105 2 OTD183 650803 4763149 915.0 5.0 0.73 1.01 95 2 OTD183 650802 4763150 910.3 5.0 0.87 0.22 65 2 OTD183 650801 4763151 905.6 5.0 1.98 1.49 239 2 OTD183 650799 4763152 900.8 5.0 1.66 0.66 373 2 OTD183 650798 4763153 896.1 5.0 1.32 0.65 411 2 OTD183 650797 4763154 891.4 5.0 0.34 0.30 26 2 OTD183 650795 4763155 886.7 5.0 0.38 0.33 33 2 OTD183 650794 4763156 882.0 5.0 0.91 1.21 261 2 OTD183 650793 4763157 877.3 5.0 1.25 0.63 151 2 OTD183 650791 4763158 872.5 5.0 1.58 0.95 151 2 OTD183 650790 4763159 867.8 5.0 1.60 1.32 208 2 OTD183 650789 4763160 863.1 5.0 1.10 1.81 113 2 OTD183 650788 4763161 858.4 5.0 1.43 1.04 270 2 OTD183 650786 4763162 853.6 5.0 1.62 1.34 104 2 OTD183 650785 4763163 848.9 5.0 2.02 0.50 310 2 OTD183 650784 4763164 844.2 5.0 1.16 1.29 153 2 OTD183 650782 4763165 839.5 5.0 1.05 0.91 199 2 OTD183 650781 4763166 834.8 5.0 0.80 0.97 156 2 OTD183 650780 4763167 830.0 5.0 0.77 0.66 92 2 OTD183 650779 4763168 825.3 5.0 0.55 0.51 66 2 OTD183 650777 4763169 820.6 5.0 0.51 0.60 59 2 OTD183 650776 4763170 815.9 5.0 1.00 1.53 128 2 OTD183 650775 4763171 811.1 5.0 0.87 1.33 132 2 OTD183 650774 4763172 806.4 5.0 0.98 1.32 79 2 OTD183 650772 4763173 801.7 5.0 1.11 2.34 305 2 OTD183 650771 4763174 797.0 5.0 1.40 2.77 158 2 OTD183 650770 4763175 792.2 5.0 1.15 2.15 146 2 OTD183 650769 4763176 787.5 5.0 0.87 3.03 57 2 OTD183 650767 4763177 782.8 5.0 1.07 2.07 388 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD183 650766 4763178 778.0 5.0 0.89 1.38 335 2 OTD183 650765 4763179 773.3 5.0 1.20 1.22 191 2 OTD183 650764 4763180 768.6 5.0 1.41 2.02 144 2 OTD183 650762 4763181 763.8 5.0 1.46 2.28 125 2 OTD183 650761 4763182 759.1 5.0 0.87 2.41 133 2 OTD183 650760 4763183 754.4 5.0 1.16 1.65 132 2 OTD183 650759 4763184 749.7 5.0 1.73 2.75 503 2 OTD183 650757 4763185 745.0 5.0 1.04 2.27 438 2 OTD183 650756 4763186 740.2 5.0 0.99 2.41 127 2 OTD183 650755 4763187 735.5 5.0 0.63 1.87 71 2 OTD183 650754 4763188 730.8 5.0 1.14 3.28 63 2 OTD183 650753 4763189 726.1 5.0 1.01 2.98 473 2 OTD183 650751 4763191 721.3 5.0 1.83 4.39 111 2 OTD183 650750 4763192 716.6 5.0 0.74 2.15 64 2 OTD183 650749 4763192 711.9 5.0 1.30 2.93 74 2 OTD183 650748 4763193 707.1 5.0 0.79 2.41 137 2 OTD183 650746 4763194 702.4 5.0 0.79 2.00 30 2 OTD183 650745 4763195 697.7 5.0 0.38 1.19 8 2 OTD183 650744 4763196 693.0 5.0 0.53 0.63 10 2 OTD183 650742 4763197 688.2 5.0 0.61 0.82 39 2 OTD183 650741 4763198 683.5 5.0 0.47 0.97 19 2 OTD183 650740 4763199 678.8 5.0 0.52 1.09 15 2 OTD183 650739 4763200 674.1 5.0 0.61 0.92 53 2 OTD183 650737 4763201 669.3 5.0 0.68 1.07 22 2 OTD183 650736 4763202 664.6 5.0 0.65 1.03 12 2 OTD183 650735 4763204 659.9 5.0 0.69 1.30 58 2 OTD183 650734 4763204 655.1 5.0 0.56 1.03 32 2 OTD183 650732 4763206 650.4 5.0 0.66 0.93 84 2 OTD183 650731 4763207 645.7 5.0 0.51 0.69 26 2 OTD183 650730 4763208 641.0 5.0 0.51 0.63 32 2 OTD183 650729 4763209 636.2 5.0 0.57 0.59 22 2 OTD183 650728 4763210 631.5 5.0 0.49 0.39 26 2 OTD183 650726 4763211 626.8 5.0 0.40 0.39 11 2 OTD183 650725 4763212 622.1 5.0 0.73 1.51 62 2 OTD183 650724 4763213 617.4 5.0 0.86 2.29 53 2 OTD183 650723 4763214 612.7 5.0 0.70 2.10 40 2 OTD183 650721 4763215 608.0 5.0 0.50 1.24 25 2 OTD183 650716 4763220 589.2 5.0 0.59 0.76 33 2 OTD183 650715 4763221 584.5 5.0 0.38 0.68 10 2 OTD183 650714 4763222 579.8 5.0 0.40 0.46 48 2 OTD183 650712 4763223 575.1 5.0 0.44 0.39 71 2 OTD183 650711 4763224 570.4 5.0 0.63 0.49 58 1 OTD183 650710 4763225 565.7 5.0 0.51 0.37 39 1 OTD183 650707 4763228 556.3 5.0 0.42 0.32 24 1 OTD183 650706 4763229 551.5 5.0 0.52 0.56 18 1 OTD183 650705 4763230 546.8 5.0 0.43 0.47 48 1 OTD183 650704 4763231 542.1 5.0 0.52 0.61 17 1 OTD183 650687 4763247 476.1 5.0 0.33 0.26 77 1 OTD183 650683 4763251 461.9 5.0 0.31 0.28 11 1 OTD183 650681 4763253 452.5 5.0 0.38 0.41 26 1 OTD183 650676 4763257 433.6 5.0 0.41 0.66 11 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD183 650675 4763259 428.9 5.0 0.45 0.82 45 1 OTD183 650674 4763260 424.2 5.0 0.35 0.47 35 1 OTD183 650672 4763261 419.5 5.0 0.35 0.58 17 1 OTD184 650552 4763099 1133.1 5.0 0.40 0.24 115 1 OTD184 650553 4763098 1128.2 5.0 0.30 0.19 7 1 OTD184 650554 4763097 1123.4 5.0 0.50 0.26 31 1 OTD184 650555 4763097 1118.5 5.0 0.37 0.22 36 1 OTD184 650556 4763096 1113.6 5.0 0.43 0.12 5 1 OTD184 650557 4763095 1108.8 5.0 0.40 0.21 9 1 OTD184 650558 4763094 1103.9 5.0 0.41 0.21 10 1 OTD184 650561 4763092 1084.4 5.0 0.44 0.18 101 1 OTD184 650562 4763091 1079.5 5.0 0.48 0.27 16 1 OTD184 650566 4763087 1055.0 5.0 0.43 0.24 13 1 OTD184 650566 4763087 1050.1 5.0 0.31 0.13 81 1 OTD184 650567 4763086 1045.2 5.0 0.42 0.20 56 1 OTD184 650568 4763085 1040.3 5.0 0.63 0.24 68 1 OTD184 650569 4763084 1030.5 5.0 0.45 0.32 44 1 OTD184 650571 4763083 1020.7 5.0 0.37 0.53 9 1 OTD184 650572 4763082 1015.8 5.0 0.70 0.47 50 1 OTD184 650572 4763081 1011.0 5.0 0.79 0.54 152 1 OTD184 650574 4763080 1001.2 5.0 0.46 0.30 538 1 OTD184 650575 4763079 996.3 5.0 0.42 0.48 530 1 OTD184 650576 4763079 991.4 5.0 0.39 0.31 27 1 OTD184 650576 4763078 986.5 5.0 0.40 0.33 58 1 OTD184 650577 4763077 981.6 5.0 0.36 0.32 8 1 OTD184 650578 4763077 976.7 5.0 0.43 0.30 43 1 OTD184 650579 4763076 971.8 5.0 0.45 0.31 63 1 OTD184 650579 4763075 966.9 5.0 0.73 0.54 63 1 OTD184 650580 4763074 962.0 5.0 0.47 0.32 81 1 OTD184 650581 4763073 957.2 5.0 0.48 0.29 37 1 OTD184 650582 4763073 952.3 5.0 0.56 0.47 51 1 OTD184 650583 4763072 947.4 5.0 0.40 0.33 155 1 OTD184 650584 4763070 937.6 5.0 0.47 0.40 47 1 OTD184 650585 4763069 932.7 5.0 0.50 0.40 37 1 OTD184 650587 4763068 923.0 5.0 0.39 0.33 36 1 OTD184 650593 4763063 885.8 5.0 0.31 0.27 30 1 OTD184 650594 4763062 880.9 5.0 0.33 0.19 26 1 OTD184 650594 4763062 876.0 5.0 0.50 0.19 26 1 OTD184 650595 4763061 871.1 5.0 0.41 0.18 37 1 OTD184 650596 4763061 866.2 5.0 0.72 0.30 193 1 OTD184 650597 4763060 861.3 5.0 0.41 0.27 79 1 OTD184 650598 4763060 856.4 5.0 0.32 0.20 67 1 OTD184 650598 4763059 851.6 5.0 0.57 3.89 90 1 OTD184 650599 4763058 846.7 5.0 0.77 0.40 41 1 OTD184 650600 4763058 841.8 5.0 0.45 0.25 38 1 OTD184 650601 4763057 836.9 5.0 0.48 0.32 24 1 OTD184 650602 4763056 832.0 5.0 0.33 0.17 26 1 OTD184 650602 4763056 827.1 5.0 0.71 0.30 63 1 OTD184 650603 4763055 822.2 5.0 0.46 0.27 55 1 OTD184 650604 4763054 817.3 5.0 0.41 0.28 63 1 OTD184 650605 4763054 812.4 5.0 0.32 0.26 40 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD184 650606 4763053 807.5 5.0 0.34 0.24 65 1 OTD184 650606 4763052 802.6 5.0 0.32 0.26 34 1 OTD184 650607 4763052 797.8 5.0 1.20 0.64 100 1 OTD184 650608 4763051 792.9 5.0 0.90 0.55 56 1 OTD184 650609 4763051 788.0 5.0 0.73 0.43 42 1 OTD184 650610 4763050 783.1 5.0 0.72 0.56 49 1 OTD184 650611 4763050 778.2 5.0 0.49 0.37 10 1 OTD184 650612 4763048 768.4 5.0 0.63 0.23 43 1 OTD184 650615 4763046 750.8 5.0 0.95 0.58 73 1 OTD184 650616 4763045 745.9 5.0 0.71 0.39 22 1 OTD184 650617 4763045 741.0 5.0 0.31 0.24 26 1 OTD184 650618 4763044 736.1 5.0 0.56 0.35 27 1 OTD184 650619 4763044 731.7 4.0 0.65 0.44 54 1 OTD184 650619 4763043 727.3 5.0 0.83 0.64 68 2 OTD184 650620 4763042 722.4 5.0 0.83 0.52 64 2 OTD184 650621 4763042 717.5 5.0 2.00 1.30 147 2 OTD184 650622 4763041 712.7 5.0 1.39 0.82 307 2 OTD184 650623 4763041 707.8 5.0 0.79 0.69 225 2 OTD184 650624 4763040 702.9 5.0 1.54 3.16 472 2 OTD184 650624 4763039 698.0 5.0 0.95 0.85 60 2 OTD184 650625 4763039 693.1 5.0 0.99 1.19 102 2 OTD184 650626 4763038 688.2 5.0 0.86 1.13 294 2 OTD184 650627 4763037 683.3 5.0 0.90 0.92 273 2 OTD184 650628 4763037 678.4 5.0 0.49 0.80 76 2 OTD184 650629 4763036 673.5 5.0 1.05 1.07 208 2 OTD184 650629 4763036 668.6 5.0 0.65 0.80 247 2 OTD184 650630 4763035 663.8 5.0 1.07 0.90 188 2 OTD184 650631 4763034 658.9 5.0 0.99 1.19 308 2 OTD184 650632 4763034 654.0 5.0 1.15 2.25 420 2 OTD184 650633 4763033 649.1 5.0 1.21 2.39 367 2 OTD184 650634 4763033 644.2 5.0 0.74 1.15 88 2 OTD184 650635 4763032 639.3 5.0 0.76 1.69 385 2 OTD184 650636 4763032 634.4 5.0 0.59 1.33 201 2 OTD184 650637 4763031 629.5 5.0 0.91 1.19 411 2 OTD184 650638 4763031 624.6 5.0 0.92 2.55 277 2 OTD184 650638 4763030 619.7 5.0 0.54 1.83 266 2 OTD184 650639 4763030 614.8 5.0 0.52 1.97 238 2 OTD184 650640 4763029 610.0 5.0 0.81 2.96 156 2 OTD184 650641 4763029 605.1 5.0 1.21 3.64 510 2 OTD184 650642 4763028 600.2 5.0 0.93 2.62 318 2 OTD184 650643 4763028 595.3 5.0 0.82 2.54 212 2 OTD184 650644 4763027 590.4 5.0 1.27 3.58 66 2 OTD184 650645 4763027 585.5 5.0 0.78 2.14 35 2 OTD184 650646 4763026 580.6 5.0 0.64 1.87 94 2 OTD184 650647 4763026 575.7 5.0 0.68 2.59 110 2 OTD184 650648 4763025 570.8 5.0 0.53 2.01 274 2 OTD184 650648 4763025 565.9 5.0 0.64 2.16 109 2 OTD184 650649 4763024 561.0 5.0 3.50 4.64 40 2 OTD184 650650 4763024 556.2 5.0 2.59 3.56 49 2 OTD184 650651 4763023 551.3 5.0 0.55 1.87 33 2 OTD184 650652 4763023 546.4 5.0 0.93 2.79 72 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD184 650653 4763022 541.5 5.0 0.70 2.46 62 2 OTD184 650654 4763022 536.6 5.0 0.60 2.09 36 2 OTD184 650655 4763021 531.7 5.0 0.83 2.18 56 2 OTD184 650657 4763020 521.9 5.0 0.36 0.46 14 2 OTD184 650657 4763020 518.0 3.0 2.06 3.23 32 2 OTD184A 650563 4763090 1071.7 5.0 0.35 0.17 12 1 OTD184A 650564 4763089 1066.8 5.0 0.37 0.20 48 1 OTD184A 650565 4763088 1057.0 5.0 0.50 0.28 73 1 OTD184A 650566 4763087 1052.1 5.0 0.56 0.18 30 1 OTD184A 650568 4763086 1042.2 5.0 0.54 0.21 46 1 OTD184A 650569 4763085 1032.4 5.0 0.39 0.25 19 1 OTD184A 650570 4763084 1027.5 5.0 0.43 0.21 20 1 OTD184A 650570 4763083 1022.6 5.0 0.40 0.37 30 1 OTD184A 650571 4763083 1017.7 5.0 1.15 0.63 75 1 OTD184A 650572 4763082 1012.8 5.0 0.45 0.26 125 1 OTD184A 650572 4763081 1007.9 5.0 0.42 0.13 71 1 OTD184A 650573 4763081 1003.0 5.0 0.46 0.30 22 1 OTD184A 650574 4763080 998.1 5.0 0.39 0.24 6 1 OTD184A 650575 4763079 993.2 5.0 0.32 0.19 33 1 OTD184A 650575 4763079 988.3 5.0 0.41 0.26 34 1 OTD184A 650576 4763078 983.3 5.0 0.34 0.21 29 1 OTD184A 650577 4763078 978.4 5.0 0.37 0.24 55 1 OTD184A 650577 4763077 974.4 3.2 0.46 0.23 7 1 OTD185 650481 4763239 880.1 5.0 0.33 0.21 194 1 OTD185 650483 4763237 870.7 5.0 0.31 0.32 40 1 OTD185 650487 4763234 856.4 5.0 0.39 0.29 140 1 OTD185 650488 4763233 851.7 5.0 0.41 0.31 63 1 OTD185 650492 4763230 837.5 5.0 0.47 0.34 100 1 OTD185 650493 4763229 832.8 5.0 0.39 0.27 77 1 OTD185 650494 4763228 828.1 5.0 0.47 0.29 113 1 OTD185 650496 4763227 823.3 5.0 0.33 0.32 98 1 OTD185 650497 4763226 818.6 5.0 0.41 0.54 69 1 OTD185 650498 4763225 813.9 5.0 1.18 1.17 41 1 OTD185 650499 4763224 809.2 5.0 0.63 0.55 55 1 OTD185 650511 4763215 764.7 5.0 0.33 0.47 101 1 OTD185 650512 4763214 759.9 5.0 0.48 0.52 72 1 OTD185 650513 4763213 755.2 5.0 0.32 0.47 33 1 OTD185 650516 4763211 745.8 5.0 0.31 0.31 32 1 OTD185 650528 4763199 696.4 5.0 0.87 1.05 23 2 OTD185 650529 4763198 691.6 5.0 0.45 0.63 69 2 OTD185 650530 4763197 686.8 5.0 0.78 0.82 224 2 OTD185 650531 4763196 682.0 5.0 0.43 0.46 44 2 OTD185 650532 4763195 677.3 5.0 0.86 0.98 66 2 OTD185 650533 4763194 672.5 5.0 1.03 1.02 46 2 OTD185 650534 4763193 667.8 5.0 0.47 0.55 111 2 OTD185 650535 4763192 663.0 5.0 0.59 0.67 178 2 OTD185 650537 4763191 658.2 5.0 0.58 0.91 68 2 OTD185 650538 4763190 653.5 5.0 0.58 0.85 73 2 OTD185 650539 4763189 648.7 5.0 0.85 1.08 220 2 OTD185 650540 4763188 643.9 5.0 0.66 0.92 51 2 OTD185 650541 4763187 639.2 5.0 0.77 1.40 46 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD185 650542 4763186 634.4 5.0 0.50 0.87 59 2 OTD185 650543 4763185 629.6 5.0 0.75 1.38 46 2 OTD185 650544 4763184 624.8 5.0 0.63 0.94 30 2 OTD185 650545 4763183 620.0 5.0 0.58 1.09 42 2 OTD185 650547 4763182 615.2 5.0 0.73 1.57 39 2 OTD185 650548 4763181 610.5 5.0 0.72 1.44 54 2 OTD185 650549 4763181 605.7 5.0 0.67 1.29 71 2 OTD185 650550 4763180 600.9 5.0 0.83 2.19 114 2 OTD185 650551 4763179 596.1 5.0 0.75 1.61 69 2 OTD185 650552 4763178 591.3 5.0 0.56 1.35 25 2 OTD185 650553 4763177 586.6 5.0 0.54 1.47 78 2 OTD185 650555 4763176 581.8 5.0 0.74 2.21 35 2 OTD185 650556 4763175 577.0 5.0 0.68 1.55 52 2 OTD185 650557 4763174 572.2 5.0 0.42 1.09 106 2 OTD185 650558 4763173 567.4 5.0 0.54 1.30 66 2 OTD185 650559 4763172 562.6 5.0 0.43 0.86 83 2 OTD185 650560 4763171 557.9 5.0 0.43 0.82 216 2 OTD185 650561 4763171 553.1 5.0 0.47 0.71 241 2 OTD185 650563 4763170 548.3 5.0 0.53 0.63 458 2 OTD185 650564 4763169 543.5 5.0 1.14 1.66 141 2 OTD185 650565 4763168 538.7 5.0 0.94 1.83 165 2 OTD185 650566 4763167 534.0 5.0 0.41 0.69 100 2 OTD185 650567 4763166 529.2 5.0 0.43 0.69 151 2 OTD185 650568 4763165 524.4 5.0 0.85 1.28 216 2 OTD185 650569 4763164 519.6 5.0 1.81 5.41 103 2 OTD185 650570 4763163 514.8 5.0 0.58 1.56 49 2 OTD185 650572 4763162 505.2 5.0 1.34 4.56 120 2 OTD185 650574 4763161 500.4 5.0 1.13 4.32 59 2 OTD185 650575 4763160 495.6 5.0 0.79 3.37 40 2 OTD185 650576 4763160 490.8 5.0 1.09 3.79 27 2 OTD185 650577 4763159 486.0 5.0 1.28 4.54 71 2 OTD185 650578 4763158 481.2 5.0 0.85 3.72 70 2 OTD185 650579 4763157 476.4 5.0 0.75 3.00 72 2 OTD185 650580 4763156 471.6 5.0 0.87 4.08 82 2 OTD185 650581 4763155 466.8 5.0 0.82 2.76 51 2 OTD185 650582 4763154 461.9 5.0 0.56 2.19 25 2 OTD185 650583 4763153 457.1 5.0 0.59 2.10 41 2 OTD185 650584 4763152 452.3 5.0 0.47 1.65 141 2 OTD185 650586 4763152 447.5 5.0 0.47 0.65 118 2 OTD185 650587 4763151 442.7 5.0 0.32 0.91 74 2 OTD185 650589 4763149 433.1 5.0 0.43 0.69 101 2 OTD185 650590 4763148 428.3 5.0 0.34 0.58 80 2 OTD185 650591 4763147 423.5 5.0 0.40 0.80 134 2 OTD185 650598 4763141 390.8 5.0 0.38 0.57 185 1 OTD185 650602 4763139 376.3 5.0 0.36 0.43 62 1 OTD185 650608 4763134 347.5 5.0 0.32 0.42 60 1 OTD185 650610 4763133 342.7 5.0 0.39 0.31 57 1 OTD185 650611 4763132 337.9 5.0 0.37 0.69 154 1 OTD185 650612 4763131 333.1 5.0 0.44 0.54 92 1 OTD185 650613 4763131 328.3 5.0 0.32 0.49 87 1 OTD189 650718 4763090 1128.3 5.0 0.55 0.55 19 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD189 650718 4763090 1123.3 5.0 0.71 0.69 18 1 OTD189 650718 4763090 1118.3 5.0 0.49 0.55 27 1 OTD189 650718 4763090 1113.3 5.0 0.30 0.32 9 1 OTD189 650718 4763090 1108.3 5.0 0.41 0.50 10 1 OTD189 650718 4763090 1103.3 5.0 0.43 0.54 10 1 OTD189 650718 4763090 1098.3 5.0 0.80 0.82 44 1 OTD189 650718 4763090 1093.3 5.0 0.87 0.72 23 1 OTD189 650718 4763090 1088.3 5.0 0.55 0.62 19 1 OTD189 650718 4763090 1083.3 5.0 0.37 0.45 25 1 OTD189 650718 4763090 1078.3 5.0 0.37 0.37 14 1 OTD189 650718 4763090 1068.3 5.0 0.57 0.65 145 1 OTD189 650718 4763090 1063.3 5.0 0.48 0.81 17 1 OTD189 650718 4763090 1058.8 4.0 0.47 0.72 16 1 OTD189 650718 4763090 1054.3 5.0 0.77 0.97 27 2 OTD189 650718 4763090 1049.3 5.0 0.59 1.31 17 2 OTD189 650718 4763090 1044.3 5.0 0.72 1.79 50 2 OTD189 650718 4763090 1039.3 5.0 0.78 2.18 32 2 OTD189 650718 4763090 1034.3 5.0 0.56 1.95 17 2 OTD189 650718 4763090 1029.3 5.0 0.73 2.30 23 2 OTD189 650718 4763090 1024.3 5.0 0.72 2.50 10 2 OTD189 650718 4763090 1019.3 5.0 0.62 2.34 17 2 OTD189 650718 4763090 1014.3 5.0 0.91 3.23 42 2 OTD189 650718 4763090 1009.3 5.0 0.95 2.45 60 2 OTD189 650718 4763090 1004.3 5.0 0.99 2.60 33 2 OTD189 650718 4763090 999.3 5.0 0.90 2.49 34 2 OTD189 650718 4763090 994.3 5.0 0.42 1.27 15 2 OTD189 650718 4763090 984.3 5.0 0.56 1.10 41 2 OTD189 650718 4763090 979.3 5.0 0.93 1.59 47 2 OTD189 650718 4763090 974.3 5.0 0.85 2.10 32 2 OTD189 650718 4763090 969.3 5.0 0.79 1.80 43 2 OTD189 650718 4763090 964.3 5.0 1.14 2.15 174 2 OTD189 650718 4763090 959.3 5.0 0.80 1.91 31 2 OTD189 650718 4763090 954.3 5.0 0.43 1.31 18 2 OTD189 650718 4763090 949.3 5.0 0.62 2.03 53 2 OTD189 650718 4763090 944.3 5.0 0.67 1.73 58 2 OTD189 650718 4763090 939.3 5.0 0.74 1.96 72 2 OTD189 650718 4763090 934.3 5.0 0.84 2.16 44 2 OTD189 650718 4763090 929.3 5.0 1.16 2.72 102 2 OTD189 650718 4763090 924.3 5.0 1.41 3.27 89 2 OTD189 650718 4763090 919.3 5.0 1.26 3.43 155 2 OTD189 650718 4763090 914.3 5.0 0.91 2.00 141 2 OTD189 650718 4763090 909.3 5.0 0.59 2.14 62 2 OTD189 650718 4763090 904.3 5.0 0.65 1.75 94 2 OTD189 650718 4763090 899.3 5.0 0.76 1.88 72 2 OTD189 650718 4763090 894.3 5.0 0.36 0.98 20 2 OTD189 650718 4763090 889.3 5.0 0.34 0.86 28 2 OTD189 650718 4763090 884.3 5.0 0.76 1.82 39 2 OTD189 650718 4763090 879.3 5.0 0.84 1.81 189 2 OTD189 650718 4763090 874.3 5.0 0.85 1.99 73 2 OTD189 650718 4763090 869.3 5.0 0.73 1.95 69 2 OTD189 650718 4763090 864.3 5.0 0.59 1.68 35 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD189 650718 4763090 859.3 5.0 0.34 0.96 59 2 OTD190 650460 4763161 1125.9 5.0 0.48 0.37 97 1 OTD190 650461 4763160 1121.0 5.0 0.61 0.32 37 1 OTD190 650462 4763160 1116.2 5.0 0.43 0.27 39 1 OTD190 650463 4763159 1111.4 5.0 0.99 0.41 43 1 OTD190 650464 4763158 1106.5 5.0 0.57 0.27 48 1 OTD190 650465 4763158 1101.7 5.0 0.50 0.26 51 1 OTD190 650473 4763152 1062.0 5.0 0.45 0.53 44 1 OTD190 650474 4763151 1057.1 5.0 0.44 0.36 116 1 OTD190 650477 4763149 1042.6 5.0 0.40 0.42 72 1 OTD190 650483 4763145 1018.5 5.0 0.34 0.26 67 1 OTD190 650484 4763144 1013.6 5.0 0.37 0.30 68 1 OTD190 650485 4763143 1008.8 5.0 0.62 0.42 111 1 OTD190 650486 4763142 1004.0 5.0 0.51 0.44 494 1 OTD190 650487 4763142 999.1 5.0 0.55 0.51 664 1 OTD190 650488 4763141 994.3 5.0 0.33 0.47 44 1 OTD190 650489 4763141 989.5 5.0 0.45 0.50 54 1 OTD190 650490 4763140 984.7 5.0 0.39 0.27 114 1 OTD190 650492 4763138 975.0 5.0 0.41 0.39 61 1 OTD190 650493 4763137 970.2 5.0 0.34 0.28 66 1 OTD190 650494 4763137 965.3 5.0 0.66 0.61 84 1 OTD190 650495 4763136 960.5 5.0 0.69 0.61 90 1 OTD190 650496 4763135 955.7 5.0 0.46 0.37 96 1 OTD190 650497 4763134 950.9 5.0 0.37 0.25 67 1 OTD190 650501 4763131 931.5 5.0 0.37 0.35 35 1 OTD190 650502 4763131 926.7 5.0 0.69 0.57 59 1 OTD190 650503 4763130 921.9 5.0 0.31 0.43 35 1 OTD190 650504 4763129 917.0 5.0 0.34 0.46 34 1 OTD190 650505 4763128 912.2 5.0 0.39 0.51 44 1 OTD190 650506 4763127 907.4 5.0 0.56 0.88 71 1 OTD190 650508 4763127 902.6 5.0 0.41 0.58 61 1 OTD190 650509 4763126 897.7 5.0 0.40 0.53 42 1 OTD190 650511 4763124 888.1 5.0 0.40 0.61 75 1 OTD190 650512 4763124 883.2 5.0 0.66 0.71 45 1 OTD190 650513 4763123 878.4 5.0 0.36 0.65 46 1 OTD190 650514 4763122 873.6 5.0 0.42 0.72 51 1 OTD190 650516 4763121 863.9 5.0 0.40 0.39 60 1 OTD190 650517 4763120 859.1 5.0 0.35 0.23 147 1 OTD190 650518 4763119 854.3 5.0 0.50 0.51 80 1 OTD190 650519 4763118 849.4 5.0 0.35 0.31 199 1 OTD190 650520 4763117 844.6 5.0 0.33 0.27 315 1 OTD190 650521 4763116 839.8 5.0 0.47 0.55 88 1 OTD190 650522 4763115 835.0 5.0 0.50 0.41 138 1 OTD190 650523 4763114 830.1 5.0 0.37 0.43 126 1 OTD190 650525 4763113 820.5 5.0 0.38 0.35 67 1 OTD190 650526 4763112 815.7 5.0 0.75 0.33 107 1 OTD190 650527 4763111 810.9 5.0 0.63 0.31 43 1 OTD190 650528 4763110 806.1 5.0 0.76 0.75 113 1 OTD190 650529 4763109 801.2 5.0 1.64 0.86 313 1 OTD190 650530 4763108 796.4 5.0 0.84 0.44 70 1 OTD190 650531 4763108 791.6 5.0 0.32 0.31 20 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD190 650532 4763107 786.8 5.0 0.42 0.45 19 1 OTD190 650533 4763106 782.0 5.0 0.40 0.52 38 1 OTD190 650537 4763102 762.9 5.0 0.59 0.80 61 1 OTD190 650538 4763101 758.1 5.0 0.61 0.85 104 1 OTD190 650539 4763100 753.3 5.0 0.52 0.79 60 1 OTD190 650540 4763099 748.5 5.0 0.47 0.64 45 1 OTD190 650542 4763097 739.0 5.0 0.33 0.46 54 1 OTD190 650543 4763096 734.2 5.0 0.34 0.52 79 1 OTD190 650545 4763095 729.4 5.0 0.34 0.46 24 1 OTD190 650546 4763094 724.6 5.0 0.30 0.54 40 1 OTD190 650547 4763093 719.8 5.0 0.42 0.63 31 1 OTD190 650548 4763092 715.1 5.0 0.38 0.42 45 1 OTD190 650549 4763091 710.3 5.0 0.37 0.47 25 1 OTD190 650550 4763090 705.5 5.0 0.41 0.57 53 1 OTD190 650551 4763089 700.7 5.0 0.45 0.68 37 1 OTD190 650552 4763088 696.4 4.0 0.51 0.87 37 1 OTD190 650553 4763087 692.1 5.0 0.39 0.76 43 2 OTD190 650554 4763086 687.3 5.0 0.67 1.08 83 2 OTD190 650555 4763085 682.5 5.0 0.52 0.94 44 2 OTD190 650556 4763084 677.8 5.0 0.46 1.00 46 2 OTD190 650557 4763083 673.0 5.0 0.60 0.70 68 2 OTD190 650558 4763082 668.2 5.0 0.69 1.18 52 2 OTD190 650559 4763081 663.4 5.0 0.60 1.06 96 2 OTD190 650561 4763080 658.6 5.0 0.53 0.95 50 2 OTD190 650562 4763079 653.8 5.0 0.38 0.83 50 2 OTD190 650563 4763078 649.1 5.0 0.43 0.83 43 2 OTD190 650564 4763077 644.3 5.0 0.61 1.14 43 2 OTD190 650565 4763076 639.5 5.0 0.48 0.77 49 2 OTD190 650566 4763075 634.7 5.0 0.81 1.43 90 2 OTD190 650568 4763073 625.6 4.0 0.31 0.66 101 2 OTD190 650583 4763058 556.3 5.0 0.35 1.01 45 2 OTD190 650584 4763057 551.5 5.0 0.48 1.51 57 2 OTD190 650585 4763056 546.8 5.0 0.42 1.23 9 2 OTD190 650587 4763055 537.2 5.0 0.35 1.75 37 2 OTD190 650588 4763054 532.4 5.0 0.34 1.02 40 2 OTD190 650589 4763053 527.6 5.0 0.49 1.15 46 2 OTD190 650590 4763052 522.8 5.0 0.37 1.42 31 2 OTD190 650591 4763051 518.1 5.0 0.35 1.39 16 2 OTD190 650592 4763050 513.3 5.0 0.38 1.68 14 2 OTD190 650593 4763049 508.5 5.0 0.74 2.70 23 2 OTD190 650594 4763048 503.7 5.0 0.52 2.24 37 2 OTD190 650596 4763047 498.9 5.0 0.52 2.34 31 2 OTD190 650597 4763046 494.1 5.0 0.78 2.92 29 2 OTD190 650598 4763045 489.4 5.0 0.36 1.59 23 2 OTD190 650599 4763044 484.6 5.0 0.72 1.55 16 2 OTD190 650600 4763042 479.8 5.0 0.50 1.63 11 2 OTD190 650601 4763041 475.0 5.0 1.01 3.36 16 2 OTD190 650602 4763040 470.2 5.0 0.36 1.47 16 2 OTD190 650603 4763039 465.5 5.0 0.77 2.00 13 2 OTD190 650604 4763038 460.7 5.0 0.62 2.35 19 2 OTD190 650606 4763036 451.1 5.0 0.31 1.04 5 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD190 650607 4763035 446.3 5.0 0.45 1.15 27 2 OTD190 650608 4763035 441.5 5.0 0.40 1.61 42 2 OTD190 650609 4763034 436.8 5.0 0.32 1.01 15 2 OTD190 650610 4763033 432.0 5.0 0.42 1.24 14 2 OTD190 650611 4763032 427.2 5.0 0.33 1.30 12 2 OTD190 650614 4763029 412.9 5.0 0.42 1.54 12 2 OTD190 650615 4763027 408.1 5.0 0.66 2.66 8 2 OTD190 650616 4763027 403.3 5.0 0.53 1.91 39 2 OTD190 650617 4763026 398.5 5.0 0.65 0.88 79 2 OTD190 650618 4763025 393.7 5.0 0.69 0.72 86 2 OTD195 650126 4762593 1117.3 5.0 0.78 0.10 628 1 OTD195 650126 4762593 1112.3 5.0 0.84 0.14 482 1 OTD195 650126 4762593 1107.3 5.0 0.55 0.14 150 1 OTD195 650126 4762593 1102.3 5.0 0.45 0.12 422 1 OTD195 650126 4762593 1087.3 5.0 0.42 0.14 339 1 OTD195 650126 4762593 1082.3 5.0 0.37 0.20 233 1 OTD195 650126 4762593 1077.3 5.0 0.49 0.29 194 1 OTD195 650126 4762593 1072.3 5.0 0.48 0.25 167 1 OTD195 650126 4762593 1067.3 5.0 0.48 0.29 256 1 OTD195 650126 4762593 1062.3 5.0 0.47 0.34 145 1 OTD195 650126 4762593 1057.3 5.0 0.63 0.31 156 1 OTD195 650127 4762593 1042.3 5.0 0.31 0.18 56 1 OTD195 650127 4762593 1037.3 5.0 0.40 0.24 206 1 OTD195 650127 4762593 1032.3 5.0 0.33 0.26 106 1 OTD195 650127 4762593 1027.3 5.0 0.41 0.22 43 1 OTD195 650127 4762593 1017.3 5.0 0.57 0.27 74 1 OTD195 650127 4762593 1012.3 5.0 0.34 0.22 89 1 OTD195 650127 4762593 1007.3 5.0 0.87 0.55 163 1 OTD195 650127 4762593 1002.3 5.0 0.85 0.54 443 1 OTD195 650127 4762593 997.3 5.0 0.69 0.47 529 1 OTD195 650127 4762593 992.3 5.0 0.45 0.24 102 1 OTD195 650127 4762593 987.3 5.0 0.30 0.28 290 1 OTD195 650128 4762593 967.3 5.0 0.48 0.30 92 1 OTD195 650127 4762592 947.3 5.0 0.43 0.43 215 1 OTD195 650127 4762592 922.3 5.0 0.45 0.45 229 1 OTD195 650127 4762592 892.3 5.0 0.34 0.51 45 1 OTD195 650128 4762592 882.3 5.0 0.33 0.42 111 1 OTD195 650128 4762591 852.3 5.0 0.42 0.38 98 1 OTD195 650128 4762591 847.3 5.0 0.34 0.41 97 1 OTD195 650128 4762591 842.3 5.0 0.52 0.61 391 1 OTD195 650128 4762591 837.3 5.0 0.40 0.42 86 1 OTD195 650129 4762591 807.3 5.0 0.36 0.57 97 1 OTD195 650129 4762591 797.3 5.0 0.31 0.92 48 1 OTD195 650131 4762590 717.4 5.0 0.45 1.55 11 1 OTD197 650336 4762775 1128.1 5.0 0.56 0.37 79 1 OTD197 650336 4762775 1123.1 5.0 0.70 0.41 159 1 OTD197 650336 4762775 1118.1 5.0 0.48 0.21 137 1 OTD197 650336 4762775 1113.1 5.0 0.39 0.15 170 1 OTD197 650336 4762775 1108.1 5.0 0.73 0.31 285 1 OTD197 650336 4762775 1103.1 5.0 0.56 0.20 288 1 OTD197 650336 4762775 1083.1 5.0 0.59 0.14 87 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD197 650336 4762775 1078.1 5.0 0.57 0.26 160 1 OTD197 650336 4762775 1073.1 5.0 0.37 0.26 86 1 OTD197 650336 4762775 1068.1 5.0 0.46 0.25 85 1 OTD197 650336 4762775 1063.1 5.0 0.42 0.28 64 1 OTD197 650336 4762775 1058.1 5.0 0.39 0.21 307 1 OTD197 650336 4762775 1053.1 5.0 0.35 0.18 182 1 OTD197 650336 4762775 1043.1 5.0 0.70 0.36 227 1 OTD197 650336 4762775 1038.1 5.0 0.32 0.18 112 1 OTD197 650336 4762775 1028.1 5.0 0.32 0.17 39 1 OTD197 650336 4762775 1023.1 5.0 0.34 0.21 70 1 OTD197 650336 4762775 1018.1 5.0 0.33 0.21 65 1 OTD197 650336 4762775 1013.1 5.0 0.32 0.22 101 1 OTD197 650336 4762776 1008.1 5.0 0.75 0.44 100 1 OTD197 650336 4762776 1003.1 5.0 0.49 0.31 78 1 OTD197 650336 4762776 998.1 5.0 0.40 0.24 96 1 OTD197 650336 4762776 993.1 5.0 0.65 0.31 433 1 OTD197 650336 4762775 988.1 5.0 0.54 0.55 124 1 OTD197 650336 4762775 978.1 5.0 0.35 0.51 95 1 OTD197 650336 4762775 973.1 5.0 0.37 0.41 78 1 OTD197 650336 4762776 958.1 5.0 0.32 0.35 72 1 OTD197 650336 4762776 933.1 5.0 0.32 0.49 115 1 OTD197 650336 4762776 923.1 5.0 0.34 0.33 165 1 OTD197 650336 4762776 913.1 5.0 0.34 0.30 82 1 OTD197 650336 4762776 908.1 5.0 0.90 0.65 118 1 OTD197 650336 4762776 903.1 5.0 1.01 0.78 187 1 OTD197 650336 4762776 898.1 5.0 0.81 0.40 162 1 OTD197 650336 4762776 893.1 5.0 0.75 0.47 131 1 OTD197 650336 4762776 888.1 5.0 0.39 0.32 93 1 OTD197 650336 4762777 883.1 5.0 0.90 0.86 400 1 OTD197 650336 4762777 878.1 5.0 0.62 0.60 97 1 OTD197 650336 4762777 868.1 5.0 0.34 0.94 42 1 OTD197 650336 4762777 863.1 5.0 0.42 0.95 52 1 OTD197 650336 4762777 858.1 5.0 0.37 0.41 75 1 OTD197 650336 4762777 853.1 5.0 0.40 0.77 166 1 OTD197 650336 4762777 848.1 5.0 0.40 0.62 99 1 OTD197 650336 4762777 843.1 5.0 0.95 1.04 160 1 OTD197 650336 4762777 838.1 5.0 0.52 0.94 174 1 OTD197 650336 4762777 813.1 5.0 0.31 0.46 56 1 OTD197 650336 4762778 713.1 5.0 0.35 0.46 62 1 OTD197 650336 4762779 708.1 5.0 0.40 0.62 114 1 OTD197 650336 4762779 703.1 5.0 0.37 0.60 72 1 OTD197 650336 4762779 688.1 5.0 0.33 0.35 171 1 OTD197 650336 4762779 683.1 5.0 0.38 0.44 163 1 OTD197 650336 4762779 673.1 5.0 0.34 0.52 78 1 OTD197 650336 4762779 653.1 5.0 0.53 0.60 79 1 OTD197 650336 4762779 648.2 5.0 0.58 0.58 51 1 OTD197 650336 4762779 643.2 5.0 0.39 0.58 69 1 OTD197 650336 4762779 638.2 5.0 0.59 0.64 118 1 OTD197 650336 4762780 633.2 5.0 0.37 0.41 47 1 OTD197 650336 4762780 613.2 5.0 0.42 0.75 35 1 OTD197 650336 4762780 598.2 5.0 0.32 0.50 30 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================ OTD197 650336 4762780 588.2 5.0 0.47 0.73 35 1 OTD197 650336 4762780 578.2 5.0 0.58 1.00 41 1 OTD197 650336 4762780 573.2 5.0 0.52 0.80 38 1 OTD197 650336 4762780 558.2 5.0 0.47 0.58 29 1 OTD197 650336 4762780 553.2 5.0 0.32 0.61 19 1 OTD197 650336 4762780 538.2 5.0 0.35 0.46 9 1 OTD197 650336 4762780 523.2 5.0 0.46 0.58 135 1 OTD197 650336 4762780 463.2 5.0 0.39 0.78 13 1 OTD197 650337 4762780 458.2 5.0 0.32 0.82 6 1 OTD197 650337 4762780 453.2 5.0 0.54 0.75 27 1 OTD197 650337 4762780 403.2 5.0 0.37 0.58 26 1 OTD200 650224 4763188 1079.6 5.0 0.44 0.47 61 1 OTD200 650237 4763178 1032.7 5.0 0.57 0.44 21 1 OTD200 650238 4763176 1027.9 5.0 0.40 0.29 17 1 OTD200 650241 4763174 1018.5 5.0 0.30 0.25 79 1 OTD200 650245 4763171 1004.5 5.0 0.32 0.38 49 1 OTD200 650258 4763160 957.5 5.0 0.55 0.48 66 1 OTD200 650259 4763158 952.8 5.0 0.56 0.76 79 1 OTD200 650266 4763153 929.3 5.0 0.67 0.92 560 1 OTD200 650268 4763152 924.6 5.0 0.57 0.55 172 1 OTD200 650269 4763151 919.9 5.0 0.33 0.70 48 1 OTD200 650273 4763148 905.8 5.0 0.30 0.32 53 1 OTD200 650274 4763147 901.1 5.0 0.42 0.28 48 1 OTD200 650276 4763146 896.4 5.0 0.59 0.36 69 1 OTD200 650277 4763145 891.7 5.0 0.73 0.71 93 1 OTD200 650278 4763144 887.0 5.0 0.39 0.38 76 1 OTD200 650280 4763143 882.3 5.0 0.42 0.37 88 1 OTD200 650281 4763142 877.6 5.0 0.37 0.37 204 1 OTD200 650282 4763140 872.9 5.0 0.38 0.27 32 1 OTD200 650289 4763135 849.4 5.0 0.40 0.56 65 1 OTD200 650309 4763116 774.2 5.0 0.30 0.26 65 1 OTD200 650314 4763110 750.7 5.0 0.40 0.30 65 1 OTD200 650327 4763096 699.1 5.0 0.55 0.33 50 1 OTD200 650348 4763072 610.7 5.0 0.31 0.42 132 1 OTD200 650352 4763067 596.7 5.0 0.32 0.58 70 1 OTD200 650356 4763062 578.0 5.0 0.53 0.84 18 1 OTD200 650358 4763060 568.7 5.0 0.51 1.14 109 2 OTD200 650359 4763058 564.0 5.0 0.78 1.18 24 2 OTD200 650360 4763057 559.4 5.0 0.59 1.29 48 2 OTD200 650361 4763055 554.7 5.0 0.50 1.08 82 2 OTD200 650364 4763052 545.4 5.0 0.38 0.71 69 2 OTD200 650365 4763051 540.8 5.0 0.41 1.11 27 2 OTD200 650366 4763049 536.2 5.0 0.31 0.73 21 2 OTD200 650370 4763043 517.8 5.0 0.37 0.92 17 2 OTD200 650372 4763041 513.1 5.0 0.45 1.53 26 2 OTD200 650373 4763040 508.5 5.0 0.39 1.13 34 2 OTD200 650375 4763037 499.3 5.0 0.30 1.21 28 2 OTD200 650376 4763035 494.7 5.0 0.57 1.64 43 2 OTD200 650377 4763033 490.1 5.0 0.45 1.51 270 2 OTD200 650379 4763032 485.5 5.0 0.44 1.24 32 2 OTD200 650380 4763030 480.9 5.0 0.62 3.71 31 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD200 650381 4763029 476.3 5.0 0.45 0.81 54 2 OTD200 650382 4763027 471.7 5.0 0.40 1.06 26 2 OTD200 650383 4763025 467.1 5.0 0.44 1.81 51 2 OTD200 650384 4763024 462.5 5.0 0.35 1.11 19 2 OTD200 650385 4763022 457.9 5.0 0.31 0.52 11 2 OTD200 650387 4763020 453.3 5.0 0.97 2.59 35 2 OTD200 650388 4763019 448.7 5.0 0.74 2.40 45 2 OTD200 650389 4763017 444.1 5.0 0.80 2.36 39 2 OTD200 650390 4763016 439.5 5.0 0.70 2.08 21 2 OTD200 650391 4763014 434.9 5.0 0.55 1.60 54 2 OTD200 650392 4763012 430.3 5.0 0.61 1.97 24 2 OTD200 650394 4763011 425.7 5.0 0.83 2.04 71 2 OTD200 650395 4763009 421.1 5.0 0.72 1.95 12 2 OTD200 650396 4763007 416.5 5.0 0.54 1.48 20 2 OTD200 650397 4763006 411.9 5.0 0.43 1.04 25 2 OTD200 650398 4763004 407.3 5.0 0.65 0.88 25 2 OTD200 650400 4763001 398.1 5.0 0.57 1.70 20 2 OTD200 650402 4762999 393.9 4.0 2.08 5.08 20 2 OTD200 650410 4762985 355.9 5.0 0.34 1.20 34 2 OTD200 650411 4762984 351.3 5.0 0.40 1.70 9 2 OTD200 650412 4762982 346.7 5.0 0.30 1.14 27 2 OTD200 650413 4762980 342.1 5.0 0.34 1.60 13 2 OTD200 650418 4762973 323.9 5.0 0.33 0.53 38 2 OTD200 650419 4762971 319.3 5.0 0.55 1.85 38 2 OTD200 650420 4762970 314.7 5.0 0.64 2.20 81 2 OTD200 650421 4762968 310.1 5.0 0.50 1.27 31 2 OTD200 650422 4762967 305.5 5.0 0.43 1.03 27 2 OTD200 650424 4762963 296.3 5.0 0.30 1.26 22 2 OTD200 650425 4762961 291.7 5.0 0.54 1.18 23 2 OTD200 650427 4762958 282.5 5.0 0.67 1.69 32 2 OTD200 650429 4762957 277.9 5.0 1.04 3.94 82 2 OTD200 650430 4762955 273.3 5.0 0.53 1.74 15 2 OTD200 650431 4762953 268.7 5.0 0.84 3.40 30 2 OTD200 650434 4762948 254.9 5.0 0.44 1.34 26 2 OTD200 650435 4762947 250.3 5.0 0.36 1.16 57 2 OTD200 650436 4762945 245.7 5.0 0.40 1.65 13 2 OTD200 650437 4762944 242.5 2.0 0.52 1.83 19 2 OTD203 650617 4763399 1062.5 2.0 0.50 0.30 51 4 OTD203 650618 4763398 1059.4 5.0 0.61 0.43 42 1 OTD203 650620 4763396 1055.0 5.0 0.65 0.37 59 1 OTD203 650622 4763394 1050.7 5.0 0.38 0.30 34 1 OTD203 650627 4763390 1037.4 5.0 0.30 0.29 220 1 OTD203 650629 4763388 1033.0 5.0 0.69 0.51 224 1 OTD203 650631 4763387 1028.6 5.0 0.59 0.50 104 1 OTD203 650633 4763385 1024.2 5.0 0.56 0.57 291 1 OTD203 650634 4763384 1019.8 5.0 1.31 1.13 522 1 OTD203 650636 4763382 1015.4 5.0 1.15 0.99 104 1 OTD203 650638 4763381 1011.0 5.0 1.18 1.06 127 1 OTD203 650640 4763379 1006.6 5.0 0.67 0.62 72 1 OTD203 650657 4763367 966.0 5.0 0.57 0.18 27 4 OTD203 650659 4763365 961.6 5.0 0.56 0.14 30 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD203 650661 4763364 957.2 5.0 0.36 0.15 175 4 OTD203 650662 4763362 952.8 5.0 0.40 0.13 41 4 OTD203 650669 4763357 937.8 5.0 0.37 0.09 59 1 OTD203 650671 4763356 933.4 5.0 0.85 0.15 65 1 OTD203 650672 4763354 929.0 5.0 0.71 0.16 60 1 OTD203 650678 4763350 915.8 5.0 0.55 0.14 52 1 OTD203 650680 4763348 911.4 5.0 0.57 0.13 60 1 OTD203 650682 4763347 907.0 5.0 0.36 0.08 31 1 OTD203 650685 4763344 899.1 3.0 0.39 0.11 71 1 OTD203 650712 4763321 833.9 5.0 0.62 0.38 7 4 OTD203 650716 4763317 823.3 5.0 0.82 0.41 10 1 OTD203 650718 4763316 818.9 5.0 0.50 0.24 7 1 OTD203 650739 4763299 768.6 5.0 0.52 0.20 53 1 OTD203 650741 4763297 764.2 5.0 0.61 0.26 69 1 OTD203 650746 4763292 751.0 5.0 0.39 0.14 33 1 OTD203 650748 4763291 746.7 5.0 0.56 0.22 31 1 OTD203 650757 4763283 724.8 5.0 0.47 0.26 11 1 OTD203 650770 4763271 694.2 5.0 0.57 0.27 17 1 OTD203 650777 4763265 676.7 5.0 0.31 0.18 16 1 OTD203 650779 4763263 672.3 5.0 0.44 0.31 14 1 OTD203 650780 4763261 668.0 5.0 0.40 0.21 12 1 OTD203 650782 4763260 663.6 5.0 0.32 0.20 27 1 OTD203 650784 4763258 659.3 5.0 0.40 0.19 33 1 OTD203 650786 4763256 654.9 5.0 0.51 0.20 39 1 OTD203 650787 4763255 650.5 5.0 0.52 0.25 35 1 OTD203 650789 4763253 646.2 5.0 0.59 0.27 24 1 OTD203 650791 4763251 641.8 5.0 0.65 0.38 20 1 OTD203 650793 4763250 637.5 5.0 0.49 0.28 20 1 OTD204 650092 4762725 1116.3 5.0 0.34 0.22 37 1 OTD204 650100 4762719 1099.1 5.0 0.44 0.37 432 1 OTD204 650102 4762717 1094.8 5.0 0.31 0.35 276 1 OTD204 650110 4762711 1077.7 5.0 0.47 0.27 440 1 OTD204 650112 4762710 1073.4 5.0 0.38 0.40 188 1 OTD204 650114 4762708 1069.1 5.0 0.45 0.29 104 1 OTD204 650120 4762703 1056.2 5.0 0.31 0.20 94 1 OTD204 650132 4762694 1030.5 5.0 0.34 0.26 129 1 OTD204 650139 4762689 1017.7 5.0 0.32 0.34 72 1 OTD204 650143 4762686 1009.1 5.0 0.47 0.38 64 1 OTD204 650149 4762681 996.2 5.0 0.32 0.44 126 1 OTD204 650151 4762680 991.9 5.0 0.52 0.60 173 1 OTD204 650161 4762672 970.5 5.0 0.38 0.30 119 1 OTD204 650165 4762668 961.9 5.0 0.40 0.33 107 1 OTD204 650175 4762660 940.5 5.0 0.58 0.44 67 1 OTD204 650177 4762658 936.2 5.0 0.36 0.31 83 1 OTD204 650178 4762657 931.9 5.0 0.54 0.67 149 1 OTD204 650180 4762655 927.7 5.0 0.48 0.60 137 1 OTD204 650182 4762653 923.4 5.0 0.68 0.52 165 1 OTD204 650184 4762652 919.1 5.0 0.95 0.96 172 1 OTD204 650186 4762650 914.8 5.0 0.53 0.63 120 1 OTD204 650188 4762648 910.5 5.0 0.42 0.61 94 1 OTD204 650190 4762647 906.2 5.0 0.81 1.39 101 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD204 650192 4762645 901.9 5.0 0.60 0.54 77 1 OTD204 650200 4762638 884.8 5.0 0.33 0.29 85 1 OTD204 650204 4762634 876.2 5.0 0.70 0.56 100 1 OTD204 650206 4762633 871.9 5.0 0.74 0.62 81 1 OTD204 650208 4762631 867.7 5.0 0.34 0.30 43 1 OTD204 650216 4762625 850.5 5.0 0.31 0.46 151 1 OTD204 650246 4762601 786.2 5.0 0.34 0.41 29 1 OTD204 650248 4762599 782.0 5.0 0.38 0.40 48 1 OTD204 650250 4762598 777.7 5.0 0.38 0.60 16 1 OTD204 650255 4762595 769.2 5.0 0.38 0.95 48 1 OTD204 650257 4762593 764.9 5.0 0.40 0.63 49 1 OTD204 650259 4762592 760.6 5.0 0.33 0.56 34 1 OTD204 650271 4762582 735.1 5.0 0.32 0.61 7 1 OTD204 650284 4762573 709.7 5.0 0.40 0.83 40 1 OTD204 650288 4762569 701.2 5.0 0.36 1.17 9 1 OTD208 650743 4762954 1125.5 5.0 0.39 0.07 28 1 OTD208 650749 4762950 1118.5 5.0 0.41 0.03 52 1 OTD208 650755 4762946 1111.5 5.0 0.32 0.01 26 1 OTD213 650728 4762965 1121.9 5.0 0.46 0.22 14 1 OTD213 650752 4762949 1069.4 5.0 0.38 0.05 5 1 OTD213 650754 4762947 1065.0 5.0 0.73 0.06 6 1 OTD231 650544 4763322 986.5 5.0 0.35 0.26 71 1 OTD231 650545 4763321 981.9 5.0 0.32 0.29 19 1 OTD231 650548 4763319 972.6 5.0 0.36 0.45 47 1 OTD231 650553 4763316 959.2 4.0 0.44 0.56 73 1 OTD231 650590 4763286 844.0 5.0 0.88 1.08 31 1 OTD231 650591 4763285 838.5 5.0 1.36 1.74 29 2 OTD231 650593 4763283 833.9 5.0 1.53 2.90 42 2 OTD231 650594 4763282 829.3 5.0 1.17 1.55 19 2 OTD231 650597 4763279 820.1 5.0 1.31 4.24 19 2 OTD231 650603 4763274 801.7 5.0 1.66 4.38 42 2 OTD231 650604 4763273 797.1 5.0 0.55 1.10 7 2 OTD231 650606 4763271 792.5 5.0 1.01 2.54 8 2 OTD231 650607 4763270 787.9 5.0 1.61 3.77 8 2 OTD231 650608 4763269 783.3 5.0 2.20 6.16 16 2 OTD231 650610 4763268 778.6 5.0 2.74 6.80 14 2 OTD231 650613 4763265 769.5 5.0 0.33 0.48 5 2 OTD231 650618 4763260 751.1 5.0 0.58 0.95 9 2 OTD231 650620 4763258 746.5 5.0 1.57 4.25 11 2 OTD231 650621 4763257 741.9 5.0 0.88 2.97 45 2 OTD231 650623 4763256 737.3 5.0 0.96 3.02 36 2 OTD231 650624 4763255 732.8 5.0 0.81 2.12 34 2 OTD231 650626 4763253 728.2 5.0 1.40 8.38 38 2 OTD231 650627 4763252 723.6 5.0 1.48 3.48 80 2 OTD231 650629 4763251 719.0 5.0 0.64 1.76 16 2 OTD231 650630 4763249 714.4 5.0 0.87 2.63 31 2 OTD231 650632 4763248 709.9 5.0 1.01 2.96 52 2 OTD231 650633 4763247 705.3 5.0 0.77 2.68 28 2 OTD231 650644 4763237 673.3 5.0 0.33 0.61 87 2 OTD231 650645 4763236 668.8 5.0 0.56 0.83 103 2 OTD231 650647 4763234 664.2 5.0 0.61 0.77 169 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD231 650648 4763233 659.6 5.0 1.40 1.52 365 2 OTD231 650650 4763231 655.1 5.0 1.15 2.21 77 2 OTD231 650653 4763228 646.0 5.0 0.42 0.85 30 2 OTD231 650654 4763227 641.4 5.0 1.57 3.19 85 2 OTD231 650655 4763226 636.8 5.0 0.50 0.86 63 2 OTD231 650657 4763224 632.3 5.0 0.73 1.27 149 2 OTD231 650658 4763223 627.8 5.0 0.91 1.48 148 2 OTD231 650660 4763221 623.2 5.0 0.70 1.03 300 2 OTD231 650664 4763216 609.6 5.0 0.36 1.19 33 2 OTD231 650668 4763212 596.0 5.0 0.52 1.82 42 2 OTD231 650670 4763210 591.4 5.0 0.82 2.37 15 2 OTD231 650671 4763208 586.9 5.0 0.66 2.01 21 2 OTD231 650673 4763207 582.4 5.0 0.51 1.49 75 2 OTD231 650674 4763205 577.8 5.0 1.15 3.71 127 2 OTD231 650676 4763204 573.3 5.0 0.84 1.91 72 2 OTD231 650677 4763202 568.7 5.0 1.08 2.07 136 2 OTD231 650678 4763201 564.2 5.0 0.85 1.36 57 2 OTD231 650680 4763199 559.6 5.0 0.70 1.12 63 2 OTD231 650681 4763198 555.1 5.0 0.79 1.11 40 2 OTD231 650683 4763197 550.5 5.0 0.90 1.21 118 2 OTD231 650684 4763195 546.0 5.0 0.50 0.63 114 2 OTD231 650685 4763194 542.4 3.0 0.52 0.80 57 2 OTD231 650686 4763193 538.7 5.0 0.63 0.99 45 1 OTD231 650688 4763191 534.2 5.0 0.51 0.73 32 1 OTD231 650689 4763190 529.6 5.0 0.53 0.70 34 1 OTD231 650691 4763188 525.1 5.0 0.41 0.75 38 1 OTD231 650694 4763185 516.0 5.0 0.45 1.07 17 1 OTD231 650695 4763183 511.4 5.0 0.35 0.48 25 1 OTD231 650699 4763179 497.8 5.0 0.35 0.42 26 1 OTD231 650701 4763178 493.2 5.0 0.46 0.45 31 1 OTD231 650702 4763176 488.6 5.0 0.42 0.60 33 1 OTD231 650703 4763175 484.1 5.0 0.42 0.56 25 1 OTD231 650710 4763167 461.2 5.0 0.34 0.35 49 1 OTD231 650711 4763166 456.7 5.0 0.44 0.50 20 1 OTD245 650555 4763326 1048.4 5.0 0.45 0.35 14 1 OTD245 650557 4763325 1044.0 5.0 0.57 0.60 24 1 OTD245 650559 4763324 1039.6 5.0 0.35 0.22 41 1 OTD245 650561 4763323 1035.2 5.0 0.39 0.29 78 1 OTD245 650563 4763321 1030.8 5.0 0.40 0.30 39 1 OTD245 650627 4763274 883.7 5.0 0.56 0.24 46 1 OTD245 650629 4763273 879.3 5.0 0.64 0.33 24 1 OTD245 650663 4763245 803.0 5.0 0.58 0.50 27 2 OTD245 650665 4763244 798.7 5.0 0.52 0.62 28 2 OTD245 650667 4763242 794.4 5.0 0.65 0.74 49 2 OTD245 650669 4763241 790.0 5.0 0.77 1.17 51 2 OTD245 650670 4763239 785.7 5.0 0.52 0.70 29 2 OTD245 650672 4763238 781.4 5.0 0.61 0.82 20 2 OTD245 650674 4763236 777.1 5.0 0.62 0.80 41 2 OTD245 650676 4763234 772.7 5.0 0.50 0.73 21 2 OTD245 650678 4763233 768.4 5.0 0.70 1.20 232 2 OTD245 650680 4763231 764.1 5.0 0.66 1.25 55 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD245 650682 4763230 759.7 5.0 0.56 0.94 101 2 OTD245 650684 4763228 755.4 5.0 0.51 0.87 14 2 OTD245 650688 4763225 746.8 5.0 0.42 0.75 38 2 OTD245 650690 4763223 742.4 5.0 0.84 1.26 65 2 OTD245 650692 4763222 738.1 5.0 0.88 1.26 87 2 OTD245 650694 4763220 733.8 5.0 0.51 0.72 19 2 OTD245 650696 4763219 729.4 5.0 0.52 0.96 49 2 OTD245 650698 4763217 725.1 5.0 0.62 1.61 50 2 OTD245 650700 4763216 720.8 5.0 0.46 1.35 24 2 OTD245 650702 4763214 716.4 5.0 0.70 2.33 39 2 OTD245 650703 4763212 712.1 5.0 0.42 2.41 55 2 OTD245 650705 4763211 707.8 5.0 0.95 2.54 60 2 OTD245 650707 4763209 703.5 5.0 0.70 1.90 197 2 OTD245 650709 4763208 699.1 5.0 0.77 2.04 109 2 OTD245 650711 4763206 694.8 5.0 0.69 2.13 59 2 OTD245 650713 4763205 690.5 5.0 0.63 1.84 47 2 OTD245 650715 4763203 686.1 5.0 0.56 1.66 34 2 OTD245 650717 4763201 681.8 5.0 0.80 2.42 23 2 OTD245 650719 4763200 677.5 5.0 0.43 1.34 12 2 OTD245 650721 4763198 673.1 5.0 0.79 2.05 60 2 OTD245 650723 4763197 668.8 5.0 0.40 1.23 32 2 OTD245 650725 4763195 664.5 5.0 0.87 1.91 45 2 OTD245 650727 4763194 660.1 5.0 0.69 0.61 328 2 OTD245 650729 4763192 655.8 5.0 0.58 0.51 49 2 OTD245 650731 4763190 651.5 5.0 0.82 0.67 97 2 OTD245 650733 4763189 647.2 5.0 0.45 0.40 95 2 OTD245 650735 4763187 642.8 5.0 0.67 0.47 41 2 OTD245 650737 4763186 638.5 5.0 0.69 1.39 69 2 OTD245 650738 4763184 634.2 5.0 0.81 1.85 58 2 OTD245 650740 4763183 629.8 5.0 0.65 1.37 115 2 OTD245 650742 4763181 625.5 5.0 0.47 1.06 93 2 OTD245 650744 4763179 621.2 5.0 0.65 1.72 79 2 OTD245 650746 4763178 616.8 5.0 0.51 0.46 140 2 OTD245 650748 4763176 612.5 5.0 0.42 0.28 160 2 OTD245 650750 4763175 608.2 5.0 0.43 0.56 36 2 OTD245 650752 4763173 603.9 5.0 0.54 0.17 47 2 OTD245 650754 4763171 599.5 5.0 0.45 0.15 39 2 OTD245 650756 4763170 595.2 5.0 0.48 0.82 162 2 OTD245 650758 4763168 590.9 5.0 0.49 0.47 150 2 OTD245 650760 4763167 587.0 4.0 0.59 1.61 85 2 OTD245 650761 4763166 583.1 5.0 0.46 0.39 165 1 OTD245 650763 4763164 578.7 5.0 0.35 0.14 96 1 OTD245 650769 4763159 565.8 5.0 0.33 0.10 98 1 OTD245 650771 4763158 561.4 5.0 0.39 0.16 156 1 OTD245 650775 4763154 552.8 5.0 0.41 0.01 94 1 OTD245 650776 4763153 549.7 2.0 0.53 0.03 92 1 OTD251 650499 4763350 788.9 5.0 0.69 0.97 8 1 OTD251 650502 4763347 779.8 5.0 0.34 0.35 32 1 OTD251 650523 4763329 722.1 5.0 0.69 0.48 295 1 OTD251 650525 4763328 717.6 5.0 0.39 0.27 118 1 OTD251 650527 4763327 713.1 5.0 0.47 0.60 79 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD251 650528 4763326 708.6 5.0 0.57 0.37 142 1 OTD251 650539 4763316 678.9 5.0 0.59 0.57 351 1 OTD251 650540 4763315 674.4 5.0 0.40 0.38 85 1 OTD251 650542 4763313 669.8 5.0 1.06 0.81 153 1 OTD251 650544 4763312 665.3 5.0 0.64 0.49 95 1 OTD251 650545 4763311 660.8 5.0 0.56 0.52 61 1 OTD251 650547 4763309 656.3 5.0 0.68 0.75 163 1 OTD251 650548 4763308 651.8 5.0 0.41 0.43 47 4 OTD251 650561 4763296 615.6 5.0 0.63 0.89 118 4 OTD251 650563 4763294 611.1 3.0 1.36 2.21 222 4 OTD251 650564 4763293 606.6 5.0 0.42 0.59 59 4 OTD251 650566 4763292 603.0 3.0 0.30 0.48 54 4 OTD251 650574 4763285 578.5 5.0 0.40 0.41 121 1 OTD251 650576 4763283 573.9 5.0 0.45 0.50 114 1 OTD251 650577 4763282 569.4 5.0 0.63 0.79 117 1 OTD251 650579 4763281 565.3 4.0 0.35 0.27 71 1 OTD251 650583 4763277 552.1 5.0 0.46 0.31 119 1 OTD251 650600 4763261 502.0 5.0 0.35 0.51 61 1 OTD251 650601 4763260 497.5 5.0 0.37 0.60 53 1 OTD251 650607 4763254 479.3 5.0 0.32 0.36 105 1 OTD251 650610 4763251 470.6 4.0 0.47 1.28 57 1 OTD251 650611 4763250 466.5 5.0 0.43 0.97 74 2 OTD251 650612 4763248 462.0 5.0 1.24 4.89 199 2 OTD251 650614 4763246 457.4 5.0 0.53 0.88 79 2 OTD251 650615 4763245 452.9 5.0 0.42 1.23 45 2 OTD251 650617 4763243 448.3 5.0 0.73 1.32 20 2 OTD251 650618 4763242 443.8 5.0 0.56 0.88 34 2 OTD251 650619 4763241 440.6 2.0 1.52 2.75 35 2 OTD251 650620 4763240 437.4 5.0 0.56 0.83 30 1 OTD252 650503 4763225 1110.0 5.0 0.60 0.42 83 1 OTD252 650505 4763224 1105.3 5.0 0.61 0.45 88 1 OTD252 650506 4763223 1100.6 5.0 0.50 0.50 99 1 OTD252 650508 4763222 1095.9 5.0 0.32 0.34 40 1 OTD252 650509 4763221 1091.2 5.0 0.56 0.40 259 1 OTD252 650510 4763220 1086.5 5.0 0.37 0.33 205 1 OTD252 650513 4763218 1077.2 5.0 0.48 0.35 74 1 OTD252 650535 4763203 1009.0 5.0 0.36 0.32 37 1 OTD252 650537 4763202 1004.4 5.0 0.58 0.58 36 1 OTD252 650538 4763201 999.7 5.0 0.50 0.35 40 1 OTD252 650540 4763200 995.1 5.0 0.36 0.24 31 1 OTD252 650541 4763199 990.4 5.0 0.61 0.39 147 1 OTD252 650543 4763198 985.8 5.0 0.50 0.38 85 1 OTD252 650544 4763197 981.2 5.0 0.64 0.54 123 1 OTD252 650546 4763196 976.6 5.0 0.64 0.60 80 1 OTD252 650547 4763195 971.9 5.0 0.42 0.45 43 1 OTD252 650549 4763194 967.3 5.0 0.50 0.46 54 1 OTD252 650551 4763193 962.7 5.0 0.50 0.47 49 1 OTD252 650552 4763192 958.1 5.0 0.33 0.38 44 1 OTD252 650554 4763191 953.4 5.0 0.43 0.38 75 1 OTD252 650555 4763190 948.8 5.0 0.61 0.57 145 1 OTD252 650557 4763189 944.2 5.0 0.61 0.47 300 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD252 650559 4763188 939.6 5.0 0.67 0.63 36 1 OTD252 650560 4763186 935.0 5.0 0.87 0.88 219 1 OTD252 650562 4763185 930.4 5.0 0.68 0.49 111 1 OTD252 650563 4763184 925.8 5.0 2.11 1.42 136 1 OTD252 650565 4763183 921.1 5.0 0.45 0.40 58 1 OTD252 650566 4763182 916.5 5.0 0.94 0.65 31 1 OTD252 650568 4763181 911.9 5.0 0.67 0.33 80 1 OTD252 650569 4763179 907.4 5.0 0.84 0.78 62 1 OTD252 650571 4763178 902.8 5.0 1.13 0.89 57 1 OTD252 650573 4763177 898.3 5.0 0.74 0.58 22 1 OTD252 650580 4763171 877.4 5.0 0.87 1.07 134 2 OTD252 650586 4763167 863.9 5.0 0.64 0.71 76 2 OTD252 650587 4763166 859.3 5.0 1.09 1.65 155 2 OTD252 650589 4763165 854.8 5.0 1.12 2.69 35 2 OTD252 650591 4763164 850.2 5.0 0.42 0.73 13 2 OTD252 650592 4763162 845.7 5.0 0.91 1.71 56 2 OTD252 650594 4763161 841.1 5.0 0.94 1.53 25 2 OTD252 650596 4763160 836.6 5.0 1.14 1.83 106 2 OTD252 650599 4763157 827.4 5.0 0.70 1.25 50 2 OTD252 650600 4763156 822.9 5.0 0.88 1.61 57 2 OTD252 650602 4763155 818.3 5.0 0.83 1.54 38 2 OTD252 650604 4763154 813.7 5.0 1.75 3.74 160 2 OTD252 650605 4763153 809.2 5.0 1.45 1.34 179 2 OTD252 650607 4763151 804.6 5.0 1.44 1.80 136 2 OTD252 650609 4763150 800.1 5.0 1.87 2.90 153 2 OTD252 650610 4763149 795.5 5.0 1.13 1.63 151 2 OTD252 650612 4763147 791.0 5.0 0.89 0.94 196 2 OTD252 650614 4763146 786.4 5.0 0.88 1.11 192 2 OTD252 650654 4763116 681.2 5.0 0.42 0.53 32 2 OTD252 650656 4763114 676.8 5.0 0.90 2.69 17 2 OTD252 650657 4763112 672.4 5.0 1.08 2.85 44 2 OTD252 650659 4763111 668.0 5.0 0.35 1.14 10 2 OTD252 650661 4763109 663.5 5.0 0.86 2.38 25 2 OTD252 650663 4763108 659.1 5.0 0.74 1.90 33 2 OTD252 650664 4763106 654.8 5.0 1.20 1.97 45 2 OTD252 650666 4763104 650.4 5.0 1.13 2.82 27 2 OTD252 650668 4763103 646.0 5.0 1.13 2.89 72 2 OTD252 650670 4763101 641.6 5.0 1.03 2.25 35 2 OTD252 650671 4763099 637.2 5.0 0.73 2.01 23 2 OTD252 650673 4763097 632.9 5.0 0.76 2.05 24 2 OTD252 650675 4763096 628.5 5.0 0.57 1.20 59 2 OTD252 650677 4763094 624.1 5.0 0.59 1.44 115 2 OTD252 650678 4763092 619.7 5.0 1.16 2.42 64 2 OTD252 650680 4763090 615.4 5.0 1.58 3.28 110 2 OTD252 650682 4763089 611.1 5.0 1.19 2.40 132 2 OTD252 650683 4763087 606.8 5.0 1.98 7.64 90 2 OTD252 650685 4763085 602.5 5.0 4.00 9.22 95 2 OTD252 650687 4763083 598.1 5.0 2.97 5.88 152 2 OTD252 650689 4763081 593.8 5.0 2.66 5.77 304 2 OTD252 650690 4763079 589.6 5.0 1.58 4.71 146 2 OTD252 650692 4763077 585.3 5.0 1.75 4.99 98 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD252 650694 4763075 581.0 5.0 1.92 5.31 139 2 OTD252 650695 4763073 576.8 5.0 1.30 3.63 119 2 OTD252 650697 4763071 572.5 5.0 0.74 2.43 76 2 OTD252 650699 4763069 568.3 5.0 0.36 0.65 68 2 OTD252 650700 4763067 564.1 5.0 1.22 3.22 111 2 OTD252 650702 4763065 559.8 5.0 0.43 0.82 61 2 OTD264 650480 4763342 422.1 5.0 0.44 0.61 14 1 OTD264 650481 4763341 417.2 5.0 0.87 2.23 8 1 OTD264 650481 4763340 412.2 5.0 0.41 1.02 21 1 OTD264 650483 4763338 394.5 5.0 0.39 0.68 36 1 OTD264 650491 4763329 330.6 5.0 0.34 0.37 178 1 OTD264 650493 4763326 315.8 5.0 0.37 0.44 21 1 OTD264 650504 4763313 219.4 5.0 0.37 0.35 32 1 OTD264 650510 4763306 170.3 5.0 0.30 0.49 92 1 OTD264 650516 4763299 121.1 2.0 0.32 1.00 5 1 OTD268 650361 4763323 900.2 5.0 0.37 0.29 5 4 OTD268 650432 4763255 537.3 5.0 0.42 0.65 58 1 OTD268 650433 4763253 527.7 5.0 0.35 0.54 51 1 OTD268 650449 4763233 436.9 5.0 0.36 0.29 16 1 OTD268 650455 4763225 398.2 5.0 0.49 0.96 106 1 OTD268 650457 4763223 388.6 5.0 0.51 0.48 81 1 OTD268 650458 4763222 383.7 5.0 0.35 0.47 155 1 OTD268 650465 4763213 340.3 5.0 0.40 0.39 38 1 OTD268 650466 4763212 335.4 5.0 0.33 0.43 47 1 OTD268 650467 4763211 330.6 5.0 0.39 0.60 13 1 OTD268 650467 4763210 325.3 4.0 0.41 0.58 8 2 OTD268 650468 4763209 320.9 5.0 0.46 0.70 16 1 OTD268 650471 4763205 301.6 5.0 0.32 0.53 13 1 OTD268 650472 4763204 296.8 5.0 0.52 1.02 25 1 OTD268 650473 4763203 292.0 5.0 0.39 1.10 29 2 OTD268 650475 4763201 282.3 5.0 0.33 0.96 27 2 OTD268 650476 4763200 277.5 5.0 0.56 1.64 121 2 OTD268 650479 4763195 257.2 5.0 0.33 1.23 16 1 OTD274 650407 4763203 943.0 5.0 0.33 0.76 118 1 OTD274 650413 4763198 919.2 5.0 0.39 0.30 147 1 OTD274 650415 4763197 914.5 5.0 0.48 0.47 137 1 OTD274 650416 4763196 909.8 5.0 0.36 0.42 140 1 OTD274 650421 4763192 890.8 5.0 0.34 0.62 214 1 OTD274 650422 4763191 886.0 5.0 0.34 0.32 146 1 OTD274 650425 4763189 876.6 5.0 0.30 0.30 113 1 OTD274 650428 4763187 867.1 5.0 0.33 0.32 160 1 OTD274 650430 4763185 857.6 5.0 0.34 0.71 77 1 OTD274 650439 4763179 824.3 5.0 0.30 0.23 45 1 OTD274 650440 4763178 819.5 5.0 0.43 0.42 55 1 OTD274 650441 4763177 814.8 5.0 0.40 0.35 90 1 OTD274 650444 4763175 805.3 5.0 0.40 0.38 94 1 OTD274 650445 4763174 800.5 5.0 0.55 0.44 98 1 OTD274 650457 4763165 752.9 5.0 0.40 0.50 56 1 OTD274 650458 4763164 748.2 5.0 0.56 0.56 101 1 OTD274 650460 4763164 743.4 5.0 0.45 0.51 61 1 OTD274 650462 4763162 733.9 5.0 0.32 0.48 37 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD274 650463 4763161 729.1 5.0 0.33 0.42 38 1 OTD274 650468 4763157 710.0 5.0 0.31 0.34 37 1 OTD274 650470 4763155 700.5 5.0 0.40 0.59 39 1 OTD274 650471 4763154 695.7 5.0 0.33 0.31 42 1 OTD274 650474 4763152 686.2 5.0 0.32 0.51 65 1 OTD274 650475 4763151 681.4 5.0 0.33 0.58 80 1 OTD274 650476 4763151 676.6 5.0 0.33 0.60 78 1 OTD274 650477 4763150 671.8 5.0 0.81 0.75 125 1 OTD274 650478 4763149 667.1 5.0 0.66 0.57 46 1 OTD274 650480 4763148 662.3 5.0 0.34 0.39 32 1 OTD274 650481 4763147 657.5 5.0 0.48 0.63 51 1 OTD274 650482 4763146 653.2 4.0 0.70 0.81 76 1 OTD274 650483 4763145 649.0 5.0 0.41 0.57 35 2 OTD274 650484 4763144 644.2 5.0 0.90 1.35 47 2 OTD274 650485 4763143 639.4 5.0 0.99 1.42 22 2 OTD274 650486 4763142 634.6 5.0 0.94 1.32 17 2 OTD274 650487 4763141 629.9 5.0 0.76 1.07 191 2 OTD274 650488 4763140 625.1 5.0 0.75 1.40 156 2 OTD274 650490 4763139 620.3 5.0 0.83 1.56 54 2 OTD274 650491 4763138 615.5 5.0 0.71 1.21 60 2 OTD274 650492 4763137 610.8 5.0 0.81 1.56 93 2 OTD274 650493 4763137 606.0 5.0 0.88 2.02 31 2 OTD274 650494 4763136 601.2 5.0 0.56 1.25 35 2 OTD274 650495 4763135 596.4 5.0 0.69 1.56 91 2 OTD274 650497 4763134 591.6 5.0 0.43 0.95 65 2 OTD274 650498 4763133 586.9 5.0 0.56 1.15 14 2 OTD274 650499 4763132 582.1 5.0 0.67 1.20 14 2 OTD274 650500 4763131 577.3 5.0 0.78 1.40 29 2 OTD274 650501 4763130 572.6 5.0 0.64 1.50 49 2 OTD274 650502 4763129 567.8 5.0 0.87 2.26 51 2 OTD274 650503 4763128 563.0 5.0 0.70 1.98 93 2 OTD274 650505 4763127 558.2 5.0 0.96 2.42 269 2 OTD274 650506 4763126 553.5 5.0 0.94 4.27 64 2 OTD274 650507 4763125 548.7 5.0 0.92 2.89 60 2 OTD274 650510 4763123 534.4 5.0 0.37 0.66 48 2 OTD274 650511 4763122 529.6 5.0 1.06 2.27 69 2 OTD274 650513 4763121 524.8 5.0 0.41 0.90 51 2 OTD274 650514 4763120 520.1 5.0 0.34 0.60 51 2 OTD274 650515 4763119 515.3 5.0 0.33 0.67 47 2 OTD274 650518 4763115 501.0 5.0 0.34 0.61 53 2 OTD274 650519 4763114 496.2 5.0 0.36 0.85 384 2 OTD274 650521 4763113 491.4 5.0 0.47 0.99 379 2 OTD274 650522 4763112 486.7 5.0 0.35 0.45 79 2 OTD274 650525 4763110 472.4 5.0 0.62 1.45 186 2 OTD274 650526 4763109 467.6 5.0 1.08 2.09 41 2 OTD274 650527 4763108 462.8 5.0 0.77 1.31 38 2 OTD274 650528 4763107 458.1 5.0 0.46 1.39 39 2 OTD274 650557 4763081 339.0 5.0 0.36 0.44 57 1 OTD274 650559 4763079 329.5 5.0 0.38 0.18 49 1 OTD274 650562 4763076 315.7 4.0 0.33 0.55 31 1 OTD274 650565 4763072 301.9 5.0 0.75 2.56 17 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD276 650389 4763089 1115.1 5.0 0.66 0.43 197 1 OTD276 650391 4763088 1110.4 5.0 0.55 0.23 79 1 OTD276 650392 4763087 1105.8 5.0 0.38 0.18 88 1 OTD276 650411 4763072 1043.4 5.0 0.33 0.23 50 1 OTD276 650414 4763070 1034.0 5.0 0.32 0.15 202 1 OTD276 650416 4763068 1029.4 5.0 0.30 0.16 55 1 OTD276 650418 4763066 1020.0 5.0 0.36 0.11 49 1 OTD276 650423 4763063 1006.0 5.0 0.43 0.27 82 1 OTD276 650430 4763058 982.7 5.0 0.50 0.26 116 1 OTD276 650431 4763057 978.0 5.0 0.78 0.37 145 1 OTD276 650433 4763056 973.4 5.0 0.31 0.16 54 1 OTD276 650434 4763055 968.7 5.0 0.73 0.43 183 1 OTD276 650436 4763054 964.0 5.0 0.40 0.31 79 1 OTD276 650437 4763053 959.3 5.0 0.47 0.21 49 1 OTD276 650439 4763052 954.7 5.0 0.58 0.30 58 1 OTD276 650440 4763051 950.0 5.0 0.32 0.17 85 1 OTD276 650442 4763050 945.3 5.0 0.53 0.25 68 1 OTD276 650443 4763049 940.6 5.0 0.36 0.17 93 1 OTD276 650444 4763048 935.9 5.0 0.57 0.23 108 1 OTD276 650446 4763047 931.3 5.0 0.62 0.28 146 1 OTD276 650447 4763046 926.6 5.0 0.33 0.24 76 1 OTD276 650449 4763045 921.9 5.0 0.75 0.35 163 1 OTD276 650450 4763043 917.2 5.0 0.43 0.26 49 1 OTD276 650451 4763042 912.5 5.0 0.30 0.22 41 1 OTD276 650457 4763038 893.8 5.0 0.34 0.20 43 1 OTD276 650458 4763037 889.1 5.0 0.59 0.34 68 1 OTD276 650461 4763035 879.7 5.0 0.31 0.19 599 1 OTD276 650462 4763034 875.0 5.0 0.38 0.26 82 1 OTD276 650465 4763032 865.6 5.0 0.32 0.27 108 1 OTD276 650471 4763028 846.9 5.0 0.41 0.28 78 1 OTD276 650475 4763025 832.8 5.0 0.49 0.48 97 1 OTD276 650476 4763024 828.0 5.0 0.34 0.32 36 1 OTD276 650478 4763023 823.3 5.0 0.32 0.41 38 1 OTD276 650479 4763022 818.6 5.0 0.44 0.54 120 1 OTD276 650483 4763019 804.5 5.0 0.53 0.43 37 1 OTD276 650485 4763018 799.8 5.0 0.50 0.47 62 1 OTD276 650487 4763016 790.4 5.0 0.34 0.21 55 1 OTD276 650489 4763015 785.7 5.0 0.64 0.60 85 1 OTD276 650490 4763014 781.0 5.0 0.50 0.53 95 1 OTD276 650494 4763011 768.8 5.0 0.32 0.37 33 1 OTD276 650498 4763008 754.7 5.0 0.36 0.48 62 1 OTD276 650499 4763007 750.0 5.0 0.41 0.71 33 1 OTD276 650503 4763004 735.9 5.0 0.57 0.91 107 1 OTD276 650506 4763002 726.5 5.0 0.30 0.44 131 1 OTD276 650509 4763000 717.1 5.0 0.45 0.70 60 1 OTD276 650510 4762999 712.4 5.0 0.34 0.55 57 1 OTD276 650513 4762997 703.0 5.0 0.32 0.66 75 1 OTD276 650514 4762996 698.3 5.0 0.35 0.47 51 1 OTD276 650518 4762993 684.2 5.0 0.37 0.51 41 1 OTD276 650523 4762990 669.1 5.0 0.65 1.22 46 1 OTD276 650524 4762989 665.4 3.0 0.52 1.40 228 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD276 650525 4762988 661.6 5.0 0.44 0.77 61 2 OTD276 650526 4762987 656.9 5.0 0.53 1.06 88 2 OTD276 650527 4762986 652.2 5.0 0.55 1.50 141 2 OTD276 650529 4762985 647.5 5.0 0.39 0.61 56 2 OTD276 650530 4762985 642.8 5.0 0.80 1.17 82 2 OTD276 650532 4762984 638.1 5.0 0.52 1.23 81 2 OTD276 650533 4762983 633.4 5.0 0.30 0.63 49 2 OTD276 650534 4762982 628.7 5.0 0.45 0.86 38 2 OTD276 650535 4762981 624.0 5.0 0.60 1.27 61 2 OTD276 650537 4762979 619.2 5.0 0.46 1.37 89 2 OTD276 650538 4762978 614.5 5.0 0.39 1.16 32 2 OTD276 650539 4762977 609.8 5.0 0.37 0.88 39 2 OTD276 650542 4762975 600.4 5.0 0.57 1.12 28 2 OTD276 650543 4762974 595.7 5.0 0.39 0.96 34 2 OTD276 650544 4762972 591.0 5.0 0.30 0.72 52 2 OTD276 650545 4762971 586.3 5.0 0.47 1.17 41 2 OTD276 650547 4762970 581.6 5.0 0.48 1.00 27 2 OTD276 650548 4762969 576.8 5.0 0.48 1.11 62 2 OTD276 650549 4762967 572.1 5.0 0.60 1.83 77 2 OTD276 650550 4762966 567.4 5.0 1.00 3.45 57 2 OTD276 650551 4762965 562.7 5.0 0.87 1.64 120 2 OTD276 650553 4762964 558.0 5.0 0.67 1.41 18 2 OTD276 650554 4762963 553.3 5.0 0.52 0.75 18 2 OTD276 650555 4762962 548.6 5.0 0.33 1.05 7 2 OTD276 650556 4762961 543.9 5.0 0.39 1.26 12 2 OTD276 650558 4762960 539.2 5.0 0.53 1.33 22 2 OTD276 650559 4762958 534.5 5.0 0.48 1.18 18 2 OTD276 650560 4762957 529.8 5.0 0.39 1.71 17 2 OTD276 650562 4762955 520.3 5.0 0.34 1.23 18 2 OTD276 650564 4762954 515.6 5.0 0.34 0.82 15 2 OTD276 650567 4762951 501.5 5.0 0.45 1.07 38 2 OTD276 650569 4762950 496.8 5.0 0.34 1.32 20 2 OTD276 650571 4762947 487.4 5.0 0.43 1.22 19 2 OTD276 650572 4762946 482.7 5.0 0.34 0.63 19 2 OTD276 650574 4762945 478.0 5.0 0.49 1.41 18 2 OTD276 650576 4762943 468.6 5.0 0.34 1.39 44 2 OTD276 650577 4762942 463.9 5.0 0.47 1.43 10 2 OTD276 650579 4762941 459.2 5.0 0.38 0.38 8 2 OTD276 650583 4762937 445.1 5.0 0.35 1.40 5 2 OTD276 650584 4762936 440.4 5.0 0.38 1.93 8 2 OTD277 650529 4763210 905.2 5.0 0.43 0.47 98 1 OTD277 650531 4763209 900.7 5.0 0.59 0.64 44 1 OTD277 650532 4763207 896.1 5.0 0.45 0.56 38 1 OTD277 650534 4763206 891.5 5.0 0.51 0.78 39 1 OTD277 650536 4763205 886.9 5.0 0.60 0.94 68 1 OTD277 650537 4763204 882.4 5.0 1.06 1.57 49 1 OTD277 650539 4763203 877.8 5.0 1.19 1.23 108 1 OTD277 650540 4763202 874.6 2.0 1.21 1.34 220 1 OTD277 650541 4763201 871.4 5.0 0.76 0.79 77 2 OTD277 650543 4763199 866.8 5.0 1.05 1.11 244 2 OTD277 650544 4763198 862.3 5.0 0.91 1.25 240 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD277 650546 4763197 857.7 5.0 0.72 1.24 15 2 OTD277 650548 4763196 853.1 5.0 1.20 2.20 81 2 OTD277 650549 4763195 848.6 5.0 1.47 2.18 56 2 OTD277 650551 4763194 844.0 5.0 1.08 2.22 12 2 OTD277 650553 4763193 839.4 5.0 1.16 3.40 295 2 OTD277 650554 4763191 834.9 5.0 0.85 1.80 35 2 OTD277 650556 4763190 830.3 5.0 1.16 2.56 55 2 OTD277 650558 4763189 825.7 5.0 1.33 3.16 46 2 OTD277 650559 4763188 821.2 5.0 2.37 3.68 16 2 OTD277 650561 4763186 816.6 5.0 0.87 2.58 58 2 OTD277 650563 4763185 812.0 5.0 0.94 2.88 53 2 OTD277 650564 4763184 807.5 5.0 0.54 1.16 27 2 OTD277 650566 4763183 802.9 5.0 0.99 2.17 139 2 OTD277 650567 4763182 798.3 5.0 1.36 3.71 49 2 OTD277 650569 4763181 793.7 5.0 1.43 3.99 56 2 OTD277 650571 4763179 789.2 5.0 1.06 2.79 78 2 OTD277 650572 4763178 784.6 5.0 0.97 2.32 67 2 OTD277 650574 4763177 780.0 5.0 3.01 6.06 139 2 OTD277 650576 4763176 775.4 5.0 3.48 7.34 683 2 OTD277 650577 4763175 770.9 5.0 2.43 4.75 532 2 OTD277 650579 4763174 766.3 5.0 1.60 2.03 278 2 OTD277 650581 4763172 761.7 5.0 1.00 1.85 130 2 OTD277 650582 4763171 757.2 5.0 0.88 1.34 212 2 OTD277 650584 4763170 752.6 5.0 1.09 1.65 125 2 OTD277 650585 4763169 748.9 3.0 1.02 1.56 135 2 OTD277 650611 4763151 679.6 5.0 0.39 0.80 66 2 OTD277 650613 4763150 675.1 5.0 0.40 0.62 33 2 OTD277 650618 4763145 661.5 5.0 0.50 0.84 57 2 OTD277 650619 4763144 656.9 5.0 1.16 1.79 174 2 OTD277 650621 4763143 652.4 5.0 0.37 0.62 94 2 OTD277 650623 4763142 647.8 5.0 0.36 0.68 57 2 OTD277 650626 4763139 638.8 5.0 0.31 0.48 17 2 OTD277 650628 4763138 634.2 5.0 0.53 1.02 165 2 OTD277 650629 4763137 629.7 5.0 0.61 1.07 55 2 OTD277 650633 4763134 620.6 5.0 0.65 0.99 94 2 OTD277 650635 4763133 616.1 5.0 0.60 1.46 104 2 OTD277 650636 4763132 611.6 5.0 0.56 1.07 49 2 OTD277 650638 4763130 607.0 5.0 0.76 1.43 261 2 OTD277 650640 4763129 602.5 5.0 1.13 1.75 105 2 OTD277 650641 4763128 598.0 5.0 1.29 2.01 63 2 OTD277 650643 4763127 593.5 5.0 1.12 1.79 51 2 OTD277 650645 4763125 588.9 5.0 0.81 1.39 27 2 OTD277 650646 4763124 584.4 5.0 0.96 2.13 36 2 OTD277 650648 4763123 579.9 5.0 1.38 2.42 61 2 OTD277 650650 4763121 575.4 5.0 1.23 2.36 35 2 OTD277 650652 4763120 570.9 5.0 0.74 2.27 71 2 OTD277 650653 4763119 566.3 5.0 1.22 3.62 45 2 OTD277 650655 4763117 561.8 5.0 1.83 3.25 35 2 OTD277 650657 4763116 557.3 5.0 1.27 4.92 36 2 OTD277 650659 4763115 552.8 5.0 0.99 3.66 62 2 OTD277 650660 4763114 548.3 5.0 1.03 3.70 180 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD277 650662 4763112 543.8 5.0 1.13 3.80 42 2 OTD277 650664 4763111 539.3 5.0 0.99 2.82 131 2 OTD277 650665 4763110 534.8 5.0 0.67 1.31 111 2 OTD277 650667 4763109 530.3 5.0 0.71 1.26 87 2 OTD277 650669 4763107 525.8 5.0 0.65 1.51 60 2 OTD277 650671 4763106 521.3 5.0 0.75 2.06 62 2 OTD277 650672 4763105 516.8 5.0 0.87 1.79 127 2 OTD277 650674 4763103 512.3 5.0 0.54 1.27 56 2 OTD277 650676 4763102 507.8 5.0 1.61 3.12 89 2 OTD277 650678 4763100 503.3 5.0 0.55 1.38 162 2 OTD277 650679 4763099 498.8 5.0 0.38 0.97 20 2 OTD277 650681 4763098 494.3 5.0 0.39 1.19 39 2 OTD277 650683 4763096 489.8 5.0 0.47 1.64 112 2 OTD277 650685 4763095 485.3 5.0 0.78 2.59 39 2 OTD277 650686 4763094 480.8 5.0 0.79 2.13 12 2 OTD277 650688 4763093 477.2 3.0 1.00 2.47 8 2 OTD277 650689 4763092 473.6 5.0 0.82 2.65 11 1 OTD277 650691 4763091 469.1 5.0 0.34 1.58 5 1 OTD283 650706 4763092 1117.2 5.0 0.40 0.47 29 1 OTD283 650709 4763091 1113.2 5.0 0.37 0.46 12 1 OTD283 650711 4763089 1109.2 5.0 0.42 0.39 19 1 OTD283 650713 4763087 1105.2 5.0 0.51 0.51 24 1 OTD283 650716 4763085 1101.2 5.0 0.46 0.54 5 1 OTD283 650718 4763083 1097.2 5.0 0.53 0.55 19 1 OTD283 650720 4763081 1093.2 5.0 0.51 0.49 9 1 OTD283 650723 4763079 1089.2 5.0 0.41 0.38 20 1 OTD283 650725 4763077 1085.2 5.0 0.51 0.54 14 1 OTD283 650727 4763075 1081.2 5.0 0.51 0.45 12 1 OTD283 650730 4763073 1077.2 5.0 0.79 0.54 36 1 OTD283 650732 4763071 1073.2 5.0 0.56 0.33 63 1 OTD283 650734 4763069 1069.2 5.0 0.41 0.48 19 1 OTD283 650736 4763067 1065.1 5.0 0.58 0.82 31 1 OTD283 650739 4763065 1061.1 5.0 0.58 0.69 48 1 OTD283 650741 4763064 1057.1 5.0 0.38 0.44 35 1 OTD283 650743 4763062 1053.1 5.0 0.33 0.47 8 1 OTD283 650748 4763058 1045.0 5.0 0.31 0.32 11 1 OTD283 650750 4763056 1041.0 5.0 0.37 0.43 24 1 OTD283 650752 4763054 1037.0 5.0 0.65 0.84 46 1 OTD283 650755 4763052 1033.0 5.0 0.62 0.85 35 1 OTD283 650757 4763050 1028.9 5.0 0.40 0.57 7 1 OTD283 650759 4763049 1024.9 5.0 0.67 1.18 30 1 OTD283 650762 4763047 1020.9 5.0 0.62 1.25 24 1 OTD283 650764 4763045 1016.9 5.0 0.52 1.37 22 1 OTD283 650771 4763039 1004.8 5.0 0.50 0.21 18 1 OTD283 650775 4763035 996.7 5.0 0.62 0.12 18 1 OTD283 650778 4763034 992.7 5.0 0.79 0.13 14 1 OTD283 650780 4763032 988.7 5.0 0.39 0.03 16 1 OTD288 650577 4763307 1117.4 5.0 0.60 0.35 32 1 OTD288 650579 4763306 1113.0 5.0 0.49 0.28 24 1 OTD288 650582 4763305 1108.7 5.0 0.45 0.29 28 1 OTD288 650584 4763303 1104.3 5.0 0.32 0.26 19 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD288 650586 4763302 1100.0 5.0 0.89 0.77 65 1 OTD288 650588 4763301 1095.7 5.0 1.22 1.87 38 1 OTD288 650590 4763299 1091.3 5.0 0.69 0.76 31 1 OTD288 650592 4763298 1087.0 5.0 0.48 0.53 17 1 OTD288 650594 4763297 1082.7 5.0 0.92 0.99 103 1 OTD288 650596 4763295 1078.3 5.0 0.42 0.50 26 1 OTD288 650598 4763294 1074.0 5.0 0.50 0.54 23 1 OTD288 650641 4763263 984.3 5.0 0.87 1.06 66 2 OTD288 650643 4763262 980.0 5.0 1.20 1.28 54 2 OTD288 650645 4763260 975.8 5.0 1.19 1.40 93 2 OTD288 650647 4763258 971.5 5.0 0.88 1.63 53 2 OTD288 650649 4763257 967.2 5.0 0.83 1.57 82 2 OTD288 650656 4763252 954.5 5.0 0.74 1.73 36 2 OTD288 650658 4763251 950.2 5.0 0.99 1.96 96 2 OTD288 650660 4763249 946.0 5.0 0.66 1.73 67 2 OTD288 650662 4763248 941.7 5.0 0.89 2.14 104 2 OTD288 650664 4763246 937.5 5.0 0.96 2.25 58 2 OTD288 650666 4763245 933.2 5.0 0.72 2.14 44 2 OTD288 650668 4763243 929.0 5.0 1.06 2.59 106 2 OTD288 650670 4763241 924.8 5.0 1.79 3.62 405 2 OTD288 650673 4763240 920.6 5.0 1.88 3.30 613 2 OTD288 650675 4763238 916.3 5.0 0.61 1.48 110 2 OTD288 650677 4763236 912.1 5.0 0.84 1.97 23 2 OTD288 650679 4763235 907.9 5.0 0.63 2.43 29 2 OTD288 650681 4763233 903.7 5.0 0.90 2.59 50 2 OTD288 650683 4763232 899.5 5.0 1.24 3.23 74 2 OTD288 650685 4763230 895.3 5.0 1.03 2.56 35 2 OTD288 650687 4763228 891.1 5.0 1.18 3.34 275 2 OTD288 650689 4763226 886.8 5.0 1.27 3.16 160 2 OTD288 650691 4763224 882.6 5.0 1.44 3.53 66 2 OTD288 650693 4763223 878.4 5.0 1.11 2.27 113 2 OTD288 650695 4763221 874.2 5.0 1.33 2.81 319 2 OTD288 650697 4763219 870.0 5.0 1.25 2.28 292 2 OTD288 650699 4763217 865.8 5.0 0.65 1.99 41 2 OTD288 650703 4763213 857.4 5.0 0.90 1.93 92 2 OTD288 650705 4763211 853.3 5.0 1.01 1.80 169 2 OTD288 650707 4763210 849.1 5.0 0.98 0.88 197 2 OTD288 650709 4763208 844.9 5.0 1.62 1.48 253 2 OTD288 650711 4763206 840.7 5.0 1.75 2.29 974 2 OTD288 650713 4763204 836.6 5.0 1.23 1.27 354 2 OTD288 650716 4763202 832.4 5.0 1.03 1.46 147 2 OTD288 650718 4763201 828.2 5.0 0.86 1.98 73 2 OTD288 650720 4763199 824.0 5.0 1.20 1.84 362 2 OTD288 650722 4763197 819.9 5.0 1.44 1.93 258 2 OTD288 650724 4763195 815.7 5.0 1.73 4.50 472 2 OTD288 650726 4763193 811.6 5.0 1.65 2.96 236 2 OTD288 650728 4763192 807.4 5.0 1.36 2.11 129 2 OTD288 650730 4763190 803.3 5.0 1.61 2.43 203 2 OTD288 650733 4763188 799.1 5.0 1.18 6.94 101 2 OTD288 650735 4763186 795.0 5.0 1.08 1.18 620 2 OTD288 650737 4763185 790.8 5.0 1.08 0.88 188 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================== OTD288 650739 4763183 786.6 5.0 1.30 4.16 678 2 OTD288 650741 4763181 782.5 5.0 1.33 0.18 271 2 OTD288 650743 4763179 778.4 5.0 1.00 0.15 169 2 OTD288 650745 4763177 774.3 5.0 1.09 0.76 458 2 OTD288 650748 4763176 770.1 5.0 1.36 1.09 416 2 OTD288 650750 4763174 766.0 5.0 0.94 0.59 175 2 OTD288 650752 4763172 761.9 5.0 0.68 0.99 87 2 OTD288 650754 4763170 757.8 5.0 1.18 2.01 169 2 OTD288 650756 4763168 753.7 5.0 1.07 2.14 241 2 OTD288 650758 4763166 749.6 5.0 0.93 1.80 221 2 OTD288 650760 4763164 745.5 5.0 0.76 1.39 279 2 OTD288 650762 4763162 741.4 5.0 0.39 1.05 77 2 OTD288 650766 4763158 733.2 5.0 0.42 0.28 241 2 OTD288 650795 4763131 678.0 5.0 0.52 1.21 43 2 OTD288 650797 4763129 673.9 5.0 0.42 0.61 98 2 OTD291 650627 4763146 1135.8 5.0 0.65 0.19 55 1 OTD291 650629 4763145 1131.7 5.0 0.34 0.15 25 1 OTD291 650632 4763143 1127.6 5.0 0.30 0.30 54 1 OTD291 650633 4763142 1124.4 3.0 0.32 0.37 116 1 OTD291 650639 4763138 1114.6 5.0 0.42 0.31 22 1 OTD291 650642 4763137 1110.5 5.0 0.48 0.41 29 1 OTD291 650644 4763135 1106.5 5.0 0.37 0.36 50 1 OTD291 650646 4763134 1102.4 5.0 1.11 1.06 86 1 OTD291 650649 4763132 1098.3 5.0 0.48 0.45 19 1 OTD291 650651 4763130 1094.2 5.0 0.51 0.43 66 1 OTD291 650654 4763128 1090.2 5.0 0.45 0.48 32 1 OTD291 650656 4763127 1086.1 5.0 0.33 0.44 42 1 OTD291 650658 4763125 1082.0 5.0 0.50 0.65 94 1 OTD291 650661 4763123 1077.9 5.0 0.94 0.78 93 1 OTD291 650663 4763122 1073.8 5.0 1.04 1.05 107 1 OTD291 650665 4763120 1069.8 5.0 0.72 0.58 9 1 OTD291 650668 4763118 1065.7 5.0 0.45 0.64 7 1 OTD291 650670 4763116 1061.6 5.0 0.61 0.98 34 1 OTD291 650672 4763115 1057.5 5.0 0.46 0.64 16 1 OTD291 650675 4763113 1053.5 5.0 0.84 1.19 28 1 OTD291 650677 4763111 1049.4 5.0 0.59 0.97 43 1 OTD291 650680 4763109 1044.5 5.0 1.09 1.74 150 2 OTD291 650682 4763108 1040.5 5.0 0.98 1.76 78 2 OTD291 650685 4763106 1036.4 5.0 0.95 2.05 38 2 OTD291 650687 4763104 1032.4 5.0 0.98 1.94 97 2 OTD291 650689 4763103 1028.3 5.0 1.31 2.79 120 2 OTD291 650692 4763101 1024.3 5.0 0.49 1.32 34 2 OTD291 650694 4763099 1020.2 5.0 0.85 2.21 110 2 OTD291 650697 4763097 1016.2 5.0 0.81 1.84 30 2 OTD291 650699 4763096 1012.1 5.0 0.53 1.09 32 2 OTD291 650701 4763094 1008.1 5.0 0.82 1.56 57 2 OTD291 650704 4763092 1004.1 5.0 1.03 1.61 26 2 OTD291 650706 4763090 1000.0 5.0 0.89 1.70 32 2 OTD291 650709 4763089 996.0 5.0 0.80 1.85 34 2 OTD291 650711 4763087 992.0 5.0 0.84 1.43 40 2 OTD291 650713 4763085 988.0 5.0 0.32 0.74 12 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD291 650716 4763084 983.9 5.0 0.62 1.37 49 2 OTD291 650718 4763082 979.9 5.0 0.50 0.97 23 2 OTD291 650721 4763080 975.9 5.0 0.43 1.01 23 2 OTD291 650723 4763078 971.9 5.0 0.75 1.95 40 2 OTD291 650725 4763076 967.9 5.0 0.68 1.47 30 2 OTD291 650728 4763075 963.9 5.0 0.68 2.35 22 2 OTD291 650730 4763073 959.9 5.0 0.75 2.41 32 2 OTD291 650733 4763071 955.9 5.0 0.66 2.12 45 2 OTD291 650735 4763069 951.9 5.0 0.84 2.12 41 2 OTD291 650737 4763068 947.9 5.0 1.03 2.81 52 2 OTD291 650740 4763066 943.9 5.0 0.78 2.79 18 2 OTD291 650742 4763064 940.0 5.0 0.57 1.86 31 2 OTD291 650745 4763062 936.0 5.0 0.70 1.91 181 2 OTD291 650747 4763060 932.0 5.0 0.56 1.41 45 2 OTD291 650749 4763058 928.0 5.0 1.17 2.24 114 2 OTD291 650752 4763056 924.1 5.0 0.95 2.46 97 2 OTD291 650754 4763054 920.1 5.0 0.55 1.52 40 2 OTD291 650757 4763052 916.2 5.0 0.70 1.74 133 2 OTD291 650759 4763050 912.2 5.0 0.33 0.48 20 2 OTD291 650764 4763046 903.5 5.0 0.38 0.11 22 1 OTD292 650712 4763213 1132.5 5.0 0.54 0.52 31 1 OTD292 650714 4763211 1128.8 5.0 0.41 0.40 22 1 OTD292 650717 4763208 1125.0 5.0 0.61 0.64 51 1 OTD292 650719 4763206 1121.3 5.0 0.44 0.45 20 1 OTD292 650722 4763204 1117.5 5.0 0.62 0.77 29 1 OTD292 650725 4763202 1113.8 5.0 0.70 0.94 30 1 OTD292 650727 4763199 1110.0 5.0 0.34 0.44 12 1 OTD292 650730 4763197 1106.3 5.0 0.39 0.46 16 1 OTD292 650732 4763195 1102.6 5.0 0.34 0.36 15 1 OTD292 650735 4763193 1098.8 5.0 0.50 0.52 46 1 OTD292 650738 4763191 1095.1 5.0 0.51 0.72 19 1 OTD292 650740 4763189 1091.4 5.0 0.43 0.58 73 1 OTD292 650743 4763187 1087.6 5.0 0.46 0.62 11 1 OTD292 650746 4763185 1083.9 5.0 0.42 0.38 18 1 OTD292 650748 4763183 1080.2 5.0 0.37 0.37 32 1 OTD292 650751 4763181 1076.5 5.0 0.50 0.62 22 1 OTD292 650754 4763180 1072.7 5.0 0.59 0.63 11 1 OTD292 650756 4763178 1069.0 5.0 0.38 0.58 19 1 OTD292 650759 4763176 1065.3 5.0 0.60 0.80 35 1 OTD292 650762 4763174 1061.5 5.0 0.77 0.98 38 1 OTD292 650765 4763171 1057.8 5.0 0.50 0.71 28 1 OTD292 650767 4763169 1054.1 5.0 0.42 0.74 19 1 OTD292 650770 4763167 1050.4 5.0 0.34 0.46 25 1 OTD292 650775 4763163 1043.0 5.0 0.48 0.86 10 1 OTD292 650778 4763161 1039.3 5.0 0.37 0.59 27 1 OTD292 650780 4763159 1036.0 4.0 0.48 0.58 93 1 OTD292 650782 4763157 1032.7 5.0 0.58 0.61 70 2 OTD292 650785 4763155 1029.0 5.0 0.38 0.63 44 2 OTD292 650788 4763153 1025.3 5.0 0.53 0.79 30 2 OTD292 650790 4763151 1021.6 5.0 0.57 0.87 21 2 OTD292 650793 4763149 1017.9 5.0 0.50 0.81 23 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD292 650796 4763147 1014.1 5.0 0.61 1.33 5 2 OTD292 650798 4763144 1010.4 5.0 0.72 1.18 18 2 OTD292 650801 4763142 1006.7 5.0 0.66 1.71 9 2 OTD292 650803 4763140 1003.0 5.0 0.77 1.87 10 2 OTD292 650806 4763138 999.3 5.0 0.74 1.57 16 2 OTD292 650809 4763136 995.6 5.0 0.76 2.01 30 2 OTD292 650811 4763134 991.9 5.0 1.02 2.75 20 2 OTD292 650814 4763132 988.2 5.0 0.64 1.76 21 2 OTD292 650817 4763130 984.5 5.0 0.50 1.62 17 2 OTD292 650819 4763128 980.9 5.0 1.58 5.91 32 2 OTD292 650822 4763126 977.2 5.0 0.63 1.29 31 2 OTD296 650147 4763241 984.2 5.0 0.30 0.24 65 4 OTD296 650149 4763240 979.5 5.0 0.37 0.38 75 4 OTD296 650150 4763239 974.7 5.0 0.32 0.34 87 4 OTD296 650154 4763237 961.4 5.0 0.57 0.48 115 4 OTD296 650155 4763237 956.7 5.0 0.38 0.32 45 4 OTD296 650157 4763236 952.0 5.0 0.47 0.40 118 4 OTD296 650158 4763235 947.2 5.0 0.67 0.38 55 4 OTD296 650159 4763234 942.5 5.0 0.66 0.18 52 4 OTD296 650161 4763233 937.8 5.0 0.33 0.14 26 4 OTD296 650162 4763232 933.0 5.0 0.85 0.33 34 4 OTD296 650163 4763231 928.3 5.0 0.61 0.48 59 4 OTD296 650172 4763226 900.1 5.0 0.35 0.01 81 4 OTD296 650348 4763081 377.5 5.0 0.38 0.50 23 1 OTD296 650349 4763080 373.4 4.0 0.33 0.94 13 1 OTD296 650350 4763079 369.3 5.0 0.31 0.74 30 2 OTD296 650352 4763077 364.8 5.0 0.32 0.86 21 2 OTD296 650356 4763072 351.1 5.0 0.34 1.24 8 2 OTD296 650377 4763050 286.0 5.0 0.31 0.84 19 2 OTD296 650378 4763048 281.5 5.0 0.33 0.88 24 2 OTD296 650380 4763047 277.0 5.0 0.34 1.19 20 2 OTD296 650391 4763035 242.8 5.0 0.32 0.66 58 1 OTD297 650519 4763222 1129.7 5.0 0.52 0.55 10 1 OTD297 650521 4763220 1125.1 5.0 0.42 0.45 28 1 OTD297 650524 4763218 1116.1 5.0 0.48 0.52 9 1 OTD297 650526 4763217 1111.6 5.0 0.62 0.65 6 1 OTD297 650528 4763216 1107.1 5.0 0.62 0.67 25 1 OTD297 650530 4763214 1102.6 5.0 0.55 0.73 34 1 OTD297 650531 4763214 1099.4 2.0 0.87 1.15 16 1 OTD297 650532 4763213 1096.2 5.0 0.64 1.16 22 4 OTD297 650534 4763212 1091.7 5.0 0.51 1.02 9 4 OTD297 650546 4763203 1060.0 5.0 0.48 0.36 283 1 OTD297 650553 4763198 1041.9 5.0 0.43 0.39 41 1 OTD297 650555 4763197 1037.3 5.0 0.43 0.77 88 1 OTD297 650556 4763196 1032.8 5.0 0.46 0.51 82 1 OTD297 650558 4763195 1028.3 5.0 0.62 0.41 69 1 OTD297 650560 4763193 1023.7 5.0 0.31 0.30 107 1 OTD297 650561 4763192 1019.2 5.0 0.53 0.50 134 1 OTD297 650563 4763191 1014.7 5.0 0.35 0.27 34 1 OTD297 650567 4763188 1005.7 5.0 0.44 0.52 158 1 OTD297 650568 4763187 1001.2 5.0 0.33 0.24 40 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD297 650570 4763186 996.7 5.0 0.41 0.29 111 1 OTD297 650572 4763184 992.2 5.0 0.45 0.36 37 1 OTD297 650575 4763181 983.3 5.0 0.48 0.39 19 1 OTD297 650577 4763180 978.9 5.0 0.95 0.68 60 1 OTD297 650579 4763178 974.5 5.0 0.43 0.31 70 1 OTD297 650581 4763177 970.0 5.0 0.63 0.57 181 1 OTD297 650583 4763176 965.6 5.0 0.77 0.63 113 1 OTD297 650584 4763174 961.1 5.0 0.87 0.81 212 1 OTD297 650586 4763173 956.6 5.0 0.53 0.46 69 1 OTD297 650588 4763172 952.1 5.0 0.38 0.34 83 1 OTD297 650590 4763170 947.6 5.0 0.68 0.68 191 1 OTD297 650591 4763169 943.1 5.0 0.91 0.81 192 1 OTD297 650593 4763168 938.6 5.0 1.19 1.19 74 1 OTD297 650595 4763166 934.0 5.0 0.80 0.76 95 1 OTD297 650597 4763165 929.5 5.0 1.84 1.18 111 1 OTD297 650598 4763164 925.0 5.0 0.92 0.62 23 1 OTD297 650600 4763163 920.4 5.0 0.96 0.77 63 1 OTD297 650602 4763162 915.9 5.0 0.75 0.69 57 1 OTD297 650603 4763161 911.3 5.0 0.60 0.48 37 1 OTD297 650605 4763159 906.8 5.0 0.53 0.49 26 1 OTD297 650607 4763158 902.2 5.0 0.73 0.71 70 1 OTD297 650608 4763157 897.7 5.0 1.03 1.17 22 1 OTD297 650610 4763156 894.0 3.0 0.55 0.56 19 1 OTD297 650611 4763155 890.4 5.0 0.62 0.58 22 2 OTD297 650613 4763154 885.9 5.0 0.71 0.68 72 2 OTD297 650614 4763153 881.3 5.0 0.56 0.58 32 2 OTD297 650616 4763152 876.8 5.0 0.31 0.38 40 2 OTD297 650618 4763150 872.2 5.0 0.55 0.81 22 2 OTD297 650619 4763149 867.7 5.0 1.02 1.09 42 2 OTD297 650621 4763148 863.1 5.0 0.82 1.28 37 2 OTD297 650623 4763146 858.6 5.0 0.92 1.47 90 2 OTD297 650624 4763145 854.0 5.0 0.90 1.83 45 2 OTD297 650626 4763144 849.5 5.0 0.92 0.99 28 2 OTD297 650628 4763142 844.9 5.0 0.81 1.46 108 2 OTD297 650629 4763141 840.4 5.0 0.77 1.46 432 2 OTD297 650631 4763140 835.9 5.0 0.94 2.28 196 2 OTD297 650633 4763139 831.3 5.0 0.83 1.54 79 2 OTD297 650634 4763137 826.8 5.0 0.65 1.18 26 2 OTD297 650638 4763135 817.7 5.0 1.04 2.26 61 2 OTD297 650639 4763133 813.1 5.0 0.59 1.34 43 2 OTD297 650641 4763132 808.6 5.0 0.82 1.97 181 2 OTD297 650642 4763131 804.0 5.0 0.65 1.48 104 2 OTD297 650644 4763129 799.5 5.0 0.54 1.43 70 2 OTD297 650645 4763128 794.9 5.0 0.72 1.57 47 2 OTD297 650651 4763122 776.7 5.0 0.76 1.44 26 2 OTD297 650653 4763121 772.1 5.0 0.48 0.71 29 2 OTD297 650655 4763120 767.6 5.0 0.72 0.41 54 2 OTD297 650656 4763119 763.5 4.0 0.48 0.38 30 2 OTD297 650670 4763108 724.7 5.0 0.47 0.31 29 2 OTD297 650671 4763107 720.2 5.0 0.69 0.44 35 2 OTD297 650673 4763106 715.6 5.0 0.52 0.55 22 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD297 650675 4763104 711.0 5.0 0.48 0.98 24 2 OTD297 650676 4763103 706.5 5.0 1.11 2.17 53 2 OTD297 650678 4763102 701.9 5.0 0.35 0.69 9 2 OTD297 650679 4763100 697.4 5.0 0.77 0.55 30 2 OTD297 650681 4763099 692.8 5.0 0.81 0.98 36 2 OTD297 650684 4763096 683.7 5.0 0.35 0.87 5 2 OTD297 650685 4763095 679.1 5.0 0.47 1.30 11 2 OTD297 650687 4763094 674.6 5.0 0.88 2.25 11 2 OTD297 650688 4763092 670.0 5.0 1.55 3.14 13 2 OTD297 650690 4763091 665.5 5.0 1.29 3.04 98 2 OTD297 650691 4763089 660.9 5.0 0.86 2.40 27 2 OTD297 650693 4763088 656.4 5.0 0.97 2.62 22 2 OTD297 650694 4763087 651.8 5.0 0.95 2.24 24 2 OTD297 650696 4763085 647.2 5.0 1.39 4.14 50 2 OTD297 650697 4763083 642.7 5.0 1.55 4.55 77 2 OTD297 650699 4763082 638.1 5.0 2.08 5.63 231 2 OTD297 650700 4763081 633.6 5.0 1.44 3.72 87 2 OTD297 650702 4763079 629.0 5.0 2.50 6.61 201 2 OTD297 650703 4763078 624.5 5.0 2.03 5.41 257 2 OTD297 650705 4763077 620.0 5.0 1.56 5.27 313 2 OTD297 650706 4763075 615.4 5.0 1.74 4.96 101 2 OTD297 650708 4763074 610.9 5.0 1.68 5.04 55 2 OTD297 650709 4763072 606.3 5.0 1.79 6.01 74 2 OTD297 650711 4763070 601.8 5.0 2.09 8.33 28 2 OTD297 650712 4763069 597.2 5.0 1.22 3.80 43 2 OTD297 650715 4763066 588.2 5.0 2.09 6.88 68 2 OTD297 650717 4763064 583.6 5.0 0.58 1.61 58 2 OTD301 650210 4763017 843.2 5.0 0.31 0.32 86 1 OTD301 650226 4763003 781.7 5.0 0.38 0.35 180 1 OTD301 650275 4762956 574.5 5.0 0.54 0.83 86 1 OTD301 650277 4762954 564.9 5.0 0.38 0.79 49 1 OTD301 650278 4762953 560.1 5.0 0.35 0.80 34 1 OTD301 650282 4762950 545.8 5.0 0.43 0.70 34 1 OTD301 650283 4762949 541.0 5.0 0.51 0.85 60 1 OTD301 650284 4762948 536.3 5.0 0.51 1.07 202 1 OTD301 650285 4762947 531.5 5.0 0.45 0.73 54 1 OTD301 650286 4762946 526.7 5.0 0.43 0.73 71 1 OTD301 650287 4762945 521.9 5.0 0.58 0.95 59 1 OTD301 650288 4762944 517.2 5.0 0.56 1.19 47 1 OTD301 650289 4762943 512.4 5.0 0.79 1.12 60 1 OTD301 650290 4762942 507.6 5.0 0.39 0.68 71 1 OTD301 650297 4762935 474.1 5.0 0.43 0.79 29 1 OTD301 650298 4762934 469.3 5.0 0.56 1.24 37 1 OTD301 650299 4762933 464.5 5.0 0.43 0.79 36 1 OTD301 650306 4762926 431.0 5.0 0.42 1.03 153 1 OTD301 650309 4762923 420.5 5.0 0.35 0.91 46 2 OTD301 650312 4762920 406.1 5.0 0.38 1.43 42 2 OTD301 650315 4762917 391.7 5.0 0.31 1.07 31 2 OTD301 650319 4762914 372.5 5.0 0.37 0.94 23 2 OTD301 650329 4762904 324.6 5.0 0.34 1.12 18 2 OTD301 650332 4762901 310.2 5.0 0.35 1.40 12 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD301 650333 4762900 305.4 5.0 0.31 0.89 50 2 OTD301 650334 4762899 300.6 5.0 0.32 0.73 25 2 OTD301 650336 4762896 291.0 5.0 0.32 0.76 61 2 OTD301 650340 4762892 266.0 5.0 0.35 0.89 62 1 OTD301 650341 4762891 261.2 5.0 0.46 1.20 56 1 OTD301 650342 4762890 256.4 5.0 0.37 1.31 51 1 OTD301 650343 4762889 251.5 5.0 0.43 1.12 103 1 OTD301 650348 4762884 227.5 5.0 0.42 1.06 66 1 OTD301 650350 4762882 217.8 5.0 0.42 1.17 58 1 OTD301 650351 4762881 213.0 5.0 0.38 0.92 33 1 OTD301 650354 4762877 193.7 5.0 0.40 1.16 43 1 OTD301 650355 4762876 188.9 5.0 0.39 1.52 29 1 OTD301 650358 4762873 174.4 5.0 0.43 0.48 34 1 OTD301 650359 4762872 169.6 5.0 0.45 0.83 25 1 OTD301 650359 4762871 164.8 5.0 0.37 1.36 22 1 OTD301 650360 4762870 160.0 5.0 0.48 1.81 20 1 OTD301 650361 4762869 155.2 5.0 0.43 1.89 15 1 OTD301 650363 4762867 145.5 5.0 0.43 0.68 26 1 OTD301 650365 4762865 135.9 5.0 0.56 0.72 67 1 OTD301 650366 4762863 126.3 5.0 0.54 1.02 18 1 OTD307 650706 4763341 1089.6 5.0 0.71 0.24 5 1 OTD307 650708 4763340 1085.3 5.0 0.54 0.21 15 1 OTD307 650710 4763338 1081.0 5.0 0.39 0.24 12 1 OTD307 650718 4763333 1063.8 5.0 0.74 0.77 32 1 OTD307 650721 4763331 1059.5 5.0 0.77 0.94 19 1 OTD307 650722 4763330 1055.7 4.0 1.29 1.65 24 1 OTD307 650724 4763329 1051.8 5.0 0.71 1.14 6 2 OTD307 650726 4763327 1047.5 5.0 0.97 1.66 41 2 OTD307 650729 4763326 1043.2 5.0 0.86 1.57 8 2 OTD307 650731 4763325 1039.0 5.0 1.06 2.46 6 2 OTD307 650733 4763323 1034.7 5.0 0.97 2.35 28 2 OTD307 650743 4763316 1013.8 2.0 0.53 1.17 5 2 OTD307 650745 4763315 1010.8 5.0 0.79 1.92 20 4 OTD307 650748 4763313 1005.7 5.0 1.13 3.61 33 2 OTD307 650750 4763312 1001.4 5.0 0.91 3.71 14 2 OTD307 650756 4763307 988.7 5.0 0.78 2.66 13 2 OTD307 650758 4763305 984.5 5.0 1.13 2.33 6 2 OTD307 650760 4763304 980.3 5.0 0.94 3.14 13 2 OTD307 650763 4763302 976.0 5.0 0.48 1.56 9 2 OTD307 650765 4763300 971.8 5.0 0.95 3.95 8 2 OTD307 650767 4763299 967.6 5.0 1.15 5.77 47 2 OTD307 650769 4763297 963.4 5.0 0.84 3.09 16 2 OTD307 650771 4763296 959.2 5.0 1.83 5.31 19 2 OTD307 650773 4763294 955.0 5.0 1.03 4.90 20 2 OTD307 650776 4763292 950.8 5.0 1.17 4.36 23 2 OTD307 650778 4763291 946.6 5.0 0.96 4.28 26 2 OTD307 650780 4763289 942.4 5.0 0.79 4.02 23 2 OTD307 650782 4763287 938.2 5.0 0.78 3.02 44 2 OTD307 650784 4763286 934.0 5.0 0.69 2.32 33 2 OTD307 650787 4763285 929.8 5.0 0.67 1.76 32 2 OTD307 650789 4763283 925.6 5.0 0.93 3.10 34 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD307 650791 4763281 921.4 5.0 0.69 2.18 44 2 OTD307 650793 4763280 917.3 5.0 0.69 2.55 49 2 OTD307 650795 4763277 913.1 5.0 0.82 2.62 37 2 OTD307 650797 4763276 908.9 5.0 0.95 2.46 124 2 OTD307 650799 4763274 904.7 5.0 1.08 2.92 36 2 OTD307 650802 4763272 900.5 5.0 0.62 2.03 28 2 OTD307 650804 4763271 896.3 5.0 1.28 2.56 85 2 OTD307 650806 4763269 892.1 5.0 0.91 2.33 55 2 OTD307 650808 4763268 887.9 5.0 1.60 3.29 212 2 OTD307 650810 4763266 883.8 5.0 0.78 2.11 36 2 OTD307 650813 4763264 879.6 5.0 0.63 1.66 35 2 OTD307 650815 4763263 875.4 5.0 1.00 2.32 71 2 OTD307 650817 4763261 871.2 5.0 1.08 2.31 122 2 OTD307 650819 4763260 867.0 5.0 1.45 2.77 152 2 OTD307 650822 4763258 862.9 5.0 1.61 3.18 44 2 OTD307 650824 4763257 858.7 5.0 0.98 2.13 40 2 OTD307 650826 4763255 854.5 5.0 0.78 1.95 34 2 OTD307 650829 4763254 850.3 5.0 1.00 1.97 46 2 OTD307 650831 4763252 846.1 5.0 1.07 1.62 23 2 OTD307 650833 4763251 842.0 5.0 0.77 2.02 33 2 OTD307 650835 4763249 837.8 5.0 1.16 2.39 37 2 OTD307 650838 4763247 833.6 5.0 1.15 2.79 18 2 OTD307 650840 4763245 829.5 5.0 1.21 3.27 34 2 OTD307 650842 4763244 825.3 5.0 0.41 0.88 12 2 OTD307 650844 4763242 821.1 5.0 0.91 2.15 28 2 OTD307 650846 4763240 817.0 5.0 0.79 1.64 28 2 OTD307 650849 4763239 812.8 5.0 0.72 1.41 62 2 OTD307 650851 4763237 808.7 5.0 0.70 1.44 68 2 OTD307 650853 4763235 804.5 5.0 0.48 0.82 88 2 OTD307 650855 4763234 800.4 5.0 0.82 1.35 54 2 OTD307 650858 4763232 796.2 5.0 0.95 1.50 59 2 OTD307 650860 4763230 792.1 5.0 1.51 3.07 177 2 OTD307 650862 4763229 787.9 5.0 0.71 1.38 78 2 OTD307 650864 4763228 783.8 5.0 1.00 1.90 176 2 OTD307 650867 4763226 779.6 5.0 0.59 1.33 87 2 OTD307 650869 4763224 775.5 5.0 0.59 1.34 46 2 OTD307 650871 4763223 771.3 5.0 0.63 1.50 81 2 OTD307 650874 4763222 767.2 5.0 0.52 1.67 53 2 OTD307 650876 4763220 763.0 5.0 0.62 2.13 128 2 OTD307 650878 4763218 758.9 5.0 0.49 1.22 57 2 OTD307 650885 4763214 746.5 5.0 0.40 0.06 10 2 OTD311 650622 4763049 1124.6 5.0 0.55 0.28 26 1 OTD311 650624 4763047 1120.2 5.0 0.54 0.29 50 1 OTD311 650626 4763046 1115.9 5.0 0.56 0.31 37 1 OTD311 650630 4763043 1107.2 5.0 0.32 0.24 28 1 OTD311 650634 4763040 1098.5 5.0 0.33 0.39 19 1 OTD311 650636 4763039 1094.2 5.0 0.77 0.48 112 1 OTD311 650638 4763037 1089.8 5.0 0.59 0.37 24 1 OTD311 650639 4763036 1086.3 3.0 1.03 0.67 36 1 OTD311 650647 4763031 1070.7 5.0 0.38 0.48 19 1 OTD311 650649 4763030 1066.4 5.0 0.46 0.66 21 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD311 650651 4763029 1062.0 5.0 0.49 0.63 12 1 OTD311 650653 4763027 1057.7 5.0 0.79 1.04 23 1 OTD311 650655 4763026 1053.4 5.0 0.96 3.30 24 1 OTD311 650657 4763025 1049.0 5.0 0.59 1.29 11 1 OTD311 650660 4763023 1044.7 5.0 0.67 0.84 28 1 OTD311 650662 4763022 1040.3 5.0 0.41 0.60 22 1 OTD311 650664 4763021 1036.0 5.0 0.45 0.65 20 1 OTD311 650666 4763020 1031.7 5.0 0.74 1.12 34 1 OTD311 650668 4763018 1027.3 5.0 0.46 0.69 21 1 OTD311 650670 4763017 1023.0 5.0 0.70 1.11 29 1 OTD311 650672 4763015 1018.7 5.0 0.46 0.82 35 1 OTD311 650674 4763014 1014.3 5.0 0.59 1.01 31 1 OTD311 650676 4763012 1010.0 5.0 0.70 0.97 61 1 OTD311 650678 4763011 1005.6 5.0 0.94 0.95 41 1 OTD311 650680 4763010 1001.3 5.0 0.55 0.52 21 1 OTD311 650682 4763008 997.0 5.0 0.47 0.67 18 1 OTD311 650684 4763007 992.6 5.0 0.62 1.17 21 2 OTD311 650686 4763005 988.3 5.0 0.63 1.39 25 2 OTD311 650688 4763004 983.9 5.0 0.65 1.35 17 2 OTD311 650690 4763002 979.6 5.0 1.01 2.32 13 2 OTD311 650692 4763001 975.2 5.0 0.89 1.80 25 2 OTD311 650694 4763000 970.9 5.0 0.41 0.95 17 2 OTD311 650696 4762998 966.5 5.0 0.80 2.53 25 2 OTD311 650698 4762997 962.2 5.0 0.51 1.56 16 2 OTD311 650700 4762995 957.9 5.0 1.07 2.94 15 2 OTD311 650702 4762993 953.5 5.0 1.13 2.78 31 2 OTD311 650704 4762992 949.2 5.0 2.08 5.69 107 2 OTD311 650706 4762990 944.8 5.0 0.84 2.35 66 2 OTD311 650708 4762989 940.5 5.0 0.99 2.67 14 2 OTD311 650710 4762988 936.1 5.0 0.72 2.13 22 2 OTD311 650712 4762986 931.8 5.0 0.67 1.99 21 2 OTD311 650714 4762985 927.5 5.0 0.37 0.39 47 2 OTD311 650719 4762980 915.3 5.0 0.33 0.11 22 1 OTD311 650723 4762977 906.6 5.0 0.31 0.11 15 1 OTD311 650725 4762976 902.3 5.0 0.36 0.12 19 1 OTD311 650731 4762971 889.3 5.0 0.38 0.12 18 1 OTD311 650740 4762963 867.6 5.0 0.46 0.09 27 1 OTD311 650742 4762961 863.2 5.0 0.38 0.13 25 1 OTD314 650462 4763036 1145.7 5.0 0.30 0.36 30 1 OTD314 650465 4763034 1136.3 5.0 0.31 0.17 40 1 OTD314 650466 4763033 1131.7 5.0 0.51 0.24 389 1 OTD314 650468 4763032 1127.0 5.0 0.37 0.18 208 1 OTD314 650471 4763030 1117.6 5.0 0.35 0.20 90 1 OTD314 650472 4763029 1112.9 5.0 0.48 0.24 125 1 OTD314 650475 4763027 1103.6 5.0 0.33 0.17 40 1 OTD314 650478 4763025 1094.2 5.0 0.31 0.14 57 1 OTD314 650479 4763024 1089.5 5.0 0.53 0.27 159 1 OTD314 650481 4763023 1084.9 5.0 0.38 0.16 42 1 OTD314 650484 4763021 1075.5 5.0 0.37 0.18 30 1 OTD314 650485 4763020 1070.9 5.0 0.36 0.21 22 1 OTD314 650489 4763016 1056.9 5.0 0.34 0.20 38 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD314 650491 4763015 1052.2 5.0 0.40 0.25 32 1 OTD314 650495 4763012 1038.3 5.0 0.55 0.24 51 1 OTD314 650496 4763011 1033.6 5.0 0.34 0.32 28 1 OTD314 650497 4763009 1028.9 5.0 0.32 0.26 51 1 OTD314 650500 4763007 1019.6 5.0 0.64 0.44 118 1 OTD314 650502 4763006 1015.0 5.0 0.63 0.28 142 1 OTD314 650503 4763005 1010.3 5.0 0.51 0.27 61 1 OTD314 650514 4762996 976.0 5.0 0.37 0.21 31 1 OTD314 650515 4762994 971.3 5.0 0.47 0.30 71 1 OTD314 650517 4762993 966.7 5.0 0.81 0.49 163 1 OTD314 650518 4762992 962.1 5.0 0.68 0.33 106 1 OTD314 650520 4762991 957.4 5.0 0.71 0.41 81 1 OTD314 650521 4762989 952.8 5.0 0.68 0.42 136 1 OTD314 650524 4762987 943.5 5.0 0.46 0.25 104 1 OTD314 650525 4762986 938.9 5.0 0.40 0.19 79 1 OTD314 650527 4762985 934.2 5.0 0.38 0.17 63 1 OTD314 650528 4762984 929.6 5.0 0.38 0.18 38 1 OTD314 650530 4762982 924.9 5.0 0.61 0.26 541 1 OTD314 650531 4762981 920.3 5.0 0.60 0.22 72 1 OTD314 650533 4762980 915.7 5.0 0.31 0.20 108 1 OTD314 650534 4762979 911.0 5.0 0.38 0.27 50 1 OTD314 650536 4762977 906.4 5.0 0.71 0.47 136 1 OTD314 650539 4762975 897.1 5.0 0.54 0.30 345 1 OTD314 650540 4762974 892.5 5.0 0.44 0.25 171 1 OTD314 650541 4762973 887.8 5.0 0.64 0.40 97 1 OTD314 650546 4762969 873.9 5.0 0.56 0.25 86 1 OTD314 650547 4762968 869.3 5.0 0.62 0.29 63 1 OTD314 650549 4762967 864.6 5.0 0.71 0.37 59 1 OTD314 650550 4762966 860.0 5.0 0.53 0.23 73 1 OTD314 650552 4762964 855.4 5.0 0.57 0.42 61 1 OTD314 650553 4762963 850.7 5.0 1.11 0.45 86 1 OTD314 650555 4762962 846.1 5.0 0.73 0.24 90 1 OTD314 650556 4762961 841.5 5.0 0.79 0.34 82 1 OTD314 650557 4762959 836.8 5.0 0.67 0.53 62 1 OTD314 650559 4762958 832.2 5.0 0.81 0.58 96 1 OTD314 650560 4762957 827.6 5.0 0.38 0.36 138 1 OTD314 650562 4762956 823.0 5.0 0.34 0.26 338 1 OTD314 650563 4762955 818.3 5.0 0.33 0.25 54 1 OTD314 650565 4762954 813.7 5.0 0.39 0.25 29 1 OTD314 650566 4762952 809.1 5.0 0.49 0.49 118 1 OTD314 650569 4762950 799.8 5.0 0.31 0.35 71 1 OTD314 650571 4762949 795.2 5.0 0.50 0.52 88 1 OTD314 650577 4762944 775.7 5.0 0.44 0.68 70 1 OTD314 650578 4762942 771.1 5.0 0.41 0.66 158 1 OTD314 650580 4762941 766.4 5.0 0.49 0.73 142 1 OTD314 650581 4762940 761.8 5.0 0.55 0.62 59 1 OTD314 650582 4762939 757.1 5.0 0.35 0.36 38 1 OTD314 650584 4762937 752.5 5.0 0.89 0.93 181 1 OTD314 650585 4762936 747.9 5.0 0.58 0.61 112 1 OTD314 650587 4762935 743.2 5.0 0.36 0.33 62 1 OTD314 650588 4762934 738.6 5.0 0.55 0.47 34 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD314 650590 4762933 734.0 5.0 0.43 0.45 67 1 OTD314 650591 4762932 729.3 5.0 0.70 0.70 73 1 OTD314 650592 4762931 724.7 5.0 0.51 0.64 205 1 OTD314 650594 4762929 720.1 5.0 0.31 0.42 35 1 OTD314 650595 4762928 715.4 5.0 0.39 0.57 44 1 OTD314 650597 4762927 710.8 5.0 0.56 0.77 93 1 OTD314 650598 4762926 706.2 5.0 0.48 0.74 49 1 OTD314 650600 4762924 701.5 5.0 0.54 0.83 137 1 OTD314 650601 4762923 696.9 5.0 0.51 0.59 102 1 OTD314 650602 4762922 692.3 5.0 0.42 0.52 127 1 OTD314 650603 4762921 689.0 2.0 0.55 0.93 97 1 OTD314 650604 4762920 685.8 5.0 0.58 0.79 174 2 OTD314 650606 4762919 681.1 5.0 0.53 1.30 176 2 OTD314 650607 4762918 676.5 5.0 0.83 1.50 139 2 OTD314 650609 4762916 671.9 5.0 1.58 2.18 131 2 OTD314 650610 4762916 668.6 2.0 0.50 0.77 250 2 OTD315 650681 4763483 1069.4 5.0 0.74 1.27 6 4 OTD315 650683 4763482 1065.1 5.0 0.34 0.62 6 4 OTD315 650697 4763472 1034.8 5.0 0.53 0.44 37 1 OTD315 650699 4763471 1030.4 5.0 0.53 0.46 43 1 OTD315 650702 4763469 1026.1 5.0 1.11 0.55 119 1 OTD315 650704 4763468 1021.8 5.0 0.54 0.48 44 1 OTD315 650706 4763466 1017.4 5.0 0.55 0.28 34 1 OTD315 650716 4763459 995.8 5.0 0.48 0.12 76 1 OTD315 650783 4763412 854.6 5.0 0.35 0.09 34 1 OTD315 650785 4763411 850.3 5.0 0.60 0.16 53 1 OTD315 650787 4763409 846.0 5.0 0.42 0.13 26 1 OTD315 650801 4763400 816.5 5.0 0.32 0.09 27 1 OTD316 650565 4763091 1118.1 5.0 0.59 0.29 120 1 OTD316 650566 4763089 1113.5 5.0 0.65 0.38 83 1 OTD316 650573 4763085 1095.1 5.0 0.40 0.26 29 1 OTD316 650578 4763082 1081.4 5.0 0.32 0.16 30 1 OTD316 650579 4763081 1076.8 5.0 0.50 0.44 46 1 OTD316 650581 4763080 1072.2 5.0 0.60 0.66 33 1 OTD316 650583 4763079 1067.7 5.0 0.44 0.21 31 1 OTD316 650584 4763077 1063.1 5.0 0.53 0.20 44 1 OTD316 650586 4763076 1058.5 5.0 0.75 0.38 35 1 OTD316 650588 4763075 1053.9 5.0 0.36 0.16 28 1 OTD316 650591 4763073 1044.8 5.0 0.39 0.27 30 1 OTD316 650593 4763072 1040.2 5.0 0.36 0.23 15 1 OTD316 650618 4763055 977.7 5.0 0.39 0.22 50 1 OTD316 650619 4763054 973.2 5.0 0.42 0.37 67 1 OTD316 650621 4763053 968.8 5.0 0.77 0.78 93 1 OTD316 650623 4763052 964.3 5.0 0.42 0.40 69 1 OTD316 650625 4763050 959.8 5.0 0.90 0.57 32 1 OTD316 650627 4763049 955.4 5.0 0.35 0.22 29 1 OTD316 650629 4763048 950.9 5.0 0.54 0.40 56 1 OTD316 650631 4763046 946.4 5.0 0.59 0.38 57 1 OTD316 650632 4763045 942.0 5.0 0.57 0.42 28 1 OTD316 650634 4763044 937.6 5.0 0.52 0.39 72 1 OTD316 650636 4763043 933.1 5.0 0.54 0.51 15 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD316 650638 4763042 929.6 3.0 0.51 0.50 16 1 OTD316 650641 4763039 922.9 4.0 0.59 0.66 18 1 OTD316 650642 4763038 918.9 5.0 0.68 0.56 23 2 OTD316 650644 4763037 914.5 5.0 1.08 1.20 48 2 OTD316 650646 4763035 910.1 5.0 1.42 1.19 74 2 OTD316 650648 4763034 905.7 5.0 0.73 0.77 41 2 OTD316 650650 4763033 901.3 5.0 0.31 0.30 24 2 OTD316 650652 4763031 896.9 5.0 0.47 0.50 24 2 OTD316 650654 4763030 892.5 5.0 0.67 0.91 229 2 OTD316 650656 4763028 888.1 5.0 0.94 2.39 67 2 OTD316 650657 4763027 883.7 5.0 1.12 2.97 67 2 OTD316 650659 4763025 879.3 5.0 0.75 1.71 173 2 OTD316 650661 4763024 875.0 5.0 0.39 0.68 25 2 OTD316 650663 4763022 870.6 5.0 0.38 0.90 48 2 OTD316 650665 4763021 866.2 5.0 0.84 0.93 84 2 OTD316 650667 4763019 861.9 5.0 0.74 0.67 166 2 OTD316 650669 4763018 857.5 5.0 0.54 0.47 46 2 OTD316 650673 4763015 848.8 5.0 0.65 0.54 127 2 OTD316 650674 4763013 844.5 5.0 0.41 0.46 28 2 OTD316 650676 4763012 840.6 4.0 0.37 0.46 17 2 OTD316 650677 4763011 837.9 2.0 0.60 0.78 19 1 OTD316 650679 4763009 834.9 5.0 0.83 1.05 22 2 OTD316 650680 4763008 830.6 5.0 0.95 1.15 18 2 OTD316 650682 4763006 826.2 5.0 1.01 1.03 50 2 OTD316 650684 4763005 821.9 5.0 0.69 0.94 29 2 OTD316 650686 4763003 817.6 5.0 0.93 0.93 130 2 OTD316 650688 4763002 813.2 5.0 0.70 0.58 53 2 OTD316 650690 4763000 808.9 5.0 1.23 1.01 84 2 OTD316 650692 4762999 804.6 5.0 0.86 0.86 61 2 OTD316 650694 4762997 800.3 5.0 0.99 1.07 100 2 OTD316 650696 4762995 796.0 5.0 1.09 1.85 71 2 OTD316 650698 4762994 791.6 5.0 0.91 2.19 32 2 OTD317 650811 4763264 1069.8 5.0 1.36 1.09 68 1 OTD317 650813 4763262 1065.5 5.0 0.72 0.64 9 1 OTD317 650815 4763260 1061.2 5.0 0.86 0.91 11 1 OTD317 650816 4763259 1057.3 4.0 1.06 1.04 26 1 OTD317 650818 4763257 1053.4 5.0 0.97 1.19 25 2 OTD317 650820 4763256 1049.1 5.0 0.64 0.68 21 2 OTD317 650822 4763254 1044.8 5.0 0.78 1.02 10 2 OTD317 650824 4763252 1040.4 5.0 0.88 1.26 32 2 OTD317 650826 4763251 1036.1 5.0 0.67 0.83 11 2 OTD317 650828 4763249 1031.8 5.0 0.63 0.65 15 2 OTD317 650829 4763247 1027.5 5.0 0.81 1.10 59 2 OTD317 650831 4763246 1023.2 5.0 1.45 2.60 10 2 OTD317 650833 4763244 1018.9 5.0 0.85 1.40 16 2 OTD317 650835 4763242 1014.5 5.0 1.03 1.81 11 2 OTD317 650837 4763241 1010.2 5.0 1.08 2.27 13 2 OTD317 650839 4763239 1005.9 5.0 1.13 3.01 38 2 OTD317 650841 4763237 1001.6 5.0 0.78 1.85 27 2 OTD317 650843 4763236 997.3 5.0 0.94 2.25 121 2 OTD317 650845 4763234 992.9 5.0 1.16 3.08 60 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD317 650847 4763232 988.6 5.0 1.02 3.48 19 2 OTD317 650848 4763230 984.3 5.0 1.62 4.85 28 2 OTD317 650850 4763229 980.0 5.0 0.97 2.99 66 2 OTD317 650852 4763227 975.7 5.0 0.82 3.24 8 2 OTD317 650854 4763225 971.3 5.0 0.80 1.22 17 2 OTD317 650856 4763224 967.0 5.0 0.75 2.01 55 2 OTD317 650858 4763222 962.7 5.0 0.76 1.64 8 2 OTD317 650860 4763220 958.4 5.0 0.79 2.68 14 2 OTD317 650862 4763219 954.0 5.0 0.68 1.94 7 2 OTD317 650863 4763217 949.7 5.0 0.99 2.18 133 2 OTD317 650865 4763215 945.4 5.0 0.75 1.81 20 2 OTD317 650867 4763213 941.1 5.0 0.88 3.19 134 2 OTD317 650869 4763212 936.8 5.0 1.06 2.70 95 2 OTD317 650871 4763210 932.5 5.0 0.61 1.67 40 2 OTD317 650873 4763208 928.1 5.0 0.66 1.47 10 2 OTD317 650875 4763207 923.8 5.0 1.11 2.16 9 2 OTD317 650877 4763205 919.5 5.0 0.62 1.39 16 2 OTD317 650879 4763204 915.2 5.0 0.95 2.22 18 2 OTD317 650881 4763202 910.9 5.0 0.92 2.10 21 2 OTD317 650883 4763200 906.6 5.0 0.51 1.24 271 2 OTD317 650884 4763199 903.1 3.0 0.46 0.65 5 2 OTD317 650886 4763198 899.7 5.0 0.45 0.52 13 1 OTD317 650888 4763196 895.4 5.0 0.46 0.53 21 1 OTD317 650890 4763195 891.1 5.0 0.33 0.12 11 1 OTD320 650569 4762965 1118.7 5.0 0.44 0.45 72 1 OTD320 650571 4762964 1114.0 5.0 0.31 0.15 29 1 OTD320 650573 4762962 1104.5 5.0 0.43 0.34 30 1 OTD320 650576 4762960 1095.0 5.0 0.31 0.22 48 1 OTD320 650577 4762959 1090.2 5.0 0.41 0.24 23 1 OTD320 650578 4762959 1085.5 5.0 0.47 0.23 32 1 OTD320 650581 4762956 1076.0 5.0 0.47 0.29 17 1 OTD320 650582 4762956 1071.2 5.0 0.37 0.20 46 1 OTD320 650583 4762955 1066.4 5.0 0.35 0.24 68 1 OTD320 650585 4762954 1061.7 5.0 0.38 0.21 97 1 OTD320 650586 4762953 1056.9 5.0 0.43 0.26 201 1 OTD320 650587 4762952 1052.2 5.0 0.31 0.21 70 1 OTD320 650591 4762949 1037.9 5.0 0.32 0.23 20 1 OTD320 650592 4762948 1033.1 5.0 0.48 0.24 71 1 OTD320 650595 4762947 1023.6 5.0 0.34 0.16 84 1 OTD320 650597 4762945 1014.0 5.0 0.40 0.19 31 1 OTD320 650598 4762944 1009.3 5.0 0.42 0.13 177 1 OTD320 650600 4762943 1004.5 5.0 0.33 0.16 67 1 OTD320 650601 4762942 999.7 5.0 0.33 0.15 36 1 OTD320 650602 4762941 994.9 5.0 0.30 0.20 56 1 OTD320 650604 4762940 990.2 5.0 0.35 0.17 29 1 OTD320 650605 4762940 985.4 5.0 0.46 0.17 70 1 OTD320 650606 4762939 980.6 5.0 0.50 0.20 49 1 OTD320 650610 4762937 966.3 5.0 0.45 0.19 44 1 OTD320 650611 4762936 961.5 5.0 0.46 0.19 27 1 OTD320 650613 4762936 956.8 5.0 0.57 0.25 96 1 OTD320 650614 4762935 952.0 5.0 0.69 0.32 75 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD320 650615 4762934 947.2 5.0 1.41 0.73 192 1 OTD320 650616 4762933 942.4 5.0 0.58 0.31 39 1 OTD320 650618 4762933 937.6 5.0 0.69 0.36 64 1 OTD320 650619 4762932 932.9 5.0 0.50 0.32 43 1 OTD320 650620 4762931 928.1 5.0 0.42 0.25 12 1 OTD320 650621 4762930 923.3 5.0 0.36 0.26 15 1 OTD320 650623 4762930 918.5 5.0 0.64 0.35 26 1 OTD320 650624 4762929 913.7 5.0 0.63 0.43 34 1 OTD320 650625 4762928 908.9 5.0 0.32 0.21 18 1 OTD320 650626 4762927 904.1 5.0 0.46 0.31 27 1 OTD320 650628 4762927 899.3 5.0 0.44 0.21 13 1 OTD320 650629 4762926 894.5 5.0 0.55 0.30 94 1 OTD320 650630 4762925 889.8 5.0 0.35 0.33 46 1 OTD320 650631 4762924 885.0 5.0 0.61 0.59 179 1 OTD320 650632 4762924 880.2 5.0 0.57 0.46 342 1 OTD320 650634 4762923 875.4 5.0 0.36 0.21 23 1 OTD320 650635 4762922 871.1 4.0 0.54 0.34 80 1 OTD320 650639 4762920 855.3 5.0 0.65 0.37 64 1 OTD320 650640 4762919 850.5 5.0 0.52 0.35 85 1 OTD325 650896 4763207 1106.5 5.0 0.40 0.16 5 1 OTD325 650897 4763206 1102.1 5.0 0.45 0.20 7 1 OTD325 650899 4763204 1097.7 5.0 0.40 0.17 9 1 OTD325 650901 4763203 1093.3 5.0 0.48 0.21 6 1 OTD325 650903 4763201 1088.9 5.0 0.39 0.19 9 1 OTD325 650905 4763200 1084.5 5.0 0.46 0.21 24 1 OTD325 650907 4763199 1080.1 5.0 0.46 0.22 10 1 OTD325 650909 4763197 1075.7 5.0 0.50 0.33 23 1 OTD325 650911 4763196 1071.3 5.0 0.47 0.25 23 1 OTD325 650913 4763194 1066.9 5.0 0.60 0.26 38 1 OTD325 650915 4763193 1062.5 5.0 0.56 0.31 23 1 OTD325 650916 4763192 1058.0 5.0 0.68 0.33 51 1 OTD326 650857 4763360 1100.6 5.0 0.34 0.02 10 4 OTD326 650859 4763359 1096.3 5.0 0.58 0.02 26 4 OTD326 650863 4763356 1087.6 5.0 0.40 0.01 10 4 OTD326 650865 4763354 1083.2 5.0 0.40 0.01 14 4 OTD326 650867 4763353 1078.8 5.0 0.40 0.01 19 4 OTD326 650868 4763352 1075.8 2.0 0.54 0.01 17 4 OTD326 650872 4763350 1068.3 5.0 0.66 0.22 8 1 OTD326 650874 4763348 1064.0 5.0 0.99 0.34 10 1 OTD326 650876 4763347 1059.6 5.0 0.95 0.46 25 1 OTD326 650881 4763342 1046.4 5.0 0.65 0.41 15 1 OTD326 650883 4763341 1042.0 5.0 0.42 0.21 9 1 OTD326 650887 4763338 1033.2 5.0 0.52 0.23 7 1 OTD326 650889 4763337 1028.7 5.0 1.09 0.45 16 1 OTD326 650891 4763336 1024.3 5.0 0.64 0.21 19 1 OTD326 650893 4763334 1019.8 5.0 0.74 0.25 25 1 OTD326 650894 4763333 1015.4 5.0 0.42 0.18 76 1 OTD326 650898 4763330 1006.5 5.0 0.48 0.12 12 1 OTD326 650904 4763326 993.1 5.0 0.59 0.41 24 1 OTD326 650906 4763325 988.7 5.0 0.71 0.61 30 1 OTD326 650907 4763323 984.2 5.0 0.56 0.40 44 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD326 650909 4763322 979.7 5.0 0.95 0.57 56 1 OTD326 650911 4763321 975.3 5.0 0.85 0.53 37 1 OTD326 650913 4763320 970.8 5.0 0.76 1.14 26 1 OTD326 650915 4763319 966.3 5.0 1.33 0.58 43 1 OTD326 650916 4763317 961.8 5.0 0.86 0.44 39 1 OTD326 650918 4763316 957.3 5.0 0.73 0.42 63 1 OTD326 650920 4763315 952.7 5.0 0.52 0.31 37 1 OTD326 650921 4763313 948.2 5.0 0.83 0.54 15 1 OTD326 650923 4763312 943.7 5.0 0.91 0.73 17 1 OTD326 650924 4763310 939.1 5.0 0.78 0.39 46 1 OTD326 650926 4763309 934.5 5.0 0.49 0.24 30 1 OTD326 650927 4763308 929.9 5.0 0.55 0.33 46 1 OTD326 650929 4763306 925.4 5.0 0.67 0.47 41 1 OTD326 650930 4763305 920.8 5.0 0.63 0.39 27 1 OTD326 650932 4763304 916.3 5.0 0.36 0.24 14 1 OTD326 650934 4763302 911.8 5.0 0.71 0.43 33 1 OTD326 650936 4763301 907.2 5.0 0.92 0.43 25 1 OTD326 650937 4763300 902.7 5.0 0.42 0.23 24 1 OTD326 650939 4763298 898.2 5.0 0.68 0.44 11 1 OTD326 650941 4763297 893.7 5.0 0.36 0.26 15 1 OTD326 650943 4763296 889.2 5.0 0.60 0.45 54 1 OTD326 650945 4763295 884.8 5.0 0.49 0.25 9 1 OTD326 650947 4763294 880.3 5.0 0.34 0.37 22 1 OTD326 650948 4763293 875.8 5.0 0.31 0.24 15 1 OTD326 650950 4763291 871.3 5.0 0.51 0.35 25 1 OTD326 650952 4763290 866.8 5.0 0.65 0.22 28 1 OTD326 650954 4763289 862.4 5.0 0.84 0.07 26 1 OTD326 650956 4763288 857.9 5.0 1.05 0.14 16 1 OTD326 650958 4763286 853.4 5.0 0.89 0.09 17 1 OTD326 650960 4763285 848.9 5.0 0.59 0.11 39 1 OTD328 650535 4762987 1131.2 5.0 0.47 0.30 121 1 OTD328 650537 4762986 1126.7 5.0 0.46 0.24 132 1 OTD328 650545 4762981 1108.8 5.0 0.31 0.17 18 1 OTD328 650549 4762979 1099.9 5.0 0.31 0.18 38 1 OTD328 650554 4762975 1086.5 5.0 0.52 0.21 72 1 OTD328 650556 4762973 1082.1 5.0 0.36 0.21 28 1 OTD328 650562 4762969 1068.7 5.0 0.31 0.23 28 1 OTD328 650563 4762968 1064.3 5.0 0.44 0.31 20 1 OTD328 650567 4762966 1055.4 5.0 0.50 0.34 52 1 OTD328 650569 4762964 1051.0 5.0 0.36 0.34 35 1 OTD328 650571 4762963 1046.5 5.0 0.33 0.63 15 1 OTD328 650579 4762957 1028.9 5.0 0.48 0.27 7 1 OTD328 650580 4762956 1024.5 5.0 0.46 0.26 25 1 OTD328 650582 4762955 1020.1 5.0 0.31 0.20 20 1 OTD328 650584 4762953 1015.6 5.0 0.49 0.67 18 1 OTD328 650586 4762952 1011.2 5.0 0.73 0.41 27 1 OTD328 650588 4762950 1006.8 5.0 0.53 0.29 46 1 OTD328 650590 4762949 1002.5 5.0 0.45 0.18 39 1 OTD328 650592 4762948 998.1 5.0 0.62 0.22 103 1 OTD328 650594 4762946 993.7 5.0 0.60 0.25 107 1 OTD328 650596 4762945 989.3 5.0 0.58 0.27 144 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD328 650604 4762939 971.8 5.0 0.42 0.17 38 1 OTD328 650606 4762937 967.5 5.0 0.59 0.28 102 1 OTD328 650608 4762936 963.1 5.0 0.65 0.35 83 1 OTD328 650610 4762935 958.8 5.0 0.52 0.19 39 1 OTD328 650612 4762933 954.4 5.0 0.60 0.29 50 1 OTD328 650614 4762932 950.0 5.0 0.61 0.31 93 1 OTD328 650616 4762930 945.7 5.0 0.32 0.15 24 1 OTD328 650618 4762929 941.4 5.0 0.37 0.18 20 1 OTD328 650626 4762923 924.1 5.0 0.50 0.22 33 1 OTD328 650628 4762921 919.8 5.0 0.43 0.17 114 1 OTD328 650630 4762920 915.5 5.0 0.38 0.19 88 1 OTD328 650632 4762918 911.2 5.0 0.50 0.28 111 1 OTD328 650634 4762917 906.9 5.0 0.66 0.33 132 1 OTD328 650636 4762915 902.6 5.0 0.54 0.46 84 1 OTD328 650638 4762913 898.3 5.0 0.60 2.14 123 1 OTD328 650640 4762912 894.0 5.0 0.59 0.41 51 1 OTD328 650642 4762910 889.7 5.0 0.72 0.42 83 1 OTD328 650647 4762907 880.3 5.0 0.34 0.17 41 1 OTD328 650649 4762906 876.0 5.0 0.54 0.29 57 1 OTD328 650651 4762904 871.8 5.0 0.51 0.35 133 1 OTD328 650653 4762902 867.5 5.0 0.41 0.40 152 1 OTD328 650655 4762901 863.2 5.0 0.59 0.56 181 1 OTD328 650657 4762899 859.0 5.0 0.51 0.51 120 1 OTD328 650659 4762897 854.7 5.0 0.50 0.29 141 1 OTD328 650665 4762892 842.0 5.0 0.36 0.10 20 1 OTD328 650669 4762888 833.6 5.0 0.36 0.18 37 1 OTD330 650304 4763149 1121.2 5.0 0.39 0.31 20 1 OTD330 650306 4763149 1116.5 5.0 0.37 0.34 28 1 OTD330 650307 4763148 1111.8 5.0 0.39 0.40 42 1 OTD330 650309 4763147 1107.1 5.0 0.51 0.40 38 1 OTD330 650310 4763146 1102.5 5.0 0.70 0.40 34 1 OTD330 650311 4763145 1097.8 5.0 0.35 0.34 76 1 OTD330 650313 4763144 1093.1 5.0 0.43 0.59 115 1 OTD330 650314 4763143 1088.4 5.0 0.46 0.47 44 1 OTD330 650323 4763137 1060.4 5.0 0.47 0.43 123 1 OTD330 650324 4763136 1055.7 5.0 0.34 0.33 162 1 OTD330 650330 4763131 1037.0 5.0 0.33 0.42 164 1 OTD330 650343 4763121 995.0 5.0 0.39 0.27 145 1 OTD330 650353 4763113 962.6 5.0 0.39 0.25 400 1 OTD330 650356 4763110 953.3 5.0 0.33 0.13 84 1 OTD330 650360 4763107 939.4 5.0 0.32 0.22 37 1 OTD330 650363 4763104 930.1 5.0 0.31 0.28 183 1 OTD330 650364 4763102 925.5 5.0 0.31 0.28 88 1 OTD330 650376 4763091 883.8 5.0 0.31 0.32 68 1 OTD330 650381 4763086 865.2 5.0 0.37 0.40 95 1 OTD330 650382 4763084 860.6 5.0 0.43 0.42 111 1 OTD330 650384 4763083 855.9 5.0 0.56 0.37 59 1 OTD330 650385 4763081 851.3 5.0 0.31 0.31 63 1 OTD330 650392 4763073 824.4 5.0 0.32 0.34 49 1 OTD330 650393 4763071 819.8 5.0 0.35 0.33 176 1 OTD330 650394 4763070 815.1 5.0 0.34 0.42 66 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD330 650400 4763060 787.3 5.0 0.38 0.30 75 1 OTD330 650402 4763058 778.0 5.0 0.34 0.36 67 1 OTD330 650403 4763056 773.4 5.0 0.36 0.39 48 1 OTD330 650404 4763055 768.7 5.0 0.39 0.47 68 1 OTD330 650407 4763050 754.8 5.0 0.32 0.35 53 1 OTD330 650422 4763024 680.4 5.0 0.42 0.43 54 1 OTD330 650431 4763009 636.6 5.0 0.47 0.61 31 1 OTD330 650431 4763007 632.0 5.0 0.59 0.75 60 1 OTD330 650432 4763006 627.3 5.0 0.33 0.64 50 1 OTD330 650433 4763004 622.6 5.0 0.36 0.67 37 1 OTD330 650434 4763003 618.0 5.0 0.48 0.58 44 1 OTD330 650435 4763001 613.3 5.0 0.68 0.67 46 1 OTD330 650435 4762999 608.6 5.0 1.14 0.97 59 1 OTD330 650436 4762998 604.0 5.0 0.89 0.77 95 1 OTD330 650437 4762996 599.3 5.0 0.70 0.92 53 1 OTD330 650442 4762986 571.3 5.0 0.41 0.57 8 1 OTD330 650443 4762984 566.6 5.0 0.35 0.81 19 1 OTD330 650443 4762983 562.0 5.0 0.34 1.03 19 1 OTD330 650445 4762980 552.6 5.0 0.31 0.72 126 1 OTD330 650447 4762975 538.6 5.0 0.33 1.03 82 1 OTD330 650447 4762973 533.9 5.0 0.36 1.47 133 1 OTD330 650449 4762970 524.6 5.0 0.31 1.18 57 1 OTD330 650453 4762958 491.8 5.0 0.32 0.90 23 1 OTD330 650454 4762957 487.1 5.0 0.34 0.69 146 1 OTD330 650454 4762955 482.5 5.0 0.34 1.34 12 1 OTD330 650456 4762952 473.1 5.0 0.35 1.58 7 1 OTD330 650457 4762949 463.7 5.0 0.41 0.97 14 1 OTD330 650457 4762947 459.0 5.0 0.43 1.30 8 1 OTD330 650466 4762923 388.7 5.0 0.32 0.90 9 1 OTD330 650473 4762903 332.3 5.0 0.34 0.68 47 1 OTD330 650474 4762902 327.6 5.0 0.33 0.56 22 1 OTD331 650539 4762791 1126.4 5.0 0.40 0.16 88 1 OTD331 650542 4762789 1117.0 5.0 0.35 0.13 92 1 OTD331 650544 4762788 1112.3 5.0 0.77 0.18 319 1 OTD331 650547 4762787 1103.0 5.0 0.49 0.19 113 1 OTD331 650550 4762785 1093.6 5.0 0.32 0.16 163 1 OTD331 650551 4762785 1088.9 5.0 0.48 0.17 245 1 OTD331 650555 4762783 1079.5 5.0 0.95 0.19 703 1 OTD331 650556 4762782 1074.8 5.0 0.41 0.14 339 1 OTD331 650579 4762769 1004.7 5.0 0.65 0.08 6 1 OTD331 650581 4762768 1000.0 5.0 1.25 0.12 14 1 OTD331 650584 4762767 990.7 5.0 1.14 0.15 16 1 OTD331 650586 4762765 986.1 5.0 1.02 0.10 7 1 OTD331 650587 4762765 981.4 5.0 0.99 0.13 7 1 OTD331 650589 4762764 976.8 5.0 1.16 0.13 7 1 OTD331 650590 4762763 972.1 5.0 1.26 0.10 13 1 OTD331 650592 4762762 967.5 5.0 0.94 0.07 10 1 OTD331 650594 4762761 962.8 5.0 0.84 0.06 10 1 OTD331 650595 4762760 958.2 5.0 0.56 0.14 5 1 OTD331 650597 4762759 953.6 5.0 0.43 0.07 5 1 OTD331 650598 4762758 948.9 5.0 0.57 0.07 7 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD331 650600 4762757 944.3 5.0 0.44 0.05 5 1 OTD336 650456 4762847 1127.3 5.0 0.48 0.23 45 1 OTD336 650458 4762846 1122.6 5.0 0.44 0.15 54 1 OTD336 650460 4762843 1113.2 5.0 0.37 0.15 70 1 OTD336 650462 4762842 1108.5 5.0 0.75 0.26 193 1 OTD336 650463 4762841 1103.8 5.0 0.53 0.14 105 1 OTD336 650464 4762839 1099.1 5.0 0.36 0.12 58 1 OTD336 650466 4762838 1094.5 5.0 0.67 0.37 185 1 OTD336 650467 4762837 1089.8 5.0 0.83 0.47 316 1 OTD336 650468 4762836 1085.1 5.0 0.86 0.54 339 1 OTD336 650470 4762835 1080.4 5.0 0.55 0.16 86 1 OTD336 650471 4762834 1075.7 5.0 0.74 0.26 198 1 OTD336 650472 4762833 1071.1 5.0 0.33 0.17 231 1 OTD336 650475 4762831 1061.7 5.0 0.56 0.14 70 1 OTD336 650476 4762829 1057.0 5.0 0.83 0.26 60 1 OTD336 650478 4762828 1052.4 5.0 0.38 0.12 74 1 OTD336 650479 4762827 1047.7 5.0 0.79 0.25 118 1 OTD336 650480 4762825 1043.0 5.0 0.54 0.27 98 1 OTD336 650482 4762824 1038.4 5.0 0.49 0.14 140 1 OTD336 650484 4762822 1029.1 5.0 0.37 0.22 50 1 OTD336 650497 4762809 983.6 5.0 0.32 0.17 139 1 OTD336 650499 4762808 979.0 5.0 0.47 0.24 228 1 OTD336 650500 4762807 974.3 5.0 0.48 0.20 178 1 OTD336 650503 4762804 965.1 5.0 0.59 0.27 136 1 OTD336 650505 4762801 955.9 5.0 0.34 0.23 188 1 OTD336 650507 4762800 951.3 5.0 0.30 0.21 39 1 OTD336 650508 4762798 946.7 5.0 0.35 0.20 95 1 OTD336 650511 4762795 937.5 5.0 0.45 0.25 171 1 OTD336 650515 4762791 923.7 5.0 0.32 0.19 184 1 OTD336 650516 4762790 919.1 5.0 0.46 0.21 196 1 OTD336 650518 4762788 914.5 5.0 0.42 0.17 107 1 OTD336 650520 4762785 905.4 5.0 0.53 0.30 108 1 OTD336 650522 4762783 900.8 5.0 0.43 0.21 177 1 OTD336 650523 4762782 896.2 5.0 0.50 0.23 65 1 OTD336 650526 4762779 887.1 5.0 0.44 0.26 96 1 OTD336 650529 4762776 878.0 5.0 0.48 0.28 79 1 OTD336 650530 4762774 873.5 5.0 0.44 0.17 89 1 OTD336 650532 4762773 868.9 5.0 0.55 0.30 235 1 OTD336 650533 4762771 864.4 5.0 0.58 0.34 114 1 OTD336 650535 4762770 859.8 5.0 0.46 0.26 91 1 OTD336 650536 4762769 855.3 5.0 0.41 0.26 495 1 OTD336 650538 4762767 850.8 5.0 0.43 0.19 112 1 OTD336 650539 4762765 846.3 5.0 0.35 0.24 60 1 OTD336 650540 4762764 841.8 5.0 0.30 0.26 44 1 OTD336 650542 4762762 837.2 5.0 0.35 0.24 61 1 OTD336 650543 4762760 832.7 5.0 0.51 0.26 146 1 OTD336 650545 4762759 828.2 5.0 0.45 0.41 170 1 OTD336 650548 4762755 819.2 5.0 0.42 0.74 214 1 OTD336 650549 4762754 814.7 5.0 0.50 0.40 52 1 OTD336 650551 4762752 810.2 5.0 0.35 0.39 89 1 OTD336 650552 4762750 805.7 5.0 0.46 0.48 53 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================================= OTD336 650554 4762749 801.2 5.0 0.59 1.00 163 1 OTD337 650306 4762955 1072.7 5.0 0.59 0.24 91 1 OTD337 650307 4762954 1067.9 5.0 0.78 0.32 261 1 OTD337 650309 4762953 1063.2 5.0 0.54 0.14 108 1 OTD337 650310 4762952 1058.5 5.0 1.06 0.34 216 1 OTD337 650311 4762952 1053.7 5.0 0.62 0.27 109 1 OTD337 650313 4762951 1049.0 5.0 0.68 0.25 161 1 OTD337 650314 4762950 1044.3 5.0 0.35 0.15 43 1 OTD337 650315 4762949 1039.5 5.0 0.77 0.30 120 1 OTD337 650317 4762949 1034.8 5.0 0.43 0.26 78 1 OTD337 650343 4762933 940.5 5.0 0.37 0.22 50 1 OTD337 650344 4762933 935.8 5.0 0.76 0.39 182 1 OTD337 650346 4762932 931.0 5.0 0.65 0.32 137 1 OTD337 650347 4762932 926.2 5.0 0.72 0.23 225 1 OTD337 650348 4762931 921.5 5.0 0.52 0.21 140 1 OTD337 650350 4762930 916.7 5.0 0.52 0.31 164 1 OTD337 650351 4762929 911.9 5.0 0.38 0.24 71 1 OTD337 650356 4762926 892.8 5.0 0.38 0.25 98 1 OTD337 650357 4762926 888.0 5.0 0.31 0.23 67 1 OTD337 650369 4762919 845.0 5.0 0.35 0.27 115 1 OTD337 650378 4762913 806.7 5.0 1.03 1.19 221 1 OTD337 650380 4762912 801.9 5.0 1.08 0.89 161 1 OTD337 650381 4762911 797.1 5.0 0.31 0.46 51 1 OTD337 650382 4762910 792.3 5.0 0.31 0.28 49 1 OTD337 650383 4762910 787.6 5.0 0.32 0.12 42 1 OTD337 650384 4762909 782.8 5.0 0.33 0.36 68 1 OTD337 650386 4762908 778.0 5.0 0.43 0.51 57 1 OTD337 650387 4762908 773.2 5.0 0.35 0.43 81 1 OTD337 650388 4762907 768.4 5.0 0.47 0.46 91 1 OTD337 650389 4762906 763.6 5.0 0.47 0.74 51 1 OTD337 650390 4762905 758.8 5.0 0.47 0.60 78 1 OTD337 650392 4762904 754.1 5.0 0.36 0.39 43 1 OTD337 650399 4762900 725.3 5.0 0.48 0.45 69 1 OTD337 650401 4762898 715.8 5.0 0.31 0.61 104 1 OTD337 650402 4762898 711.0 5.0 0.31 0.39 56 1 OTD337 650406 4762896 696.6 5.0 0.38 0.59 40 1 OTD337 650409 4762894 687.0 5.0 0.35 0.61 108 1 OTD337 650410 4762893 682.2 5.0 0.63 1.38 110 1 OTD337 650413 4762891 667.9 5.0 0.42 0.71 139 1 OTD337 650416 4762889 658.3 5.0 0.65 0.51 55 1 OTD337 650417 4762889 653.5 5.0 0.35 0.39 52 1 OTD337 650418 4762888 648.7 5.0 0.37 0.92 59 1 OTD337 650423 4762885 629.6 5.0 0.30 0.48 83 1 OTD337 650430 4762880 600.8 5.0 0.39 0.50 95 1 OTD337 650431 4762880 596.0 5.0 0.52 0.86 100 1 OTD337 650433 4762879 591.2 5.0 0.49 0.81 46 1 OTD337 650435 4762878 581.7 5.0 0.34 0.57 28 1 OTD337 650436 4762877 576.9 5.0 0.39 0.37 9 1 OTD337 650437 4762876 572.1 5.0 0.50 0.47 60 1 OTD337 650440 4762875 562.5 5.0 0.38 1.08 23 1 OTD337 650441 4762874 557.7 5.0 0.72 1.86 13 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ===================================================================================================================== OTD337 650445 4762872 543.4 5.0 0.35 0.94 12 1 OTD337 650446 4762871 538.6 5.0 0.39 1.03 31 1 OTD337 650448 4762869 529.0 5.0 0.49 2.35 23 1 OTD337 650449 4762868 524.2 5.0 0.46 0.83 32 1 OTD337 650451 4762867 519.4 5.0 0.39 0.91 15 1 OTD337 650453 4762866 509.8 5.0 0.39 0.72 16 1 OTD337 650454 4762866 505.0 5.0 0.39 0.55 28 1 OTD337 650457 4762864 495.5 5.0 0.37 1.22 15 1 OTD337 650458 4762863 490.7 5.0 0.61 0.83 33 1 OTD337 650459 4762863 485.9 5.0 0.59 1.17 10 1 OTD337 650460 4762862 481.1 5.0 0.71 1.66 29 1 OTD337 650470 4762855 442.9 5.0 0.37 0.84 19 1 OTD337 650487 4762843 375.9 5.0 0.41 0.14 96 1 OTD337 650489 4762841 366.4 5.0 0.33 0.11 82 1 OTRCD150 650646 4763071 1109.2 5.0 0.63 0.37 30 1 OTRCD150 650647 4763073 1105.0 5.0 0.56 0.39 23 1 OTRCD150 650650 4763076 1099.1 5.0 0.60 0.44 23 1 OTRCD150 650651 4763078 1094.9 5.0 0.56 0.43 33 1 OTRCD150 650653 4763080 1090.7 5.0 0.62 0.44 44 1 OTRCD150 650655 4763082 1086.5 5.0 0.63 0.61 43 1 OTRCD150 650657 4763084 1082.4 5.0 0.46 0.49 52 1 OTRCD150 650658 4763086 1078.2 5.0 0.52 0.52 43 1 OTRCD150 650660 4763088 1074.0 5.0 0.48 0.66 46 1 OTRCD150 650662 4763090 1069.8 5.0 0.33 0.43 101 1 OTRCD150 650663 4763093 1065.6 5.0 0.69 0.65 164 1 OTRCD150 650665 4763095 1061.4 5.0 0.59 0.70 141 1 OTRCD150 650667 4763097 1057.2 5.0 0.80 0.93 338 1 OTRCD150 650669 4763099 1053.0 5.0 0.63 0.77 174 1 OTRCD150 650670 4763101 1048.8 5.0 0.72 0.77 159 1 OTRCD150 650672 4763103 1044.6 5.0 0.56 0.61 124 1 OTRCD150 650674 4763105 1040.5 5.0 0.73 0.77 254 2 OTRCD150 650675 4763107 1036.3 5.0 1.12 1.14 220 2 OTRCD150 650677 4763109 1032.1 5.0 0.61 1.41 90 2 OTRCD150 650679 4763111 1027.9 5.0 0.56 0.89 104 2 OTRCD150 650681 4763113 1023.7 5.0 0.61 1.05 175 2 OTRCD150 650683 4763116 1019.5 5.0 0.45 0.79 190 2 OTRCD150 650684 4763118 1015.3 5.0 0.45 1.24 37 2 OTRCD150 650686 4763120 1011.1 5.0 0.66 1.77 27 2 OTRCD150 650688 4763122 1006.9 5.0 0.62 1.78 33 2 OTRCD150 650690 4763124 1002.7 5.0 0.72 1.69 114 2 OTRCD150 650691 4763126 998.5 5.0 0.63 1.47 96 2 OTRCD150 650693 4763128 994.3 5.0 0.71 2.04 48 2 OTRCD150 650695 4763130 990.1 5.0 0.37 1.39 16 2 OTRCD150 650697 4763133 986.0 5.0 0.63 1.83 260 2 OTRCD150 650698 4763135 981.8 5.0 1.21 2.36 96 2 OTRCD150 650700 4763137 977.6 5.0 0.63 1.33 63 2 OTRCD150 650702 4763139 973.4 5.0 0.57 0.83 475 2 OTRCD150 650704 4763141 969.2 5.0 0.93 1.57 167 2 OTRCD150 650706 4763143 965.0 5.0 0.73 1.56 106 2 OTRCD150 650707 4763145 960.8 5.0 0.86 1.94 34 2 OTRCD150 650709 4763147 956.6 5.0 0.56 1.34 43 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ===================================================================================================================== OTRCD150 650711 4763149 952.4 5.0 0.99 2.13 48 2 OTRCD150 650713 4763151 948.2 5.0 0.75 1.09 80 2 OTRCD150 650715 4763153 944.0 5.0 0.79 1.24 62 2 OTRCD150 650716 4763155 939.8 5.0 0.59 1.13 111 2 OTRCD150 650718 4763157 935.6 5.0 0.87 1.64 102 2 OTRCD150 650720 4763159 931.4 5.0 1.30 1.79 167 2 OTRCD150 650722 4763161 927.2 5.0 1.18 1.51 219 2 OTRCD150 650724 4763163 923.1 5.0 2.05 1.86 420 2 OTRCD150 650725 4763165 918.9 5.0 1.50 0.94 182 2 OTRCD150 650727 4763167 914.7 5.0 1.06 0.34 300 2 OTRCD150 650729 4763169 910.5 5.0 1.18 1.88 134 2 OTRCD150 650731 4763171 906.3 5.0 1.42 2.21 127 2 OTRCD150 650732 4763174 902.1 5.0 1.03 1.71 117 2 OTRCD150 650734 4763176 897.9 5.0 1.35 2.55 209 2 OTRCD150 650736 4763178 893.7 5.0 1.30 1.23 272 2 OTRCD150 650738 4763180 889.5 5.0 0.99 1.11 194 2 OTRCD150 650740 4763181 885.3 5.0 1.46 0.72 2696 2 OTRCD150 650741 4763183 881.1 5.0 1.21 1.58 169 2 OTRCD150 650743 4763185 876.9 5.0 1.00 1.28 125 2 OTRCD150 650745 4763187 872.7 5.0 1.07 1.63 69 2 OTRCD150 650747 4763189 868.5 5.0 1.96 3.26 125 2 OTRCD150 650749 4763191 864.3 5.0 1.73 2.14 234 2 OTRCD150 650750 4763193 860.1 5.0 1.48 1.37 182 2 OTRCD150 650752 4763196 855.9 5.0 1.06 1.05 114 2 OTRCD150 650754 4763197 851.7 5.0 1.22 1.20 222 2 OTRCD150 650756 4763199 847.5 5.0 0.82 1.24 124 2 OTRCD150 650758 4763201 843.4 5.0 1.23 0.99 179 2 OTRCD150 650760 4763203 839.2 5.0 0.85 0.95 157 2 OTRCD150 650762 4763206 835.0 5.0 1.00 0.91 559 2 OTRCD150 650763 4763208 830.8 5.0 1.08 1.09 239 2 OTRCD150 650765 4763210 826.7 5.0 1.01 1.40 189 2 OTRCD150 650767 4763212 822.5 5.0 1.41 2.26 293 2 OTRCD150 650769 4763214 818.3 5.0 1.03 1.72 225 2 OTRCD150 650771 4763216 814.2 5.0 0.97 1.56 138 2 OTRCD150 650773 4763218 810.0 5.0 0.90 1.80 192 2 OTRCD150 650775 4763220 805.8 5.0 1.10 2.08 340 2 OTRCD150 650777 4763222 801.6 5.0 1.26 3.00 352 2 OTRCD150 650778 4763223 797.5 5.0 0.98 1.58 157 2 OTRCD150 650780 4763225 793.3 5.0 0.64 1.13 97 2 OTRCD150 650782 4763227 789.1 5.0 0.74 2.66 171 2 OTRCD150 650784 4763229 785.0 5.0 1.04 2.16 137 2 OTRCD150 650786 4763231 780.8 5.0 0.60 1.22 47 2 OTRCD150 650788 4763233 776.6 5.0 0.52 0.75 80 2 OTRCD150 650790 4763235 772.5 5.0 0.98 1.10 187 2 OTRCD150 650792 4763237 768.3 5.0 0.54 0.79 31 2 OTRCD150 650794 4763239 764.1 5.0 0.78 1.06 88 2 OTRCD150 650795 4763241 760.0 5.0 0.65 1.03 23 2 OTRCD150 650797 4763243 755.8 5.0 0.59 0.85 48 2 OTRCD150 650801 4763247 747.4 5.0 0.42 0.71 52 2 OTRCD150 650803 4763249 743.3 5.0 1.02 1.22 145 2 OTRCD150 650805 4763252 739.1 5.0 0.39 0.43 45 2
DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ====================================================================================================================== OTRCD150 650811 4763258 725.8 5.0 0.40 0.53 38 1 OTRCD150 650813 4763260 721.6 5.0 0.71 0.65 322 1 OTRCD150 650815 4763262 717.4 5.0 0.56 0.58 69 1 OTRCD150 650818 4763266 709.1 5.0 0.56 0.35 16 1 OTRCD150 650820 4763268 704.9 5.0 0.48 0.26 10 1 OTRCD150 650822 4763270 700.8 5.0 0.75 0.45 37 1 OTRCD150 650824 4763272 696.6 5.0 0.59 0.26 28 1 OTRCD150 650826 4763274 692.4 5.0 0.60 0.41 69 1 OTRCD150 650828 4763276 688.2 5.0 0.39 0.25 50 1 OTRCD169 650590 4762992 1084.2 5.0 0.32 0.25 12 1 OTRCD169 650592 4762995 1080.0 5.0 0.42 0.22 10 1 OTRCD169 650593 4762997 1075.9 5.0 0.49 0.25 139 1 OTRCD169 650595 4762999 1071.8 5.0 0.37 0.23 40 1 OTRCD169 650597 4763002 1067.6 5.0 0.52 0.35 67 1 OTRCD169 650598 4763004 1063.5 5.0 0.36 0.27 58 1 OTRCD169 650600 4763006 1059.3 5.0 0.38 0.33 24 1 OTRCD169 650603 4763011 1051.0 5.0 0.46 0.51 19 1 OTRCD169 650606 4763015 1042.7 5.0 0.39 0.35 25 1 OTRCD169 650608 4763018 1038.6 5.0 0.46 0.40 19 1 OTRCD169 650610 4763020 1034.4 5.0 0.60 0.47 50 1 OTRCD169 650611 4763022 1030.3 5.0 0.46 0.36 28 1 OTRCD169 650619 4763033 1009.4 5.0 0.45 0.72 25 1 OTRCD169 650621 4763035 1005.2 5.0 0.55 0.52 41 1 OTRCD169 650622 4763037 1001.0 5.0 0.48 0.49 42 1 OTRCD169 650624 4763040 996.8 5.0 0.43 0.56 37 1 OTRCD169 650626 4763042 992.5 5.0 0.53 0.62 27 1 OTRCD169 650630 4763048 979.8 5.0 0.63 0.46 26 1 OTRCD169 650632 4763050 975.6 5.0 0.44 0.37 24 1 OTRCD169 650633 4763053 971.4 5.0 0.61 0.68 20 1 OTRCD169 650635 4763055 967.1 5.0 0.39 0.43 17 1 OTRCD169 650636 4763057 962.9 5.0 0.53 0.40 29 1 OTRCD169 650638 4763059 958.6 5.0 0.51 0.50 55 1 OTRCD169 650639 4763061 954.4 5.0 0.71 0.73 17 1 OTRCD169 650641 4763063 950.2 5.0 0.57 0.57 11 1 OTRCD169 650643 4763065 945.9 5.0 0.72 0.85 22 1 OTRCD169 650644 4763067 941.7 5.0 0.73 1.53 42 1 OTRCD169 650646 4763069 937.4 5.0 0.72 18.95 72 1 OTRCD169 650647 4763071 934.0 3.0 0.59 31.03 26 1 OTRCD169 650648 4763073 930.7 5.0 0.67 0.91 93 2 OTRCD169 650649 4763075 926.4 5.0 0.63 0.97 70 2 OTRCD169 650651 4763077 922.2 5.0 0.65 1.05 55 2 OTRCD169 650653 4763079 917.9 5.0 0.86 1.57 36 2 OTRCD169 650654 4763081 913.6 5.0 0.68 0.79 31 2 OTRCD169 650656 4763083 909.4 5.0 1.16 1.19 53 2 OTRCD169 650657 4763086 905.1 5.0 0.57 0.66 11 2 OTRCD169 650664 4763096 883.6 5.0 0.74 1.19 52 2 OTRCD169 650666 4763098 879.3 5.0 0.70 1.49 24 2 OTRCD169 650667 4763100 875.0 5.0 0.67 1.25 48 2 OTRCD169 650669 4763102 870.7 5.0 0.54 1.33 25 2 OTRCD169 650670 4763104 866.4 5.0 0.52 1.06 19 2 OTRCD169 650672 4763106 862.0 5.0 0.91 2.22 111 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ====================================================================================================================== OTRCD169 650673 4763108 857.7 5.0 0.73 1.96 58 2 OTRCD169 650675 4763110 853.4 5.0 1.16 3.22 33 2 OTRCD169 650676 4763112 849.0 5.0 1.27 2.86 55 2 OTRCD169 650677 4763114 844.7 5.0 0.44 1.22 14 2 OTRCD169 650695 4763138 792.8 5.0 1.53 0.38 26 2 OTRCD169 650703 4763150 766.8 5.0 0.35 1.25 24 2 OTRCD169 650705 4763152 762.4 5.0 0.90 2.38 36 2 OTRCD169 650706 4763154 758.1 5.0 0.98 2.03 57 2 OTRCD169 650708 4763156 753.8 5.0 1.14 2.40 22 2 OTRCD169 650709 4763158 749.5 5.0 0.91 2.54 36 2 OTRCD169 650710 4763160 745.1 5.0 0.93 2.84 21 2 OTRCD169 650712 4763162 740.8 5.0 0.92 2.66 27 2 OTRCD169 650713 4763164 736.5 5.0 0.82 2.21 26 2 OTRCD169 650715 4763166 732.1 5.0 0.68 1.34 38 2 OTRCD169 650716 4763168 727.8 5.0 0.61 1.24 69 2 OTRCD169 650718 4763170 723.5 5.0 0.56 1.21 37 2 OTRCD169 650719 4763172 719.1 5.0 0.52 1.05 42 2 OTRCD169 650720 4763174 714.8 5.0 0.46 1.03 79 2 OTRCD169 650722 4763176 710.5 5.0 0.49 1.28 92 2 OTRCD169 650723 4763178 706.1 5.0 0.81 2.24 112 2 OTRCD169 650725 4763180 701.8 5.0 0.85 1.53 68 2 OTRCD169 650726 4763182 697.5 5.0 0.85 1.21 92 2 OTRCD169 650728 4763184 693.2 5.0 0.43 0.80 18 2 OTRCD169 650730 4763188 684.5 5.0 0.39 0.86 40 2 OTRCD169 650732 4763190 680.2 5.0 0.41 0.74 34 2 OTRCD169 650733 4763192 675.8 5.0 0.47 0.80 31 2 OTRCD169 650736 4763196 667.2 5.0 0.73 1.43 57 2 OTRCD169 650738 4763198 662.8 5.0 0.62 0.93 48 2 OTRCD169 650739 4763200 658.5 5.0 0.65 0.60 43 2 OTRCD169 650740 4763202 654.2 5.0 0.32 0.38 15 2 OTRCD214 650197 4763208 1035.2 5.0 0.46 0.32 124 1 OTRCD214 650197 4763206 1030.5 5.0 0.47 0.42 51 1 OTRCD214 650197 4763201 1016.9 4.0 0.48 0.27 41 1 OTRCD214 650197 4763176 947.8 5.0 0.32 0.36 68 1 OTRCD214 650197 4763171 933.7 5.0 0.39 0.36 83 1 OTRCD214 650197 4763168 924.3 5.0 0.47 0.52 65 1 OTRCD214 650197 4763166 919.6 5.0 0.37 0.38 85 1 OTRCD214 650197 4763152 882.0 5.0 0.32 0.23 69 1 OTRCD214 650197 4763151 877.3 5.0 0.31 0.34 53 1 OTRCD214 650197 4763149 872.6 5.0 0.37 0.50 37 1 OTRCD214 650197 4763144 858.5 5.0 0.80 0.38 41 1 OTRCD214 650197 4763133 830.3 5.0 0.34 0.42 51 1 OTRCD214 650197 4763127 811.6 5.0 0.32 0.27 34 1 OTRCD214 650197 4763089 708.2 5.0 0.36 0.27 87 4 OTRCD214 650197 4763087 703.5 5.0 0.30 0.24 65 4 OTRCD214 650197 4763046 590.7 5.0 0.36 0.89 12 4
TABLE B.2: SOUTH OYU COMPOSITED ASSAY VALUES (FOR VALUES >=0.30 Cu %) A negative value denotes "no assay value"; Domain code descriptions are in Table 17.1
DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD004 651268 4762865 1114.1 5.0 2.11 0.29 5 2 OTD004 651269 4762866 1109.3 5.0 2.51 0.37 5 2 OTD004 651269 4762867 1104.5 5.0 1.86 0.23 5 2 OTD004 651270 4762868 1099.7 5.0 2.04 0.16 5 2 OTD004 651271 4762869 1094.8 5.0 1.57 0.14 5 2 OTD004 651272 4762870 1090.0 5.0 1.81 0.14 5 2 OTD004 651273 4762871 1085.2 5.0 1.28 0.11 5 2 OTD004 651274 4762872 1080.3 5.0 1.63 0.14 5 2 OTD004 651274 4762873 1075.5 5.0 1.97 0.16 5 2 OTD004 651275 4762874 1070.7 5.0 1.79 0.12 5 2 OTD004 651276 4762875 1065.8 5.0 1.27 0.10 5 2 OTD004 651277 4762876 1061.0 5.0 1.24 0.07 5 2 OTD004 651278 4762877 1056.2 5.0 1.26 0.07 5 2 OTD004 651279 4762878 1051.4 5.0 0.79 0.06 5 2 OTD004 651280 4762880 1041.7 5.0 0.42 0.04 5 2 OTD004 651281 4762881 1036.9 5.0 0.54 0.05 5 2 OTD004 651282 4762882 1032.0 5.0 0.41 0.01 5 2 OTD004 651283 4762883 1027.2 5.0 0.49 0.02 5 2 OTD004 651284 4762884 1022.4 5.0 0.44 0.02 5 2 OTD004 651284 4762885 1017.5 5.0 0.52 0.03 5 2 OTD004 651285 4762886 1012.7 5.0 0.48 0.02 5 2 OTD004 651287 4762888 1003.1 5.0 0.41 0.03 5 2 OTD004 651288 4762889 998.2 5.0 0.38 0.03 5 2 OTD004 651289 4762890 993.4 5.0 0.50 0.05 5 2 OTD004 651290 4762892 983.7 5.0 0.74 0.07 5 2 OTD004 651291 4762893 978.9 5.0 0.72 0.07 5 2 OTD004 651292 4762894 974.1 5.0 0.51 0.05 5 2 OTD004 651293 4762895 969.2 5.0 0.97 0.09 5 2 OTD004 651294 4762896 964.4 5.0 0.51 0.05 5 2 OTD004 651299 4762903 930.8 4.7 0.30 0.04 5 2 OTD007 651051 4762644 1129.8 5.0 0.47 0.08 5 2 OTD007 651052 4762645 1124.9 5.0 0.58 0.05 5 2 OTD007 651052 4762646 1120.1 5.0 0.49 0.06 5 2 OTD007 651053 4762647 1115.3 5.0 0.41 0.04 5 2 OTD007 651056 4762650 1100.8 5.0 0.52 0.07 5 2 OTD007 651057 4762651 1096.0 5.0 0.43 0.08 5 2 OTD007 651060 4762655 1076.7 5.0 0.30 0.04 5 2 OTD007 651061 4762656 1071.8 5.0 0.43 0.11 5 2 OTD007 651062 4762657 1067.0 5.0 0.32 0.18 5 2 OTD007 651062 4762658 1062.2 5.0 0.32 0.20 5 2 OTD007 651064 4762660 1052.5 5.0 0.50 0.14 5 2 OTD007 651065 4762661 1047.7 5.0 0.36 0.38 5 2 OTD007 651067 4762663 1038.0 5.0 0.41 0.18 5 2 OTD007 651071 4762668 1013.9 5.0 0.40 0.28 5 2 OTD007 651072 4762669 1009.0 5.0 0.53 0.18 5 2 OTD007 651072 4762670 1004.2 5.0 0.99 0.36 5 2 OTD007 651073 4762671 999.4 5.0 0.84 0.40 5 2 OTD007 651074 4762672 994.5 5.0 0.58 0.29 5 2 OTD007 651075 4762673 989.7 5.0 0.81 0.40 5 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ==================================================================================================================== OTD007 651076 4762674 984.9 5.0 1.06 0.25 5 2 OTD007 651079 4762678 965.6 5.0 0.40 5.03 5 2 OTD007 651082 4762682 946.3 5.0 0.34 0.90 5 2 OTD007 651083 4762683 941.4 5.0 0.35 4.93 5 2 OTD007 651084 4762684 936.6 5.0 0.38 0.23 5 2 OTD007 651085 4762685 931.8 5.0 0.35 0.31 5 2 OTD007 651086 4762686 926.9 5.0 0.45 0.52 5 2 OTD007 651087 4762687 922.1 5.0 0.46 0.43 5 2 OTD007 651087 4762688 917.3 5.0 0.49 0.34 5 2 OTD007 651088 4762689 912.4 5.0 0.37 0.62 5 2 OTD007 651089 4762690 907.6 5.0 0.46 0.23 5 2 OTD007 651090 4762691 902.8 5.0 0.42 0.15 5 2 OTD019 650830 4762764 1052.5 5.0 0.31 0.02 5 4 OTD019 650830 4762769 1043.9 5.0 0.47 0.03 5 4 OTD019 650830 4762771 1039.5 5.0 0.43 0.01 5 4 OTD019 650830 4762774 1035.2 5.0 0.30 0.02 5 4 OTD164 651350 4762957 1106.6 5.0 0.46 0.02 26 2 OTD164 651348 4762955 1102.5 5.0 0.43 0.09 30 2 OTD164 651346 4762953 1098.4 5.0 0.58 0.08 28 2 OTD164 651344 4762950 1094.3 5.0 0.60 0.08 41 2 OTD164 651342 4762948 1090.3 5.0 0.46 0.03 19 2 OTD164 651340 4762946 1086.2 5.0 0.37 0.03 9 2 OTD164 651336 4762942 1078.0 5.0 0.60 0.03 18 2 OTD164 651334 4762940 1073.9 5.0 0.46 0.03 17 2 OTD164 651332 4762938 1069.8 5.0 0.33 0.03 9 2 OTD164 651330 4762936 1065.6 5.0 0.43 0.03 13 2 OTD164 651328 4762934 1061.5 5.0 0.42 0.04 14 2 OTD164 651326 4762932 1057.4 5.0 0.30 0.03 8 2 OTD164 651322 4762928 1049.2 5.0 0.32 0.02 11 2 OTD164 651320 4762926 1045.0 5.0 0.37 0.04 6 2 OTD164 651318 4762924 1040.9 5.0 0.50 0.03 6 2 OTD164 651316 4762922 1036.8 5.0 0.52 0.04 6 2 OTD164 651314 4762920 1032.7 5.0 0.32 0.05 5 2 OTD164 651312 4762918 1028.6 5.0 0.55 0.07 13 2 OTD164 651310 4762916 1024.5 5.0 0.54 0.05 11 2 OTD164 651308 4762914 1020.4 5.0 0.36 0.02 11 2 OTD164 651306 4762912 1016.3 5.0 0.31 0.02 9 2 OTD164 651304 4762910 1012.2 5.0 0.67 0.04 17 2 OTD164 651302 4762908 1008.1 5.0 0.92 0.09 27 2 OTD164 651300 4762906 1004.0 5.0 0.74 0.08 33 2 OTD164 651298 4762904 1000.0 5.0 0.93 0.09 16 2 OTD164 651296 4762901 995.9 5.0 0.54 0.06 19 2 OTD164 651294 4762899 991.8 5.0 0.62 0.06 38 2 OTD164 651292 4762897 987.7 5.0 0.51 0.06 32 2 OTD164 651290 4762895 983.6 5.0 0.50 0.06 9 2 OTD164 651288 4762893 979.5 5.0 0.40 0.07 33 2 OTD164 651286 4762891 975.4 5.0 0.41 0.06 16 2 OTD164 651282 4762887 967.2 5.0 0.52 0.13 21 2 OTD164 651280 4762885 963.1 5.0 0.41 0.06 35 2 OTD164 651278 4762883 959.0 5.0 0.85 0.08 73 2 OTD164 651276 4762882 954.9 5.0 0.60 0.19 37 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ======================================================================== OTD164 651274 4762880 950.8 5.0 0.39 0.30 23 2 OTD164 651272 4762878 946.7 5.0 0.50 0.18 32 2 OTD164 651264 4762870 930.3 5.0 0.46 0.07 7 2 OTD164 651261 4762868 926.2 5.0 0.64 0.06 32 2 OTD164 651259 4762866 922.1 5.0 0.68 0.33 38 2 OTD164 651257 4762864 918.0 5.0 0.79 0.33 22 2 OTD164 651255 4762862 913.9 5.0 0.77 0.62 55 2 OTD164 651251 4762858 905.8 5.0 0.38 0.17 9 2 OTD164 651246 4762854 897.6 5.0 0.65 0.22 23 2 OTD164 651244 4762852 893.5 5.0 0.49 0.20 18 2 OTD164 651242 4762851 889.4 5.0 0.35 0.51 21 2 OTD164 651240 4762849 885.3 5.0 0.41 0.28 22 2 OTD164 651235 4762845 877.1 5.0 0.35 1.20 11 2 OTD164 651231 4762841 869.1 5.0 0.39 0.25 76 2 OTD164 651224 4762835 857.1 5.0 0.40 0.14 12 2 OTD164 651219 4762831 849.1 5.0 0.36 0.12 13 2 OTD164 651217 4762829 845.0 5.0 0.48 0.28 48 2 OTD164 651215 4762827 841.0 5.0 0.43 0.11 14 2 OTD164 651213 4762825 837.0 5.0 0.56 0.19 17 2 OTD164 651203 4762815 816.6 5.0 0.47 1.64 12 2 OTD164 651201 4762813 812.6 5.0 0.42 0.26 15 2 OTD164 651199 4762811 808.5 5.0 0.32 0.35 16 2 OTD164 651185 4762799 784.8 5.0 0.93 0.43 8 2 OTD164 651178 4762793 773.3 5.0 0.97 0.22 8 2 OTD164 651175 4762791 769.5 5.0 0.73 0.34 11 2 OTD164 651172 4762789 765.7 5.0 0.40 0.19 11 2 OTD170 650914 4762703 1118.4 5.0 0.31 0.10 22 2 OTD170 650916 4762705 1114.3 5.0 0.30 0.06 24 2 OTD170 650922 4762711 1101.8 5.0 0.40 0.23 80 2 OTD170 650924 4762713 1097.7 5.0 0.31 0.15 21 2 OTD170 650934 4762722 1077.0 5.0 0.41 0.09 75 2 OTD170 650940 4762728 1064.5 5.0 0.52 0.11 48 2 OTD170 650947 4762734 1052.1 5.0 0.63 0.11 13 2 OTD170 650949 4762736 1047.9 5.0 0.81 0.19 35 2 OTD170 650951 4762737 1043.8 5.0 0.78 0.14 9 2 OTD170 650953 4762739 1039.7 5.0 0.56 0.09 33 2 OTD170 650955 4762741 1035.5 5.0 0.54 0.13 42 2 OTD170 650957 4762743 1031.4 5.0 0.80 0.19 113 2 OTD170 650959 4762745 1027.2 5.0 0.49 0.33 122 2 OTD170 650968 4762752 1011.0 5.0 0.30 0.20 58 2 OTD170 650973 4762756 1003.0 5.0 0.39 0.10 103 2 OTD170 650975 4762758 999.1 5.0 0.53 0.17 55 2 OTD170 650978 4762760 995.2 5.0 0.86 0.17 93 2 OTD170 650982 4762764 987.5 5.0 0.42 0.06 29 2 OTD170 650985 4762766 983.6 5.0 0.42 0.04 31 2 OTD170 650990 4762770 975.9 5.0 0.45 0.08 37 2 OTD170 650995 4762774 968.3 5.0 0.35 0.06 25 2 OTD170 650997 4762776 964.4 5.0 0.30 0.06 13 2 OTD170 651108 4762857 818.8 5.0 0.35 0.11 20 2 OTD170 651129 4762871 794.9 5.0 0.35 0.24 5 2 OTD170 651142 4762880 781.5 5.0 0.32 0.15 6 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ======================================================================== OTD173 650867 4763167 679.4 5.0 0.32 0.07 5 4 OTD173 650869 4763169 675.5 5.0 0.32 0.07 6 4 OTD175 650834 4763127 1045.2 5.0 0.30 0.09 32 4 OTD175 650842 4763121 1034.0 5.0 0.59 0.04 5 4 OTD175 650845 4763119 1030.3 5.0 0.83 0.18 5 4 OTD175 650847 4763117 1026.6 5.0 0.97 0.05 5 4 OTD175 650866 4763103 1000.4 5.0 0.30 0.03 18 4 OTD175 650945 4763046 891.8 5.0 0.36 0.08 224 3 OTD176 650847 4763094 785.1 5.0 0.30 0.06 8 4 OTD183 650849 4763118 1078.9 5.0 0.78 0.12 9 4 OTD183 650845 4763121 1064.7 5.0 0.35 0.06 29 4 OTD183 650844 4763121 1059.9 5.0 0.41 0.07 33 4 OTD183 650842 4763122 1055.2 5.0 0.36 0.04 37 4 OTD183 650841 4763123 1050.4 5.0 0.40 0.06 173 4 OTD183 650840 4763124 1045.7 5.0 0.38 0.06 142 4 OTD183 650838 4763125 1041.0 5.0 0.35 0.04 53 4 OTD183 650836 4763126 1031.5 5.0 0.53 1.11 36 4 OTD183 650834 4763127 1026.7 5.0 0.60 1.26 37 4 OTD183 650833 4763128 1022.0 5.0 0.70 1.30 31 4 OTD183 650832 4763129 1018.2 3.0 1.11 2.12 63 4 OTD186 651524 4762956 1109.2 5.0 0.30 0.02 17 2 OTD186 651525 4762939 1078.9 5.0 0.42 0.01 35 2 OTD186 651526 4762929 1061.6 5.0 0.34 0.03 5 2 OTD186 651526 4762926 1057.2 5.0 0.31 0.03 5 2 OTD186 651527 4762921 1048.6 5.0 0.47 0.07 18 2 OTD186 651528 4762892 996.6 5.0 0.32 0.47 30 2 OTD186 651529 4762877 970.6 5.0 0.38 0.04 24 2 OTD186 651530 4762874 966.3 5.0 0.41 0.03 29 2 OTD186 651530 4762864 949.0 5.0 0.32 0.03 9 2 OTD186 651532 4762850 922.8 5.0 0.34 0.04 13 2 OTD186 651533 4762835 896.6 5.0 0.39 0.15 15 2 OTD186 651533 4762833 892.2 5.0 0.30 0.07 15 2 OTD186 651534 4762828 883.4 5.0 0.67 0.10 94 2 OTD186 651534 4762825 879.1 5.0 0.44 0.05 36 2 OTD186 651534 4762823 874.7 5.0 0.33 0.04 29 2 OTD186 651534 4762821 870.3 5.0 0.35 0.05 20 2 OTD186 651535 4762818 866.0 5.0 0.37 0.06 30 2 OTD186 651535 4762816 861.6 5.0 0.63 0.34 70 2 OTD186 651535 4762813 857.2 5.0 0.38 0.14 60 2 OTD186 651535 4762811 852.8 5.0 0.49 0.12 50 2 OTD186 651535 4762809 848.4 5.0 0.70 4.79 226 2 OTD186 651536 4762804 839.6 5.0 0.43 0.06 55 2 OTD186 651536 4762801 835.2 5.0 0.42 0.06 39 2 OTD186 651536 4762795 822.0 5.0 0.38 0.12 18 2 OTD186 651536 4762792 817.6 5.0 0.31 0.09 16 2 OTD186 651536 4762790 813.3 5.0 0.50 0.08 56 2 OTD186 651536 4762787 808.9 5.0 0.49 0.08 35 2 OTD186 651536 4762785 804.5 5.0 0.33 0.06 16 2 OTD186 651536 4762783 800.1 5.0 0.37 0.06 39 2 OTD186 651537 4762773 782.5 5.0 0.34 0.06 44 2 OTD186 651537 4762768 773.7 5.0 0.38 0.03 65 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ======================================================================== OTD186 651537 4762756 751.7 5.0 0.33 0.05 17 2 OTD186 651537 4762735 712.1 5.0 0.32 0.16 24 2 OTD186 651537 4762730 703.2 5.0 0.70 0.49 67 2 OTD186 651538 4762705 656.0 2.0 0.40 0.06 71 2 OTD190 650620 4763022 383.1 5.0 0.32 0.27 83 4 OTD208 650775 4762932 1087.7 5.0 0.33 0.04 76 4 OTD208 650851 4762870 994.8 5.0 0.34 0.04 33 4 OTD208 650854 4762868 991.5 5.0 0.30 0.03 24 4 OTD208 650857 4762866 988.1 5.0 0.35 0.03 37 4 OTD208 650860 4762863 984.8 5.0 0.46 0.05 45 4 OTD208 650862 4762861 981.5 5.0 0.59 0.06 142 4 OTD208 650865 4762858 978.1 5.0 0.48 0.07 89 4 OTD208 650868 4762856 974.8 5.0 0.75 0.07 68 4 OTD208 650871 4762854 971.5 5.0 0.32 0.05 20 4 OTD208 650877 4762849 964.8 5.0 0.58 0.07 128 4 OTD208 650883 4762845 958.2 5.0 0.41 1.12 10 4 OTD208 650886 4762842 954.9 5.0 0.67 1.29 30 4 OTD208 650891 4762838 948.9 3.0 0.53 0.23 37 4 OTD208 650894 4762837 946.3 5.0 0.33 0.21 54 2 OTD208 650896 4762834 943.0 5.0 0.42 0.01 28 2 OTD208 650899 4762831 939.7 5.0 0.60 0.08 9 2 OTD208 650902 4762829 936.4 5.0 0.98 0.11 38 2 OTD208 650905 4762826 933.1 5.0 0.40 0.03 10 2 OTD208 650910 4762821 926.5 5.0 0.44 0.03 52 2 OTD208 650913 4762818 923.2 5.0 0.40 0.07 66 2 OTD208 650938 4762792 892.0 5.0 0.35 0.07 27 2 OTD208 650941 4762789 888.8 5.0 0.40 0.12 19 2 OTD208 650965 4762765 859.3 5.0 0.31 0.08 33 2 OTD208 650968 4762762 856.1 5.0 0.34 0.12 34 2 OTD208 650996 4762732 822.8 5.0 0.43 0.13 6 2 OTD208 650999 4762729 819.6 5.0 0.44 0.13 6 2 OTD208 651004 4762723 813.4 5.0 0.33 0.10 5 2 OTD208 651007 4762720 810.3 5.0 0.34 0.13 5 2 OTD208 651010 4762717 807.2 5.0 0.66 0.22 7 2 OTD208 651024 4762703 791.8 5.0 0.89 0.23 10 2 OTD208 651026 4762700 788.7 5.0 0.57 0.15 7 2 OTD208 651029 4762697 785.6 5.0 0.71 0.22 8 2 OTD208 651032 4762694 782.6 5.0 0.43 0.25 11 2 OTD213 650763 4762942 1046.7 5.0 0.46 0.02 5 4 OTD213 650765 4762940 1042.3 5.0 0.58 0.02 5 4 OTD213 650767 4762939 1038.0 5.0 0.42 0.01 5 4 OTD213 650771 4762936 1029.3 5.0 0.47 0.04 8 4 OTD213 650773 4762935 1025.0 5.0 0.60 0.07 13 4 OTD213 650776 4762933 1020.6 5.0 0.46 0.11 39 4 OTD213 650778 4762932 1016.3 5.0 0.51 0.06 44 4 OTD213 650780 4762931 1011.9 5.0 0.42 0.08 53 4 OTD213 650782 4762929 1007.6 5.0 0.41 0.11 35 4 OTD213 650784 4762928 1003.3 5.0 0.48 0.05 33 4 OTD213 650786 4762927 998.9 5.0 0.45 0.04 18 4 OTD213 650788 4762925 994.6 5.0 0.35 0.03 21 4 OTD213 650790 4762924 990.2 5.0 0.57 0.02 26 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ======================================================================== OTD213 650796 4762920 977.2 5.0 0.50 0.02 26 4 OTD213 650798 4762918 972.8 5.0 0.59 0.05 26 4 OTD213 650800 4762917 968.5 5.0 0.38 0.03 30 4 OTD213 650802 4762915 964.1 5.0 0.57 0.04 45 4 OTD213 650805 4762914 959.8 5.0 0.53 0.03 26 4 OTD213 650807 4762913 955.4 5.0 0.65 0.06 27 4 OTD213 650809 4762911 951.1 5.0 0.52 0.05 24 4 OTD213 650811 4762910 946.7 5.0 0.40 0.07 30 4 OTD213 650813 4762909 942.4 5.0 0.48 0.10 14 4 OTD213 650815 4762907 938.0 5.0 0.36 0.03 17 4 OTD213 650817 4762906 933.7 5.0 1.37 0.15 32 4 OTD213 650819 4762905 929.3 5.0 0.43 0.07 47 4 OTD213 650825 4762901 916.3 5.0 0.77 0.04 29 4 OTD213 650853 4762883 860.0 5.0 0.34 0.14 11 4 OTD213 650872 4762871 821.0 5.0 0.40 0.21 27 4 OTD213 650874 4762869 816.7 5.0 0.50 0.04 57 4 OTD213 650924 4762834 713.5 5.0 0.64 0.12 22 4 OTD213 650942 4762822 679.8 5.0 0.31 0.05 24 4 OTD213 650944 4762820 675.5 5.0 0.41 0.08 19 4 OTD213 650957 4762812 650.1 5.0 0.64 0.17 45 4 OTD213 651003 4762780 561.3 5.0 0.40 0.07 36 4 OTD213 651005 4762778 557.1 5.0 0.69 0.09 19 4 OTD213 651008 4762777 552.9 5.0 0.42 0.22 47 4 OTD213 651019 4762770 531.9 5.0 0.53 0.16 33 4 OTD213 651021 4762768 527.7 5.0 0.31 0.09 11 4 OTD213 651023 4762767 523.5 5.0 0.42 0.08 22 4 OTD213 651026 4762765 519.4 5.0 0.37 0.64 37 4 OTD213 651030 4762762 511.0 5.0 0.39 0.11 21 4 OTD213 651039 4762757 494.2 5.0 0.51 0.20 17 4 OTD213 651042 4762755 490.0 5.0 1.10 0.37 48 4 OTD213 651044 4762754 485.8 5.0 0.35 0.09 12 4 OTD230 651323 4762892 1104.2 3.9 0.73 0.05 11 2 OTD232 651064 4763203 863.1 5.0 0.36 0.03 189 3 OTD232 651066 4763202 858.9 5.0 0.37 0.02 162 3 OTD232 651068 4763200 854.7 5.0 0.37 0.04 180 3 OTD232 651070 4763199 850.5 5.0 0.39 0.02 153 3 OTD232 651073 4763197 846.3 5.0 0.36 0.03 217 3 OTD232 651075 4763195 842.1 5.0 0.37 0.04 168 3 OTD232 651077 4763194 837.9 5.0 0.30 0.04 156 3 OTD232 651079 4763192 833.7 5.0 0.52 0.03 327 3 OTD232 651081 4763190 829.5 5.0 0.58 0.03 229 3 OTD232 651083 4763188 825.3 5.0 0.32 0.02 223 3 OTD232 651085 4763187 821.1 5.0 0.38 0.03 86 3 OTD232 651087 4763185 816.9 5.0 0.31 0.02 72 3 OTD232 651089 4763183 812.7 5.0 0.30 0.02 101 3 OTD232 651091 4763181 808.5 5.0 0.39 0.01 75 3 OTD232 651095 4763178 800.0 5.0 0.40 0.02 209 3 OTD232 651098 4763177 795.8 5.0 0.37 0.02 166 3 OTD232 651104 4763172 783.3 5.0 0.35 0.03 119 3 OTD232 651106 4763170 779.1 5.0 0.32 0.02 123 3 OTD232 651108 4763167 774.9 5.0 0.31 0.01 118 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ======================================================================== OTD232 651110 4763166 770.8 5.0 0.35 0.01 88 3 OTD232 651114 4763162 762.5 5.0 0.32 0.01 72 3 OTD232 651117 4763160 758.3 5.0 0.31 0.03 60 3 OTD232 651119 4763158 754.2 5.0 0.37 0.02 100 3 OTD232 651121 4763157 750.0 5.0 0.45 0.01 115 3 OTD232 651123 4763155 745.9 5.0 0.32 0.01 64 3 OTD232 651127 4763151 737.6 5.0 0.35 0.01 158 3 OTD233 651219 4762835 1121.1 5.0 1.05 0.13 15 2 OTD233 651218 4762836 1116.4 5.0 0.89 0.14 11 2 OTD233 651217 4762837 1111.7 5.0 1.63 0.17 7 2 OTD233 651215 4762838 1107.0 5.0 0.89 0.09 5 2 OTD233 651214 4762839 1102.2 5.0 1.23 0.12 8 2 OTD233 651213 4762840 1097.5 5.0 0.60 0.07 16 2 OTD233 651211 4762841 1092.8 5.0 0.91 0.08 7 2 OTD233 651210 4762842 1088.0 5.0 0.73 0.04 22 2 OTD233 651209 4762843 1083.3 5.0 0.53 0.03 28 2 OTD233 651197 4762852 1040.8 5.0 0.63 0.06 6 2 OTD233 651196 4762852 1036.0 5.0 1.06 0.10 29 2 OTD233 651194 4762853 1031.3 5.0 0.82 0.05 13 2 OTD233 651193 4762854 1026.6 5.0 0.90 0.06 11 2 OTD233 651192 4762855 1021.9 5.0 0.63 0.03 10 2 OTD233 651190 4762856 1017.1 5.0 0.43 0.02 9 2 OTD233 651189 4762858 1012.4 5.0 0.82 0.07 21 2 OTD233 651188 4762859 1007.7 5.0 0.72 0.06 19 2 OTD233 651186 4762860 1003.0 5.0 0.94 0.11 13 2 OTD233 651185 4762861 998.3 5.0 0.92 0.13 11 2 OTD233 651184 4762862 993.6 5.0 0.72 0.10 6 2 OTD233 651182 4762863 988.9 5.0 0.76 0.08 18 2 OTD233 651181 4762864 984.2 5.0 0.78 0.05 25 2 OTD233 651180 4762865 979.5 5.0 0.76 0.12 40 2 OTD233 651178 4762866 974.8 5.0 0.78 0.16 6 2 OTD233 651157 4762886 900.3 5.0 0.67 0.14 28 2 OTD233 651148 4762893 872.5 5.0 0.35 0.09 37 2 OTD233 651147 4762895 867.9 5.0 0.52 0.18 46 2 OTD233 651145 4762896 863.2 5.0 0.73 0.34 12 2 OTD233 651144 4762897 858.6 5.0 0.68 0.26 8 2 OTD233 651143 4762898 854.0 5.0 0.59 0.28 6 2 OTD233 651141 4762899 849.4 5.0 0.65 0.25 47 2 OTD233 651140 4762901 844.7 5.0 0.55 0.27 52 2 OTD233 651139 4762902 840.1 5.0 0.51 0.25 18 2 OTD233 651137 4762903 835.5 5.0 0.48 0.32 15 2 OTD233 651136 4762905 830.8 5.0 0.33 0.35 10 2 OTD233 651135 4762907 826.2 5.0 0.84 0.98 24 2 OTD233 651117 4762925 764.2 5.0 0.54 0.05 46 3 OTD261 651357 4762860 1104.1 5.0 0.83 0.02 23 2 OTD261 651356 4762858 1099.8 5.0 0.75 0.03 12 2 OTD261 651354 4762856 1095.4 5.0 0.67 0.03 27 2 OTD261 651352 4762854 1091.1 5.0 0.79 0.03 12 2 OTD261 651351 4762852 1086.8 5.0 0.91 0.06 5 2 OTD261 651349 4762850 1082.4 5.0 0.57 0.07 8 2 OTD261 651346 4762847 1073.8 5.0 0.58 0.04 5 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ======================================================================== OTD261 651344 4762845 1069.5 5.0 0.84 0.06 13 2 OTD261 651343 4762843 1065.1 5.0 0.58 0.04 13 2 OTD261 651338 4762837 1052.1 5.0 0.83 0.05 9 2 OTD261 651336 4762835 1047.8 5.0 0.91 0.03 9 2 OTD261 651324 4762820 1013.2 5.0 0.58 0.06 20 2 OTD261 651322 4762818 1008.9 5.0 0.52 0.05 20 2 OTD261 651304 4762797 961.4 5.0 0.51 0.40 32 2 OTD265 651233 4762964 1117.5 5.0 0.97 0.15 16 2 OTD265 651232 4762962 1113.1 5.0 0.95 0.12 6 2 OTD265 651231 4762959 1108.7 5.0 0.73 0.10 12 2 OTD265 651229 4762957 1104.4 5.0 0.52 0.05 15 2 OTD265 651228 4762955 1100.0 5.0 0.55 0.02 26 2 OTD265 651227 4762953 1095.6 5.0 0.56 0.02 36 2 OTD265 651225 4762951 1091.2 5.0 0.36 0.02 50 2 OTD265 651220 4762943 1073.5 5.0 0.34 0.02 51 2 OTD265 651219 4762941 1069.0 5.0 0.32 0.01 20 2 OTD265 651214 4762934 1051.2 5.0 0.31 0.09 46 2 OTD265 651210 4762928 1037.6 5.0 0.31 0.05 28 2 OTD265 651209 4762926 1033.1 5.0 0.35 0.07 636 2 OTD265 651208 4762925 1028.6 5.0 0.32 0.03 67 2 OTD265 651207 4762923 1024.0 5.0 0.47 0.06 33 2 OTD265 651204 4762920 1014.9 5.0 0.47 0.07 18 2 OTD265 651203 4762918 1010.4 5.0 0.87 0.16 11 2 OTD265 651202 4762916 1005.8 5.0 1.19 0.24 21 2 OTD265 651201 4762914 1001.2 5.0 1.11 0.15 7 2 OTD265 651200 4762913 996.7 5.0 0.75 0.27 13 2 OTD265 651198 4762911 992.1 5.0 0.73 0.10 11 2 OTD265 651197 4762910 987.5 5.0 0.53 0.14 5 2 OTD265 651196 4762908 982.9 5.0 0.47 0.22 9 2 OTD265 651195 4762907 978.3 5.0 0.40 0.06 8 2 OTD265 651187 4762896 946.0 5.0 0.45 0.06 122 2 OTD265 651186 4762894 941.3 5.0 0.71 0.07 52 2 OTD265 651185 4762893 936.7 5.0 0.89 0.05 87 2 OTD265 651184 4762891 932.0 5.0 0.89 0.05 38 2 OTD265 651183 4762890 927.3 5.0 0.55 0.08 32 2 OTD265 651182 4762889 922.7 5.0 0.48 0.06 16 2 OTD266 651279 4762749 1112.4 5.0 0.61 0.01 12 2 OTD266 651277 4762747 1108.0 5.0 0.65 0.01 16 2 OTD266 651276 4762746 1103.7 5.0 0.60 0.03 7 2 OTD266 651275 4762744 1099.3 5.0 0.61 0.02 9 2 OTD266 651273 4762742 1095.0 5.0 0.47 0.01 32 2 OTD266 651272 4762740 1090.6 5.0 0.63 0.03 23 2 OTD266 651270 4762738 1086.3 5.0 0.56 0.08 18 2 OTD266 651269 4762736 1081.9 5.0 0.58 0.04 14 2 OTD266 651267 4762733 1077.6 5.0 0.60 0.03 16 2 OTD266 651266 4762731 1073.3 5.0 0.63 0.03 53 2 OTD266 651264 4762729 1069.0 5.0 0.54 0.05 18 2 OTD266 651263 4762727 1064.6 5.0 0.72 0.28 39 2 OTD266 651261 4762726 1060.3 5.0 0.49 0.07 33 2 OTD266 651260 4762724 1056.0 5.0 0.47 0.04 27 2 OTD266 651259 4762722 1051.6 5.0 0.53 0.17 27 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ======================================================================== OTD266 651257 4762719 1047.3 5.0 0.41 0.05 15 2 OTD266 651256 4762717 1043.0 5.0 0.72 0.57 109 2 OTD266 651253 4762713 1034.3 5.0 0.43 0.05 9 2 OTD266 651251 4762711 1030.0 5.0 0.35 0.05 5 2 OTD266 651247 4762706 1017.0 5.0 0.39 0.03 61 2 OTD266 651246 4762704 1012.7 5.0 0.47 0.02 37 2 OTD266 651244 4762702 1008.3 5.0 0.35 0.02 7 2 OTD266 651243 4762700 1004.0 5.0 0.43 0.01 9 2 OTD266 651241 4762698 999.6 5.0 0.52 0.02 5 2 OTD266 651240 4762695 995.3 5.0 0.64 0.12 5 2 OTD266 651238 4762693 990.9 5.0 0.51 0.07 9 2 OTD266 651237 4762691 986.6 5.0 0.54 0.13 17 2 OTD266 651235 4762689 982.2 5.0 0.56 0.09 14 2 OTD266 651234 4762687 977.9 5.0 0.66 0.08 5 2 OTD266 651232 4762685 973.5 5.0 0.55 0.30 5 2 OTD266 651231 4762683 969.2 5.0 0.88 0.13 5 2 OTD266 651229 4762682 964.8 5.0 1.10 0.14 5 2 OTD266 651228 4762680 960.5 5.0 0.46 0.04 5 2 OTD266 651227 4762679 956.9 3.3 0.57 0.05 5 2 OTD268 650503 4763162 109.8 5.0 0.51 0.15 103 4 OTD269 651353 4762693 1111.1 5.0 0.49 0.10 5 2 OTD269 651351 4762692 1106.8 5.0 0.63 0.12 5 2 OTD269 651350 4762690 1102.4 5.0 0.61 0.06 192 2 OTD269 651348 4762688 1098.1 5.0 0.58 0.04 11 2 OTD269 651346 4762686 1093.7 5.0 0.63 0.06 9 2 OTD269 651345 4762684 1089.4 5.0 0.60 0.04 10 2 OTD269 651343 4762682 1085.0 5.0 0.57 0.03 24 2 OTD269 651342 4762680 1080.7 5.0 0.82 0.05 14 2 OTD269 651340 4762678 1076.3 5.0 0.59 0.06 6 2 OTD269 651339 4762676 1071.9 5.0 0.36 0.05 6 2 OTD269 651337 4762674 1067.6 5.0 0.57 0.07 7 2 OTD269 651336 4762672 1063.2 5.0 0.42 0.04 30 2 OTD269 651331 4762667 1050.1 5.0 0.72 0.25 14 2 OTD269 651330 4762665 1045.7 5.0 0.99 0.27 25 2 OTD269 651328 4762663 1041.3 5.0 0.72 0.28 20 2 OTD269 651327 4762661 1037.0 5.0 0.74 0.16 46 2 OTD269 651325 4762659 1032.6 5.0 0.93 0.17 44 2 OTD269 651324 4762657 1028.2 5.0 1.06 0.16 41 2 OTD269 651322 4762655 1023.8 5.0 0.72 0.09 23 2 OTD269 651321 4762654 1019.5 5.0 0.53 0.33 16 2 OTD269 651319 4762652 1015.1 5.0 0.91 0.09 28 2 OTD269 651317 4762650 1010.7 5.0 0.80 0.16 23 2 OTD269 651316 4762648 1006.3 5.0 1.33 1.93 9 2 OTD269 651314 4762646 1002.0 5.0 0.82 0.62 13 2 OTD269 651313 4762644 997.6 5.0 0.85 0.19 5 2 OTD269 651311 4762642 993.2 5.0 0.81 0.14 5 2 OTD269 651310 4762640 988.9 5.0 0.95 0.18 5 2 OTD269 651308 4762639 984.5 5.0 1.06 0.16 9 2 OTD269 651307 4762637 980.1 5.0 0.82 0.15 8 2 OTD269 651305 4762635 975.7 5.0 0.61 0.10 8 2 OTD269 651303 4762633 971.4 5.0 0.58 0.10 13 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ======================================================================== OTD269 651302 4762631 967.0 5.0 0.71 0.11 5 2 OTD269 651283 4762609 914.5 5.0 1.49 0.18 14 2 OTD269 651280 4762605 905.8 5.0 0.39 0.14 5 2 OTD279 651223 4762676 1118.3 5.0 0.85 0.07 6 2 OTD279 651222 4762674 1113.9 5.0 0.58 0.06 12 2 OTD279 651220 4762672 1109.5 5.0 0.55 0.10 12 2 OTD279 651219 4762670 1105.2 5.0 0.39 0.18 8 2 OTD279 651217 4762668 1100.8 5.0 0.49 0.35 20 2 OTD279 651216 4762666 1096.5 5.0 0.49 0.11 7 2 OTD279 651214 4762665 1092.1 5.0 0.37 0.12 5 2 OTD279 651213 4762663 1087.8 5.0 0.35 0.07 5 2 OTD279 651211 4762661 1083.4 5.0 0.41 0.06 11 2 OTD279 651209 4762659 1079.0 5.0 0.56 1.00 13 2 OTD279 651208 4762657 1074.7 5.0 0.45 0.09 5 2 OTD279 651206 4762655 1070.3 5.0 0.43 0.06 10 2 OTD279 651203 4762652 1061.5 5.0 0.48 0.33 13 2 OTD279 651201 4762650 1057.2 5.0 0.39 0.07 5 2 OTD279 651198 4762646 1048.4 5.0 0.61 0.07 10 2 OTD279 651196 4762644 1044.1 5.0 0.80 0.19 5 2 OTD279 651195 4762642 1039.7 5.0 0.97 0.12 5 2 OTD279 651193 4762641 1035.3 5.0 2.29 0.24 10 2 OTD279 651192 4762639 1030.9 5.0 0.92 1.39 6 2 OTD279 651190 4762637 1026.6 5.0 1.41 0.15 12 2 OTD279 651189 4762635 1022.2 5.0 1.26 0.14 6 2 OTD279 651187 4762633 1017.8 5.0 1.16 0.16 6 2 OTD279 651186 4762631 1013.4 5.0 1.18 0.26 5 2 OTD279 651184 4762630 1009.1 5.0 0.63 0.10 5 2 OTD279 651182 4762628 1004.7 5.0 1.59 0.25 7 2 OTD279 651181 4762626 1000.3 5.0 1.05 0.17 5 2 OTD279 651179 4762624 995.9 5.0 0.72 0.15 5 2 OTD279 651178 4762622 991.6 5.0 0.98 0.19 5 2 OTD279 651176 4762620 987.2 5.0 0.86 0.32 5 2 OTD279 651175 4762618 982.8 5.0 0.91 1.14 5 2 OTD279 651173 4762617 978.5 5.0 0.85 0.44 8 2 OTD279 651171 4762615 974.1 5.0 0.38 0.18 21 2 OTD279 651168 4762611 965.3 5.0 0.47 0.12 87 2 OTD279 651167 4762609 961.0 5.0 0.51 0.13 15 2 OTD279 651165 4762607 956.6 5.0 0.58 0.10 5 2 OTD279 651164 4762605 952.2 5.0 0.47 0.14 11 2 OTD279 651160 4762602 943.5 5.0 0.38 0.12 5 2 OTD279 651157 4762598 934.7 5.0 0.30 0.06 39 2 OTD279 651156 4762596 930.4 5.0 0.37 0.07 19 2 OTD279 651154 4762594 926.0 5.0 0.51 0.10 28 2 OTD279 651143 4762582 895.4 5.0 0.34 0.05 73 2 OTD279 651139 4762578 886.6 5.0 0.40 0.04 17 2 OTD279 651138 4762576 882.2 5.0 0.34 0.04 22 2 OTD279 651136 4762574 877.9 5.0 0.41 0.05 38 2 OTD281 651467 4763001 1127.9 5.0 0.45 0.02 23 2 OTD281 651434 4762963 1041.8 5.0 0.52 0.14 27 2 OTD281 651420 4762949 1007.2 5.0 0.30 0.02 24 2 OTD281 651418 4762947 1002.9 5.0 0.36 0.03 32 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ======================================================================== OTD281 651412 4762939 985.7 5.0 0.35 0.02 31 2 OTD281 651410 4762937 981.3 5.0 0.45 0.02 19 2 OTD281 651408 4762935 977.0 5.0 0.31 0.03 17 2 OTD281 651405 4762931 968.4 5.0 0.38 0.06 28 2 OTD281 651403 4762929 964.1 5.0 0.33 0.03 53 2 OTD281 651402 4762927 959.8 5.0 0.35 0.03 45 2 OTD281 651400 4762925 955.5 5.0 0.45 0.04 26 2 OTD281 651395 4762919 942.5 5.0 0.34 0.02 22 2 OTD281 651394 4762917 938.2 5.0 0.42 0.03 50 2 OTD281 651390 4762914 929.5 5.0 0.31 0.03 24 2 OTD281 651389 4762912 925.2 5.0 0.36 0.02 28 2 OTD281 651383 4762907 912.2 5.0 0.31 0.09 19 2 OTD281 651378 4762901 899.3 5.0 0.36 0.17 13 2 OTD281 651376 4762899 895.1 5.0 0.46 0.27 5 2 OTD281 651375 4762897 890.8 5.0 0.41 0.05 71 2 OTD281 651373 4762896 886.5 5.0 0.86 0.12 22 2 OTD281 651343 4762869 822.9 5.0 0.81 0.18 4 2 OTD281 651341 4762867 818.7 5.0 0.41 0.09 5 2 OTD281 651339 4762865 814.6 5.0 0.59 0.09 5 2 OTD281 651337 4762863 810.5 5.0 1.71 0.25 5 2 OTD281 651335 4762861 806.3 5.0 1.08 0.21 5 2 OTD281 651333 4762859 802.2 5.0 0.85 0.27 5 2 OTD281 651331 4762857 798.0 5.0 0.74 0.44 7 2 OTD281 651329 4762855 793.9 5.0 0.59 0.12 5 2 OTD281 651327 4762854 789.8 5.0 0.51 0.26 8 2 OTD281 651324 4762852 785.8 5.0 0.49 0.12 7 2 OTD281 651322 4762850 781.7 5.0 0.64 0.10 5 2 OTD281 651320 4762848 777.6 5.0 0.72 0.18 5 2 OTD281 651318 4762846 773.6 5.0 0.46 0.11 5 2 OTD281 651316 4762844 769.6 5.0 0.36 0.07 7 2 OTD281 651314 4762842 765.5 5.0 0.58 0.14 5 2 OTD281 651309 4762838 757.5 5.0 0.38 0.10 5 2 OTD281 651307 4762836 753.5 5.0 0.70 0.14 5 2 OTD281 651304 4762834 749.6 5.0 0.74 0.16 5 2 OTD281 651302 4762832 745.6 5.0 0.60 0.12 5 2 OTD281 651300 4762830 741.6 5.0 0.60 0.12 8 2 OTD281 651298 4762828 737.6 5.0 0.53 0.10 5 2 OTD281 651295 4762826 733.7 5.0 0.60 0.10 13 2 OTD283 650785 4763028 980.6 5.0 0.33 0.02 5 4 OTD283 650787 4763026 976.6 5.0 0.61 0.01 5 4 OTD283 650789 4763025 972.6 5.0 0.77 0.03 16 4 OTD283 650792 4763022 968.5 5.0 0.47 0.01 11 4 OTD283 650794 4763020 964.5 5.0 0.75 0.07 5 4 OTD283 650796 4763018 960.5 5.0 0.73 0.05 11 4 OTD283 650799 4763017 956.5 5.0 0.59 0.05 13 4 OTD283 650801 4763015 952.5 5.0 0.44 0.03 16 4 OTD283 650803 4763013 948.4 5.0 0.50 0.06 22 4 OTD283 650805 4763011 944.4 5.0 0.41 0.11 9 4 OTD283 650808 4763009 940.4 5.0 0.38 0.03 8 4 OTD283 650810 4763007 936.4 5.0 0.49 0.04 16 4 OTD283 650812 4763006 932.4 5.0 0.44 0.17 16 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ======================================================================== OTD283 650815 4763003 928.3 5.0 0.63 0.06 22 4 OTD283 650817 4763001 924.3 5.0 0.56 0.07 17 4 OTD283 650819 4762999 920.3 5.0 0.48 0.11 18 4 OTD283 650821 4762998 916.3 5.0 0.74 0.04 26 4 OTD283 650824 4762996 912.3 5.0 0.66 0.07 16 4 OTD283 650826 4762994 908.3 5.0 0.83 0.06 41 4 OTD283 650830 4762990 900.2 5.0 0.39 0.04 23 4 OTD283 650837 4762984 888.1 5.0 0.84 0.21 38 4 OTD283 650839 4762982 884.1 5.0 0.56 1.88 22 4 OTD283 650842 4762980 880.1 5.0 0.76 0.56 21 4 OTD283 650844 4762979 876.1 5.0 0.81 0.11 25 4 OTD283 650846 4762977 872.0 5.0 0.97 0.10 22 4 OTD283 650848 4762975 868.0 5.0 0.78 0.27 25 4 OTD283 650851 4762973 864.0 5.0 0.72 0.10 40 4 OTD283 650862 4762963 844.2 5.0 0.62 0.10 67 4 OTD283 650864 4762961 840.3 5.0 0.32 0.08 22 4 OTD283 650869 4762957 832.4 5.0 0.66 0.11 13 4 OTD283 650871 4762954 828.5 5.0 0.31 0.03 5 4 OTD283 650873 4762952 824.6 5.0 0.58 0.07 13 4 OTD283 650876 4762950 820.7 5.0 0.36 0.18 22 4 OTD283 650878 4762948 816.8 5.0 0.31 0.29 21 4 OTD283 650880 4762946 812.9 5.0 0.48 0.23 16 4 OTD283 650883 4762944 809.0 5.0 0.41 0.03 30 4 OTD283 650889 4762937 797.4 5.0 0.54 0.01 21 4 OTD283 650892 4762935 793.5 5.0 0.56 0.04 31 4 OTD283 650894 4762933 789.7 5.0 0.48 0.04 20 4 OTD283 650896 4762931 785.8 5.0 0.45 0.07 12 4 OTD283 650899 4762929 782.0 5.0 0.68 0.05 38 4 OTD291 650788 4763027 864.2 5.0 0.32 0.05 15 4 OTD291 650791 4763025 860.2 5.0 0.33 0.02 6 4 OTD291 650793 4763023 856.3 5.0 0.43 0.03 27 4 OTD291 650795 4763021 852.4 5.0 0.45 0.06 39 4 OTD291 650802 4763015 840.5 5.0 0.43 0.05 22 4 OTD292 650825 4763124 973.5 5.0 0.35 0.10 14 4 OTD292 650841 4763111 951.6 5.0 0.76 0.08 9 4 OTD292 650843 4763109 948.0 5.0 0.71 0.05 12 4 OTD292 650846 4763107 944.3 5.0 0.50 0.03 12 4 OTD292 650852 4763103 937.0 5.0 0.36 0.05 7 4 OTD292 650854 4763100 933.4 5.0 0.56 0.07 13 4 OTD292 650857 4763098 929.8 5.0 0.62 0.03 12 4 OTD292 650860 4763096 926.1 5.0 0.69 0.04 19 4 OTD292 650863 4763094 922.5 5.0 0.70 0.02 13 4 OTD292 650865 4763092 918.8 5.0 0.75 0.03 18 4 OTD292 650868 4763090 915.2 5.0 0.45 0.02 22 4 OTD292 650870 4763089 912.6 2.2 0.46 0.04 17 4 OTD307 650889 4763211 739.8 5.0 0.46 0.07 5 4 OTD307 650893 4763208 732.6 2.5 0.35 0.14 5 4 OTD308 651067 4762826 1119.1 5.0 0.64 0.24 12 2 OTD308 651065 4762828 1114.7 5.0 0.37 0.43 5 2 OTD308 651064 4762829 1110.3 5.0 0.56 0.15 30 2 OTD308 651062 4762831 1106.0 5.0 0.57 0.15 11 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ======================================================================== OTD308 651060 4762832 1101.6 5.0 0.35 0.11 11 2 OTD308 651056 4762835 1092.8 5.0 0.46 1.41 14 2 OTD308 651054 4762836 1088.3 5.0 0.62 1.33 34 2 OTD308 651052 4762837 1083.8 5.0 0.47 0.70 40 2 OTD308 651050 4762839 1079.4 5.0 0.44 7.88 47 2 OTD308 651048 4762840 1075.0 5.0 0.58 0.64 16 2 OTD308 651047 4762841 1070.5 5.0 0.41 0.29 14 2 OTD308 651045 4762843 1066.1 5.0 0.57 0.41 36 2 OTD308 651041 4762845 1057.2 5.0 0.50 0.08 10 2 OTD308 651039 4762846 1052.6 5.0 0.33 0.17 27 2 OTD308 651036 4762849 1043.6 5.0 0.39 0.11 31 2 OTD308 651034 4762850 1039.1 5.0 0.63 0.19 55 2 OTD308 651032 4762851 1034.6 5.0 0.44 0.14 65 2 OTD308 651030 4762853 1030.1 5.0 0.42 0.13 46 2 OTD308 651029 4762854 1025.6 5.0 0.77 0.25 93 2 OTD308 651027 4762855 1021.1 5.0 1.05 0.26 49 2 OTD308 651025 4762857 1016.6 5.0 1.21 0.23 181 2 OTD308 651024 4762858 1012.0 5.0 1.55 0.22 52 2 OTD308 651022 4762859 1006.5 5.0 1.02 0.28 24 3 OTD308 650996 4762878 933.0 5.0 1.17 0.05 167 3 OTD308 650995 4762879 928.3 5.0 1.09 0.05 95 3 OTD308 650991 4762882 914.4 5.0 0.43 0.04 114 3 OTD308 650989 4762883 909.7 5.0 0.49 0.04 53 3 OTD308 650986 4762885 900.4 5.0 0.65 0.04 87 3 OTD308 650985 4762886 895.7 5.0 0.99 0.05 91 3 OTD308 650984 4762887 892.0 3.0 0.95 0.07 69 3 OTD308 650983 4762888 888.3 5.0 0.46 0.04 37 4 OTD308 650981 4762889 883.6 5.0 0.41 0.05 31 4 OTD308 650980 4762891 878.9 5.0 0.38 0.05 28 4 OTD308 650958 4762909 804.2 5.0 0.45 0.05 52 4 OTD311 650746 4762958 853.7 5.0 0.67 0.11 101 4 OTD311 650748 4762956 849.3 5.0 0.42 0.06 25 4 OTD311 650750 4762955 845.0 5.0 0.41 0.11 64 4 OTD311 650752 4762953 840.7 5.0 0.33 0.09 24 4 OTD311 650754 4762952 836.3 5.0 0.68 0.53 39 4 OTD311 650756 4762950 832.0 5.0 0.47 0.51 12 4 OTD311 650762 4762946 818.9 5.0 0.36 0.05 15 4 OTD311 650764 4762944 814.6 5.0 0.34 0.03 9 4 OTD317 650900 4763186 868.9 5.0 0.41 0.03 9 4 OTD317 650902 4763184 864.6 5.0 0.58 0.04 13 4 OTD317 650904 4763183 860.4 5.0 0.54 0.06 40 4 OTD317 650906 4763181 856.1 5.0 0.67 0.04 32 4 OTD317 650908 4763179 851.9 5.0 0.78 0.04 31 4 OTD317 650910 4763177 847.6 5.0 0.78 0.04 49 4 OTD317 650912 4763176 843.4 5.0 0.39 0.02 38 4 OTD317 650914 4763174 839.1 5.0 0.42 0.29 25 4 OTD317 650920 4763168 826.4 5.0 0.42 0.43 36 4 OTD317 650922 4763167 822.2 5.0 0.62 0.23 57 4 OTD317 650924 4763165 818.0 5.0 0.78 0.59 62 4 OTD317 650926 4763163 813.7 5.0 0.96 0.37 41 4 OTD317 650928 4763161 809.5 5.0 0.77 0.09 45 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ======================================================================== OTD317 650930 4763159 805.3 5.0 0.59 0.09 34 4 OTD317 650932 4763158 801.1 5.0 0.72 0.06 42 4 OTD317 650934 4763156 796.8 5.0 0.80 0.10 77 4 OTD317 650936 4763154 792.6 5.0 0.63 0.07 37 4 OTD317 650938 4763152 788.4 5.0 0.67 0.15 61 4 OTD317 650940 4763150 784.2 5.0 0.73 0.11 46 4 OTD317 650942 4763149 780.0 5.0 0.72 0.07 43 4 OTD317 650944 4763147 775.8 5.0 0.73 0.05 54 4 OTD317 650946 4763145 771.7 5.0 0.62 0.04 34 4 OTD317 650948 4763143 767.5 5.0 0.89 0.10 84 4 OTD317 650950 4763141 763.3 5.0 0.58 0.07 126 4 OTD317 650952 4763139 759.1 5.0 0.61 0.08 44 4 OTD317 650954 4763137 755.0 5.0 0.66 0.14 46 4 OTD317 650956 4763136 750.8 5.0 0.38 0.28 19 4 OTD317 650958 4763134 746.6 5.0 0.32 0.19 12 4 OTD317 650960 4763132 742.4 5.0 0.37 0.04 16 4 OTD317 650962 4763130 738.3 5.0 0.38 0.18 8 4 OTD317 650964 4763128 734.1 5.0 0.58 0.22 11 4 OTD317 650966 4763126 730.0 5.0 1.16 0.28 32 4 OTD317 650968 4763124 725.8 5.0 1.19 0.23 15 4 OTD317 650970 4763122 721.7 5.0 0.53 0.06 12 4 OTD317 650976 4763118 710.6 2.0 0.85 0.08 22 4 OTD317 650977 4763116 707.7 5.0 1.12 0.12 21 3 OTD317 650980 4763114 703.6 5.0 0.99 0.10 21 3 OTD317 650982 4763112 699.5 5.0 0.61 0.09 36 3 OTD317 650984 4763110 695.4 5.0 0.60 0.10 36 3 OTD317 650986 4763108 691.3 5.0 0.67 0.18 29 3 OTD317 650988 4763106 687.2 5.0 0.66 0.25 37 3 OTD317 650990 4763105 683.1 5.0 0.68 0.41 42 3 OTD317 650993 4763103 679.0 5.0 0.56 0.08 33 3 OTD317 650995 4763101 675.0 5.0 0.43 0.08 28 3 OTD317 650997 4763099 670.9 5.0 0.69 0.03 16 3 OTD317 650999 4763097 666.8 5.0 0.53 0.03 21 3 OTD317 651001 4763095 662.8 5.0 0.34 0.03 24 3 OTD317 651008 4763089 650.6 5.0 0.30 0.02 31 3 OTD317 651010 4763087 646.6 5.0 0.32 0.03 23 3 OTD325 650958 4763162 960.7 5.0 0.32 0.05 107 4 OTD325 650967 4763157 942.2 5.0 0.32 0.11 11 3 OTD325 650969 4763155 937.8 5.0 0.35 0.30 16 3 OTD325 650971 4763154 933.4 5.0 0.32 0.19 10 3 OTD325 650972 4763153 929.1 5.0 0.34 0.17 14 3 OTD325 650974 4763151 924.7 5.0 0.37 0.13 14 3 OTD325 651017 4763120 828.0 5.0 0.34 0.04 389 3 OTD325 651019 4763119 823.6 5.0 0.36 0.04 489 3 OTD325 651025 4763114 810.4 5.0 0.32 0.03 150 3 OTD325 651029 4763112 801.6 5.0 0.45 0.04 116 3 OTD325 651031 4763110 797.2 5.0 0.33 0.06 266 3 OTD325 651042 4763102 770.9 5.0 0.37 0.01 171 3 OTD325 651048 4763098 757.7 5.0 0.40 0.01 192 3 OTD325 651050 4763096 753.3 5.0 0.40 0.01 278 3 OTD325 651052 4763095 748.9 5.0 0.43 0.01 235 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD325 651054 4763094 744.5 5.0 0.36 0.01 425 3 OTD325 651058 4763091 735.7 5.0 0.42 0.17 21 3 OTD325 651060 4763089 731.3 5.0 0.33 0.03 39 3 OTD325 651062 4763088 726.9 5.0 0.40 0.01 87 3 OTD325 651070 4763083 709.4 5.0 0.47 0.03 55 3 OTD325 651072 4763081 705.0 5.0 0.37 0.03 82 3 OTD325 651074 4763079 700.6 5.0 0.36 0.03 66 3 OTD325 651076 4763078 696.2 5.0 0.69 0.04 118 3 OTD325 651077 4763077 691.8 5.0 0.57 0.04 47 3 OTD325 651079 4763075 687.4 5.0 0.53 0.04 1207 3 OTD325 651081 4763074 683.0 5.0 0.42 0.04 79 3 OTD325 651083 4763073 678.6 5.0 0.50 0.05 60 3 OTD325 651085 4763071 674.2 5.0 0.53 0.06 62 3 OTD325 651087 4763070 669.8 5.0 0.56 0.08 61 3 OTD325 651089 4763068 665.4 5.0 0.82 0.14 32 3 OTD325 651091 4763067 661.0 5.0 1.01 0.14 121 3 OTD325 651093 4763066 656.6 5.0 0.47 0.07 108 3 OTD325 651095 4763064 652.2 5.0 0.48 0.06 112 3 OTD325 651097 4763063 647.8 5.0 0.64 0.06 109 3 OTD325 651099 4763062 643.4 5.0 0.59 0.06 97 3 OTD325 651101 4763060 639.0 5.0 0.48 0.13 128 3 OTD326 650967 4763281 830.9 5.0 0.31 0.05 31 4 OTD326 650969 4763279 826.4 5.0 0.35 0.02 31 4 OTD326 650987 4763268 781.1 5.0 0.32 0.03 35 4 OTD326 650991 4763266 772.0 5.0 0.37 0.02 54 4 OTD326 650993 4763265 767.5 5.0 0.33 0.01 53 4 OTD331 650617 4762748 898.2 5.0 0.49 0.02 14 4 OTD331 650618 4762747 893.6 5.0 0.33 0.01 11 4 OTRCD149 651265 4762876 1119.1 5.0 0.49 0.03 5 2 OTRCD149 651263 4762874 1115.0 5.0 0.34 0.05 5 2 OTRCD149 651260 4762873 1110.9 5.0 0.77 0.13 5 2 OTRCD149 651258 4762871 1106.8 5.0 2.38 0.39 5 2 OTRCD149 651256 4762869 1102.7 5.0 2.73 0.42 5 2 OTRCD149 651254 4762867 1098.6 5.0 2.28 0.46 5 2 OTRCD149 651251 4762866 1094.5 5.0 2.17 0.34 5 2 OTRCD149 651249 4762864 1090.4 5.0 1.36 0.15 5 2 OTRCD149 651247 4762862 1086.2 5.0 2.38 0.20 5 2 OTRCD149 651245 4762861 1082.1 5.0 1.31 0.17 5 2 OTRCD149 651242 4762859 1078.0 5.0 1.12 0.10 5 2 OTRCD149 651240 4762857 1073.9 5.0 0.91 0.08 5 2 OTRCD149 651238 4762856 1069.8 5.0 0.66 0.05 5 2 OTRCD149 651235 4762854 1065.6 5.0 0.63 0.05 5 2 OTRCD149 651233 4762853 1061.5 5.0 0.42 0.04 5 2 OTRCD149 651213 4762836 1024.7 5.0 0.45 0.03 5 2 OTRCD149 651202 4762826 1004.3 5.0 0.52 0.04 5 2 OTRCD149 651200 4762824 1000.3 5.0 0.65 0.04 5 2 OTRCD149 651198 4762822 996.2 5.0 0.41 0.05 5 2 OTRCD149 651196 4762820 992.2 5.0 0.48 0.09 5 2 OTRCD149 651193 4762818 988.1 5.0 0.44 0.23 5 2 OTRCD149 651191 4762816 984.1 5.0 0.36 0.26 5 2 OTRCD149 651189 4762815 980.0 5.0 0.39 0.76 5 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTRCD149 651187 4762813 976.0 5.0 0.32 0.44 5 2 OTRCD149 651185 4762811 971.9 5.0 0.73 0.28 5 2 OTRCD149 651183 4762809 967.9 5.0 0.72 0.18 5 2 OTRCD149 651180 4762807 963.8 5.0 0.57 0.43 5 2 OTRCD149 651176 4762803 955.7 5.0 0.77 0.17 5 2 OTRCD149 651174 4762801 951.6 5.0 0.59 0.44 5 2 OTRCD149 651171 4762800 947.6 5.0 0.69 0.39 5 2 OTRCD149 651169 4762798 943.5 5.0 0.69 0.25 5 2 OTRCD149 651167 4762796 939.4 5.0 0.68 0.15 5 2 OTRCD149 651160 4762790 927.2 5.0 0.62 0.24 5 2 OTRCD149 651158 4762789 923.2 5.0 0.53 0.13 5 2 OTRCD149 651155 4762787 919.1 5.0 0.64 0.99 5 2 OTRCD149 651153 4762785 915.1 5.0 0.63 1.06 5 2 OTRCD149 651151 4762783 911.0 5.0 0.62 0.34 5 2 OTRCD149 651148 4762782 907.0 5.0 0.34 0.16 5 2 OTRCD149 651146 4762780 902.9 5.0 0.58 0.34 5 2 OTRCD149 651144 4762778 898.9 5.0 0.45 0.48 5 2 OTRCD149 651141 4762776 894.8 5.0 0.47 0.37 5 2 OTRCD149 651139 4762775 890.8 5.0 0.65 0.46 5 2 OTRCD149 651136 4762773 886.8 5.0 0.57 0.26 5 2 OTRCD149 651134 4762771 882.8 5.0 0.41 0.18 5 2 OTRCD149 651132 4762769 878.8 5.0 0.45 0.29 5 2 OTRCD149 651129 4762768 874.8 5.0 0.31 0.34 5 2 OTRCD149 651114 4762757 850.9 5.0 0.35 0.13 5 2 OTRCD149 651112 4762755 846.9 5.0 0.53 0.21 5 2 OTRCD149 651109 4762754 843.0 5.0 0.50 0.16 5 2 OTRCD152 651411 4762790 1108.1 5.0 0.61 0.04 5 2 OTRCD152 651409 4762788 1104.0 5.0 0.55 0.03 5 2 OTRCD152 651408 4762786 1099.9 5.0 0.51 0.03 5 2 OTRCD152 651387 4762763 1054.3 5.0 0.46 0.01 3 2 OTRCD152 651385 4762760 1050.1 5.0 0.55 0.01 5 2 OTRCD152 651369 4762742 1012.5 5.0 0.48 0.07 12 2 OTRCD152 651367 4762740 1008.4 5.0 0.54 1.14 32 2 OTRCD152 651363 4762736 1000.0 5.0 0.33 0.07 5 2 OTRCD152 651361 4762734 995.8 5.0 0.39 0.06 9 2 OTRCD152 651359 4762732 991.6 5.0 0.39 0.04 12 2 OTRCD152 651358 4762730 987.4 5.0 0.65 0.05 5 2 OTRCD152 651356 4762728 983.3 5.0 0.40 0.05 7 2 OTRCD152 651354 4762726 979.1 5.0 0.45 0.14 11 2 OTRCD152 651352 4762724 974.9 5.0 0.43 0.05 5 2 OTRCD152 651350 4762722 970.7 5.0 0.43 0.08 5 2 OTRCD152 651348 4762720 966.5 5.0 0.37 0.05 5 2 OTRCD152 651346 4762718 962.4 5.0 0.43 0.04 5 2 OTRCD152 651344 4762716 958.2 5.0 0.33 0.05 5 2 OTRCD152 651342 4762714 954.0 5.0 0.30 0.03 5 2 OTRCD152 651341 4762712 949.9 5.0 0.42 0.05 5 2 OTRCD152 651339 4762710 945.7 5.0 0.54 0.03 9 2 OTRCD152 651337 4762708 941.5 5.0 0.61 0.07 5 2 OTRCD152 651335 4762706 937.4 5.0 0.42 0.07 5 2 OTRCD152 651331 4762702 929.0 5.0 0.32 0.03 5 2 OTRCD152 651329 4762700 924.9 5.0 0.46 0.03 5 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTRCD152 651327 4762698 920.7 5.0 0.45 0.23 5 2 OTRCD152 651325 4762696 916.6 5.0 0.35 0.04 5 2 OTRCD152 651317 4762688 900.0 5.0 0.31 0.05 5 2 OTRCD152 651315 4762686 895.9 5.0 0.35 0.24 5 2 OTRCD152 651313 4762684 891.7 5.0 0.54 0.57 5 2 OTRCD152 651311 4762682 887.6 5.0 0.40 0.10 5 2 OTRCD152 651309 4762680 883.5 5.0 0.56 0.07 5 2 OTRCD152 651306 4762678 879.4 5.0 0.62 0.05 5 2 OTRCD152 651304 4762677 875.2 5.0 0.58 0.03 5 2 OTRCD152 651302 4762675 871.1 5.0 0.55 0.04 5 2 OTRCD152 651300 4762673 867.0 5.0 0.39 0.02 9 2 OTRCD152 651298 4762671 862.9 5.0 0.35 0.12 7 2 OTRCD152 651296 4762669 858.8 5.0 0.44 0.44 11 2 OTRCD152 651294 4762667 854.7 5.0 0.35 1.17 5 2 OTRCD152 651291 4762665 850.6 5.0 0.72 0.62 9 2 OTRCD152 651289 4762664 846.5 5.0 0.47 1.31 9 2 OTRCD152 651287 4762662 842.4 5.0 0.39 0.07 5 2 OTRCD152 651285 4762660 838.3 5.0 0.60 0.17 5 2 OTRCD152 651283 4762658 834.2 5.0 0.36 0.61 8 2 OTRCD152 651280 4762656 830.1 5.0 0.44 0.07 5 2 OTRCD152 651278 4762654 826.0 5.0 0.55 0.09 5 2 OTRCD152 651276 4762652 821.9 5.0 0.39 0.16 5 2 OTRCD152 651274 4762650 817.8 5.0 0.32 0.05 16 2 OTRCD152 651272 4762648 813.8 5.0 0.33 0.11 5 2 OTRCD152 651268 4762645 805.6 5.0 0.34 0.16 33 2 OTRCD152 651266 4762643 801.5 5.0 0.34 0.12 18 2 OTRCD152 651263 4762641 797.4 5.0 0.74 0.59 7 2 OTRCD152 651257 4762635 785.1 5.0 0.51 0.23 9 2 OTRCD152 651255 4762633 781.0 5.0 0.37 0.14 6 2 OTRCD152 651253 4762631 776.9 5.0 0.32 0.06 6 2 OTRCD152 651251 4762629 772.8 5.0 0.53 0.09 5 2
TABLE B.3: CENTRAL OYU COMPOSITED ASSAY VALUES (FOR VALUES >=0.30 CU %) A negative value denotes "no assay value"; Domain code descriptions are in Table 17.1
DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD001 651026 4763893 1139.4 5.0 1.24 0.06 5 5 OTD001 651026 4763894 1134.6 5.0 0.74 0.01 5 5 OTD001 651026 4763896 1129.7 5.0 0.72 0.01 5 5 OTD001 651026 4763897 1124.9 5.0 0.64 0.01 5 5 OTD001 651025 4763898 1120.1 5.0 0.77 0.15 5 5 OTD001 651025 4763899 1116.2 3.0 0.99 0.24 5 5 OTD001 651025 4763900 1112.4 5.0 0.44 0.02 5 1 OTD001 651025 4763901 1107.5 5.0 0.33 0.05 5 1 OTD001 651025 4763903 1102.7 5.0 0.50 0.07 5 1 OTD001 651024 4763904 1097.9 5.0 0.46 0.09 5 1 OTD001 651024 4763905 1093.0 5.0 0.46 0.01 5 1 OTD001 651024 4763908 1083.4 5.0 0.39 0.09 5 1 OTD001 651023 4763909 1078.5 5.0 0.63 0.05 5 1 OTD001 651023 4763912 1068.9 5.0 0.38 0.08 5 1 OTD001 651023 4763913 1064.1 5.0 0.47 0.13 5 1 OTD001 651023 4763914 1059.2 5.0 0.45 0.04 5 1 OTD001 651022 4763915 1054.4 5.0 0.38 0.01 5 1 OTD001 651022 4763917 1049.6 5.0 0.40 0.03 5 1 OTD001 651022 4763918 1044.7 5.0 0.62 0.03 5 1 OTD001 651022 4763919 1039.9 5.0 0.39 0.07 5 1 OTD003 651029 4764044 1149.0 5.0 1.82 0.20 5 5 OTD003 651029 4764044 1144.0 5.0 2.34 0.11 5 5 OTD003 651029 4764044 1139.0 5.0 1.45 0.07 5 5 OTD003 651029 4764044 1134.0 5.0 1.40 0.06 5 5 OTD003 651029 4764044 1129.0 5.0 2.13 0.08 5 5 OTD003 651029 4764044 1124.0 5.0 2.11 0.11 5 5 OTD003 651029 4764044 1119.0 5.0 0.83 0.04 5 5 OTD003 651029 4764044 1115.0 3.0 0.49 0.05 5 5 OTD003 651029 4764044 1097.0 5.0 0.38 0.01 5 1 OTD003 651029 4764044 1092.0 5.0 0.44 0.01 5 1 OTD003 651029 4764044 1087.0 5.0 0.31 0.03 5 1 OTD003 651029 4764044 1082.0 5.0 0.48 0.01 5 1 OTD003 651029 4764044 1077.0 5.0 0.45 0.01 5 1 OTD003 651029 4764044 1033.0 5.0 0.45 0.01 5 1 OTD003 651029 4764044 1028.0 5.0 0.74 0.03 5 1 OTD003 651029 4764044 1023.0 5.0 0.48 0.08 5 1 OTD003 651029 4764044 1018.0 5.0 0.91 0.14 5 1 OTD003 651029 4764044 1013.0 5.0 0.63 0.08 5 1 OTD003 651029 4764044 1008.0 5.0 0.60 0.14 5 1 OTD003 651029 4764044 1003.0 5.0 0.46 0.03 5 1 OTD003 651029 4764044 998.0 5.0 0.39 0.04 5 1 OTD003 651029 4764044 993.0 5.0 0.78 0.03 5 2 OTD003 651029 4764044 988.0 5.0 1.02 0.04 5 2 OTD003 651029 4764044 984.4 2.3 1.04 0.09 5 2 OTD013 651275 4764277 1114.5 5.0 0.96 0.13 5 5 OTD013 651275 4764276 1109.8 5.0 0.66 0.16 5 5 OTD013 651275 4764274 1105.1 5.0 0.55 0.16 5 5 OTD013 651275 4764272 1100.4 5.0 0.46 0.17 5 5 OTD013 651275 4764271 1095.7 5.0 0.43 0.19 5 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD013 651275 4764269 1091.0 5.0 0.32 0.11 5 5 OTD013 651275 4764267 1086.3 5.0 0.32 0.10 5 5 OTD013 651275 4764266 1081.6 5.0 0.46 0.09 5 5 OTD013 651275 4764264 1078.3 2.0 0.33 0.05 5 5 OTD013 651275 4764259 1063.7 5.0 0.48 0.10 5 1 OTD013 651275 4764257 1059.0 5.0 0.40 0.08 5 1 OTD013 651275 4764256 1054.3 5.0 0.62 0.31 5 1 OTD013 651275 4764254 1049.7 5.0 0.59 0.10 5 1 OTD013 651275 4764252 1044.9 5.0 0.37 0.04 5 1 OTD013 651275 4764249 1035.5 5.0 0.46 0.05 5 1 OTD013 651275 4764247 1030.8 5.0 0.34 0.05 5 1 OTD013 651275 4764244 1021.5 5.0 0.40 0.06 5 1 OTD013 651275 4764240 1012.1 5.0 0.39 0.04 5 1 OTD013 651275 4764235 998.0 5.0 0.31 0.06 5 1 OTD013 651275 4764233 993.3 5.0 0.41 0.07 5 1 OTD013 651275 4764230 983.9 5.0 0.30 0.06 5 1 OTD013 651275 4764228 979.2 5.0 0.38 0.06 5 1 OTD013 651275 4764227 975.0 3.9 0.38 0.06 5 1 OTD159 651132 4764192 1111.6 5.0 1.65 0.18 76 5 OTD159 651132 4764192 1106.6 5.0 1.66 0.32 445 5 OTD159 651132 4764192 1101.6 5.0 1.66 0.35 184 5 OTD159 651132 4764192 1096.6 5.0 1.15 0.18 111 5 OTD159 651132 4764192 1091.6 5.0 1.68 0.15 129 5 OTD159 651132 4764192 1086.6 5.0 1.16 0.11 148 5 OTD159 651132 4764192 1081.6 5.0 0.56 0.17 68 5 OTD159 651132 4764192 1076.9 4.5 0.52 0.10 74 5 OTD159 651131 4764193 1072.1 5.0 0.74 0.30 70 1 OTD159 651131 4764193 1067.1 5.0 0.79 0.22 71 1 OTD159 651131 4764193 1062.1 5.0 0.41 0.10 72 1 OTD159 651131 4764193 1052.1 5.0 0.61 0.08 100 1 OTD159 651131 4764193 1047.1 5.0 0.68 0.11 86 1 OTD159 651131 4764193 1042.1 5.0 0.83 0.17 199 1 OTD159 651131 4764193 1037.1 5.0 0.69 0.12 137 1 OTD159 651131 4764193 1032.1 5.0 0.57 0.07 95 1 OTD159 651131 4764193 1027.1 5.0 0.59 0.08 108 1 OTD159 651131 4764193 1022.1 5.0 0.42 0.07 94 1 OTD159 651131 4764193 1017.1 5.0 0.44 0.11 118 1 OTD159 651131 4764193 1012.1 5.0 0.48 0.12 261 1 OTD159 651131 4764193 1007.1 5.0 0.37 0.07 144 1 OTD159 651131 4764193 1002.1 5.0 0.39 0.06 161 1 OTD159 651131 4764192 997.1 5.0 0.37 0.06 141 1 OTD159 651131 4764192 992.1 5.0 0.38 0.07 109 1 OTD159 651130 4764192 987.1 5.0 0.44 0.06 157 1 OTD159 651130 4764192 982.1 5.0 0.46 0.09 511 1 OTD159 651130 4764192 977.1 5.0 0.60 0.07 153 1 OTD159 651130 4764192 972.1 5.0 0.75 0.16 118 1 OTD159 651130 4764192 967.1 5.0 0.66 0.16 172 1 OTD159 651130 4764192 961.6 5.0 0.83 0.25 193 2 OTD159 651130 4764192 956.6 5.0 1.23 0.14 137 2 OTD159 651130 4764192 951.6 5.0 0.74 0.13 183 1 OTD159 651130 4764192 946.6 5.0 0.69 0.08 174 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD159 651130 4764192 941.6 5.0 0.53 0.08 302 1 OTD159 651130 4764192 931.6 5.0 0.33 0.04 123 1 OTD159 651129 4764192 911.6 5.0 0.73 0.13 164 1 OTD159 651129 4764192 906.6 5.0 0.80 0.13 252 1 OTD159 651129 4764192 901.6 5.0 0.83 0.07 93 1 OTD159 651129 4764192 896.6 5.0 0.81 0.11 524 1 OTD159 651129 4764192 891.6 5.0 0.50 0.05 85 1 OTD159 651129 4764192 886.6 5.0 0.81 0.07 185 1 OTD159 651129 4764192 881.7 5.0 0.75 0.07 168 1 OTD159 651129 4764192 876.7 5.0 0.57 0.10 106 1 OTD159 651129 4764192 871.7 5.0 0.94 0.12 86 1 OTD159 651129 4764192 866.7 5.0 0.38 0.08 220 1 OTD159 651129 4764192 861.7 5.0 0.76 0.10 115 1 OTD159 651129 4764192 856.7 5.0 0.64 0.17 145 1 OTD159 651129 4764192 851.7 5.0 0.76 0.13 310 1 OTD159 651129 4764192 846.7 5.0 0.81 0.15 166 1 OTD159 651128 4764192 841.7 5.0 1.18 0.21 269 1 OTD159 651128 4764192 836.7 5.0 1.27 0.30 360 1 OTD159 651128 4764192 831.7 5.0 0.75 0.32 145 1 OTD159 651128 4764192 826.7 5.0 0.63 0.18 77 1 OTD159 651128 4764192 821.7 5.0 0.63 0.20 201 1 OTD159 651128 4764192 816.7 5.0 0.47 0.17 110 1 OTD159 651128 4764192 811.7 5.0 0.34 0.19 144 1 OTD159 651128 4764192 806.7 5.0 0.31 0.10 104 1 OTD159 651128 4764193 796.7 5.0 0.92 0.16 115 1 OTD159 651128 4764193 791.7 5.0 1.25 0.19 102 1 OTD159 651128 4764193 786.7 5.0 0.65 0.22 81 1 OTD159 651128 4764193 781.7 5.0 0.34 0.29 111 1 OTD159 651128 4764193 776.7 5.0 0.73 0.24 62 1 OTD159 651128 4764193 771.7 5.0 0.58 0.12 40 1 OTD159 651128 4764193 766.7 5.0 0.83 0.12 51 1 OTD159 651128 4764193 761.7 5.0 0.50 0.20 293 1 OTD159 651128 4764193 756.7 5.0 0.78 0.15 163 1 OTD159 651128 4764193 751.7 5.0 0.67 0.16 296 1 OTD159 651128 4764193 746.7 5.0 0.52 0.09 728 1 OTD159 651128 4764194 742.2 4.0 0.44 0.09 459 1 OTD187 650829 4764133 1104.6 5.0 0.93 0.36 31 5 OTD187 650829 4764130 1100.3 5.0 0.78 0.32 25 5 OTD187 650829 4764128 1095.9 5.0 0.60 0.33 7 5 OTD187 650829 4764125 1091.5 5.0 0.42 0.23 10 5 OTD187 650829 4764123 1087.2 5.0 0.47 0.27 8 5 OTD187 650830 4764120 1082.8 5.0 0.45 0.28 10 5 OTD187 650830 4764119 1079.7 2.0 0.72 0.47 18 5 OTD187 650830 4764117 1076.7 5.0 0.45 0.35 9 3 OTD187 650830 4764115 1072.3 5.0 0.90 0.43 15 3 OTD187 650830 4764112 1067.9 5.0 0.89 0.42 40 3 OTD187 650830 4764110 1063.6 5.0 0.57 0.39 8 3 OTD187 650831 4764108 1059.2 5.0 0.44 0.29 8 3 OTD187 650831 4764105 1054.9 5.0 0.33 0.25 8 3 OTD187 650831 4764103 1050.5 5.0 0.33 0.23 5 3 OTD187 650831 4764100 1046.2 5.0 0.41 0.29 5 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD187 650832 4764098 1041.9 5.0 0.59 0.47 6 3 OTD187 650832 4764095 1037.6 5.0 0.55 0.48 13 3 OTD187 650832 4764093 1033.3 5.0 0.46 0.35 8 3 OTD187 650832 4764090 1029.0 5.0 0.56 0.37 7 3 OTD187 650832 4764088 1024.7 5.0 0.43 0.38 5 3 OTD187 650833 4764085 1020.4 5.0 0.48 0.35 5 3 OTD187 650833 4764083 1016.0 5.0 0.39 0.31 6 3 OTD187 650833 4764080 1011.7 5.0 0.69 0.47 6 3 OTD187 650833 4764078 1007.4 5.0 0.58 0.53 5 3 OTD187 650834 4764075 1003.1 5.0 0.60 0.60 6 3 OTD187 650834 4764073 998.8 5.0 0.83 0.52 18 3 OTD187 650834 4764070 994.5 5.0 0.45 0.26 20 3 OTD187 650834 4764067 990.2 5.0 0.62 0.45 31 3 OTD187 650835 4764065 985.9 5.0 0.82 0.72 26 3 OTD187 650835 4764063 982.0 4.0 0.94 0.76 42 3 OTD187 650835 4764058 974.7 5.0 0.67 0.69 29 3 OTD187 650836 4764056 970.4 5.0 0.62 0.31 41 3 OTD187 650836 4764053 966.0 5.0 0.30 0.04 66 3 OTD187 650836 4764051 961.7 5.0 0.49 0.14 63 3 OTD187 650836 4764047 955.6 5.0 0.42 0.16 56 1 OTD187 650837 4764045 951.3 5.0 0.43 0.07 74 1 OTD187 650837 4764040 942.6 5.0 0.31 0.11 39 1 OTD187 650837 4764037 938.3 5.0 0.44 0.13 33 1 OTD187 650837 4764035 934.8 3.0 0.41 0.05 20 1 OTD187 650840 4764000 872.6 5.0 0.56 0.78 119 3 OTD187 650841 4763997 868.3 5.0 0.83 0.64 140 3 OTD187 650841 4763995 863.9 5.0 0.83 0.99 65 3 OTD187 650841 4763992 859.6 5.0 0.59 0.25 39 3 OTD187 650841 4763989 855.3 5.0 0.60 0.13 35 3 OTD187 650841 4763987 850.9 5.0 0.57 0.77 186 3 OTD187 650842 4763984 846.6 5.0 0.62 1.69 33 3 OTD187 650842 4763982 842.3 5.0 1.05 1.88 24 3 OTD187 650842 4763979 837.9 5.0 0.87 1.04 18 3 OTD187 650842 4763977 833.6 5.0 0.75 1.29 13 3 OTD187 650842 4763974 829.3 5.0 0.81 0.58 25 3 OTD187 650843 4763972 824.9 5.0 0.80 1.67 134 3 OTD187 650843 4763969 820.6 5.0 1.82 4.13 39 3 OTD187 650843 4763967 816.3 5.0 1.55 3.05 137 3 OTD187 650843 4763964 812.0 5.0 0.64 1.68 24 3 OTD187 650843 4763962 807.6 5.0 1.09 1.75 18 3 OTD187 650843 4763960 803.3 5.0 0.79 2.15 25 3 OTD187 650844 4763957 799.0 5.0 0.83 1.58 32 3 OTD187 650844 4763955 794.6 5.0 0.87 1.27 20 3 OTD187 650844 4763952 790.3 5.0 0.63 1.22 20 3 OTD192 651021 4763987 1140.6 5.0 0.47 0.03 28 5 OTD192 651022 4763987 1135.9 5.0 1.51 0.04 39 5 OTD192 651024 4763986 1131.2 5.0 1.10 0.03 33 5 OTD192 651034 4763979 1097.4 5.0 0.63 0.04 36 1 OTD192 651036 4763978 1092.7 5.0 0.55 0.04 22 1 OTD192 651037 4763977 1088.0 5.0 0.56 0.06 25 1 OTD192 651039 4763977 1083.3 5.0 0.53 0.04 28 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD192 651040 4763976 1078.7 5.0 0.53 0.04 33 1 OTD192 651042 4763975 1074.0 5.0 0.62 0.07 161 1 OTD192 651043 4763974 1069.3 5.0 0.68 0.01 26 1 OTD192 651045 4763973 1064.6 5.0 0.63 0.09 25 1 OTD192 651048 4763971 1055.2 5.0 0.61 0.08 40 1 OTD192 651050 4763971 1050.6 5.0 0.40 0.05 36 1 OTD192 651051 4763970 1045.9 5.0 0.32 0.10 30 1 OTD192 651053 4763969 1041.2 5.0 0.39 0.05 38 1 OTD192 651054 4763968 1036.5 5.0 0.40 0.08 167 1 OTD192 651056 4763967 1031.8 5.0 0.55 0.20 43 1 OTD192 651057 4763966 1027.2 5.0 0.40 0.11 76 1 OTD192 651059 4763965 1022.5 5.0 0.35 0.14 66 1 OTD192 651060 4763964 1017.8 5.0 0.51 0.21 37 1 OTD192 651062 4763963 1013.1 5.0 0.51 0.16 35 1 OTD192 651063 4763963 1008.5 5.0 0.75 0.08 88 1 OTD192 651065 4763962 1003.8 5.0 0.51 0.15 44 1 OTD192 651067 4763961 999.1 5.0 0.37 0.12 179 1 OTD192 651068 4763960 994.4 5.0 0.54 0.09 62 1 OTD192 651070 4763959 989.8 5.0 0.51 0.07 69 1 OTD192 651071 4763958 985.1 5.0 0.65 0.11 82 1 OTD192 651073 4763957 980.4 5.0 0.56 0.09 224 1 OTD192 651074 4763956 975.8 5.0 0.53 0.08 315 1 OTD192 651076 4763955 971.1 5.0 0.55 0.09 106 1 OTD192 651078 4763955 966.4 5.0 0.69 0.09 55 1 OTD192 651079 4763954 961.8 5.0 0.65 0.07 54 1 OTD192 651081 4763953 957.1 5.0 0.57 0.05 147 1 OTD192 651082 4763952 952.4 5.0 0.73 0.09 45 1 OTD192 651084 4763951 947.8 5.0 0.54 0.16 46 1 OTD192 651086 4763950 943.1 5.0 0.47 0.22 130 1 OTD192 651087 4763950 938.4 5.0 0.44 0.13 26 1 OTD192 651089 4763949 933.7 5.0 0.51 0.19 19 1 OTD192 651090 4763948 930.5 2.0 0.48 0.06 21 1 OTD192 651112 4763937 865.6 5.0 0.75 0.10 10 3 OTD192 651113 4763936 860.9 5.0 0.51 0.11 14 3 OTD192 651115 4763935 856.3 5.0 0.45 0.10 20 3 OTD192 651117 4763934 851.6 5.0 0.72 0.13 6 3 OTD192 651118 4763934 846.9 5.0 0.48 0.08 20 3 OTD192 651120 4763933 842.2 5.0 0.81 0.15 33 3 OTD192 651121 4763932 837.6 5.0 0.72 0.10 121 3 OTD192 651123 4763931 832.9 5.0 0.85 0.13 130 3 OTD192 651124 4763930 828.2 5.0 0.67 0.14 158 3 OTD192 651126 4763929 823.6 5.0 0.48 0.10 107 3 OTD192 651128 4763929 818.9 5.0 0.42 0.12 105 3 OTD192 651129 4763928 815.2 3.0 0.36 0.07 132 3 OTD192 651167 4763907 703.3 5.0 0.43 0.11 60 3 OTD192 651169 4763906 698.7 5.0 0.47 0.03 13 3 OTD192 651170 4763905 694.0 5.0 0.54 0.04 26 3 OTD192 651172 4763904 689.3 5.0 0.70 0.09 63 3 OTD192 651173 4763903 684.6 5.0 0.66 0.05 211 3 OTD192 651175 4763902 680.0 5.0 0.57 0.05 84 3 OTD192 651176 4763901 675.3 5.0 0.73 0.06 24 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD192 651178 4763900 670.6 5.0 0.45 0.04 33 3 OTD192 651180 4763898 662.2 3.0 0.34 0.03 63 3 OTD193 651325 4764316 1120.7 5.0 1.15 0.21 144 5 OTD193 651325 4764313 1116.4 5.0 0.68 0.07 156 5 OTD193 651325 4764311 1112.2 5.0 0.66 0.08 130 5 OTD193 651325 4764308 1107.9 5.0 0.60 0.07 115 5 OTD193 651325 4764306 1103.6 5.0 0.48 0.08 99 5 OTD193 651325 4764303 1099.3 5.0 0.80 0.08 128 5 OTD193 651324 4764300 1095.0 5.0 0.90 0.09 96 5 OTD193 651324 4764298 1090.7 5.0 0.72 0.09 46 5 OTD193 651324 4764295 1086.4 5.0 0.48 0.06 90 5 OTD193 651324 4764292 1081.2 5.0 0.40 0.05 148 1 OTD193 651324 4764290 1076.9 5.0 0.41 0.05 125 1 OTD193 651324 4764288 1072.6 5.0 0.52 0.08 108 1 OTD193 651324 4764285 1068.2 5.0 0.49 0.08 90 1 OTD193 651324 4764283 1063.9 5.0 0.46 0.08 93 1 OTD193 651324 4764280 1059.6 5.0 0.49 0.08 73 1 OTD193 651324 4764278 1056.1 3.0 0.96 0.09 61 1 OTD193 651323 4764276 1052.7 5.0 1.41 0.09 74 2 OTD193 651323 4764274 1048.3 5.0 0.90 0.06 48 2 OTD193 651323 4764271 1044.0 5.0 1.31 0.07 59 2 OTD193 651323 4764269 1039.7 5.0 1.57 0.09 72 2 OTD193 651323 4764266 1035.3 5.0 0.84 0.07 76 2 OTD193 651323 4764264 1031.0 5.0 0.73 0.06 128 2 OTD193 651323 4764261 1026.7 5.0 0.89 0.04 62 2 OTD193 651322 4764259 1022.3 5.0 1.59 0.07 122 2 OTD193 651322 4764256 1018.0 5.0 1.93 0.06 110 2 OTD193 651322 4764254 1013.7 5.0 2.45 0.08 155 2 OTD193 651322 4764251 1009.3 5.0 1.65 0.06 111 2 OTD193 651322 4764249 1005.0 5.0 1.50 0.06 103 2 OTD193 651322 4764246 1000.7 5.0 1.47 0.08 141 2 OTD193 651321 4764244 996.4 5.0 2.63 0.09 88 2 OTD193 651321 4764241 992.0 5.0 1.11 0.05 84 2 OTD193 651321 4764239 987.7 5.0 1.19 0.06 155 2 OTD193 651321 4764236 982.5 5.0 0.44 0.04 56 1 OTD193 651321 4764233 978.2 5.0 0.37 0.03 65 1 OTD193 651321 4764231 973.8 5.0 0.47 0.06 89 1 OTD193 651321 4764228 969.5 5.0 0.46 0.08 93 1 OTD193 651321 4764226 965.2 5.0 0.49 0.07 112 1 OTD193 651320 4764223 960.8 5.0 0.44 0.11 148 1 OTD193 651320 4764221 956.5 5.0 0.45 0.20 123 1 OTD193 651320 4764218 952.2 5.0 0.38 0.18 124 1 OTD196 650927 4764166 1120.6 5.0 2.76 0.25 18 5 OTD196 650927 4764164 1116.3 5.0 2.19 0.31 43 5 OTD196 650927 4764161 1111.9 5.0 2.59 0.16 39 5 OTD196 650927 4764159 1107.5 5.0 2.11 0.35 39 5 OTD196 650927 4764157 1103.2 5.0 1.97 0.21 31 5 OTD196 650927 4764154 1098.0 5.0 0.48 0.06 40 1 OTD196 650927 4764151 1093.6 5.0 0.42 0.01 9 1 OTD196 650927 4764149 1089.2 5.0 0.46 0.06 5 1 OTD196 650927 4764146 1084.8 5.0 0.51 0.12 5 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD196 650927 4764144 1080.5 5.0 0.34 0.02 11 1 OTD196 650927 4764142 1076.1 5.0 0.56 0.03 8 1 OTD196 650927 4764139 1071.7 5.0 0.65 0.02 15 1 OTD196 650926 4764137 1067.4 5.0 0.64 0.04 5 1 OTD196 650926 4764134 1063.0 5.0 0.57 0.05 15 1 OTD196 650926 4764132 1058.6 5.0 0.56 0.01 8 1 OTD196 650926 4764129 1054.2 5.0 0.57 0.02 13 1 OTD196 650926 4764127 1049.8 5.0 0.58 0.01 7 1 OTD196 650926 4764125 1045.4 5.0 0.48 0.01 6 1 OTD196 650926 4764123 1041.9 3.0 0.50 0.01 8 1 OTD196 650926 4764121 1038.4 5.0 1.16 0.02 34 2 OTD196 650926 4764119 1034.0 5.0 0.64 0.02 13 2 OTD196 650926 4764114 1025.1 5.0 0.70 0.04 6 2 OTD196 650926 4764112 1020.7 5.0 0.77 0.63 8 2 OTD196 650926 4764109 1016.3 5.0 0.71 0.31 8 2 OTD196 650926 4764107 1011.9 5.0 0.87 0.26 103 2 OTD196 650926 4764105 1007.5 5.0 1.23 0.10 25 2 OTD196 650926 4764102 1003.0 5.0 1.20 0.07 22 2 OTD196 650926 4764100 998.6 5.0 0.99 0.18 8 2 OTD196 650926 4764098 995.5 2.0 1.32 0.06 55 2 OTD196 650926 4764097 992.4 5.0 0.44 0.02 22 1 OTD196 650926 4764095 988.0 5.0 0.38 0.01 15 1 OTD196 650930 4764052 903.3 5.0 0.59 0.09 22 3 OTD196 650930 4764050 898.8 5.0 0.86 0.10 16 3 OTD196 650931 4764048 894.3 5.0 1.20 0.69 27 3 OTD196 650931 4764045 889.8 5.0 1.26 0.75 19 3 OTD196 650932 4764043 885.4 5.0 1.16 0.71 18 3 OTD196 650932 4764041 880.9 5.0 1.15 0.49 11 3 OTD196 650932 4764038 876.4 5.0 1.09 0.86 11 3 OTD196 650933 4764036 872.0 5.0 1.08 0.61 24 3 OTD196 650933 4764034 867.5 5.0 1.04 1.21 22 3 OTD196 650933 4764032 863.0 5.0 1.14 1.10 21 3 OTD196 650933 4764030 858.6 5.0 0.77 0.64 10 3 OTD196 650933 4764028 854.1 5.0 0.92 0.57 11 3 OTD196 650933 4764025 849.6 5.0 0.81 0.33 31 3 OTD196 650933 4764023 845.2 5.0 0.95 0.09 31 3 OTD196 650933 4764021 840.7 5.0 1.04 0.10 24 3 OTD196 650934 4764019 836.3 5.0 1.01 0.10 13 3 OTD196 650934 4764016 831.8 5.0 1.20 0.09 20 3 OTD196 650934 4764014 827.4 5.0 1.20 0.07 15 3 OTD196 650934 4764012 822.9 5.0 0.44 0.04 21 3 OTD196 650934 4764009 818.5 5.0 0.89 0.44 47 3 OTD196 650934 4764007 814.0 5.0 0.76 0.76 23 3 OTD196 650934 4764005 809.5 5.0 1.04 0.46 16 3 OTD196 650935 4763992 786.4 5.0 0.80 0.40 19 3 OTD196 650935 4763990 781.9 5.0 0.95 0.37 11 3 OTD196 650935 4763988 777.5 5.0 0.39 0.21 6 3 OTD196 650936 4763986 773.0 5.0 0.84 0.53 9 3 OTD196 650936 4763984 769.5 3.0 0.69 1.40 19 3 OTD202 650925 4764077 1141.7 5.0 0.46 0.03 16 5 OTD202 650925 4764075 1137.4 5.0 1.85 0.08 37 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD202 650925 4764072 1133.1 5.0 1.03 0.04 11 5 OTD202 650926 4764070 1128.7 5.0 0.94 0.03 5 5 OTD202 650926 4764068 1125.7 2.0 0.81 0.05 12 5 OTD202 650926 4764066 1122.7 5.0 0.61 0.03 99 1 OTD202 650926 4764064 1118.3 5.0 0.72 0.06 27 1 OTD202 650926 4764061 1113.9 5.0 0.62 0.03 10 1 OTD202 650926 4764059 1110.5 3.0 0.73 0.04 8 1 OTD202 650926 4764057 1107.0 5.0 0.92 0.05 9 2 OTD202 650926 4764055 1102.7 5.0 0.87 0.06 9 2 OTD202 650926 4764052 1098.3 5.0 0.85 0.05 25 2 OTD202 650926 4764050 1093.9 5.0 0.76 0.04 26 2 OTD202 650926 4764047 1089.6 5.0 0.83 0.06 37 2 OTD202 650926 4764045 1085.2 5.0 0.99 0.06 26 2 OTD202 650926 4764043 1082.2 2.0 0.89 0.06 12 2 OTD202 650926 4764041 1079.1 5.0 0.37 0.04 11 1 OTD202 650926 4764039 1074.7 5.0 0.76 0.04 13 1 OTD202 650926 4764037 1071.7 2.0 0.60 0.02 19 1 OTD202 650927 4764001 1005.4 5.0 0.32 0.02 23 1 OTD202 650927 4763998 1001.0 5.0 0.39 0.03 14 1 OTD202 650927 4763994 992.2 5.0 0.34 0.02 21 1 OTD202 650928 4763991 987.8 5.0 0.34 0.03 31 1 OTD202 650928 4763989 983.4 5.0 0.39 0.03 29 1 OTD202 650928 4763987 979.4 3.9 0.45 0.01 28 1 OTD202 650928 4763976 958.7 5.0 0.43 0.04 20 3 OTD202 650929 4763973 954.3 5.0 0.55 0.19 21 3 OTD202 650929 4763969 945.4 5.0 0.57 0.25 33 3 OTD202 650929 4763967 941.0 5.0 0.73 0.24 16 3 OTD202 650929 4763965 936.6 5.0 0.66 0.25 75 3 OTD202 650929 4763962 932.1 5.0 0.57 0.26 50 3 OTD202 650929 4763960 927.7 5.0 0.55 0.25 87 3 OTD202 650929 4763958 923.3 5.0 0.57 0.27 26 3 OTD202 650929 4763955 918.8 5.0 0.95 0.37 212 3 OTD202 650929 4763953 914.4 5.0 0.87 0.38 230 3 OTD202 650929 4763951 910.0 5.0 0.58 0.29 19 3 OTD202 650929 4763948 905.6 5.0 0.89 0.32 20 3 OTD202 650929 4763946 901.1 5.0 0.98 0.44 74 3 OTD202 650929 4763944 896.7 5.0 1.00 0.45 31 3 OTD202 650929 4763942 893.6 2.0 0.79 0.33 50 3 OTD202 650929 4763935 879.9 5.0 1.50 1.28 43 3 OTD202 650929 4763933 875.5 5.0 1.23 1.21 34 3 OTD202 650929 4763930 871.1 5.0 1.49 1.34 52 3 OTD202 650929 4763928 866.7 5.0 1.31 1.09 16 3 OTD202 650929 4763925 862.3 5.0 1.13 0.80 12 3 OTD202 650929 4763923 857.9 5.0 0.97 0.76 19 3 OTD202 650929 4763921 853.5 5.0 0.91 1.21 24 3 OTD202 650929 4763918 849.0 5.0 1.07 0.97 29 3 OTD202 650929 4763916 844.6 5.0 1.42 1.11 42 3 OTD202 650929 4763914 840.2 5.0 1.07 0.47 24 3 OTD202 650929 4763911 835.8 5.0 0.97 0.45 13 3 OTD202 650928 4763909 831.4 5.0 0.87 0.47 7 3 OTD202 650928 4763907 827.0 5.0 1.20 0.68 6 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD202 650928 4763904 822.6 5.0 0.88 0.59 8 3 OTD202 650928 4763902 818.2 5.0 0.88 0.39 7 3 OTD202 650928 4763900 813.8 5.0 0.40 0.10 16 3 OTD202 650928 4763897 809.3 5.0 0.33 0.07 8 3 OTD202 650928 4763895 804.9 5.0 0.63 0.23 16 3 OTD202 650928 4763894 801.9 2.0 0.50 0.13 25 3 OTD206 650926 4763969 1134.6 5.0 1.04 0.02 31 5 OTD206 650926 4763966 1130.3 5.0 0.79 0.02 24 5 OTD206 650926 4763964 1125.9 5.0 0.86 0.02 32 5 OTD206 650926 4763959 1117.2 5.0 0.96 0.04 108 5 OTD206 650926 4763957 1112.9 5.0 0.75 0.02 69 5 OTD206 650926 4763954 1108.5 5.0 0.47 0.02 9 5 OTD206 650926 4763952 1104.2 5.0 0.36 0.04 23 5 OTD206 650926 4763939 1082.4 5.0 0.41 0.03 13 1 OTD206 650926 4763937 1078.0 5.0 0.48 0.03 14 1 OTD206 650926 4763934 1073.7 5.0 0.52 0.02 16 1 OTD206 650927 4763932 1069.3 5.0 0.59 0.01 23 1 OTD206 650927 4763930 1064.9 5.0 0.51 0.01 11 1 OTD206 650927 4763927 1060.6 5.0 0.45 0.01 16 1 OTD206 650927 4763925 1056.2 5.0 0.41 0.01 5 1 OTD206 650927 4763922 1051.8 5.0 0.99 0.01 5 1 OTD206 650927 4763920 1047.5 5.0 0.48 0.01 6 1 OTD206 650927 4763917 1043.1 5.0 0.46 0.02 34 1 OTD206 650927 4763915 1038.7 5.0 0.46 0.06 23 1 OTD206 650927 4763912 1034.4 5.0 0.42 0.07 24 1 OTD206 650927 4763910 1030.4 4.0 0.60 0.11 24 1 OTD206 650928 4763899 1009.0 5.0 0.52 0.18 20 3 OTD206 650928 4763896 1004.6 5.0 0.44 0.15 13 3 OTD206 650928 4763894 1000.2 5.0 0.41 0.16 11 3 OTD206 650928 4763892 995.9 5.0 0.72 0.23 19 3 OTD206 650928 4763889 991.5 5.0 0.41 0.13 15 3 OTD206 650928 4763887 987.1 5.0 0.78 0.36 13 3 OTD206 650928 4763884 982.8 5.0 1.47 0.60 1205 3 OTD206 650928 4763882 978.4 5.0 0.94 0.35 343 3 OTD206 650928 4763880 974.0 5.0 0.78 0.33 180 3 OTD206 650928 4763877 969.6 5.0 0.56 0.19 62 3 OTD206 650928 4763875 965.2 5.0 0.84 0.25 57 3 OTD206 650928 4763873 960.8 5.0 0.48 0.14 20 3 OTD206 650928 4763870 956.4 5.0 0.37 0.10 25 3 OTD206 650928 4763868 952.0 5.0 0.66 0.19 16 3 OTD207 650826 4764045 1126.6 5.0 5.07 0.53 9 5 OTD207 650826 4764042 1122.2 5.0 2.20 0.18 7 5 OTD207 650827 4764040 1117.8 5.0 2.59 0.07 9 5 OTD207 650827 4764037 1113.5 5.0 2.85 0.11 23 5 OTD207 650827 4764035 1109.1 5.0 3.21 0.07 22 5 OTD207 650827 4764033 1104.7 5.0 2.48 0.07 19 5 OTD207 650827 4764031 1100.3 5.0 2.04 0.22 20 2 OTD207 650827 4764028 1095.9 5.0 2.38 0.16 33 2 OTD207 650827 4764026 1091.5 5.0 1.41 0.14 24 2 OTD207 650827 4764024 1087.1 5.0 1.25 0.12 52 2 OTD207 650827 4764021 1082.7 5.0 1.16 0.09 254 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD207 650828 4764018 1078.3 5.0 0.97 0.10 52 2 OTD207 650828 4764016 1073.9 5.0 0.80 0.10 79 2 OTD207 650828 4764014 1070.3 3.0 1.28 0.07 93 2 OTD207 650828 4764013 1066.8 5.0 0.51 0.05 37 1 OTD207 650828 4764010 1062.3 5.0 0.50 0.05 27 1 OTD207 650828 4764008 1058.8 3.0 0.60 0.22 19 1 OTD207 650833 4763955 952.4 5.0 0.49 0.53 44 3 OTD207 650833 4763953 947.9 5.0 0.67 0.38 49 3 OTD207 650833 4763951 943.4 5.0 0.40 0.27 23 3 OTD207 650834 4763949 938.9 5.0 0.63 0.19 27 3 OTD207 650834 4763946 934.4 5.0 0.59 0.29 34 3 OTD207 650834 4763944 929.9 5.0 0.56 0.16 27 3 OTD207 650834 4763942 925.4 5.0 0.46 0.23 25 3 OTD207 650835 4763940 920.9 5.0 0.45 0.27 28 3 OTD207 650835 4763937 916.4 5.0 0.38 0.26 43 3 OTD207 650835 4763935 911.9 5.0 0.31 0.35 20 3 OTD207 650835 4763933 907.4 5.0 0.40 1.12 11 3 OTD207 650836 4763931 902.9 5.0 0.56 0.19 26 3 OTD207 650836 4763929 898.3 5.0 0.44 0.38 31 3 OTD207 650836 4763927 893.8 5.0 0.95 1.47 27 3 OTD207 650837 4763925 889.3 5.0 1.20 0.82 24 3 OTD207 650837 4763923 884.8 5.0 1.18 1.38 15 3 OTD207 650837 4763921 880.2 5.0 1.07 1.23 19 3 OTD207 650837 4763919 875.7 5.0 0.97 0.42 25 3 OTD207 650837 4763917 871.2 5.0 0.71 0.25 30 3 OTD207 650838 4763915 866.7 5.0 0.67 0.13 29 3 OTD207 650838 4763912 862.2 5.0 0.84 0.22 18 3 OTD207 650838 4763910 857.6 5.0 1.02 0.80 25 3 OTD207 650838 4763908 853.1 5.0 1.10 1.86 19 3 OTD207 650838 4763906 848.6 5.0 1.01 1.89 15 3 OTD207 650839 4763904 844.1 5.0 1.46 1.26 29 3 OTD207 650839 4763902 839.7 5.0 1.51 0.50 51 3 OTD207 650839 4763899 835.2 5.0 1.37 1.00 30 3 OTD207 650839 4763897 830.7 5.0 0.75 0.77 16 3 OTD207 650839 4763895 826.6 4.0 0.48 0.34 33 3 OTD209 650525 4764152 1129.0 5.0 0.75 0.08 23 5 OTD209 650525 4764150 1125.5 3.0 0.63 0.05 39 5 OTD210 650824 4764229 1106.7 5.0 0.44 0.02 12 5 OTD210 650823 4764183 1017.8 5.0 0.58 0.75 23 3 OTD210 650823 4764181 1013.3 5.0 0.48 0.57 16 3 OTD210 650823 4764179 1008.8 5.0 0.43 0.42 15 3 OTD210 650823 4764174 999.8 5.0 0.42 0.39 6 3 OTD210 650823 4764172 995.3 5.0 0.37 0.38 6 3 OTD210 650823 4764171 992.1 2.0 0.31 0.26 8 3 OTD210 650823 4764160 969.3 5.0 0.37 0.39 17 3 OTD210 650823 4764157 964.8 5.0 0.42 0.39 12 3 OTD210 650823 4764153 955.8 5.0 0.44 0.35 17 3 OTD210 650823 4764151 951.3 5.0 0.65 0.29 16 3 OTD210 650823 4764148 946.8 5.0 0.47 0.26 20 3 OTD210 650823 4764146 942.3 5.0 0.87 0.47 22 3 OTD210 650823 4764144 937.8 5.0 0.61 0.30 25 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD210 650823 4764142 933.3 5.0 0.36 0.26 64 3 OTD210 650823 4764140 928.8 5.0 0.32 0.42 62 3 OTD210 650823 4764137 924.3 5.0 0.42 0.34 46 3 OTD210 650823 4764136 920.8 3.0 0.34 0.14 28 3 OTD210 650823 4764130 908.1 5.0 0.44 0.71 16 3 OTD210 650823 4764127 903.6 5.0 0.39 0.61 7 3 OTD210 650823 4764125 899.1 5.0 0.46 0.78 6 3 OTD210 650823 4764123 894.6 5.0 0.40 0.51 7 3 OTD210 650823 4764116 881.1 5.0 0.66 0.78 8 3 OTD210 650823 4764114 876.6 5.0 0.99 1.06 26 3 OTD210 650823 4764112 872.1 5.0 0.91 0.66 34 3 OTD210 650823 4764110 867.5 5.0 0.67 0.60 53 3 OTD210 650823 4764108 863.0 5.0 0.99 1.17 142 3 OTD210 650823 4764106 858.5 5.0 0.81 0.97 22 3 OTD210 650823 4764103 854.0 5.0 0.88 0.90 23 3 OTD210 650822 4764101 849.5 5.0 0.36 0.60 24 3 OTD210 650822 4764099 845.0 5.0 0.44 0.14 46 3 OTD210 650822 4764096 840.5 5.0 0.43 0.21 67 3 OTD210 650822 4764094 836.0 5.0 0.78 0.79 35 3 OTD210 650822 4764090 826.9 5.0 0.48 0.61 14 3 OTD210 650822 4764086 817.9 5.0 0.37 0.83 11 3 OTD210 650822 4764084 813.4 5.0 0.77 1.24 17 3 OTD210 650821 4764068 782.0 5.0 0.56 0.67 16 3 OTD210 650821 4764066 777.5 5.0 0.46 0.52 13 3 OTD210 650821 4764064 773.0 5.0 0.96 0.74 85 3 OTD210 650821 4764061 768.5 5.0 0.64 0.72 98 3 OTD210 650820 4764057 760.4 3.0 0.48 0.69 29 3 OTD211 650925 4764265 1105.2 5.0 1.11 0.01 6 5 OTD211 650925 4764264 1101.7 3.0 1.63 0.01 6 5 OTD211 650925 4764238 1056.7 5.0 0.48 0.19 81 1 OTD211 650925 4764235 1052.4 5.0 0.54 0.19 117 1 OTD211 650925 4764233 1048.0 5.0 0.49 0.11 21 1 OTD211 650925 4764230 1043.7 5.0 0.56 0.12 53 1 OTD211 650925 4764228 1039.4 5.0 0.64 0.13 62 1 OTD211 650925 4764226 1035.1 5.0 0.52 0.08 47 1 OTD211 650924 4764223 1030.7 5.0 0.45 0.07 40 1 OTD211 650924 4764221 1026.4 5.0 0.40 0.04 36 1 OTD211 650924 4764218 1022.1 5.0 0.62 0.05 20 1 OTD211 650924 4764216 1017.7 5.0 0.79 0.08 38 1 OTD211 650924 4764213 1013.4 5.0 0.31 0.04 17 1 OTD211 650924 4764211 1009.1 5.0 0.45 0.04 17 1 OTD211 650924 4764208 1004.8 5.0 0.45 0.04 19 1 OTD211 650924 4764206 1000.4 5.0 0.47 0.03 14 1 OTD211 650924 4764203 996.1 5.0 0.41 0.04 16 1 OTD211 650924 4764201 991.8 5.0 0.41 0.08 15 1 OTD211 650924 4764198 987.4 5.0 0.45 0.01 20 1 OTD211 650924 4764196 983.1 5.0 0.44 0.01 12 1 OTD211 650923 4764191 974.4 5.0 0.48 0.03 13 1 OTD211 650923 4764189 970.1 5.0 0.62 0.14 15 1 OTD211 650923 4764186 965.8 5.0 0.78 0.06 12 1 OTD211 650923 4764184 961.4 5.0 0.76 0.04 18 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD211 650923 4764181 957.1 5.0 0.76 0.04 9 1 OTD211 650923 4764179 952.8 5.0 0.72 0.03 7 1 OTD211 650923 4764176 948.4 5.0 0.65 0.02 6 1 OTD211 650923 4764174 944.1 5.0 0.80 0.02 7 1 OTD211 650923 4764171 939.8 5.0 0.80 0.03 9 1 OTD211 650923 4764169 935.5 5.0 0.72 0.03 9 1 OTD211 650923 4764166 930.3 5.0 1.23 0.04 24 2 OTD211 650923 4764163 925.9 5.0 1.50 0.06 23 2 OTD211 650923 4764161 921.6 5.0 1.26 0.06 7 2 OTD211 650923 4764158 917.3 5.0 0.99 0.17 16 2 OTD211 650923 4764156 912.9 5.0 1.37 0.18 11 2 OTD211 650923 4764153 908.6 5.0 1.25 0.19 14 2 OTD211 650923 4764151 904.3 5.0 1.70 0.34 12 2 OTD211 650923 4764149 900.0 5.0 2.38 0.36 17 2 OTD211 650923 4764146 895.6 5.0 1.36 0.14 30 2 OTD211 650923 4764144 891.3 5.0 1.78 0.23 72 2 OTD211 650923 4764141 887.0 5.0 1.49 0.09 58 2 OTD211 650923 4764139 882.6 5.0 1.66 0.12 78 2 OTD211 650923 4764136 878.3 5.0 1.94 0.08 15 2 OTD211 650923 4764134 873.9 5.0 2.65 0.11 20 2 OTD211 650923 4764131 869.6 5.0 1.21 0.08 24 2 OTD211 650923 4764129 865.2 5.0 0.39 0.01 11 2 OTD211 650923 4764126 860.8 5.0 0.82 0.02 15 2 OTD211 650923 4764124 856.5 5.0 1.12 0.05 15 2 OTD211 650923 4764122 852.1 5.0 0.91 0.03 24 2 OTD211 650923 4764120 847.8 5.0 0.84 0.04 28 2 OTD211 650923 4764117 843.3 5.0 1.63 0.04 32 2 OTD211 650923 4764115 839.8 3.0 0.95 0.04 35 2 OTD211 650924 4764113 836.3 5.0 0.41 0.05 41 1 OTD211 650926 4764069 752.9 5.0 0.78 0.54 8 3 OTD211 650926 4764067 748.4 5.0 0.63 0.48 73 3 OTD211 650926 4764065 744.0 5.0 0.53 0.37 70 3 OTD211 650927 4764041 695.7 5.0 0.44 0.37 37 3 OTD216 651026 4764227 1040.6 5.0 0.49 0.03 74 1 OTD216 651026 4764224 1036.2 5.0 0.68 0.01 71 1 OTD216 651026 4764222 1031.9 5.0 0.72 0.01 50 1 OTD216 651026 4764219 1027.6 5.0 0.75 0.11 27 1 OTD216 651026 4764217 1023.3 5.0 0.35 0.11 30 1 OTD216 651026 4764214 1018.9 5.0 0.43 0.10 36 1 OTD216 651026 4764212 1014.6 5.0 0.65 0.09 28 1 OTD216 651026 4764209 1010.3 5.0 0.56 0.05 24 1 OTD216 651026 4764207 1005.9 5.0 0.64 0.03 22 1 OTD216 651026 4764204 1001.6 5.0 0.57 0.04 23 1 OTD216 651026 4764202 997.3 5.0 0.72 0.04 30 1 OTD216 651026 4764199 992.9 5.0 0.91 0.04 55 1 OTD216 651026 4764197 988.6 5.0 0.62 0.03 57 1 OTD216 651026 4764194 984.3 5.0 0.60 0.04 33 1 OTD216 651026 4764192 980.0 5.0 0.80 0.04 41 2 OTD216 651026 4764189 975.6 5.0 0.75 0.03 123 2 OTD216 651026 4764187 971.3 5.0 0.80 0.08 43 2 OTD216 651026 4764184 967.0 5.0 0.78 0.06 30 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD216 651026 4764182 962.6 5.0 0.98 0.05 46 2 OTD216 651026 4764179 958.3 5.0 0.94 0.08 48 2 OTD216 651026 4764177 954.0 5.0 1.37 0.07 121 2 OTD216 651026 4764174 949.6 5.0 0.88 0.05 88 2 OTD216 651026 4764172 945.3 5.0 0.64 0.13 22 1 OTD216 651026 4764169 941.0 5.0 0.34 0.05 33 1 OTD216 651026 4764167 936.7 5.0 0.68 0.06 65 1 OTD216 651026 4764164 932.3 5.0 0.62 0.09 41 1 OTD216 651026 4764162 928.0 5.0 0.59 0.13 35 1 OTD216 651026 4764159 923.7 5.0 0.81 0.11 68 1 OTD216 651026 4764157 919.3 5.0 0.40 0.12 54 1 OTD216 651026 4764152 910.7 5.0 0.30 0.07 110 1 OTD216 651026 4764149 906.3 5.0 0.70 0.10 53 1 OTD216 651026 4764147 902.0 5.0 0.82 0.11 37 1 OTD216 651026 4764144 897.7 5.0 0.32 0.09 14 1 OTD216 651026 4764142 893.3 5.0 0.48 0.04 18 1 OTD216 651026 4764139 889.0 5.0 0.46 0.04 25 1 OTD216 651026 4764137 884.7 5.0 0.38 0.02 18 1 OTD216 651026 4764134 880.4 5.0 0.55 0.07 44 1 OTD216 651026 4764132 876.0 5.0 0.47 0.07 43 1 OTD216 651026 4764130 872.6 3.0 0.39 0.05 28 1 OTD216 651026 4764128 869.1 5.0 1.21 0.16 47 2 OTD216 651026 4764125 864.8 5.0 1.01 0.16 34 2 OTD216 651026 4764123 860.4 5.0 0.77 0.09 54 2 OTD216 651026 4764120 856.1 5.0 0.60 0.08 49 2 OTD216 651026 4764118 851.8 5.0 0.92 0.10 58 2 OTD216 651026 4764115 847.5 5.0 1.10 0.12 72 2 OTD216 651026 4764113 843.1 5.0 0.63 0.04 71 2 OTD216 651026 4764110 838.8 5.0 0.84 0.06 141 2 OTD216 651026 4764108 834.5 5.0 1.10 0.08 76 2 OTD216 651026 4764105 830.1 5.0 0.69 0.09 19 2 OTD216 651026 4764100 821.5 5.0 0.96 0.05 16 2 OTD216 651026 4764098 817.1 5.0 1.48 0.06 12 2 OTD216 651026 4764096 813.7 3.0 0.79 0.05 8 2 OTD216 651026 4764094 811.5 2.0 0.95 0.05 10 1 OTD216 651026 4764066 761.7 5.0 0.66 0.08 17 3 OTD216 651026 4764063 757.4 5.0 0.58 0.17 30 3 OTD216 651026 4764061 753.1 5.0 0.86 0.23 28 3 OTD216 651026 4764058 748.7 5.0 1.13 0.30 93 3 OTD216 651026 4764056 744.4 5.0 0.64 0.23 26 3 OTD216 651026 4764053 740.1 5.0 0.50 0.15 33 3 OTD216 651026 4764051 735.7 5.0 0.61 0.19 38 3 OTD216 651026 4764049 732.3 3.0 0.64 0.16 25 3 OTD216 651026 4764041 718.4 5.0 0.45 0.11 20 3 OTD216 651026 4764038 714.1 5.0 0.48 0.07 28 3 OTD216 651026 4764036 709.8 5.0 0.91 0.19 32 3 OTD216 651026 4764033 705.4 5.0 0.85 0.28 41 3 OTD216 651026 4764031 701.1 5.0 1.07 0.23 41 3 OTD216 651026 4764028 696.8 5.0 0.34 0.07 12 3 OTD216 651026 4764026 692.4 5.0 0.82 0.10 42 3 OTD216 651026 4764021 684.2 4.0 0.35 0.33 58 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD217 651025 4764175 1117.7 5.0 0.75 0.16 5 5 OTD217 651025 4764173 1113.3 5.0 0.45 0.10 5 5 OTD217 651025 4764170 1109.0 5.0 0.44 0.20 5 5 OTD217 651025 4764169 1104.6 5.0 0.54 0.18 5 5 OTD217 651025 4764166 1100.2 5.0 0.31 0.08 3 5 OTD217 651025 4764164 1095.8 5.0 0.54 0.10 5 5 OTD217 651025 4764162 1091.3 5.0 0.48 0.06 5 5 OTD217 651025 4764159 1086.9 5.0 0.56 0.02 5 5 OTD217 651025 4764157 1082.5 5.0 0.72 0.02 5 5 OTD217 651024 4764154 1078.1 5.0 0.67 0.04 5 5 OTD217 651024 4764152 1073.7 5.0 0.44 0.04 5 5 OTD217 651024 4764150 1069.2 5.0 0.45 0.04 5 5 OTD217 651024 4764148 1064.8 5.0 0.39 0.02 5 1 OTD217 651024 4764145 1060.3 5.0 0.79 0.03 5 1 OTD217 651024 4764143 1055.8 5.0 0.38 0.03 5 1 OTD217 651024 4764141 1051.4 5.0 0.47 0.02 5 1 OTD217 651024 4764139 1046.9 5.0 0.48 0.01 5 1 OTD217 651024 4764132 1033.5 5.0 0.47 0.02 5 1 OTD217 651024 4764129 1029.0 5.0 0.43 0.01 5 1 OTD217 651024 4764127 1024.5 5.0 0.59 0.01 5 1 OTD217 651024 4764125 1020.0 5.0 0.99 0.07 5 1 OTD217 651024 4764123 1015.5 5.0 0.59 0.05 5 1 OTD217 651024 4764121 1012.4 2.0 0.57 0.03 5 1 OTD217 651024 4764120 1009.2 5.0 0.97 0.08 5 2 OTD217 651023 4764118 1004.7 5.0 1.12 0.09 5 2 OTD217 651023 4764115 1000.2 5.0 1.06 0.11 5 2 OTD217 651023 4764113 995.7 5.0 1.10 0.09 5 2 OTD217 651023 4764111 991.2 5.0 0.81 0.10 5 2 OTD217 651023 4764109 986.8 5.0 1.14 0.13 5 2 OTD217 651023 4764107 982.2 5.0 2.26 0.08 5 2 OTD217 651023 4764104 977.8 5.0 3.26 0.03 5 2 OTD217 651023 4764102 973.3 5.0 2.83 0.04 5 2 OTD217 651023 4764100 968.8 5.0 2.74 0.09 5 2 OTD217 651023 4764098 964.3 5.0 0.92 0.03 5 1 OTD217 651023 4764096 959.8 5.0 0.61 0.02 5 1 OTD217 651023 4764094 956.6 2.0 0.69 0.04 5 1 OTD217 651023 4764092 951.7 5.0 0.87 0.03 5 1 OTD217 651023 4764090 947.2 5.0 1.05 0.04 43 1 OTD217 651022 4764087 942.7 5.0 0.73 0.04 130 1 OTD217 651022 4764085 938.2 5.0 1.09 0.08 66 1 OTD217 651022 4764083 933.7 5.0 0.94 0.07 64 1 OTD217 651022 4764081 929.2 5.0 0.86 0.05 32 1 OTD217 651022 4764079 924.7 5.0 0.61 0.07 37 1 OTD217 651022 4764077 920.2 5.0 1.09 0.13 58 1 OTD217 651022 4764074 915.7 5.0 0.73 0.09 38 1 OTD217 651022 4764072 911.2 5.0 0.71 0.07 32 1 OTD217 651021 4764070 906.8 5.0 0.31 0.04 55 1 OTD217 651021 4764068 902.3 5.0 0.37 0.02 49 1 OTD217 651021 4764059 884.3 5.0 0.52 0.03 82 1 OTD217 651021 4764056 879.8 5.0 0.54 0.08 50 1 OTD217 651020 4764054 875.3 5.0 0.50 0.08 56 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD217 651020 4764052 870.8 5.0 0.90 0.05 18 1 OTD217 651020 4764050 866.3 5.0 0.72 0.04 27 1 OTD217 651020 4764048 861.8 5.0 0.87 0.12 33 1 OTD217 651020 4764046 857.2 5.0 0.54 0.14 16 1 OTD217 651020 4764044 854.1 2.0 0.94 0.25 37 1 OTD217 651019 4764043 850.9 5.0 0.72 0.17 61 3 OTD217 651019 4764041 846.4 5.0 0.50 0.14 40 3 OTD217 651019 4764039 841.9 5.0 0.59 0.17 39 3 OTD217 651019 4764037 837.3 5.0 0.54 0.12 45 3 OTD217 651019 4764035 832.8 5.0 0.79 0.20 51 3 OTD217 651019 4764032 828.3 5.0 0.66 0.16 55 3 OTD217 651018 4764031 824.2 4.0 0.68 0.17 28 3 OTD217 651017 4764021 803.8 5.0 0.80 0.11 21 3 OTD217 651017 4764019 799.3 5.0 0.92 0.10 18 3 OTD217 651017 4764017 794.7 5.0 0.64 0.08 21 3 OTD217 651017 4764015 790.2 5.0 0.52 0.16 28 3 OTD217 651016 4764013 785.7 5.0 0.55 0.20 90 3 OTD217 651016 4764011 781.1 5.0 1.14 0.65 53 3 OTD217 651016 4764009 776.6 5.0 0.85 0.45 11 3 OTD217 651015 4764007 772.1 5.0 0.63 0.41 13 3 OTD217 651015 4764005 767.6 5.0 1.01 0.73 12 3 OTD217 651015 4764002 763.0 5.0 1.18 0.51 14 3 OTD217 651014 4764000 758.5 5.0 0.47 0.10 12 3 OTD217 651014 4763998 754.0 5.0 0.46 0.07 24 3 OTD217 651014 4763996 749.5 5.0 0.48 0.14 18 3 OTD217 651014 4763994 745.0 5.0 0.30 0.11 11 3 OTD217 651013 4763992 740.5 5.0 0.56 0.27 8 3 OTD217 651013 4763990 736.0 5.0 0.38 0.15 15 3 OTD217 651012 4763988 731.5 5.0 0.67 0.20 20 3 OTD217 651012 4763985 727.0 5.0 0.39 0.15 40 3 OTD217 651012 4763984 723.8 2.0 0.44 0.16 31 3 OTD224 651126 4764257 1105.3 5.0 0.34 0.06 144 5 OTD224 651127 4764255 1100.8 5.0 0.42 0.05 131 5 OTD224 651127 4764253 1096.4 5.0 0.45 0.06 99 5 OTD224 651127 4764250 1091.9 5.0 0.40 0.06 141 5 OTD224 651127 4764248 1087.5 5.0 0.45 0.05 124 1 OTD224 651127 4764246 1083.1 5.0 0.36 0.07 269 1 OTD224 651127 4764244 1078.6 5.0 0.47 0.07 262 1 OTD224 651127 4764241 1074.2 5.0 0.46 0.08 142 1 OTD224 651127 4764239 1069.7 5.0 0.49 0.10 114 1 OTD224 651127 4764237 1065.2 5.0 0.39 0.09 177 1 OTD224 651127 4764235 1060.7 5.0 0.42 0.09 184 1 OTD224 651127 4764232 1056.2 5.0 0.44 0.07 218 1 OTD224 651128 4764226 1042.6 5.0 0.45 0.08 35 1 OTD224 651128 4764224 1038.1 5.0 0.43 0.05 51 1 OTD224 651128 4764222 1033.6 5.0 0.39 0.05 52 1 OTD224 651128 4764220 1029.1 5.0 0.37 0.05 46 1 OTD224 651128 4764217 1024.6 5.0 0.54 0.06 36 1 OTD224 651129 4764215 1020.0 5.0 0.39 0.05 68 1 OTD224 651129 4764213 1015.5 5.0 0.43 0.05 33 1 OTD224 651129 4764211 1011.0 5.0 0.40 0.05 54 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD224 651129 4764209 1006.4 5.0 0.45 0.05 57 1 OTD224 651129 4764207 1001.9 5.0 0.45 0.11 66 1 OTD224 651129 4764205 997.3 5.0 0.51 0.05 91 1 OTD224 651130 4764203 992.8 5.0 0.41 0.04 143 1 OTD224 651130 4764201 988.3 5.0 0.45 0.09 34 1 OTD224 651130 4764199 983.7 5.0 0.49 0.10 48 1 OTD224 651130 4764197 979.2 5.0 0.43 0.05 154 1 OTD224 651130 4764195 974.6 5.0 0.66 0.09 45 1 OTD224 651130 4764192 970.1 5.0 0.82 0.06 73 1 OTD224 651131 4764191 966.0 4.0 0.43 0.06 58 1 OTD224 651131 4764189 961.9 5.0 1.01 0.11 140 2 OTD224 651131 4764187 957.3 5.0 0.64 0.12 59 2 OTD224 651131 4764184 951.8 5.0 0.38 0.04 56 1 OTD224 651131 4764182 947.3 5.0 0.32 0.04 88 1 OTD224 651131 4764180 942.7 5.0 0.49 0.06 80 1 OTD224 651132 4764178 938.2 5.0 0.47 0.08 55 1 OTD224 651132 4764176 933.6 5.0 0.51 0.05 45 1 OTD224 651132 4764174 929.0 5.0 0.75 0.06 87 1 OTD224 651132 4764172 924.4 5.0 0.83 0.07 203 1 OTD224 651132 4764170 919.9 5.0 0.56 0.04 61 1 OTD224 651132 4764168 915.3 5.0 0.49 0.06 37 1 OTD224 651132 4764166 910.7 5.0 0.45 0.06 30 1 OTD224 651133 4764164 906.2 5.0 0.56 0.04 148 1 OTD224 651133 4764162 901.6 5.0 0.66 0.03 38 1 OTD224 651133 4764161 897.0 5.0 0.54 0.05 21 1 OTD224 651133 4764159 892.4 5.0 0.45 0.04 19 1 OTD224 651133 4764157 887.8 5.0 0.70 0.04 263 1 OTD224 651133 4764155 883.2 5.0 0.38 0.01 43 1 OTD224 651133 4764153 878.7 5.0 0.66 0.05 34 1 OTD224 651133 4764150 874.1 5.0 0.53 0.05 90 1 OTD224 651134 4764148 869.5 5.0 0.89 0.06 268 1 OTD224 651134 4764146 864.9 5.0 0.69 0.06 105 1 OTD224 651134 4764145 861.7 2.0 0.94 0.07 37 1 OTD224 651137 4764087 724.0 5.0 0.86 0.11 19 3 OTD224 651137 4764085 719.4 5.0 0.82 0.07 27 3 OTD224 651137 4764083 714.8 5.0 0.39 0.03 33 3 OTD224 651137 4764077 701.0 5.0 0.32 0.09 1293 3 OTD224 651137 4764075 696.4 5.0 0.61 0.16 807 3 OTD224 651137 4764073 691.8 5.0 0.58 0.25 655 3 OTD224 651137 4764071 687.2 5.0 0.78 0.17 468 3 OTD224 651137 4764069 682.6 5.0 0.51 0.09 77 3 OTD224 651137 4764067 678.0 5.0 0.53 0.15 51 3 OTD224 651137 4764065 673.4 5.0 0.90 0.27 14 3 OTD224 651137 4764063 668.8 5.0 0.87 0.27 27 3 OTD224 651137 4764061 664.2 5.0 0.58 0.11 31 3 OTD224 651137 4764059 659.6 5.0 0.68 0.12 265 3 OTD224 651137 4764057 655.0 5.0 0.83 0.08 26 3 OTD224 651137 4764056 651.8 2.0 0.45 0.08 20 3 OTD226 650926 4764464 1117.2 5.0 1.46 0.06 27 5 OTD226 650926 4764461 1112.9 5.0 0.73 0.09 43 5 OTD226 650926 4764459 1108.6 5.0 1.30 0.03 30 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD226 650926 4764456 1104.2 5.0 1.14 0.02 43 5 OTD226 650926 4764454 1099.9 5.0 0.80 0.02 17 5 OTD226 650926 4764451 1095.5 5.0 0.69 0.02 8 5 OTD226 650926 4764449 1091.2 5.0 0.58 0.02 5 5 OTD226 650926 4764446 1086.8 5.0 0.86 0.01 9 5 OTD226 650926 4764444 1082.5 5.0 1.30 0.02 64 5 OTD226 650926 4764441 1078.2 5.0 0.45 0.02 25 5 OTD226 650926 4764439 1073.8 5.0 0.31 0.01 16 5 OTD226 650927 4764436 1069.5 5.0 0.40 0.03 10 5 OTD226 650927 4764434 1066.4 2.0 0.61 0.01 5 5 OTD226 650932 4764362 934.1 5.0 0.77 0.41 10 2 OTD226 650932 4764359 929.8 5.0 0.92 0.51 18 2 OTD226 650932 4764357 925.4 5.0 1.61 0.87 9 2 OTD226 650933 4764354 921.0 5.0 1.30 0.35 12 2 OTD226 650933 4764351 916.6 5.0 3.15 0.44 33 2 OTD226 650933 4764349 912.3 5.0 3.12 0.34 53 2 OTD226 650933 4764347 907.9 5.0 1.89 0.25 42 2 OTD226 650933 4764344 903.5 5.0 1.56 0.16 97 2 OTD226 650934 4764342 899.2 5.0 2.38 0.32 20 2 OTD226 650934 4764339 894.8 5.0 2.55 0.68 16 2 OTD226 650934 4764337 890.4 5.0 2.51 0.38 139 2 OTD226 650934 4764335 886.9 3.0 0.52 0.22 7 2 OTD226 650945 4764250 729.0 5.0 0.47 0.17 56 3 OTD226 650945 4764247 724.6 5.0 0.66 0.16 64 3 OTD226 650945 4764245 720.2 5.0 0.33 0.09 98 3 OTD226 650946 4764243 715.8 5.0 0.53 0.13 85 3 OTD226 650947 4764234 699.1 5.0 0.58 0.23 52 3 OTD226 650947 4764231 694.7 5.0 0.51 0.14 66 3 OTD226 650948 4764229 690.3 5.0 1.06 0.58 44 3 OTD226 650948 4764227 685.9 5.0 0.31 0.24 21 3 OTD226 650948 4764225 681.5 5.0 0.71 1.40 20 3 OTD226 650949 4764222 677.2 5.0 1.21 2.09 28 3 OTD226 650949 4764220 672.8 5.0 1.34 2.34 22 3 OTD226 650949 4764218 668.4 5.0 1.46 2.06 27 3 OTD226 650950 4764215 664.0 5.0 1.78 2.27 25 3 OTD226 650950 4764213 659.6 5.0 0.93 1.56 18 3 OTD226 650950 4764211 655.2 5.0 1.24 1.70 19 3 OTD226 650951 4764208 650.8 5.0 0.86 0.64 23 3 OTD226 650954 4764185 607.7 5.0 0.47 0.38 31 3 OTD226 650954 4764183 603.3 5.0 0.62 1.04 14 3 OTD226 650954 4764180 598.9 5.0 1.03 1.27 39 3 OTD226 650954 4764178 594.5 5.0 0.51 0.39 79 3 OTD226 650955 4764175 590.1 5.0 0.39 0.30 17 3 OTD226 650955 4764173 585.8 5.0 0.39 0.16 42 3 OTD226 650955 4764171 581.8 4.0 0.42 0.31 42 3 OTD226 650958 4764150 544.5 5.0 0.34 0.06 26 3 OTD226 650958 4764148 540.1 5.0 0.39 0.07 16 3 OTD226 650958 4764146 535.7 5.0 0.47 0.07 43 3 OTD226 650959 4764143 531.3 5.0 0.38 0.07 37 3 OTD226 650959 4764141 526.9 5.0 0.75 0.41 22 3 OTD226 650959 4764138 522.5 5.0 0.82 0.33 33 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD226 650959 4764136 518.1 5.0 0.42 0.20 15 3 OTD226 650960 4764134 513.7 5.0 0.93 0.18 57 3 OTD226 650960 4764131 509.4 5.0 0.57 0.19 10 3 OTD234 651121 4764104 1138.8 5.0 1.33 0.13 55 5 OTD234 651121 4764104 1133.8 5.0 1.46 0.10 73 5 OTD234 651121 4764104 1128.8 5.0 1.46 0.04 58 5 OTD234 651121 4764104 1123.8 5.0 1.54 0.05 58 5 OTD234 651121 4764104 1118.8 5.0 1.25 0.03 60 5 OTD234 651121 4764104 1113.8 5.0 0.84 0.02 48 5 OTD234 651121 4764104 1108.8 5.0 0.69 0.05 40 5 OTD234 651121 4764104 1103.8 5.0 0.83 0.09 69 5 OTD235 651026 4764094 1141.0 5.0 1.40 0.14 56 5 OTD235 651026 4764094 1136.0 5.0 1.75 0.04 48 5 OTD235 651026 4764094 1131.0 5.0 1.14 0.05 51 5 OTD235 651026 4764094 1126.0 5.0 1.53 0.19 66 5 OTD235 651026 4764094 1121.0 5.0 0.62 0.12 32 5 OTD235 651026 4764094 1116.0 5.0 0.41 0.11 19 5 OTD235 651026 4764094 1101.0 5.0 0.56 0.04 53 5 OTD235 651026 4764094 1096.0 5.0 0.64 0.05 47 5 OTD235 651026 4764094 1092.0 3.0 0.59 0.04 42 5 OTD236 651025 4764492 1110.5 5.0 1.18 0.04 75 5 OTD236 651025 4764492 1105.5 5.0 0.90 0.06 175 5 OTD239 650930 4764392 1113.8 5.0 0.60 0.03 28 5 OTD239 650930 4764392 1108.8 5.0 1.17 0.03 77 5 OTD239 650930 4764392 1103.8 5.0 1.19 0.03 18 5 OTD239 650930 4764392 1098.8 5.0 1.28 0.02 7 5 OTD239 650930 4764392 1093.8 5.0 1.00 0.03 36 5 OTD239 650930 4764392 1088.8 5.0 1.22 0.04 49 5 OTD239 650930 4764392 1085.3 2.0 0.83 0.04 8 5 OTD241 650925 4764557 1108.6 5.0 0.36 0.02 46 5 OTD241 650925 4764557 1103.6 5.0 0.32 0.01 28 5 OTD241 650925 4764557 1098.6 5.0 0.35 0.02 33 5 OTD241 650925 4764557 1093.6 5.0 0.41 0.02 32 5 OTD242 651327 4764351 1026.1 2.0 0.91 0.07 79 1 OTD242 651328 4764349 1023.1 5.0 0.82 0.08 50 2 OTD242 651328 4764347 1018.8 5.0 1.22 0.06 44 2 OTD242 651328 4764344 1014.4 5.0 0.92 0.07 30 2 OTD242 651328 4764342 1010.1 5.0 1.57 0.08 30 2 OTD242 651328 4764339 1005.8 5.0 2.24 0.10 73 2 OTD242 651328 4764337 1001.4 5.0 1.54 0.08 88 2 OTD242 651328 4764334 997.1 5.0 2.31 0.10 92 2 OTD242 651328 4764332 992.8 5.0 1.72 0.07 145 2 OTD242 651328 4764329 988.5 5.0 2.08 0.07 53 2 OTD242 651328 4764327 984.1 5.0 1.17 0.06 40 2 OTD242 651328 4764324 979.8 5.0 1.68 0.07 64 2 OTD242 651328 4764322 975.5 5.0 2.20 0.08 127 2 OTD242 651328 4764319 971.1 5.0 0.66 0.07 17 2 OTD242 651328 4764317 966.8 5.0 0.96 0.06 22 2 OTD242 651328 4764314 962.5 5.0 3.07 0.08 77 2 OTD242 651329 4764312 958.1 5.0 1.51 0.07 42 2 OTD242 651329 4764310 955.1 2.0 0.73 0.08 45 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD242 651329 4764308 952.1 5.0 0.59 0.08 63 1 OTD242 651329 4764306 947.8 5.0 0.47 0.07 71 1 OTD242 651329 4764303 943.4 5.0 0.77 0.06 95 1 OTD242 651329 4764298 934.8 5.0 0.34 0.05 23 1 OTD242 651330 4764295 930.4 5.0 0.54 0.06 46 1 OTD242 651330 4764293 926.1 5.0 0.40 0.05 120 1 OTD242 651330 4764290 921.8 5.0 0.42 0.07 35 1 OTD242 651330 4764288 917.4 5.0 0.32 0.05 48 1 OTD242 651330 4764286 913.1 5.0 0.41 0.07 53 1 OTD243 650925 4764664 1120.4 5.0 0.34 0.01 5 5 OTD243 650925 4764661 1116.0 5.0 0.55 0.01 8 5 OTD243 650925 4764659 1111.6 5.0 0.70 0.02 15 5 OTD243 650925 4764655 1102.8 5.0 0.38 0.05 104 5 OTD243 650925 4764652 1098.4 5.0 1.20 0.06 55 5 OTD243 650925 4764650 1094.0 5.0 1.06 0.07 42 5 OTD243 650925 4764648 1089.6 5.0 0.97 0.03 42 5 OTD243 650926 4764645 1085.2 5.0 0.54 0.03 67 5 OTD243 650926 4764643 1080.8 5.0 1.36 0.08 77 5 OTD243 650926 4764641 1076.3 5.0 1.41 0.03 47 5 OTD243 650926 4764639 1072.8 3.0 0.52 0.01 23 5 OTD247 651227 4764365 1119.8 5.0 0.92 0.18 56 5 OTD247 651227 4764362 1115.5 5.0 0.96 0.18 63 5 OTD247 651227 4764360 1111.2 5.0 0.40 0.10 19 5 OTD247 651227 4764357 1106.9 5.0 0.58 0.11 32 5 OTD247 651227 4764354 1102.7 5.0 0.57 0.07 49 5 OTD247 651227 4764352 1098.4 5.0 0.50 0.06 49 5 OTD247 651227 4764350 1094.1 5.0 0.34 0.09 20 5 OTD247 651227 4764347 1089.8 5.0 0.44 0.07 35 5 OTD247 651227 4764345 1085.5 5.0 0.54 0.06 57 5 OTD247 651226 4764342 1081.2 5.0 0.46 0.07 37 5 OTD247 651226 4764339 1076.9 5.0 1.38 0.09 46 5 OTD247 651226 4764337 1073.4 3.0 1.53 0.07 77 5 OTD247 651226 4764335 1070.0 5.0 0.40 0.03 27 1 OTD247 651226 4764332 1065.7 5.0 0.39 0.03 56 1 OTD247 651226 4764330 1061.4 5.0 0.42 0.04 69 1 OTD247 651226 4764328 1057.1 5.0 0.95 0.05 33 1 OTD247 651226 4764325 1052.7 5.0 0.64 0.04 33 1 OTD247 651225 4764323 1048.4 5.0 0.89 0.03 42 1 OTD247 651225 4764320 1044.1 5.0 0.76 0.07 56 1 OTD247 651225 4764318 1039.8 5.0 0.73 0.03 36 1 OTD247 651225 4764315 1035.5 5.0 0.53 0.03 29 1 OTD247 651225 4764313 1031.1 5.0 0.43 0.03 31 1 OTD247 651225 4764310 1026.8 5.0 0.60 0.03 81 1 OTD247 651225 4764308 1022.5 5.0 0.57 0.03 98 1 OTD247 651224 4764305 1018.1 5.0 0.56 0.05 90 1 OTD247 651224 4764303 1013.8 5.0 1.06 0.06 276 1 OTD247 651224 4764300 1009.5 5.0 0.60 0.05 87 1 OTD247 651224 4764298 1005.2 5.0 0.34 0.03 26 1 OTD247 651224 4764295 1000.8 5.0 0.36 0.03 90 1 OTD247 651224 4764293 996.5 5.0 0.32 0.02 43 1 OTD247 651224 4764288 987.9 5.0 0.40 0.03 33 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD247 651223 4764285 983.6 5.0 0.57 0.05 47 1 OTD247 651223 4764282 979.3 5.0 0.36 0.04 16 1 OTD247 651223 4764280 975.0 5.0 0.63 0.06 42 1 OTD247 651223 4764277 970.7 5.0 0.53 0.06 55 1 OTD247 651223 4764275 966.3 5.0 0.50 0.04 19 1 OTD247 651223 4764272 962.1 5.0 0.46 0.09 24 1 OTD247 651223 4764269 957.8 5.0 0.38 0.22 29 1 OTD247 651223 4764267 953.5 5.0 0.43 0.15 12 1 OTD247 651223 4764264 949.2 5.0 0.39 0.06 10 1 OTD247 651222 4764261 944.9 5.0 0.44 0.10 13 1 OTD247 651222 4764259 940.6 5.0 0.63 0.07 17 1 OTD247 651222 4764256 936.2 5.0 0.62 0.08 16 1 OTD247 651222 4764254 931.9 5.0 0.43 0.04 38 1 OTD247 651222 4764251 927.6 5.0 0.59 0.04 33 1 OTD247 651221 4764249 923.2 5.0 0.51 0.02 27 1 OTD247 651221 4764246 918.9 5.0 0.61 0.04 29 1 OTD247 651221 4764244 914.6 5.0 0.53 0.05 61 1 OTD247 651221 4764241 910.2 5.0 0.46 0.04 46 1 OTD247 651221 4764239 905.9 5.0 0.45 0.05 33 1 OTD247 651221 4764237 901.6 5.0 0.42 0.05 54 1 OTD247 651221 4764234 897.3 5.0 0.44 0.06 62 1 OTD247 651220 4764232 892.9 5.0 0.35 0.07 68 1 OTD247 651220 4764229 888.6 5.0 0.51 0.03 46 1 OTD247 651220 4764227 884.3 5.0 0.52 0.07 49 1 OTD247 651220 4764224 879.9 5.0 0.36 0.12 39 1 OTD247 651220 4764222 875.6 5.0 0.52 0.12 69 1 OTD247 651220 4764219 871.3 5.0 0.50 0.08 81 1 OTD247 651220 4764217 866.9 5.0 0.32 0.06 31 1 OTD247 651219 4764207 849.6 5.0 0.46 0.04 23 1 OTD247 651219 4764204 845.3 5.0 0.47 0.06 27 1 OTD247 651219 4764201 841.0 5.0 0.63 0.09 42 1 OTD247 651219 4764199 836.6 5.0 0.42 0.09 18 1 OTD247 651219 4764196 832.3 5.0 0.45 0.07 19 1 OTD247 651216 4764148 752.8 5.0 0.91 0.16 82 3 OTD247 651216 4764146 748.6 5.0 0.78 0.13 61 3 OTD247 651216 4764143 744.4 5.0 0.88 0.20 68 3 OTD247 651216 4764140 740.2 5.0 1.09 0.24 70 3 OTD247 651215 4764138 737.3 2.0 0.68 0.12 22 3 OTD249 650902 4764063 1138.8 5.0 1.11 0.03 23 5 OTD249 650898 4764063 1135.0 5.0 1.35 0.06 19 5 OTD249 650895 4764063 1131.2 5.0 0.99 0.06 15 5 OTD249 650892 4764062 1127.6 5.0 0.92 0.03 14 5 OTD249 650888 4764062 1123.9 5.0 0.87 0.02 22 5 OTD249 650885 4764062 1120.2 5.0 0.88 0.04 17 5 OTD249 650882 4764062 1116.5 5.0 0.87 0.02 12 5 OTD249 650878 4764063 1112.8 5.0 0.97 0.02 23 5 OTD249 650875 4764062 1109.1 5.0 0.79 0.05 21 5 OTD249 650871 4764062 1104.7 5.0 0.83 0.11 16 1 OTD249 650868 4764062 1101.0 5.0 0.55 0.04 15 1 OTD249 650864 4764062 1097.3 5.0 0.68 0.03 17 1 OTD249 650861 4764062 1093.6 5.0 0.72 0.03 35 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD249 650857 4764062 1089.9 5.0 0.85 0.03 21 1 OTD249 650854 4764062 1086.2 5.0 0.61 0.06 18 1 OTD249 650852 4764062 1083.5 2.0 0.64 0.05 10 1 OTD249 650849 4764062 1080.9 5.0 0.84 0.05 59 2 OTD249 650846 4764061 1077.2 5.0 0.89 0.12 24 2 OTD249 650843 4764061 1073.5 5.0 0.78 0.24 27 2 OTD249 650839 4764061 1069.8 5.0 1.04 0.42 35 2 OTD249 650836 4764061 1066.1 5.0 0.86 0.34 17 2 OTD249 650833 4764061 1062.4 5.0 0.77 0.71 20 2 OTD249 650829 4764061 1058.7 5.0 1.15 0.44 24 2 OTD249 650826 4764061 1054.9 5.0 1.10 0.62 39 2 OTD249 650823 4764061 1051.2 5.0 0.75 0.39 16 2 OTD249 650819 4764060 1047.5 5.0 1.37 0.91 40 2 OTD249 650816 4764060 1043.8 5.0 0.77 0.55 15 2 OTD249 650812 4764060 1039.3 5.0 0.72 0.70 13 3 OTD249 650809 4764060 1035.6 5.0 0.44 0.44 20 3 OTD249 650805 4764060 1031.9 5.0 0.34 0.42 11 3 OTD249 650802 4764060 1028.2 5.0 0.40 0.39 11 3 OTD249 650799 4764060 1024.5 5.0 0.53 0.48 16 3 OTD249 650796 4764060 1021.5 3.0 0.66 0.33 30 3 OTD249 650776 4764059 999.6 4.0 0.31 0.33 16 3 OTD256 650825 4763817 954.7 5.0 0.49 0.25 5 3 OTD256 650825 4763814 950.5 5.0 0.62 0.29 14 3 OTD256 650825 4763812 946.3 5.0 0.52 0.24 17 3 OTD256 650825 4763810 942.9 3.0 0.44 0.08 54 3 OTD258 651026 4764339 1037.8 5.0 0.50 0.47 37 1 OTD258 651026 4764337 1033.5 5.0 0.34 0.19 26 1 OTD258 651026 4764334 1029.2 5.0 0.42 0.11 40 1 OTD258 651026 4764332 1024.9 5.0 0.55 0.12 27 1 OTD258 651026 4764329 1020.6 5.0 0.50 0.17 32 1 OTD258 651026 4764325 1012.0 5.0 0.34 0.13 21 1 OTD258 651026 4764322 1007.7 5.0 0.58 0.08 57 1 OTD258 651026 4764320 1003.3 5.0 0.65 0.08 20 1 OTD258 651026 4764317 999.0 5.0 0.65 0.09 37 1 OTD258 651026 4764315 994.7 5.0 0.61 0.14 27 1 OTD258 651026 4764312 989.4 5.0 1.07 0.09 37 2 OTD258 651026 4764309 985.1 5.0 0.89 0.07 49 2 OTD258 651026 4764307 980.8 5.0 1.04 0.09 76 2 OTD258 651026 4764304 976.4 5.0 1.01 0.14 67 2 OTD258 651026 4764302 972.0 5.0 0.56 0.10 34 2 OTD258 651026 4764299 967.7 5.0 0.88 0.12 45 2 OTD258 651026 4764297 963.3 5.0 0.78 0.08 44 2 OTD258 651027 4764292 954.6 5.0 1.04 0.10 61 2 OTD258 651027 4764290 950.3 5.0 1.10 0.12 25 2 OTD258 651027 4764287 946.0 5.0 0.93 0.15 15 2 OTD258 651027 4764285 941.6 5.0 1.22 0.13 25 2 OTD258 651027 4764282 937.3 5.0 1.28 0.18 23 2 OTD258 651027 4764280 933.8 3.0 0.80 1.62 16 2 OTD258 651027 4764278 930.3 5.0 0.90 0.38 26 1 OTD258 651027 4764276 926.0 5.0 0.89 0.16 13 1 OTD258 651027 4764273 921.6 5.0 0.70 0.11 16 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD258 651027 4764270 917.3 5.0 0.47 0.07 18 1 OTD258 651027 4764269 914.3 2.0 0.50 0.07 25 1 OTD258 651027 4764267 911.2 5.0 1.20 0.22 47 2 OTD258 651027 4764264 906.9 5.0 1.39 0.35 14 2 OTD258 651027 4764262 902.6 5.0 1.59 0.20 41 2 OTD258 651027 4764259 898.2 5.0 1.55 0.72 35 2 OTD258 651027 4764257 893.9 5.0 1.51 0.55 38 2 OTD258 651027 4764255 889.6 5.0 1.87 0.43 87 2 OTD258 651027 4764252 885.2 5.0 1.79 0.40 29 2 OTD258 651027 4764250 880.9 5.0 1.85 0.38 26 2 OTD258 651027 4764247 876.6 5.0 1.54 0.60 44 2 OTD258 651026 4764245 872.3 5.0 2.16 0.45 46 2 OTD258 651026 4764242 867.9 5.0 2.26 0.39 25 2 OTD258 651026 4764239 863.6 5.0 1.91 0.32 63 2 OTD258 651026 4764237 859.3 5.0 1.75 0.27 27 2 OTD258 651026 4764234 855.0 5.0 2.14 0.28 63 2 OTD258 651026 4764232 850.6 5.0 1.58 0.19 15 2 OTD258 651026 4764229 846.3 5.0 1.47 0.11 25 2 OTD258 651026 4764227 842.0 5.0 1.37 0.26 23 2 OTD258 651026 4764224 837.7 5.0 1.55 0.17 28 2 OTD258 651026 4764222 833.4 5.0 1.46 0.12 73 2 OTD258 651026 4764219 829.1 5.0 1.68 0.12 70 2 OTD258 651026 4764217 824.7 5.0 1.27 0.48 52 2 OTD258 651026 4764215 821.3 3.0 0.66 0.09 53 2 OTD258 651026 4764213 817.8 5.0 0.67 0.14 51 1 OTD258 651026 4764211 813.5 5.0 1.04 0.61 40 1 OTD258 651026 4764208 809.2 5.0 0.62 0.13 98 1 OTD258 651026 4764205 804.9 5.0 0.48 0.11 35 1 OTD258 651025 4764203 800.6 5.0 0.93 0.14 16 1 OTD258 651025 4764200 796.3 5.0 1.12 0.17 16 1 OTD258 651025 4764198 792.0 5.0 0.58 0.11 20 1 OTD258 651025 4764195 787.7 5.0 0.76 0.08 25 1 OTD258 651025 4764193 783.4 5.0 0.62 0.09 17 1 OTD258 651025 4764190 779.1 5.0 0.78 0.08 20 1 OTD258 651025 4764187 774.8 5.0 0.77 0.13 27 1 OTD258 651025 4764185 770.5 5.0 0.46 0.11 53 1 OTD258 651025 4764182 766.2 5.0 0.45 0.08 31 1 OTD258 651025 4764180 762.0 5.0 0.69 0.09 33 1 OTD258 651025 4764177 757.7 5.0 0.48 0.09 64 1 OTD258 651025 4764174 753.4 5.0 0.51 0.09 25 1 OTD258 651024 4764172 749.1 5.0 0.33 0.09 44 1 OTD258 651024 4764169 744.9 5.0 0.67 0.09 116 1 OTD258 651024 4764167 740.6 5.0 0.72 0.10 134 1 OTD258 651024 4764164 736.3 5.0 0.41 0.10 183 1 OTD258 651024 4764162 732.1 5.0 0.33 0.09 146 1 OTD258 651024 4764158 727.0 5.0 1.29 0.14 74 2 OTD258 651024 4764156 722.8 5.0 1.91 0.24 144 2 OTD258 651024 4764153 718.5 5.0 1.87 0.28 91 2 OTD258 651024 4764150 714.3 5.0 1.20 0.19 100 2 OTD258 651024 4764148 710.1 5.0 0.85 0.10 116 2 OTD258 651024 4764145 705.8 5.0 0.88 0.14 32 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD258 651024 4764142 701.6 5.0 0.61 0.11 41 1 OTD258 651023 4764140 698.2 3.0 0.62 0.14 29 1 OTD258 651023 4764137 693.1 5.0 0.48 0.26 40 3 OTD258 651023 4764134 688.9 5.0 0.57 0.20 38 3 OTD258 651023 4764132 684.7 5.0 0.74 0.19 48 3 OTD258 651023 4764129 680.5 5.0 1.38 0.23 52 3 OTD258 651023 4764126 676.3 5.0 0.65 0.24 60 3 OTD258 651023 4764124 672.0 5.0 0.72 0.26 78 3 OTD258 651023 4764121 667.8 5.0 0.54 0.12 39 3 OTD258 651023 4764118 663.6 5.0 0.83 0.21 53 3 OTD258 651023 4764116 659.4 5.0 1.02 0.20 27 3 OTD258 651023 4764113 655.2 5.0 0.82 0.19 32 3 OTD258 651023 4764110 651.5 4.0 0.71 0.17 66 3 OTD258 651022 4764097 630.9 5.0 0.64 0.10 123 3 OTD258 651022 4764094 626.7 5.0 0.98 0.14 912 3 OTD258 651022 4764092 622.5 5.0 0.60 0.30 185 3 OTD258 651022 4764089 618.3 5.0 0.61 0.52 14 3 OTD258 651021 4764086 614.5 4.0 0.60 0.44 5 3 OTD258 651021 4764077 600.3 2.0 0.58 0.25 17 3 OTD262 650929 4764359 1112.2 5.0 0.87 0.04 11 5 OTD262 650928 4764356 1107.8 5.0 0.60 0.01 13 5 OTD262 650928 4764354 1104.0 4.0 0.57 0.02 32 5 OTD262 650924 4764274 981.5 5.0 0.43 0.26 8 1 OTD262 650924 4764271 977.4 5.0 0.73 0.42 8 1 OTD262 650923 4764268 973.4 5.0 0.68 0.36 31 1 OTD262 650923 4764265 969.3 5.0 0.88 0.39 25 1 OTD262 650923 4764262 965.2 5.0 0.52 0.31 7 1 OTD262 650922 4764253 953.0 5.0 0.38 0.27 5 1 OTD262 650922 4764250 948.9 5.0 0.68 0.57 7 1 OTD262 650922 4764247 944.9 5.0 0.73 0.64 5 1 OTD262 650921 4764244 940.8 5.0 0.67 0.78 4 1 OTD262 650921 4764242 936.7 5.0 0.80 0.81 5 1 OTD262 650921 4764239 932.6 5.0 0.51 0.67 9 1 OTD262 650920 4764230 920.4 5.0 0.36 0.27 12 1 OTD262 650920 4764227 916.4 5.0 0.64 0.93 5 1 OTD262 650920 4764224 912.3 5.0 0.63 1.00 13 1 OTD262 650919 4764222 908.2 5.0 0.85 0.58 17 1 OTD262 650919 4764219 904.1 5.0 1.00 0.35 21 1 OTD262 650919 4764216 900.0 5.0 0.55 0.45 17 1 OTD262 650919 4764213 895.9 5.0 0.52 0.71 11 1 OTD262 650918 4764210 891.8 5.0 0.38 0.08 12 1 OTD262 650918 4764207 887.8 5.0 0.52 0.08 13 1 OTD262 650918 4764204 883.6 5.0 0.65 0.09 46 1 OTD262 650917 4764201 878.7 5.0 1.40 0.15 16 2 OTD262 650917 4764198 874.6 5.0 0.92 0.05 16 2 OTD262 650917 4764195 870.5 5.0 0.97 0.06 15 2 OTD262 650916 4764192 866.4 5.0 1.61 0.04 18 2 OTD262 650916 4764189 862.3 5.0 1.43 0.07 26 2 OTD262 650916 4764186 858.3 5.0 1.46 0.09 24 2 OTD262 650915 4764184 854.2 5.0 1.46 0.12 28 2 OTD262 650915 4764181 850.1 5.0 1.60 0.15 50 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD262 650915 4764178 846.0 5.0 1.17 0.11 53 2 OTD262 650915 4764175 841.9 5.0 1.39 0.13 25 2 OTD262 650914 4764172 837.8 5.0 1.24 0.21 31 2 OTD262 650914 4764169 833.7 5.0 2.32 0.20 33 2 OTD262 650914 4764166 829.6 5.0 2.56 0.16 44 2 OTD262 650913 4764163 825.5 5.0 1.95 0.16 56 2 OTD262 650913 4764160 821.4 5.0 1.50 0.15 85 2 OTD262 650913 4764157 817.3 5.0 0.95 0.07 32 2 OTD262 650913 4764155 813.2 5.0 0.58 0.04 39 2 OTD262 650912 4764150 806.6 5.0 0.57 0.04 26 1 OTD262 650912 4764147 802.5 5.0 0.69 0.06 18 1 OTD262 650911 4764144 798.5 5.0 0.74 0.05 46 1 OTD262 650911 4764142 794.4 5.0 0.91 0.06 83 1 OTD262 650910 4764133 782.1 5.0 0.79 0.03 155 1 OTD262 650910 4764127 773.9 5.0 0.32 0.03 29 1 OTD262 650909 4764125 769.8 5.0 0.50 0.04 33 1 OTD262 650909 4764121 765.7 5.0 0.67 0.04 47 1 OTD262 650909 4764119 761.6 5.0 0.72 0.09 51 1 OTD262 650908 4764116 757.5 5.0 0.41 0.12 13 1 OTD262 650907 4764105 742.8 5.0 0.59 0.14 23 2 OTD262 650907 4764103 738.7 5.0 1.12 0.43 32 2 OTD262 650906 4764099 734.6 5.0 1.18 0.53 95 2 OTD262 650906 4764097 730.5 5.0 0.98 0.56 64 2 OTD262 650906 4764094 726.4 5.0 0.68 0.59 55 2 OTD262 650905 4764091 722.3 5.0 0.67 0.61 98 2 OTD262 650905 4764089 719.4 2.0 0.74 0.35 44 2 OTD262 650905 4764088 717.8 2.0 1.43 0.25 74 1 OTD271 651126 4764364 1107.6 5.0 0.41 0.01 9 5 OTD271 651126 4764360 1098.6 5.0 0.61 0.08 13 5 OTD271 651126 4764358 1094.1 5.0 0.52 0.09 19 5 OTD271 651126 4764355 1089.7 5.0 0.69 0.03 25 5 OTD271 651126 4764353 1085.3 5.0 0.91 0.06 36 5 OTD271 651126 4764350 1080.9 5.0 0.70 0.08 21 5 OTD271 651126 4764348 1076.4 5.0 0.60 0.06 19 5 OTD271 651126 4764346 1072.0 5.0 0.72 0.04 29 5 OTD271 651126 4764343 1067.6 5.0 0.69 0.03 44 5 OTD271 651126 4764341 1063.7 4.0 0.55 0.07 59 5 OTD271 651126 4764339 1059.7 5.0 0.68 0.04 37 1 OTD271 651126 4764337 1055.3 5.0 0.79 0.05 36 1 OTD271 651126 4764334 1050.8 5.0 0.67 0.03 28 1 OTD271 651126 4764332 1046.4 5.0 0.56 0.03 37 1 OTD271 651126 4764330 1042.0 5.0 0.62 0.02 17 1 OTD271 651126 4764327 1037.6 5.0 0.51 0.03 17 1 OTD271 651126 4764325 1033.1 5.0 0.46 0.05 27 1 OTD271 651126 4764323 1028.7 5.0 0.44 0.03 21 1 OTD271 651126 4764320 1024.3 5.0 0.47 0.02 45 1 OTD271 651126 4764318 1019.9 5.0 0.58 0.02 18 1 OTD271 651126 4764315 1015.4 5.0 0.68 0.03 19 1 OTD271 651126 4764313 1011.0 5.0 0.60 0.03 5 1 OTD271 651126 4764311 1006.6 5.0 0.50 0.02 8 1 OTD271 651126 4764308 1002.1 5.0 0.71 0.02 8 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD271 651126 4764306 997.7 5.0 0.37 0.03 5 1 OTD271 651126 4764304 993.3 5.0 0.73 0.02 12 1 OTD271 651126 4764302 988.8 5.0 0.53 0.02 20 1 OTD271 651126 4764299 984.4 5.0 0.51 0.02 39 1 OTD271 651126 4764297 979.9 5.0 0.48 0.03 102 1 OTD271 651126 4764295 975.5 5.0 0.52 0.03 33 1 OTD271 651126 4764293 971.1 5.0 0.71 0.09 16 1 OTD271 651126 4764290 966.6 5.0 0.73 0.22 23 1 OTD271 651126 4764288 962.2 5.0 0.55 0.06 16 1 OTD271 651126 4764286 957.7 5.0 0.70 0.05 36 1 OTD271 651126 4764283 953.3 5.0 0.66 0.07 37 1 OTD271 651126 4764281 948.8 5.0 0.78 0.05 39 1 OTD271 651126 4764279 944.4 5.0 0.49 0.05 16 1 OTD271 651126 4764277 939.9 5.0 0.48 0.07 12 1 OTD271 651126 4764274 935.5 5.0 0.53 0.06 19 1 OTD271 651126 4764272 931.0 5.0 0.63 0.09 60 1 OTD271 651126 4764270 926.6 5.0 0.65 0.10 39 1 OTD271 651126 4764267 922.1 5.0 0.57 0.08 73 1 OTD271 651126 4764265 917.7 5.0 0.92 0.10 41 1 OTD271 651126 4764263 913.2 5.0 0.64 0.08 34 1 OTD271 651126 4764261 908.7 5.0 0.65 0.09 46 1 OTD271 651126 4764259 904.3 5.0 0.80 0.05 75 1 OTD271 651126 4764256 899.8 5.0 0.36 0.02 26 1 OTD271 651126 4764249 886.4 5.0 0.57 0.09 117 1 OTD271 651126 4764247 881.9 5.0 0.87 0.17 69 1 OTD271 651126 4764243 873.0 5.0 0.47 0.05 146 1 OTD271 651126 4764240 868.5 5.0 0.41 0.12 120 1 OTD271 651126 4764236 859.5 5.0 0.73 0.07 72 1 OTD271 651126 4764233 855.0 5.0 0.51 0.07 25 1 OTD271 651126 4764231 850.5 5.0 0.79 0.08 45 1 OTD271 651126 4764229 846.1 5.0 0.43 0.05 33 1 OTD271 651126 4764227 841.6 5.0 0.44 0.06 34 1 OTD271 651126 4764222 832.6 5.0 0.34 0.10 46 1 OTD271 651126 4764220 828.1 5.0 0.61 0.11 50 1 OTD271 651126 4764218 823.6 5.0 0.59 0.12 56 1 OTD271 651126 4764216 819.1 5.0 0.78 0.10 115 1 OTD271 651126 4764214 814.6 5.0 1.28 0.16 78 1 OTD271 651125 4764212 810.1 5.0 0.70 0.34 79 1 OTD271 651125 4764210 805.6 5.0 0.65 0.16 102 1 OTD271 651125 4764207 801.1 5.0 0.42 0.08 137 1 OTD271 651125 4764205 796.5 5.0 0.38 0.05 74 1 OTD271 651125 4764203 792.0 5.0 0.33 0.04 112 1 OTD271 651125 4764199 783.0 5.0 0.69 0.07 105 1 OTD271 651125 4764197 778.5 5.0 0.78 0.07 65 1 OTD271 651125 4764195 774.0 5.0 0.85 0.09 72 1 OTD271 651124 4764192 769.5 5.0 0.47 0.30 35 1 OTD271 651124 4764190 765.0 5.0 0.34 0.26 130 1 OTD271 651124 4764188 760.4 5.0 0.43 0.28 147 1 OTD271 651124 4764186 755.9 5.0 0.63 0.13 114 1 OTD271 651124 4764183 751.4 5.0 0.58 0.16 292 1 OTD271 651124 4764181 746.9 5.0 0.69 0.14 243 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD271 651124 4764179 742.4 5.0 0.64 0.09 217 1 OTD271 651123 4764158 696.3 5.0 0.59 0.06 93 3 OTD271 651122 4764155 691.8 5.0 0.58 0.05 70 3 OTD271 651122 4764153 687.3 5.0 0.55 0.10 96 3 OTD271 651122 4764151 682.7 5.0 0.88 0.16 26 3 OTD271 651122 4764149 678.2 5.0 0.68 0.39 8 3 OTD271 651122 4764147 673.7 5.0 0.59 0.22 8 3 OTD271 651122 4764145 669.2 5.0 0.75 0.08 45 3 OTD271 651122 4764143 664.6 5.0 0.76 0.22 59 3 OTD271 651122 4764141 660.1 5.0 0.98 0.51 82 3 OTD271 651121 4764139 655.6 5.0 1.00 0.46 42 3 OTD271 651121 4764136 651.1 5.0 0.94 0.67 36 3 OTD271 651121 4764134 646.6 5.0 0.76 0.44 61 3 OTD271 651121 4764132 642.0 5.0 0.49 0.44 18 3 OTD271 651121 4764130 637.5 5.0 0.43 0.24 11 3 OTD271 651121 4764128 633.0 5.0 0.73 0.32 13 3 OTD271 651121 4764126 628.5 5.0 0.54 0.18 14 3 OTD271 651120 4764124 623.9 5.0 0.63 0.28 8 3 OTD271 651120 4764121 619.4 5.0 0.60 0.26 5 3 OTD271 651120 4764119 614.9 5.0 1.09 0.54 6 3 OTD271 651120 4764117 610.4 5.0 1.36 0.64 11 3 OTD271 651120 4764115 605.8 5.0 0.69 0.17 16 3 OTD271 651120 4764113 601.3 5.0 0.92 0.24 38 3 OTD271 651120 4764111 596.8 5.0 0.87 0.22 18 3 OTD271 651119 4764109 592.2 5.0 0.81 0.20 12 3 OTD271 651119 4764107 587.7 5.0 0.50 0.12 14 3 OTD271 651119 4764105 583.2 5.0 0.39 0.11 7 3 OTD271 651119 4764103 580.0 2.0 1.04 0.31 67 3 OTD275 651126 4764172 1121.9 5.0 0.90 0.10 69 5 OTD275 651126 4764170 1117.3 5.0 0.73 0.10 46 5 OTD275 651126 4764167 1112.8 5.0 1.05 0.09 68 5 OTD275 651126 4764165 1108.2 5.0 0.76 0.10 67 5 OTD275 651126 4764163 1103.7 5.0 0.72 0.11 92 5 OTD275 651126 4764157 1089.2 5.0 0.48 0.06 133 1 OTD275 651126 4764155 1084.6 5.0 0.38 0.05 120 1 OTD275 651126 4764153 1080.0 5.0 0.32 0.02 77 1 OTD275 651126 4764151 1075.5 5.0 0.35 0.03 59 1 OTD275 651126 4764149 1070.9 5.0 0.41 0.06 122 1 OTD275 651126 4764147 1066.4 5.0 0.56 0.12 136 1 OTD275 651126 4764144 1061.9 5.0 0.61 0.09 52 1 OTD275 651126 4764142 1057.3 5.0 0.74 0.13 68 1 OTD275 651126 4764140 1052.7 5.0 0.55 0.11 91 1 OTD275 651126 4764139 1049.1 3.0 0.56 0.12 85 1 OTD275 651126 4764137 1045.4 5.0 0.87 0.15 89 2 OTD275 651126 4764135 1040.9 5.0 0.91 0.14 118 2 OTD275 651127 4764133 1036.3 5.0 0.73 0.11 75 2 OTD275 651127 4764131 1031.8 5.0 0.78 0.12 98 2 OTD275 651127 4764129 1027.2 5.0 0.72 0.08 79 2 OTD275 651127 4764127 1022.6 5.0 0.66 0.12 86 2 OTD275 651127 4764125 1018.1 5.0 0.68 0.11 370 2 OTD275 651127 4764123 1013.5 5.0 0.88 0.11 121 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD275 651127 4764121 1008.9 5.0 0.83 0.07 97 2 OTD275 651127 4764119 1004.4 5.0 0.71 0.08 76 2 OTD275 651127 4764117 999.8 5.0 1.06 0.13 62 2 OTD275 651127 4764115 995.2 5.0 1.08 0.12 111 2 OTD275 651127 4764113 990.7 5.0 0.99 0.17 87 2 OTD275 651127 4764111 986.1 5.0 1.01 0.20 92 2 OTD275 651127 4764108 981.5 5.0 1.06 0.10 84 2 OTD275 651127 4764106 977.0 5.0 0.77 0.10 81 2 OTD275 651127 4764104 972.4 5.0 0.56 0.09 107 1 OTD275 651127 4764102 967.9 5.0 0.51 0.09 79 1 OTD275 651127 4764100 963.3 5.0 0.49 0.05 112 1 OTD275 651127 4764098 958.8 5.0 0.49 0.04 57 1 OTD275 651127 4764096 954.2 5.0 0.82 0.03 116 1 OTD275 651127 4764094 949.7 5.0 0.74 0.04 138 1 OTD275 651127 4764092 945.1 5.0 0.50 0.06 39 1 OTD275 651127 4764090 940.6 5.0 0.73 0.06 219 1 OTD275 651126 4764088 936.0 5.0 0.87 0.09 87 1 OTD275 651126 4764086 931.5 5.0 0.64 0.08 23 1 OTD275 651126 4764084 926.9 5.0 0.69 0.09 214 1 OTD275 651126 4764082 922.4 5.0 0.43 0.07 176 1 OTD275 651126 4764080 917.9 5.0 0.84 0.11 201 1 OTD275 651126 4764077 913.3 5.0 0.85 0.07 207 1 OTD275 651126 4764075 908.8 5.0 0.87 0.10 68 1 OTD275 651126 4764073 904.2 5.0 0.80 0.12 225 1 OTD275 651126 4764071 899.7 5.0 0.53 0.06 89 1 OTD275 651126 4764069 895.2 5.0 0.65 0.06 61 1 OTD275 651125 4764067 890.6 5.0 0.64 0.05 162 1 OTD275 651125 4764065 886.1 5.0 0.78 0.09 105 1 OTD275 651125 4764063 882.0 4.0 0.58 0.04 92 1 OTD275 651122 4764032 816.5 5.0 0.83 0.07 13 3 OTD275 651122 4764030 812.0 5.0 0.61 0.08 22 3 OTD275 651121 4764028 807.5 5.0 0.57 0.12 24 3 OTD275 651121 4764026 803.0 5.0 0.54 0.11 23 3 OTD275 651121 4764023 798.5 5.0 0.59 0.08 5 3 OTD275 651120 4764021 794.0 5.0 0.63 0.06 5 3 OTD275 651119 4764015 780.5 5.0 0.33 0.06 12 3 OTD275 651118 4764008 767.1 5.0 0.75 0.28 20 3 OTD275 651118 4764006 762.7 5.0 0.32 0.06 25 3 OTD275 651118 4764004 758.2 5.0 0.32 0.05 26 3 OTD275 651117 4764001 753.8 5.0 0.42 0.05 88 3 OTD275 651117 4763997 745.0 5.0 0.95 0.11 13 3 OTD275 651116 4763994 740.5 5.0 0.57 0.06 41 3 OTD275 651116 4763992 736.1 5.0 0.50 0.06 22 3 OTD275 651116 4763990 731.7 5.0 0.36 0.11 27 3 OTD275 651115 4763985 722.9 5.0 0.44 0.11 23 3 OTD275 651115 4763983 718.5 5.0 0.44 0.09 52 3 OTD275 651114 4763981 714.0 5.0 0.34 0.08 21 3 OTD275 651114 4763979 709.6 5.0 0.39 0.11 22 3 OTD275 651114 4763976 705.2 5.0 0.40 0.09 63 3 OTD275 651111 4763954 663.8 5.0 0.84 0.44 20 3 OTD275 651111 4763952 659.4 5.0 0.52 0.28 21 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD275 651110 4763950 655.1 5.0 0.63 0.80 44 3 OTD275 651110 4763947 650.7 5.0 0.38 1.12 34 3 OTD275 651110 4763944 646.3 5.0 0.42 1.63 27 3 OTD275 651109 4763942 642.0 5.0 0.52 1.36 41 3 OTD275 651109 4763939 637.6 5.0 0.30 1.73 109 3 OTD275 651107 4763928 615.8 5.0 0.36 0.49 30 3 OTD280 650827 4764222 932.5 5.0 0.93 0.58 38 3 OTD280 650827 4764220 928.2 5.0 0.51 0.40 15 3 OTD280 650827 4764217 923.8 5.0 0.46 0.52 5 3 OTD280 650827 4764215 919.4 5.0 0.52 0.49 13 3 OTD280 650827 4764212 915.0 5.0 0.63 0.52 6 3 OTD280 650827 4764210 910.7 5.0 0.72 0.83 6 3 OTD280 650827 4764208 906.3 5.0 0.70 0.72 7 3 OTD280 650827 4764206 901.9 5.0 0.78 0.79 5 3 OTD280 650826 4764203 897.6 5.0 0.79 1.03 5 3 OTD280 650826 4764201 893.2 5.0 0.51 0.71 5 3 OTD280 650826 4764198 888.9 5.0 0.61 0.89 11 3 OTD280 650825 4764182 861.2 5.0 1.62 0.40 49 2 OTD280 650824 4764180 856.9 5.0 2.11 0.47 35 2 OTD280 650824 4764177 852.5 5.0 1.25 0.46 54 2 OTD280 650824 4764175 848.2 5.0 1.09 0.44 48 2 OTD280 650824 4764172 843.9 5.0 1.21 0.62 30 2 OTD280 650824 4764170 839.6 5.0 1.16 0.68 34 2 OTD280 650824 4764167 835.2 5.0 0.81 0.74 44 1 OTD280 650824 4764165 830.9 5.0 0.51 0.48 34 1 OTD280 650824 4764162 827.0 4.0 0.57 0.44 41 1 OTD280 650824 4764160 823.1 5.0 0.86 1.55 38 3 OTD280 650824 4764158 818.8 5.0 1.04 1.77 13 3 OTD280 650824 4764155 814.4 5.0 1.02 1.41 7 3 OTD280 650824 4764153 810.1 5.0 1.27 1.88 7 3 OTD280 650824 4764150 805.8 5.0 1.58 1.60 9 3 OTD280 650824 4764148 801.4 5.0 1.38 3.19 13 3 OTD280 650824 4764146 797.1 5.0 1.32 2.62 7 3 OTD280 650824 4764143 792.7 5.0 2.09 3.32 33 3 OTD280 650824 4764142 789.7 2.0 0.38 0.31 11 3 OTD280 650822 4764120 751.8 5.0 0.63 0.69 18 3 OTD280 650822 4764118 747.5 3.0 1.22 0.36 25 3 OTD280 650822 4764115 743.1 5.0 0.90 1.01 62 3 OTD284 651028 4764476 1103.5 5.0 0.62 0.09 5 5 OTD284 651031 4764391 939.9 4.0 0.41 0.06 29 1 OTD284 651031 4764390 935.8 5.0 0.90 0.55 35 2 OTD284 651031 4764387 931.3 5.0 0.67 0.61 16 2 OTD284 651031 4764385 926.8 5.0 0.66 0.63 18 2 OTD284 651032 4764381 917.7 5.0 0.47 0.15 11 2 OTD284 651032 4764379 913.2 5.0 1.01 0.45 20 2 OTD284 651032 4764377 908.6 5.0 0.88 0.66 41 2 OTD284 651032 4764375 904.1 5.0 0.83 0.51 41 2 OTD284 651032 4764373 899.6 5.0 1.27 0.64 183 2 OTD284 651033 4764371 895.0 5.0 1.44 0.29 189 2 OTD284 651033 4764369 890.5 5.0 1.23 0.45 66 2 OTD284 651033 4764366 886.0 5.0 1.51 0.54 146 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD284 651033 4764364 881.4 5.0 2.48 0.30 231 2 OTD284 651033 4764362 876.9 5.0 1.40 0.36 148 2 OTD284 651034 4764360 872.4 5.0 1.19 0.23 57 2 OTD284 651034 4764358 867.8 5.0 0.74 0.19 81 2 OTD284 651034 4764356 863.3 5.0 0.98 0.25 47 2 OTD284 651034 4764354 858.8 5.0 1.31 0.27 50 2 OTD284 651034 4764352 854.2 5.0 1.07 0.28 40 2 OTD284 651035 4764350 849.7 5.0 1.33 0.30 50 2 OTD284 651035 4764347 845.2 5.0 1.89 0.63 60 2 OTD284 651035 4764345 840.7 5.0 1.88 0.58 61 2 OTD284 651035 4764343 836.1 5.0 1.28 1.36 52 2 OTD284 651035 4764341 831.6 5.0 1.20 1.47 60 2 OTD284 651035 4764339 827.1 3.0 2.06 0.90 101 2 OTD284 651036 4764337 822.6 5.0 1.54 0.50 204 2 OTD284 651036 4764335 818.1 5.0 1.30 0.37 81 2 OTD284 651036 4764331 810.4 2.0 0.86 0.04 5 2 OTD285 651027 4764084 1139.2 5.0 1.49 0.07 78 5 OTD285 651027 4764081 1134.9 5.0 1.54 0.10 48 5 OTD285 651026 4764079 1130.6 5.0 1.67 0.09 72 5 OTD285 651026 4764076 1126.2 5.0 0.87 0.07 69 5 OTD285 651026 4764075 1123.2 2.0 0.72 0.06 62 5 OTD285 651026 4764063 1102.0 5.0 0.36 0.05 18 1 OTD285 651026 4764060 1097.7 5.0 0.64 0.04 19 1 OTD285 651026 4764058 1093.3 5.0 0.73 0.04 47 1 OTD285 651026 4764055 1089.0 5.0 0.55 0.02 32 1 OTD285 651026 4764050 1080.3 5.0 0.39 0.03 29 1 OTD285 651026 4764046 1073.0 2.0 0.38 0.01 22 1 OTD285 651026 4764040 1063.0 5.0 0.37 0.01 27 1 OTD285 651026 4764038 1058.7 5.0 0.40 0.01 49 1 OTD285 651025 4764036 1054.4 5.0 0.47 0.02 81 1 OTD285 651025 4764033 1050.1 5.0 0.45 0.01 75 1 OTD285 651025 4764031 1045.7 5.0 0.46 0.02 43 1 OTD285 651025 4764028 1041.4 5.0 0.52 0.03 41 1 OTD285 651025 4764026 1037.1 5.0 0.56 0.04 16 1 OTD285 651025 4764023 1032.7 5.0 0.48 0.03 34 1 OTD285 651025 4764021 1028.4 5.0 0.49 0.07 11 1 OTD285 651025 4764018 1024.0 5.0 0.47 0.02 10 1 OTD285 651025 4764016 1019.7 5.0 0.32 0.02 7 1 OTD285 651024 4764013 1015.4 5.0 0.62 0.02 5 1 OTD285 651024 4764011 1011.0 5.0 0.74 0.01 13 1 OTD285 651024 4764008 1006.7 5.0 0.49 0.04 8 1 OTD285 651024 4764006 1002.3 5.0 0.42 0.12 5 1 OTD285 651024 4764003 998.0 5.0 0.58 0.14 5 1 OTD285 651024 4764001 993.6 5.0 0.43 0.13 7 1 OTD285 651024 4763998 989.3 5.0 0.59 0.19 57 1 OTD285 651023 4763996 984.9 5.0 0.42 0.15 16 1 OTD285 651023 4763993 980.6 5.0 0.73 0.07 48 1 OTD285 651023 4763991 976.2 5.0 0.50 0.26 23 1 OTD285 651023 4763988 971.9 5.0 0.52 0.08 19 1 OTD285 651023 4763986 967.5 5.0 0.60 0.13 18 1 OTD285 651023 4763983 963.2 5.0 0.76 0.21 21 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD285 651023 4763981 958.8 5.0 0.71 0.11 36 1 OTD285 651022 4763978 954.5 5.0 0.56 0.06 32 1 OTD285 651022 4763976 950.1 5.0 0.59 0.10 29 1 OTD285 651022 4763973 945.8 5.0 0.50 0.08 35 1 OTD285 651022 4763971 941.5 5.0 0.54 0.05 24 1 OTD285 651022 4763968 937.1 5.0 0.52 0.09 28 1 OTD285 651021 4763966 932.8 5.0 0.43 0.09 28 1 OTD285 651021 4763963 928.4 5.0 0.65 0.10 125 1 OTD285 651021 4763961 924.1 5.0 0.63 0.09 91 1 OTD285 651021 4763959 920.6 3.0 0.83 0.08 52 1 OTD285 651020 4763954 911.9 5.0 0.58 0.36 66 3 OTD285 651020 4763951 907.6 5.0 0.65 0.09 122 3 OTD285 651020 4763949 903.2 5.0 0.52 0.02 172 3 OTD285 651020 4763946 898.9 5.0 0.90 0.03 146 3 OTD285 651019 4763943 894.5 5.0 0.83 0.02 107 3 OTD285 651019 4763941 890.2 5.0 1.05 0.09 137 3 OTD285 651019 4763939 885.8 5.0 0.62 0.11 99 3 OTD285 651019 4763936 881.5 5.0 0.66 0.16 121 3 OTD285 651019 4763934 877.1 5.0 1.03 0.12 165 3 OTD285 651018 4763931 872.8 5.0 0.45 0.10 76 3 OTD285 651018 4763929 868.4 5.0 0.52 0.13 76 3 OTD285 651018 4763926 864.1 5.0 0.50 0.08 81 3 OTD285 651018 4763924 859.7 5.0 0.51 0.09 1301 3 OTD285 651018 4763922 855.4 5.0 0.71 0.13 117 3 OTD285 651017 4763915 844.0 5.0 0.57 0.17 25 3 OTD285 651017 4763913 839.7 5.0 0.70 0.24 18 3 OTD285 651016 4763911 835.3 5.0 0.85 0.33 7 3 OTD285 651016 4763908 831.0 5.0 0.75 0.21 5 3 OTD285 651016 4763906 826.6 5.0 0.48 0.17 25 3 OTD285 651015 4763903 822.3 5.0 0.81 0.21 31 3 OTD285 651015 4763901 817.9 5.0 0.82 0.29 19 3 OTD285 651015 4763899 814.4 3.0 0.56 0.15 19 3 OTD285 651006 4763848 722.5 5.0 0.40 0.13 18 3 OTD285 651005 4763845 718.2 5.0 0.38 0.10 17 3 OTD285 651005 4763843 713.9 5.0 0.40 0.10 24 3 OTD285 651004 4763840 710.5 3.0 0.36 0.12 22 3 OTD290 651124 4764418 997.2 5.0 0.76 0.58 18 1 OTD290 651124 4764416 992.6 5.0 0.69 0.76 10 1 OTD290 651124 4764410 978.9 5.0 1.07 0.13 17 2 OTD290 651123 4764408 974.3 5.0 0.49 0.09 34 2 OTD290 651123 4764406 969.7 5.0 0.56 0.05 29 2 OTD290 651123 4764404 965.1 5.0 0.74 0.05 82 2 OTD290 651123 4764402 960.5 5.0 0.93 0.06 14 2 OTD290 651123 4764400 955.9 5.0 0.86 0.08 36 2 OTD290 651123 4764398 951.4 5.0 0.87 0.09 28 2 OTD290 651123 4764396 946.8 5.0 1.01 0.14 25 2 OTD290 651123 4764394 942.2 5.0 1.04 0.17 26 2 OTD290 651123 4764392 937.6 5.0 1.03 0.18 41 2 OTD290 651122 4764390 933.0 5.0 1.05 0.16 43 2 OTD290 651122 4764388 928.4 5.0 0.90 0.13 33 2 OTD290 651122 4764386 923.8 5.0 0.70 0.09 50 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD290 651122 4764384 919.2 5.0 1.60 0.11 43 2 OTD290 651122 4764382 914.6 5.0 1.61 0.11 68 2 OTD290 651122 4764379 910.1 5.0 2.07 0.13 76 2 OTD290 651121 4764378 905.5 5.0 1.50 0.17 30 2 OTD290 651121 4764376 900.9 5.0 1.20 0.13 52 2 OTD290 651121 4764374 896.3 5.0 0.94 0.10 23 2 OTD290 651116 4764330 793.3 5.0 0.93 0.19 77 3 OTD290 651116 4764328 788.6 5.0 1.03 0.28 74 3 OTD290 651116 4764326 784.0 5.0 1.91 0.75 216 3 OTD290 651115 4764324 779.4 5.0 1.24 0.42 45 3 OTD290 651115 4764322 775.2 4.0 0.72 0.57 47 3 OTD294 650932 4763985 1146.4 5.0 2.74 0.12 9 5 OTD294 650932 4763985 1141.4 5.0 1.94 0.08 5 5 OTD294 650932 4763985 1136.4 5.0 1.48 0.09 36 5 OTD294 650932 4763985 1131.4 5.0 2.63 0.07 96 5 OTD294 650932 4763985 1126.4 5.0 2.54 0.09 8 5 OTD294 650932 4763985 1121.4 5.0 2.21 0.08 5 5 OTD294 650932 4763985 1116.4 5.0 1.72 0.06 15 5 OTD294 650932 4763985 1111.4 5.0 0.70 0.04 35 5 OTD294 650932 4763985 1106.4 5.0 0.41 0.03 27 5 OTD294 650932 4763985 1101.4 5.0 0.44 0.05 29 5 OTD294 650932 4763985 1096.4 5.0 0.65 0.02 52 5 OTD294 650932 4763985 1091.4 5.0 0.58 0.02 113 5 OTD294 650932 4763985 1012.4 5.0 0.73 0.04 9 1 OTD294 650932 4763985 1007.4 5.0 0.99 0.24 33 1 OTD294 650932 4763985 1002.4 5.0 0.68 0.14 5 1 OTD294 650932 4763985 997.4 5.0 0.74 0.23 20 1 OTD294 650932 4763985 992.4 5.0 0.58 0.18 12 1 OTD294 650932 4763985 987.4 5.0 0.52 0.08 38 1 OTD294 650932 4763985 982.4 5.0 0.47 0.03 22 1 OTD294 650932 4763985 977.4 5.0 0.32 0.02 23 1 OTD294 650932 4763985 964.4 5.0 0.75 0.26 28 3 OTD294 650932 4763985 959.4 5.0 0.66 0.07 49 3 OTD294 650932 4763985 954.4 5.0 0.68 0.16 36 3 OTD294 650932 4763985 949.4 5.0 0.51 0.04 43 3 OTD294 650932 4763985 944.4 5.0 0.54 0.18 18 3 OTD294 650932 4763985 929.4 5.0 0.34 0.04 18 3 OTD294 650932 4763985 924.4 5.0 0.57 0.31 24 3 OTD294 650932 4763985 919.4 5.0 0.42 0.18 18 3 OTD294 650932 4763986 909.4 5.0 0.56 0.36 27 3 OTD294 650932 4763986 904.4 5.0 0.78 0.34 29 3 OTD294 650932 4763986 899.4 5.0 0.46 0.19 27 3 OTD294 650932 4763986 884.4 5.0 0.37 0.18 34 3 OTD294 650932 4763986 879.4 5.0 0.63 0.25 30 3 OTD294 650932 4763986 874.4 5.0 0.65 0.33 25 3 OTD294 650932 4763986 869.4 5.0 0.69 0.57 13 3 OTD294 650932 4763986 864.4 5.0 0.70 0.32 52 3 OTD294 650932 4763986 859.4 5.0 0.66 0.33 84 3 OTD294 650932 4763986 854.4 5.0 0.75 0.47 18 3 OTD294 650932 4763986 850.4 3.0 0.42 0.21 60 3 OTD294 650932 4763987 810.4 5.0 0.96 0.39 138 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD294 650932 4763987 805.4 5.0 0.98 0.51 36 3 OTD294 650932 4763987 800.4 5.0 1.15 0.75 59 3 OTD294 650932 4763987 795.4 5.0 0.96 0.62 46 3 OTD294 650932 4763987 790.4 5.0 1.06 0.52 30 3 OTD294 650931 4763987 785.4 5.0 0.69 0.41 25 3 OTD294 650931 4763987 780.4 5.0 0.98 0.58 19 3 OTD294 650931 4763988 775.4 5.0 0.48 0.51 16 3 OTD294 650931 4763988 770.4 5.0 0.47 0.50 17 3 OTD294 650931 4763988 765.4 5.0 0.52 0.60 18 3 OTD294 650931 4763988 760.4 5.0 0.79 0.86 24 3 OTD294 650931 4763988 756.4 3.0 0.56 0.17 22 3 OTD299 651228 4764393 994.3 5.0 0.64 0.11 61 2 OTD299 651228 4764391 990.0 5.0 1.08 0.28 65 2 OTD299 651228 4764388 985.7 5.0 1.19 0.10 16 2 OTD299 651228 4764386 981.3 5.0 1.09 0.13 33 2 OTD299 651228 4764383 977.0 5.0 0.76 0.07 45 2 OTD299 651228 4764381 972.7 5.0 1.29 0.17 42 2 OTD299 651228 4764378 968.3 5.0 0.86 0.12 71 2 OTD299 651228 4764376 964.4 2.0 0.41 0.08 96 1 OTD299 651228 4764336 895.6 5.0 0.46 0.76 39 1 OTD299 651228 4764334 891.3 5.0 0.60 0.62 38 1 OTD299 651228 4764331 886.9 5.0 0.56 0.40 100 1 OTD299 651228 4764329 882.6 5.0 0.58 0.21 58 1 OTD299 651228 4764326 878.3 5.0 0.55 0.52 49 1 OTD299 651228 4764324 873.9 5.0 0.41 0.55 41 1 OTD299 651228 4764321 869.6 5.0 0.34 0.26 22 1 OTD299 651228 4764319 865.3 5.0 0.32 0.33 55 1 OTD299 651228 4764316 860.9 5.0 0.35 0.34 66 1 OTD299 651228 4764314 856.6 5.0 0.41 0.32 40 1 OTD299 651228 4764311 852.3 5.0 0.45 0.20 115 1 OTD299 651228 4764309 848.0 5.0 0.46 0.09 28 1 OTD299 651228 4764306 843.6 5.0 0.58 0.10 50 1 OTD299 651228 4764304 839.3 5.0 0.58 0.06 47 1 OTD299 651228 4764301 835.0 5.0 0.57 0.08 196 1 OTD299 651228 4764299 830.6 5.0 0.56 0.11 229 1 OTD299 651228 4764296 826.3 5.0 0.71 0.50 49 1 OTD299 651228 4764294 822.0 5.0 0.35 0.27 59 1 OTD299 651228 4764291 818.1 4.0 0.33 0.15 76 1 OTD302 651126 4764078 1136.7 5.0 0.71 0.04 69 5 OTD302 651126 4764076 1132.2 5.0 0.94 0.05 72 5 OTD302 651126 4764074 1127.6 5.0 1.36 0.08 120 5 OTD302 651126 4764072 1123.0 5.0 1.65 0.04 124 5 OTD302 651126 4764071 1118.4 5.0 1.27 0.07 117 5 OTD302 651126 4764069 1113.8 5.0 1.11 0.02 140 5 OTD302 651126 4764067 1109.2 5.0 0.88 0.03 186 5 OTD302 651126 4764065 1105.6 3.0 0.54 0.04 130 5 OTD302 651126 4764063 1101.9 5.0 0.54 0.08 86 1 OTD302 651126 4764061 1097.3 5.0 0.48 0.07 111 1 OTD302 651126 4764060 1094.0 2.0 0.86 0.02 130 1 OTD302 651126 4764050 1070.5 5.0 0.58 0.09 143 1 OTD302 651126 4764048 1065.8 5.0 0.56 0.10 219 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD302 651126 4764047 1061.2 5.0 0.47 0.09 138 1 OTD302 651126 4764045 1057.5 3.0 0.58 0.05 96 1 OTD302 651126 4764044 1053.8 5.0 0.83 0.05 151 2 OTD302 651126 4764042 1049.2 5.0 0.88 0.05 78 2 OTD302 651126 4764040 1044.5 5.0 0.85 0.03 217 2 OTD302 651126 4764038 1039.9 5.0 0.93 0.06 71 2 OTD302 651126 4764036 1035.8 4.0 1.17 0.06 92 2 OTD302 651126 4764034 1031.6 5.0 0.67 0.03 96 1 OTD302 651126 4764033 1027.9 3.0 0.81 0.04 239 1 OTD302 651126 4764020 998.4 5.0 0.60 0.05 25 1 OTD302 651126 4764018 993.8 5.0 0.60 0.05 78 1 OTD302 651126 4764016 989.2 5.0 0.55 0.06 81 1 OTD302 651126 4764014 984.6 5.0 0.88 0.07 79 1 OTD302 651126 4764012 980.0 5.0 0.72 0.07 55 1 OTD302 651126 4764010 976.3 3.0 0.72 0.07 29 1 OTD309 651193 4763916 1137.9 5.0 0.50 0.02 153 5 OTD309 651195 4763915 1133.6 5.0 2.27 0.07 217 5 OTD309 651197 4763914 1129.3 5.0 1.87 0.04 160 5 OTD309 651199 4763912 1125.0 5.0 1.39 0.07 138 5 OTD309 651201 4763911 1120.6 5.0 1.41 0.07 190 5 OTD309 651203 4763909 1116.3 5.0 1.20 0.05 208 5 OTD309 651205 4763908 1111.9 5.0 1.47 0.05 194 5 OTD309 651207 4763907 1107.5 5.0 1.19 0.07 158 5 OTD309 651209 4763905 1103.2 5.0 1.30 0.04 357 5 OTD309 651211 4763904 1098.8 5.0 1.69 0.06 213 5 OTD309 651213 4763902 1094.5 5.0 1.68 0.08 142 5 OTD309 651215 4763901 1090.2 5.0 0.34 0.08 109 5 OTD309 651217 4763899 1085.8 5.0 0.56 0.11 128 5 OTD309 651219 4763898 1081.4 5.0 0.33 0.08 124 5 OTD309 651221 4763896 1077.0 5.0 0.80 0.11 171 5 OTD309 651223 4763895 1072.7 5.0 0.43 0.08 227 5 OTD309 651225 4763894 1068.7 4.0 0.42 0.04 173 5 OTD309 651241 4763882 1033.2 5.0 1.00 0.15 510 1 OTD309 651243 4763881 1028.8 5.0 1.03 0.14 270 1 OTD309 651245 4763879 1024.4 5.0 1.35 0.12 173 1 OTD309 651247 4763878 1020.0 5.0 1.42 0.11 299 1 OTD309 651248 4763877 1015.6 5.0 0.66 0.07 241 1 OTD309 651250 4763875 1011.2 5.0 0.78 0.08 215 1 OTD309 651252 4763874 1006.8 5.0 0.65 0.10 276 1 OTD312 651091 4764007 1128.0 5.0 0.73 0.02 48 5 OTD312 651088 4764009 1124.1 5.0 0.82 0.02 74 5 OTD312 651085 4764011 1120.3 5.0 0.61 0.02 83 5 OTD312 651083 4764013 1116.4 5.0 0.31 0.05 34 5 OTD312 651080 4764015 1112.5 5.0 0.64 0.05 204 5 OTD312 651072 4764021 1100.2 5.0 0.35 0.03 74 1 OTD312 651070 4764023 1096.3 5.0 0.37 0.03 75 1 OTD312 651067 4764025 1092.5 5.0 0.44 0.02 41 1 OTD312 651065 4764026 1089.4 3.0 0.41 0.01 30 1 OTD312 651057 4764032 1077.2 5.0 0.39 0.01 48 1 OTD312 651054 4764034 1073.3 5.0 0.56 0.01 58 1 OTD312 651052 4764036 1069.5 5.0 0.46 0.01 41 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD312 651049 4764038 1065.7 5.0 0.49 0.01 127 1 OTD312 651046 4764040 1061.9 5.0 0.45 0.01 82 1 OTD312 651044 4764042 1058.1 5.0 0.46 0.01 64 1 OTD312 651041 4764044 1054.3 5.0 0.49 0.02 111 1 OTD312 651039 4764046 1050.5 5.0 0.56 0.02 73 1 OTD312 651018 4764062 1021.4 5.0 0.39 0.03 21 1 OTD312 651015 4764064 1017.7 5.0 0.54 0.02 5 1 OTD312 651013 4764066 1014.0 5.0 0.62 0.03 100 1 OTD312 651010 4764068 1010.3 5.0 0.42 0.02 110 1 OTD312 651007 4764070 1006.7 5.0 0.51 0.02 82 1 OTD312 651005 4764073 1003.0 5.0 0.38 0.02 23 1 OTD312 651002 4764075 999.3 5.0 0.35 0.02 11 1 OTD312 650965 4764104 950.4 5.0 0.57 0.01 10 1 OTD312 650963 4764106 946.8 5.0 0.42 0.01 16 1 OTD312 650960 4764108 943.3 5.0 0.69 0.01 11 1 OTD312 650957 4764111 939.8 5.0 0.62 0.03 22 1 OTD312 650955 4764113 936.3 5.0 0.62 0.01 38 1 OTD312 650952 4764116 932.8 5.0 0.83 0.02 40 1 OTD312 650949 4764118 929.3 5.0 0.65 0.03 21 1 OTD312 650946 4764120 925.8 5.0 0.51 0.01 14 1 OTD312 650944 4764123 922.4 5.0 0.37 0.01 18 1 OTD312 650941 4764125 918.9 5.0 0.38 0.01 15 1 OTD312 650938 4764127 915.4 5.0 0.58 0.02 20 1 OTD312 650935 4764130 911.9 5.0 0.77 0.05 12 1 OTD312 650933 4764132 908.5 5.0 0.63 0.17 13 1 OTD312 650930 4764134 905.1 5.0 0.50 0.04 19 1 OTD312 650927 4764137 902.0 4.0 0.38 0.04 17 1 OTD312 650925 4764139 898.9 5.0 1.31 0.11 25 2 OTD312 650922 4764141 895.4 5.0 1.20 0.23 33 2 OTD312 650919 4764143 892.0 5.0 1.31 0.17 34 2 OTD312 650917 4764146 888.6 5.0 1.61 0.12 26 2 OTD312 650914 4764148 885.2 5.0 1.59 0.13 123 2 OTD312 650911 4764150 881.8 5.0 1.35 0.09 127 2 OTD312 650908 4764153 878.4 5.0 1.71 0.09 45 2 OTD312 650906 4764155 875.0 5.0 2.00 0.12 143 2 OTD312 650903 4764158 871.6 5.0 1.59 0.10 50 2 OTD312 650900 4764160 868.2 5.0 1.22 0.10 274 2 OTD312 650897 4764162 864.8 5.0 1.22 0.11 95 2 OTD312 650895 4764165 861.4 5.0 1.63 0.09 118 2 OTD312 650892 4764167 858.0 5.0 1.94 0.19 372 2 OTD312 650889 4764169 854.7 5.0 1.52 0.12 86 2 OTD312 650886 4764172 851.3 5.0 2.16 0.16 60 2 OTD312 650883 4764174 848.0 5.0 1.95 0.15 24 2 OTD312 650881 4764177 844.6 5.0 1.17 0.24 23 2 OTD312 650878 4764179 841.3 5.0 0.51 0.11 50 2 OTD312 650875 4764182 837.9 5.0 0.96 0.56 21 2 OTD312 650872 4764185 834.6 5.0 0.72 0.90 10 2 OTD312 650869 4764187 831.3 5.0 0.94 1.11 11 2 OTD312 650867 4764190 828.0 5.0 1.04 1.20 17 2 OTD312 650864 4764192 824.7 5.0 0.87 0.91 11 2 OTD312 650861 4764195 821.3 5.0 1.37 0.94 23 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================== OTD312 650858 4764197 818.0 5.0 1.56 0.61 39 2 OTD312 650856 4764199 814.7 5.0 0.58 0.17 30 2 OTD312 650853 4764202 811.3 5.0 0.73 0.25 47 2 OTD312 650850 4764204 808.0 5.0 0.73 0.19 60 2 OTD312 650847 4764207 804.7 5.0 0.42 0.12 60 2 OTD312 650844 4764209 801.3 5.0 0.41 0.14 56 2 OTD312 650842 4764212 798.0 5.0 0.71 0.10 56 2 OTD312 650839 4764214 794.6 5.0 1.46 0.08 81 2 OTD312 650836 4764217 791.3 5.0 2.16 0.13 142 2 OTD321 650821 4764117 1108.1 5.0 0.37 0.22 13 5 OTD321 650824 4764116 1103.8 5.0 0.70 0.46 16 5 OTD321 650826 4764115 1099.5 5.0 0.81 0.50 16 5 OTD321 650827 4764113 1096.0 3.0 0.56 0.37 9 5 OTD321 650829 4764112 1092.6 5.0 0.85 0.52 10 2 OTD321 650831 4764111 1088.3 5.0 0.81 0.53 16 2 OTD321 650833 4764110 1084.0 5.0 0.67 0.33 14 2 OTD321 650836 4764108 1079.7 5.0 0.89 0.52 12 2 OTD321 650838 4764107 1075.4 5.0 0.83 0.57 21 2 OTD321 650840 4764105 1071.1 5.0 0.87 0.46 6 2 OTD321 650842 4764104 1066.8 5.0 0.71 0.50 19 2 OTD321 650844 4764103 1062.5 5.0 0.72 0.38 9 2 OTD321 650846 4764101 1058.2 5.0 1.12 0.57 23 2 OTD321 650848 4764100 1053.8 5.0 0.93 0.72 17 2 OTD321 650850 4764099 1049.5 5.0 0.55 0.36 31 2 OTD321 650853 4764097 1045.2 5.0 0.61 0.63 14 2 OTD321 650855 4764096 1040.9 5.0 1.26 0.70 24 2 OTD321 650857 4764094 1036.5 5.0 0.62 0.48 17 2 OTD321 650859 4764093 1032.2 5.0 0.69 0.96 10 2 OTD321 650861 4764092 1027.8 5.0 1.16 0.88 25 2 OTD321 650863 4764090 1023.4 5.0 0.95 1.27 17 2 OTD321 650865 4764089 1019.1 5.0 1.17 1.31 19 2 OTD321 650866 4764088 1016.0 2.0 0.89 0.75 19 2 OTD321 650868 4764087 1013.0 5.0 0.62 0.55 15 1 OTD321 650870 4764086 1008.6 5.0 0.74 0.75 13 1 OTD321 650872 4764084 1004.3 5.0 0.81 0.79 38 1 OTD321 650874 4764083 999.9 5.0 0.54 0.50 16 1 OTD321 650876 4764082 995.5 5.0 0.40 0.20 18 1 OTD321 650882 4764079 983.3 5.0 1.46 0.66 28 2 OTD321 650884 4764077 978.9 5.0 1.43 0.47 34 2 OTD321 650886 4764076 974.6 5.0 1.19 0.67 152 2 OTD321 650888 4764074 970.2 5.0 1.32 0.47 56 2 OTD321 650889 4764073 967.1 2.0 1.32 0.25 785 2 OTD321 650891 4764073 964.1 5.0 1.08 0.03 70 1 OTD321 650893 4764071 959.7 5.0 0.67 0.08 59 1 OTD321 650895 4764070 955.3 5.0 0.81 0.26 32 1 OTD321 650897 4764069 950.9 5.0 0.41 0.07 32 1 OTD321 650898 4764068 947.9 2.0 1.03 0.01 50 1 OTD321 650917 4764056 908.0 5.0 1.02 0.18 19 3 OTD321 650919 4764055 903.7 5.0 0.78 0.14 19 3 OTD321 650921 4764054 899.4 5.0 0.93 0.10 21 3 OTD321 650923 4764052 895.0 5.0 0.93 0.62 26 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD321 650925 4764051 890.7 5.0 1.63 1.04 46 3 OTD321 650927 4764050 886.3 5.0 1.05 0.43 25 3 OTD321 650929 4764048 882.0 5.0 0.49 0.07 15 3 OTD321 650931 4764047 877.6 5.0 0.43 0.04 15 3 OTD321 650933 4764046 873.3 5.0 0.51 0.05 13 3 OTD321 650936 4764044 868.9 5.0 0.32 0.06 12 3 OTD321 650938 4764043 864.6 5.0 0.47 0.11 17 3 OTD321 650940 4764042 860.2 5.0 0.49 0.17 25 3 OTD321 650942 4764041 855.9 5.0 0.72 0.44 23 3 OTD321 650944 4764040 851.5 5.0 0.73 0.55 26 3 OTD321 650948 4764037 842.8 5.0 0.77 0.50 51 3 OTD321 650950 4764035 838.5 5.0 1.20 0.78 72 3 OTD321 650953 4764034 834.2 5.0 0.79 0.52 42 3 OTD321 650955 4764033 829.8 5.0 0.97 0.35 23 3 OTD321 650957 4764032 825.5 5.0 0.96 0.60 22 3 OTD321 650959 4764030 821.1 5.0 0.77 0.97 17 3 OTD321 650961 4764029 816.8 5.0 0.59 0.72 32 3 OTD321 650963 4764028 812.5 5.0 0.92 0.69 38 3 OTD321 650965 4764026 808.1 5.0 0.53 0.44 24 3 OTD321 650967 4764026 805.1 2.0 0.50 0.21 27 3 OTD321 650977 4764019 784.6 5.0 0.70 0.43 78 3 OTD321 650979 4764018 780.3 5.0 0.71 0.36 100 3 OTD321 650981 4764017 775.9 5.0 0.82 0.54 10 3 OTD321 650983 4764016 771.5 5.0 0.79 0.67 13 3 OTD321 650985 4764014 767.1 5.0 0.59 0.41 11 3 OTD321 650987 4764013 762.8 5.0 0.72 0.35 9 3 OTD321 650989 4764011 758.4 5.0 0.37 0.17 8 3 OTD321 650991 4764010 754.0 5.0 0.60 0.27 20 3 OTD321 650993 4764009 749.6 5.0 0.71 0.29 11 3 OTD321 650995 4764007 745.2 5.0 0.41 0.10 25 3 OTD321 650997 4764006 740.9 5.0 0.46 0.16 28 3 OTD321 650999 4764005 736.5 5.0 0.59 0.19 33 3 OTD321 651001 4764004 732.1 5.0 0.60 0.25 5 3 OTD321 651003 4764003 727.7 5.0 0.54 0.24 5 3 OTD321 651005 4764001 723.3 5.0 0.63 0.20 17 3 OTD323 651325 4764197 1102.5 5.0 1.38 0.03 74 5 OTD323 651325 4764194 1098.2 5.0 0.98 0.05 100 5 OTD323 651325 4764192 1095.1 2.0 1.43 0.07 105 5 OTD323 651326 4764183 1077.9 5.0 0.72 0.10 106 5 OTD323 651326 4764181 1073.5 5.0 1.22 0.09 93 5 OTD323 651326 4764178 1069.1 5.0 1.06 0.15 101 5 OTD323 651326 4764176 1064.7 5.0 1.25 0.18 87 5 OTD323 651326 4764174 1061.6 2.0 0.97 0.11 80 5 OTD323 651326 4764173 1058.5 5.0 0.36 0.14 41 1 OTD323 651326 4764169 1051.4 5.0 0.56 0.08 60 2 OTD323 651327 4764167 1047.0 5.0 0.95 0.08 84 2 OTD323 651327 4764165 1043.0 4.0 1.34 0.10 71 2 OTD323 651327 4764163 1039.1 5.0 0.51 0.05 76 1 OTD323 651327 4764160 1034.7 5.0 0.54 0.09 64 1 OTD323 651327 4764158 1030.2 5.0 0.68 0.15 101 1 OTD323 651328 4764156 1025.8 5.0 0.44 0.08 37 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD323 651328 4764153 1021.4 5.0 0.46 0.10 60 1 OTD323 651329 4764152 1017.9 3.0 0.71 0.10 78 1 OTD323 651330 4764143 1002.0 5.0 0.92 0.06 153 3 OTD323 651330 4764141 997.6 5.0 1.84 0.13 145 3 OTD323 651330 4764139 993.1 5.0 2.02 0.12 108 3 OTD323 651330 4764136 988.7 5.0 1.22 0.06 101 3 OTD323 651331 4764134 984.3 5.0 0.99 0.08 134 3 OTD323 651331 4764132 979.9 5.0 0.58 0.09 216 3 OTD323 651331 4764129 975.5 5.0 0.78 0.08 265 3 OTD323 651331 4764127 971.1 5.0 1.43 0.06 387 3 OTD323 651331 4764125 966.7 5.0 1.14 0.06 382 3 OTD323 651331 4764123 963.1 3.0 1.05 0.07 300 3 OTD332 651226 4764254 1116.0 5.0 0.36 0.16 17 5 OTD332 651226 4764236 1082.3 5.0 0.58 0.13 90 1 OTD332 651226 4764234 1077.8 5.0 0.43 0.13 105 1 OTD332 651226 4764232 1073.4 5.0 0.46 0.14 227 1 OTD332 651226 4764230 1068.9 5.0 0.45 0.12 113 1 OTD332 651226 4764227 1064.5 5.0 0.38 0.14 149 1 OTD332 651226 4764225 1060.1 5.0 0.47 0.18 150 1 OTD332 651226 4764223 1055.7 5.0 0.43 0.21 112 1 OTD332 651226 4764220 1051.2 5.0 0.48 0.16 131 1 OTD332 651226 4764218 1046.8 5.0 0.45 0.13 156 1 OTD332 651226 4764216 1042.3 5.0 0.48 0.13 186 1 OTD332 651226 4764213 1037.9 5.0 0.49 0.13 85 1 OTD332 651226 4764211 1033.5 5.0 0.44 0.17 74 1 OTD332 651226 4764209 1029.0 5.0 0.51 0.15 37 1 OTD332 651226 4764206 1024.6 5.0 0.49 0.13 23 1 OTD332 651226 4764204 1020.2 5.0 0.51 0.19 15 1 OTD332 651226 4764202 1015.7 5.0 0.47 0.17 12 1 OTD332 651226 4764200 1011.3 5.0 0.60 0.18 18 1 OTD332 651226 4764197 1006.9 5.0 0.37 0.11 15 1 OTD332 651226 4764195 1002.4 5.0 0.60 0.14 31 1 OTD332 651226 4764193 998.0 5.0 0.58 0.09 20 1 OTD332 651226 4764190 993.5 5.0 0.47 0.08 32 1 OTD332 651226 4764186 984.7 5.0 0.45 0.08 49 1 OTD332 651227 4764183 980.2 5.0 0.50 0.15 56 1 OTD332 651227 4764181 975.8 5.0 0.43 0.10 36 1 OTD332 651227 4764179 971.4 5.0 0.52 0.08 41 1 OTD332 651227 4764176 966.9 5.0 0.83 0.15 81 1 OTD332 651227 4764174 962.5 5.0 0.69 0.15 225 1 OTD332 651227 4764172 958.1 5.0 0.93 0.13 222 2 OTD332 651227 4764170 953.6 5.0 0.96 0.14 55 2 OTD332 651227 4764167 949.2 5.0 0.74 0.07 241 2 OTD332 651227 4764165 944.8 5.0 0.61 0.07 29 2 OTD332 651227 4764163 940.3 5.0 0.67 0.11 161 1 OTD332 651227 4764160 935.9 5.0 0.60 0.07 39 1 OTD332 651227 4764158 931.4 5.0 0.63 0.06 65 1 OTD332 651227 4764156 927.0 5.0 0.52 0.04 89 1 OTD332 651227 4764153 922.6 5.0 0.66 0.04 91 1 OTD332 651227 4764151 918.1 5.0 0.70 0.08 45 1 OTD332 651227 4764149 913.7 5.0 0.51 0.11 28 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD332 651227 4764146 909.3 5.0 0.53 0.07 11 1 OTD332 651227 4764144 904.8 5.0 0.84 0.11 17 1 OTD332 651227 4764142 900.4 5.0 0.64 0.08 37 1 OTD332 651227 4764140 896.0 5.0 0.68 0.10 18 1 OTD332 651227 4764137 891.5 5.0 0.75 0.13 86 1 OTD332 651227 4764135 887.1 5.0 0.68 0.14 47 1 OTD332 651227 4764133 882.7 5.0 0.59 0.10 16 1 OTD332 651227 4764130 878.2 5.0 0.51 0.07 13 1 OTD332 651227 4764128 873.8 5.0 0.55 0.07 7 1 OTD332 651227 4764109 837.4 5.0 0.43 0.08 209 3 OTD332 651227 4764107 833.0 5.0 0.76 0.09 65 3 OTD332 651227 4764105 829.9 2.0 0.65 0.03 120 3 OTD335 651150 4764099 1136.4 5.0 0.67 0.05 55 5 OTD335 651148 4764100 1131.9 5.0 1.51 0.06 75 5 OTD335 651146 4764101 1127.4 5.0 0.43 0.03 57 5 OTD335 651144 4764102 1122.8 5.0 2.89 0.04 39 5 OTD335 651143 4764104 1118.3 5.0 0.84 0.07 47 5 OTD335 651141 4764105 1113.8 5.0 0.94 0.15 75 5 OTD335 651139 4764106 1109.3 5.0 0.57 0.08 155 5 OTD335 651137 4764108 1104.7 5.0 0.71 0.11 239 5 OTD335 651136 4764109 1100.2 5.0 0.55 0.07 161 5 OTD335 651134 4764110 1096.6 3.0 0.51 0.05 77 5 OTD335 651133 4764110 1092.9 5.0 0.38 0.04 100 1 OTD335 651131 4764111 1088.4 5.0 0.41 0.11 105 1 OTD335 651129 4764112 1083.9 5.0 0.45 0.06 86 1 OTD335 651127 4764113 1079.3 5.0 0.80 0.07 190 1 OTD335 651126 4764115 1074.8 5.0 0.36 0.04 53 1 OTD335 651122 4764117 1065.7 5.0 0.39 0.02 61 1 OTD335 651121 4764119 1061.2 5.0 0.41 0.06 80 1 OTD335 651119 4764120 1056.6 5.0 0.32 0.04 69 1 OTD335 651117 4764121 1052.1 5.0 0.33 0.06 77 1 OTD335 651115 4764122 1047.5 5.0 0.38 0.11 153 1 OTD335 651113 4764124 1039.8 2.0 0.46 0.07 85 1 OTD335 651111 4764125 1036.6 5.0 0.43 0.06 42 2 OTD335 651110 4764126 1032.1 5.0 0.95 0.08 75 2 OTD335 651108 4764128 1027.5 5.0 0.91 0.03 78 2 OTD335 651106 4764129 1023.0 5.0 0.73 0.04 92 2 OTD335 651105 4764131 1018.4 5.0 0.87 0.04 93 2 OTD335 651103 4764132 1013.9 5.0 0.81 0.06 64 2 OTD335 651102 4764133 1009.4 5.0 0.91 0.07 107 2 OTD335 651100 4764134 1004.8 5.0 0.99 0.06 64 2 OTD335 651098 4764136 1000.3 5.0 0.78 0.10 67 2 OTD335 651097 4764137 996.6 3.0 0.68 0.17 64 2 OTD335 651096 4764138 993.0 5.0 0.77 0.11 103 1 OTD335 651094 4764139 988.5 5.0 0.42 0.11 79 1 OTD335 651092 4764140 983.9 5.0 0.32 0.12 192 1 OTD335 651091 4764142 979.4 5.0 0.58 0.12 244 1 OTD335 651089 4764143 974.8 5.0 0.78 0.22 251 1 OTD335 651088 4764144 970.3 5.0 0.57 0.15 409 1 OTD335 651086 4764146 965.7 5.0 0.72 0.18 100 2 OTD335 651084 4764147 961.2 5.0 1.08 0.10 158 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD335 651083 4764148 956.6 5.0 0.99 0.10 144 2 OTD335 651081 4764149 952.1 5.0 0.71 0.14 73 2 OTD335 651080 4764151 947.5 5.0 0.87 0.09 125 2 OTD335 651078 4764152 943.0 5.0 0.51 0.10 107 2 OTD335 651077 4764153 938.4 5.0 1.06 0.12 134 2 OTD335 651075 4764155 933.9 5.0 1.24 0.20 79 2 OTD335 651073 4764156 929.3 5.0 1.61 0.16 339 2 OTD335 651072 4764157 924.8 5.0 0.96 0.14 90 2 OTD335 651070 4764159 920.2 5.0 0.87 0.12 135 2 OTD335 651069 4764160 916.6 3.0 0.67 0.19 66 2 OTD335 651068 4764161 912.9 5.0 0.74 0.23 182 1 OTD335 651066 4764162 908.4 5.0 0.39 0.08 73 1 OTD335 651064 4764163 903.8 5.0 0.81 0.10 147 1 OTD335 651063 4764165 899.3 5.0 0.78 0.09 90 1 OTD335 651061 4764166 894.7 5.0 0.47 0.08 204 1 OTD335 651059 4764167 890.2 5.0 0.73 0.10 72 1 OTD335 651058 4764168 885.6 5.0 0.80 0.14 90 1 OTD335 651056 4764170 881.1 5.0 0.56 0.18 179 1 OTD335 651055 4764171 876.6 5.0 0.61 0.25 109 1 OTD335 651053 4764172 872.0 5.0 0.65 0.24 67 1 OTD335 651051 4764174 867.5 5.0 0.73 0.15 69 1 OTD335 651050 4764175 862.9 5.0 0.70 0.15 22 1 OTD335 651048 4764176 858.4 5.0 0.81 0.17 20 1 OTD335 651046 4764178 853.8 5.0 0.67 0.12 23 1 OTD335 651045 4764179 849.7 4.0 0.54 0.18 13 1 OTD335 651044 4764180 845.6 5.0 0.87 0.22 34 2 OTD335 651042 4764181 841.1 5.0 0.97 0.20 37 2 OTD335 651040 4764182 836.5 5.0 0.80 0.09 60 2 OTD335 651039 4764184 832.0 5.0 0.80 0.13 48 2 OTD335 651037 4764185 827.4 5.0 0.76 0.11 27 2 OTD335 651036 4764186 822.8 5.0 0.91 0.11 18 2 OTD335 651034 4764188 818.3 5.0 1.21 0.16 54 2 OTD335 651032 4764189 813.7 5.0 1.12 0.20 55 2 OTD335 651031 4764190 809.2 5.0 1.31 0.18 198 2 OTD335 651029 4764191 804.6 5.0 1.14 0.23 106 2 OTD335 651028 4764193 800.1 5.0 0.65 0.20 11 1 OTD335 651026 4764194 795.5 5.0 0.63 0.16 12 1 OTD335 651024 4764196 791.0 5.0 0.73 0.14 10 1 OTD335 651023 4764197 786.4 5.0 0.84 0.17 9 1 OTD335 651021 4764198 781.8 5.0 0.68 0.10 30 1 OTD335 651020 4764199 777.3 5.0 0.52 0.11 5 1 OTD335 651018 4764201 772.7 5.0 0.87 0.16 18 1 OTD335 651017 4764202 768.2 5.0 0.86 0.17 49 1 OTD335 651015 4764203 763.6 5.0 0.69 0.09 15 1 OTD335 651013 4764205 759.0 5.0 0.77 0.10 26 1 OTD335 651012 4764206 754.5 5.0 0.36 0.04 42 1 OTD335 651009 4764209 745.4 5.0 0.35 0.11 49 2 OTD335 651007 4764210 740.8 5.0 1.59 0.27 53 2 OTD335 651006 4764211 736.2 5.0 1.35 0.33 44 2 OTD335 651004 4764212 731.7 5.0 0.87 0.25 38 2 OTD335 651003 4764213 728.5 2.0 1.03 0.19 28 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD335 651002 4764214 726.7 2.0 0.78 0.13 26 1 OTD335 651001 4764215 721.6 5.0 0.91 0.24 78 3 OTD335 650999 4764217 717.1 5.0 1.43 0.57 42 3 OTD335 650997 4764218 712.5 5.0 1.15 0.62 68 3 OTD335 650996 4764219 707.9 5.0 0.68 0.42 106 3 OTD335 650994 4764221 703.4 5.0 0.86 0.42 29 3 OTD335 650993 4764222 698.8 5.0 1.06 0.68 42 3 OTD335 650991 4764223 694.2 5.0 1.43 0.68 74 3 OTD335 650990 4764225 689.7 5.0 1.54 1.90 32 3 OTD335 650988 4764225 685.1 5.0 1.44 2.06 24 3 OTD335 650987 4764227 680.5 5.0 1.20 1.93 28 3 OTD335 650985 4764228 675.9 5.0 0.56 0.95 26 3 OTD335 650984 4764230 671.4 5.0 0.47 0.76 15 3 OTD335 650962 4764253 598.3 5.0 0.34 0.14 94 3 OTD335 650960 4764254 593.7 5.0 0.35 0.11 64 3 OTD335 650959 4764255 589.1 5.0 0.69 0.16 417 3 OTD335 650958 4764257 584.5 5.0 1.64 0.72 159 3 OTD335 650956 4764258 579.9 5.0 2.35 0.96 458 3 OTD335 650955 4764260 575.3 5.0 0.60 0.41 63 3 OTD335 650953 4764261 570.7 5.0 0.58 0.70 57 3 OTD335 650952 4764263 566.1 5.0 0.68 1.12 52 3 OTD335 650951 4764264 561.5 5.0 0.81 1.08 45 3 OTD335 650949 4764265 557.2 4.3 0.65 0.82 77 3
TABLE B.4: FAR NORTH OYU COMPOSITED ASSAY VALUES (FOR VALUES >=0.30 Cu %) A negative value denotes "no assay value"; Domain code descriptions are in Table 17.1
DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD244 651127 4765412 1023.9 5.0 0.37 0.03 19 10 OTD244 651127 4765414 1019.6 5.0 0.46 0.03 35 10 OTD244 651127 4765417 1015.3 5.0 0.33 0.01 45 10 OTD244 651127 4765419 1010.9 5.0 0.42 0.03 15 10 OTD244 651127 4765422 1006.6 5.0 0.46 0.02 69 10 OTD244 651126 4765427 998.0 5.0 0.41 0.03 20 10 OTD244 651126 4765429 993.6 5.0 0.49 0.05 24 10 OTD244 651126 4765437 980.6 5.0 0.56 0.04 41 10 OTD244 651126 4765439 976.3 5.0 0.49 0.05 69 10 OTD244 651126 4765442 972.0 5.0 1.09 0.07 131 10 OTD244 651126 4765444 967.6 4.0 0.38 0.03 92 10 OTD244 651126 4765452 954.6 4.0 0.42 0.05 167 10 OTD244 651126 4765459 941.8 5.0 0.34 0.03 205 10 OTD244 651126 4765465 933.2 5.0 0.41 0.04 55 10 OTD244 651126 4765472 920.3 5.0 0.31 0.02 55 10 OTD244 651126 4765475 916.5 4.0 0.45 0.03 105 10 OTD244 651126 4765477 912.6 5.0 0.39 0.03 79 1 OTD244 651126 4765480 908.4 5.0 0.63 0.05 90 1 OTD244 651126 4765482 904.1 5.0 0.69 0.04 89 1 OTD244 651126 4765485 899.8 5.0 0.73 0.03 143 1 OTD244 651126 4765487 895.6 5.0 0.73 0.04 165 1 OTD244 651126 4765490 891.3 5.0 0.71 0.04 113 1 OTD244 651127 4765493 887.0 5.0 0.64 0.03 89 1 OTD244 651127 4765495 882.8 5.0 0.71 0.04 75 1 OTD244 651127 4765498 878.5 5.0 0.75 0.04 81 1 OTD244 651127 4765500 874.3 5.0 0.83 0.04 134 1 OTD244 651127 4765503 870.1 5.0 0.82 0.05 40 1 OTD244 651127 4765506 865.8 5.0 0.82 0.05 31 1 OTD244 651127 4765508 861.6 5.0 0.77 0.05 121 1 OTD244 651127 4765513 853.1 5.0 0.36 0.03 61 1 OTD244 651127 4765516 848.9 5.0 0.92 0.04 65 1 OTD244 651128 4765519 844.7 5.0 0.66 0.04 60 1 OTD244 651128 4765522 840.5 5.0 0.80 0.04 37 1 OTD244 651128 4765524 836.3 5.0 0.97 0.04 51 1 OTD244 651128 4765527 832.2 5.0 0.43 0.03 30 1 OTD244 651128 4765530 828.0 5.0 0.70 0.05 45 1 OTD244 651129 4765533 823.9 5.0 1.00 0.05 57 1 OTD244 651129 4765536 819.7 5.0 1.07 0.04 132 1 OTD244 651129 4765539 815.6 5.0 0.73 0.04 48 1 OTD244 651130 4765541 811.5 5.0 0.83 0.04 52 1 OTD244 651130 4765544 808.2 3.0 0.81 0.04 50 1 OTD244 651130 4765546 805.0 5.0 0.67 0.03 62 10 OTD244 651131 4765548 800.9 5.0 0.74 0.03 70 10 OTD244 651131 4765551 796.8 5.0 0.62 0.02 78 10 OTD244 651131 4765554 792.7 5.0 0.72 0.03 40 10 OTD244 651132 4765557 788.7 5.0 0.80 0.03 39 10 OTD244 651132 4765560 784.6 5.0 0.90 0.03 44 10 OTD244 651133 4765563 780.5 5.0 0.62 0.01 41 10 OTD244 651133 4765566 776.5 5.0 0.66 0.03 110 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD244 651134 4765569 772.4 5.0 0.60 0.03 101 10 OTD244 651134 4765572 768.4 5.0 0.66 0.02 79 10 OTD244 651135 4765574 764.3 5.0 0.58 0.01 180 10 OTD244 651135 4765577 760.3 5.0 0.85 0.01 306 10 OTD244 651136 4765580 756.3 5.0 0.68 0.04 179 10 OTD244 651136 4765583 752.3 5.0 0.72 0.03 120 10 OTD244 651137 4765586 748.4 5.0 0.64 0.02 150 10 OTD244 651137 4765589 744.4 5.0 0.57 0.03 146 10 OTD244 651138 4765592 740.4 5.0 0.44 0.03 160 10 OTD244 651138 4765595 736.5 5.0 0.47 0.02 110 10 OTD244 651139 4765598 732.6 5.0 0.63 0.04 122 10 OTD244 651140 4765601 728.8 5.0 0.62 0.06 109 10 OTD244 651140 4765605 724.9 5.0 0.30 0.02 136 10 OTD244 651142 4765611 717.1 5.0 0.55 0.03 205 10 OTD244 651142 4765614 713.3 5.0 0.46 0.03 243 10 OTD244 651143 4765617 709.5 5.0 0.49 0.04 127 10 OTD244 651144 4765620 705.6 5.0 0.62 0.04 137 10 OTD244 651144 4765623 701.8 5.0 0.44 0.05 116 10 OTD244 651145 4765627 698.0 5.0 0.92 0.06 140 10 OTD244 651146 4765630 694.2 5.0 0.74 0.06 98 10 OTD244 651146 4765633 690.5 5.0 0.54 0.04 125 10 OTD244 651147 4765636 686.7 5.0 0.73 0.09 123 10 OTD244 651148 4765639 682.9 5.0 0.38 0.03 75 10 OTD244 651149 4765642 679.5 4.0 0.41 0.03 80 10 OTD246 650924 4765378 1085.8 5.0 0.35 0.02 140 10 OTD246 650924 4765380 1081.4 5.0 0.39 0.02 164 10 OTD246 650924 4765383 1077.1 5.0 0.32 0.03 166 10 OTD246 650924 4765388 1068.5 5.0 0.37 0.03 123 10 OTD246 650922 4765418 1016.6 5.0 0.67 0.05 50 10 OTD246 650922 4765421 1012.3 5.0 0.81 0.06 104 10 OTD246 650922 4765423 1008.0 5.0 0.49 0.04 52 10 OTD246 650922 4765428 999.4 5.0 0.40 0.07 49 10 OTD246 650922 4765431 995.1 5.0 0.37 0.07 26 10 OTD246 650922 4765433 990.8 5.0 0.65 0.06 38 10 OTD246 650921 4765436 986.5 5.0 0.56 0.06 282 10 OTD246 650921 4765439 982.3 5.0 0.85 0.07 31 10 OTD246 650921 4765441 978.0 5.0 0.66 0.05 29 10 OTD246 650921 4765444 973.7 5.0 0.62 0.05 58 10 OTD246 650921 4765446 969.4 3.0 0.44 0.04 28 10 OTD246 650919 4765474 922.2 5.0 0.49 0.04 142 10 OTD246 650919 4765477 917.9 5.0 0.58 0.08 155 10 OTD246 650919 4765480 913.6 5.0 1.04 0.07 151 10 OTD246 650919 4765482 909.3 5.0 0.48 0.04 102 10 OTD246 650919 4765485 905.0 5.0 0.60 0.07 73 10 OTD246 650918 4765495 887.9 5.0 0.38 0.05 85 10 OTD246 650918 4765498 883.6 5.0 0.53 0.07 193 10 OTD246 650917 4765500 879.3 5.0 0.49 0.05 290 10 OTD246 650917 4765503 875.0 5.0 0.71 0.08 167 10 OTD246 650917 4765506 870.7 5.0 0.52 0.05 267 10 OTD246 650917 4765508 866.4 5.0 0.46 0.04 119 10 OTD246 650916 4765510 862.2 5.0 0.68 0.05 83 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD246 650916 4765513 857.9 5.0 1.05 0.12 121 10 OTD246 650916 4765515 853.6 5.0 0.38 0.05 113 10 OTD246 650915 4765524 840.7 5.0 0.53 0.06 30 10 OTD246 650915 4765526 836.4 5.0 0.34 0.03 31 10 OTD246 650914 4765529 832.1 5.0 0.33 0.01 40 10 OTD246 650914 4765531 827.8 5.0 0.45 0.03 44 10 OTD246 650914 4765534 823.5 5.0 0.40 0.06 67 10 OTD246 650912 4765549 797.7 5.0 0.37 0.09 39 10 OTD246 650912 4765551 793.4 5.0 0.43 0.08 51 10 OTD246 650908 4765580 742.8 5.0 0.30 0.04 41 10 OTD254 650923 4765283 1046.5 5.0 0.38 0.03 89 10 OTD254 650923 4765288 1037.9 5.0 0.81 0.02 213 10 OTD254 650923 4765290 1033.5 5.0 1.03 0.03 166 10 OTD254 650923 4765292 1029.2 5.0 0.79 0.02 226 10 OTD254 650922 4765295 1024.9 5.0 0.45 0.02 210 10 OTD254 650922 4765297 1020.5 5.0 0.52 0.04 114 10 OTD254 650922 4765300 1016.2 5.0 0.82 0.05 52 10 OTD254 650922 4765302 1011.9 5.0 0.65 0.04 63 10 OTD254 650922 4765305 1007.6 5.0 0.47 0.04 71 10 OTD254 650921 4765307 1003.2 5.0 0.71 0.05 116 10 OTD254 650921 4765310 998.9 5.0 0.63 0.05 129 10 OTD254 650921 4765312 994.6 5.0 0.65 0.04 115 10 OTD254 650921 4765315 990.2 5.0 0.77 0.07 182 10 OTD254 650921 4765317 985.9 5.0 0.88 0.12 100 10 OTD254 650920 4765325 972.9 5.0 0.67 0.05 131 10 OTD254 650920 4765327 968.6 5.0 0.59 0.04 97 10 OTD254 650920 4765330 964.3 5.0 0.53 0.02 109 10 OTD254 650920 4765332 959.9 5.0 0.52 0.02 66 10 OTD254 650920 4765335 955.6 5.0 0.61 0.02 97 10 OTD254 650919 4765337 951.3 5.0 0.57 0.01 82 10 OTD254 650919 4765339 946.9 5.0 0.68 0.03 179 10 OTD254 650919 4765342 942.6 5.0 0.59 0.04 75 10 OTD254 650919 4765347 933.9 5.0 0.39 0.06 235 10 OTD254 650919 4765349 929.6 5.0 0.62 0.06 138 10 OTD254 650919 4765352 925.3 3.0 0.30 0.03 79 10 OTD254 650918 4765357 916.6 2.0 0.38 0.02 34 10 OTD254 650918 4765359 912.3 5.0 0.66 0.05 149 10 OTD254 650918 4765362 908.0 5.0 0.57 0.04 136 10 OTD254 650918 4765364 903.6 5.0 0.84 0.06 133 10 OTD254 650918 4765367 899.3 5.0 0.56 0.03 121 10 OTD254 650918 4765369 895.0 5.0 0.78 0.05 111 10 OTD254 650917 4765384 869.4 4.0 0.56 0.03 96 10 OTD254 650913 4765493 679.8 5.0 0.71 0.06 16 10 OTD254 650913 4765496 675.4 5.0 1.01 0.11 17 10 OTD254 650913 4765509 653.7 3.0 0.66 0.14 30 10 OTD254 650913 4765511 649.4 5.0 0.70 0.11 28 10 OTD254 650913 4765513 645.0 5.0 0.31 0.08 20 10 OTD254 650913 4765516 640.6 5.0 1.28 0.08 24 10 OTD254 650913 4765518 636.3 5.0 1.09 0.15 68 10 OTD254 650913 4765521 631.9 5.0 0.52 0.06 22 10 OTD254 650913 4765528 618.8 5.0 0.80 0.08 23 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD254 650913 4765530 614.4 5.0 0.44 0.11 21 10 OTD254 650913 4765535 605.6 5.0 0.77 0.06 24 10 OTD259 650725 4765254 1056.0 5.0 0.77 0.06 50 10 OTD259 650725 4765256 1051.6 5.0 0.42 0.03 49 10 OTD259 650724 4765258 1047.2 5.0 0.78 0.09 93 10 OTD259 650724 4765261 1042.8 5.0 0.51 0.04 87 10 OTD259 650724 4765263 1038.3 5.0 0.39 0.04 119 10 OTD259 650724 4765265 1033.9 5.0 0.42 0.04 82 10 OTD259 650724 4765267 1029.5 5.0 0.42 0.03 66 10 OTD259 650724 4765269 1025.1 5.0 0.42 0.03 98 10 OTD259 650724 4765272 1020.7 5.0 0.31 0.03 100 10 OTD259 650724 4765274 1016.3 5.0 0.55 0.04 193 10 OTD259 650723 4765276 1011.8 5.0 0.39 0.05 148 10 OTD259 650723 4765278 1007.4 5.0 0.51 0.06 104 10 OTD259 650723 4765281 1002.9 5.0 0.90 0.14 53 10 OTD259 650722 4765297 971.6 5.0 0.38 0.03 92 10 OTD259 650718 4765332 899.7 5.0 0.33 0.03 28 10 OTD259 650718 4765334 895.2 5.0 0.58 0.01 72 10 OTD259 650717 4765336 890.7 5.0 0.55 0.02 128 10 OTD259 650711 4765385 791.8 5.0 1.18 0.09 156 10 OTD259 650710 4765387 787.3 5.0 1.14 0.27 51 10 OTD259 650709 4765398 764.8 5.0 0.45 0.04 58 10 OTD259 650707 4765428 701.6 5.0 0.39 0.01 20 10 OTD259 650706 4765451 651.8 5.0 0.45 0.13 14 10 OTD259 650706 4765459 633.6 3.0 0.30 0.03 172 10 OTD270 651331 4765505 969.5 5.0 0.60 0.03 28 10 OTD270 651331 4765508 965.3 5.0 0.34 -1.00 59 10 OTD270 651331 4765510 961.1 5.0 0.84 0.01 82 1 OTD270 651331 4765513 957.0 5.0 0.65 0.01 79 1 OTD270 651331 4765516 952.8 5.0 1.03 0.02 51 1 OTD270 651331 4765519 948.6 5.0 1.18 0.02 40 1 OTD270 651331 4765522 944.4 5.0 0.95 0.02 58 1 OTD270 651331 4765524 940.3 5.0 1.06 0.01 69 1 OTD270 651331 4765527 936.2 5.0 1.19 0.02 40 1 OTD270 651331 4765530 932.0 5.0 1.30 0.02 41 1 OTD270 651331 4765533 927.9 5.0 1.13 0.02 50 1 OTD270 651331 4765536 923.8 5.0 1.16 0.02 47 1 OTD270 651331 4765539 919.7 5.0 1.19 0.02 45 1 OTD270 651331 4765541 915.5 5.0 1.21 0.02 56 1 OTD270 651331 4765544 911.4 5.0 1.45 0.04 39 1 OTD270 651331 4765547 907.3 5.0 0.85 0.03 16 1 OTD270 651332 4765553 899.2 5.0 1.12 0.02 27 1 OTD270 651332 4765556 895.1 5.0 1.08 0.04 21 1 OTD270 651332 4765558 891.0 5.0 0.97 0.04 23 1 OTD270 651332 4765562 887.0 5.0 1.24 0.02 15 1 OTD270 651332 4765567 878.9 5.0 0.65 0.03 46 1 OTD270 651333 4765570 874.8 5.0 1.17 0.03 18 1 OTD270 651333 4765573 870.8 5.0 1.36 0.02 16 1 OTD270 651333 4765576 866.8 5.0 1.28 0.02 12 1 OTD270 651333 4765579 862.7 5.0 1.05 0.02 33 1 OTD270 651333 4765582 858.7 5.0 1.25 0.07 17 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD270 651334 4765585 854.7 5.0 0.47 0.03 74 1 OTD270 651334 4765588 850.7 5.0 0.83 0.04 76 1 OTD270 651334 4765591 846.7 5.0 1.54 0.05 26 1 OTD270 651334 4765594 842.7 5.0 1.15 0.03 15 1 OTD270 651334 4765597 838.7 5.0 1.45 0.02 26 1 OTD270 651335 4765600 834.7 5.0 1.74 0.02 17 1 OTD270 651335 4765603 830.7 5.0 2.02 0.02 23 1 OTD270 651335 4765606 826.7 5.0 1.78 0.03 18 1 OTD270 651335 4765609 822.7 5.0 1.70 0.08 40 1 OTD270 651336 4765612 818.8 5.0 1.12 0.09 37 1 OTD270 651336 4765615 814.8 5.0 1.10 0.04 21 1 OTD270 651336 4765618 810.8 5.0 1.22 0.04 20 1 OTD270 651336 4765621 806.9 5.0 1.55 0.04 20 1 OTD270 651337 4765624 802.9 5.0 1.99 0.04 47 1 OTD270 651337 4765627 799.0 5.0 1.64 0.03 56 1 OTD270 651337 4765630 795.1 5.0 1.73 0.02 77 1 OTD270 651338 4765633 791.1 5.0 1.73 0.08 33 1 OTD270 651338 4765636 787.2 5.0 2.01 0.05 38 1 OTD270 651338 4765639 783.3 5.0 1.76 0.04 32 1 OTD270 651339 4765642 779.4 5.0 1.68 0.06 15 1 OTD270 651339 4765645 775.5 5.0 1.72 0.08 33 1 OTD270 651339 4765648 772.5 3.0 1.97 0.11 40 1 OTD270 651340 4765651 769.4 5.0 0.93 0.07 72 3 OTD270 651341 4765660 757.8 5.0 0.96 0.05 21 3 OTD270 651341 4765663 753.9 5.0 1.81 0.06 23 3 OTD270 651341 4765666 750.1 5.0 2.03 0.07 29 3 OTD270 651342 4765672 742.4 5.0 0.73 0.06 30 3 OTD270 651343 4765675 738.6 5.0 2.07 0.08 30 3 OTD270 651343 4765679 734.7 5.0 1.65 0.09 28 3 OTD270 651344 4765682 730.9 5.0 1.95 0.09 34 3 OTD270 651344 4765686 727.1 5.0 2.74 0.08 63 3 OTD270 651345 4765689 723.3 5.0 2.30 0.09 35 3 OTD270 651345 4765692 719.5 5.0 2.25 0.05 20 3 OTD270 651346 4765695 715.7 5.0 2.76 0.07 24 3 OTD270 651346 4765698 711.9 5.0 1.46 0.05 22 3 OTD270 651347 4765702 708.1 5.0 2.50 0.06 14 3 OTD270 651347 4765705 704.3 5.0 0.32 0.03 -1 3 OTD270 651349 4765711 696.7 5.0 0.36 0.05 12 3 OTD270 651350 4765718 689.1 5.0 2.45 0.54 12 3 OTD270 651350 4765721 685.3 5.0 2.73 0.36 29 3 OTD270 651351 4765724 681.5 5.0 3.63 0.55 31 3 OTD270 651351 4765727 677.8 5.0 1.48 0.12 15 3 OTD270 651353 4765734 670.3 5.0 2.54 0.20 24 3 OTD270 651353 4765737 666.6 5.0 4.68 0.20 38 3 OTD270 651354 4765740 662.8 5.0 5.72 0.19 49 3 OTD270 651355 4765743 659.1 5.0 5.24 0.20 76 3 OTD270 651355 4765747 655.4 5.0 3.73 0.18 36 3 OTD270 651356 4765750 651.7 5.0 4.31 0.16 26 3 OTD270 651357 4765753 648.0 5.0 4.83 0.38 62 3 OTD270 651357 4765757 644.3 5.0 5.05 0.24 57 3 OTD270 651358 4765760 640.6 5.0 5.16 0.37 108 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD270 651359 4765763 636.9 5.0 4.09 0.36 118 3 OTD270 651359 4765766 633.2 5.0 3.43 0.27 207 3 OTD270 651360 4765770 629.5 5.0 4.02 0.23 157 3 OTD270 651361 4765773 625.9 5.0 3.26 0.13 109 3 OTD270 651362 4765777 622.2 5.0 3.90 0.13 83 3 OTD270 651362 4765780 618.6 5.0 3.36 0.11 91 3 OTD270 651363 4765783 615.0 5.0 3.50 0.10 119 3 OTD270 651364 4765787 611.3 5.0 2.60 0.11 117 2 OTD270 651365 4765790 607.7 5.0 1.94 0.09 45 2 OTD270 651366 4765793 604.0 5.0 1.64 0.07 56 2 OTD270 651366 4765797 600.4 5.0 1.09 0.03 66 2 OTD270 651367 4765800 596.7 5.0 1.09 0.03 54 2 OTD270 651368 4765803 593.1 5.0 1.03 0.04 43 2 OTD270 651369 4765807 589.5 5.0 0.75 0.03 134 2 OTD270 651369 4765810 586.0 5.0 1.52 0.04 960 2 OTD270 651370 4765813 582.4 5.0 1.25 0.04 190 2 OTD270 651371 4765817 578.8 5.0 1.18 0.09 125 2 OTD270 651372 4765820 575.2 5.0 1.79 0.06 167 2 OTD270 651373 4765824 571.6 5.0 1.60 0.04 161 2 OTD270 651374 4765827 568.0 5.0 1.55 0.03 247 2 OTD270 651375 4765830 564.5 5.0 1.02 0.03 141 2 OTD270 651375 4765834 560.9 5.0 1.08 0.03 98 2 OTD270 651376 4765837 557.3 5.0 1.14 0.03 98 2 OTD270 651377 4765841 553.8 5.0 1.10 0.04 186 2 OTD270 651378 4765844 550.2 5.0 0.98 0.03 213 2 OTD270 651379 4765848 546.7 5.0 0.72 0.02 51 2 OTD270 651380 4765851 543.1 5.0 0.70 0.03 108 2 OTD270 651381 4765855 539.6 5.0 1.04 0.04 106 2 OTD270 651382 4765858 536.0 5.0 1.15 0.03 134 2 OTD270 651383 4765861 532.5 5.0 1.09 0.04 138 2 OTD270 651384 4765865 528.9 5.0 1.00 0.11 90 2 OTD270 651385 4765868 525.4 5.0 0.91 0.04 82 2 OTD270 651386 4765871 521.9 5.0 0.67 0.04 72 2 OTD270 651387 4765875 518.3 5.0 0.46 0.03 97 2 OTD270 651388 4765878 514.8 5.0 0.44 0.02 101 2 OTD270 651389 4765882 511.3 5.0 1.26 0.04 141 2 OTD270 651390 4765885 507.8 5.0 2.83 0.07 207 2 OTD270 651391 4765888 504.3 5.0 0.85 0.02 223 2 OTD270 651392 4765892 500.8 5.0 1.01 0.04 161 2 OTD270 651393 4765895 497.2 5.0 0.53 0.04 86 2 OTD270 651394 4765899 493.7 5.0 0.69 0.05 91 2 OTD270 651395 4765902 490.2 5.0 0.59 0.07 130 2 OTD270 651396 4765906 486.7 5.0 0.35 0.05 45 2 OTD270 651400 4765919 472.7 5.0 0.86 0.03 172 2 OTD272 650931 4765486 1110.8 5.0 0.39 0.05 112 10 OTD272 650931 4765489 1106.5 5.0 0.30 0.03 24 10 OTD272 650921 4765559 979.0 5.0 1.32 0.16 58 10 OTD272 650921 4765561 974.6 5.0 1.24 0.15 59 10 OTD272 650920 4765564 970.2 5.0 1.31 0.22 98 10 OTD272 650920 4765566 965.8 5.0 0.82 0.09 103 10 OTD272 650920 4765568 961.3 5.0 0.43 0.06 56 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD272 650919 4765571 956.9 5.0 0.63 0.07 74 10 OTD272 650919 4765573 952.5 5.0 0.73 0.09 118 10 OTD272 650919 4765575 948.1 5.0 0.35 0.06 85 10 OTD272 650907 4765654 794.2 5.0 0.39 0.07 35 10 OTD272 650906 4765658 785.3 5.0 0.33 0.08 31 10 OTD272 650895 4765709 677.1 5.0 0.41 0.03 53 10 OTD273 651323 4765603 987.9 5.0 0.75 0.05 33 1 OTD273 651322 4765606 983.5 5.0 0.91 0.03 64 1 OTD273 651322 4765608 979.1 5.0 1.34 0.03 123 1 OTD273 651322 4765610 974.6 5.0 0.98 -1.00 36 1 OTD273 651322 4765613 970.2 5.0 1.33 0.01 33 1 OTD273 651322 4765615 965.8 5.0 1.53 0.02 27 1 OTD273 651322 4765617 961.4 5.0 2.02 0.02 24 1 OTD273 651322 4765620 957.0 5.0 0.71 0.01 13 1 OTD273 651321 4765624 948.2 5.0 0.43 0.02 34 1 OTD273 651321 4765627 943.8 5.0 1.24 0.02 26 1 OTD273 651321 4765629 939.3 5.0 1.17 0.03 23 1 OTD273 651321 4765631 934.9 5.0 1.34 0.01 20 1 OTD273 651321 4765634 930.5 5.0 1.43 0.03 17 1 OTD273 651321 4765636 926.1 5.0 1.55 0.02 22 1 OTD273 651320 4765638 921.7 5.0 1.68 0.02 76 1 OTD273 651320 4765641 917.3 5.0 1.74 0.01 36 1 OTD273 651320 4765643 912.9 5.0 1.74 0.05 87 1 OTD273 651320 4765645 908.5 5.0 1.76 0.04 23 1 OTD273 651320 4765648 904.0 5.0 1.64 0.04 90 1 OTD273 651319 4765650 899.6 5.0 1.76 0.02 66 1 OTD273 651319 4765652 895.2 5.0 1.54 0.03 17 1 OTD273 651319 4765655 890.8 5.0 1.66 0.02 20 1 OTD273 651319 4765657 886.5 5.0 2.04 0.03 25 1 OTD273 651318 4765659 882.1 5.0 1.89 0.04 15 1 OTD273 651318 4765662 877.7 5.0 1.84 0.04 19 1 OTD273 651318 4765664 873.3 5.0 1.68 0.03 18 1 OTD273 651318 4765667 868.9 5.0 2.14 0.06 16 1 OTD273 651317 4765669 864.5 5.0 1.88 0.07 13 1 OTD273 651317 4765671 860.1 5.0 1.21 0.08 14 1 OTD273 651317 4765674 855.7 5.0 1.73 0.09 20 1 OTD273 651317 4765676 851.3 5.0 2.55 0.06 11 1 OTD273 651317 4765678 846.9 5.0 1.97 0.05 -1 1 OTD273 651316 4765683 838.0 5.0 1.55 0.06 -1 1 OTD273 651316 4765685 833.6 5.0 1.35 0.08 11 1 OTD273 651316 4765687 829.2 5.0 0.66 0.08 11 1 OTD273 651316 4765690 824.8 5.0 0.91 0.12 18 1 OTD273 651316 4765692 820.4 5.0 0.83 0.13 15 1 OTD273 651316 4765694 816.0 5.0 1.23 0.14 43 1 OTD273 651316 4765697 811.5 5.0 1.24 0.11 10 1 OTD273 651316 4765699 807.1 5.0 0.53 0.03 10 1 OTD273 651315 4765702 802.8 5.0 1.55 0.05 144 1 OTD273 651315 4765704 798.4 5.0 1.81 0.04 38 1 OTD273 651315 4765707 794.0 5.0 1.99 0.01 104 1 OTD273 651315 4765709 789.6 5.0 1.78 0.03 30 1 OTD273 651315 4765712 785.3 5.0 1.40 0.02 16 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD273 651315 4765714 781.0 5.0 1.24 0.02 10 1 OTD273 651315 4765717 776.6 5.0 1.54 0.02 14 1 OTD273 651314 4765719 772.3 5.0 1.55 0.03 21 1 OTD273 651314 4765721 767.9 5.0 1.24 0.02 15 1 OTD273 651314 4765724 763.6 5.0 1.72 0.03 12 1 OTD273 651314 4765727 759.3 5.0 1.42 0.03 18 1 OTD273 651314 4765729 755.0 5.0 0.89 0.04 63 1 OTD273 651314 4765732 750.7 5.0 1.28 0.02 39 1 OTD273 651314 4765734 746.4 5.0 1.56 0.03 67 1 OTD273 651314 4765737 742.1 5.0 1.76 0.04 49 1 OTD273 651314 4765739 737.8 5.0 1.98 0.04 39 1 OTD273 651314 4765742 733.5 5.0 1.61 0.04 35 1 OTD273 651314 4765744 729.1 5.0 1.38 0.05 65 1 OTD273 651314 4765747 724.8 5.0 1.33 0.06 41 1 OTD273 651314 4765749 720.5 5.0 1.87 0.05 55 1 OTD273 651314 4765752 716.2 5.0 1.39 0.04 57 1 OTD273 651314 4765754 711.9 5.0 1.49 0.05 125 1 OTD273 651314 4765757 707.6 5.0 1.27 0.05 135 1 OTD273 651314 4765759 703.3 5.0 1.61 0.06 156 1 OTD273 651314 4765761 699.0 5.0 1.79 0.11 141 1 OTD273 651315 4765764 694.7 5.0 1.38 0.03 11 1 OTD273 651315 4765767 690.4 5.0 0.95 0.02 37 1 OTD273 651315 4765769 686.1 5.0 1.20 0.04 40 1 OTD273 651315 4765772 681.8 5.0 0.96 0.03 77 1 OTD273 651315 4765775 677.5 5.0 1.20 0.03 48 1 OTD273 651315 4765777 673.2 5.0 1.33 0.04 94 1 OTD273 651315 4765780 669.0 5.0 1.29 0.04 148 1 OTD273 651315 4765783 664.7 5.0 1.24 0.03 149 1 OTD273 651315 4765785 660.4 5.0 0.93 0.03 96 1 OTD273 651315 4765787 656.1 5.0 1.18 0.04 122 1 OTD273 651315 4765790 651.9 5.0 1.12 0.03 126 1 OTD273 651315 4765793 647.6 5.0 1.47 0.04 148 1 OTD273 651315 4765795 643.3 5.0 1.16 0.06 101 1 OTD273 651315 4765798 639.1 5.0 1.18 0.04 88 1 OTD273 651316 4765801 634.9 5.0 0.90 0.02 136 1 OTD273 651316 4765803 630.6 5.0 0.79 0.01 171 1 OTD273 651316 4765806 626.4 5.0 0.90 0.02 98 1 OTD273 651316 4765809 622.2 5.0 0.99 0.03 78 1 OTD273 651316 4765812 618.0 5.0 0.89 0.06 77 1 OTD273 651317 4765814 613.8 5.0 0.98 0.07 120 1 OTD273 651317 4765817 609.6 5.0 1.43 0.07 152 1 OTD273 651317 4765819 606.3 2.8 1.49 0.08 97 1 OTD273 651317 4765821 603.0 5.0 0.95 0.05 133 2 OTD273 651317 4765824 598.8 5.0 0.65 0.05 64 2 OTD273 651318 4765826 594.6 5.0 0.83 0.12 61 2 OTD273 651318 4765829 590.5 5.0 0.98 0.09 94 2 OTD273 651318 4765832 586.3 5.0 1.19 0.12 103 2 OTD273 651319 4765835 582.1 5.0 0.39 0.05 46 2 OTD273 651319 4765837 578.0 5.0 0.59 0.05 49 2 OTD273 651319 4765840 573.8 5.0 0.41 0.05 52 2 OTD273 651319 4765843 569.6 5.0 0.62 0.10 153 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD273 651320 4765845 565.5 5.0 0.57 0.08 209 2 OTD273 651320 4765848 561.3 5.0 0.91 0.07 304 2 OTD273 651320 4765851 557.2 5.0 0.73 0.07 252 2 OTD273 651321 4765854 553.0 5.0 0.68 0.06 220 2 OTD273 651321 4765856 549.7 3.0 0.62 0.04 397 2 OTD273 651321 4765859 546.4 5.0 0.34 0.06 411 10 OTD273 651322 4765867 533.9 5.0 0.31 0.23 192 10 OTD273 651323 4765870 529.8 5.0 0.42 1.01 369 10 OTD273 651323 4765872 525.7 5.0 0.55 0.58 195 10 OTD273 651324 4765875 521.6 5.0 0.57 0.79 139 10 OTD273 651325 4765881 513.3 5.0 0.77 0.13 100 10 OTD273 651325 4765884 509.2 5.0 0.47 0.05 125 10 OTD273 651326 4765887 505.1 5.0 0.52 0.15 292 10 OTD273 651326 4765890 501.0 5.0 0.78 0.15 290 10 OTD273 651327 4765892 496.9 5.0 0.39 0.15 155 10 OTD273 651327 4765895 492.8 5.0 0.35 0.13 100 10 OTD273 651327 4765898 488.7 5.0 0.33 0.07 181 10 OTD278 651127 4765518 1053.3 3.0 0.37 0.01 74 10 OTD278 651127 4765520 1049.1 5.0 0.47 0.02 48 10 OTD278 651127 4765523 1044.8 5.0 0.63 0.03 65 10 OTD278 651128 4765526 1040.6 5.0 0.38 0.04 85 10 OTD278 651128 4765531 1032.2 5.0 0.38 0.03 146 10 OTD278 651128 4765534 1028.0 5.0 0.45 0.05 273 10 OTD278 651128 4765537 1023.8 5.0 0.37 0.03 227 10 OTD278 651128 4765539 1019.6 5.0 0.50 0.02 71 10 OTD278 651128 4765542 1015.4 5.0 0.42 0.03 54 10 OTD278 651129 4765544 1011.2 5.0 0.74 0.04 68 10 OTD278 651129 4765547 1007.0 5.0 1.22 0.05 60 10 OTD278 651129 4765550 1002.9 5.0 0.63 0.04 61 10 OTD278 651129 4765553 998.7 5.0 0.87 0.05 217 10 OTD278 651129 4765556 994.5 5.0 0.82 0.04 210 10 OTD278 651129 4765559 990.4 5.0 0.38 0.02 332 10 OTD278 651130 4765561 986.2 5.0 0.73 0.03 88 10 OTD278 651130 4765564 982.1 5.0 0.79 0.02 80 10 OTD278 651130 4765567 977.9 5.0 0.65 0.03 90 10 OTD278 651130 4765570 973.8 5.0 0.67 0.03 150 10 OTD278 651130 4765573 969.7 5.0 0.65 0.02 247 10 OTD278 651131 4765575 965.6 5.0 0.60 0.03 60 10 OTD278 651131 4765578 961.4 5.0 0.81 0.04 67 10 OTD278 651131 4765581 957.3 5.0 0.78 0.03 89 10 OTD278 651131 4765584 953.2 5.0 0.65 0.03 114 10 OTD278 651131 4765587 949.1 5.0 0.87 0.03 51 10 OTD278 651132 4765590 945.0 5.0 1.19 0.04 33 10 OTD278 651132 4765592 940.9 5.0 1.08 0.04 55 10 OTD278 651132 4765595 936.8 5.0 0.72 0.02 24 1 OTD278 651133 4765598 932.6 5.0 0.78 0.02 47 1 OTD278 651133 4765601 928.6 5.0 0.65 -1.00 117 1 OTD278 651133 4765603 924.5 5.0 0.57 -1.00 112 1 OTD278 651133 4765606 920.4 5.0 0.81 -1.00 158 1 OTD278 651134 4765609 916.3 5.0 0.66 0.02 69 1 OTD278 651134 4765612 912.2 5.0 0.55 0.02 129 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD278 651134 4765615 908.2 5.0 0.49 0.02 113 1 OTD278 651135 4765618 904.1 5.0 0.63 0.05 165 1 OTD278 651135 4765621 900.1 5.0 0.86 0.03 95 1 OTD278 651135 4765624 896.0 5.0 0.81 0.04 52 1 OTD278 651136 4765627 892.0 5.0 0.74 0.03 38 1 OTD278 651136 4765630 888.0 5.0 0.95 0.05 62 1 OTD278 651136 4765633 884.0 5.0 0.53 0.04 79 1 OTD278 651137 4765636 879.9 5.0 0.94 0.05 98 1 OTD278 651137 4765639 875.9 5.0 0.84 0.05 113 1 OTD278 651137 4765642 871.9 5.0 0.76 0.03 104 1 OTD278 651138 4765645 867.9 5.0 0.81 0.04 134 1 OTD278 651138 4765648 863.9 5.0 0.62 0.02 51 1 OTD278 651138 4765651 860.0 5.0 0.95 0.02 46 1 OTD278 651139 4765654 856.0 5.0 0.93 0.04 43 1 OTD278 651139 4765657 852.0 5.0 1.22 0.07 56 1 OTD278 651139 4765660 848.1 5.0 0.71 0.03 51 1 OTD278 651140 4765663 844.1 5.0 0.67 0.03 41 1 OTD278 651140 4765666 840.2 5.0 0.65 0.04 32 1 OTD278 651140 4765669 836.2 5.0 0.77 0.05 41 1 OTD278 651141 4765672 832.3 5.0 0.79 0.03 59 1 OTD278 651141 4765675 828.3 5.0 0.69 0.01 28 1 OTD278 651141 4765678 824.4 5.0 0.58 0.01 56 1 OTD278 651142 4765681 820.5 5.0 0.95 0.03 77 1 OTD278 651142 4765684 816.6 5.0 0.88 0.04 29 1 OTD278 651143 4765687 812.6 5.0 0.65 0.03 21 1 OTD278 651143 4765690 808.8 5.0 0.81 0.05 83 1 OTD278 651144 4765697 801.0 5.0 0.86 0.04 104 1 OTD278 651144 4765700 797.1 5.0 0.88 0.03 85 1 OTD278 651144 4765703 793.3 5.0 0.56 0.03 77 1 OTD278 651145 4765706 789.4 5.0 0.68 0.03 47 1 OTD278 651145 4765709 785.6 5.0 0.46 0.03 47 1 OTD278 651145 4765713 781.8 5.0 0.74 0.04 84 1 OTD278 651146 4765716 777.9 5.0 0.74 0.03 72 1 OTD278 651146 4765719 774.1 5.0 0.64 0.02 45 1 OTD278 651146 4765722 770.3 5.0 0.66 0.03 88 1 OTD278 651147 4765725 766.5 5.0 0.61 0.04 66 1 OTD278 651147 4765729 762.7 5.0 0.79 0.03 53 1 OTD278 651148 4765732 758.9 5.0 0.77 0.07 41 1 OTD278 651148 4765735 755.1 5.0 0.70 0.03 35 1 OTD278 651148 4765738 751.4 5.0 0.67 0.05 61 1 OTD278 651149 4765741 747.6 5.0 1.37 0.03 87 1 OTD278 651149 4765745 743.9 5.0 1.20 0.06 100 1 OTD278 651150 4765748 740.1 5.0 0.69 0.07 192 1 OTD278 651150 4765751 736.4 5.0 0.68 0.05 107 1 OTD278 651151 4765755 732.6 5.0 0.76 0.03 114 1 OTD278 651151 4765758 728.9 5.0 0.86 0.03 141 1 OTD278 651152 4765761 725.2 5.0 0.57 0.04 81 1 OTD278 651152 4765764 721.5 5.0 0.98 0.10 187 1 OTD278 651153 4765768 717.8 5.0 0.72 0.06 98 1 OTD278 651153 4765771 714.0 5.0 0.49 0.05 102 1 OTD278 651153 4765774 710.3 5.0 0.49 0.04 406 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD278 651154 4765778 706.6 5.0 0.58 0.09 504 1 OTD278 651154 4765781 703.0 5.0 0.72 0.07 140 1 OTD278 651155 4765785 699.3 5.0 0.52 0.06 111 1 OTD278 651155 4765788 695.6 5.0 0.56 0.04 93 1 OTD278 651156 4765791 691.9 5.0 0.44 0.03 106 1 OTD278 651156 4765795 688.3 5.0 0.56 0.06 87 1 OTD278 651158 4765805 677.3 5.0 0.56 0.08 69 1 OTD278 651158 4765808 673.7 4.0 0.77 0.09 155 1 OTD278 651160 4765821 659.3 3.0 0.41 0.09 56 1 OTD278 651161 4765825 655.8 5.0 0.53 0.10 69 1 OTD282 651326 4765714 1017.1 5.0 1.02 0.03 33 1 OTD282 651326 4765717 1012.7 5.0 0.77 0.01 13 1 OTD282 651326 4765719 1008.4 5.0 1.72 0.08 58 1 OTD282 651326 4765722 1004.1 5.0 2.10 0.06 20 1 OTD282 651326 4765724 999.7 5.0 1.21 0.04 17 1 OTD282 651326 4765727 995.4 5.0 1.08 0.01 17 1 OTD282 651326 4765729 991.1 5.0 1.22 0.01 58 1 OTD282 651326 4765732 986.8 5.0 1.28 0.03 34 1 OTD282 651326 4765734 982.4 5.0 1.38 0.06 29 1 OTD282 651326 4765737 978.1 5.0 1.19 0.02 31 1 OTD282 651326 4765739 973.8 5.0 0.94 0.03 16 1 OTD282 651326 4765742 969.4 5.0 1.66 0.03 20 1 OTD282 651326 4765744 965.1 5.0 1.62 0.02 19 1 OTD282 651326 4765747 960.8 5.0 1.15 0.02 10 1 OTD282 651326 4765749 956.4 5.0 1.60 0.03 11 1 OTD282 651326 4765752 952.1 5.0 1.19 0.02 12 1 OTD282 651326 4765754 947.8 5.0 1.26 0.03 20 1 OTD282 651326 4765757 943.4 5.0 1.29 0.01 30 1 OTD282 651326 4765759 939.1 5.0 1.00 0.02 20 1 OTD282 651326 4765762 934.8 5.0 0.79 0.02 26 1 OTD282 651326 4765764 930.5 5.0 1.67 0.01 20 1 OTD282 651326 4765767 926.1 5.0 1.71 0.03 27 1 OTD282 651326 4765769 921.8 5.0 1.27 0.04 12 1 OTD282 651326 4765772 917.5 5.0 1.41 0.03 61 1 OTD282 651326 4765774 913.1 5.0 1.13 0.03 16 1 OTD282 651326 4765777 908.8 5.0 0.99 0.05 14 1 OTD282 651326 4765779 904.5 5.0 0.87 0.06 18 1 OTD282 651326 4765782 900.1 5.0 1.52 0.03 20 1 OTD282 651326 4765784 895.8 5.0 1.44 0.01 12 1 OTD282 651326 4765787 891.5 5.0 1.63 0.03 290 1 OTD282 651326 4765789 887.2 5.0 1.10 0.02 11 1 OTD282 651326 4765792 882.8 5.0 1.10 0.03 17 1 OTD282 651326 4765794 878.5 5.0 0.82 0.04 20 1 OTD282 651326 4765797 874.2 5.0 1.10 0.04 88 1 OTD282 651326 4765799 869.8 5.0 1.27 0.04 38 1 OTD282 651326 4765802 865.5 5.0 1.33 0.05 28 1 OTD282 651326 4765804 861.2 5.0 1.94 0.10 32 1 OTD282 651326 4765807 856.8 5.0 1.49 0.12 27 1 OTD282 651326 4765809 852.5 5.0 1.11 0.03 23 1 OTD282 651326 4765812 848.2 5.0 1.09 0.03 42 1 OTD282 651326 4765814 843.9 5.0 1.14 0.02 37 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD282 651326 4765817 839.5 5.0 1.48 0.04 14 1 OTD282 651326 4765819 835.2 5.0 1.25 0.04 15 1 OTD282 651326 4765822 830.9 5.0 1.39 0.05 12 1 OTD282 651326 4765824 826.5 5.0 1.15 0.06 32 1 OTD282 651326 4765827 822.2 3.0 1.62 0.09 27 1 OTD282 651326 4765829 817.9 5.0 1.44 0.09 19 1 OTD282 651326 4765832 813.5 5.0 1.15 0.06 22 1 OTD282 651326 4765834 809.2 5.0 1.04 0.06 23 1 OTD282 651326 4765837 804.9 5.0 0.82 0.04 18 1 OTD282 651326 4765839 800.6 5.0 1.20 0.09 22 1 OTD282 651326 4765842 796.2 5.0 1.18 0.07 43 1 OTD282 651326 4765844 791.9 5.0 0.74 0.03 28 1 OTD282 651326 4765847 787.6 5.0 1.39 0.05 30 1 OTD282 651326 4765849 783.2 5.0 0.99 0.23 34 1 OTD282 651326 4765852 778.9 5.0 1.34 0.06 25 1 OTD282 651326 4765854 774.6 5.0 1.81 0.08 41 1 OTD282 651326 4765857 770.2 5.0 1.38 0.12 29 1 OTD282 651326 4765859 765.9 5.0 1.03 0.12 48 1 OTD282 651326 4765862 761.6 5.0 2.06 0.18 97 1 OTD282 651326 4765864 757.3 5.0 1.06 0.05 20 1 OTD282 651326 4765867 752.9 5.0 0.81 0.06 36 1 OTD282 651326 4765869 748.6 5.0 1.11 0.07 49 1 OTD282 651326 4765872 744.3 5.0 0.86 0.05 60 1 OTD282 651326 4765874 739.9 5.0 0.83 0.06 46 1 OTD282 651326 4765877 735.6 5.0 0.74 0.06 54 1 OTD282 651326 4765879 731.3 5.0 0.76 0.04 55 1 OTD282 651326 4765882 727.0 5.0 1.20 0.10 77 1 OTD282 651326 4765884 722.6 5.0 0.80 0.03 79 1 OTD282 651326 4765887 718.3 5.0 0.75 0.02 79 1 OTD282 651326 4765889 714.0 5.0 0.63 0.02 174 1 OTD282 651326 4765892 709.6 5.0 0.60 0.02 52 1 OTD282 651326 4765894 705.3 5.0 0.77 0.04 74 1 OTD282 651326 4765897 701.0 5.0 0.71 0.01 136 1 OTD282 651326 4765899 696.6 5.0 0.80 0.04 69 1 OTD282 651326 4765902 692.3 5.0 0.76 0.04 56 1 OTD282 651326 4765904 688.0 5.0 0.90 0.05 37 1 OTD282 651326 4765907 683.6 5.0 0.75 0.05 53 1 OTD282 651326 4765914 670.6 5.0 0.34 0.13 138 1 OTD282 651326 4765917 666.3 5.0 0.43 0.17 95 1 OTD282 651326 4765921 659.6 5.0 0.57 0.22 122 10 OTD282 651326 4765928 646.9 4.2 0.56 0.10 112 10 OTD282 651326 4765930 642.9 5.0 0.87 0.10 68 1 OTD282 651326 4765933 638.6 5.0 0.77 0.12 99 1 OTD282 651326 4765935 635.6 2.0 0.32 0.26 105 1 OTD282 651326 4765943 620.9 2.0 0.47 0.06 62 10 OTD282 651326 4765945 617.8 5.0 0.70 0.03 84 1 OTD282 651326 4765947 614.8 2.0 0.40 0.05 26 1 OTD282 651326 4765948 611.8 5.0 0.82 0.12 92 2 OTD282 651326 4765951 606.6 5.0 0.44 0.04 96 10 OTD282 651326 4765954 602.2 5.0 0.35 0.04 104 10 OTD282 651326 4765956 597.9 5.0 0.69 0.08 63 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD282 651326 4765959 593.6 5.0 0.36 0.04 43 10 OTD282 651326 4765964 584.9 5.0 0.42 0.05 35 10 OTD282 651326 4765966 580.6 5.0 0.35 0.02 41 10 OTD282 651326 4765969 576.3 5.0 0.35 0.02 28 10 OTD282 651326 4765971 571.9 5.0 0.41 0.04 33 2 OTD282 651326 4765976 563.3 5.0 0.42 0.05 50 2 OTD282 651326 4765979 558.9 5.0 0.44 0.04 63 2 OTD282 651326 4765981 554.6 5.0 0.42 0.06 219 2 OTD282 651326 4765984 550.3 5.0 0.42 0.05 180 2 OTD282 651326 4765986 546.0 5.0 0.43 0.08 86 2 OTD282 651326 4765994 532.1 5.0 0.68 0.11 158 10 OTD282 651326 4765997 527.8 5.0 0.77 0.11 196 10 OTD282 651326 4765999 523.4 5.0 0.48 0.07 132 10 OTD282 651326 4766002 519.1 5.0 0.35 0.06 62 10 OTD282 651326 4766004 514.8 5.0 0.31 0.07 97 10 OTD282 651326 4766007 510.4 5.0 0.48 0.13 140 10 OTD282 651326 4766009 506.1 4.0 0.68 0.16 175 10 OTD286 651318 4765397 921.6 5.0 0.46 0.02 19 10 OTD286 651318 4765399 917.2 5.0 0.44 0.02 19 10 OTD286 651317 4765404 908.4 5.0 0.41 0.02 28 10 OTD286 651316 4765409 899.7 5.0 0.78 0.04 22 10 OTD286 651316 4765412 895.4 4.9 0.99 0.04 70 10 OTD286 651316 4765414 891.0 5.0 1.09 0.02 38 1 OTD286 651316 4765416 886.7 5.0 0.97 0.01 24 1 OTD286 651315 4765419 882.3 5.0 1.00 0.02 44 1 OTD286 651315 4765421 877.9 5.0 1.06 0.02 86 1 OTD286 651315 4765424 873.5 5.0 1.32 0.04 71 1 OTD286 651315 4765426 869.2 5.0 1.43 0.03 64 1 OTD286 651314 4765428 864.8 5.0 1.20 0.03 52 1 OTD286 651314 4765431 860.4 5.0 1.09 0.03 82 1 OTD286 651314 4765433 856.1 5.0 0.97 0.02 53 1 OTD286 651314 4765436 851.7 5.0 1.29 0.02 86 1 OTD286 651313 4765438 847.3 5.0 1.18 0.01 66 1 OTD286 651313 4765441 842.9 5.0 1.02 0.01 34 1 OTD286 651313 4765443 838.6 5.0 1.04 0.01 52 1 OTD286 651313 4765445 834.2 5.0 1.08 0.01 93 1 OTD286 651312 4765448 829.8 5.0 1.03 0.03 80 1 OTD286 651312 4765450 825.4 5.0 1.21 0.02 55 1 OTD286 651312 4765453 821.1 5.0 1.24 0.02 74 1 OTD286 651312 4765455 816.7 5.0 1.62 0.03 89 1 OTD286 651311 4765457 812.3 5.0 1.11 0.03 120 1 OTD286 651311 4765460 808.0 5.0 1.13 0.04 203 1 OTD286 651311 4765462 803.6 5.0 1.18 0.02 56 1 OTD286 651311 4765465 799.2 5.0 1.55 0.03 138 1 OTD286 651310 4765467 794.8 5.0 1.58 0.03 103 1 OTD286 651310 4765469 791.3 3.0 1.57 0.02 148 1 OTD286 651310 4765471 787.8 5.0 2.31 0.02 121 3 OTD286 651310 4765473 783.5 5.0 1.86 0.03 126 3 OTD286 651309 4765476 779.1 5.0 2.09 0.02 91 3 OTD286 651309 4765478 774.7 5.0 2.27 0.03 60 3 OTD286 651309 4765481 770.3 5.0 1.65 0.01 75 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD286 651309 4765483 766.0 5.0 2.28 0.03 83 3 OTD286 651308 4765485 761.6 5.0 1.99 0.05 49 3 OTD286 651308 4765488 757.2 5.0 2.19 0.03 39 3 OTD286 651308 4765490 752.8 5.0 2.14 0.04 18 3 OTD286 651308 4765493 748.5 5.0 2.21 0.04 19 3 OTD286 651307 4765495 744.1 5.0 2.49 0.02 38 3 OTD286 651307 4765497 739.7 5.0 2.08 0.03 68 3 OTD286 651307 4765500 735.4 5.0 2.67 0.07 91 3 OTD286 651307 4765502 731.0 5.0 2.92 0.06 62 3 OTD286 651306 4765505 726.6 5.0 1.86 0.03 39 3 OTD286 651306 4765507 722.2 5.0 2.62 0.05 48 3 OTD286 651306 4765509 717.9 5.0 2.88 0.03 24 3 OTD286 651306 4765512 713.5 5.0 2.92 0.03 39 3 OTD286 651305 4765514 709.1 5.0 2.28 0.03 36 3 OTD286 651305 4765517 704.8 5.0 3.64 0.08 41 3 OTD286 651305 4765519 700.4 5.0 2.10 0.09 83 3 OTD286 651305 4765522 696.0 5.0 2.88 0.14 42 3 OTD286 651304 4765524 691.6 5.0 3.82 0.26 260 3 OTD286 651304 4765526 687.3 5.0 2.22 0.26 100 3 OTD286 651304 4765529 682.9 5.0 2.00 0.09 215 3 OTD286 651304 4765531 678.5 5.0 5.01 0.19 665 3 OTD286 651303 4765534 674.1 5.0 4.43 0.26 217 3 OTD286 651303 4765536 669.8 5.0 4.33 0.26 241 3 OTD286 651303 4765538 665.4 5.0 2.26 0.11 203 3 OTD286 651303 4765541 661.0 5.0 1.61 0.09 193 3 OTD286 651302 4765543 656.6 5.0 1.61 0.07 95 3 OTD286 651302 4765546 652.3 5.0 3.58 0.17 43 3 OTD286 651302 4765548 647.9 5.0 1.54 0.15 14 3 OTD286 651301 4765555 634.8 5.0 2.53 0.07 36 3 OTD286 651301 4765558 630.4 5.0 2.54 0.04 29 3 OTD286 651301 4765560 626.0 5.0 2.04 0.07 42 3 OTD286 651300 4765562 621.7 5.0 2.30 0.04 18 3 OTD286 651300 4765565 617.3 5.0 2.21 0.04 27 3 OTD286 651300 4765567 612.9 5.0 2.33 0.03 39 3 OTD286 651300 4765570 608.5 5.0 2.11 0.03 132 3 OTD286 651299 4765572 604.2 5.0 1.44 0.05 63 1 OTD286 651299 4765575 599.8 5.0 1.76 0.06 50 1 OTD286 651299 4765577 595.4 5.0 1.70 0.04 102 1 OTD286 651299 4765579 591.0 5.0 1.68 0.07 17 1 OTD286 651298 4765582 586.7 5.0 1.49 0.10 88 1 OTD286 651298 4765584 582.3 5.0 1.85 0.07 98 1 OTD286 651298 4765587 577.9 5.0 1.56 0.05 133 1 OTD286 651298 4765589 573.6 5.0 1.27 0.07 143 1 OTD286 651297 4765591 569.2 5.0 1.27 0.08 68 1 OTD286 651297 4765594 564.8 5.0 1.54 0.04 56 1 OTD286 651297 4765596 560.4 5.0 1.21 0.06 35 1 OTD286 651297 4765599 556.1 5.0 1.35 0.07 62 1 OTD286 651296 4765601 551.7 5.0 0.43 0.05 57 1 OTD286 651296 4765603 547.3 5.0 0.56 0.06 62 1 OTD286 651296 4765607 541.2 5.0 0.52 0.06 92 2 OTD286 651295 4765609 536.8 5.0 1.22 0.09 97 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD286 651295 4765612 532.5 5.0 1.24 0.03 163 2 OTD286 651295 4765614 528.1 5.0 1.01 0.03 173 2 OTD286 651295 4765616 523.7 5.0 1.24 0.04 214 2 OTD286 651294 4765619 519.3 5.0 1.05 0.03 168 2 OTD286 651294 4765621 515.0 5.0 0.97 0.03 134 2 OTD286 651294 4765624 510.6 5.0 1.29 0.03 128 2 OTD286 651294 4765626 506.2 5.0 1.15 0.03 311 2 OTD286 651293 4765629 501.8 5.0 1.19 0.03 223 2 OTD286 651293 4765631 497.5 5.0 0.73 0.02 155 2 OTD286 651293 4765633 493.1 5.0 0.78 0.02 109 2 OTD286 651293 4765636 488.7 5.0 0.65 0.03 94 2 OTD286 651292 4765638 484.3 5.0 0.84 0.02 127 2 OTD286 651292 4765641 480.0 5.0 1.08 0.05 186 2 OTD286 651292 4765643 475.6 5.0 0.84 0.04 226 2 OTD286 651291 4765648 466.8 5.0 0.52 0.03 123 2 OTD286 651291 4765650 462.9 4.0 0.66 0.03 173 2 OTD286 651291 4765652 459.0 5.0 0.81 0.04 103 10 OTD286 651291 4765655 454.6 5.0 0.69 0.04 139 10 OTD286 651290 4765657 450.2 5.0 1.22 0.08 201 10 OTD286 651290 4765659 445.9 5.0 1.29 0.05 127 10 OTD286 651290 4765662 441.5 5.0 0.93 0.03 143 10 OTD286 651290 4765664 437.1 5.0 1.01 0.04 113 10 OTD286 651289 4765667 432.7 5.0 0.63 0.06 169 10 OTD286 651289 4765669 428.4 5.0 0.56 0.06 137 10 OTD286 651289 4765671 424.0 5.0 0.33 0.05 27 10 OTD287 651131 4765669 996.2 5.0 1.11 0.12 171 10 OTD287 651132 4765685 970.6 5.0 0.32 0.04 65 10 OTD287 651132 4765688 966.4 5.0 0.43 0.07 10 10 OTD287 651132 4765690 962.1 5.0 0.34 0.05 22 10 OTD287 651134 4765706 936.7 5.0 0.33 0.06 45 10 OTD287 651134 4765708 932.5 5.0 0.51 0.07 47 10 OTD287 651134 4765711 928.3 5.0 0.60 0.10 28 10 OTD287 651134 4765714 924.1 5.0 0.38 0.07 23 10 OTD287 651135 4765717 919.9 5.0 0.35 0.05 72 10 OTD287 651135 4765720 915.7 5.0 0.32 0.04 36 10 OTD287 651135 4765722 911.5 5.0 0.33 0.02 53 10 OTD287 651135 4765725 907.4 5.0 0.82 0.11 77 10 OTD287 651136 4765728 903.2 5.0 0.45 0.10 62 10 OTD287 651136 4765731 899.0 5.0 0.42 0.04 38 10 OTD287 651137 4765736 890.7 5.0 0.37 0.05 74 10 OTD287 651137 4765739 886.6 5.0 0.50 0.08 35 10 OTD287 651140 4765763 851.1 5.0 0.33 0.05 103 1 OTD287 651140 4765766 847.0 5.0 0.51 0.07 85 1 OTD287 651141 4765769 842.9 5.0 0.46 0.06 60 1 OTD287 651141 4765772 838.8 5.0 0.43 0.08 60 1 OTD287 651142 4765777 830.6 5.0 0.67 0.09 42 1 OTD287 651143 4765783 822.5 5.0 0.45 0.08 97 1 OTD287 651143 4765786 818.4 5.0 0.60 0.09 58 1 OTD287 651144 4765789 814.3 5.0 0.89 0.16 185 1 OTD287 651144 4765792 810.3 5.0 0.87 0.11 164 1 OTD287 651144 4765795 806.2 5.0 0.66 0.08 155 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD287 651145 4765798 802.2 5.0 0.68 0.09 119 1 OTD287 651145 4765801 798.1 5.0 0.55 0.06 109 1 OTD287 651146 4765804 794.1 5.0 0.67 0.06 117 1 OTD287 651146 4765806 790.0 5.0 0.31 0.04 44 1 OTD287 651148 4765815 777.9 5.0 0.59 0.05 94 1 OTD287A 651140 4765766 847.1 5.0 0.61 0.07 181 1 OTD287A 651141 4765769 843.0 5.0 0.54 0.06 70 1 OTD287A 651141 4765771 838.9 5.0 0.66 0.07 68 1 OTD287A 651142 4765777 830.7 5.0 0.65 0.12 58 1 OTD287A 651143 4765782 822.5 5.0 0.83 0.15 85 1 OTD287A 651143 4765785 818.4 5.0 0.60 0.09 62 1 OTD287A 651144 4765788 814.3 5.0 1.05 0.17 101 1 OTD287A 651144 4765791 810.2 5.0 1.01 0.13 173 1 OTD287A 651145 4765794 806.1 5.0 1.02 0.10 163 1 OTD287A 651145 4765796 802.1 5.0 0.68 0.12 101 1 OTD287A 651146 4765799 798.0 5.0 0.56 0.12 86 1 OTD287A 651146 4765802 794.0 5.0 0.71 0.09 92 1 OTD287A 651147 4765805 789.9 5.0 0.41 0.08 55 1 OTD287A 651148 4765814 777.8 5.0 0.79 0.12 113 1 OTD287A 651149 4765817 773.8 5.0 0.68 0.07 114 1 OTD287A 651149 4765820 769.8 5.0 0.46 0.03 73 1 OTD287A 651150 4765823 765.8 5.0 0.32 0.06 58 1 OTD287A 651150 4765826 761.8 5.0 0.48 0.04 61 1 OTD287A 651151 4765829 757.8 5.0 0.60 0.03 96 1 OTD287A 651152 4765832 753.9 5.0 0.66 0.06 70 1 OTD287A 651152 4765835 749.9 5.0 0.65 0.04 75 1 OTD287A 651153 4765838 745.9 5.0 0.94 0.06 171 1 OTD287A 651157 4765859 718.2 5.0 0.98 0.08 90 1 OTD287A 651157 4765862 714.3 5.0 0.51 0.04 118 1 OTD287A 651158 4765865 710.4 5.0 0.92 0.06 126 1 OTD287A 651159 4765868 706.4 5.0 0.66 0.06 167 1 OTD287A 651159 4765871 702.5 5.0 0.77 0.07 112 1 OTD287A 651160 4765874 698.6 5.0 0.43 0.04 159 1 OTD287A 651161 4765877 694.7 5.0 0.80 0.06 216 1 OTD287A 651161 4765880 690.9 5.0 0.64 0.05 130 1 OTD287A 651162 4765883 687.0 5.0 0.95 0.07 99 1 OTD287A 651163 4765886 683.1 5.0 0.94 0.05 120 1 OTD287A 651163 4765890 679.2 5.0 0.94 0.06 115 1 OTD287A 651165 4765896 671.6 5.0 0.39 0.06 74 1 OTD287A 651166 4765899 667.7 5.0 0.77 0.07 130 1 OTD287A 651167 4765902 663.9 5.0 0.42 0.04 175 1 OTD287A 651167 4765905 660.1 5.0 0.84 0.12 193 1 OTD287A 651168 4765908 656.3 5.0 0.36 0.05 253 1 OTD287A 651169 4765911 652.5 5.0 0.41 0.07 143 1 OTD287A 651171 4765917 645.5 5.0 0.34 0.08 92 10 OTD287A 651174 4765930 630.6 5.0 0.46 0.05 162 10 OTD287A 651175 4765933 626.8 5.0 0.54 0.06 97 10 OTD287A 651176 4765936 623.1 5.0 0.34 0.07 109 10 OTD287A 651179 4765946 612.1 5.0 0.84 0.10 118 10 OTD287A 651181 4765956 601.1 5.0 0.90 0.12 206 10 OTD287A 651182 4765959 597.4 5.0 0.64 0.11 182 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD287A 651183 4765963 593.8 5.0 0.62 0.14 260 10 OTD287A 651184 4765966 590.2 5.0 0.65 0.24 206 10 OTD287A 651185 4765969 586.6 5.0 0.69 0.10 176 10 OTD287A 651186 4765973 583.0 5.0 0.63 0.08 226 10 OTD287A 651187 4765976 579.4 5.0 0.45 0.10 113 10 OTD289 651279 4765784 893.8 5.0 0.37 0.08 70 10 OTD289 651282 4765782 886.3 5.0 1.52 0.07 60 1 OTD289 651283 4765781 881.6 5.0 1.80 0.06 27 1 OTD289 651284 4765780 876.9 5.0 1.53 0.04 53 1 OTD289 651286 4765779 872.2 5.0 1.51 0.02 56 1 OTD289 651287 4765778 867.6 5.0 0.87 0.02 11 1 OTD289 651289 4765777 862.9 5.0 1.51 0.03 -1 1 OTD289 651290 4765776 858.2 5.0 1.92 0.05 15 1 OTD289 651292 4765775 853.5 5.0 1.73 0.05 16 1 OTD289 651293 4765774 848.9 5.0 1.44 0.03 17 1 OTD289 651295 4765773 844.2 5.0 2.06 0.06 65 1 OTD289 651296 4765772 839.5 5.0 1.11 0.04 -1 1 OTD289 651297 4765771 834.8 5.0 1.38 0.03 17 1 OTD289 651299 4765770 830.1 5.0 1.69 0.03 16 1 OTD289 651300 4765769 825.4 5.0 1.51 0.02 -1 1 OTD289 651302 4765768 820.8 5.0 1.56 0.01 21 1 OTD289 651303 4765767 816.1 5.0 2.17 0.03 30 1 OTD289 651305 4765766 811.4 5.0 1.71 0.03 32 1 OTD289 651306 4765765 806.7 5.0 1.53 0.03 20 1 OTD289 651307 4765764 802.0 5.0 1.16 0.04 19 1 OTD289 651309 4765763 797.3 5.0 1.65 0.04 40 1 OTD289 651310 4765762 792.6 5.0 1.52 0.03 37 1 OTD289 651312 4765761 787.9 5.0 1.53 0.03 52 1 OTD289 651313 4765760 783.2 5.0 1.26 0.03 119 1 OTD289 651314 4765759 778.5 5.0 1.66 0.03 79 1 OTD289 651316 4765757 773.9 5.0 1.63 0.05 22 1 OTD289 651317 4765757 769.2 5.0 1.02 0.03 24 1 OTD289 651319 4765756 764.5 5.0 1.29 0.02 32 1 OTD289 651320 4765755 759.8 5.0 1.32 0.03 26 1 OTD289 651321 4765754 756.5 2.0 2.19 0.03 17 1 OTD289 651322 4765753 753.2 5.0 1.88 0.02 23 3 OTD289 651323 4765752 748.5 5.0 2.21 0.07 21 3 OTD289 651325 4765751 743.8 5.0 0.76 0.03 48 3 OTD289 651326 4765750 739.2 5.0 1.30 0.04 19 3 OTD289 651328 4765749 734.5 5.0 1.52 0.05 29 3 OTD289 651329 4765748 729.8 5.0 2.35 0.09 73 3 OTD289 651330 4765747 725.1 5.0 2.46 0.08 21 3 OTD289 651332 4765746 720.4 5.0 2.26 0.07 29 3 OTD289 651333 4765745 715.7 5.0 2.34 0.10 41 3 OTD289 651334 4765744 711.0 5.0 2.36 0.09 42 3 OTD289 651336 4765743 706.3 5.0 2.32 0.12 22 3 OTD289 651337 4765742 701.6 5.0 2.41 0.07 22 3 OTD289 651339 4765741 697.0 5.0 2.06 0.09 94 3 OTD289 651340 4765740 692.3 5.0 1.56 0.10 33 3 OTD289 651341 4765739 687.6 5.0 3.26 0.16 57 3 OTD289 651343 4765738 682.9 5.0 3.28 0.23 91 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD289 651344 4765737 678.2 5.0 3.58 0.22 22 3 OTD289 651346 4765736 673.5 5.0 3.25 0.24 20 3 OTD289 651347 4765735 668.8 5.0 4.15 0.29 15 3 OTD289 651348 4765734 664.1 5.0 1.78 0.41 32 3 OTD289 651350 4765733 659.4 5.0 3.40 0.25 98 3 OTD289 651351 4765731 654.7 5.0 2.52 0.28 81 3 OTD289 651352 4765730 650.0 5.0 2.98 0.20 29 3 OTD289 651354 4765729 645.3 5.0 2.52 0.23 72 3 OTD289 651355 4765728 640.6 5.0 2.53 0.18 135 3 OTD289 651356 4765727 635.9 5.0 1.64 0.20 63 3 OTD289 651358 4765726 631.2 5.0 2.43 0.18 27 3 OTD289 651359 4765725 626.5 5.0 1.83 0.17 17 3 OTD289 651360 4765724 621.8 5.0 0.83 0.07 -1 3 OTD289 651361 4765723 617.1 5.0 1.60 0.10 14 3 OTD289 651363 4765722 612.4 5.0 3.35 0.18 60 3 OTD289 651364 4765721 607.6 5.0 2.60 0.17 22 3 OTD289 651365 4765719 602.9 5.0 2.44 0.13 13 3 OTD289 651366 4765718 598.2 5.0 3.64 0.16 45 3 OTD289 651368 4765717 594.0 4.0 2.16 0.07 27 3 OTD289 651369 4765716 589.7 5.0 1.56 0.05 28 1 OTD289 651370 4765715 585.0 5.0 1.62 0.04 41 1 OTD289 651371 4765714 580.3 5.0 1.48 0.05 29 1 OTD289 651373 4765713 575.5 5.0 0.92 0.02 58 1 OTD289 651374 4765712 570.8 5.0 1.66 0.04 112 1 OTD289 651375 4765711 566.1 5.0 1.45 0.07 44 1 OTD289 651376 4765710 561.4 5.0 1.54 0.04 58 1 OTD289 651378 4765709 556.7 5.0 1.64 0.04 96 1 OTD289 651379 4765708 551.9 5.0 0.92 0.04 100 1 OTD289 651380 4765707 547.6 4.2 1.55 0.04 113 1 OTD289 651381 4765706 543.7 4.1 1.29 0.03 98 2 OTD298 651309 4765349 796.2 5.0 0.93 0.02 43 1 OTD298 651308 4765351 791.8 5.0 1.30 0.03 87 1 OTD298 651308 4765354 787.4 5.0 1.09 0.05 64 1 OTD298 651308 4765356 783.0 5.0 0.74 0.02 80 1 OTD298 651307 4765358 778.6 5.0 1.02 0.04 81 1 OTD298 651307 4765360 774.1 5.0 0.50 0.01 110 1 OTD298 651307 4765363 769.7 5.0 0.92 0.02 117 1 OTD298 651306 4765365 765.3 5.0 1.81 -1.00 98 1 OTD298 651306 4765367 760.8 5.0 1.79 0.01 80 1 OTD298 651305 4765370 756.4 5.0 1.45 0.01 54 1 OTD298 651305 4765372 752.0 5.0 1.10 0.01 106 1 OTD298 651305 4765374 747.6 5.0 1.35 0.06 107 1 OTD298 651304 4765376 743.1 5.0 1.23 0.03 88 1 OTD298 651304 4765379 738.7 5.0 1.09 0.03 106 1 OTD298 651303 4765381 734.2 5.0 0.96 0.05 68 1 OTD298 651303 4765383 729.8 5.0 1.20 0.02 75 1 OTD298 651303 4765385 725.3 5.0 1.13 0.01 64 1 OTD298 651302 4765388 720.9 4.0 0.87 0.04 30 1 OTD298 651300 4765397 703.1 5.0 0.93 0.02 39 1 OTD298 651300 4765399 698.6 5.0 0.64 0.01 47 1 OTD298 651300 4765401 694.1 5.0 0.71 0.02 60 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD298 651299 4765406 685.2 5.0 0.41 0.02 26 1 OTD298 651298 4765408 680.8 5.0 1.37 0.03 73 1 OTD298 651298 4765410 676.3 5.0 0.65 0.02 47 1 OTD298 651297 4765412 671.8 5.0 1.16 0.01 53 1 OTD298 651297 4765414 667.3 5.0 0.75 0.02 74 1 OTD298 651296 4765417 662.9 5.0 1.38 0.03 90 1 OTD298 651296 4765419 658.4 5.0 1.31 0.02 77 1 OTD298 651295 4765421 653.9 5.0 1.09 0.02 90 1 OTD298 651295 4765423 649.4 5.0 0.72 0.02 35 1 OTD298 651294 4765425 645.0 5.0 0.95 0.02 45 1 OTD298 651294 4765427 640.5 5.0 1.35 0.03 107 1 OTD298 651293 4765430 636.0 5.0 1.63 0.03 132 1 OTD298 651293 4765432 631.5 5.0 1.17 0.03 42 1 OTD298 651292 4765434 627.0 5.0 1.22 0.03 114 1 OTD298 651292 4765436 622.5 5.0 1.69 0.03 117 1 OTD298 651291 4765438 618.1 5.0 1.56 0.02 108 1 OTD298 651291 4765440 613.6 5.0 1.76 0.02 187 1 OTD298 651290 4765442 609.1 5.0 1.77 0.03 213 1 OTD298 651290 4765445 604.6 5.0 1.27 0.01 247 1 OTD298 651289 4765447 600.1 5.0 1.39 0.02 251 1 OTD298 651289 4765449 595.6 5.0 1.05 0.03 96 1 OTD298 651288 4765451 591.1 5.0 0.49 0.03 190 1 OTD298 651288 4765453 586.7 5.0 0.66 0.02 20 1 OTD298 651287 4765456 582.2 5.0 0.39 0.01 11 1 OTD298 651287 4765458 577.7 4.0 0.65 0.01 17 10 OTD298 651284 4765468 555.2 5.0 1.01 0.03 140 10 OTD298 651284 4765470 550.7 5.0 0.93 0.05 108 10 OTD298 651283 4765473 546.3 5.0 0.62 0.02 67 10 OTD298 651283 4765474 541.8 5.0 0.65 0.03 103 10 OTD298 651282 4765476 537.3 5.0 0.49 0.02 80 10 OTD298 651282 4765478 532.8 5.0 0.63 0.06 111 10 OTD298 651281 4765481 528.3 5.0 0.60 0.04 133 10 OTD298 651281 4765483 523.8 5.0 0.44 0.06 140 10 OTD298 651280 4765488 514.9 5.0 0.60 0.01 105 10 OTD298 651279 4765494 501.4 5.0 0.34 0.01 54 10 OTD298 651278 4765496 496.9 5.0 0.48 0.06 117 10 OTD298 651278 4765498 492.4 5.0 0.35 0.05 77 10 OTD298 651278 4765500 488.0 5.0 0.43 0.04 57 10 OTD298 651278 4765503 483.5 5.0 0.39 0.03 56 10 OTD298 651277 4765505 479.0 5.0 0.34 0.36 42 10 OTD298 651277 4765507 474.5 5.0 0.44 0.40 49 10 OTD298 651277 4765511 465.5 5.0 0.33 0.04 24 10 OTD298 651276 4765513 461.0 5.0 0.44 0.01 184 10 OTD298 651276 4765516 456.5 5.0 0.55 0.06 147 10 OTD298 651276 4765518 452.1 5.0 0.31 0.09 43 10 OTD298 651275 4765522 443.1 5.0 0.35 0.05 107 10 OTD303 651431 4765620 864.4 5.0 0.37 0.01 22 10 OTD303 651431 4765623 860.4 5.0 0.48 0.02 25 10 OTD303 651431 4765626 856.4 5.0 0.30 0.02 16 10 OTD303 651431 4765632 848.4 5.0 0.30 0.02 52 10 OTD303 651431 4765635 844.4 5.0 0.39 0.01 52 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD303 651432 4765638 840.4 5.0 0.50 0.03 22 10 OTD303 651432 4765641 836.4 5.0 0.76 0.02 26 10 OTD303 651433 4765660 810.9 5.0 0.77 0.02 72 1 OTD303 651433 4765663 806.9 5.0 0.78 0.02 102 1 OTD303 651433 4765666 803.0 5.0 0.75 0.01 72 1 OTD303 651433 4765669 799.0 5.0 0.95 0.01 53 1 OTD303 651433 4765672 795.1 5.0 0.96 0.03 52 1 OTD303 651434 4765675 791.1 5.0 0.71 0.02 62 1 OTD303 651434 4765678 787.2 5.0 0.60 0.02 37 1 OTD303 651434 4765682 783.3 5.0 1.30 0.01 55 1 OTD303 651434 4765685 779.4 5.0 1.75 0.02 52 1 OTD303 651435 4765688 775.5 5.0 2.62 0.05 40 1 OTD303 651435 4765691 771.6 5.0 1.16 0.02 32 1 OTD303 651435 4765694 767.7 5.0 1.13 0.02 17 1 OTD303 651435 4765697 763.8 5.0 1.08 0.01 21 1 OTD303 651435 4765700 759.9 5.0 1.06 0.01 17 1 OTD303 651436 4765703 756.0 5.0 1.16 0.01 17 1 OTD303 651436 4765706 752.1 5.0 0.86 0.03 27 1 OTD303 651436 4765709 748.2 5.0 1.21 0.02 25 1 OTD303 651437 4765713 744.4 5.0 1.08 0.04 19 1 OTD303 651437 4765716 740.5 5.0 1.12 0.04 48 1 OTD303 651437 4765719 736.7 5.0 0.59 0.01 13 1 OTD303 651438 4765722 732.8 5.0 0.99 0.02 16 1 OTD303 651438 4765725 728.9 5.0 1.19 0.02 12 1 OTD303 651438 4765728 725.1 5.0 1.19 0.03 10 1 OTD303 651439 4765732 721.3 5.0 1.81 0.03 21 1 OTD303 651439 4765735 717.5 5.0 1.34 0.03 15 1 OTD303 651439 4765738 713.6 5.0 1.24 0.05 14 1 OTD303 651440 4765741 709.8 5.0 1.18 0.07 12 1 OTD303 651440 4765744 706.0 5.0 1.47 0.04 13 1 OTD303 651441 4765748 702.2 5.0 1.50 0.04 20 1 OTD303 651441 4765751 698.4 5.0 1.39 0.06 12 1 OTD303 651441 4765754 694.6 5.0 1.33 0.04 15 1 OTD303 651442 4765758 690.8 5.0 1.06 0.04 15 1 OTD303 651442 4765761 687.0 5.0 1.55 0.06 26 1 OTD303 651443 4765764 683.4 4.6 0.97 0.04 23 1 OTD303 651443 4765767 679.7 5.0 1.63 0.04 29 3 OTD303 651444 4765770 675.9 5.0 1.72 0.05 167 3 OTD303 651444 4765773 672.1 5.0 1.87 0.06 147 3 OTD303 651445 4765776 668.4 5.0 1.65 0.07 56 3 OTD303 651445 4765779 664.6 5.0 1.96 0.10 43 3 OTD303 651446 4765783 660.8 5.0 4.39 0.33 25 3 OTD303 651446 4765786 657.0 5.0 1.53 0.04 23 3 OTD303 651447 4765789 653.2 5.0 1.36 0.03 36 3 OTD303 651448 4765793 649.5 5.0 1.83 0.04 16 3 OTD303 651448 4765796 645.7 5.0 2.23 0.04 25 3 OTD303 651449 4765799 642.0 5.0 2.07 0.05 32 3 OTD303 651449 4765802 638.2 5.0 0.87 0.04 18 3 OTD303 651450 4765806 634.5 5.0 2.02 0.10 31 3 OTD303 651451 4765809 630.8 5.0 1.98 0.08 36 3 OTD303 651451 4765812 627.1 5.0 2.54 0.09 25 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD303 651452 4765816 623.4 5.0 2.30 0.08 19 3 OTD303 651453 4765819 619.7 5.0 3.06 0.08 22 3 OTD303 651453 4765822 616.0 5.0 2.40 0.06 18 3 OTD303 651454 4765825 612.3 5.0 2.18 0.09 11 3 OTD303 651455 4765828 608.6 5.0 2.38 0.11 35 3 OTD303 651455 4765832 605.0 5.0 3.60 0.17 71 3 OTD303 651456 4765835 601.3 5.0 1.71 0.14 24 3 OTD303 651457 4765838 597.6 5.0 2.26 0.37 47 3 OTD303 651458 4765842 594.0 5.0 2.29 0.41 217 3 OTD303 651458 4765845 590.3 5.0 2.40 0.50 212 3 OTD303 651459 4765849 586.7 5.0 1.12 0.22 169 3 OTD303 651460 4765852 583.1 5.0 4.05 0.56 144 3 OTD303 651461 4765855 579.4 5.0 3.15 0.24 105 3 OTD303 651462 4765858 575.8 5.0 2.08 0.18 152 3 OTD303 651462 4765862 572.3 5.0 2.36 0.14 126 3 OTD303 651463 4765865 568.7 5.0 1.80 0.16 56 3 OTD303 651464 4765869 564.7 5.0 1.18 0.09 103 2 OTD303 651465 4765873 561.1 5.0 1.26 0.10 57 2 OTD303 651466 4765876 557.6 5.0 1.28 0.06 185 2 OTD303 651467 4765879 554.0 5.0 1.04 0.06 523 2 OTD303 651467 4765883 550.5 5.0 1.23 0.06 110 2 OTD303 651468 4765886 547.0 5.0 1.37 0.06 92 2 OTD303 651469 4765889 543.4 5.0 1.07 0.06 68 2 OTD303 651470 4765893 539.9 5.0 0.97 0.04 63 2 OTD303 651471 4765896 536.4 5.0 1.15 0.04 54 2 OTD303 651472 4765900 532.9 5.0 1.23 0.03 79 2 OTD303 651473 4765903 529.4 5.0 0.98 0.03 55 2 OTD303 651474 4765907 525.9 5.0 0.88 0.03 65 2 OTD303 651475 4765910 522.5 5.0 0.75 0.03 41 2 OTD303 651476 4765913 519.0 5.0 0.84 0.04 55 2 OTD303 651477 4765917 515.6 5.0 1.05 0.04 69 2 OTD303 651478 4765920 512.1 5.0 1.15 0.05 108 2 OTD303 651479 4765923 508.6 5.0 0.84 0.05 68 2 OTD303 651480 4765927 505.2 5.0 0.91 0.03 85 2 OTD303 651482 4765930 501.8 5.0 0.78 0.03 85 2 OTD303 651483 4765934 498.4 5.0 0.87 0.05 113 2 OTD303 651484 4765937 495.0 5.0 0.87 0.06 63 2 OTD303 651485 4765941 491.6 5.0 0.74 0.05 62 2 OTD303 651486 4765945 488.3 5.0 0.62 0.03 73 2 OTD303 651487 4765948 484.9 5.0 0.58 0.05 101 2 OTD303 651488 4765952 481.5 5.0 0.72 0.05 182 2 OTD303 651489 4765955 478.2 5.0 1.02 0.08 120 2 OTD303 651490 4765959 474.8 5.0 0.81 0.06 125 2 OTD303 651491 4765962 471.5 5.0 0.84 0.09 283 2 OTD303 651492 4765966 468.1 5.0 0.74 0.07 257 2 OTD303 651493 4765969 464.8 5.0 0.69 0.07 253 2 OTD303 651494 4765972 462.0 3.1 1.03 0.11 309 2 OTD304 651138 4765633 1021.2 5.0 0.38 0.04 58 10 OTD304 651140 4765632 1016.8 5.0 0.56 0.05 34 10 OTD304 651142 4765630 1012.4 5.0 0.70 0.04 18 10 OTD304 651144 4765629 1008.0 5.0 1.15 0.10 25 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD304 651146 4765627 1003.6 5.0 0.56 0.03 39 10 OTD304 651148 4765626 999.2 5.0 0.81 0.02 41 10 OTD304 651150 4765624 994.8 5.0 0.40 0.03 64 10 OTD304 651152 4765623 990.3 5.0 0.35 0.02 51 10 OTD304 651153 4765622 986.3 4.0 0.41 0.05 100 10 OTD304 651155 4765621 982.3 5.0 1.29 0.09 129 1 OTD304 651157 4765619 977.9 5.0 0.86 0.05 187 1 OTD304 651159 4765618 973.5 5.0 0.58 0.04 48 1 OTD304 651162 4765615 964.6 5.0 0.53 0.03 171 1 OTD304 651164 4765613 960.1 5.0 0.60 0.04 157 1 OTD304 651166 4765612 955.7 5.0 1.10 0.05 36 1 OTD304 651168 4765611 951.2 5.0 0.86 0.04 30 1 OTD304 651170 4765610 946.7 5.0 0.91 0.03 106 1 OTD304 651172 4765608 942.3 5.0 1.26 0.04 241 1 OTD304 651173 4765607 937.8 5.0 1.06 0.05 44 1 OTD304 651175 4765606 933.3 5.0 1.04 0.05 57 1 OTD304 651177 4765604 928.9 5.0 0.70 0.01 41 1 OTD304 651179 4765603 924.4 5.0 1.06 0.04 128 1 OTD304 651181 4765602 919.9 5.0 1.29 0.05 100 1 OTD304 651183 4765601 915.4 5.0 1.08 0.05 71 1 OTD304 651184 4765599 910.9 5.0 0.54 0.01 42 1 OTD304 651186 4765598 906.4 5.0 0.86 0.05 38 1 OTD304 651188 4765597 901.9 5.0 0.92 0.05 42 1 OTD304 651190 4765596 897.4 5.0 0.77 0.03 31 1 OTD304 651192 4765594 892.9 5.0 1.60 0.06 30 1 OTD304 651193 4765593 888.4 5.0 1.35 0.04 34 1 OTD304 651195 4765592 883.9 5.0 1.50 0.06 33 1 OTD304 651197 4765591 879.4 5.0 1.63 0.07 51 1 OTD304 651199 4765590 874.9 5.0 1.22 0.06 62 1 OTD304 651201 4765589 870.3 5.0 1.17 0.04 40 1 OTD304 651202 4765587 865.8 5.0 0.93 0.05 39 1 OTD304 651204 4765586 861.3 5.0 0.70 0.02 41 1 OTD304 651206 4765585 856.8 5.0 0.75 0.04 21 1 OTD304 651208 4765584 852.2 5.0 0.74 0.03 44 1 OTD304 651209 4765583 847.7 5.0 0.87 0.05 45 1 OTD304 651211 4765582 843.1 5.0 0.87 0.05 80 1 OTD304 651213 4765581 838.6 5.0 1.35 0.06 71 1 OTD304 651215 4765580 834.0 5.0 0.81 0.04 87 1 OTD304 651216 4765579 829.5 5.0 0.85 0.03 64 1 OTD304 651218 4765578 824.9 5.0 0.75 0.02 200 1 OTD304 651220 4765576 820.4 5.0 0.68 0.04 204 1 OTD304 651222 4765575 815.8 5.0 0.60 0.02 61 1 OTD304 651223 4765574 811.3 5.0 0.66 0.04 132 1 OTD304 651225 4765573 806.7 5.0 1.50 0.04 213 1 OTD304 651227 4765572 802.1 5.0 1.27 0.03 117 1 OTD304 651229 4765571 797.6 5.0 2.44 0.06 174 1 OTD304 651230 4765570 793.0 5.0 2.21 0.05 117 1 OTD304 651232 4765569 788.5 5.0 1.43 0.06 176 1 OTD304 651234 4765568 783.9 5.0 1.12 0.05 131 1 OTD304 651235 4765567 779.3 5.0 1.21 0.03 133 1 OTD304 651237 4765566 775.2 4.0 1.32 0.05 153 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD304 651239 4765565 771.1 5.0 1.75 0.05 227 3 OTD304 651240 4765564 766.5 5.0 2.48 0.11 213 3 OTD304 651242 4765562 762.0 5.0 2.77 0.05 190 3 OTD304 651244 4765561 757.4 5.0 2.02 0.03 112 3 OTD304 651245 4765560 752.8 5.0 1.66 0.05 135 3 OTD304 651247 4765559 747.3 5.0 0.89 0.03 44 1 OTD304 651251 4765557 738.2 5.0 0.81 0.03 52 1 OTD304 651253 4765556 733.6 5.0 1.11 0.03 44 1 OTD304 651254 4765555 729.1 5.0 1.15 0.03 71 1 OTD304 651256 4765553 724.5 5.0 1.31 0.04 72 1 OTD304 651258 4765552 719.9 5.0 1.49 0.03 63 1 OTD304 651259 4765551 715.4 5.0 1.53 0.03 55 1 OTD304 651261 4765550 710.8 5.0 1.39 0.03 44 1 OTD304 651263 4765549 706.2 5.0 1.69 0.05 42 1 OTD304 651265 4765548 701.7 5.0 2.01 0.07 41 1 OTD304 651266 4765547 697.1 5.0 1.68 0.03 34 1 OTD304 651268 4765546 692.5 5.0 0.99 0.03 29 1 OTD304 651270 4765545 688.0 5.0 0.90 0.02 27 1 OTD304 651271 4765544 683.4 5.0 1.88 0.04 62 1 OTD304 651273 4765542 678.8 5.0 1.89 0.04 61 1 OTD304 651275 4765541 674.3 5.0 2.19 0.10 50 1 OTD304 651276 4765540 669.7 5.0 1.93 0.07 122 1 OTD304 651278 4765539 665.6 4.0 1.33 0.06 87 1 OTD304 651279 4765538 661.5 5.0 1.85 0.05 61 3 OTD304 651281 4765537 656.9 5.0 1.70 0.04 86 3 OTD304 651283 4765536 652.3 5.0 2.40 0.05 66 3 OTD304 651284 4765535 648.7 3.0 1.78 0.03 64 3 OTD304 651285 4765534 645.0 5.0 1.74 0.03 125 1 OTD304 651287 4765533 640.4 5.0 1.47 0.03 58 1 OTD304 651289 4765532 635.9 5.0 1.43 0.03 53 1 OTD304 651290 4765530 631.3 5.0 2.28 0.03 28 1 OTD304 651292 4765529 626.7 5.0 1.79 0.04 91 1 OTD304 651294 4765528 622.2 5.0 1.55 0.03 44 1 OTD304 651295 4765527 617.6 5.0 1.34 0.03 40 1 OTD304 651297 4765525 613.0 5.0 1.38 0.03 36 1 OTD304 651299 4765524 608.4 5.0 1.73 0.04 57 1 OTD304 651300 4765523 603.9 5.0 1.68 0.04 47 1 OTD304 651302 4765522 599.3 5.0 1.41 0.04 21 1 OTD304 651304 4765521 594.8 5.0 1.60 0.04 24 1 OTD304 651305 4765520 590.2 5.0 1.37 0.03 25 1 OTD304 651307 4765518 585.6 5.0 1.43 0.03 29 1 OTD304 651308 4765517 581.1 5.0 1.31 0.05 49 1 OTD304 651310 4765516 576.5 5.0 1.26 0.03 58 1 OTD304 651312 4765515 572.0 5.0 1.27 0.03 41 1 OTD304 651314 4765513 567.4 5.0 0.78 0.04 25 1 OTD304 651315 4765512 562.8 5.0 0.36 0.05 37 10 OTD304 651322 4765507 544.6 5.0 0.41 0.04 49 10 OTD304 651324 4765506 540.1 5.0 0.62 0.07 62 10 OTD304 651326 4765505 534.8 5.0 0.44 0.02 78 1 OTD304 651327 4765503 530.3 5.0 0.97 0.07 78 1 OTD304 651329 4765502 525.7 5.0 0.41 0.03 84 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD304 651330 4765501 521.2 5.0 0.78 0.04 61 1 OTD304 651332 4765500 516.6 5.0 0.74 0.05 54 1 OTD304 651334 4765498 512.0 5.0 0.72 0.06 58 1 OTD304 651335 4765497 507.5 5.0 1.13 0.06 54 1 OTD304 651337 4765496 502.9 5.0 1.55 0.09 50 1 OTD304 651339 4765495 498.4 5.0 0.67 0.05 115 1 OTD304 651340 4765493 493.8 5.0 1.08 0.06 123 1 OTD304 651342 4765492 489.2 5.0 1.03 0.05 76 1 OTD304 651343 4765491 484.7 5.0 0.46 0.03 123 1 OTD304 651345 4765489 480.1 5.0 1.05 0.05 160 1 OTD304 651347 4765488 475.6 5.0 2.56 0.07 348 1 OTD304 651348 4765487 471.0 5.0 2.06 0.07 198 1 OTD304 651350 4765486 466.4 5.0 1.92 0.07 200 1 OTD304 651351 4765484 461.9 5.0 1.20 0.05 206 1 OTD304 651353 4765483 457.3 5.0 1.34 0.07 259 1 OTD304 651354 4765481 452.7 5.0 0.62 0.03 140 1 OTD304 651355 4765480 448.2 5.0 0.81 0.04 186 1 OTD304 651357 4765478 443.6 5.0 0.55 0.04 102 1 OTD304 651361 4765474 430.4 5.0 0.66 0.05 176 1 OTD304 651363 4765473 425.8 5.0 1.08 0.10 192 1 OTD304 651366 4765470 416.7 5.0 1.19 0.07 145 1 OTD304 651367 4765468 412.2 5.0 0.94 0.04 248 1 OTD304 651369 4765467 407.6 5.0 1.01 0.04 73 1 OTD304 651370 4765466 403.1 5.0 1.06 0.04 100 1 OTD304 651372 4765464 398.5 5.0 0.89 0.05 142 1 OTD304 651375 4765462 389.4 5.0 1.12 0.06 104 1 OTD304 651376 4765460 384.9 5.0 0.81 0.06 147 1 OTD304 651378 4765459 380.4 5.0 0.43 0.03 135 1 OTD304 651379 4765458 375.8 5.0 1.71 0.10 249 1 OTD304 651381 4765456 371.3 5.0 1.13 0.02 267 1 OTD304 651383 4765455 366.7 5.0 1.24 0.03 206 1 OTD304 651384 4765453 362.2 5.0 1.41 0.08 315 1 OTD304 651386 4765452 357.7 5.0 1.10 0.08 229 1 OTD304 651387 4765450 353.1 5.0 1.19 0.08 239 1 OTD304 651389 4765449 348.7 4.8 0.92 0.06 181 1 OTD304 651391 4765448 344.3 5.0 1.22 0.05 135 10 OTD304 651394 4765445 335.2 5.0 0.46 0.04 50 10 OTD304 651395 4765444 330.7 5.0 0.60 0.05 78 10 OTD304 651397 4765442 326.2 5.0 0.65 0.03 129 10 OTD304 651399 4765441 321.6 5.0 0.75 0.04 189 10 OTD305 651422 4765470 897.4 5.0 0.51 0.02 63 10 OTD305 651422 4765473 893.4 5.0 0.92 0.05 88 10 OTD305 651421 4765476 889.4 5.0 0.49 0.02 18 10 OTD305 651419 4765490 869.0 5.0 0.31 0.04 14 10 OTD305 651419 4765499 856.7 5.0 0.50 0.03 15 1 OTD305 651418 4765518 827.6 5.0 0.79 0.02 76 1 OTD305 651418 4765521 823.5 5.0 0.68 0.03 38 1 OTD305 651418 4765524 819.3 5.0 0.48 0.01 15 1 OTD305 651417 4765527 815.1 5.0 0.75 0.01 36 1 OTD305 651417 4765530 811.0 5.0 0.67 0.01 25 1 OTD305 651417 4765532 806.8 5.0 0.61 0.02 28 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD305 651417 4765535 802.7 5.0 0.96 0.02 56 1 OTD305 651417 4765538 798.5 5.0 0.49 0.03 521 1 OTD305 651417 4765541 794.4 5.0 0.67 0.02 34 1 OTD305 651417 4765544 790.2 5.0 0.71 0.03 31 1 OTD305 651417 4765547 786.1 5.0 0.63 0.03 25 1 OTD305 651417 4765549 781.9 5.0 0.40 0.01 10 1 OTD305 651417 4765552 777.8 5.0 0.61 0.02 35 1 OTD305 651417 4765555 773.6 5.0 1.78 0.01 38 1 OTD305 651417 4765558 769.4 5.0 1.33 0.01 36 1 OTD305 651417 4765560 765.3 5.0 1.57 0.02 23 1 OTD305 651417 4765563 761.1 5.0 1.04 0.02 15 1 OTD305 651417 4765566 756.9 5.0 1.76 0.03 23 1 OTD305 651417 4765569 752.7 5.0 1.95 0.03 19 1 OTD305 651417 4765571 748.5 5.0 1.41 0.01 15 1 OTD305 651417 4765574 744.3 5.0 1.71 0.02 23 1 OTD305 651417 4765577 740.1 5.0 2.21 0.03 15 1 OTD305 651417 4765580 735.9 5.0 2.41 0.02 19 1 OTD305 651418 4765582 731.7 5.0 1.33 0.02 30 1 OTD305 651418 4765585 727.5 5.0 1.04 0.01 29 1 OTD305 651418 4765588 723.3 5.0 1.56 0.01 47 1 OTD305 651418 4765590 719.1 5.0 1.19 0.02 64 1 OTD305 651418 4765593 715.0 5.0 1.12 0.01 79 1 OTD305 651418 4765596 710.8 5.0 1.54 0.01 63 1 OTD305 651418 4765599 706.6 5.0 1.63 0.01 49 1 OTD305 651418 4765601 702.4 5.0 1.90 0.03 52 1 OTD305 651418 4765604 698.2 5.0 1.38 0.03 37 1 OTD305 651418 4765607 694.0 5.0 1.38 0.03 49 1 OTD305 651418 4765609 689.8 5.0 1.44 0.03 35 1 OTD305 651418 4765612 685.6 5.0 2.63 0.06 136 1 OTD305 651418 4765615 681.4 5.0 2.02 0.04 40 1 OTD305 651418 4765618 677.2 5.0 1.56 0.02 72 1 OTD305 651418 4765620 673.1 5.0 1.46 0.02 48 1 OTD305 651418 4765623 668.9 5.0 1.80 0.04 52 1 OTD305 651419 4765626 664.7 5.0 1.99 0.06 68 1 OTD305 651419 4765628 660.5 5.0 1.78 0.07 34 1 OTD305 651419 4765631 656.3 5.0 1.23 0.04 64 1 OTD305 651419 4765634 652.2 5.0 1.45 0.05 13 1 OTD305 651419 4765637 648.0 5.0 1.87 0.06 47 1 OTD305 651419 4765640 643.0 5.0 1.41 0.05 53 3 OTD305 651419 4765643 638.8 5.0 1.31 0.12 58 3 OTD305 651420 4765646 634.7 5.0 2.60 0.16 84 3 OTD305 651420 4765648 630.5 5.0 2.21 0.27 44 3 OTD305 651420 4765651 626.3 5.0 2.94 0.26 150 3 OTD305 651420 4765654 622.2 5.0 3.30 0.23 70 3 OTD305 651420 4765657 618.0 5.0 3.04 0.24 63 3 OTD305 651420 4765659 613.9 5.0 1.40 0.11 76 3 OTD305 651421 4765662 609.7 5.0 2.54 0.17 102 3 OTD305 651421 4765665 605.5 5.0 2.52 0.13 58 3 OTD305 651421 4765668 601.4 5.0 2.18 0.09 212 3 OTD305 651421 4765670 597.2 5.0 1.39 0.09 169 3 OTD305 651421 4765673 593.1 5.0 1.05 0.09 52 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD305 651422 4765676 589.0 5.0 1.64 0.06 30 3 OTD305 651422 4765679 584.8 5.0 1.48 0.08 34 3 OTD305 651422 4765681 580.7 5.0 2.41 0.12 36 3 OTD305 651422 4765685 576.5 5.0 2.20 0.09 37 3 OTD305 651423 4765687 572.4 5.0 2.34 0.15 42 3 OTD305 651423 4765690 569.1 3.0 2.09 0.08 23 3 OTD305 651423 4765692 565.8 5.0 1.52 0.06 19 1 OTD305 651423 4765695 561.7 5.0 1.62 0.08 48 1 OTD305 651424 4765697 557.5 5.0 1.01 0.04 44 1 OTD305 651424 4765700 553.5 5.0 1.37 0.04 52 1 OTD305 651424 4765703 550.1 3.1 0.98 0.04 33 1 OTD305 651425 4765708 542.7 5.0 0.91 0.03 30 2 OTD305 651425 4765711 538.6 5.0 0.92 0.03 24 2 OTD305 651426 4765713 534.5 5.0 0.88 0.03 29 2 OTD305 651426 4765716 530.5 5.0 0.78 0.02 20 2 OTD305 651426 4765719 526.5 5.0 0.78 0.03 23 2 OTD305 651427 4765722 522.5 5.0 0.83 0.02 84 2 OTD305 651427 4765725 518.4 5.0 0.70 0.03 34 2 OTD305 651428 4765735 506.6 5.0 0.92 0.03 56 2 OTD305 651429 4765738 502.6 5.0 0.68 0.03 74 2 OTD305 651429 4765741 498.7 5.0 0.85 0.04 74 2 OTD305 651429 4765743 494.8 5.0 0.87 0.04 83 2 OTD305 651430 4765746 490.8 5.0 0.73 0.03 67 2 OTD305 651430 4765749 486.8 5.0 0.79 0.04 41 2 OTD305 651431 4765752 482.8 5.0 0.46 0.04 30 2 OTD305 651431 4765755 478.8 5.0 0.72 0.04 72 2 OTD305 651431 4765758 474.8 5.0 0.50 0.04 34 2 OTD305 651432 4765761 470.8 5.0 0.63 0.05 52 2 OTD305 651432 4765764 466.8 5.0 0.87 0.04 47 2 OTD305 651432 4765767 462.8 5.0 0.65 0.05 30 2 OTD305 651433 4765769 460.0 2.0 0.94 0.04 54 2 OTD310 651361 4765900 899.4 5.0 0.31 0.02 45 10 OTD310 651367 4765893 875.3 5.0 0.75 0.07 41 1 OTD310 651368 4765891 870.7 5.0 0.80 0.05 23 1 OTD310 651370 4765890 866.0 5.0 0.54 0.03 21 1 OTD310 651371 4765889 861.3 5.0 0.72 0.04 40 1 OTD310 651372 4765887 856.7 5.0 1.19 0.03 24 1 OTD310 651373 4765886 852.1 5.0 1.52 0.06 19 1 OTD310 651374 4765885 847.4 5.0 0.89 0.05 25 1 OTD310 651376 4765883 842.8 5.0 1.04 0.03 17 1 OTD310 651377 4765882 838.1 5.0 1.46 0.07 17 1 OTD310 651378 4765880 833.5 5.0 1.31 0.04 -1 1 OTD310 651379 4765879 828.8 5.0 1.83 0.07 45 1 OTD310 651380 4765877 824.2 5.0 1.23 0.05 19 1 OTD310 651381 4765876 819.5 5.0 1.40 0.10 25 1 OTD310 651383 4765875 814.9 5.0 1.87 0.10 16 1 OTD310 651384 4765873 810.3 5.0 1.55 0.05 10 1 OTD310 651385 4765872 805.7 5.0 1.69 0.04 10 1 OTD310 651386 4765870 801.4 4.2 1.76 0.04 -1 1 OTD310 651387 4765869 797.2 5.0 2.49 0.05 26 3 OTD310 651388 4765867 792.5 5.0 0.69 0.04 23 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD310 651389 4765866 787.9 5.0 2.59 0.16 14 3 OTD310 651391 4765864 783.3 5.0 2.73 0.10 13 3 OTD310 651392 4765863 778.8 5.0 2.34 0.10 -1 3 OTD310 651393 4765861 774.2 5.0 2.16 0.10 36 3 OTD310 651394 4765859 769.6 5.0 3.41 0.10 10 3 OTD310 651395 4765858 765.0 5.0 3.00 0.15 -1 3 OTD310 651397 4765856 760.4 5.0 3.89 0.12 11 3 OTD310 651398 4765855 755.8 5.0 3.48 0.17 26 3 OTD310 651399 4765853 751.2 5.0 2.92 0.20 16 3 OTD310 651400 4765852 746.6 5.0 1.76 0.14 58 3 OTD310 651401 4765850 742.0 5.0 2.69 0.21 35 3 OTD310 651403 4765848 737.4 5.0 3.12 0.32 56 3 OTD310 651404 4765847 732.8 5.0 3.96 0.48 108 3 OTD310 651405 4765845 728.2 5.0 2.78 0.43 44 3 OTD310 651406 4765844 723.6 5.0 2.89 0.40 72 3 OTD310 651407 4765842 719.0 5.0 3.07 0.60 71 3 OTD310 651408 4765840 714.3 5.0 5.40 1.87 75 3 OTD310 651409 4765839 709.7 5.0 3.79 1.93 116 3 OTD310 651410 4765837 705.1 5.0 4.63 0.79 107 3 OTD310 651412 4765835 700.5 5.0 1.47 0.34 11 3 OTD310 651413 4765834 695.9 5.0 1.76 0.55 13 3 OTD310 651414 4765832 691.2 5.0 3.82 0.52 16 3 OTD310 651415 4765831 686.6 5.0 4.75 0.58 24 3 OTD310 651416 4765829 682.0 5.0 2.47 0.21 18 3 OTD310 651417 4765827 677.4 5.0 3.11 0.31 156 3 OTD310 651418 4765826 672.7 5.0 7.34 0.33 39 3 OTD310 651419 4765824 668.1 5.0 9.56 0.32 103 3 OTD310 651420 4765823 663.5 5.0 8.91 0.24 75 3 OTD310 651421 4765821 658.9 5.0 2.95 0.12 187 3 OTD310 651422 4765819 654.2 5.0 1.88 0.11 108 3 OTD310 651423 4765818 649.6 5.0 2.23 0.15 32 3 OTD310 651424 4765816 645.0 5.0 2.45 0.18 41 3 OTD310 651425 4765815 640.4 5.0 1.77 0.11 118 3 OTD310 651426 4765813 635.8 5.0 1.10 0.06 32 3 OTD310 651427 4765812 631.1 5.0 1.62 0.11 22 3 OTD310 651428 4765810 626.5 5.0 0.77 0.07 24 3 OTD310 651429 4765808 621.9 5.0 1.06 0.12 25 3 OTD310 651430 4765807 617.3 5.0 0.64 0.09 15 3 OTD310 651431 4765805 612.7 5.0 1.24 0.22 14 3 OTD310 651433 4765804 608.1 5.0 1.89 0.17 36 3 OTD310 651434 4765802 603.5 5.0 2.87 0.26 44 3 OTD310 651435 4765800 599.0 5.0 3.09 0.24 40 3 OTD310 651436 4765799 594.4 5.0 2.58 0.17 28 3 OTD310 651437 4765797 589.8 5.0 3.64 0.24 38 3 OTD310 651438 4765795 585.2 5.0 2.37 0.14 37 3 OTD310 651439 4765793 580.6 5.0 2.06 0.09 30 3 OTD310 651440 4765792 576.0 5.0 1.69 0.06 70 3 OTD310 651441 4765790 571.5 5.0 1.90 0.06 50 3 OTD310 651442 4765788 566.9 5.0 2.06 0.07 38 3 OTD310 651443 4765787 563.2 3.0 2.08 0.07 21 3 OTD310 651444 4765786 559.6 5.0 1.82 0.04 32 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD310 651445 4765784 555.0 5.0 1.43 0.03 41 2 OTD310 651446 4765782 550.4 5.0 1.68 0.04 38 2 OTD310 651447 4765780 545.8 5.0 1.01 0.03 26 2 OTD310 651448 4765779 541.2 5.0 1.49 0.03 25 2 OTD310 651450 4765777 536.7 5.0 1.43 0.04 31 2 OTD310 651451 4765775 532.1 5.0 0.85 0.02 42 2 OTD310 651452 4765774 527.5 5.0 0.96 0.02 59 2 OTD310 651453 4765772 523.0 5.0 0.80 0.02 59 2 OTD310 651454 4765770 518.4 5.0 0.84 0.04 61 2 OTD310 651455 4765769 513.8 5.0 0.73 0.02 51 2 OTD310 651459 4765764 500.2 5.0 0.42 0.02 24 2 OTD310 651460 4765762 495.6 5.0 0.48 0.01 24 2 OTD310 651461 4765761 491.0 5.0 0.39 0.01 24 2 OTD310 651463 4765757 482.0 5.0 0.46 0.05 38 2 OTD310 651464 4765755 477.4 5.0 0.60 0.02 30 2 OTD310 651466 4765754 472.9 5.0 0.76 0.03 69 2 OTD310 651467 4765752 468.3 5.0 0.93 0.03 48 2 OTD310 651468 4765750 463.8 5.0 1.06 0.05 60 2 OTD310 651469 4765748 459.3 5.0 1.44 0.07 106 2 OTD310 651470 4765747 454.8 5.0 0.58 0.02 42 2 OTD310 651472 4765745 450.2 5.0 0.45 0.01 34 2 OTD310 651473 4765743 445.7 5.0 0.51 0.02 39 2 OTD310 651474 4765741 441.2 5.0 0.80 0.02 73 2 OTD310 651475 4765740 436.6 5.0 0.67 0.02 81 2 OTD310 651476 4765738 432.1 5.0 0.63 0.02 63 2 OTD310 651478 4765736 427.6 5.0 0.70 0.02 59 2 OTD310 651479 4765734 423.1 5.0 0.83 0.02 69 2 OTD310 651480 4765732 418.5 5.0 0.84 0.30 76 2 OTD310 651481 4765731 415.4 2.0 0.96 0.04 52 2 OTD310 651481 4765730 412.2 2.0 0.45 0.04 24 10 OTD310 651487 4765721 389.6 5.0 0.82 0.03 112 10 OTD310 651488 4765719 385.1 5.0 0.50 0.02 143 10 OTD310 651489 4765717 380.6 5.0 0.74 0.03 129 10 OTD310 651491 4765715 376.1 5.0 0.56 0.01 59 10 OTD310 651492 4765713 371.6 5.0 0.38 0.02 44 10 OTD310 651493 4765712 367.1 5.0 0.54 0.02 63 10 OTD310 651495 4765708 358.1 5.0 0.51 0.03 66 10 OTD310 651497 4765706 353.5 5.0 0.67 0.04 82 10 OTD310 651498 4765704 349.0 5.0 0.60 0.04 106 10 OTD310 651499 4765702 344.5 5.0 0.46 0.01 72 10 OTD310 651500 4765701 340.0 5.0 0.49 0.02 61 10 OTD310 651502 4765699 335.5 5.0 0.56 0.02 102 10 OTD310 651503 4765697 331.9 3.0 0.57 0.02 57 10 OTD313 651432 4765727 867.0 5.0 0.81 0.12 28 10 OTD313 651434 4765752 830.5 5.0 0.52 0.03 62 10 OTD313 651435 4765759 822.4 5.0 0.38 0.01 61 10 OTD313 651435 4765765 814.5 5.0 0.36 0.01 33 10 OTD313 651435 4765768 810.5 5.0 0.40 0.01 17 1 OTD313 651436 4765771 806.5 5.0 1.06 0.01 31 1 OTD313 651436 4765773 802.5 5.0 1.09 0.02 53 1 OTD313 651436 4765776 798.6 5.0 1.28 0.02 63 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD313 651437 4765780 794.6 5.0 1.05 0.01 149 1 OTD313 651437 4765783 790.7 5.0 0.75 0.01 51 1 OTD313 651437 4765786 786.8 5.0 0.69 0.01 59 1 OTD313 651438 4765789 782.8 5.0 0.94 0.01 64 1 OTD313 651438 4765792 778.9 5.0 0.72 -1.00 131 1 OTD313 651438 4765795 775.0 5.0 1.09 0.01 81 1 OTD313 651439 4765798 771.2 5.0 0.90 -1.00 35 1 OTD313 651439 4765801 767.3 5.0 0.89 -1.00 36 1 OTD313 651440 4765804 763.4 5.0 1.07 -1.00 35 1 OTD313 651440 4765807 759.5 5.0 1.28 -1.00 46 1 OTD313 651441 4765811 755.7 5.0 1.18 0.01 39 1 OTD313 651441 4765814 751.9 5.0 1.25 -1.00 45 1 OTD313 651442 4765817 748.0 5.0 1.16 0.01 46 1 OTD313 651442 4765821 744.2 5.0 1.11 -1.00 55 1 OTD313 651443 4765824 740.4 5.0 0.97 -1.00 40 1 OTD313 651443 4765827 736.6 5.0 0.99 0.01 90 1 OTD313 651444 4765830 732.8 5.0 1.03 0.01 41 1 OTD313 651444 4765834 729.1 5.0 0.98 0.01 41 1 OTD313 651445 4765836 725.3 5.0 1.01 0.02 33 1 OTD313 651445 4765840 721.6 5.0 1.52 0.03 37 1 OTD313 651446 4765842 719.0 2.0 1.44 0.06 12 1 OTD313 651446 4765844 716.4 5.0 1.66 0.06 17 3 OTD313 651447 4765848 712.7 5.0 1.27 0.05 44 3 OTD313 651447 4765851 708.9 5.0 2.52 0.08 26 3 OTD313 651448 4765854 705.2 5.0 3.21 0.08 25 3 OTD313 651449 4765858 701.6 5.0 3.09 0.11 30 3 OTD313 651449 4765861 698.0 5.0 2.77 0.11 24 3 OTD313 651450 4765864 694.3 5.0 2.92 0.11 24 3 OTD313 651451 4765868 690.7 5.0 2.99 0.15 28 3 OTD313 651451 4765871 687.0 5.0 2.31 0.13 15 3 OTD313 651452 4765874 683.5 5.0 2.85 0.28 24 3 OTD313 651452 4765878 679.8 5.0 3.79 0.39 12 3 OTD313 651453 4765881 676.2 5.0 6.11 0.85 12 3 OTD313 651454 4765885 672.6 5.0 4.07 0.54 16 3 OTD313 651455 4765888 669.1 5.0 3.56 0.37 22 3 OTD313 651455 4765892 665.5 5.0 3.76 0.42 55 3 OTD313 651456 4765895 662.0 5.0 4.51 0.49 27 3 OTD313 651457 4765899 658.4 5.0 3.56 0.51 30 3 OTD313 651457 4765902 654.9 5.0 4.58 0.48 49 3 OTD313 651458 4765906 651.3 5.0 3.60 0.55 53 3 OTD313 651459 4765909 647.7 5.0 4.60 0.43 31 3 OTD313 651460 4765912 644.3 5.0 4.65 0.86 53 3 OTD313 651460 4765916 640.8 5.0 3.83 0.47 41 3 OTD313 651461 4765920 637.4 5.0 1.70 0.21 61 3 OTD313 651463 4765927 630.5 5.0 2.92 0.15 34 3 OTD313 651463 4765930 627.0 5.0 2.83 0.14 87 3 OTD313 651464 4765934 623.5 5.0 2.13 0.11 61 3 OTD313 651465 4765937 620.2 5.0 1.38 0.07 88 3 OTD313 651466 4765941 616.8 5.0 1.33 0.07 68 3 OTD313 651466 4765944 613.5 5.0 1.27 0.05 104 3 OTD313 651467 4765948 610.1 5.0 1.03 0.04 89 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD313 651468 4765952 606.8 5.0 1.18 0.04 149 3 OTD313 651469 4765955 603.4 5.0 1.16 0.07 127 3 OTD313 651470 4765960 599.4 5.0 1.17 0.05 96 2 OTD313 651470 4765964 596.1 5.0 1.00 0.05 115 2 OTD313 651471 4765967 592.9 5.0 1.07 0.05 103 2 OTD313 651472 4765971 589.6 5.0 1.05 0.04 127 2 OTD313 651473 4765975 586.4 5.0 0.87 0.04 101 2 OTD313 651474 4765978 583.1 5.0 0.99 0.04 138 2 OTD313 651475 4765982 579.9 5.0 0.77 0.03 70 2 OTD313 651475 4765985 576.7 5.0 0.76 0.03 72 2 OTD313 651476 4765989 573.5 5.0 0.85 0.04 98 2 OTD313 651477 4765993 570.3 5.0 0.65 0.04 237 2 OTD313 651478 4765997 567.1 5.0 0.79 0.04 108 2 OTD313 651479 4766001 563.9 5.0 0.78 0.04 105 2 OTD313 651480 4766004 560.7 5.0 0.89 0.03 98 2 OTD313 651481 4766008 557.5 5.0 0.65 0.03 76 2 OTD313 651482 4766012 554.4 5.0 1.20 0.05 87 2 OTD313 651482 4766016 551.2 5.0 1.31 0.06 97 2 OTD313 651483 4766019 548.1 5.0 0.65 0.04 134 2 OTD313 651484 4766023 545.0 5.0 0.80 0.05 134 2 OTD313 651485 4766027 541.9 5.0 0.89 0.04 127 2 OTD313 651486 4766031 538.7 5.0 1.16 0.04 149 2 OTD313 651487 4766035 535.6 5.0 0.94 0.04 107 2 OTD313 651488 4766038 532.6 5.0 0.90 0.03 150 2 OTD313 651489 4766042 529.5 5.0 1.02 0.03 117 2 OTD313 651490 4766046 526.5 5.0 0.87 0.03 173 2 OTD313 651490 4766050 523.4 5.0 0.91 0.02 241 2 OTD313 651491 4766054 520.4 5.0 0.75 0.02 109 2 OTD313 651492 4766057 517.3 5.0 0.84 0.04 101 2 OTD313 651493 4766061 514.3 5.0 1.09 0.05 223 2 OTD313 651494 4766065 511.3 5.0 0.83 0.06 156 2 OTD313 651495 4766069 508.3 5.0 0.48 0.07 118 2 OTD313 651496 4766073 505.3 5.0 0.67 0.03 163 2 OTD313 651497 4766077 502.4 5.0 0.70 0.09 105 2 OTD313 651498 4766081 499.4 5.0 0.90 0.08 107 2 OTD313 651499 4766085 496.4 5.0 0.85 0.09 101 2 OTD313 651500 4766089 493.5 5.0 0.77 0.20 89 2 OTD313 651501 4766093 490.5 5.0 0.79 0.51 135 2 OTD313 651502 4766097 487.5 5.0 0.82 0.19 130 2 OTD313 651503 4766101 484.7 5.0 0.84 0.44 101 2 OTD313 651504 4766105 481.8 5.0 1.01 0.83 143 2 OTD313 651505 4766109 478.9 5.0 0.87 0.55 103 2 OTD313 651506 4766113 476.0 5.0 0.86 0.52 82 2 OTD313 651507 4766117 473.2 5.0 0.63 0.78 56 2 OTD313 651508 4766121 470.3 5.0 0.48 0.25 40 2 OTD313 651509 4766125 467.4 5.0 0.54 0.16 61 2 OTD313 651510 4766129 464.6 5.0 0.49 0.57 130 2 OTD313 651511 4766133 461.8 5.0 0.43 0.35 64 2 OTD313 651512 4766137 459.0 5.0 0.86 0.63 103 2 OTD313 651513 4766141 456.2 5.0 0.59 0.37 58 2 OTD313 651514 4766145 453.4 5.0 0.94 0.37 65 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD313 651515 4766149 450.7 5.0 0.75 0.24 46 2 OTD313 651516 4766151 448.6 2.5 2.02 0.21 110 2 OTD319 651531 4765853 918.4 5.0 2.13 0.12 17 10 OTD319 651529 4765855 909.0 5.0 0.45 0.04 99 10 OTD319 651528 4765856 904.3 5.0 0.38 0.03 34 10 OTD319 651516 4765868 857.3 5.0 0.33 0.04 66 10 OTD319 651515 4765869 853.6 2.9 0.40 0.04 26 10 OTD319 651514 4765870 849.9 5.0 0.83 0.06 71 1 OTD319 651513 4765871 845.2 5.0 0.81 0.04 111 1 OTD319 651511 4765873 840.5 5.0 0.58 0.02 37 1 OTD319 651510 4765874 835.8 5.0 0.96 0.10 78 1 OTD319 651509 4765875 831.2 5.0 1.03 0.04 59 1 OTD319 651508 4765877 826.5 5.0 1.70 0.06 92 1 OTD319 651507 4765878 821.8 5.0 2.44 0.10 86 1 OTD319 651505 4765879 817.1 5.0 1.56 0.06 67 1 OTD319 651504 4765881 812.5 5.0 0.99 0.02 108 1 OTD319 651503 4765882 807.8 5.0 1.13 0.02 80 1 OTD319 651502 4765883 803.1 5.0 0.75 0.01 125 1 OTD319 651501 4765885 798.5 5.0 1.13 0.01 117 1 OTD319 651499 4765886 793.8 5.0 1.61 0.01 41 1 OTD319 651498 4765887 789.1 5.0 1.10 0.01 40 1 OTD319 651497 4765889 784.5 5.0 1.21 0.05 49 1 OTD319 651496 4765890 779.8 5.0 1.21 0.03 40 1 OTD319 651494 4765891 775.2 5.0 1.51 0.04 32 1 OTD319 651493 4765893 770.5 5.0 1.13 0.04 31 1 OTD319 651492 4765894 765.9 5.0 0.72 0.03 49 1 OTD319 651491 4765895 761.3 5.0 0.92 0.04 44 1 OTD319 651490 4765897 756.6 5.0 1.50 0.07 53 1 OTD319 651488 4765898 752.0 5.0 1.35 0.05 65 1 OTD319 651487 4765899 747.3 5.0 1.17 0.03 110 1 OTD319 651486 4765901 742.7 5.0 0.92 0.03 84 1 OTD319 651485 4765903 738.1 5.0 1.25 0.03 92 1 OTD319 651484 4765904 733.4 5.0 1.15 0.03 56 1 OTD319 651482 4765906 728.8 5.0 1.08 0.03 35 1 OTD319 651482 4765907 725.1 3.0 1.19 0.04 15 1 OTD319 651481 4765908 721.4 5.0 4.21 0.43 15 3 OTD319 651479 4765909 716.7 5.0 6.57 0.56 12 3 OTD319 651478 4765911 712.1 5.0 1.22 0.40 15 3 OTD319 651477 4765912 707.5 5.0 3.23 0.63 104 3 OTD319 651476 4765914 702.8 5.0 4.63 0.61 17 3 OTD319 651475 4765915 698.2 5.0 4.86 0.33 42 3 OTD319 651473 4765916 693.6 5.0 3.02 0.24 33 3 OTD319 651472 4765918 688.9 5.0 2.95 0.21 98 3 OTD319 651471 4765919 684.3 5.0 3.67 0.35 50 3 OTD319 651470 4765921 679.6 5.0 4.06 0.47 82 3 OTD319 651469 4765922 675.0 5.0 3.57 0.61 112 3 OTD319 651468 4765924 670.3 5.0 3.98 0.60 86 3 OTD319 651467 4765926 665.7 5.0 4.15 0.60 95 3 OTD319 651465 4765927 661.1 5.0 3.46 0.33 79 3 OTD319 651464 4765929 656.4 5.0 2.97 0.22 59 3 OTD319 651463 4765930 651.8 5.0 2.96 0.16 65 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD319 651462 4765931 647.1 5.0 2.58 0.10 64 3 OTD319 651461 4765933 642.5 5.0 2.00 0.11 47 3 OTD319 651460 4765934 637.9 5.0 2.61 0.11 86 3 OTD319 651459 4765936 633.2 5.0 2.31 0.11 55 3 OTD319 651457 4765939 623.9 5.0 0.53 0.03 14 3 OTD319 651454 4765942 614.6 5.0 3.23 0.28 63 3 OTD319 651453 4765943 610.0 5.0 4.86 0.22 56 3 OTD319 651452 4765945 605.4 5.0 4.02 0.20 82 3 OTD319 651451 4765947 600.7 5.0 2.79 0.19 81 3 OTD319 651450 4765948 596.0 5.0 2.17 0.10 92 3 OTD319 651449 4765949 591.4 5.0 1.36 0.08 42 2 OTD319 651448 4765951 586.7 5.0 1.12 0.12 54 2 OTD319 651447 4765952 582.1 5.0 1.24 0.10 88 2 OTD319 651445 4765953 577.4 5.0 0.61 0.05 56 2 OTD319 651444 4765955 572.8 5.0 0.66 0.04 137 2 OTD319 651443 4765956 568.1 5.0 0.83 0.05 123 2 OTD319 651442 4765958 563.5 5.0 0.51 0.03 91 2 OTD319 651441 4765959 558.8 5.0 0.76 0.04 81 2 OTD319 651440 4765960 554.1 5.0 0.76 0.03 92 2 OTD319 651439 4765962 549.5 5.0 0.69 0.03 132 2 OTD319 651438 4765963 544.8 5.0 1.20 0.08 256 2 OTD319 651437 4765965 540.2 5.0 0.69 0.04 204 2 OTD319 651436 4765966 535.5 5.0 0.66 0.04 306 2 OTD319 651434 4765967 530.8 5.0 0.45 0.06 328 2 OTD319 651433 4765969 526.2 5.0 0.60 0.04 145 2 OTD319 651432 4765970 521.5 5.0 0.89 0.08 156 2 OTD319 651431 4765972 516.9 5.0 0.81 0.11 173 2 OTD319 651430 4765973 512.2 5.0 0.61 0.08 107 2 OTD319 651429 4765975 507.5 5.0 0.56 0.05 166 2 OTD319 651428 4765977 502.9 5.0 0.52 0.08 124 2 OTD319 651427 4765978 498.2 5.0 0.69 0.09 159 2 OTD319 651426 4765980 493.5 5.0 0.65 0.05 160 2 OTD319 651425 4765981 488.9 5.0 0.79 0.03 167 2 OTD319 651424 4765982 484.2 5.0 0.79 0.04 407 2 OTD319 651423 4765983 479.5 5.0 0.59 0.04 149 2 OTD319 651422 4765985 474.9 5.0 0.56 0.04 66 2 OTD319 651421 4765986 470.2 5.0 0.56 0.04 90 2 OTD319 651420 4765988 465.5 5.0 0.83 0.08 86 2 OTD319 651419 4765989 460.9 5.0 0.76 0.02 117 2 OTD319 651418 4765991 456.2 5.0 0.44 0.04 104 2 OTD319 651416 4765994 446.9 5.0 0.37 0.06 168 2 OTD319 651415 4765995 442.2 5.0 0.77 0.10 158 2 OTD319 651414 4765997 437.5 5.0 0.68 0.07 121 2 OTD319 651413 4765998 432.9 2.0 0.52 0.07 160 10 OTD319 651409 4766002 418.9 5.0 0.50 0.04 76 10 OTD319 651408 4766004 414.2 5.0 0.44 0.02 108 10 OTD319 651407 4766005 409.6 5.0 0.43 0.03 92 10 OTD319 651406 4766007 404.9 5.0 0.42 0.06 136 10 OTD319 651404 4766010 395.6 5.0 0.62 0.08 92 10 OTD319 651403 4766011 390.9 5.0 0.51 0.09 168 10 OTD319 651400 4766016 377.0 5.0 0.54 0.05 31 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD319 651399 4766018 372.4 5.0 0.50 0.07 66 10 OTD319 651398 4766019 367.8 5.0 0.42 0.06 218 10 OTD319 651397 4766021 363.2 5.0 0.40 0.05 235 10 OTD319 651396 4766022 358.6 5.0 0.38 0.06 719 10 OTD319 651394 4766026 349.4 5.0 0.71 0.11 229 10 OTD319 651393 4766027 344.8 5.0 0.80 0.12 2625 10 OTD319 651392 4766029 340.2 5.0 1.12 0.08 755 10 OTD319 651390 4766031 335.6 5.0 0.92 0.07 279 10 OTD319 651389 4766032 331.1 5.0 0.41 0.04 121 10 OTD319 651388 4766034 326.5 5.0 0.31 0.08 56 10 OTD319 651387 4766035 321.9 5.0 0.56 0.22 81 10 OTD319 651386 4766037 317.3 5.0 0.58 0.25 103 10 OTD319 651385 4766039 312.7 5.0 0.38 0.14 42 10 OTD319 651384 4766040 308.1 5.0 0.62 0.11 99 10 OTD319 651383 4766042 303.5 5.0 0.34 0.12 33 10 OTD324 651284 4765316 878.1 5.0 0.36 0.01 72 10 OTD324 651273 4765326 851.9 5.0 0.82 0.03 31 1 OTD324 651271 4765327 847.5 5.0 0.73 0.03 34 1 OTD324 651270 4765328 843.1 5.0 0.97 0.03 28 1 OTD324 651268 4765330 838.7 5.0 1.00 0.03 22 1 OTD324 651266 4765331 834.3 5.0 0.95 0.04 39 1 OTD324 651264 4765333 829.9 5.0 0.73 0.04 67 1 OTD324 651262 4765334 825.6 5.0 1.01 0.03 53 1 OTD324 651260 4765336 821.2 5.0 1.39 0.05 33 1 OTD324 651258 4765337 816.8 5.0 1.18 0.04 51 1 OTD324 651256 4765339 812.5 5.0 1.00 0.03 57 1 OTD324 651255 4765340 808.1 5.0 0.86 0.02 115 1 OTD324 651253 4765342 803.8 5.0 1.54 0.05 128 1 OTD324 651251 4765344 799.5 5.0 1.43 0.02 190 1 OTD324 651249 4765346 795.1 5.0 1.10 0.03 93 1 OTD324 651247 4765347 790.8 5.0 1.33 0.02 84 1 OTD324 651245 4765349 786.5 5.0 1.22 0.02 44 1 OTD324 651243 4765350 782.1 5.0 1.22 0.02 157 1 OTD324 651241 4765352 777.8 5.0 1.30 0.01 83 1 OTD324 651239 4765354 773.5 5.0 1.30 0.02 96 1 OTD324 651237 4765355 769.2 5.0 1.46 0.03 65 1 OTD324 651235 4765357 764.9 5.0 1.15 0.03 176 1 OTD324 651233 4765358 760.5 5.0 2.09 0.04 510 1 OTD324 651231 4765360 756.2 5.0 1.77 0.02 121 1 OTD324 651229 4765361 751.9 5.0 1.85 0.03 121 1 OTD324 651227 4765363 747.5 5.0 1.69 0.02 77 1 OTD324 651225 4765364 743.2 5.0 1.83 0.03 124 1 OTD324 651223 4765366 738.9 5.0 1.18 0.02 336 1 OTD324 651217 4765372 724.1 2.2 0.46 0.05 130 1 OTD324 651215 4765373 719.8 5.0 0.75 0.03 352 1 OTD324 651213 4765375 715.5 5.0 0.67 0.03 415 1 OTD324 651211 4765377 711.1 5.0 0.86 0.05 293 1 OTD324 651202 4765384 692.4 5.0 1.31 0.05 251 1 OTD324 651200 4765386 688.2 4.9 1.51 0.05 245 1 OTD324 651198 4765388 684.0 5.0 0.48 0.03 178 10 OTD324 651196 4765389 679.7 5.0 0.45 0.03 297 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD324 651194 4765391 675.5 5.0 0.30 0.06 154 10 OTD324 651192 4765393 671.2 5.0 0.35 0.06 136 10 OTD324 651190 4765394 667.0 5.0 0.42 0.04 222 10 OTD324 651188 4765396 662.8 5.0 0.52 0.05 199 10 OTD324 651186 4765397 658.5 5.0 0.45 0.06 93 10 OTD324 651184 4765399 654.3 5.0 0.44 0.04 122 10 OTD324 651182 4765401 650.1 5.0 0.45 0.03 44 10 OTD324 651180 4765403 645.9 5.0 0.62 0.04 132 10 OTD324 651178 4765404 641.7 5.0 0.38 0.04 175 10 OTD324 651176 4765406 637.5 5.0 0.32 0.03 147 10 OTD324 651174 4765408 633.3 5.0 0.52 0.04 122 10 OTD324 651172 4765410 629.1 5.0 0.60 0.05 270 10 OTD324 651170 4765412 625.0 5.0 0.43 0.05 118 10 OTD324 651167 4765414 620.8 5.0 0.88 0.08 361 10 OTD324 651165 4765415 616.7 5.0 0.46 0.04 98 10 OTD324 651121 4765453 535.0 5.0 0.46 0.08 20 10 OTD324 651103 4765468 503.1 5.0 0.42 0.06 73 10 OTD324 651101 4765470 499.1 5.0 0.40 0.04 112 10 OTD324 651098 4765472 495.2 5.0 0.36 0.05 98 10 OTD324 651096 4765474 491.3 5.0 0.59 0.08 158 10 OTD324 651089 4765480 479.6 5.0 0.41 0.08 88 10 OTD324 651086 4765482 475.8 5.0 0.85 0.12 159 10 OTD327 651561 4765964 826.7 5.0 0.91 0.02 17 1 OTD327 651560 4765966 822.1 5.0 0.83 0.01 23 1 OTD327 651559 4765967 817.4 5.0 1.01 0.03 27 1 OTD327 651557 4765968 812.8 5.0 0.97 0.02 25 1 OTD327 651556 4765969 808.1 5.0 1.29 0.02 23 1 OTD327 651554 4765970 803.5 5.0 1.44 0.02 23 1 OTD327 651553 4765971 798.8 5.0 1.20 0.02 17 1 OTD327 651551 4765973 793.2 5.0 2.61 0.14 10 3 OTD327 651550 4765974 788.6 5.0 2.35 0.12 -1 3 OTD327 651548 4765975 783.9 5.0 2.50 0.39 -1 3 OTD327 651547 4765976 779.3 5.0 2.96 0.41 11 3 OTD327 651545 4765977 774.6 5.0 2.83 0.15 -1 3 OTD327 651544 4765978 770.0 5.0 2.43 0.12 -1 3 OTD327 651542 4765979 765.3 5.0 2.69 0.11 10 3 OTD327 651541 4765980 760.7 5.0 3.29 0.12 12 3 OTD327 651539 4765981 756.0 5.0 3.29 0.10 -1 3 OTD327 651538 4765982 751.3 5.0 2.84 0.09 -1 3 OTD327 651537 4765983 746.7 5.0 3.55 0.09 15 3 OTD327 651535 4765985 742.0 5.0 3.82 0.12 16 3 OTD327 651534 4765986 737.4 5.0 3.25 0.11 16 3 OTD327 651532 4765987 732.7 5.0 3.10 0.06 14 3 OTD327 651531 4765988 728.1 5.0 2.27 0.07 22 3 OTD327 651529 4765989 723.4 5.0 2.09 0.05 37 3 OTD327 651528 4765990 720.2 2.0 2.42 0.04 30 3 OTD327 651527 4765990 716.9 5.0 1.87 0.03 30 1 OTD327 651526 4765992 712.3 5.0 2.09 0.03 25 1 OTD327 651524 4765993 707.6 5.0 1.47 0.10 29 1 OTD327 651523 4765994 703.0 5.0 1.32 0.09 22 1 OTD327 651521 4765995 697.7 5.0 1.07 0.07 31 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD327 651520 4765996 693.0 5.0 1.04 0.09 26 2 OTD327 651518 4765997 688.4 5.0 1.40 0.10 29 2 OTD327 651517 4765998 683.7 5.0 0.87 0.04 24 2 OTD327 651516 4766000 679.1 5.0 1.08 0.05 26 2 OTD327 651514 4766001 674.4 5.0 1.07 0.04 39 2 OTD327 651513 4766002 669.8 5.0 1.09 0.02 59 2 OTD327 651511 4766003 665.1 5.0 1.33 0.04 91 2 OTD327 651510 4766004 660.5 5.0 1.45 0.05 142 2 OTD327 651508 4766006 655.8 5.0 1.34 0.04 116 2 OTD327 651507 4766007 651.2 5.0 1.32 0.06 119 2 OTD327 651506 4766008 646.5 5.0 1.38 0.07 102 2 OTD327 651504 4766010 641.9 5.0 2.19 0.10 143 2 OTD327 651503 4766011 637.3 5.0 1.75 0.08 130 2 OTD327 651501 4766012 632.6 5.0 1.73 0.06 95 2 OTD327 651500 4766013 628.0 5.0 1.65 0.07 97 2 OTD327 651498 4766014 623.4 5.0 1.21 0.09 65 2 OTD327 651497 4766015 618.7 5.0 0.82 0.05 49 2 OTD327 651495 4766017 614.1 5.0 1.23 0.12 102 2 OTD327 651494 4766018 609.5 5.0 1.34 0.19 89 2 OTD327 651493 4766019 604.8 5.0 1.04 0.08 67 2 OTD327 651491 4766020 600.2 5.0 0.47 0.06 33 2 OTD327 651490 4766021 595.5 5.0 1.10 0.08 117 2 OTD327 651488 4766023 590.9 5.0 0.84 0.06 57 2 OTD327 651487 4766024 586.3 5.0 0.85 0.07 80 2 OTD327 651485 4766025 581.6 5.0 0.79 0.06 78 2 OTD327 651484 4766026 577.0 5.0 0.68 0.08 95 2 OTD327 651483 4766028 572.4 5.0 0.63 0.07 67 2 OTD327 651481 4766029 567.7 5.0 0.91 0.09 96 2 OTD327 651480 4766030 563.1 5.0 0.79 0.09 106 2 OTD327 651478 4766032 558.5 5.0 0.87 0.07 103 2 OTD327 651477 4766033 553.8 5.0 1.07 0.07 74 2 OTD327 651476 4766034 549.2 5.0 1.10 0.06 114 2 OTD327 651474 4766035 544.6 5.0 1.01 0.04 99 2 OTD327 651473 4766037 539.9 5.0 1.08 0.05 87 2 OTD327 651471 4766038 535.3 5.0 1.06 0.08 118 2 OTD327 651470 4766039 530.6 5.0 0.98 0.09 243 2 OTD327 651469 4766040 526.0 5.0 0.79 0.05 173 2 OTD327 651467 4766042 521.4 5.0 0.95 0.07 131 2 OTD327 651466 4766043 516.7 5.0 0.90 0.10 160 2 OTD327 651464 4766044 512.1 5.0 0.90 0.06 134 2 OTD327 651463 4766045 507.5 5.0 0.82 0.07 205 2 OTD327 651462 4766046 502.8 5.0 0.78 0.06 225 2 OTD327 651460 4766048 498.2 5.0 1.07 0.07 165 2 OTD327 651459 4766049 493.6 5.0 1.04 0.08 240 2 OTD327 651458 4766050 488.9 5.0 0.78 0.12 136 2 OTD327 651456 4766052 484.3 5.0 0.67 0.17 174 2 OTD327 651455 4766053 479.6 5.0 0.63 0.18 56 2 OTD327 651453 4766054 475.0 5.0 0.67 0.19 89 2 OTD327 651452 4766056 470.4 5.0 0.62 0.16 133 2 OTD327 651451 4766057 465.8 5.0 0.58 0.05 115 2 OTD327 651449 4766059 461.1 5.0 0.65 0.05 111 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD327 651448 4766060 456.5 5.0 0.60 0.04 73 2 OTD327 651447 4766061 451.8 5.0 0.62 0.08 48 2 OTD327 651445 4766062 447.2 5.0 0.81 0.05 82 2 OTD327 651444 4766063 442.6 5.0 0.83 0.05 69 2 OTD327 651443 4766065 437.9 5.0 0.84 0.04 78 2 OTD327 651441 4766066 433.3 5.0 0.84 0.06 56 2 OTD327 651440 4766067 428.7 5.0 0.74 0.07 118 2 OTD327 651439 4766069 424.0 5.0 0.76 0.06 65 2 OTD327 651437 4766070 419.4 5.0 0.81 0.07 146 2 OTD327 651436 4766071 414.8 5.0 0.73 0.07 58 2 OTD327 651434 4766072 410.1 5.0 0.84 0.08 63 2 OTD327 651433 4766074 405.5 5.0 0.78 0.08 118 2 OTD327 651432 4766075 400.8 5.0 0.64 0.08 130 2 OTD327 651428 4766079 386.6 5.0 0.43 0.09 104 10 OTD327 651426 4766080 382.0 5.0 0.54 0.17 91 10 OTD327 651425 4766081 377.3 5.0 0.45 0.05 47 10 OTD327 651424 4766083 372.7 5.0 0.40 0.05 47 10 OTD327 651422 4766084 368.0 5.0 0.38 0.11 57 10 OTD327 651421 4766085 363.9 3.9 0.52 0.08 51 10 OTD329 651507 4765630 743.7 5.0 0.60 0.02 23 1 OTD329 651506 4765631 739.0 5.0 0.63 0.02 34 1 OTD329 651504 4765633 734.3 5.0 0.79 0.02 40 1 OTD329 651503 4765634 729.7 5.0 0.88 0.02 34 1 OTD329 651502 4765635 725.0 5.0 1.25 0.02 39 1 OTD329 651500 4765636 720.3 5.0 2.65 0.03 40 1 OTD329 651499 4765638 715.7 5.0 2.30 0.04 35 1 OTD329 651497 4765639 711.0 5.0 1.43 0.04 24 1 OTD329 651496 4765640 706.3 5.0 1.14 0.02 28 1 OTD329 651495 4765641 701.7 5.0 1.56 0.03 33 1 OTD329 651493 4765642 697.0 5.0 1.99 0.03 41 1 OTD329 651492 4765643 692.3 5.0 1.40 0.01 41 1 OTD329 651491 4765645 687.7 5.0 1.30 0.01 35 1 OTD329 651489 4765646 683.0 5.0 1.33 0.01 34 1 OTD329 651488 4765647 678.4 5.0 1.92 0.03 31 1 OTD329 651487 4765648 673.7 5.0 1.55 0.02 36 1 OTD329 651485 4765650 669.1 5.0 1.78 0.02 39 1 OTD329 651484 4765651 664.4 5.0 1.85 0.02 40 1 OTD329 651483 4765653 659.8 5.0 1.76 0.02 43 1 OTD329 651481 4765654 655.1 5.0 1.55 0.03 63 1 OTD329 651480 4765655 650.5 5.0 1.95 0.03 41 3 OTD329 651479 4765656 645.8 5.0 2.29 0.10 46 3 OTD329 651477 4765658 641.2 5.0 3.36 0.13 64 3 OTD329 651476 4765659 636.6 5.0 2.58 0.08 102 3 OTD329 651475 4765660 632.0 5.0 2.48 0.07 16 3 OTD329 651473 4765661 627.3 5.0 1.95 0.05 24 3 OTD329 651472 4765663 622.7 5.0 1.90 0.04 40 3 OTD329 651471 4765664 618.0 5.0 2.01 0.04 56 3 OTD329 651469 4765665 613.4 5.0 2.50 0.05 53 3 OTD329 651468 4765667 608.8 5.0 3.32 0.19 35 3 OTD329 651466 4765668 604.1 5.0 2.45 0.03 44 3 OTD329 651465 4765669 599.5 5.0 2.36 0.03 18 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD329 651464 4765671 594.9 5.0 2.46 0.06 25 3 OTD329 651462 4765672 590.3 5.0 2.29 0.10 29 3 OTD329 651461 4765673 585.7 5.0 2.41 0.10 26 3 OTD329 651460 4765675 581.1 5.0 1.95 0.08 46 3 OTD329 651458 4765676 576.5 5.0 1.60 0.08 30 3 OTD329 651457 4765678 571.9 5.0 1.56 0.09 17 3 OTD329 651456 4765679 567.3 5.0 2.28 0.13 32 3 OTD329 651455 4765680 563.6 3.0 2.05 0.15 23 3 OTD329 651454 4765682 559.9 5.0 2.37 0.19 25 1 OTD329 651452 4765683 555.3 5.0 1.28 0.09 18 1 OTD329 651450 4765685 548.2 5.0 2.63 0.10 24 2 OTD329 651449 4765687 543.7 5.0 0.57 0.05 17 2 OTD329 651448 4765688 539.1 5.0 1.51 0.08 20 2 OTD329 651447 4765690 534.5 5.0 1.42 0.08 30 2 OTD329 651444 4765693 525.4 5.0 0.87 0.04 36 2 OTD329 651443 4765695 520.8 5.0 0.35 0.03 23 2 OTD329 651440 4765698 511.7 3.2 0.38 0.02 15 2 OTD329 651436 4765703 498.0 5.0 1.04 0.04 120 2 OTD329 651435 4765704 493.5 5.0 0.81 0.04 60 2 OTD329 651433 4765706 488.9 5.0 0.56 0.03 35 2 OTD329 651431 4765709 479.8 5.0 0.61 0.03 45 2 OTD329 651429 4765711 475.3 5.0 0.61 0.06 57 2 OTD329 651428 4765712 470.8 5.0 0.45 0.02 33 2 OTD329 651427 4765714 466.2 5.0 0.78 0.03 69 2 OTD329 651425 4765716 461.7 5.0 0.92 0.09 57 2 OTD329 651424 4765718 457.1 5.0 1.16 0.16 82 2 OTD329 651423 4765719 452.6 5.0 0.92 0.01 76 2 OTD329 651422 4765721 448.1 5.0 0.63 -1.00 383 2 OTD329 651421 4765723 443.6 5.0 0.87 0.04 261 2 OTD329 651419 4765724 439.1 5.0 1.26 0.02 475 2 OTD329 651418 4765726 434.6 5.0 1.58 0.03 132 2 OTD329 651417 4765728 430.1 5.0 1.24 0.01 131 2 OTD329 651416 4765729 426.8 2.5 1.75 0.05 128 2 OTD329 651415 4765731 423.4 3.8 0.48 0.03 140 10 OTD329 651410 4765738 405.5 3.2 0.56 -1.00 118 10 OTD329 651408 4765740 401.0 5.0 0.45 0.01 60 10 OTD329 651407 4765742 396.5 5.0 0.50 0.02 83 10 OTD329 651406 4765743 392.0 5.0 0.47 0.01 169 10 OTD333 651064 4765922 896.2 5.0 0.53 0.06 15 10 OTD333 651066 4765921 891.4 5.0 0.62 0.08 47 10 OTD333 651067 4765920 886.7 5.0 0.46 0.06 31 10 OTD333 651075 4765912 853.5 5.0 0.35 0.05 96 10 OTD333 651076 4765911 848.7 5.0 0.40 0.06 60 10 OTD333 651077 4765910 843.8 5.0 0.49 0.07 55 1 OTD333 651078 4765909 839.0 5.0 0.62 0.08 51 1 OTD333 651079 4765908 834.3 5.0 1.10 0.14 65 1 OTD333 651080 4765907 829.5 5.0 0.61 0.07 64 1 OTD333 651082 4765906 824.8 5.0 0.52 0.06 46 1 OTD333 651083 4765905 820.0 5.0 0.74 0.03 105 1 OTD333 651084 4765904 815.3 5.0 1.12 0.13 76 1 OTD333 651085 4765902 810.5 5.0 1.11 0.15 58 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD333 651086 4765901 805.7 5.0 0.77 0.08 67 1 OTD333 651087 4765900 801.0 5.0 0.67 0.07 213 1 OTD333 651088 4765899 796.2 5.0 0.94 0.08 113 1 OTD333 651090 4765898 791.4 5.0 0.67 0.05 57 1 OTD333 651091 4765898 786.7 5.0 1.09 0.06 50 1 OTD333 651092 4765897 781.9 5.0 1.60 0.17 80 1 OTD333 651093 4765896 777.1 5.0 0.93 0.08 72 1 OTD333 651094 4765895 772.3 5.0 0.92 0.09 85 1 OTD333 651095 4765894 767.5 5.0 1.02 0.11 89 1 OTD333 651096 4765893 762.8 5.0 1.45 0.12 65 1 OTD333 651097 4765892 758.0 5.0 0.33 0.03 45 1 OTD333 651102 4765888 738.8 5.0 0.90 0.09 113 1 OTD333 651103 4765887 734.0 5.0 1.20 0.10 137 1 OTD333 651104 4765886 729.2 5.0 0.77 0.08 96 1 OTD333 651105 4765885 724.5 5.0 0.45 0.05 76 1 OTD333 651106 4765884 719.6 5.0 0.54 0.08 77 1 OTD333 651107 4765882 714.9 5.0 0.71 0.09 89 1 OTD333 651108 4765881 710.1 5.0 0.64 0.10 86 10 OTD333 651109 4765881 705.3 5.0 0.81 0.14 73 10 OTD333 651110 4765880 700.5 5.0 0.52 0.09 65 10 OTD333 651111 4765879 695.7 5.0 0.46 0.08 74 10 OTD333 651113 4765877 686.1 5.0 0.52 0.07 49 10 OTD333 651114 4765876 681.3 5.0 0.60 0.08 39 10 OTD333 651115 4765875 676.6 5.0 0.50 0.08 46 10 OTD333 651117 4765874 671.8 5.0 0.93 0.12 53 10 OTD333 651118 4765872 667.0 5.0 1.14 0.15 76 10 OTD333 651119 4765871 662.2 5.0 0.46 0.05 39 10 OTD333 651122 4765868 647.9 5.0 0.56 0.06 40 10 OTD333 651123 4765868 643.1 5.0 0.55 0.07 54 10 OTD333 651124 4765867 638.3 5.0 0.52 0.07 67 10 OTD333 651125 4765866 633.5 5.0 0.82 0.10 74 10 OTD334 651156 4765132 775.4 5.0 0.47 0.03 42 10 OTD334 651154 4765133 770.8 5.0 0.66 0.03 101 10 OTD334 651153 4765134 766.2 5.0 0.33 0.02 92 10 OTD334 651148 4765138 752.6 5.0 0.54 0.02 211 10 OTD334 651146 4765139 748.0 5.0 0.39 0.01 86 10 OTD334 651145 4765140 743.5 5.0 0.46 0.02 80 10 OTD334 651142 4765143 734.5 5.0 0.50 0.02 99 10 OTD334 651140 4765145 729.9 5.0 0.36 0.02 95 10 OTD334 651138 4765146 725.4 5.0 0.56 0.03 122 10 OTD334 651132 4765152 707.2 5.0 0.40 0.02 269 10 OTD334 651130 4765153 702.7 5.0 0.37 0.02 125 10 OTD339 651420 4765931 846.0 5.0 0.41 0.05 41 1 OTD339 651418 4765932 841.2 5.0 0.99 0.05 46 1 OTD339 651417 4765934 836.5 5.0 1.01 0.05 100 1 OTD339 651416 4765935 831.9 5.0 0.58 0.05 44 1 OTD339 651414 4765936 827.2 5.0 0.56 0.06 37 1 OTD339 651413 4765937 822.5 5.0 0.63 0.07 42 1 OTD339 651412 4765938 817.9 5.0 0.45 0.11 32 1 OTD339 651410 4765939 813.2 5.0 1.03 0.14 39 1 OTD339 651409 4765940 808.5 5.0 0.64 0.03 29 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD339 651408 4765942 803.9 5.0 0.73 0.01 16 1 OTD339 651406 4765943 799.2 5.0 0.84 0.02 28 1 OTD339 651405 4765944 794.6 5.0 0.73 0.04 33 1 OTD339 651404 4765945 789.9 5.0 1.36 0.06 20 1 OTD339 651402 4765946 785.2 5.0 1.00 0.04 16 1 OTD339 651401 4765947 780.6 5.0 1.16 0.02 15 1 OTD339 651399 4765949 775.9 5.0 0.96 0.04 35 1 OTD339 651398 4765950 771.3 5.0 1.12 0.05 15 1 OTD339 651397 4765951 766.6 5.0 1.18 0.05 16 1 OTD339 651395 4765952 762.0 5.0 0.72 0.03 19 1 OTD339 651394 4765953 757.3 5.0 0.73 0.05 18 1 OTD339 651392 4765955 752.7 5.0 1.25 0.06 32 1 OTD339 651391 4765956 748.0 5.0 1.10 0.04 21 1 OTD339 651390 4765957 743.4 5.0 1.28 0.04 19 1 OTD339 651388 4765958 738.7 5.0 0.78 0.03 17 1 OTD339 651387 4765959 734.1 5.0 0.69 0.03 22 1 OTD339 651385 4765961 729.4 5.0 0.71 0.04 25 1 OTD339 651384 4765962 724.8 5.0 0.92 0.05 21 1 OTD339 651383 4765963 720.1 5.0 0.74 0.03 17 1 OTD339 651381 4765964 715.5 5.0 0.87 0.05 44 1 OTD339 651380 4765965 710.9 5.0 1.00 0.09 46 1 OTD339 651378 4765966 706.2 5.0 1.14 0.09 34 1 OTD339 651377 4765968 701.6 5.0 0.66 0.05 21 1 OTD339 651376 4765969 697.4 4.0 0.90 0.10 25 1 OTD339 651374 4765970 693.2 5.0 1.16 0.08 42 2 OTD339 651373 4765971 688.5 5.0 0.95 0.04 25 2 OTD339 651372 4765972 683.9 5.0 0.77 0.05 67 2 OTD339 651370 4765973 679.2 5.0 1.15 0.17 77 2 OTD339 651369 4765974 674.6 5.0 1.51 0.21 61 2 OTD339 651367 4765976 669.9 5.0 1.35 0.11 94 2 OTD339 651366 4765977 665.3 5.0 0.52 0.07 82 2 OTD339 651365 4765978 660.7 5.0 0.77 0.08 64 2 OTD339 651363 4765979 656.0 5.0 1.47 0.14 121 2 OTD339 651362 4765980 651.4 5.0 1.14 0.10 67 2 OTD339 651360 4765982 646.7 5.0 1.07 0.06 136 2 OTD339 651359 4765983 642.1 5.0 0.92 0.09 124 2 OTD339 651357 4765984 637.5 5.0 0.85 0.11 98 2 OTD339 651356 4765985 632.8 5.0 0.79 0.07 139 2 OTD339 651355 4765987 628.2 5.0 0.67 0.06 89 2 OTD339 651353 4765988 623.6 5.0 0.80 0.06 111 2 OTD339 651352 4765989 619.0 5.0 0.88 0.07 142 2 OTD339 651350 4765991 614.4 5.0 0.82 0.04 161 2 OTD339 651349 4765992 609.8 5.0 0.91 0.05 72 2 OTD339 651347 4765993 605.1 5.0 0.81 0.02 105 2 OTD339 651346 4765994 600.5 5.0 1.01 0.06 167 2 OTD339 651344 4765996 595.9 5.0 1.19 0.06 225 2 OTD339 651343 4765997 591.3 5.0 1.32 0.07 222 2 OTD339 651341 4765998 586.8 5.0 1.20 0.04 490 2 OTD339 651340 4766000 582.1 5.0 0.75 0.05 188 2 OTD339 651338 4766001 577.5 5.0 0.55 0.04 104 2 OTD339 651337 4766002 573.0 5.0 0.83 0.08 115 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD339 651336 4766004 568.4 5.0 0.73 0.06 99 2 OTD339 651334 4766005 563.8 5.0 0.65 0.05 107 2 OTD339 651332 4766006 559.2 5.0 0.81 0.05 116 2 OTD339 651331 4766008 554.6 5.0 0.81 0.05 154 2 OTD339 651329 4766009 550.0 5.0 0.75 0.08 130 2 OTD339 651328 4766010 545.5 5.0 0.66 0.08 156 2 OTD339 651326 4766012 540.9 5.0 0.75 0.07 238 2 OTD339 651325 4766013 537.7 2.0 0.80 0.08 125 2 OTD339 651324 4766014 534.5 5.0 0.63 0.06 221 10 OTD339 651323 4766015 530.0 5.0 0.34 0.04 97 10 OTD339 651322 4766016 526.8 2.0 0.51 0.14 120 10 OTD342 650944 4765765 942.0 5.0 0.33 0.04 -1 10 OTD342 651005 4765714 700.8 5.0 0.52 0.12 24 10 OTD342 651006 4765713 696.0 5.0 0.80 0.16 22 10 OTD342 651007 4765712 691.3 5.0 0.77 0.12 19 10 OTD342 651008 4765711 686.5 5.0 0.58 0.08 18 10 OTD342 651009 4765710 681.7 5.0 0.56 0.06 18 10 OTD342 651010 4765709 676.9 3.0 0.38 0.04 27 10 OTD342 651013 4765707 667.4 5.0 0.62 0.12 32 10 OTD342 651014 4765706 662.6 5.0 0.39 0.08 39 10 OTD342 651015 4765705 657.8 5.0 0.60 0.08 32 10 OTD342 651016 4765704 653.0 5.0 0.67 0.08 30 10 OTD342 651017 4765703 648.3 5.0 0.53 0.06 25 10 OTD342 651018 4765702 643.5 5.0 0.58 0.08 21 10 OTD342 651045 4765676 517.5 5.0 0.54 0.07 34 10 OTD342 651046 4765675 512.6 5.0 0.79 0.12 49 10 OTD342 651047 4765674 507.8 5.0 0.69 0.08 81 10 OTD342 651048 4765672 503.0 5.0 0.72 0.08 88 10 OTD342 651049 4765672 498.2 5.0 1.00 0.10 57 10 OTD342 651050 4765671 493.4 5.0 0.47 0.06 32 10 OTD342 651052 4765669 483.8 5.0 0.55 0.07 42 10 OTD342 651053 4765668 479.0 5.0 0.44 0.07 39 10 OTD342 651054 4765667 474.2 5.0 0.73 0.11 75 10 OTD342 651055 4765666 469.4 5.0 0.62 0.10 73 10 OTD342 651056 4765665 464.6 5.0 0.63 0.08 127 10 OTD342 651057 4765664 459.8 5.0 0.46 0.06 135 10 OTD342 651058 4765663 455.0 5.0 0.43 0.18 61 10 OTD342 651059 4765662 450.2 5.0 0.34 0.08 51 10 OTD342 651060 4765661 445.4 5.0 0.40 0.06 180 10 OTD342 651061 4765660 440.5 5.0 0.48 0.08 96 10 OTD342 651062 4765659 435.7 5.0 0.38 0.05 58 10 OTD342 651063 4765658 430.9 5.0 0.41 0.09 43 10 OTD342 651064 4765657 426.1 5.0 0.53 0.21 51 10 OTD342 651064 4765656 421.3 5.0 0.36 0.11 44 10 OTD342 651065 4765655 416.5 5.0 0.34 0.12 42 10 OTD342 651066 4765654 411.6 5.0 0.44 0.13 113 10 OTD342 651067 4765653 406.8 5.0 0.70 0.18 74 10 OTD342 651068 4765652 402.0 5.0 1.02 0.42 58 10 OTD342 651069 4765651 397.2 5.0 1.20 0.63 83 10 OTD342 651070 4765650 392.4 5.0 0.91 0.55 55 10 OTD342 651071 4765649 387.5 5.0 0.85 0.37 53 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD342 651071 4765648 382.6 5.0 0.77 0.22 48 10 OTD342 651073 4765647 378.0 5.0 1.21 0.32 61 10 OTD342 651074 4765646 373.3 5.0 0.46 0.17 30 10 OTD342 651075 4765644 368.7 5.0 0.69 0.22 54 10 OTD342 651076 4765643 364.0 5.0 1.03 0.22 63 10 OTD342 651077 4765641 359.3 5.0 1.01 0.43 124 10 OTD342 651079 4765640 354.9 5.0 1.01 0.36 66 10 OTD342 651080 4765638 350.4 2.5 0.70 0.27 43 10 OTD342 651091 4765624 309.2 5.0 0.40 0.15 16 10 OTD342 651093 4765622 299.6 5.0 0.40 0.13 34 10 OTD342 651094 4765621 294.7 5.0 0.34 0.11 17 10 OTD342 651095 4765620 289.9 5.0 0.36 0.10 17 10 OTD342 651095 4765619 285.1 4.5 0.42 0.11 15 10 OTD342 651100 4765613 256.1 4.4 0.49 0.27 57 10 OTD342 651102 4765611 246.4 5.0 0.32 0.12 26 10 OTD342 651103 4765610 241.6 5.0 0.35 0.11 13 10 OTD343 650888 4766056 990.8 5.0 0.32 0.02 18 10 OTD343 650906 4766045 939.9 5.0 0.38 0.02 18 10 OTD343 650972 4765999 732.7 5.0 0.31 0.12 24 10 OTD343 650978 4765995 714.0 5.0 0.66 0.13 26 10 OTD343 650979 4765994 709.4 5.0 0.33 0.06 25 10 OTD343 650984 4765991 695.5 5.0 0.58 0.13 19 10 OTD343 650985 4765990 690.8 5.0 0.32 0.05 15 10 OTD343 650987 4765988 686.1 5.0 0.43 0.06 18 10 OTD343 650988 4765987 681.5 5.0 0.51 0.06 27 10 OTD343 650989 4765986 676.8 5.0 0.46 0.07 28 10 OTD343 650991 4765985 672.2 5.0 0.50 0.10 22 10 OTD343 650992 4765984 667.6 5.0 0.38 0.11 20 10 OTD343 650994 4765983 662.9 5.0 0.32 0.09 20 10 OTD343 650995 4765982 658.3 5.0 0.40 0.05 14 10 OTD343 650996 4765980 653.6 5.0 0.39 0.07 14 10 OTD343 650998 4765979 649.0 5.0 0.51 0.11 17 10 OTD343 650999 4765978 644.4 5.0 0.58 0.10 32 10 OTD343 651001 4765976 639.7 5.0 0.71 0.28 25 10 OTD343 651002 4765975 635.1 5.0 1.02 0.25 69 10 OTD343 651003 4765974 630.5 5.0 0.74 0.13 66 10 OTD343 651005 4765972 625.8 5.0 0.84 0.19 52 10 OTD343 651006 4765971 622.0 3.2 0.86 0.17 26 10 OTD343 651012 4765966 602.1 5.0 0.99 0.24 137 10 OTD343 651013 4765964 597.5 5.0 0.64 0.16 422 10 OTD343 651015 4765963 592.9 5.0 0.78 0.27 84 10 OTD343 651016 4765962 588.2 5.0 0.67 0.25 42 10 OTD343 651017 4765960 583.6 5.0 1.08 0.34 138 10 OTD343 651019 4765959 579.0 5.0 0.81 0.24 30 10 OTD343 651020 4765958 574.4 5.0 0.78 0.58 34 10 OTD343 651021 4765956 569.8 5.0 0.83 0.37 27 10 OTD343 651023 4765955 565.1 5.0 0.84 0.18 30 10 OTD343 651024 4765953 560.5 5.0 0.78 0.13 14 10 OTD343 651025 4765952 555.9 5.0 0.58 0.26 15 10 OTD343 651034 4765943 524.6 5.0 0.54 0.09 26 10 OTD343 651036 4765942 520.0 5.0 0.32 0.05 67 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD343 651037 4765940 515.3 5.0 0.47 0.10 72 10 OTD343 651038 4765939 510.7 5.0 0.54 0.20 40 10 OTD343 651044 4765933 492.3 5.0 0.31 0.11 22 10 OTD343 651045 4765932 487.7 5.0 0.45 0.09 45 10 OTD343 651048 4765929 478.4 5.0 0.45 0.20 62 10 OTD343 651049 4765928 473.8 4.0 0.62 0.10 306 10 OTD346 651086 4765197 841.2 5.0 0.42 0.04 28 10 OTD346 651078 4765206 813.9 5.0 0.36 0.04 279 10 OTD346 651075 4765209 804.8 5.0 0.41 0.06 120 10 OTD346 651073 4765210 800.2 5.0 0.44 0.06 668 10 OTD346 651072 4765212 795.7 5.0 0.39 0.06 162 10 OTD346 651070 4765214 791.1 5.0 0.47 0.10 108 10 OTD346 651069 4765215 786.6 5.0 0.46 0.04 77 10 OTD346 651067 4765217 782.1 5.0 0.60 0.05 41 10 OTD346 651066 4765218 777.6 5.0 0.64 0.07 63 10 OTD346 651064 4765220 773.0 5.0 0.54 0.11 93 10 OTD346 651058 4765226 755.0 5.0 0.44 0.09 267 10 OTD346 651057 4765228 750.5 5.0 0.39 0.08 657 10 OTD346 651050 4765236 728.0 5.0 0.70 0.09 68 10 OTD346 651048 4765238 723.5 5.0 0.92 0.08 85 10 OTD346 651047 4765239 719.0 5.0 0.99 0.08 75 10 OTD346 651045 4765241 714.5 5.0 0.97 0.08 101 10 OTD346 651044 4765243 710.0 5.0 1.04 0.10 84 10 OTD346 651042 4765244 705.6 5.0 0.40 0.05 49 10 OTD346 651041 4765246 701.1 5.0 0.44 0.08 45 10 OTD346 651016 4765273 624.7 5.0 0.33 0.05 47 10 OTD346 650984 4765309 523.5 5.0 1.12 0.27 150 10 OTD355 651759 4766523 370.8 5.0 0.33 0.04 -1 10 OTD355 651758 4766524 366.1 5.0 1.20 0.03 29 10 OTD355 651753 4766531 347.5 5.0 1.60 0.05 10 10 OTD355 651752 4766532 342.8 5.0 1.59 0.04 -1 10 OTD355 651751 4766534 338.1 5.0 1.69 0.05 -1 10 OTD355 651750 4766535 333.5 5.0 1.98 0.08 -1 10 OTD355 651749 4766537 328.8 5.0 2.01 0.11 18 10 OTD355 651748 4766538 324.1 5.0 1.92 0.16 21 10 OTD355 651747 4766540 319.5 5.0 1.77 0.08 -1 10 OTD355 651745 4766542 310.2 5.0 1.02 0.05 11 10 OTD355 651738 4766555 272.8 4.0 1.29 0.07 14 10 OTD355 651737 4766556 268.2 5.0 3.36 0.14 26 10 OTD355 651736 4766558 263.5 5.0 2.94 0.07 27 10 OTD355 651735 4766559 258.8 5.0 2.26 0.07 -1 10 OTD355 651734 4766561 254.2 5.0 3.26 0.07 24 10 OTD355 651733 4766562 249.5 5.0 2.63 0.11 11 10 OTD355 651732 4766564 244.8 5.0 2.56 0.08 10 10 OTD355 651731 4766565 240.1 5.0 3.19 0.08 -1 10 OTD355 651730 4766567 235.5 5.0 3.38 0.16 -1 10 OTD355 651729 4766568 230.8 5.0 4.75 0.13 25 10 OTD355 651728 4766570 226.1 5.0 3.74 0.15 28 10 OTD355 651727 4766571 221.4 2.0 1.47 0.23 60 10 OTD355 651715 4766591 160.7 4.0 0.67 0.08 55 10 OTD355 651714 4766592 156.0 5.0 1.24 0.18 103 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD356 651614 4765570 629.9 5.0 0.37 0.02 45 10 OTD356 651613 4765571 625.1 5.0 0.32 0.02 81 10 OTD356 651610 4765573 615.6 5.0 0.37 0.02 44 10 OTD356 651606 4765577 596.6 4.0 0.68 0.02 38 1 OTD356 651605 4765578 592.3 5.0 0.51 0.02 43 10 OTD356 651603 4765579 587.5 5.0 0.59 0.02 41 10 OTD356 651602 4765580 582.8 5.0 0.58 0.02 39 10 OTD356 651601 4765581 578.0 5.0 0.62 0.02 39 10 OTD356 651600 4765582 574.6 2.0 0.60 0.02 33 10 OTD356 651600 4765582 571.3 5.0 0.52 0.03 74 1 OTD356 651598 4765583 566.6 5.0 0.63 0.02 30 1 OTD356 651597 4765584 561.8 5.0 0.71 0.03 36 1 OTD356 651596 4765585 557.0 5.0 0.67 0.02 60 1 OTD356 651595 4765586 552.3 5.0 0.80 0.03 44 2 OTD356 651594 4765587 547.5 5.0 0.69 0.03 52 2 OTD356 651593 4765588 542.8 5.0 0.42 0.03 23 2 OTD356 651592 4765589 538.0 5.0 0.58 0.04 24 2 OTD356 651591 4765590 533.2 5.0 0.72 0.03 33 2 OTD356 651590 4765592 528.5 5.0 1.08 0.02 57 2 OTD356 651588 4765593 523.7 5.0 1.02 0.03 40 2 OTD356 651587 4765594 519.0 5.0 0.59 0.03 16 2 OTD356 651586 4765594 514.2 5.0 0.55 0.02 21 2 OTD356 651585 4765595 509.4 5.0 1.04 0.02 25 2 OTD356 651584 4765596 504.7 5.0 1.06 0.04 32 2 OTD356 651583 4765597 499.9 5.0 0.89 0.08 59 2 OTD356 651582 4765598 495.1 5.0 1.09 0.11 40 2 OTD356 651581 4765599 490.4 5.0 1.29 0.13 43 2 OTD356 651580 4765600 485.6 5.0 1.03 0.14 33 2 OTD356 651579 4765601 480.8 5.0 0.98 0.07 33 2 OTD356 651577 4765602 476.0 5.0 1.50 0.09 46 2 OTD356 651576 4765603 471.3 5.0 1.48 0.10 82 2 OTD356 651575 4765604 466.5 5.0 0.64 0.09 25 2 OTD356 651574 4765605 461.7 5.0 0.59 0.05 24 2 OTD356 651573 4765606 457.0 5.0 0.83 0.06 16 2 OTD356 651571 4765608 447.4 5.0 0.34 0.03 20 2 OTD356 651570 4765609 442.6 5.0 0.31 0.03 14 2 OTD356 651569 4765610 437.9 5.0 0.56 0.04 20 2 OTD356 651568 4765611 433.1 5.0 1.05 0.07 25 2 OTD356 651567 4765612 428.3 5.0 0.79 0.05 41 2 OTD356 651566 4765613 423.5 5.0 0.80 0.06 40 2 OTD356 651565 4765614 418.8 5.0 0.85 0.07 99 2 OTD356 651564 4765615 414.0 5.0 1.95 0.30 64 2 OTD356 651563 4765616 409.2 5.0 1.00 0.19 68 2 OTD356 651562 4765617 404.4 5.0 1.87 0.50 174 2 OTD356 651561 4765618 399.6 5.0 2.32 0.48 239 2 OTD356 651560 4765619 394.9 5.0 2.22 0.29 392 2 OTD356 651559 4765620 390.1 5.0 2.15 0.49 134 2 OTD356 651558 4765621 385.3 5.0 1.88 0.43 74 2 OTD356 651557 4765622 380.5 5.0 1.60 0.37 124 2 OTD356 651556 4765623 375.8 5.0 2.18 0.40 55 2 OTD356 651555 4765624 371.0 5.0 2.77 0.54 25 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD356 651553 4765625 366.2 5.0 2.41 0.38 29 2 OTD356 651552 4765627 361.4 5.0 1.08 0.12 30 2 OTD356 651551 4765628 356.7 5.0 0.94 0.08 22 2 OTD356 651550 4765629 351.9 5.0 0.71 0.07 30 2 OTD356 651549 4765630 347.1 5.0 0.85 0.06 30 2 OTD356 651548 4765631 342.4 5.0 0.75 0.05 32 2 OTD356 651547 4765632 337.6 5.0 0.63 0.05 25 2 OTD356 651546 4765633 332.8 5.0 0.68 0.04 42 2 OTD356 651545 4765634 328.1 5.0 0.84 0.07 44 2 OTD356 651544 4765636 323.3 5.0 0.82 0.06 31 2 OTD356 651543 4765637 318.5 5.0 0.92 0.07 41 2 OTD356 651542 4765638 313.8 5.0 0.83 0.05 45 2 OTD356 651541 4765639 309.0 5.0 0.87 0.06 82 2 OTD356 651540 4765640 304.2 5.0 0.71 0.06 27 2 OTD356 651539 4765641 299.4 5.0 1.02 0.08 58 2 OTD356 651538 4765642 294.7 5.0 0.73 0.05 46 2 OTD356 651537 4765643 289.9 5.0 0.75 0.05 44 2 OTD356 651536 4765644 285.1 5.0 0.56 0.05 30 2 OTD356 651534 4765645 280.4 5.0 0.62 0.05 45 2 OTD356 651534 4765646 276.0 4.0 0.43 0.03 31 2 OTD356 651533 4765647 271.8 4.0 0.57 0.03 93 10 OTD356 651530 4765650 257.4 2.0 0.42 0.02 235 10 OTD356 651529 4765651 252.6 5.0 0.73 0.04 107 10 OTD356 651527 4765652 247.8 5.0 0.58 0.02 102 10 OTD356 651526 4765654 243.1 5.0 0.57 0.02 126 10 OTD356 651525 4765655 238.3 5.0 0.76 0.03 104 10 OTD356 651524 4765656 233.5 5.0 0.41 0.02 56 10 OTD356 651523 4765657 228.7 5.0 0.61 0.03 68 10 OTD356 651522 4765658 223.9 5.0 0.62 0.03 82 10 OTD356 651521 4765659 219.1 5.0 0.58 0.05 161 10 OTD356 651520 4765660 214.3 5.0 0.76 -1.00 65 10 OTD356 651519 4765661 209.5 5.0 0.83 0.01 39 10 OTD356 651518 4765662 204.8 5.0 0.83 0.02 71 10 OTD356 651517 4765662 199.9 5.0 0.96 0.03 44 10 OTD356 651516 4765663 195.1 5.0 0.88 0.05 49 10 OTD356 651515 4765664 190.3 5.0 0.70 0.05 40 10 OTD356 651514 4765665 185.6 5.0 0.82 0.04 45 10 OTD356 651513 4765666 180.8 5.0 0.67 0.03 49 10 OTD356 651512 4765667 176.0 5.0 0.58 0.03 48 10 OTD356 651511 4765668 171.2 5.0 0.60 0.02 42 10 OTD356 651510 4765669 166.4 5.0 0.78 0.04 85 10 OTD356 651509 4765670 161.6 5.0 0.54 0.02 104 10 OTD356 651508 4765671 156.8 5.0 0.61 0.02 47 10 OTD356 651507 4765672 152.0 5.0 0.49 0.01 39 10 OTD356 651506 4765673 147.2 5.0 0.35 0.01 46 10 OTD356 651505 4765674 142.4 5.0 0.39 0.03 45 10 OTD356 651503 4765676 132.8 5.0 0.37 0.06 92 10 OTD356 651502 4765677 128.0 5.0 0.49 0.07 51 10 OTD356 651501 4765678 123.2 5.0 0.48 0.05 29 10 OTD356 651500 4765679 118.4 5.0 0.74 0.05 32 10 OTD356 651499 4765680 113.6 5.0 0.63 0.07 36 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ================================================================================================= OTD356 651498 4765681 108.8 5.0 0.50 0.04 19 10 OTD359 651214 4766038 759.7 5.0 0.45 0.04 19 10 OTD359 651215 4766037 755.0 5.0 0.84 0.11 23 10 OTD359 651217 4766035 750.3 5.0 0.68 0.12 34 10 OTD359 651218 4766034 745.7 5.0 1.09 0.13 26 10 OTD359 651219 4766033 741.0 5.0 0.61 0.08 28 10 OTD359 651220 4766032 736.3 5.0 0.49 0.10 24 10 OTD359 651222 4766029 727.0 5.0 0.71 0.18 57 10 OTD359 651223 4766028 722.3 5.0 0.79 0.28 64 10 OTD359 651225 4766026 717.7 5.0 0.67 0.30 108 10 OTD359 651228 4766022 703.7 5.0 0.34 0.06 45 10 OTD359 651265 4765973 562.2 5.0 0.41 0.06 77 10 OTD359 651266 4765972 558.3 3.7 0.44 0.04 76 10 OTD366 651415 4765327 764.8 5.0 1.66 0.02 35 10 OTD366 651414 4765329 760.2 5.0 0.36 -1.00 18 10 OTD366 651412 4765330 755.6 5.0 0.54 -1.00 20 10 OTD366 651411 4765331 751.1 5.0 0.49 0.01 49 10 OTRCD340 651415 4765571 877.4 5.0 0.34 0.02 250 10 OTRCD340 651414 4765572 872.7 5.0 0.61 0.03 120 10 OTRCD340 651412 4765574 863.0 5.0 0.39 0.01 53 1 OTRCD340 651411 4765575 858.3 5.0 0.39 0.01 47 1 OTRCD340 651410 4765576 853.5 5.0 0.38 0.01 24 1 OTRCD340 651408 4765577 848.7 5.0 0.50 0.01 22 1 OTRCD340 651406 4765579 839.2 5.0 0.58 0.03 60 1 OTRCD340 651405 4765580 834.4 5.0 1.53 0.03 41 1 OTRCD340 651404 4765581 829.7 5.0 1.15 0.02 36 1 OTRCD340 651403 4765582 824.9 5.0 1.47 0.04 26 1 OTRCD340 651402 4765583 820.1 5.0 0.87 0.03 55 1 OTRCD340 651401 4765584 815.4 5.0 0.62 0.03 71 1 OTRCD340 651398 4765588 801.1 5.0 0.65 0.02 39 1 OTRCD340 651396 4765589 796.3 5.0 1.46 0.04 36 1 OTRCD340 651395 4765590 791.5 5.0 1.30 0.03 39 1 OTRCD340 651394 4765591 786.8 5.0 1.39 0.12 52 1 OTRCD340 651393 4765592 782.0 5.0 0.98 0.05 33 1 OTRCD340 651392 4765593 777.2 5.0 1.14 0.07 32 1 OTRCD340 651391 4765594 772.5 5.0 1.18 0.08 55 1 OTRCD340 651390 4765595 767.7 5.0 0.40 0.04 166 1 OTRCD340 651389 4765596 763.2 4.5 0.71 0.08 77 1 OTRCD340 651388 4765597 758.6 5.0 2.67 0.26 53 3 OTRCD340 651387 4765598 753.9 5.0 2.85 0.19 42 3 OTRCD340 651386 4765599 749.1 5.0 2.53 0.09 41 3 OTRCD340 651385 4765600 744.3 5.0 2.56 0.08 29 3 OTRCD340 651384 4765601 739.5 5.0 1.09 0.06 -1 3 OTRCD340 651383 4765603 734.8 5.0 3.83 0.26 67 3 OTRCD340 651382 4765604 730.0 5.0 5.01 0.19 19 3 OTRCD340 651381 4765605 725.2 5.0 2.98 0.16 23 3 OTRCD340 651380 4765606 720.4 5.0 4.55 0.11 36 3 OTRCD340 651379 4765607 715.6 5.0 3.69 0.13 42 3 OTRCD340 651378 4765608 710.8 5.0 3.22 0.15 20 3 OTRCD340 651377 4765609 706.0 5.0 2.96 0.18 28 3 OTRCD340 651376 4765610 701.2 5.0 2.75 0.10 47 3

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================ OTRCD340 651375 4765611 696.5 5.0 2.15 0.08 56 3 OTRCD340 651374 4765613 691.7 5.0 4.00 0.14 44 3 OTRCD340 651373 4765614 686.9 5.0 2.14 0.12 81 3 OTRCD340 651373 4765614 683.5 2.0 0.70 0.06 86 3 OTRCD340 651372 4765615 680.2 5.0 1.69 0.11 95 1 OTRCD340 651371 4765616 675.4 5.0 1.73 0.12 46 1 OTRCD340 651370 4765617 670.6 5.0 0.99 0.09 49 1 OTRCD340 651369 4765619 665.8 5.0 1.47 0.11 53 1 OTRCD340 651368 4765620 661.1 5.0 1.00 0.11 49 1 OTRCD340 651367 4765621 656.3 5.0 0.37 0.06 88 1 OTRCD340 651367 4765622 651.5 5.0 0.39 0.04 66 3 OTRCD340 651366 4765623 646.7 5.0 1.66 0.10 33 3 OTRCD340 651365 4765624 641.9 5.0 2.02 0.13 73 3 OTRCD340 651364 4765625 637.1 5.0 2.41 0.08 54 3 OTRCD340 651363 4765626 632.3 5.0 2.16 0.05 49 3 OTRCD340 651362 4765627 627.6 5.0 1.91 0.05 20 3 OTRCD340 651361 4765628 622.8 5.0 1.94 0.04 29 3 OTRCD340 651360 4765629 618.0 5.0 1.32 0.04 29 3 OTRCD340 651359 4765630 613.2 5.0 1.87 0.06 57 3 OTRCD340 651358 4765632 608.4 5.0 0.90 0.03 16 3 OTRCD340 651357 4765633 603.6 5.0 1.32 0.04 18 3 OTRCD340 651356 4765634 598.8 5.0 1.57 0.06 34 3 OTRCD340 651355 4765635 594.0 5.0 1.51 0.04 24 3 OTRCD340 651354 4765637 588.3 5.0 0.69 0.02 25 1 OTRCD340 651353 4765638 583.5 5.0 1.73 0.08 37 1 OTRCD340 651353 4765639 578.7 5.0 0.64 0.05 39 1 OTRCD340 651352 4765640 573.9 5.0 0.34 0.03 37 1 OTRCD340 651350 4765642 564.4 5.0 0.72 0.05 95 1 OTRCD340 651349 4765643 559.6 5.0 0.85 0.05 56 2 OTRCD340 651348 4765644 554.8 5.0 1.19 0.04 93 2 OTRCD340 651347 4765645 550.0 5.0 0.77 0.03 110 2 OTRCD340 651346 4765647 545.2 5.0 1.05 0.03 77 2 OTRCD340 651346 4765648 540.4 5.0 0.98 0.03 75 2 OTRCD340 651345 4765649 535.6 5.0 1.00 0.03 58 2 OTRCD340 651344 4765650 530.8 5.0 1.17 0.03 85 2 OTRCD340 651343 4765651 526.0 5.0 1.25 0.03 119 2 OTRCD340 651342 4765652 521.3 5.0 0.74 0.02 119 2 OTRCD340 651341 4765653 516.5 5.0 0.79 0.02 144 2 OTRCD340 651340 4765654 511.7 5.0 0.65 0.02 127 2 OTRCD340 651339 4765656 506.9 5.0 0.92 0.02 129 2 OTRCD340 651339 4765657 502.1 5.0 1.05 0.03 186 2 OTRCD340 651338 4765658 497.3 5.0 0.80 0.03 138 2 OTRCD340 651337 4765659 492.5 5.0 0.82 0.04 166 2 OTRCD340 651336 4765660 487.7 5.0 0.63 0.03 170 2 OTRCD340 651334 4765662 478.1 5.0 0.65 0.03 182 2 OTRCD340 651333 4765663 473.3 5.0 0.86 0.03 224 2 OTRCD340 651333 4765665 468.5 5.0 0.60 0.08 182 2 OTRCD340 651331 4765667 459.0 5.0 0.31 0.05 58 2 OTRCD340 651330 4765668 454.2 5.0 0.37 0.05 103 2 OTRCD340 651324 4765676 420.4 5.0 0.61 0.51 -1 10 OTRCD344 651629 4766057 762.6 5.0 0.86 0.03 25 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================ OTRCD344 651628 4766058 757.9 5.0 1.13 0.03 27 1 OTRCD344 651627 4766060 753.1 5.0 1.29 0.03 31 1 OTRCD344 651626 4766061 748.4 5.0 1.20 0.02 23 1 OTRCD344 651625 4766062 743.7 5.0 1.16 0.06 13 1 OTRCD344 651624 4766063 738.9 5.0 1.39 0.02 14 1 OTRCD344 651623 4766065 734.2 5.0 1.84 0.36 14 1 OTRCD344 651622 4766065 730.8 2.2 1.12 0.04 14 1 OTRCD344 651622 4766066 727.3 5.0 4.27 1.00 14 3 OTRCD344 651621 4766067 722.6 5.0 5.49 0.70 13 3 OTRCD344 651620 4766069 717.9 5.0 4.32 0.50 -1 3 OTRCD344 651619 4766070 713.1 5.0 3.97 0.28 14 3 OTRCD344 651618 4766071 708.4 5.0 4.13 0.43 22 3 OTRCD344 651617 4766072 703.7 5.0 4.62 0.44 33 3 OTRCD344 651616 4766074 699.0 5.0 3.44 0.45 30 3 OTRCD344 651615 4766075 694.2 5.0 3.51 0.41 36 3 OTRCD344 651614 4766076 689.5 5.0 3.40 0.28 37 3 OTRCD344 651613 4766078 684.8 5.0 2.92 0.18 80 3 OTRCD344 651612 4766079 680.0 5.0 2.10 0.09 111 3 OTRCD344 651611 4766080 675.3 5.0 2.08 0.07 80 3 OTRCD344 651610 4766081 670.6 5.0 1.21 0.04 69 3 OTRCD344 651609 4766082 666.4 3.8 3.83 0.11 44 3 OTRCD344 651608 4766083 662.3 5.0 1.80 0.06 39 2 OTRCD344 651607 4766085 657.6 5.0 1.57 0.06 59 2 OTRCD344 651606 4766086 652.8 5.0 1.33 0.04 15 2 OTRCD344 651605 4766087 648.1 5.0 1.00 0.07 21 2 OTRCD344 651604 4766089 643.4 5.0 0.95 0.04 42 2 OTRCD344 651603 4766090 638.6 5.0 1.15 0.03 42 2 OTRCD344 651602 4766091 633.9 5.0 0.70 0.02 44 2 OTRCD344 651601 4766092 629.1 5.0 1.04 0.03 43 2 OTRCD344 651600 4766094 624.4 5.0 1.18 0.11 82 2 OTRCD344 651599 4766095 619.7 5.0 1.13 0.06 57 2 OTRCD344 651598 4766096 614.9 5.0 1.06 0.06 41 2 OTRCD344 651597 4766097 610.2 5.0 0.82 0.05 43 2 OTRCD344 651596 4766098 605.4 5.0 0.80 0.03 42 2 OTRCD344 651595 4766100 600.7 5.0 1.00 0.04 50 2 OTRCD344 651595 4766101 596.0 5.0 0.85 0.03 44 2 OTRCD344 651594 4766102 591.2 5.0 0.95 0.06 53 2 OTRCD344 651593 4766103 586.5 5.0 0.82 0.04 40 2 OTRCD344 651592 4766105 581.7 5.0 0.73 0.07 53 2 OTRCD344 651591 4766106 577.0 5.0 0.99 0.06 52 2 OTRCD344 651590 4766107 572.3 5.0 1.07 0.04 132 2 OTRCD344 651589 4766108 567.5 5.0 1.29 0.05 115 2 OTRCD344 651588 4766110 562.8 5.0 1.34 0.11 89 2 OTRCD344 651587 4766111 558.0 5.0 1.17 0.06 76 2 OTRCD344 651586 4766112 553.3 5.0 1.26 0.19 83 2 OTRCD344 651585 4766114 548.6 5.0 1.27 0.14 75 2 OTRCD344 651584 4766115 543.8 5.0 1.42 0.23 92 2 OTRCD344 651583 4766116 539.1 5.0 1.07 0.10 59 2 OTRCD344 651582 4766117 534.3 5.0 0.81 0.23 74 2 OTRCD344 651581 4766118 529.6 5.0 0.84 0.25 77 2 OTRCD344 651580 4766119 524.9 5.0 0.96 0.16 107 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================ OTRCD344 651579 4766121 520.1 5.0 0.63 0.06 42 2 OTRCD344 651578 4766122 515.4 5.0 0.83 0.07 63 2 OTRCD344 651577 4766123 510.6 5.0 0.71 0.11 70 2 OTRCD344 651576 4766126 501.2 5.0 0.81 0.20 89 2 OTRCD344 651575 4766127 496.4 5.0 0.89 0.14 77 2 OTRCD344 651574 4766129 491.7 5.0 0.76 0.13 55 2 OTRCD344 651573 4766130 486.9 5.0 0.66 0.47 83 2 OTRCD344 651572 4766131 482.2 5.0 0.91 0.39 130 2 OTRCD344 651571 4766132 477.4 5.0 0.87 0.39 269 2 OTRCD344 651570 4766134 472.7 5.0 0.74 0.92 83 2 OTRCD344 651570 4766135 468.0 5.0 0.94 1.39 77 2 OTRCD344 651569 4766136 463.2 5.0 0.79 0.41 98 2 OTRCD344 651568 4766138 458.5 5.0 0.75 0.36 84 2 OTRCD344 651567 4766139 453.7 5.0 0.68 0.63 61 2 OTRCD344 651566 4766141 449.0 5.0 0.66 1.01 50 2 OTRCD344 651565 4766142 444.3 5.0 0.69 0.44 84 2 OTRCD344 651565 4766144 439.5 5.0 0.69 0.27 63 2 OTRCD344 651564 4766145 434.8 5.0 0.71 0.13 71 2 OTRCD344 651563 4766146 430.0 5.0 0.68 0.11 48 2 OTRCD344 651562 4766148 425.3 5.0 0.69 0.10 57 2 OTRCD344 651561 4766149 420.6 5.0 0.69 0.16 60 2 OTRCD344 651561 4766151 415.8 5.0 0.59 0.11 70 2 OTRCD344 651560 4766152 411.1 5.0 0.54 0.08 69 2 OTRCD344 651559 4766153 406.4 5.0 0.62 0.15 45 2 OTRCD344 651558 4766155 401.6 5.0 0.89 0.19 121 2 OTRCD344 651558 4766156 398.1 2.5 0.92 0.11 84 10 OTRCD347 651602 4765817 607.6 5.0 0.65 0.02 85 10 OTRCD347 651601 4765818 602.8 5.0 0.48 0.02 62 10 OTRCD347 651597 4765822 582.2 5.0 0.93 0.03 25 2 OTRCD347 651596 4765823 577.4 5.0 0.89 0.04 18 2 OTRCD347 651595 4765824 572.6 5.0 0.91 0.05 28 2 OTRCD347 651594 4765825 567.8 5.0 0.79 0.03 41 2 OTRCD347 651593 4765826 563.0 5.0 0.60 0.04 -1 2 OTRCD347 651592 4765828 558.2 5.0 0.53 0.02 12 2 OTRCD347 651591 4765829 553.4 5.0 1.25 0.05 39 2 OTRCD347 651590 4765830 548.6 5.0 0.61 0.03 19 2 OTRCD347 651589 4765831 543.9 5.0 1.33 0.05 30 2 OTRCD347 651588 4765832 539.1 5.0 0.81 0.03 22 2 OTRCD347 651587 4765833 534.3 5.0 0.66 0.01 21 2 OTRCD347 651586 4765834 529.6 5.0 0.61 0.01 -1 2 OTRCD347 651585 4765835 524.8 5.0 0.64 0.01 21 2 OTRCD347 651584 4765836 520.0 5.0 0.69 0.03 22 2 OTRCD347 651581 4765840 505.8 4.0 0.99 0.04 16 2 OTRCD347 651580 4765841 501.0 5.0 1.38 0.07 10 2 OTRCD347 651579 4765842 496.2 5.0 1.16 0.04 17 2 OTRCD347 651578 4765843 491.5 5.0 1.46 0.06 92 2 OTRCD347 651577 4765845 486.8 5.0 1.18 0.06 161 2 OTRCD347 651576 4765846 482.0 5.0 1.82 0.10 43 2 OTRCD347 651575 4765847 477.3 5.0 2.15 0.14 35 2 OTRCD347 651574 4765848 472.6 5.0 1.86 0.16 51 2 OTRCD347 651568 4765856 444.2 5.0 1.59 0.10 36 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================ OTRCD347 651566 4765857 439.5 5.0 1.30 0.09 20 2 OTRCD347 651565 4765858 434.8 5.0 1.34 0.06 68 2 OTRCD347 651564 4765860 430.1 5.0 1.61 0.11 21 2 OTRCD347 651563 4765861 425.3 5.0 1.46 0.09 20 2 OTRCD347 651562 4765862 420.6 5.0 1.47 0.08 59 2 OTRCD347 651561 4765863 415.9 5.0 1.12 0.06 43 2 OTRCD347 651560 4765865 411.2 5.0 1.23 0.07 44 2 OTRCD347 651559 4765866 406.5 5.0 1.08 0.10 28 2 OTRCD347 651558 4765867 401.8 5.0 0.94 0.08 48 2 OTRCD347 651557 4765869 397.1 5.0 0.48 0.04 25 2 OTRCD347 651556 4765870 392.4 5.0 0.79 0.05 78 2 OTRCD347 651554 4765871 387.7 5.0 0.75 0.05 53 2 OTRCD347 651553 4765873 383.0 5.0 0.71 0.07 32 2 OTRCD347 651552 4765874 378.3 5.0 0.88 0.06 22 2 OTRCD347 651551 4765875 373.6 5.0 0.44 0.04 28 2 OTRCD347 651550 4765877 369.0 5.0 0.45 0.04 86 2 OTRCD347 651549 4765878 363.4 5.0 0.78 0.07 163 10 OTRCD347 651548 4765880 358.7 5.0 0.96 0.07 259 10 OTRCD347 651545 4765883 349.4 5.0 0.56 0.06 279 10 OTRCD347 651544 4765884 344.7 5.0 0.48 0.03 109 10 OTRCD347 651543 4765885 340.1 5.0 0.46 0.03 134 10 OTRCD347 651542 4765887 335.4 5.0 0.33 0.03 159 10 OTRCD347 651541 4765888 330.8 5.0 0.54 0.11 135 10 OTRCD347 651539 4765890 326.1 5.0 0.71 0.09 88 10 OTRCD347 651538 4765891 321.5 5.0 0.67 0.06 141 10 OTRCD347 651537 4765892 316.8 5.0 0.60 0.05 122 10 OTRCD347 651536 4765894 312.5 4.2 0.40 0.05 84 10 OTRCD350 651582 4765709 569.8 5.0 0.36 0.03 48 10 OTRCD350 651580 4765712 553.1 5.0 0.56 0.01 38 2 OTRCD350 651579 4765713 548.3 5.0 0.88 0.02 46 2 OTRCD350 651578 4765714 543.4 5.0 0.69 0.02 31 2 OTRCD350 651578 4765715 538.5 5.0 0.67 0.03 38 2 OTRCD350 651577 4765715 533.6 5.0 1.02 0.03 50 2 OTRCD350 651576 4765716 528.7 5.0 0.72 0.03 29 2 OTRCD350 651576 4765717 523.8 5.0 0.65 0.03 31 2 OTRCD350 651575 4765718 518.9 5.0 0.60 0.02 27 2 OTRCD350 651574 4765719 514.0 5.0 0.51 0.02 41 2 OTRCD350 651574 4765719 509.1 5.0 0.54 0.03 36 2 OTRCD350 651573 4765720 504.3 5.0 0.37 0.03 103 2 OTRCD350 651572 4765721 499.4 5.0 0.71 0.03 35 2 OTRCD350 651572 4765722 494.5 5.0 0.46 0.02 32 2 OTRCD350 651571 4765723 489.6 5.0 0.60 0.02 24 2 OTRCD350 651570 4765724 484.7 5.0 0.93 0.03 48 2 OTRCD350 651570 4765724 479.8 5.0 0.64 0.03 32 2 OTRCD350 651569 4765725 474.9 5.0 0.75 0.04 27 2 OTRCD350 651568 4765726 470.0 5.0 0.88 0.06 23 2 OTRCD350 651568 4765727 465.1 5.0 0.93 0.06 30 2 OTRCD350 651567 4765728 460.2 5.0 0.70 0.05 39 2 OTRCD350 651566 4765728 455.4 5.0 1.57 0.10 35 2 OTRCD350 651566 4765729 450.5 5.0 1.23 0.15 19 2 OTRCD350 651565 4765730 445.6 5.0 1.28 0.16 59 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================ OTRCD350 651564 4765731 440.7 5.0 1.02 0.09 129 2 OTRCD350 651564 4765731 435.8 5.0 1.94 0.18 106 2 OTRCD350 651563 4765733 430.9 5.0 1.06 0.16 34 2 OTRCD350 651563 4765734 426.1 5.0 2.07 0.31 74 2 OTRCD350 651562 4765734 421.2 5.0 1.68 0.29 48 2 OTRCD350 651561 4765735 416.3 5.0 1.29 0.20 21 2 OTRCD350 651561 4765736 411.4 5.0 1.36 0.23 18 2 OTRCD350 651560 4765737 406.5 5.0 1.48 0.36 25 2 OTRCD350 651559 4765738 401.7 5.0 3.43 0.75 32 2 OTRCD350 651559 4765739 396.8 5.0 1.87 0.30 188 2 OTRCD350 651558 4765740 391.9 5.0 2.85 0.64 94 2 OTRCD350 651557 4765741 387.0 5.0 1.31 0.19 128 2 OTRCD350 651557 4765741 382.1 5.0 0.72 0.05 155 2 OTRCD350 651556 4765742 377.2 5.0 1.11 0.09 55 2 OTRCD350 651555 4765743 372.4 5.0 1.96 0.27 128 2 OTRCD350 651555 4765744 367.5 5.0 1.28 0.18 29 2 OTRCD350 651554 4765745 362.6 5.0 1.29 0.21 32 2 OTRCD350 651553 4765745 357.7 5.0 0.31 0.09 11 2 OTRCD350 651553 4765746 352.8 5.0 1.54 0.32 90 2 OTRCD350 651552 4765747 347.9 5.0 0.50 0.03 27 2 OTRCD350 651551 4765748 343.0 5.0 0.67 0.04 35 2 OTRCD350 651551 4765749 338.1 5.0 0.76 0.06 51 2 OTRCD350 651550 4765749 333.3 5.0 0.65 0.03 72 2 OTRCD350 651550 4765750 328.4 5.0 0.78 0.17 31 2 OTRCD350 651549 4765751 323.5 5.0 1.07 0.03 38 2 OTRCD350 651548 4765752 318.6 5.0 0.58 0.04 26 2 OTRCD350 651548 4765753 313.7 5.0 0.44 0.04 31 2 OTRCD350 651547 4765754 308.8 5.0 0.81 0.04 34 2 OTRCD350 651547 4765755 303.9 5.0 1.32 0.08 37 2 OTRCD350 651546 4765756 299.0 5.0 0.78 0.04 60 2 OTRCD350 651545 4765756 294.1 5.0 0.63 0.04 66 2 OTRCD350 651545 4765757 289.2 5.0 0.62 0.04 50 2 OTRCD350 651544 4765758 284.3 5.0 0.78 0.04 52 2 OTRCD350 651544 4765758 279.9 4.0 0.83 0.05 68 2 OTRCD350 651543 4765759 275.5 5.0 0.65 0.03 69 10 OTRCD350 651542 4765760 270.6 5.0 0.61 0.02 40 10 OTRCD350 651542 4765761 267.2 2.0 0.69 0.03 52 10 OTRCD352 651649 4766235 604.0 4.9 0.37 -1.00 10 2 OTRCD352 651648 4766236 599.4 5.0 1.24 0.03 10 2 OTRCD352 651646 4766237 594.7 5.0 1.79 0.14 90 2 OTRCD352 651645 4766238 590.0 5.0 1.84 0.12 30 2 OTRCD352 651644 4766239 586.7 2.2 1.01 0.11 46 2 OTRCD352A 651653 4766245 600.1 5.0 1.07 0.03 92 2 OTRCD352A 651652 4766246 595.5 5.0 1.63 0.05 13 2 OTRCD352A 651650 4766248 590.9 5.0 1.69 0.09 22 2 OTRCD352A 651649 4766249 586.3 5.0 2.30 0.14 28 2 OTRCD352A 651647 4766250 581.7 5.0 1.16 0.06 34 2 OTRCD352A 651646 4766252 577.1 5.0 1.66 0.13 48 2 OTRCD352A 651645 4766253 572.5 5.0 1.27 0.11 47 2 OTRCD352A 651643 4766254 567.9 5.0 2.26 0.20 59 2 OTRCD352A 651642 4766256 563.3 5.0 2.24 0.18 56 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================ OTRCD352A 651641 4766257 558.7 5.0 1.86 0.12 54 2 OTRCD352A 651639 4766259 554.1 5.0 1.68 0.09 57 2 OTRCD352A 651638 4766261 549.5 5.0 1.37 0.09 18 2 OTRCD352A 651637 4766262 544.9 5.0 1.51 0.12 24 2 OTRCD352A 651635 4766263 540.3 5.0 1.25 0.07 26 2 OTRCD352A 651634 4766265 535.7 5.0 1.32 0.07 49 2 OTRCD352A 651633 4766266 531.1 5.0 1.46 0.08 64 2 OTRCD352A 651631 4766267 526.5 5.0 1.70 0.09 33 2 OTRCD352A 651630 4766269 521.8 5.0 1.47 0.07 46 2 OTRCD352A 651629 4766270 517.2 5.0 1.35 0.07 15 2 OTRCD352A 651627 4766271 512.5 5.0 0.71 0.04 14 2 OTRCD352A 651626 4766273 507.9 5.0 0.76 0.05 28 2 OTRCD352A 651625 4766274 503.3 5.0 0.62 0.04 22 2 OTRCD352A 651624 4766276 498.6 5.0 0.87 0.05 26 2 OTRCD352A 651623 4766277 493.9 5.0 0.73 0.21 20 2 OTRCD352A 651622 4766278 489.3 5.0 0.89 0.56 25 2 OTRCD352A 651621 4766280 484.6 5.0 1.03 0.06 22 2 OTRCD352A 651619 4766281 479.9 5.0 1.28 0.07 28 2 OTRCD352A 651618 4766283 475.5 4.4 0.87 0.04 22 2 OTRCD353 651553 4765490 704.9 5.0 0.33 0.02 20 10 OTRCD353 651553 4765491 700.0 5.0 0.31 0.01 23 10 OTRCD353 651552 4765491 695.0 5.0 0.44 0.02 65 10 OTRCD353 651552 4765492 690.0 5.0 0.38 0.01 46 10 OTRCD353 651552 4765492 685.1 5.0 0.37 0.01 29 10 OTRCD353 651551 4765493 680.1 5.0 0.48 0.02 32 10 OTRCD353 651551 4765493 675.1 5.0 0.38 0.01 80 10 OTRCD353 651551 4765494 670.2 5.0 0.36 0.01 77 10 OTRCD353 651550 4765494 665.2 5.0 0.31 0.02 57 10 OTRCD353 651550 4765495 660.2 5.0 0.38 0.02 80 10 OTRCD353 651550 4765495 655.8 3.9 0.51 0.01 31 10 OTRCD353 651549 4765496 646.4 5.0 0.58 0.03 26 1 OTRCD353 651549 4765496 641.5 5.0 0.75 0.02 29 1 OTRCD353 651549 4765497 636.5 5.0 0.90 0.02 34 1 OTRCD353 651548 4765497 631.5 5.0 1.01 0.03 48 1 OTRCD353 651548 4765498 626.6 5.0 0.96 0.02 55 1 OTRCD353 651548 4765498 621.6 5.0 0.74 0.01 68 1 OTRCD353 651547 4765499 616.6 5.0 1.16 0.02 47 1 OTRCD353 651547 4765500 611.7 5.0 0.73 0.02 34 1 OTRCD353 651547 4765500 606.7 5.0 0.73 0.03 68 1 OTRCD353 651546 4765501 601.8 5.0 0.78 0.04 41 1 OTRCD353 651546 4765501 596.8 5.0 0.65 0.03 38 1 OTRCD353 651546 4765502 591.8 5.0 0.56 0.02 21 1 OTRCD353 651546 4765502 586.9 5.0 0.50 0.02 30 1 OTRCD353 651545 4765503 581.9 5.0 0.64 0.02 36 1 OTRCD353 651545 4765503 576.9 5.0 0.62 0.02 43 1 OTRCD353 651545 4765503 572.0 5.0 0.73 0.03 79 1 OTRCD353 651544 4765504 567.0 5.0 0.60 0.02 37 1 OTRCD353 651544 4765504 562.0 5.0 0.54 0.02 49 1 OTRCD353 651543 4765505 552.1 5.0 0.74 0.03 66 1 OTRCD353 651543 4765506 547.2 5.0 0.72 0.02 50 1 OTRCD353 651543 4765507 542.2 5.0 0.50 0.01 64 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================ OTRCD353 651542 4765507 537.2 5.0 0.91 0.02 60 1 OTRCD353 651542 4765508 527.3 5.0 0.71 0.03 73 1 OTRCD353 651542 4765509 522.3 5.0 0.64 0.03 82 1 OTRCD353 651541 4765509 517.4 5.0 0.79 0.02 50 1 OTRCD353 651541 4765510 512.4 5.0 0.64 0.02 55 1 OTRCD353 651541 4765511 507.5 5.0 0.82 0.02 66 1 OTRCD353 651541 4765511 502.5 5.0 1.18 0.02 68 1 OTRCD353 651540 4765512 497.5 5.0 0.88 0.02 61 1 OTRCD353 651540 4765512 494.1 2.0 0.62 -1.00 75 1 OTRCD353 651540 4765512 490.6 5.0 0.70 0.03 38 2 OTRCD353 651540 4765513 485.6 5.0 1.19 0.03 48 2 OTRCD353 651539 4765514 480.7 5.0 1.15 0.02 75 2 OTRCD353 651539 4765514 475.7 5.0 1.56 0.04 125 2 OTRCD353 651539 4765515 470.7 5.0 1.96 0.09 66 2 OTRCD353 651539 4765515 465.8 5.0 1.21 0.05 96 2 OTRCD353 651538 4765516 460.8 5.0 0.72 0.10 46 2 OTRCD353 651538 4765516 455.8 5.0 2.82 0.17 24 2 OTRCD353 651538 4765517 450.9 5.0 1.27 0.05 65 2 OTRCD353 651538 4765517 445.9 5.0 0.94 0.06 55 2 OTRCD353 651537 4765518 440.9 5.0 0.59 0.04 20 2 OTRCD353 651537 4765518 436.0 5.0 1.45 0.06 55 2 OTRCD353 651537 4765519 431.0 5.0 1.69 0.09 61 2 OTRCD353 651537 4765519 426.0 5.0 0.75 0.05 46 2 OTRCD353 651536 4765520 421.1 5.0 0.65 0.07 29 2 OTRCD353 651536 4765520 416.1 5.0 0.77 0.05 33 2 OTRCD353 651536 4765521 411.1 5.0 1.03 0.05 40 2 OTRCD353 651536 4765521 406.2 5.0 0.45 0.02 31 2 OTRCD353 651535 4765522 401.2 5.0 0.89 0.08 71 2 OTRCD353 651535 4765522 396.2 5.0 0.82 0.10 53 2 OTRCD353 651535 4765523 391.3 5.0 1.03 0.06 47 2 OTRCD353 651535 4765523 386.3 5.0 0.87 0.08 33 2 OTRCD353 651535 4765524 381.3 5.0 0.52 0.08 14 10 OTRCD353 651534 4765524 376.9 4.0 0.54 0.68 26 10 OTRCD365 651658 4766023 634.3 5.0 1.71 0.19 -1 3 OTRCD365 651657 4766025 629.7 5.0 2.20 0.28 21 3 OTRCD365 651655 4766026 625.0 5.0 2.70 0.24 62 3 OTRCD365 651654 4766027 620.4 5.0 3.85 0.29 57 3 OTRCD365 651652 4766029 615.8 5.0 2.99 0.47 49 3 OTRCD365 651651 4766030 611.2 5.0 2.43 0.39 84 3 OTRCD365 651649 4766031 606.6 5.0 5.62 0.34 61 3 OTRCD365 651648 4766032 602.0 5.0 6.40 0.45 25 3 OTRCD365 651647 4766034 597.4 3.0 4.05 0.68 -1 3 OTRCD365 651645 4766035 592.8 5.0 3.18 0.39 -1 3 OTRCD365 651644 4766036 588.2 3.0 3.16 0.21 -1 3 OTRCD365 651642 4766038 583.6 3.0 2.88 0.19 -1 3 OTRCD365 651641 4766039 580.4 2.0 2.81 0.17 -1 3 OTRCD365 651640 4766040 577.2 5.0 1.17 0.08 -1 2 OTRCD365 651639 4766041 572.6 5.0 1.45 0.10 -1 2 OTRCD365 651637 4766042 568.0 5.0 1.89 0.12 -1 2 OTRCD365 651636 4766044 563.4 5.0 2.14 0.12 -1 2 OTRCD365 651634 4766045 558.8 5.0 1.26 0.07 -1 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================ OTRCD365 651633 4766046 554.2 5.0 1.10 0.06 -1 2 OTRCD365 651632 4766048 549.6 5.0 1.09 0.06 -1 2 OTRCD365 651630 4766049 545.0 5.0 1.03 0.07 -1 2 OTRCD365 651629 4766050 540.4 5.0 0.92 0.10 -1 2 OTRCD365 651627 4766052 535.8 5.0 1.29 0.07 -1 2 OTRCD365 651626 4766053 531.2 5.0 1.24 0.08 -1 2 OTRCD365 651624 4766055 526.6 5.0 1.08 0.07 -1 2 OTRCD365 651623 4766056 522.0 5.0 1.14 0.07 -1 2 OTRCD365 651621 4766057 517.5 5.0 1.09 0.05 -1 2 OTRCD365 651620 4766059 512.9 5.0 1.06 0.05 -1 2 OTRCD365 651619 4766060 508.3 5.0 0.90 0.07 -1 2 OTRCD365 651617 4766061 503.7 5.0 2.27 0.12 -1 2 OTRCD365 651616 4766063 499.1 5.0 1.33 0.07 -1 2 OTRCD365 651614 4766064 494.5 5.0 1.00 0.05 -1 2 OTRCD365 651613 4766066 490.0 5.0 0.95 0.05 -1 2 OTRCD365 651611 4766067 485.4 5.0 0.84 0.07 -1 2 OTRCD365 651610 4766069 480.8 5.0 0.65 0.46 -1 2 OTRCD365 651609 4766070 476.2 5.0 0.92 0.46 -1 2 OTRCD365 651607 4766071 471.6 5.0 0.97 0.39 -1 2 OTRCD365 651606 4766073 467.1 5.0 1.12 0.38 -1 2 OTRCD365 651604 4766074 462.5 5.0 0.91 0.32 -1 2 OTRCD365 651603 4766075 459.3 2.0 0.70 0.10 -1 2 OTRCD365 651602 4766076 456.1 4.0 0.47 0.11 -1 10 OTRCD365 651597 4766082 437.8 3.0 0.62 0.25 -1 10 OTRCD365 651596 4766084 433.2 5.0 0.69 0.41 -1 10 OTRCD365 651594 4766085 428.7 5.0 0.81 0.22 -1 10 OTRCD365 651593 4766087 424.1 5.0 0.68 0.20 -1 10 OTRCD365 651592 4766088 419.5 5.0 0.62 0.36 -1 10 OTRCD365 651590 4766090 415.0 5.0 0.63 0.39 -1 10 OTRCD365 651589 4766092 410.4 5.0 0.45 0.14 -1 10 OTRCD365 651586 4766095 401.3 5.0 0.84 0.66 -1 10 OTRCD365 651585 4766096 396.7 5.0 0.45 0.46 -1 10 OTRCD365 651584 4766098 392.1 5.0 0.50 0.34 -1 10 OTRCD365 651582 4766099 387.6 5.0 0.53 0.58 -1 10 OTRCD365 651581 4766101 383.0 5.0 0.52 1.50 -1 10 OTRCD365 651580 4766103 378.5 5.0 0.54 1.40 -1 10 OTRCD365 651579 4766104 373.9 5.0 0.66 0.83 -1 10 OTRCD365 651577 4766106 369.4 5.0 0.38 0.35 -1 10 OTRCD365 651576 4766108 364.8 5.0 0.61 0.40 -1 10 OTRCD365 651575 4766109 360.3 5.0 0.48 0.40 -1 10 OTRCD365 651573 4766111 355.8 5.0 0.59 0.22 -1 10 OTRCD365 651572 4766113 351.2 5.0 0.55 0.08 -1 10 OTRCD365 651571 4766114 346.7 5.0 0.76 0.10 -1 10 OTRCD365 651569 4766116 342.1 5.0 0.89 0.18 -1 10 OTRCD365 651568 4766117 337.6 5.0 0.68 0.09 -1 10 OTRCD365 651567 4766119 333.0 3.0 0.63 0.08 -1 10 OTD364 651508 4766098 765.7 5.0 1.22 0.07 10 1 OTD364 651507 4766098 760.9 5.0 1.19 0.04 5 1 OTD364 651505 4766099 756.1 5.0 1.92 0.07 47 1 OTD364 651504 4766100 751.3 5.0 1.77 0.07 16 1 OTD364 651503 4766101 746.6 5.0 2.18 0.09 19 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================ OTD364 651502 4766101 741.8 5.0 1.61 0.05 12 1 OTD364 651500 4766102 737.0 5.0 1.22 0.03 33 1 OTD364 651499 4766103 732.2 5.0 1.28 0.04 48 1 OTD364 651498 4766104 727.4 5.0 1.45 0.04 19 1 OTD364 651497 4766105 723.1 4.0 1.45 0.05 5 1 OTD364 651496 4766105 718.8 5.0 1.09 0.03 7 2 OTD364 651495 4766106 714.0 5.0 1.13 0.04 9 2 OTD364 651493 4766107 709.3 5.0 0.98 0.05 15 2 OTD364 651492 4766108 704.5 5.0 1.11 0.03 11 2 OTD364 651491 4766108 699.7 5.0 1.03 0.04 49 2 OTD364 651490 4766109 694.9 5.0 0.90 0.05 61 2 OTD364 651488 4766110 690.1 5.0 1.10 0.05 32 2 OTD364 651487 4766111 685.4 5.0 1.03 0.04 16 2 OTD364 651486 4766112 680.6 5.0 0.92 0.02 11 2 OTD364 651485 4766112 675.8 5.0 1.17 0.05 19 2 OTD364 651484 4766113 671.0 5.0 1.04 0.02 11 2 OTD364 651482 4766114 666.2 5.0 0.92 0.01 19 2 OTD364 651481 4766115 661.5 5.0 1.19 0.03 10 2 OTD364 651480 4766115 656.7 5.0 1.01 0.03 9 2 OTD364 651479 4766116 651.9 5.0 1.51 0.06 16 2 OTD364 651477 4766117 647.1 5.0 1.53 0.21 15 2 OTD364 651476 4766118 642.3 5.0 1.87 0.19 21 2 OTD364 651475 4766119 637.6 5.0 1.60 0.10 18 2 OTD364 651474 4766119 632.8 5.0 1.16 0.03 20 2 OTD364 651472 4766120 628.0 5.0 1.73 0.07 32 2 OTD364 651471 4766121 623.2 5.0 0.96 0.08 30 2 OTD364 651470 4766122 618.5 5.0 0.73 0.08 28 2 OTD364 651469 4766123 613.7 5.0 1.03 0.08 19 2 OTD364 651467 4766124 608.9 5.0 0.86 0.03 23 2 OTD364 651466 4766124 604.1 5.0 0.69 0.12 29 2 OTD364 651465 4766125 599.4 5.0 0.97 0.12 52 2 OTD364 651461 4766128 585.1 5.0 0.59 0.20 40 2 OTD364 651460 4766129 580.3 5.0 1.08 0.29 45 2 OTD364 651459 4766130 575.5 5.0 0.88 0.16 21 2 OTD364 651457 4766130 570.8 5.0 0.99 0.10 18 2 OTD364 651456 4766131 566.0 5.0 1.75 0.29 41 2 OTD364 651455 4766132 561.2 5.0 1.39 0.12 60 2 OTD364 651454 4766133 556.5 5.0 1.01 0.05 71 2 OTD364 651452 4766134 551.7 5.0 1.12 0.08 44 2 OTD364 651451 4766134 546.9 5.0 0.45 0.10 54 2 OTD364 651450 4766135 542.1 5.0 0.46 0.14 118 2 OTD364 651449 4766136 537.4 5.0 1.24 0.10 69 2 OTD364 651447 4766137 532.6 5.0 1.10 0.10 98 2 OTD364 651446 4766138 527.8 5.0 0.79 0.06 143 2 OTD364 651445 4766139 523.1 5.0 0.67 0.08 82 2 OTD364 651444 4766140 518.3 5.0 0.72 0.12 85 2 OTD364 651442 4766141 513.6 5.0 0.77 0.07 125 2 OTD364 651441 4766142 508.8 5.0 0.91 0.03 84 2 OTD364 651440 4766143 504.0 5.0 0.99 0.06 109 2 OTD364 651439 4766144 499.3 5.0 0.77 0.07 68 2 OTD364 651438 4766145 494.5 5.0 0.68 0.06 109 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================ ~~OTD364 651436 4766145 489.8 5.0 0.71 0.02 101 2 OTD364 651435 4766146 485.9 3.0 0.83 0.04 138 2~~
APPENDIX C ================================================================================ STANDARD REFERENCE MATERIAL (SRM) CHARTS [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT COPPER ASSAYS FOR STANDARD #1 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT COPPER ASSAYS FOR STANDARD #1 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL COPPER ASSAYS FOR STANDARD #3 - MARCH 1,2002 TO JANUARY 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL GOLD ASSAYS FOR STANDARD #3 - MARCH 1, 2002 TO JANUARY 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #3 - MARCH 1, 2002 TO JANUARY 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #5 - MARCH 1 TO SEPTEMBER 30, 2002 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #5 - MARCH 1 TO SEPTEMBER 30, 2002 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #5 - MARCH 1 TO SEPTEMBER 30, 2002 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #6 - JULY 1 TO NOVEMBER 30, 2002 GRAPH] [IVANHOE MINES MONGOLIA INC. - FINAL GOLD ASSAYS FOR STANDARD #6 - JULY 1 TO NOVEMBER 30 , 2002 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #6 - JULY 1 TO NOVEMBER 30, 2002 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #7 - JULY 1, 2002 TO JANUARY 31,2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #7 - JULY 1, 2002 TO JANUARY 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #7 - JULY 1, 2002 TO JANUARY 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #8 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #8 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #8 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #9 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #9 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #9 - JULY 1, 2002 TO JANUARY 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #10 - JULY 1, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #10 - JULY 1, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT MOLYBDENUM ASSAYS FOR STANDARD #10 - JULY 1, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #11 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #11 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #11 - OCTOBER 1, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #12 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #12 - JULY 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #12 - OCTOBER 1 TO DECEMBER 31, 2002 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #13 - OCTOBER 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #13 - OCTOBER 1, 2002 TO MARCH 1, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #13 - OCTOBER 1, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #14 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #14 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #14 - DECEMBER 10, 2002 TO FEBRUARY 28, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #15 - JULY 1, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #15 - JULY 1, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #15 - DECEMBER 10, 2002 TO FEBRUARY 28, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #16 - JULY 1, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #16 - JULY 1, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #16 - DECEMBER 10 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #17 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #17 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #17 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #18 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #18 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #18 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #19 - DECEMBER 30, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #19 - DECEMBER 30, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #19 - DECEMBER 30, 2002 TO FEBRUARY 28, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #20 - DEC 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #20 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] [IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #20 - DECEMBER 10, 2002 TO FEBRUARY 28, 2003 GRAPH] APPENDIX D ================================================================================ DATA ANALYSIS Summarized Statistics Contact Profile Plots TABLE D-1: SOUTH WEST OYU STATISTICS SUMMARY
METAL DOMAIN VALUE NUMBER MEAN CV MIN Q25 Q50 Q75 MAX - ----- ------ ----- ------ ---- -- --- --- --- --- --- Cu% ALL Assays Cut 16545 0.42 0.92 0.00 0.16 0.34 0.58 4.00 Assays Uncut 16545 0.43 0.94 0.00 0.16 0.34 0.58 6.19 Comps Cut 6715 0.42 0.84 0.00 0.17 0.35 0.57 3.80 Blocks KG 70919 0.29 0.75 0.01 0.14 0.25 0.40 2.25 Blocks NN 70919 0.28 1.02 0.00 0.04 0.22 0.41 3.80 AUGITE BASALT Assays Cut 8918 0.36 0.72 0.00 0.18 0.32 0.48 3.28 Assays Uncut 8918 0.36 0.72 0.00 0.18 0.32 0.48 3.28 Comps Cut 3576 0.36 0.62 0.00 0.20 0.33 0.47 2.11 Blocks KG 43756 0.30 0.43 0.01 0.19 0.28 0.39 1.07 Blocks NN 43756 0.29 0.74 0.00 0.14 0.25 0.40 2.11 HIGH GOLD ZONE Assays Cut 4243 0.75 0.67 0.00 0.42 0.67 0.98 4.00 Assays Uncut 4243 0.76 0.69 0.00 0.42 0.67 0.98 6.19 Comps Cut 1691 0.75 0.57 0.00 0.46 0.70 0.96 3.80 Blocks KG 8184 0.64 0.40 0.09 0.45 0.62 0.80 2.25 Blocks NN 8184 0.65 0.64 0.00 0.36 0.58 0.87 3.80 QUARTZ MONZODIORITE Assays Cut 1393 0.13 1.49 0.00 0.02 0.04 0.17 1.00 Assays Uncut 1393 0.13 1.53 0.00 0.02 0.04 0.17 1.91 Comps Cut 588 0.13 1.40 0.00 0.02 0.03 0.17 1.00 Blocks KG 18206 0.09 1.07 0.01 0.02 0.05 0.11 0.55 Blocks NN 18206 0.08 1.94 0.00 0.00 0.01 0.06 1.00 LOW GRADE QM (14) Assays Cut 214 0.11 1.24 0.00 0.02 0.06 0.14 0.89 Assays Uncut 214 0.11 1.24 0.00 0.02 0.06 0.14 0.89 Comps Cut 91 0.11 1.04 0.01 0.02 0.08 0.14 0.51 Blocks KG 177 0.10 0.74 0.01 0.04 0.07 0.17 0.34 Blocks NN 177 0.10 1.29 0.00 0.01 0.03 0.14 0.48 DYKES Assays Cut 579 0.17 1.38 0.00 0.01 0.05 0.25 1.00 Assays Uncut 579 0.17 1.45 0.00 0.01 0.05 0.25 1.69 Comps Cut 281 0.15 1.29 0.00 0.02 0.07 0.19 1.00 Au gpt ALL Assays Cut 16545 0.65 1.41 0.00 0.12 0.32 0.77 10.00 Assays Uncut 16545 0.66 1.81 0.00 0.12 0.32 0.77 91.60 Comps Cut 6715 0.63 1.32 0.00 0.14 0.34 0.76 8.98 Blocks KG 57764 0.49 0.99 0.00 0.23 0.37 0.53 5.77 Blocks NN 57764 0.50 1.25 0.00 0.13 0.32 0.61 8.98 AUGITE BASALT Assays Cut 8918 0.37 0.92 0.01 0.16 0.29 0.49 3.00 Assays Uncut 8918 0.38 2.71 0.01 0.16 0.29 0.49 91.60 Comps Cut 3576 0.37 0.79 0.00 0.18 0.30 0.48 2.75 Blocks KG 43756 0.37 0.41 0.02 0.25 0.35 0.47 1.57 Blocks NN 43756 0.38 0.82 0.00 0.17 0.31 0.53 2.75 HIGH GOLD ZONE Assays Cut 4243 1.61 0.80 0.01 0.74 1.35 2.10 10.00 Assays Uncut 4243 1.64 0.85 0.01 0.74 1.35 2.15 17.90 Comps Cut 1691 1.60 0.71 0.00 0.83 1.37 2.11 8.98 Blocks KG 8180 1.43 0.46 0.15 0.99 1.30 1.75 5.77 Blocks NN 8180 1.40 0.75 0.00 0.68 1.18 1.93 8.98 QUARTZ MONZODIORITE Assays Cut 1393 0.10 2.06 0.01 0.01 0.03 0.09 1.30 Assays Uncut 1393 0.12 3.52 0.01 0.01 0.03 0.09 11.80 Comps Cut 588 0.10 1.84 0.00 0.01 0.03 0.10 1.30 Blocks KG 5055 0.05 1.32 0.00 0.01 0.03 0.07 0.55 Blocks NN 5055 0.06 2.45 0.00 0.00 0.01 0.04 1.30 LOW GRADE QM (14) Assays Cut 214 0.19 1.36 0.01 0.03 0.09 0.28 2.25 Assays Uncut 214 0.19 1.36 0.01 0.03 0.09 0.28 2.25 Comps Cut 91 0.19 1.13 0.01 0.03 0.11 0.25 1.18 Blocks KG 177 0.18 0.94 0.01 0.04 0.10 0.31 0.59 Blocks NN 177 0.21 1.48 0.00 0.02 0.05 0.24 1.18 DYKES Assays Cut 579 0.17 1.51 0.01 0.01 0.04 0.23 1.50 Assays Uncut 579 0.17 1.65 0.01 0.01 0.04 0.23 2.45 Comps Cut 281 0.15 1.41 0.00 0.02 0.06 0.21 1.30

METAL DOMAIN VALUE NUMBER MEAN CV MIN Q25 Q50 Q75 MAX - ----- ------ ----- ------ ---- -- --- --- --- --- --- Mo ppm ALL Assays Cut 16545 54.22 1.80 0.00 9.00 26.00 60.00 1500.00 Assays Uncut 16545 54.83 2.04 0.00 9.00 26.00 60.00 4990.00 Comps Cut 6715 53.01 1.38 0.00 11.00 30.00 63.00 1270.00 Blocks KG 66783 46.21 0.83 0.00 17.00 36.00 68.00 334.00 Blocks NN 66783 47.62 1.49 0.00 6.00 25.00 59.00 1021.00 AUGITE BASALT Assays Cut 8918 58.79 1.63 5.00 12.00 31.00 67.00 1500.00 Assays Uncut 8918 59.01 1.70 5.00 12.00 31.00 67.00 2590.00 Comps Cut 3576 57.83 1.21 1.00 16.00 37.00 72.00 861.00 Blocks KG 43756 55.09 0.65 4.00 27.00 47.00 75.00 330.00 Blocks NN 43756 56.95 1.33 0.00 11.00 36.00 70.00 861.00 HIGH GOLD ZONE Assays Cut 4243 71.30 1.71 5.00 16.00 35.00 80.00 1500.00 Assays Uncut 4243 72.84 2.08 5.00 16.00 35.00 80.00 4990.00 Comps Cut 1691 71.02 1.29 2.00 21.00 41.00 82.00 1270.00 Blocks KG 8184 65.64 0.63 6.00 34.00 58.00 85.00 334.00 Blocks NN 8184 65.64 1.26 0.00 20.00 38.00 74.00 1021.00 QUARTZ MONZODIORITE Assays Cut 1393 16.42 1.66 5.00 5.00 7.00 17.00 375.00 Assays Uncut 1393 16.42 1.66 5.00 5.00 7.00 17.00 375.00 Comps Cut 588 15.61 1.37 1.00 5.00 8.00 17.00 222.00 Blocks KG 14070 9.37 0.87 0.00 3.00 7.00 13.00 72.00 Blocks NN 14070 10.23 1.74 0.00 0.00 5.00 12.00 222.00 LOW GRADE QM (14) Assays Cut 214 20.33 2.03 5.00 5.00 8.00 18.00 470.00 Assays Uncut 214 20.33 2.03 5.00 5.00 8.00 18.00 470.00 Comps Cut 91 20.00 1.69 3.00 5.00 10.00 20.00 277.00 Blocks KG 177 17.38 0.78 1.00 8.00 13.00 26.00 114.00 Blocks NN 177 15.93 1.30 0.00 5.00 7.00 18.00 135.00 DYKES Assays Cut 579 31.21 2.57 5.00 5.00 9.00 29.00 1500.00 Assays Uncut 579 34.32 4.24 5.00 5.00 9.00 29.00 3300.00 Comps Cut 281 27.72 2.14 1.00 5.00 9.00 27.00 782.00
TABLE D-2: SOUTH OYU STATISTICS SUMMARY
METAL DOMAIN VALUE NUMBER MEAN CV MIN Q25 Q50 Q75 MAX - ----- ------ ----- ------ ---- -- --- --- --- --- --- Cu% ALL Assays Cut 6,026 0.33 1.21 0.00 0.05 0.23 0.46 6.38 Assays Uncut 6,026 0.33 1.23 0.00 0.05 0.23 0.46 6.38 Comps Cut 2,745 0.27 1.24 0.00 0.02 0.17 0.41 3.18 Blocks KG 46,039 0.22 0.79 0.01 0.07 0.20 0.32 2.24 Blocks NN 46,039 0.21 1.18 0.00 0.02 0.12 0.31 2.73 SOUTH OF S2 Assays Cut 246 0.10 1.63 0.00 0.01 0.01 0.16 0.82 Assays Uncut 246 0.10 1.63 0.00 0.01 0.01 0.16 0.82 Comps Cut 100 0.10 1.53 0.00 0.01 0.01 0.20 0.61 BETWEEN S1 AND S2 Assays Cut 2,340 0.44 0.89 0.00 0.20 0.36 0.59 3.78 Assays Uncut 2,340 0.44 0.90 0.00 0.20 0.36 0.59 3.78 Comps Cut 1,012 0.40 0.91 0.00 0.15 0.34 0.54 2.73 Blocks KG 18,680 0.34 0.50 0.01 0.22 0.31 0.42 2.24 Blocks NN 18,680 0.33 0.83 0.00 0.16 0.30 0.43 2.73 BETWEEN SWO AND S1 Assays Cut 867 0.19 1.22 0.00 0.02 0.10 0.29 1.96 Assays Uncut 867 0.19 1.22 0.00 0.02 0.10 0.29 1.96 Comps Cut 378 0.17 1.21 0.00 0.01 0.10 0.28 1.16 Blocks KG 7,924 0.17 0.60 0.01 0.09 0.15 0.24 0.58 Blocks NN 7,924 0.16 1.47 0.00 0.01 0.09 0.18 1.17 QUARTZ MONZODIORITE Assays Cut 1,818 0.22 1.11 0.00 0.04 0.13 0.33 2.26 Assays Uncut 1,818 0.22 1.12 0.00 0.04 0.13 0.33 2.54 Comps Cut 928 0.17 1.25 0.00 0.01 0.08 0.26 1.25 Blocks KG 19,435 0.12 1.00 0.01 0.03 0.06 0.19 0.68 Blocks NN 19,435 0.12 1.46 0.00 0.01 0.05 0.16 1.25 OXIDE Assays Cut 743 0.45 1.46 0.00 0.05 0.25 0.54 6.38 Assays Uncut 743 0.46 1.49 0.00 0.05 0.25 0.54 6.38 Comps Cut 309 0.37 1.45 0.00 0.02 0.17 0.46 3.18 Au gpt ALL Assays Cut 6,025 0.10 2.77 0.00 0.02 0.04 0.09 10.06 Assays Uncut 6,025 0.11 3.69 0.00 0.02 0.04 0.09 15.20 Comps Cut 2,745 0.08 2.29 0.00 0.01 0.04 0.08 4.38 Blocks KG 43,284 0.08 1.22 0.00 0.03 0.05 0.10 1.49 Blocks NN 43,284 0.08 2.73 0.00 0.01 0.03 0.07 4.38 SOUTH OF S2 Assays Cut 246 0.07 3.30 0.01 0.01 0.01 0.05 2.75 Assays Uncut 246 0.07 3.30 0.01 0.01 0.01 0.05 2.75 Comps Cut 100 0.07 2.17 0.01 0.01 0.02 0.05 0.82 BETWEEN S1 AND S2 Assays Cut 2,340 0.14 2.78 0.01 0.03 0.06 0.14 10.06 Assays Uncut 2,340 0.15 3.63 0.01 0.03 0.06 0.14 15.20 Comps Cut 1,012 0.13 2.20 0.00 0.02 0.06 0.14 4.38 Blocks KG 16,248 0.13 1.07 0.00 0.06 0.10 0.15 1.49 Blocks NN 16,248 0.13 2.39 0.00 0.03 0.06 0.13 4.38 BETWEEN SWO AND S1 Assays Cut 867 0.05 1.86 0.01 0.01 0.03 0.05 1.00 Assays Uncut 867 0.05 1.88 0.01 0.01 0.03 0.05 1.08 Comps Cut 378 0.05 1.77 0.00 0.01 0.03 0.05 0.92 Blocks KG 7,606 0.04 0.57 0.00 0.03 0.04 0.05 0.21 Blocks NN 7,606 0.04 1.35 0.00 0.01 0.02 0.04 0.41 QUARTZ MONZODIORITE Assays Cut 1,818 0.08 1.81 0.01 0.02 0.04 0.07 1.00 Assays Uncut 1,818 0.09 3.39 0.01 0.02 0.04 0.07 7.95 Comps Cut 928 0.06 1.74 0.00 0.01 0.03 0.06 1.00 Blocks KG 19,430 0.05 0.68 0.00 0.03 0.04 0.07 0.33 Blocks NN 19,430 0.04 1.73 0.00 0.01 0.02 0.04 1.00 OXIDE Assays Cut 742 0.09 2.21 0.01 0.01 0.03 0.08 2.35 Assays Uncut 742 0.09 2.21 0.01 0.01 0.03 0.08 2.35 Comps Cut 309 0.07 1.87 0.00 0.01 0.03 0.07 1.05

METAL DOMAIN VALUE NUMBER MEAN CV MIN Q25 Q50 Q75 MAX - ----- ------ ----- ------ ---- -- --- --- --- --- --- Mo ppm ALL Assays Cut 6,026 21.48 1.82 0.00 5.00 7.00 21.00 400.00 Assays Uncut 6,026 22.25 2.56 0.00 5.00 7.00 21.00 2720.00 Comps Cut 2,745 18.42 1.74 0.00 5.00 7.00 19.00 386.00 Blocks KG 46,007 17.91 1.18 0.00 7.00 11.00 21.00 267.00 Blocks NN 46,007 18.11 1.75 0.00 5.00 6.00 18.00 386.00 SOUTH OF S2 Assays Cut 246 9.81 1.31 5.00 5.00 5.00 5.00 100.00 Assays Uncut 246 9.81 1.31 5.00 5.00 5.00 5.00 100.00 Comps Cut 100 10.05 1.21 5.00 5.00 5.00 5.00 64.00 BETWEEN S1 AND S2 Assays Cut 2,340 17.09 1.67 5.00 5.00 5.00 18.00 300.00 Assays Uncut 2,340 17.71 2.42 5.00 5.00 5.00 18.00 1540.00 Comps Cut 1,012 15.25 1.35 0.00 5.00 7.00 18.00 213.00 Blocks KG 18,653 15.95 0.84 0.00 8.00 12.00 19.00 121.00 Blocks NN 18,653 16.16 1.36 0.00 5.00 7.00 19.00 213.00 BETWEEN SWO AND S1 Assays Cut 867 49.84 1.54 5.00 5.00 14.00 57.00 400.00 Assays Uncut 867 53.55 2.28 5.00 5.00 14.00 57.00 2720.00 Comps Cut 378 44.64 1.49 0.00 5.00 13.00 59.00 386.00 Blocks KG 7,924 35.20 1.11 0.00 8.00 20.00 49.00 267.00 Blocks NN 7,924 33.42 1.73 0.00 5.00 7.00 29.00 386.00 QUARTZ MONZODIORITE Assays Cut 1,818 20.20 1.25 5.00 5.00 12.00 25.00 320.00 Assays Uncut 1,818 20.20 1.25 5.00 5.00 12.00 25.00 320.00 Comps Cut 928 15.63 1.28 0.00 5.00 9.00 21.00 173.00 Blocks KG 19,430 12.74 0.80 0.00 5.00 10.00 17.00 82.00 Blocks NN 19,430 13.73 1.50 0.00 5.00 5.00 15.00 159.00 OXIDE Assays Cut 743 9.38 1.36 5.00 5.00 5.00 9.00 168.00 Assays Uncut 743 9.38 1.36 5.00 5.00 5.00 9.00 168.00 Comps Cut 309 8.74 1.20 0.00 5.00 5.00 9.00 88.00
TABLE D-3: CENTRAL OYU STATISTICS SUMMARY
METAL DOMAIN VALUE NUMBER MEAN CV MIN Q25 Q50 Q75 MAX - ----- ------ ----- ------ ---- -- --- --- --- --- --- Cu% ALL Assays Cut 11,564 0.43 1.12 0.00 0.06 0.29 0.62 5.22 Assays Uncut 11,564 0.43 1.15 0.00 0.06 0.29 0.62 5.87 Comps Cut 5,380 0.37 1.19 0.00 0.04 0.21 0.57 4.51 Blocks KG 61,351 0.24 1.22 0.01 0.07 0.13 0.25 2.75 Blocks NN 61,351 0.24 1.45 0.00 0.02 0.10 0.32 4.14 COVELLITE Assays Cut 2,225 0.55 0.45 0.00 0.38 0.51 0.68 2.30 Assays Uncut 2,225 0.55 0.45 0.00 0.38 0.51 0.68 2.30 Comps Cut 884 0.55 0.36 0.01 0.41 0.52 0.66 1.43 Blocks KG 4,769 0.55 0.19 0.07 0.48 0.54 0.60 1.23 Blocks NN 4,769 0.55 0.35 0.00 0.41 0.52 0.66 1.42 COVELLITE HIGH GRADE Assays Cut 991 1.17 0.50 0.00 0.79 1.05 1.43 4.50 Assays Uncut 991 1.18 0.52 0.00 0.79 1.05 1.43 4.84 Comps Cut 399 1.16 0.42 0.12 0.83 1.05 1.41 2.93 Blocks KG 2,095 1.22 0.21 0.67 1.03 1.20 1.39 2.08 Blocks NN 2,095 1.15 0.45 0.12 0.80 1.06 1.44 2.93 CHALCOPYRITE Assays Cut 1,458 0.70 0.54 0.00 0.43 0.63 0.89 2.78 Assays Uncut 1,458 0.70 0.54 0.00 0.43 0.63 0.89 2.78 Comps Cut 588 0.69 0.47 0.00 0.46 0.63 0.87 2.35 Blocks KG 3,077 0.71 0.23 0.32 0.60 0.69 0.81 1.35 Blocks NN 3,077 0.68 0.44 0.00 0.48 0.64 0.84 2.35 CHALCOCITE Assays Cut 683 0.96 0.74 0.00 0.49 0.75 1.26 5.22 Assays Uncut 683 0.97 0.77 0.00 0.49 0.75 1.26 5.87 Comps Cut 276 0.93 0.64 0.00 0.50 0.75 1.22 4.51 Blocks KG 1,478 0.95 0.31 0.38 0.73 0.89 1.13 2.75 Blocks NN 1,478 0.96 0.69 0.01 0.48 0.73 1.24 4.14 BACKGROUND Assays Cut 4,850 0.14 1.26 0.00 0.03 0.07 0.20 2.09 Assays Uncut 4,850 0.14 1.26 0.00 0.03 0.07 0.20 2.09 Comps Cut 2,357 0.12 1.29 0.00 0.02 0.06 0.18 1.58 Blocks KG 49,924 0.12 0.75 0.01 0.06 0.11 0.17 0.90 Blocks NN 49,924 0.12 1.32 0.00 0.02 0.05 0.17 1.54 - ------------------------------------------------------------------------------------------------- Au gpt ALL Assays Cut 11,562 0.13 2.10 0.00 0.02 0.05 0.12 3.00 Assays Uncut 11,562 0.13 1.99 0.00 0.02 0.05 0.12 5.25 Comps Cut 5,380 0.11 2.02 0.00 0.01 0.04 0.10 3.00 Blocks KG 60,997 0.08 1.50 0.00 0.03 0.05 0.08 1.77 Blocks NN 60,998 0.07 2.16 0.00 0.01 0.03 0.07 3.00 COVELLITE Assays Cut 2,224 0.10 1.29 0.01 0.03 0.07 0.12 1.23 Assays Uncut 2,224 0.10 1.29 0.01 0.03 0.07 0.12 1.23 Comps Cut 884 0.10 1.18 0.01 0.04 0.07 0.11 1.00 Blocks KG 4,766 0.10 0.70 0.01 0.06 0.08 0.11 0.61 Blocks NN 4,766 0.10 1.24 0.01 0.04 0.07 0.11 1.00 COVELLITE HIGH GRADE Assays Cut 990 0.23 1.12 0.01 0.07 0.12 0.28 1.30 Assays Uncut 990 0.23 1.18 0.01 0.07 0.12 0.28 2.30 Comps Cut 399 0.22 1.04 0.01 0.08 0.12 0.28 1.30 Blocks KG 2,095 0.21 0.56 0.05 0.12 0.19 0.28 0.90 Blocks NN 2,095 0.21 1.02 0.01 0.08 0.13 0.25 1.30 CHALCOPYRITE Assays Cut 1,458 0.44 1.16 0.01 0.12 0.26 0.54 3.00 Assays Uncut 1,458 0.45 1.25 0.01 0.12 0.26 0.54 5.25 Comps Cut 588 0.44 1.06 0.00 0.13 0.27 0.57 3.00 Blocks KG 3,020 0.42 0.67 0.07 0.21 0.36 0.55 1.77 Blocks NN 3,020 0.41 1.13 0.00 0.11 0.24 0.52 3.00 CHALCOCITE Assays Cut 682 0.09 1.14 0.01 0.03 0.06 0.10 0.80 Assays Uncut 682 0.09 1.17 0.01 0.03 0.06 0.10 1.00 Comps Cut 276 0.08 1.01 0.01 0.03 0.06 0.10 0.53 Blocks KG 1,185 0.08 0.60 0.02 0.05 0.08 0.10 0.40 Blocks NN 1,185 0.08 1.03 0.01 0.03 0.05 0.08 0.53 BACKGROUND Assays Cut 4,850 0.05 1.70 0.01 0.01 0.03 0.06 1.00 Assays Uncut 4,850 0.05 1.80 0.01 0.01 0.03 0.06 1.70 Comps Cut 2,357 0.05 1.65 0.00 0.01 0.02 0.05 0.99 Blocks KG 49,924 0.05 0.70 0.00 0.03 0.04 0.06 0.51 Blocks NN 49,924 0.04 1.51 0.00 0.01 0.03 0.05 0.99

METAL DOMAIN VALUE NUMBER MEAN CV MIN Q25 Q50 Q75 MAX - ----- ------ ----- ------ ---- -- --- --- --- --- --- Mo ppm ALL Assays Cut 11,564 41.47 1.59 0.00 7.00 19.00 46.00 800.00 Assays Uncut 11,564 43.48 2.11 0.00 7.00 19.00 46.00 3100.00 Comps Cut 5,380 35.60 1.52 0.00 5.00 16.00 42.00 785.00 Blocks KG 61,058 28.80 1.00 0.00 10.00 19.00 37.00 437.00 Blocks NN 61,058 26.81 1.63 0.00 5.00 13.00 29.00 785.00 COVELLITE Assays Cut 2,225 63.44 1.37 5.00 15.00 34.00 77.00 800.00 Assays Uncut 2,225 63.93 1.44 5.00 15.00 34.00 77.00 1115.00 Comps Cut 884 63.49 1.16 4.00 17.00 38.00 82.00 656.00 Blocks KG 4,769 61.05 0.70 6.00 28.00 53.00 84.00 437.00 Blocks NN 4,769 62.71 1.26 0.00 17.00 336.00 78.00 510.00 COVELLITE HIGH GRADE Assays Cut 991 58.63 1.33 5.00 18.00 38.00 71.00 800.00 Assays Uncut 991 58.65 1.33 5.00 18.00 38.00 71.00 820.00 Comps Cut 399 59.08 1.08 5.00 23.00 44.00 76.00 785.00 Blocks KG 2,095 55.36 0.50 5.00 36.00 50.00 69.00 191.00 Blocks NN 2,095 51.21 1.03 0.00 19.00 37.00 64.00 785.00 CHALCOPYRITE Assays Cut 1,458 45.25 1.53 5.00 13.00 23.00 45.00 400.00 Assays Uncut 1,458 53.60 2.59 5.00 13.00 23.00 45.00 2240.00 Comps Cut 588 44.80 1.33 0.00 15.00 25.00 48.00 400.00 Blocks KG 3,077 50.36 0.80 6.00 28.00 40.00 60.00 378.00 Blocks NN 3,077 50.65 1.20 0.00 17.00 27.00 62.00 400.00 CHALCOCITE Assays Cut 683 59.18 1.16 5.00 11.00 36.00 84.00 400.00 Assays Uncut 683 61.05 1.36 5.00 11.00 36.00 84.00 1092.00 Comps Cut 276 55.48 1.02 3.00 12.00 36.50 75.00 348.00 Blocks KG 1,185 57.12 0.64 5.00 30.00 51.00 76.00 226.00 Blocks NN 1,185 56.43 1.04 3.00 13.00 31.00 82.00 348.00 BACKGROUND Assays Cut 4,850 27.81 1.80 5.00 5.00 12.00 26.00 500.00 Assays Uncut 4,850 29.58 2.85 5.00 5.00 12.00 26.00 3100.00 Comps Cut 2,357 23.13 1.74 0.00 5.00 10.00 24.00 500.00 Blocks KG 49,924 22.60 0.95 0.00 9.00 16.00 29.00 313.00 Blocks NN 49,924 20.19 1.62 0.00 5.00 10.00 21.00 443.00
TABLE D-4: FAR NORTH STATISTICS SUMMARY
METAL DOMAIN VALUE NUMBER MEAN CV MIN Q25 Q50 Q75 MAX - ----- ------ ----- ------ ---- -- --- --- --- --- --- Cu % ALL Assays Cut 14,708 0.80 1.12 0.00 0.14 0.58 1.11 10.65 Assays Uncut 14,708 0.80 1.13 0.00 0.14 0.58 1.11 10.65 Comps Cut 4,159 0.82 1.05 0.00 0.18 0.63 1.12 9.56 Blocks KG 103,213 0.53 0.87 0.00 0.24 0.41 0.65 6.30 Blocks NN 103,213 0.50 1.11 0.00 0.11 0.37 0.69 9.56 GRADE SHELL - IGNIMBRITE Assays Cut 3,813 1.04 0.55 0.00 0.65 1.00 1.39 4.80 Assays Uncut 3,813 1.04 0.55 0.00 0.65 1.00 1.39 4.80 Comps Cut 1,040 1.06 0.46 0.01 0.71 1.04 1.38 2.65 Blocks KG 14,884 1.04 0.26 0.18 0.85 1.03 1.24 1.90 Blocks NN 14,884 0.99 0.52 0.01 0.65 0.95 1.34 2.82 GRADE SHELL - AUGITE BASALT Assays Cut 2,534 0.91 0.54 0.00 0.62 0.83 1.12 4.52 Assays Uncut 2,534 0.91 0.54 0.00 0.62 0.83 1.12 4.52 Comps Cut 763 0.94 0.46 0.01 0.68 0.87 1.12 3.43 Blocks KG 8,271 0.98 0.25 0.30 0.80 0.97 1.14 2.46 Blocks NN 8,271 0.97 0.49 0.01 0.68 0.90 1.17 3.43 HIGH GRADE SHELL Assays Cut 1,414 2.49 0.59 0.01 1.61 2.37 3.12 10.65 Assays Uncut 1,414 2.49 0.59 0.01 1.61 2.37 3.12 10.65 Comps Cut 389 2.60 0.48 0.01 1.87 2.41 3.23 9.56 Blocks KG 1,968 2.57 0.25 0.85 2.11 2.47 2.95 6.30 Blocks NN 1,968 2.62 0.48 0.01 1.87 2.42 3.35 9.56 BACKGROUND Assays Cut 5,887 0.31 1.17 0.00 0.04 0.20 0.47 2.50 Assays Uncut 5,887 0.32 1.27 0.00 0.04 0.20 0.47 7.62 Comps Cut 1,649 0.32 1.04 0.00 0.07 0.23 0.48 2.50 Blocks KG 71,035 0.35 0.49 0.01 0.22 0.35 0.47 1.48 Blocks NN 71,035 0.32 0.87 0.00 0.08 0.25 0.52 1.69 DYKES Assays Cut 593 0.21 1.27 0.00 0.02 0.08 0.32 1.41 Assays Uncut 593 0.21 1.27 0.00 0.02 0.08 0.32 1.41 Comps Cut 172 0.21 1.18 0.00 0.03 0.09 0.30 1.25 Blocks KG 7,054 0.17 0.88 0.01 0.04 0.12 0.25 0.83 Blocks NN 7,054 0.15 1.43 0.00 0.01 0.05 0.22 1.25 SEDIMENTS Assays Cut 466 0.02 1.56 0.00 0.01 0.01 0.01 0.27 Assays Uncut 466 0.02 1.56 0.00 0.01 0.01 0.01 0.27 Comps Cut 145 0.02 1.25 0.00 0.01 0.01 0.01 0.19 - ------------------------------------------------------------------------------------------------------------------- Au gpt ALL Assays Cut 13,120 0.07 1.53 0.00 0.02 0.04 0.07 1.76 Assays Uncut 13,120 0.07 2.21 0.00 0.02 0.04 0.07 7.20 Comps Cut 3,972 0.07 1.41 0.00 0.02 0.04 0.07 1.39 Blocks KG 68,744 0.07 0.92 0.00 0.03 0.05 0.08 0.77 Blocks NN 68,744 0.06 1.39 0.00 0.02 0.04 0.07 1.39 GRADE SHELL - IGNIMBRITE Assays Cut 3,524 0.04 0.79 0.01 0.02 0.03 0.05 0.30 Assays Uncut 3,524 0.04 0.83 0.01 0.02 0.03 0.05 0.54 Comps Cut 1,023 0.04 0.69 0.01 0.02 0.03 0.05 0.26 Blocks KG 14,884 0.04 0.39 0.01 0.03 0.04 0.05 0.12 Blocks NN 14,884 0.04 0.73 0.01 0.02 0.03 0.05 0.26 GRADE SHELL - AUGITE BASALT Assays Cut 2,474 0.08 1.53 0.01 0.03 0.05 0.08 1.76 Assays Uncut 2,474 0.08 1.53 0.01 0.03 0.05 0.08 1.76 Comps Cut 757 0.09 1.37 0.01 0.03 0.05 0.09 1.39 Blocks KG 8,271 0.09 0.88 0.01 0.05 0.06 0.10 0.77 Blocks NN 8,271 0.08 1.34 0.01 0.03 0.05 0.09 1.39 HIGH GRADE SHELL Assays Cut 1,373 0.17 1.05 0.01 0.05 0.10 0.22 1.00 Assays Uncut 1,373 0.19 2.03 0.01 0.05 0.10 0.22 7.20 Comps Cut 385 0.17 0.92 0.01 0.06 0.11 0.23 0.82 Blocks KG 1,949 0.17 0.58 0.03 0.09 0.14 0.23 0.51 Blocks NN 1,949 0.18 0.98 0.01 0.05 0.11 0.24 0.82 BACKGROUND Assays Cut 4,964 0.06 1.53 0.00 0.02 0.03 0.06 1.00 Assays Uncut 4,964 0.06 1.91 0.00 0.02 0.03 0.06 3.70 Comps Cut 1,538 0.06 1.40 0.01 0.02 0.03 0.06 0.85 Blocks KG 41,786 0.06 0.89 0.01 0.03 0.05 0.08 0.75 Blocks NN 41,786 0.05 0.80 0.01 0.03 0.03 0.06 0.21 DYKES Assays Cut 502 0.05 0.91 0.01 0.02 0.04 0.07 0.30 Assays Uncut 502 0.05 1.17 0.01 0.02 0.04 0.07 0.96 Comps Cut 162 0.05 0.82 0.01 0.02 0.04 0.07 0.23 Blocks KG 1,853 0.05 0.48 0.01 0.03 0.05 0.06 0.12 Blocks NN 1,853 0.05 0.80 0.01 0.03 0.03 0.06 0.21 SEDIMENTS Assays Cut 282 0.02 0.77 0.01 0.01 0.01 0.02 0.09 Assays Uncut 282 0.02 0.77 0.01 0.01 0.01 0.02 0.09 Comps Cut 106 0.02 0.58 0.01 0.01 0.01 0.02 0.06

METAL DOMAIN VALUE NUMBER MEAN CV MIN Q25 Q50 Q75 MAX - ----- ------ ----- ------ ---- -- --- --- --- --- --- Mo ppm ALL Assays Cut 12,002 69.65 1.15 0.00 23.00 45.00 87.00 1000.00 Assays Uncut 12,002 71.19 1.53 0.00 23.00 45.00 87.00 6080.00 Comps Cut 3,687 68.30 0.98 0.00 25.00 48.00 90.00 885.00 Blocks KG 73,688 67.79 0.58 0.00 38.00 59.00 88.00 385.00 Blocks NN 73,688 73.90 1.32 0.00 23.00 45.00 86.00 885.00 GRADE SHELL - IGNIMBRITE Assays Cut 3,523 66.37 1.00 5.00 25.00 47.00 84.00 700.00 Assays Uncut 3,523 66.65 1.05 5.00 25.00 47.00 84.00 1070.00 Comps Cut 1,024 66.77 0.87 5.00 28.00 49.50 87.00 491.00 Blocks KG 14,880 65.34 0.53 12.00 38.00 58.00 85.00 283.00 Blocks NN 14,880 67.62 0.89 5.00 25.00 50.00 89.00 491.00 GRADE SHELL - AUGITE BASALT Assays Cut 2,337 86.08 0.90 5.00 34.00 65.00 110.00 500.00 Assays Uncut 2,337 88.09 1.07 5.00 34.00 65.00 110.00 1910.00 Comps Cut 724 83.74 0.76 7.00 38.00 66.00 111.00 397.00 Blocks KG 8,271 78.14 0.49 17.00 49.00 68.00 99.00 252.00 Blocks NN 8,271 77.64 0.86 7.00 32.00 56.00 101.00 397.00 HIGH GRADE SHELL Assays Cut 1,163 57.61 1.09 10.00 22.00 35.00 70.00 500.00 Assays Uncut 1,163 58.41 1.23 10.00 22.00 35.00 70.00 1210.00 Comps Cut 365 56.29 0.87 10.00 24.00 40.00 71.00 381.00 Blocks KG 1,968 54.70 0.49 11.00 37.00 50.00 66.00 196.00 Blocks NN 1,968 54.11 0.95 10.00 23.00 37.00 66.00 381.00 BACKGROUND Assays Cut 4,566 69.74 1.35 5.00 20.00 41.00 83.00 1000.00 Assays Uncut 4,566 72.28 2.01 5.00 20.00 41.00 83.00 6080.00 Comps Cut 1,420 68.03 1.14 5.00 21.00 44.00 87.00 885.00 Blocks KG 46,169 68.54 0.60 6.00 38.00 59.00 89.00 385.00 Blocks NN 46,169 77.90 1.46 5.00 20.00 45.00 86.00 885.00 DYKES Assays Cut 315 45.78 1.15 6.00 14.00 28.00 47.00 300.00 Assays Uncut 315 46.63 1.24 6.00 14.00 28.00 47.00 490.00 Comps Cut 119 43.97 0.99 10.00 16.00 28.00 49.00 227.00 Blocks KG 2,399 43.43 0.66 14.00 24.00 33.00 50.00 179.00 Blocks NN 2,399 39.26 1.11 10.00 16.00 26.00 38.00 227.00 SEDIMENTS Assays Cut 97 11.09 1.02 5.00 5.00 6.00 11.00 52.00 Assays Uncut 97 11.09 1.02 5.00 5.00 6.00 11.00 52.00 Comps Cut 34 12.59 0.83 5.00 5.00 7.00 16.00 41.00
[CENTRAL OYU, TOLGOI PROJECT: ASSAY Au CP VS BKGD 10M BIN GRAPH] [CENTRAL OYU, TOLGOI PROJECT: ASSAY Mo CV 0.3 VS CV 0.7 10M BIN GRAPH] [CENTRAL OYU, TOLGOI PROJECT: ASSAY Mo CV VS CC 10M BIN GRAPH] [CENTRAL OYU, TOLGOI PROJECT: ASSAY Mo CV VS BKGD 10M BIN GRAPH] [CENTRAL OYU, TOLGOI PROJECT: ASSAY Mo CP VS BKGD 10M BIN GRAPH] [CENTRAL OYU, TOLGOI PROJECT: ASSAY CV% CV VS CP 10M BIN GRAPH] [CENTRAL OYU, OYU TOLGOI PROJECT: ASSAY Cu CV VS CP 10M BIN GRAPH] [CENTRAL OYU, OYU TOLGOI PROJECT: ASSAY Cu CV VS CC 10M BIN GRAPH] [CENTRAL OYU, OYU TOLGOI PROJECT: ASSAY Cu CV VS BKGD 10M BIN GRAPH] [CENTRAL OYU, OYU TOLGOI PROJECT: ASSAY Cu CP VS BKGD 10M BIN GRAPH] [CENTRAL OYU, TOLGOI PROJECT: ASSAY CP% CV VS CP 10M BIN GRAPH] [CENTRAL OYU, TOLGOI PROJECT: ASSAY Au CV VS CP 10M BIN GRAPH] CENTRAL OYU, OYU TOLGOI PROJECT: ASSAY AU CV 0.3 VS CV 0.7 10M BIN [CENTRAL OYU, OYU TOLGOI PROJECT: ASSAY AU CV 0.3 VS CV 0.7 10M BIN GRAPH] CENTRAL OYU, TOLGOI PROJECT: ASSAY AU CV VS CC 10M BIN [CENTRAL OYU, TOLGOI PROJECT: ASSAY AU CV VS CC 10M BIN GRAPH] CENTRAL OYU, TOLGOI PROJECT: ASSAY AU CV VS BKGD 10M BIN [CENTRAL OYU, TOLGOI PROJECT: ASSAY AU CV VS BKGD 10M BIN GRAPH] CENTRAL OYU, TOLGOI PROJECT: ASSAY MO CV VS CP 10M BIN [CENTRAL OYU, TOLGOI PROJECT: ASSAY MO CV VS CP 10M BIN GRAPH] OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY AU DMAIN 1 VS 10 10M BIN [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY AU DMAIN 1 VS 10 10M BIN GRAPH] OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY MO DMAIN 2 VS 10 10M BIN [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY MO DMAIN 2 VS 10 10M BIN GRAPH] OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY MO DMAIN 1 VS 3 10M BIN [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY MO DMAIN 1 VS 3 10M BIN GRAPH] OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY MO DMAIN 1 VS 2 10M BIN [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY MO DMAIN 1 VS 2 10M BIN GRAPH] OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY CU DMAIN 2 VS 3 10M BIN [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY CU DMAIN 2 VS 3 10M BIN GRAPH] OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY CU DMAIN 2 VS 10 10M BIN [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY CU DMAIN 2 VS 10 10M BIN GRAPH] OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY CU DMAIN 1 VS 3 10M BIN [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY CU DMAIN 1 VS 3 10M BIN GRAPH] OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY CU DMAIN 1 VS 2 10M BIN [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY CU DMAIN 1 VS 2 10M BIN GRAPH] OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY CU DMAIN 1 VS 10 10M BIN [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY CU DMAIN 1 VS 10 10M BIN GRAPH] OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY AU DMAIN 2 VS 3 10M BIN [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY AU DMAIN 2 VS 3 10M BIN GRAPH] OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY AU DMAIN 2 VS 10 10M BIN [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY AU DMAIN 2 VS 10 10M BIN GRAPH] OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY AU DMAIN 1 VS 3 10M BIN [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY AU DMAIN 1 VS 3 10M BIN GRAPH] OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY AU DMAIN 1 VS 2 10M BIN [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY AU DMAIN 1 VS 2 10M BIN GRAPH] OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY MO DMAIN 2 VS 3 10M BIN [OYU TOLGOI PROJECT: FAR NORTH OYU ASSAY MO DMAIN 2 VS 3 10M BIN GRAPH] SOUTH OYU, TOLGOI PROJECT: ASSAY AU D2 VS D3 10M BIN [SOUTH OYU, TOLGOI PROJECT: ASSAY AU D2 VS D3 10M BIN GRAPH] SOUTH OYU, TOLGOI PROJECT: 5M COMP CU D2 VS D3 10M BIN [SOUTH OYU, TOLGOI PROJECT: 5M COMP CU D2 VS D3 10M BIN GRAPH] SOUTH OYU, TOLGOI PROJECT: ASSAY CU D2 VS D3 10M BIN [SOUTH OYU, TOLGOI PROJECT: ASSAY CU D2 VS D3 10M BIN GRAPH] SOUTH OYU, TOLGOI PROJECT: 5M COMP AU D2 VS D3 10M BIN [SOUTH OYU, TOLGOI PROJECT: 5M COMP AU D2 VS D3 10M BIN GRAPH] SOUTH OYU, TOLGOI PROJECT: ASSAY MO D2 VS D3 10M BIN [SOUTH OYU, TOLGOI PROJECT: ASSAY MO D2 VS D3 10M BIN GRAPH] SOUTH WEST OYU, TOLGOI PROJECT: ASSAY AU AU ZONE VS VA 10M BIN [SOUTH WEST OYU, TOLGOI PROJECT: ASSAY AU AU ZONE VS VA 10M BIN GRAPH] SOUTH WEST OYU, TOLGOI PROJECT: ASSAY MO AU ZONE VS VA 10M BIN [SOUTH WEST OYU, TOLGOI PROJECT: ASSAY MO AU ZONE VS VA 10M BIN GRAPH] SOUTH WEST OYU, OYU TOLGOI PROJECT: ASSAY CU QMD VS VA 10M BIN [SOUTH WEST OYU, OYU TOLGOI PROJECT: ASSAY CU QMD VS VA 10M BIN GRAPH] SOUTH WEST OYU, OYU TOLGOI PROJECT: ASSAY CU AU ZONE VS VA 10M BIN [SOUTH WEST OYU, OYU TOLGOI PROJECT: ASSAY CU AU ZONE VS VA 10M BIN GRAPH] SOUTH WEST OYU, TOLGOI PROJECT: ASSAY AU QMD VS VA 10M BIN [SOUTH WEST OYU, TOLGOI PROJECT: ASSAY AU QMD VS VA 10M BIN GRAPH] SOUTH WEST OYU, TOLGOI PROJECT: ASSAY MO QMD VS VA 10M BIN [SOUTH WEST OYU, TOLGOI PROJECT: ASSAY MO QMD VS VA 10M BIN GRAPH] APPENDIX E ================================================================================ MODEL VALIDATION HERCO Plots Bias Charts Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [SOUTH WEST OYU DOMAIN 1 CU AUGITE BASALT GRAPH] [SOUTH WEST OYU DOMAIN 1 CU AUGITE BASALT GRAPH] [SOUTH WEST OYU DOMAIN 1 CU AUGITE BASALT GRAPH] [SOUTH WEST OYU DOMAIN 1 AU AUGITE BASALT GRAPH] [SOUTH WEST OYU DOMAIN 1 AU AUGITE BASALT GRAPH] [SOUTH WEST OYU DOMAIN 1 AU AUGITE BASALT GRAPH] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [SW OYU DOMAIN 2 CU HIGH GOLD ZONE GRAPH] [SW OYU DOMAIN 2 CU HIGH GOLD ZONE GRAPH] [SW OYU DOMAIN 2 CU HIGH GOLD ZONE GRAPH] [SW OYU DOMAIN 2 AU HIGH GOLD ZONE GRAPH] [SW OYU DOMAIN 2 AU HIGH GOLD ZONE GRAPH] [SW OYU DOMAIN 2 AU HIGH GOLD ZONE GRAPH] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [SOUTH OYU DOMAIN 2 CU GRAPH] [SOUTH OYU DOMAIN 2 CU GRAPH] [SOUTH OYU DOMAIN 2 CU GRAPH] [SOUTH OYU DOMAIN 2 AU GRAPH] [SOUTH OYU DOMAIN 2 AU GRAPH] [SOUTH OYU DOMAIN 2 AU GRAPH] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [SOUTH OYU DOMAIN 3 CU BETWEEN SWO AND S1 GRAPH] [SOUTH OYU DOMAIN 3 CU BETWEEN SWO AND S1 GRAPH] [SOUTH OYU DOMAIN 3 CU BETWEEN SWO AND S1 GRAPH] [SOUTH OYU DOMAIN 3 AU BETWEEN SWO AND S1 GRAPH] [SOUTH OYU DOMAIN 3 AU BETWEEN SWO AND S1 GRAPH] [SOUTH OYU DOMAIN 3 AU BETWEEN SWO AND S1 GRAPH] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [SOUTH OYU DOMAIN 4 CU QUARTZ MONZODIORITE GRAPH] [SOUTH OYU DOMAIN 4 CU QUARTZ MONZODIORITE GRAPH] [SOUTH OYU DOMAIN 4 CU QUARTZ MONZODIORITE GRAPH] [SOUTH OYU DOMAIN 4 AU QUARTZ MONZODIORITE GRAPH] [SOUTH OYU DOMAIN 4 AU QUARTZ MONZODIORITE GRAPH] [SOUTH OYU DOMAIN 4 AU QUARTZ MONZODIORITE GRAPH] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [CENTRAL OYU DOMAIN 1 BLOCKS CU COVELLITE GRAPH] [CENTRAL OYU DOMAIN 1 BLOCKS CU COVELLITE GRAPH] [CENTRAL OYU DOMAIN 1 BLOCKS CU COVELLITE GRAPH] [CENTRAL OYU DOMAIN 1 BLOCKS AU COVELLITE GRAPH] [CENTRAL OYU DOMAIN 1 BLOCKS AU COVELLITE GRAPH] [CENTRAL OYU DOMAIN 1 BLOCKS AU COVELLITE GRAPH] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [CENTRAL OYU DOMAIN 2 BLOCKS CU HIGH GRADE COVELLITE GRAPH] [CENTRAL OYU DOMAIN 2 BLOCKS CU HIGH GRADE COVELLITE GRAPH] [CENTRAL OYU DOMAIN 2 BLOCKS CU HIGH GRADE COVELLITE GRAPH] [CENTRAL OYU DOMAIN 2 BLOCKS AU HIGH GRADE COVELLITE GRAPH] [CENTRAL OYU DOMAIN 2 BLOCKS AU HIGH GRADE COVELLITE GRAPH] [CENTRAL OYU DOMAIN 2 BLOCKS AU HIGH GRADE COVELLITE GRAPH] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [CENTRAL OYU DOMAIN 3 BLOCKS CU CHALCOPYRITE GRAPH] [CENTRAL OYU DOMAIN 3 BLOCKS CU CHALCOPYRITE GRAPH] [CENTRAL OYU DOMAIN 3 BLOCKS CU CHALCOPYRITE GRAPH] [CENTRAL OYU DOMAIN 3 BLOCKS AU CHALCOPYRITE GRAPH] [CENTRAL OYU DOMAIN 3 BLOCKS AU CHALCOPYRITE GRAPH] [CENTRAL OYU DOMAIN 3 BLOCKS AU CHALCOPYRITE GRAPH] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [FAR NORTH DOMAIN 1 BLOCKS CU MINERALIZED ENVELOPE - IGNIMBRITE GRAPH] [FAR NORTH DOMAIN 1 BLOCKS CU MINERALIZED ENVELOPE - IGNIMBRITE GRAPH] [FAR NORTH DOMAIN 1 BLOCKS CU MINERALIZED ENVELOPE - IGNIMBRITE GRAPH] [FAR NORTH DOMAIN 2 BLOCKS CU MINERALIZED ENVELOPE - AUGITE BASALT] [FAR NORTH DOMAIN 2 BLOCKS CU MINERALIZED ENVELOPE - AUGITE BASALT] [FAR NORTH DOMAIN 2 BLOCKS CU MINERALIZED ENVELOPE - AUGITE BASALT] Oyu Tolgoi Project Mean Kriged and Nearest-Neighbour Metal Values by Elevation, Easting and northing Swaths [FAR NORTH DOMAIN 3 BLOCKS CU HIGH GRADE ENVELOPE GRAPH] [FAR NORTH DOMAIN 3 BLOCKS CU HIGH GRADE ENVELOPE GRAPH] [FAR NORTH DOMAIN 3 BLOCKS CU HIGH GRADE ENVELOPE GRAPH] APPENDIX F ================================================================================ SECTIONS [OYU TOLGOI PROJECT - CENTRAL OYU MAP] [OYU TOLGOI PROJECT - SOUTH WEST OYU MAP] [OYU TOLGOI PROJECT - SOUTH WEST OYU MAP] [OYU TOLGOI PROJECT - SOUTH WEST OYU MAP] [OYU TOLGOI PROJECT - SOUTH OYU MAP] [OYU TOLGOI PROJECT - FOR NORTH OYU MAP] [OYU TOLGOI PROJECT - FOR NORTH OYU MAP] [OYU TOLGOI PROJECT - SOUTH WEST OYU MAP] EX-19.5 34 o11180exv19w5.txt AMEC E&C TECHNICAL REPORT DATED JULY 21, 2003 EXHIBIT 19.5 [IVANHOE MINES LOGO] IVANHOE MINES TECHNICAL REPORT FAR NORTH DEPOSIT - OYU TOLGOI, MONGOLIA [PHOTO OF IVANHOE MINES] Prepared for: Ivanhoe Mines, Ltd. by: Stephen J. Juras, PhD. P.Geo Vancouver, BC, Canada Effective Date: 21 July 2003 U784B / 131294 [AMEC LOGO] [AMEC LOGO] CERTIFICATE OF AUTHOR Stephen J. Juras, DP.Geo. 111 Dunsmuir Street, Suite 400 Vancouver, BC Tel: (604) 664-4349 Fax: (604) 664-3041 Stephen.juras@amec.com I, Stephen J. Juras, P. Geo., am a Professional Geoscientist, employed as Principal Geologist of AMEC E&C Services Limited and residing at 9030 161 Street in the City of Surrey in the Province of British Columbia. I am a member of the Association of Professional Engineers and Geoscientists of British Columbia. I graduated from the University of Manitoba with a Bachelor of Science (Honours) degree in geology in 1978 and subsequently obtained a Master of Science degree in geology from the University of New Brunswick in 1981 and a Doctor of Philosophy degree in geology from the University of British Columbia in 1987. I have practiced my profession continuously since 1987 and have been involved in: mineral exploration for copper, zinc, gold and silver in Canada and United States and in underground mine geology, ore control and resource modelling for copper, zinc, gold, silver, tungsten, platinum/palladium and industrial mineral properties in Canada, United States, Peru, Chile, Vietnam and Russia. As a result of my experience and qualifications, I am a Qualified person as defined in N.P, 43-101. I am currently a Consulting Geologist and have been so since January 1998. From January 12, 2003 until January 24, 2003 I visited the Oyu Tolgoi project in Mongolia. I also helped to direct the mineral estimation work for the Far North deposit, Oyu Tolgoi project. This report was prepared under my direct supervision. I am not aware of any material fact or material change with respect to the subject matter of this technical report that is not reflected in this report and that the omission to disclose would make this report misleading. I am independent of Ivanhoe Mines Limited in accordance with the application of Section 1.5 of National Instrument 43-101. AMEC E&C Services Limited 111 Dunsmuir Street, Suite 400 Vancouver, B.C. [ILLEGIBLE] Tel +1 604 664 3471 Fax +1 604 664 3041 www.amec.com 2 [AMEC LOGO] I have read National instrument 43-101 and Form 43-101FI and this report has been prepared in compliance with same, Dated at Vancouver, British Columbia, this 13th day of August, 2003. /s/ Stephen J. Juras - ---------------------- [SEAL] Stephen J. Juras, Ph.D., P. Geo. [AMEC LOGO] CONSENT OF QUALIFIED PERSON TO: The securities regulatory authorities of each of the provinces and territories of Canada. I Stephen Juras. Ph.D., P. Geo., do hereby consent to the filing of the technical report prepared for Ivanhoe Mines Limited and dated July 21, 2003 in respect of the Far North Deposit Oyu Tolgoi project Mongolia. DATED at this 13 day of August, 2003. /s/ Stephen J. Juras ---------------------- [SEAL] Stephen J. Juras, Ph.D., P. Geo. AMEC E&C Services Limited 111 Dunsmuir Street, Suite 400 Vancouver, B.C. V6B SW3 Tel +1 604-664 3471 Fax +1 604-664 3057 IMPORTANT NOTICE This report was prepared as a National Instrument 43-101 Technical Report, in accordance to Form 43-101F1 for Ivanhoe Mines Ltd. (Ivanhoe) by AMEC E&C Services Limited (AMEC). The quality of information, conclusions and estimates contained herein is consistent with the level of effort involved in AMEC's services and based on: i) information available at the time of preparation, ii) data supplied by outside sources and iii) the assumptions, conditions and qualifications set forth in this report. This report is intended to be used by Ivanhoe, subject to the terms and conditions of its contract with AMEC. This contract permits Ivanhoe to file this report as a Technical Report with Canadian Securities Regulatory Authorities pursuant to National Instrument 43-101, Standards of Disclosure for Mineral Projects. Any other use of this report by any third party is at that party's sole risk. IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA CONTENTS 1.0 SUMMARY....................................................................... 1-1 2.0 INTRODUCTION AND TERMS OF REFERENCE........................................... 2-1 2.1 Terms of Reference..................................................... 2-1 3.0 DISCLAIMER.................................................................... 3-1 4.0 PROPERTY DESCRIPTION AND LOCATION............................................. 4-1 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY..... 5-1 6.0 HISTORY....................................................................... 6-1 7.0 GEOLOGICAL SETTING............................................................ 7-1 8.0 DEPOSIT TYPES................................................................. 8-1 9.0 MINERALIZATION................................................................ 9-1 10.0 EXPLORATION................................................................... 10-1 11.0 DRILLING...................................................................... 11-1 12.0 SAMPLING METHOD AND APPROACH.................................................. 12-1 13.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY.................................... 13-1 13.1 Sample Preparation and Shipment........................................ 13-1 13.2 Assay Method........................................................... 13-2 13.3 QA/QC Program.......................................................... 13-2 14.0 DATA VERIFICATION............................................................. 14-1 15.0 ADJACENT PROPERTIES........................................................... 15-1 16.0 MINERAL PROCESSING AND METALLURGICAL TESTING.................................. 16-1 17.0 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES................................ 17-1 17.1 Geologic Models........................................................ 17-1 17.2 Exploratory Data Analysis.............................................. 17-2 17.3 Evaluation of Extreme Grades........................................... 17-9 17.4 Variography............................................................ 17-9 17.5 Model Set-up........................................................... 17-13 17.6 Estimation............................................................. 17-14 17.7 Mineral Resource Classification and Summary............................ 17-21 18.0 OTHER RELEVANT DATA AND INFORMATION........................................... 18-1 19.0 REQUIREMENTS FOR TECHNICAL REPORTS ON PRODUCTION AND DEVELOPMENT PROPERTIES... 19-1 20.0 CONCLUSIONS AND RECOMMENDATIONS............................................... 20-1 21.0 REFERENCES.................................................................... 21-1

August 2003 TOC i [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA FIGURES Figure 11-1: July 2003 Drill Hole Collar Plan - Far North Deposit................... 11-2 Figure 13-1: SRM Failure Chart...................................................... 13-3 Figure 13-2: Blank Sample Results for Gold.......................................... 13-4 Figure 13-3: Blank Sample Results for Copper........................................ 13-5 Figure 13-4: Blank Sample Results for Molybdenum.................................... 13-6 Figure 13-5: Far North Oyu Duplicate Data Analysis - Copper (%)..................... 13-8 Figure 13-6: Far North Oyu Duplicate Data Analysis - Gold (g/t)..................... 13-8 Figure 13-7: Far North Oyu Duplicate Data Analysis - Molybdenum (%)................. 13-9 Figure 17-1: Cu Composites and Grade Shells Looking Northeast Section 3500.......... 17-2 Figure 17-2: Far North Oyu Cu Assay Boxplot (Units %Cu)............................. 17-4 Figure 17-3: Far North Oyu Au Assay Boxplot (Units g/t Au).......................... 17-5 Figure 17-4: Far North Oyu Mo Assay Boxplot (Units ppm Mo).......................... 17-6 Figure 17-5 Far North Oyu Au-Cu Composite Grade Trends............................. 17-7 Figure 17-6: Far North Oyu Mo-Cu Composite Grade Trends............................. 17-7 Figure 17-7: Far North Oyu Au-Mo Composite Grade Trends............................. 17-8 Figure 17-8: Representative Cu Block Model Cross Section with Composite Grades Section 3500 (Looking Northeast)...................................... 17-17 Figure 17-9 Representative Au Block Model Section with Composite Grades Section 3500 (Looking Northeast).............................................. 17-18

TABLES Table 1-1: Far North Deposit, Oyu Tolgoi Project Inferred Mineral Resources - July 2003........................................................... 1-3 Table 13-1: Percent Differences at the 90th Population Percentile (% Diff) of Duplicate Sample Analyses, Far North Oyu.............................. 13-7 Table 17-1: Domain Descriptions and Codes.......................................... 17-3 Table 17-2: Estimation Domains and Grade Ranges.................................... 17-9 Table 17-3: Far North Capping Grades............................................... 17-9 Table 17-4: Cu, Au, and Mo Variogram Parameters for Far North Oyu.................. 17-11 Table 17-5: Azimuth and Dip Angles of Rotated Variogram Axes....................... 17-12 Table 17-6: Far North Model Framework.............................................. 17-13 Table 17-7: Copper Interpolation Parameters for Primary Estimation Pass............ 17-15 Table 17-8: Gold Interpolation Parameters for Primary Estimation Pass.............. 17-15 Table 17-9: Molybdenum Interpolation Parameters for Primary Estimation Pass........ 17-15 Table 17-10: Global Model Mean Grade Values by Domain............................... 17-20 Table 17-11: Far North deposit, Oyu Tolgoi Project Inferred Mineral Resources - July 2003........................................................... 17-21 Table 17-12: Far North Deposit Inferred Mineral Resource Summary - by Depth (July 2003)........................................................... 17-22

August 2003 TOC ii [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA APPENDICES A Composited Assay Values B Standard Reference Material (SRM) Charts C Data Analysis Summarized Statistics Histograms & Probability Plots - Drill Hole Composite Values Histograms & Probability Plots - Model Values D Model Validation Herco Plots Model Grade Trend Plans E Sections and Plans August 2003 TOC iii [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 1.0 SUMMARY Ivanhoe Mines Ltd. (Ivanhoe) has asked AMEC E&C Services Limited (AMEC), to provide an updated independent mineral resource estimate and Qualified Person's review and Technical Report for the Far North deposit, Oyu Tolgoi project in Mongolia. The work entailed the estimate of mineral resources, which conform to the CIM Mineral Resource and Mineral Reserve definitions referred to in National Instrument (NI) 43-101, Standards of Disclosure for Mineral Projects. It also involved the preparation of an updated Technical Report as defined in Nl 43-101 and in compliance with Form 43-101F1 (the "Technical Reports") to the previously prepared Technical Report dated 24 February 2003 on the Oyu Tolgoi Project. Only matters pertaining to the Far North deposit (drill data and mineral resource estimate) changed relative to the contents of that report. Dr. Harry Parker, Ch. P. Geol., and Dr. Stephen Juras, P.Geo., of AMEC, directed the mineral resource estimation work and review of the geological data. Dr. Parker made a visit to the project site on 1 to 3 May 2003. Dr. Juras visited the project site on January 12 to 23, 2003. Dr. Stephen Juras, P.Geo., who served as the Qualified Person responsible for preparing the earlier Technical Report, also served in the same capacity for this updated version. The Oyu Tolgoi project consists of copper-gold-molybdenum mineralization in a mid Palaeozoic Cu-Au porphyry system. It is located in the Aimag (Province) of Omnogov, in the South Gobi region of Mongolia, about 530 km south of the capital city of Ulaanbaatar and 80 km north of the border with China. The Oyu Tolgoi project comprises Mineral Exploration Licence 66X which covers an area of 8,496 ha. Ivanhoe has been granted the exclusive right to explore within the bounds of its exploration licence. Oyu Tolgoi occurs in an early to mid Palaeozoic island arc environment, which is part of the Gurvansayhan terrane. The arc terrane is dominated by basaltic volcanics and intercalated volcanogenic sediments, intruded by pluton-size hornblende-bearing granitoids of mainly quartz monzodiorite to possibly granitic composition. Carboniferous sedimentary rocks overlie this assemblage. Property geology consists of massive porphyritic augite basalt, which underlies much of the central part of the exploration block. Dacitic to andesitic ash flow tuffs, several hundred metres in thickness, overlie the augite basalt. The southern edge of a large body of hornblende granodiorite outcrops along the northern margin of the exploration block. A wide variety of felsic to mafic dykes is found throughout the exploration block and in drill holes. These include porphyritic quartz monzodiorite dykes that may be genetically related to the Cu-Au porphyry systems. Major structures trend N35E and N70E based on satellite imagery and geophysical interpretations. Four Cu-Au (Mo) deposits are identified within the project area: Southwest Oyu, South Oyu, Central Oyu, and Far North Oyu. This work and Technical Report deals only with Far North Oyu. This deposit is a high-sulphidation (HS) type, hosted by dacitic ash flow tuff overlying basaltic volcanics. Sedimentary rocks overlie the dacitic tuffs and cap the HS August 2003 PAGE 1-1 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA system. High-grade copper (greater than 1%) occurs as bornite-chalcocite mineralization to the south and bornite-gold mineralization in the north. Surrounding the bornite-rich core, chalcopyrite dominates, followed laterally by a wide (hundreds of meters) pyrite-rich zone (10% pyrite) with minor enargite. The high-grade trends N35E and extends over a strike length more than over 2.0 km. Its shape is comparable to a gently north dipping elliptical pipe, about 200-300 m in diameter. The database used to estimate the mineral resources for the Far North deposit consists of rock samples and geological information from 124 core drill holes drilled by Ivanhoe, between 2002 and mid 2003. Samples from the drill programs were prepared for analysis at an on-site facility operated by SGS-Analabs Pty. Ltd (Analabs). The samples are then shipped under the custody of Ivanhoe Mines to Ulaanbaatar, where they are assayed at a non-certified facility operated by Analabs. Data transfer to the resource database was validated from original assay certificates through a 5% check of the database. Ivanhoe employs a comprehensive QA/QC program. All sampling and QA/QC work is overseen on behalf of Ivanhoe Mines by Dale A. Sketchley, M.Sc., P.Geo., a geological consultant employed by Acuity Management Ltd. Each sample batch consisting of 20 samples contains five quality control samples. The quality control samples comprise one duplicate split core sample and one uncrushed field blank, which are inserted prior to sample preparation; a reject or pulp preparation duplicate, which is inserted during sample preparation; and two reference material samples (one >2% Cu and one <2% Cu), which are inserted after sample preparation. A total of 28 different reference materials have been developed for the Oyu Tolgoi deposits and are used to monitor the assaying of six different ore types made up of varying combinations of chalcopyrite, bornite, primary and supergene chalcocite, enargite, covellite and molybdenite. Ivanhoe strictly monitors the performance of the standard reference material (SRM) samples as the assay results arrive at site. If a batch fails based on standards reference material and blank samples, it is re-assayed until it passes unless the batch is deemed to represent barren intervals. AMEC reviewed Ivanhoe's QA/QC procedures at site and found them to be strictly adhered to. Results of field blanks show low incidence of contamination and confirm negligible contamination in the assay process. Duplicate performance of core, coarse reject, and pulp duplicates was evaluated by AMEC and found to perform well within the respective accepted ranges. The current Ivanhoe QA/QC program exceeds industry standards and demonstrates that the assay process for Far North Oyu samples is in control. The mineral resource estimates for the Far North deposit were calculated under the direction of Dr. Harry Parker, Ch.P.Geol., and Dr. Stephen Juras, P.Geo. The estimates were made from 3-dimensional block models utilizing commercial mine planning software (MineSight(R)). Industry-accepted methods were used to create interpolation domains based on mineralized geology and to perform grade estimation based on ordinary kriging. The assays were composited into 5 m down-hole composites. The compositing honoured the domain zone by breaking the composites on the domain code values. The Far North estimation plans, or sets of parameters used for estimating blocks, were designed using a August 2003 PAGE 1-2 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA philosophy of restricting the number of samples for local estimation. AMEC has found this to be an effective method of reducing smoothing and producing estimates that match the Discrete Gaussian change-of-support model and ultimately the actual recovered grade-tonnage distributions. Reasonableness of grade interpolation was reviewed by visual inspection of sections and plans displaying block model grades, drill hole composites, and geology. Good agreement was observed. Global and local bias checks in block models, using nearest-neighbour estimated values versus the ordinary kriged values, found no evidence of bias. The mineral resources of the Far North deposit were classified using logic consistent with the CIM definitions referred to in National Instrument 43-101. All interpolated blocks within 150 m of a drill composite were assigned as Inferred Mineral Resources. The mineralization of the Far North deposit, Oyu Tolgoi project as of 21 July 2003 is classified as Inferred Mineral Resources. The resources are shown in Table 1-1, reported at a copper equivalent cutoff grade. The equivalent grade was calculated using only assumed metal prices for copper and gold. The assumed prices were US$0.80 for copper and US$350/oz for gold. For convenience the formula is: CuEq = %Cu + (g/t Au*11.25)/17.64 The Far North deposit is likely to be mined by either or both open pit mining and underground bulk mining (e.g. block cave, sublevel cave) methods. The current mineral resource model will need additional dilution and allowances for mining recovery for any underground scenario prior to conversion to mineral reserves. TABLE 1-1: FAR NORTH DEPOSIT, OYU TOLGOI PROJECT INFERRED MINERAL RESOURCES - JULY 2003
- --------------------------------------------------------------------------------------------------- GRADES CONTAINED METAL CuEq ----------------------- --------------------------------- CUTOFF GRADE TONNES CuEq Cu Au Mo Cu TONNES Cu POUNDS Au OUNCES (%) (k) (%) (%) (g/t) (ppm) (k) (m) (k) - --------------------------------------------------------------------------------------------------- > or = 3.50 17,000 4.06 3.74 0.50 34 640 1,400 280 > or = 3.00 36,200 3.62 3.35 0.42 34 1,210 2,700 480 > or = 2.50 57,800 3.30 3.08 0.34 36 1,780 3,900 640 > or = 2.00 70,800 3.11 2.92 0.30 36 2,070 4,600 690 > or = 1.50 121,700 2.49 2.36 0.21 41 2,870 6,300 830 > or = 1.25 237,600 1.94 1.85 0.15 45 4,390 9,700 1,110 > or = 1.00 341 ,700 1.69 1.61 0.13 48 5,520 12,200 1,380 > or = 0.90 376,200 1.63 1.55 0.12 51 5,820 12,800 1,500 > or = 0.80 452,200 1.49 1.42 0.12 54 6,410 14,100 1,690 > or = 0.70 551 ,700 1.36 1.29 0.11 59 7,110 15,700 1,920 > or = 0.60 642,800 1.26 1.19 0.10 61 7,660 16,900 2,110 > or = 0.50 859,600 1.08 1.01 0.10 63 8,710 19,200 2,680 > or = 0.40 1,196,300 0.90 0.84 0.09 65 10,060 22,200 3,380 > or = 0.30 1,652,200 0.75 0.70 0.08 63 11,480 25,300 4,200 - ---------------------------------------------------------------------------------------------------
August 2003 PAGE 1-3 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 2.0 INTRODUCTION AND TERMS OF REFERENCE Ivanhoe Mines Ltd. (Ivanhoe) has asked AMEC E&C Services Limited (AMEC), to provide an updated independent mineral resource estimate and Qualified Person's review and Technical Report for the Far North deposit, Oyu Tolgoi project in Mongolia. The work entailed the estimate of mineral resources, which conform to the CIM Mineral Resource and Mineral Reserve definitions referred to in National Instrument (N1) 43-101, Standards of Disclosure for Mineral Projects. It also involved the preparation of an updated Technical Report as defined in (N1) 43-101 and in compliance with Form 43-101F1 (the "Technical Reports") to the previously prepared Technical Report dated 24 February 2003 on the Oyu Tolgoi Project. Only matters pertaining to the Far North deposit (drill data and mineral resource estimate) changed relative to the contents of that report. Dr. Stephen Juras, P.Geo., an employee of AMEC, who served as the Qualified Person responsible for preparing the earlier Technical Report, also served in the same capacity for this updated version. Information and data for the independent resource estimate were obtained from Ivanhoe personal in Vancouver and from the project site in Mongolia. Pertinent geological data were reviewed in sufficient detail to prepare this document. Dr. Harry Parker, Ch. P. Geol., and Dr. Stephen Juras, P.Geo., directed the mineral resource estimation work and review of the geological data. Dr. Parker made a visit to the project site on 1 May to 3 May 2003. Dr. Juras visited the project site on 21 to 23 January 2003. 2.1 TERMS OF REFERENCE Four deposits comprise the Oyu Tolgoi project: Southwest Oyu, South Oyu, Central Oyu, and Far North Oyu. This report deals solely with the Far North Oyu deposit. Throughout this report, in may be referred to as FN or FNO. All units are in the metric system, except in the mineral resource summary tables where troy ounces and pounds metal are also used. August 2003 PAGE 2-1 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 3.0 DISCLAIMER No disclaimer statement was necessary for the preparation of this report. August 2003 PAGE 3-1 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 4.0 PROPERTY DESCRIPTION AND LOCATION Material relevant to this section is contained a previous Technical Report on the Oyu Tolgoi Project, Mongolia dated 24 February 2003. August 2003 PAGE 4-1 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY Material relevant to this section is contained a previous Technical Report on the Oyu Tolgoi Project, Mongolia dated 24 February 2003. August 2003 PAGE 5-1 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 6.0 HISTORY Material relevant to this section is contained a previous Technical Report on the Oyu Tolgoi Project, Mongolia dated 24 February 2003. August 2003 PAGE 6-1 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 7.0 GEOLOGICAL SETTING Material relevant to this section is contained a previous Technical Report on the Oyu Tolgoi Project, Mongolia dated 24 February 2003. August 2003 PAGE 7-1 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 8.0 DEPOSIT TYPES Material relevant to this section is contained a previous Technical Report on the Oyu Tolgoi Project, Mongolia dated 24 February 2003. August 2003 PAGE 8-1 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 9.0 MINERALIZATION Material relevant to this section is contained a previous Technical Report on the Oyu Tolgoi Project, Mongolia dated 24 February 2003. August 2003 PAGE 9-1 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 10.0 EXPLORATION Exploration at Oyu Tolgoi has been mainly by remote sensing and geophysical methods, including satellite image interpretation, detailed ground magnetics, Bouguer gravity, and gradient array induced polarization (IP), as well as extensive drilling. This is described in the February 2003 Technical Report. Since that report, exploration has essentially consisted of diamond drilling the Far North deposit. August 2003 PAGE 10-1 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 11.0 DRILLING Diamond drilling conducted by Ivanhoe from March 2003 to the present was almost exclusively over the Far North deposit. As of the mineral resource data cutoff date of 07 July 2003, drilling for the area defined as the Far North Oyu totals just over 97,500 m in 123 drill holes (only 100 of which holes contained assay data at the cutoff date). The holes generally range in length from 250 m to 1,500 m, averaging 835 m. The locations of the drill holes are shown in Figure 11-1. Drilling was done by wireline method with H-size (HQ; 63.5 mm nominal core diameter) and N-size (NQ; 47.6 mm nominal core diameter) equipment. Up to 14 drill rigs were used. Upon completion, the collar and anchor rods were removed and a PVC pipe was inserted into the hole. The hole collar is marked by a cement block inscribed with the hole number. Recent drilling comprised multiple daughter holes drilled from a similar depth of a parent drill hole. A bend is placed in the parent hole at the location where the planned daughter holes will branch off. The bend in the hole is achieved by means of a Navi-Drill(R) (navi) bit, which is lowered down the hole to the desired depth and aligned in the azimuth of the desired bend. When the navi motor is operating, the rods do not rotate but remain stationary, holding the navi motor at the desired azimuth. The navi bit rotates at the bottom of the hole by pumping water down the hole under pressure. As the navi bit advances a bend in the hole is achieved at the rate of 1 (degrees) every 3 m. For example to achieve a 15(degrees) bend in the hole, a 45 m interval is required. No core is recovered from the navi drilled interval. Once the parent hole is completed, a daughter hole is initiated by cutting a lip in the bend by rotating the rods with the bit at the depth where the daughter hole is to branch off. A chrome barrel, which is more rigid than a standard barrel, is often used for this operation. Once a new hole has been started then the navi bit can be used if necessary to direct the hole in any direction required. Drill hole collars were located respective to a property grid. Proposed hole collars and completed collars were surveyed by a Nikon Theodolite instrument relative to 18 survey control stations established during a legal survey of the property in August 2002. Far North drill holes were drilled at an inclination of between 55(degrees) and 90(degrees), with the majority between 60(degrees) and 70(degrees). Holes were drilled along 125(degrees) and 305(degrees) azimuths. Down-hole surveys were taken about every 50 m by the drill contractor using a multi-shot measurement system (RANGER survey instrument). Standard logging and sampling conventions are used to capture information from the drill core. The core is logged in detail onto paper logging sheets, and the data are then entered into the project database. The core is photographed prior to being sampled. August 2003 PAGE 11-1 [AMEC LOGO] [MAP] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA AMEC reviewed the core logging procedures at site. Drill core was found to be well handled and maintained. Material was stored as stacked pallets in an organized "core farm." Data collection was competently done. Ivanhoe maintained consistency of observations from hole to hole and between different loggers by conducting regular internal checks. Core recovery in the mineralized units was excellent, usually between 95% and 100%. Very good to excellent recovery was observed in the mineralized intrusive sections checked by AMEC. Overall, the Ivanhoe drill program and data capture were performed in a competent manner. August 2003 PAGE 11-3 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 12.0 SAMPLING METHOD AND APPROACH Rock sampling for resource estimation has been conducted on diamond drill core obtained from holes drilled between May 2001 and July 2003 in the Far North Oyu area. (Sampling and quality assurance and control information on data collected prior to March 2002 are covered in the previous Technical Report on the Oyu Tolgoi Project, dated 24 February 2003.) Collar spacing is approximately 100 m. The holes are up to 1,200 m long (average 740 m) and are inclined between 45 degrees and 90 degrees. Samples are taken at 2 m intervals down the drill holes, excluding barren dykes that extend more than 10 m along the core length. NQ and HQ core sizes are routinely used, and one-half of the core is taken for sampling. Since there are no adverse factors that would affect quality, all samples collected to date are considered representative of the mineralization being investigated. The core is split with a rock saw, flushed regularly with fresh water. Core recovery is good, with relatively few broken zones. To prevent sampling bias, the core is marked with a continuous linear cutting line before being split. Samples are placed in cloth bags and sent to the on-site preparation facility for processing. Reject samples are placed in bins on pallets and stored at site. Duplicate pulp samples are stored at site and pulp samples used for assaying are kept at the assaying facility for several months and are then transferred to a warehouse in Ulaanbaatar. Significant composited assays for the Far North Oyu deposit are shown in Appendix A. Only values greater than 0.30 wt% Cu have been tabulated. August 2003 PAGE 12-1 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 13.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY 13.1 SAMPLE PREPARATION AND SHIPMENT Split core samples are prepared for analysis at an on-site facility operated by SGS-Analabs Pty. Ltd (Analabs). The samples are then shipped under the custody of Ivanhoe Mines to Ulaanbaatar, where they are assayed at a non-certified facility operated by Analabs. All sampling and QA/QC work is overseen on behalf of Ivanhoe Mines by Dale A. Sketchley, M.Sc., P.Geo., a geological consultant employed by Acuity Management Ltd. The samples are initially assembled into groups of 15, and then five quality control samples are interspersed to make up a batch of 20 samples. The quality control samples comprise one duplicate split core sample, one uncrushed field blank, a reject or pulp preparation duplicate, and two standard reference material (SRM) samples (one >2% Cu and one <2% Cu). The two copper SRMs are necessary due to the fact that Analabs assays all samples >2% Cu under a different analytical protocol. The split core, reject and pulp duplicates are used to monitor precision at the various stages of sample preparation, the field blank can indicate sample contamination or sample mix-ups, and the SRM is used to monitor accuracy of the assay results. The SRMs were prepared from material of varying matrices and grades to formulate bulk homogenous material. Ten samples of this material are then sent to at least seven international testing laboratories. The resulting assay data are analyzed statistically to determine a representative mean value and standard deviation necessary for setting acceptance/rejection tolerance limits. Blank samples are also subjected to a round robin program to ensure the material is barren of any of the grade elements before they are used for monitoring contamination. A total of 28 different reference materials have been developed and used to monitor the assaying of six different ore types made up of varying combinations of chalcopyrite, bornite, primary and supergene chalcocite, enargite, covellite, and molybdenite. Split core samples are prepared according to the following protocol: - the entire sample is crushed to 90% minus 3 mm - a 1 kg subsample is riffle split from the crushed minus 3 mm sample and pulverized to 90% minus 75 (mu)m (200 mesh) - a 150 g subsample is split off by taking multiple scoops from the pulverized 75 (mu)m sample - the 150 g subsample is placed in a kraft envelope, sealed with a folded wire top, and prepared for shipping. August 2003 PAGE 13-1 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA All equipment is flushed with barren material and blasted with compressed air between each sampling procedure. Screen tests are done on one sample taken from each batch of crushed and pulverized material to ensure that sample preparation specifications are being met. Prepared samples are placed in wooden shipping boxes, locked, sealed with tamper-proof tags, and shipped to Ulaanbaatar for assaying. Sample shipment details are provided to the assaying facility both electronically and as paper hard copy accompanying each shipment. The assaying facility then confirms sample receipt, the state of the tamper-proof tags back to site and assigns laboratory report numbers. 13.2 ASSAY METHOD All samples are routinely assayed for gold, copper, and molybdenum. Gold is determined using a 30 g fire assay fusion, cupelled to obtain a bead, and digested with Aqua Regia, followed by an AAS finish. Copper and molybdenum are determined by acid digestion of a 5 g subsample, followed by an AAS finish. Samples are digested with nitric, hydrochloric, hydrofluoric, and perchloric acids to dryness before being leached with hydrochloric acid to dissolve soluble salts and made to volume with distilled water. 13.3 QA/QC PROGRAM Assay results are provided to Ivanhoe Mines in electronic format and as paper certificates. Upon receipt of assay results, values for SRMs and field blanks are tabulated and compared to the established round robin program results. The following batch acceptance/rejection criteria are applied: - automatic batch failure if the SRM result is greater than the round robin limit of three standard deviations - automatic batch failure if two consecutive SRM results are greater than two standard deviations on the same side of the mean - automatic batch failure if the field blank result is over a pre-set limit of 0.06 g/t Au or 0.06% Cu. If a batch fails, it is re-assayed until it passes. Override allowances are made for barren batches. Batch pass/failure data are tabulated on an ongoing basis, and charts of individual reference material values with respect to round robin tolerance limits are maintained. Laboratory checks assays are conducted at the rate of one per batch of 20 samples, using the same QA/QC criteria as routine assays. August 2003 PAGE 13-2 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 13.3.1 STANDARDS PERFORMANCE Ivanhoe strictly monitors the performance of the SRM samples as the assay results arrive at site. Since the inception of the QA/QC program in March of 2002, the ability of the laboratories to return assay values in the prescribed SRM ranges had improved. Unfortunately, the failure rate has recently risen to about 11% after reaching a minimum of 2% earlier in 2003 (although if failed SRMs with gold values close to the detection limit are excluded, the rate is lower, varying between 5% and 10%, Figure 13-1). Charts of the individual SRMs are included in Appendix B. All samples are given a "fail" flag as a default entry in the project database. Each sample is re-assigned a date-based "pass" flag when assays have passed acceptance criteria. At the data cutoff date of 7 July, only a very small number of assayed samples still had the "fail" flag (3% of total Far North assays). The relative uncertainty introduced to the Far North mineral resource estimate by using this very small number of temporarily failed samples should be very low. FIGURE 13-1: SRM FAILURE CHART [FIGURE 13-1: SRM FAILURE GRAPH] Although it is possible to differentiate the SRM samples that were used for the Far North Deposit samples, the process currently is not automated. Since March 2003, however, it can be reasonably assumed that during this period of time essentially all SRM samples are from Far North data because almost all drilling and subsequent sampling was conducted only in Far North area of the project. Prior to resumption of drilling over the other three deposits (South, Southwest and Central), AMEC recommends that the SRM database include a tag for the deposit area. When individual deposits are analyzed separately from August 2003 PAGE 13-3 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA the other areas, it will be a useful tool when reviewing the SRM performance for the samples. 13.3.2 BLANK SAMPLE PERFORMANCE Assay performance of field blanks is presented in Figures 13-2 to 13-4 for gold, copper, and molybdenum. In these figures, the lower horizontal line (in blue) represents the detection limit of the respective metal and the upper horizontal line (in yellow) represents the value equal to six times the detection limit. The results show a low incidence of contamination and a few cases of sample mix-ups, which were investigated at site and corrected. FIGURE 13-2: BLANK SAMPLE RESULTS FOR GOLD [FIGURE 13-2: BLANK SAMPLE RESULTS FOR GOLD GRAPH] August 2003 PAGE 13-4 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA FIGURE 13-3: BLANK SAMPLE RESULTS FOR COPPER [FIGURE 13-3: BLANK SAMPLE RESULTS FOR COPPER GRAPH] August 2003 PAGE 13-5 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA FIGURE 13-4: BLANK SAMPLE RESULTS FOR MOLYBDENUM [FIGURE 13-4: BLANK SAMPLE RESULTS FOR MOLYBDENUM GRAPH] 13.3.3 DUPLICATES PERFORMANCE The QA/QC program currently uses four different types of duplicate samples; core, coarse reject, pulp, and laboratory check pulps (samples sent to an umpire lab). CORE, COARSE REJECT, AND PULP DUPLICATES AMEC has reviewed the core, coarse reject, and pulp duplicate samples for the Far North Project. AMEC plotted the absolute percent relative difference for duplicate pairs against the percentile ranking of the grade in the sample population. For the 90th percentile of the population, a maximum difference of 10% is allowed for the pulp duplicates and 20% for the coarse reject duplicates, because these duplicate types can be controlled by the subsampling protocol. The same criteria do not apply to core duplicates because these differences cannot be controlled by the subsampling protocol; however, the heterogeneity of the mineralization ideally would allow the difference to be less than 30%. Table 13-1 summarizes the results of these analyses for each of the types of samples. August 2003 PAGE 13-6 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA TABLE 13-1: PERCENT DIFFERENCES AT THE 90TH POPULATION PERCENTILE (% DIFF) OF DUPLICATE SAMPLE ANALYSES, FAR NORTH OYU
- -------------------------------------------------------------------------------------------- CU AU MO ----------------- ---------------- ----------------- DUPLICATE TYPE % DIFF. LIMIT NO. % DIFF. NO. % DIFF. NO. % DIFF. - -------------------------------------------------------------------------------------------- Core 30 782 28 94 67 155 68 Coarse Reject 20 394 8 43 21 92 19 Pulp 10 357 5 43 21 65 13 - --------------------------------------------------------------------------------------------
The core duplicates are above the ideal value of 30% for both gold and molybdenum samples, whereas the coarse reject duplicates reproduce well for all elements and are below the 20% limit. The pulp duplicates reproduce well only for copper values. The charts are included in this section as Figures 13-5 to 13-7. One of the contributing factors to the poor performance of core and pulp duplicates is that the data included in these charts is limited to values that are above twenty times the analytical detection limit. This filter is sensitive to metals that typically have a large number of low values and leaves few data points for the analysis (i.e. molybdenum and to a lesser degree, gold values at Far North). Gold pulp duplicates also do not reproduce as well because a small proportion of the elevated values coincide with a coarser grain gold size which likely results in gold grain liberation during pulverization. If the newly defined gold zone at Far North (north eastern area) continues to be expanded, Ivanhoe may need to revisit its sampling procedures for samples suspected to contain this coarser gold population. August 2003 PAGE 13-7 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA FIGURE 13-5: FAR NORTH OYU DUPLICATE DATA ANALYSIS - COPPER (%) [FIGURE 13-5: FAR NORTH OYU DUPLICATE DATA ANALYSIS - COPPER (%) GRAPH] FIGURE 13-6: FAR NORTH OYU DUPLICATE DATA ANALYSIS - GOLD (g/t) [FIGURE 13-6: FAR NORTH OYU DUPLICATE DATA ANALYSIS - GOLD (g/t) GRAPH] August 2003 PAGE 13-8 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA FIGURE 13-7: FAR NORTH OYU DUPLICATE DATA ANALYSIS - MOLYBDENUM (%) [FAR NORTH OYU DUPLICATE DATA ANALYSIS - MOLYBDENUM (%) GRAPH] 13.3.4 SPECIFIC GRAVITY PROGRAM Samples for specific gravity determination are taken at approximately 10 m intervals per drill hole and tabulated by rock type. The specific gravity for non-porous samples (the most common type) is calculated using the weights of representative samples in water (W2) and in air (W1). The bulk density is calculated by W1/(W1-W2). AMEC believes this method to be appropriate for the non-porous mineralized units and barren dykes. Less common porous samples are dried and then coated with paraffin before weighing. Allowances are made for the weight and volume of the paraffin when calculating the specific gravity. August 2003 PAGE 13-9 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 14.0 DATA VERIFICATION As a test of data integrity, the data used to estimate the July 2003 Far North mineral resources were checked several ways. AMEC conducted a 5% check of randomly chosen drill holes; copper, gold, and molybdenum values were checked against the original electronic assay certificates. Only rare differences were found, less than 0.2% of data reviewed. These differences are due to sample mix-ups at site that have since been corrected in the database. Collar coordinates were checked against the database entries. Small differences (usually less than 0.5 m) were regularly observed. Though impact on location of sample data is negligible, these differences should not exist and point to potential problems in its protocol of updating or extracting survey related data. AMEC also checked the down-hole survey data. Camera shots and RANGER output were read for the check drill holes and compared to those stored in the resource database. Four errors were found of which three were minor differences in the azimuth reading. These error types should have minimal impact to the resource estimate work. Though of minimal impact to the resource work, AMEC strongly recommends that the current protocols used to transfer and check survey data at the OT project need to be reviewed and revised to assure a zero percent transcription error rate. AMEC also recommends that Ivanhoe review its method of how survey data is transferred to and from its master database and how the integrity of previously checked and stored data is maintained. AMEC concludes that the assay and survey database used for the Far North deposit mineral resource estimation is sufficiently free of error to be adequate for resource estimation. August 2003 PAGE 14-1 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 15.0 ADJACENT PROPERTIES Adjacent properties are not relevant for the review of the Far North deposit, Oyu Tolgoi project. August 2003 PAGE 15-1 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 16.0 MINERAL PROCESSING AND METALLURGICAL TESTING Results of initial metallurgical test work on Oyu Tolgoi mineralized material have been documented in Cargill (2002). Additional work has focussed on gathering suitable sample material (PQ size drilling) for ongoing test work. Review of those test results and assessment of metallurgical process alternatives are currently being done as part of a scoping or preliminary assessment study on the project. August 2003 PAGE 16-1 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 17.0 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES The mineral resource estimates for the Far North deposit were calculated under the direction of Dr. Harry Parker, Ch.P.Geol., and Dr. Stephen Juras, P.Geo. The estimates were made from 3-dimensional block models utilizing commercial mine planning software (MineSight(R)). Projects limits are in truncated UTM coordinates. Cell size was 20 m east x 20 m north x 15 m high. 17.1 GEOLOGIC MODELS Three lithologic groups are modelled which impact the estimation of grade: ignimbrite (Ign), augite basalt (Va), and unmineralized dykes. The ignimbrite and augite basalt are strongly altered from their original textures making ordinary logging difficult. Ivanhoe is currently testing analytical field equipment to determine if the contact can be determined chemically. Inspection of cross sections underscores the difficulty. Ivanhoe constructed 3-dimensional geologic shapes, which consisted of the augite basalt - ignimbrite contact and the barren dykes (biotite granodiorite, rhyolite and basalt). The augite basalt - ignimbrite surface is quite irregular and appears not to have been updated to reflect the addition of newer drill holes. AMEC recommends that this contact interpretation be updated to reflect the newer holes. The dyke shapes honoured the drill data and appear well constructed. Ivanhoe created 3-dimensional mineralized shells or envelopes based on copper grades of 0.6%, 1.0%, and 2.0%. AMEC checked the shapes for interpretational consistency in section and plan, and found them to generally have been properly constructed. In some areas, the shells are conservative in the sense that small intervening lower-grade mineralization has been excluded by creating complex shapes. Several relatively minor overlapping shells were also observed. The errors were not of a magnitude warranting immediate repair. AMEC recommends careful inspection of shells and geologic surfaces to ensure that they do not contain overlaps. The grade shells are elongated in the 35(degrees) azimuth, dipping 60(degrees) to the southeast and plunging northeast 20(degrees). The mineralized body appears pipe-like and the copper mineralization decreases radially from the core outward. The shells form an eccentric, nested set (Figure 17-1). The grade gradient along the top of the shells is extremely high and can increase 10 times within 6 m from background to 0.6% Cu. The lower half of the shells has a much lower gradient, and grade changes over a larger depth. The solids and surfaces were used to code the drill hole data and block model cells. A set of cross sections with drill holes colour-coded by domain and blocks similarly coloured were plotted and inspected to determine the proper assignment of domain. August 2003 PAGE 17-1 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA FIGURE 17-1: CU COMPOSITES AND GRADE SHELLS LOOKING NORTHEAST SECTION 3500 [FIGURE 17-1: CU COMPOSITES AND GRADE SHELLS LOOKING NORTHEAST SECTION 3500 MAP] 17.2 EXPLORATORY DATA ANALYSIS One of the purposes of data analysis is to determine if it is necessary to divide the deposit into interpolation domains. The premise is that each interpolation domain is then statistically unique, which prevents statistically different grades from becoming mixed during estimation. On the other hand, if the data are not actually statistically unique, then imposing domain boundaries may introduce local inaccuracies into the estimated block grades. Sometimes geologic models containing such variables as mineral types, lithology, intrusive domain and alteration types may be useful for the purposes of the resource model in terms of mining (e.g., density or hardness differences by lithology) or metallurgy (e.g., recovery changes with mineral type), but they may not be as useful for the purpose of interpolating block grades. The restriction of estimating block grades by geological units is generally recommended under the following circumstances: August 2003 PAGE 17-2 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA - The average grade within one domain is significantly different from the average grade in the neighbouring domain. - The change in grade across a domain boundary is very sharp or distinct. Mineralized domains were created based on geological criteria and marked changes in mineralization intensity (the Ivanhoe copper grade shells "split" across the Ignimbrite -augite basalt contact). These are listed in Table 17-1. Other geologic attributes such as alteration have been looked at previously, particularly at the other Oyu Tolgoi deposits, without a clear-cut association being found relative to grade. AMEC recommends that other geologic attributes be periodically reviewed for potential grade controls as information from drilling increases. In the absence of any other grade control, the copper-based grade shells will be used. These mineralized domains were reviewed to determine appropriate estimation or grade interpolation domains. Several different procedures were applied to the data to discover whether statistically distinct domains could be constructed using the available geological variables. Descriptive statistics, box plots, contact plots, and histograms have been completed on each lithology. Results obtained were used to guide the construction of the block model and the development of estimation plans. TABLE 17-1: DOMAIN DESCRIPTIONS AND CODES
- ------------------------------------------------------ Domain Description Domain Code - ------------------------------------------------------ Mineralized Shells or Envelopes Ignimbrite Hosted >1.0%, <2.0% Cu 1 Augite Basalt Hosted >1.0%, <2.0% Cu 2 Ignimbrite Hosted >0.6% Cu 4 Augite Basalt Hosted >0.6% Cu 5 Ignimbrite Hosted >2.0% Cu 6 Augite Basalt Hosted >2.0% Cu 7 Background <0.6% Cu 10 - ------------------------------------------------------ Post-mineral Dykes Rhyolite Dykes 16 Granodiorite Dykes 18 Basalt Dykes 19 - ------------------------------------------------------
The data analyses were conducted on composited assay data. Assays were composited into 5 m down-hole composites. The compositing honoured the domain zone by breaking the composites on the domain code values. AMEC reviewed the compositing process and found it to have been performed correctly. August 2003 PAGE 17-3 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 17.2.1 BOXPLOTS Prior to compositing, the assays were posted on boxplots for quick visual assessment of mineralization - lithology associations. Boxplots show the frequency distribution of the assay values by way of a graphical summary. The vertical axis of the plot gives the range of values for the particular assay (copper, gold, or molybdenum). The 'box' shows that portion of the sample data that falls between the 25th and the 75th percentiles. In other words, the box captures the half of the data that falls in the middle of the distribution. The horizontal line that appears in the box represents the median of the data or that value where half of the assays are greater and the remaining half is less than this median value. The mean or average of the data is shown with a dot. The vertical lines that extend away from the box reach to the minimum toward the bottom of the plot and to the maximum value toward the top. Values for the statistics displayed by the boxplot are listed below each plot. COPPER The copper boxplot shows that copper grades increase in grade from background to the higher-grade copper shell (Figure 17-2). These data support the premise that mineralization decreases radially from a higher-grade core. There is little difference in statistics between the ignimbrite (Ign) and the underlying augite basalt (Va). The dykes are very low in copper grade and for all intents are treated as unmineralized. FIGURE 17-2: FAR NORTH OYU CU ASSAY BOXPLOT (UNITS %CU) [FIGURE 17-2: FAR NORTH OYU CU ASSAY BOXPLOT (UNITS %CU) CHART] GOLD There are differences between the ignimbrite and augite basalt gold mineralization. Gold within augite basalt has twice the range between the 25th and 75th percentiles compared to August 2003 PAGE 17-4 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA ignimbrite, and is two to three times higher in average grade (Figure 17-3). The recently discovered higher-grade gold mineralization at the north end of the Far North Extension is contained within augite basalt. FIGURE 17-3: FAR NORTH OYU AU ASSAY BOXPLOT (UNITS g/t Au) [FAR NORTH OYU AU ASSAY BOXPLOT (UNITS g/t Au) CHART] MOLYBDENUM Molybdenum trends are the inverse of copper. The lowest molybdenum grades occur within the higher-grade copper shell and increase outward into the lower grade domain (Figure 17-4). Perhaps the copper mineralization has superimposed itself upon an early molybdenum event. AMEC recommends analysis of copper and molybdenum ratios to determine if a useful exploration tool can be produced. August 2003 PAGE 17-5 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA FIGURE 17-4: FAR NORTH OYU MO ASSAY BOXPLOT (UNITS PPM MO) [FIGURE 17-4: FAR NORTH OYU MO ASSAY BOXPLOT (UNITS PPM MO)CHART] 17.2.2 HISTOGRAMS AND GRADE SCATTERPLOTS Histograms show the frequency distribution in a different way from the boxplots. Grades are grouped into bins. A vertical bar on the graph shows the relative frequency of each bin. Histograms are used to show the differences in the copper, gold, and molybdenum frequency distribution by increasing grade (Appendix C). Cu-Au, Cu-Mo, and Au-Mo scatterplots were used to determine what degree of correlation exists between the three grades and if trends are evident. CU-AU TREND Gold grade is nearly constant at lower copper grades. At about 2% Cu grade, gold grade appears to increase at higher copper grades (Figure 17-4). This may indicate that a population of the gold and copper came from the same mineralizing event. Two Cu-Au populations are indicated at higher grades, they can be divided into ignimbrite and augite basalt hosted mineralization. Where copper grade increases, augite basalt hosted composites increase in gold grade while the gold grades in ignimbrite-hosted composites are nearly constant at around 0.5 g/t. August 2003 PAGE 17-6 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA FIGURE 17-5 FAR NORTH OYU AU-CU COMPOSITE GRADE TRENDS [FIGURE 17-5 FAR NORTH OYU AU-CU COMPOSITE GRADE TRENDS GRAPH] CU-MO TREND Molybdenum displays a weak inverse trend with copper mineralization (Figure 17-5). Molybdenum declines with increasing copper grade. Most of the higher-grade molybdenum occurs in a range of 0.5% to 1.5% Cu. Higher-grade molybdenum composites are less frequent at higher copper grades. FIGURE 17-6: FAR NORTH OYU MO - CU COMPOSITE GRADE TRENDS [FIGURE 17-6: FAR NORTH OYU MO - CU COMPOSITE GRADE TRENDS GRAPH] August 2003 PAGE 17-7 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA AU-MO TREND Higher molybdenum grades are associated with lower grade gold mineralization (Figure 17-6). The number of higher-grade molybdenum composites drops significantly up to 1 g/t Au and then remains static. FIGURE 17-7: FAR NORTH OYU AU-MO COMPOSITE GRADE TRENDS [FIGURE 17-7: FAR NORTH OYU AU-MO COMPOSITE GRADE TRENDS GRAPH] CU:AU RATIO - MO TREND The Cu:Au Ratio - Mo chart has not been included because it does not provide much new information. Molybdenum is weakly correlated to lower Cu:Au ratios. 17.2.3 ESTIMATION DOMAINS There is a strong trend to copper grade extending from the higher-grade core outward radially. Ordinary kriging does not behave well in conditions of non-stationarity (when average grade is not constant in the local neighbourhood of estimation). One way around the issue of stationarity is the use of grade shells, which divide the mineralization into similar, quasi-stationary domains (Table 17-2). This method is particularly applicable when the drill density is sparse relative to observed gradients of composite grade values. Grades for blocks within the three grade shells will be estimated with a hard boundary between the shells; only composites within the shell will be used to estimate blocks within the shell. The Background estimation domain will use all composites outside of the three grade shells. August 2003 PAGE 17-8 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA TABLE 17-2: ESTIMATION DOMAINS AND GRADE RANGES
- ------------------------------------------------------------------- Estimation Domain Grade Range - ------------------------------------------------------------------- Lower Grade > 0.6 to 1.0% Cu Medium Grade 1.0 to 2.0% Cu Higher Grade > 2.0% Cu Background <0.6 Cu - -------------------------------------------------------------------
17.3 EVALUATION OF EXTREME GRADES Extreme grades were examined for all grade items (copper, gold, and molybdenum), mainly by histograms and probability plots. Generally, the distributions do not indicate a problem with extreme grades for copper. Most of the capped grades for copper were therefore intended to remove outlier-type grades. For gold and molybdenum, capped grades were selected in domains with high coefficients of variation (CVs) and/or where trends defined in the cumulative probability plots begin to become discontinuous. In the latter case, this generally occurred between the 98% to 99.5% level. Capped grades for the Far North deposit are shown in Table 17-3. The capped grades were applied to the assay data prior to compositing. Except for gold, the same capping value applies for ignimbrite and basalt. The difference in gold grade distributions for ignimbrite and basalt required different cap values to be applied. TABLE 17-3: FAR NORTH CAPPING GRADES
- ---------------------------------------------------------- Au g/t ESTIMATION DOMAIN %Cu Ign / Va Mo ppm - ---------------------------------------------------------- Background 2 2.0 1000 Lower Grade 3 0.3/2.0 800 Medium Grade 5 0.5/1.0 500 Higher Grade 10 2.0/3.5 400 - ---------------------------------------------------------- Number of Assays Capped 30 31 32 - ----------------------------------------------------------
17.4 VARIOGRAPHY Variograms using the correlogram method were calculated for copper, gold and molybdenum within each estimation domain subdivided by ignimbrite and augite basalt (except for Background). AMEC prefers to use a correlogram, rather than the traditional variogram, because it is less sensitive to outliers and is normalized to the variance of data used for a given lag. August 2003 PAGE 17-9 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA The approach used to develop the correlogram models is to calculate a relatively large number of sample correlograms in several directions. Composite values were used to prepare the correlograms. Directional sample correlograms are calculated along horizontal azimuths of 0(degree), 30(degree), 60(degree), 90(degree), 120(degree), 150(degree)80(degree), 210(degree), 240(degree), 270(degree), 300(degree) and 330(degree). For each azimuth, sample correlograms are also calculated at a dip of 30(degree) and 60(degree) down in addition to horizontally. Finally, a correlogram is calculated in the vertical direction. Using the 37 sample correlograms, an annealing algorithm determines the best-fit model. This model consists of a nugget effect; single or double-nested structure variance contributions; ranges for the variance contributions; and the model type (spherical type for this exercise). After fitting the variance parameters, the algorithm then fits an ellipsoid to the ranges from the directional models for each structure. The anisotropy in grade variation is given by the two ellipsoids. Variogram model parameters and orientation data of rotated variogram axes are found in Tables 17-4 and 17-5, respectively. August 2003 PAGE 17-10 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA TABLE 17-4: Cu, Au, AND Mo VARIOGRAM PARAMETERS FOR FAR NORTH OYU
- ------------------------------------------------------------------------------------------------------------------ SILLS ROTATION ANGLES RANGES NUGGET ------------ --------------------------------- ---------------------------------- DOMAIN CO C1 C2 Z1 X1' Y1" Z2 X2' Y2" Z1 XV Y1" Z2 X2' Y2" - ------------------------------------------------------------------------------------------------------------------ Cu Lower Grade Ign 0.250 0.380 0.370 -77 30 -13 4 117 3 14 29 27 604 53 286 Basalt 0.380 0.448 0.172 49 17 24 -109 42 -24 22 52 128 247 191 647 Medium Grade Ign 0.200 0.241 0.559 22 21 56 19 10 1 17 65 74 266 63 902 Basalt 0.120 0.230 0.650 -95 15 -12 17 -32 -38 8 30 23 240 55 164 Higher Grade Ign 0.360 0.103 0.537 -87 26 8 13 11 -1 111 25 25 171 90 121 Basalt 0.150 0.195 0.655 -108 14 -65 -62 19 -8 6 21 5 124 61 48 Background 0.200 0.211 0.589 -36 38 -8 40 12 10 18 16 9 357 88 79 - ------------------------------------------------------------------------------------------------------------------ Au Lower Grade Ign 0.300 0.467 0.233 38 -53 130 -11 48 27 29 11 72 720 103 643 Basalt 0.300 0.296 0.404 -79 -12 -41 75 -57 -149 132 240 11 185 200 400 Medium Grade Ign 0.030 0.529 0.441 24 -2 93 35 -29 7 32 18 130 270 51 450 Basalt 0.170 0.329 0.501 -30 -16 1 -35 -7 -65 19 279 32 119 376 248 Higher Grade Ign 0.350 0.252 0.398 -1 -9 -10 34 -2 9 80 40 293 267 57 600 Basalt 0.090 0.478 0.432 -8 -29 22 -14 -33 14 20 65 50 444 88 118 Background 0.350 0.220 0.430 40 -89 -15 53 21 -13 4 47 132 679 87 32 - ------------------------------------------------------------------------------------------------------------------ Mo Lower Grade Ign 0.200 0.379 0.421 -44 9 37 4 -23 -52 21 23 13 695 146 381 Basalt 0.200 0.368 0.432 -28 77 34 -4 17 -33 13 100 57 224 250 295 Medium Grade Ign 0.29 0.405 0.305 3 5 56 -23 55 28 20 106 42 631 108 285 Basalt 0.23 0.186 0.584 -157 40 115 -47 -62 -15 6 35 17 350 60 153 Higher Grade Ign 0.330 0.576 0.094 39 -9 78 93 14 32 28 65 44 992 1615 754 Basalt 0.380 0.131 0.489 -85 58 -45 -25 -39 7 13 21 104 250 51 150 Background 0.500 0.279 0.221 4 -12 19 -5 5 -51 107 10 393 114 1445 1266 - ------------------------------------------------------------------------------------------------------------------
Notes: Models are spherical The first rotation is about Z, left hand rule is positive The second rotation is about X', right hand rule is positive The third rotation is about Y", left hand rule is positive August 2003 PAGE 17-11 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA TABLE 17-5: AZIMUTH AND DIP ANGLES OF ROTATED VARIOGRAM AXES
- --------------------------------------------------------------------------------------------- AXIS AZIMUTH AXIS DIP -------------------------------- --------------------------------- DOMAIN Z1 X1' Y1" Z2 X2' Y2" Z1 X1' Y1" Z2 X2' Y2" - --------------------------------------------------------------------------------------------- Cu Lower Grade Ignimbrite 79 6 283 187 96 184 57 -11 30 -27 -1 63 Basalt 286 147 49 37 325 251 61 23 17 43 -18 42 Medium Grade Ignimbrite 279 141 22 205 109 19 31 51 21 80 1 10 Basalt 44 352 265 73 129 17 71 -12 15 42 -31 -32 Higher Grade Ignimbrite 112 7 273 189 102 13 63 7 26 79 -1 11 Basalt 348 315 252 95 26 298 24 -62 14 70 -7 19 Background 130 49 324 261 132 40 51 -7 38 75 10 11 - --------------------------------------------------------------------------------------------- Au Lower Grade Ignimbrite 275 352 38 204 100 349 -23 28 -53 37 18 48 Basalt 358 21 281 219 318 75 47 -40 -12 -28 -16 -57 Medium Grade Ignimbrite 294 330 24 21 121 35 -3 86 -2 61 6 -29 Basalt 327 59 330 52 69 325 74 1 -16 25 -64 -7 Higher Grade Ignimbrite 47 91 359 315 124 34 77 -10 -9 81 9 -2 Basalt 312 71 352 322 69 346 54 19 -29 54 11 -33 Background 55 145 40 199 138 53 1 0 -89 66 -12 21 - --------------------------------------------------------------------------------------------- Mo Lower Grade Ignimbrite 215 53 316 77 121 4 52 36 9 35 -47 -23 Basalt 186 95 332 111 76 356 10 7 77 54 -31 17 Medium Grade Ignimbrite 269 99 2 190 90 337 33 56 5 31 16 55 Basalt 130 60 203 330 57 313 -19 44 40 27 -7 -62 Higher Grade Ignimbrite 311 90 39 341 192 93 11 75 -9 55 31 14 Basalt 45 325 275 324 61 335 22 -22 58 51 5 -39 Background 305 90 4 89 79 355 68 18 -12 38 -51 5 - ---------------------------------------------------------------------------------------------
Notes: Azimuths are in degrees Dips are positive up and negative down August 2003 PAGE 17-12 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA GENERAL COMMENTS REGARDING VARIOGRAPHY Dividing ignimbrite and augite basalt appears justified on the basis of variography. The ignimbrite variograms show pronounced continuity in the two principle directions of the Far North mineralized envelope, parallel to the strike of mineralization, and the second normal to the strike dipping steeply to the southeast. Ranges for the first structure tend to be less than 50 m. The ranges in the second structure tend to be less than 600 m. The basalt variograms are not as sharply defined as within the ignimbrite lithology. The major directions of continuity are often more northerly than the predominant strike of mineralization. The orientation may be reflecting the change in strike that begins below the 400 m elevation. Variograms for copper and gold are well behaved in the principle drilling directions: azimuths 0 degrees, 150 degrees, and 330 degrees, all dipping -60 degrees. The quality of molybdenum variograms range from acceptable to poor, but given that molybdenum is low grade and not economic, it is not presently a concern. 17.5 MODEL SET-UP The estimates were made from 3-dimensional block models utilizing commercial mine planning software (MineSight(R)). Project limits are in Table 17-6. Cell size was 20 m east x 20 m north x 15 m high. TABLE 17-6: FAR NORTH MODEL FRAMEWORK
- -------------------------------------------------------------------- DIRECTION MINIMUM MAXIMUM BLOCK SIZE (m) NUMBER OF BLOCKS - -------------------------------------------------------------------- EASTING 649000 652200 20 160 NORTHING 4762000 4768000 20 300 ELEVATION -190 1430 15 108 - --------------------------------------------------------------------
Bulk density data were assigned to a unique MineSight(R) assay database file. These data were composited into 15 m fixed-length down-hole values to reflect the block model bench height. The block model framework has expanded since the February 2003 model to include new drilling further to the north. The same solids and surfaces used to tag the composites were used to assign codes and ore percent to the block model. Domain codes were assigned by a simple majority. In the case of assigning dyke codes to the block model, a slightly higher percentage of 60% was necessary to code the block as dyke (this is based on the assumption that segregation into ore or waste is highly unlikely above this threshold, i.e. the dykes were assumed to represent zero grade waste cutting the mineralized rock.). For the ore percent model, the default value was set to 100%. This value was modified in blocks, which intersected dykes by subtracting the percentage of dyke from 100 (i.e., for August 2003 PAGE 17-13 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA model blocks wholly within a dyke shape, the ore percent value would be 0). This percentage was used in the resource tabulation procedure to properly account for mineralized material. Percent below topography was also calculated into the model blocks. 17.6 ESTIMATION The Far North deposit estimation plans, or sets of parameters used for estimating blocks, were designed using a philosophy of restricting the number of samples for local estimation. AMEC has found this to be an effective method of reducing smoothing and producing estimates that match the Discrete Gaussian change-of-support model and ultimately the actual recovered grade-tonnage distributions. While local predictions based on the small number of samples are uncertain(1), this method can produce reliable estimates of the recovered tonnage and grade over the entire deposit, i.e., global grade-tonnage curves from the estimations are accurate predictors of the actual grade-tonnage curves. Modelling consisted of grade interpolation by ordinary kriging. Only capped composite grades were selected. Nearest neighbour grades were also estimated for validation purposes. The same composite sample selection neighbourhood was used for each estimation. Blocks and composites were matched on estimation domain. The search ellipsoid was oriented preferentially to the orientation of the Lower Grade shell; the long axis is 35(degrees), plunging 20(degrees) north, and dipping 60(degrees) to the southeast. A minimum of two holes from the same estimation domain is required to place a grade estimate in a block. Block discretization is 4 x 4 x 3. Interpolation parameters are listed in Tables 17-5 through 17-7. - ------------------------- (1) Local grade estimates at the block-scale can be conditionally biased. Blocks estimated to be low-grade will actually be higher grade and vice versa. Division of the deposits into domains prior to estimation reduces the impact of conditional bias. August 2003 PAGE 17-14 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA TABLE 17-7: COPPER INTERPOLATION PARAMETERS FOR PRIMARY ESTIMATION PASS
- ------------------------------------------------------------------------------------------------- SEARCH DISTANCES ------------------------ PLANE NORMAL TO MIN AND MAX MAX COMPS FROM OUTLIER RESTRICTION DOMAIN STRIKE STRIKE COMPS ONE HOLE (GRADE - %Cu, DISTANCE - m) - ------------------------------------------------------------------------------------------------- Lower Grade 300 200 x 200 4, 8 3 1.0, 50 Medium Grade 300 200 x 200 4, 8 3 None Higher Grade 300 200 x 200 3, 9 2 None Background 300 200 x 200 4, 8 3 0.6, 50 - -------------------------------------------------------------------------------------------------
TABLE 17-8: GOLD INTERPOLATION PARAMETERS FOR PRIMARY ESTIMATION PASS
- ---------------------------------------------------------------------------------------------------- SEARCH DISTANCES ------------------------ PLANE NORMAL TO MIN AND MAX MAX COMPS FROM OUTLIER RESTRICTION DOMAIN STRIKE STRIKE COMPS ONE HOLE (GRADE - Au g/t, DISTANCE - m) - ---------------------------------------------------------------------------------------------------- LOWER GRADE 300 200 x 200 4, 15 3 0.25, 50 ignimbrite 0.50, 50 basalt MEDIUM GRADE 300 200 x 200 4, 15 3 None HIGHER GRADE 300 200 x 200 4, 15 3 2.0, 55 BACKGROUND 300 200 x 200 4, 15 3 0.25, 50 - ----------------------------------------------------------------------------------------------------
TABLE 17-9: MOLYBDENUM INTERPOLATION PARAMETERS FOR PRIMARY ESTIMATION PASS
- ----------------------------------------------------------------------------------------- SEARCH DISTANCES ------------------------ OUTLIER RESTRICTION PLANE NORMAL TO MIN AND MAX MAX COMPS FROM (GRADE - Mo ppm, DOMAIN STRIKE STRIKE COMPS ONE HOLE DISTANCE - m) - ----------------------------------------------------------------------------------------- LOWER GRADE 300 200 x 200 4, 12 3 None MEDIUM GRADE 300 200 x 200 4, 12 3 None HIGHER GRADE 300 200 x 200 4, 12 3 None BACKGROUND 300 200 x 200 4, 12 3 None - -----------------------------------------------------------------------------------------
These parameters were based on the geological interpretation, data analyses, and variogram analyses. The number of composites used in estimating a model block grade followed a strategy that matched composite values and model blocks sharing the same ore code or domain. The minimum and maximum number of composites were adjusted for each grade item to incorporate an appropriate amount of grade smoothing. This was done by change-of-support analysis (Discrete Gaussian or Hermitian polynomial change-of-support method), as described below. Bulk density values were estimated into the resource model by an averaging of composites. The averaging used a maximum of six and minimum of two 15 m composites. A rectangular search was used, measuring 200 m north x 200 m east x 50 m elevation. The assignment was constrained by matching composite values and model blocks that August 2003 PAGE 17-15 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA shared the same domain. In the event a block is not estimated, a default bulk density value of 2.78 was assigned. 17.6.1 VALIDATION INSPECTION OF ESTIMATION RUN FILES All interpolation scripts were printed, examined, and compared to the interpolation plan and variogram parameters. Any errors found were corrected, and the estimation rerun. VISUAL INSPECTION AMEC completed a detailed visual validation of the Far North deposit block model. The model was checked for proper coding of drill hole intervals and block model cells, in both section and plan. Coding was found to be properly done. Grade interpolation was examined relative to drill hole composite values by inspecting sections and plans. The checks showed good agreement between drill hole composite values and model cell values. The hard boundaries between grade shells appear to have constrained grades to their respective estimation domains (Figure 17-8 and Figure 17-9). The addition of an outlier restriction reduced a significant amount of grade smearing, as did adjusting domains of improperly assigned assays. Note in lower left hand corner of Figure 17-8 that the 1% shell extends beyond the 0.6% shell. Though a rare occurrence, these overlaps should be eliminated for future updates. Check plots should be made of the domain shells in three dimensions and validated. Examples of representative sections and plans containing block model grades, drill hole composite values and domain outlines are included in Appendix E. AMEC strongly recommends that the project staff adopt a standard set of cross section slices to be used by all project team members. This would permit project site, and remote support team members to utilise a common reference system. The current "FN 001 through FN 021" sections are irregularly spaced and oriented, and not adequate for a reference grid. The sections should be on a regular 50 m spacing oriented at azimuths of 035 and 125. Ideally, the reference grid should be made for the entire Oyu Tolgoi project. August 2003 PAGE 17-16 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA [FIGURE 17-8: REPRESENTATIVE Cu BLOCK MODEL CROSS SECTION WITH COMPOSITE GRADES SECTION 3500 (LOOKING NORTHEAST) MAP] August 2003 PAGE 17-17 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA [FIGURE 17-9: REPRESENTATIVE Au BLOCK MODEL CROSS SECTION WITH COMPOSITE GRADES SECTION 3500 (LOOKING NORTHEAST) MAP] MODEL CHECK FOR CHANGE-OF-SUPPORT An independent check on the smoothing in the estimates was made using the Discrete Gaussian or Hermitian polynominal change-of-support method described by Journel and Huijbregts (Mining Geostatistics, Academic Press, 1978). The distribution of hypothetical block grades derived by this method is compared to the estimated model grade distribution by means of grade-tonnage curves. The grade-tonnage curves allow comparison of the histograms of the two grade distributions in a format familiar to mining. If the estimation procedure has adequately predicted grades for the selected block size, then the grade-tonnage curves should match closely. If the curves diverge significantly, then there is a problem with the estimated resource. This method uses the "declustered" distribution of composite grades from a nearest neighbour or polygonal model to predict the distribution of grades in blocks. In this case, August 2003 PAGE 17-18 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA the blocks used in the model are 20 m x 20 m x 15 m. The unadjusted polygonal model assumes much more selectivity for ore and waste than is actually possible in mining practice, since many sample-sized volumes are averaged together within a block. This means that part of the sample-sized volumes in the block may be ore (above the mining cutoff) and part may be waste. Hence, the distribution of the grade of the blocks is not likely to resemble the distribution of grades from composite samples derived from the polygonal estimate. The method assumes that the distribution of the blocks will become more symmetric as the variance of the block distribution is reduced, i.e., as the mining blocks become bigger. The histogram for the blocks is derived from two calculations: - The block-to-block variance (sometimes referred to in statistics as the between block variance), which is calculated by subtracting the average value of the variogram within a block from the variance for composite samples (the sill of the variogram). - The frequency distribution for the composite grades transformed by means of hermite polynomials (Herco: hermite correction) into a less skewed distribution with the same mean as the declustered grade distribution and with the block-to-block variance of the grades. The distribution of hypothetical block grades derived by the Herco method is then compared to the estimated grade distribution to be validated by means of grade tonnage curves. The distribution of calculated 20 m x 20 m x 15 m block grades for copper in the main domains of Far North are shown with short dashed lines on the grade-tonnage curves in Appendix D. This is the distribution of grades based on 20 m blocks obtained from the change-of-support models. The long dashed lines in the figures show the grade-tonnage distribution obtained from the block estimates. The grade-tonnage predictions produced for the model show that grade and tonnage estimates are validated by the change-of- support calculations over the likely range of mining grade cutoff values. MODEL CHECKS FOR BIAS AMEC checked the block model estimates for global bias by comparing the average metal grades (with no cutoff) from the model (kriged grades) with means from nearest-neighbour estimates. (The nearest-neighbour estimator declusters the data and produces a theoretically unbiased estimate of the average value when no cutoff grade is imposed and is a good basis for checking the performance of different estimation methods.) Results displayed in Table 17-8 show no evidence of bias in the estimate. AMEC also checked for local trends in the grade estimates (swath checks). This was done by plotting the mean values from the nearest-neighbour estimate versus the kriged results for benches, northings, and eastings. The kriged estimates should be smoother than the August 2003 PAGE 17-19 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA nearest-neighbour estimate, thus the nearest-neighbour estimate should fluctuate around the kriged estimate on the plots. Results are shown in Appendix D. In general, the swaths of nearest neighbour and kriged estimate compare reasonably well. The kriged estimate tracks trends in nearest neighbour estimates; specific observations follow: - The Background domain is increasing in average copper grade with depth. - Gold grade progressively increases with increasing depth and northing. Kriged gold grade is on average less than nearest neighbour for all domains. It may be necessary to create separate gold shells in future modeling efforts with increased data. - molybdenum kriged estimates marginally reproduce trends in the nearest neighbour estimates. Given its low grade and economic insignificance, it is not a concern. TABLE 17-10: GLOBAL MODEL MEAN GRADE VALUES BY DOMAIN
NEAREST NEIGHBOUR ESTIMATE KRIGED ESTIMATE % DIFFERENCE - --------------------------------------------------------------------------- Cu (%) Background 0.28 0.29 2.7 Low Grade 0.68 0.67 -1.9 Medium Grade 1.23 1.23 -0.1 High Grade 2.98 2.91 -2.4 - --------------------------------------------------------------------------- Au (g/t) Background 0.057 0.055 -2.2 Low Grade 0.072 0.067 -6.8 Medium Grade 0.078 0.075 -3.9 High Grade 0.347 0.322 -7.4 - --------------------------------------------------------------------------- Mo (ppm) Background 58 57 -2.0 Low Grade 71 73 1.7 Medium Grade 47 51 9.3 High Grade 33 33 0.8 - ---------------------------------------------------------------------------
HISTOGRAMS AND PROBABILITY PLOTS Histograms were constructed to show the frequency of sample grades within the mineralized domains. Both kriged and nearest-neighbour plots were made for copper, gold, and molybdenum. The statistical properties are summarized in Appendix C. The nearest-neighbour plots mimic the respective composite value distribution. The kriged results show the formation of a more symmetric distribution because of the smoothing August 2003 PAGE 17-20 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA effect caused by using multiple values from multiple drill holes to interpolate a model block value. 17.7 MINERAL RESOURCE CLASSIFICATION AND SUMMARY The mineral resources of the Far North deposit, Oyu Tolgoi project were classified using logic consistent with the CIM definitions referred to in National Instrument 43-101. All interpolated blocks within 150 m of a drill composite were assigned as Inferred Mineral Resources. In a separate study on drill hole spacing, AMEC determined that to reach a sufficient level of confidence in geologic and grade continuity to be able to declare Indicated Mineral Resources at Far North, an approximate drill grid of 100 m (along trend of mineralization) by 50 m (horizontal spacing) would be necessary. The mineralization of the Far North deposit, Oyu Tolgoi project as of 21 July 2003 is classified as Inferred Mineral Resources. The resources are shown by total deposit and by deposit depth, respectively, in Tables 17-11 and 17-12, reported at a copper equivalent cutoff grade. The equivalent grade was calculated using only assumed metal prices for copper and gold. The assumed prices were US$0.80 for copper and US$350/oz for gold. For convenience the formula is: CuEq = %Cu + (g/t Au*11.25)/17.64 The Far North deposit is likely to be mined by either or both open pit mining and underground bulk mining (e.g. block cave, sublevel cave) methods. The current mineral resource model will need additional dilution and allowances for mining recovery for any underground scenario prior to conversion to mineral reserves. TABLE 17-11: FAR NORTH DEPOSIT, OYU TOLGOI PROJECT INFERRED MINERAL RESOURCES - JULY 2003
GRADES CONTAINED METAL CuEq --------------------- ---------------------------------- CUTOFF GRADE TONNES CuEq Cu Au Mo Cu TONNES Cu POUNDS Au OUNCES (%) (k) (%) (%) (g/t) (ppm) (k) (m) (k) ============================================================================================ > or = 3.50 17,000 4.06 3.74 0.50 34 640 1,400 280 > or = 3.00 36,200 3.62 3.35 0.42 34 1,210 2,700 480 > or = 2.50 57,800 3.30 3.08 0.34 36 1,780 3,900 640 > or = 2.00 70,800 3.11 2.92 0.30 36 2,070 4,600 690 > or = 1.50 121,700 2.49 2.36 0.21 41 2,870 6,300 830 > or = 1.25 237,600 1.94 1.85 0.15 45 4,390 9,700 1,110 > or = 1.00 341,700 1.69 1.61 0.13 48 5,520 12,200 1,380 > or = 0.90 376,200 1.63 1.55 0.12 51 5,820 12,800 1,500 > or = 0.80 452,200 1.49 1.42 0.12 54 6,410 14,100 1,690 > or = 0.70 551,700 1.36 1.29 0.11 59 7,110 15,700 1,920 > or = 0.60 642,800 1.26 1.19 0.10 61 7,660 16,900 2,110 > or = 0.50 859,600 1.08 1.01 0.10 63 8,710 19,200 2,680 > or = 0.40 1,196,300 0.90 0.84 0.09 65 10,060 22,200 3,380 > or = 0.30 1,652,200 0.75 0.70 0.08 63 11,480 25,300 4,200 - --------------------------------------------------------------------------------------------
August 2003 PAGE 17-21 [AMEC LOGO] IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA TABLE 17-12: FAR NORTH DEPOSIT INFERRED MINERAL RESOURCE SUMMARY - BY DEPTH (JULY 2003)
CuEq CutOff Grade TONNES CuEq Cu Au Mo (%) (%) (%) (g/t) (ppm) ====================================================================================================== 1,160 to 1,040 m level (0 - 120 m below surface) > or = 0.6 80,000 0.63 0.61 0.03 81 > or = 2.0 0 0.00 0.00 0.00 0 - ------------------------------------------------------------------------------------------------------ 1,020 to 900 m level (120 - 240 m below surface) > or = 0.6 22,880,000 0.97 0.95 0.04 63 > or = 2.0 0 0.00 0.00 0.00 0 - ------------------------------------------------------------------------------------------------------ 900 to 780 m level (240 - 360 m below surface) > or = 0.6 65,120,000 1.01 0.98 0.04 55 > or = 2.0 550,000 2.76 2.65 0.18 17 - ------------------------------------------------------------------------------------------------------ 780 to 660 m level (360 - 480 m below surface) > 0.6 103,720,000 1.32 1.28 0.07 60 > 2.0 12,690,000 3.10 2.96 0.21 42 - ------------------------------------------------------------------------------------------------------ 660 to 540 m level (480 - 600 m below surface) > or = 0.6 113,400,000 1.29 1.24 0.07 62 > or = 2.0 13,600,000 2.89 2.78 0.17 46 - ------------------------------------------------------------------------------------------------------ 540 to 420 m level (600 - 720 m below surface) > or = 0.6 113,730,000 1.02 0.96 0.10 76 > or = 2.0 5,080,000 2.72 2.56 0.25 44 - ------------------------------------------------------------------------------------------------------ 420 to 300 m level (720 to 840 m below surface) > or = 0.6 77,680,000 1.14 1.06 0.12 58 > or = 2.0 6,750,000 2.79 2.64 0.23 32 - ------------------------------------------------------------------------------------------------------ 300 to 180 m level (840 to 960 m below surface) > or = 0.6 57,340,000 1.69 1.58 0.17 47 > or = 2.0 14,020,000 3.36 3.14 0.35 27 - ------------------------------------------------------------------------------------------------------ 180 to 60 m level (960 to 1,080 m below surface) > or = 0.6 50,810,000 1.63 1.52 0.17 50 > or = 2.0 13,560,000 3.28 3.05 .36 26 - ------------------------------------------------------------------------------------------------------ 60 to -60 m level (1,080 to 1,200 m below surface) > or = 0.6 32,470,000 1.42 1.27 0.24 63 > or = 2.0 4,530,000 3.50 2.97 0.83 53 - ------------------------------------------------------------------------------------------------------ - -60 to -120 m level (1,200 to 1,2600 m below surface) > or = 0.6 5,520,000 1.20 1.14 0.10 42 > or = 2.0 50,000 2.77 2.64 0.19 39 - ------------------------------------------------------------------------------------------------------
[AMEC LOGO] August 2003 PAGE 17-22 IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 18.0 OTHER RELEVANT DATA AND INFORMATION No other data or information is relevant for the review of the Far North deposit, Oyu Tolgoi project. [AMEC LOGO] August 2003 PAGE 18-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 19.0 REQUIREMENTS FOR TECHNICAL REPORTS ON PRODUCTION AND DEVELOPMENT PROPERTIES This section is not relevant for this study. [AMEC LOGO] August 2003 PAGE 19-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 20.0 CONCLUSIONS AND RECOMMENDATIONS AMEC reviewed pertinent data from the Far North deposit, Oyu Tolgoi project, to obtain a sufficient level of understanding to estimate and tabulate an updated Mineral Resource summary. AMEC's general conclusions from this work are as follows: - The geology of the Far North deposit is becoming increasingly better understood. That understanding was reflected in the geology models produced for the estimate. - Since March, the exploration program has focussed on Far North deposit and consists almost exclusively of diamond drilling. Due to depth of holes needed to continue to test the extensions of this deposit (particularly the north eastern gold-rich portions), Ivanhoe has started to use original drill holes as parent holes from which multiple daughter holes are drilled. This is achieved using Navi-Drill(R) technology. - The database used to estimate the mineral resources for the Far North deposit consists of samples and geological information from 124 core drill holes drilled by Ivanhoe, between 2002 and mid-2003. Data was cutoff as of 07 July 2003 and comprised assay data from 100 drill holes. Data transfer to the resource database was validated from original assay certificates through a 5% check of the database. - Ivanhoe employs a comprehensive QA/QC program. Each sample batch consisting of 20 samples contains five quality control samples. The quality control samples comprise one duplicate split core sample and one uncrushed field blank, which are inserted prior to sample preparation; a reject or pulp preparation duplicate, which is inserted during sample preparation; and two reference material samples (one >2% Cu and one <2% Cu), which are inserted after sample preparation. A total of 28 different reference materials have been developed for the Oyu Tolgoi deposits and are used to monitor the assaying of six different ore types made up of varying combinations of chalcopyrite, bornite, primary and supergene chalcocite, enargite, covellite and molybdenite. Ivanhoe strictly monitors the performance of the standard reference material (SRM) samples as the assay results arrive at site. If a batch fails based on standards reference material and blank samples, it is re-assayed until it passes unless the batch is deemed to represent barren intervals. AMEC reviewed Ivanhoe's QA/QC procedures at site and found them to be strictly adhered to. Results of field blanks show low incidence of contamination and confirm negligible contamination in the assay process. Duplicate performance of core, coarse reject, and pulp duplicates was evaluated by AMEC and found to perform well within the respective accepted ranges for copper. Gold and molybdenum had poorer performance but the results could be affected by limited data above values close to analytical limits and coarser gold associated with higher grades. The current Ivanhoe QA/QC program meets or exceeds industry standards and demonstrates that the assay process for Far North data is in control. [AMEC LOGO] August 2003 PAGE 20-1 IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA - The Far North resource model was developed using industry-accepted methods. AMEC validated the model estimates and found them to reasonably estimate grade and tonnage for the Far North deposit. - The mineralization of the Far North deposit was classified as Inferred Mineral Resources using logic consistent with the CIM definitions referred to in National Instrument 43-101. To reach a sufficient level of confidence in geologic and grade continuity to be able to declare Indicated Mineral Resources at Far North, an approximate drill grid of 100 m (along trend of mineralization) by 50 m (horizontal spacing) would be necessary. This independent mineral resource estimate and review by AMEC supports the July 2003 Far North Mineral Resource statement. [AMEC LOGO] August 2003 PAGE 20-2 IVANHOE MINES LTD. [IVANHOE MINES LOGO] TECHNICAL REPORT FAR NORTH DEPOSIT, OYU TOLGOI, MONGOLIA 21.0 REFERENCES S. Juras, 24 February 2003. Technical Report on the Oyu Tolgoi Project, Mongolia. National Instrument 43-101 Technical Report. [AMEC LOGO] August 2003 PAGE 21-1 APPENDIX A ================================================================================ COMPOSITED ASSAY VALUES Far North Oyu Composite Assay Values (for values greater than or equal to 0.30 Cu %) Domain code descriptions are in Table 17.1
DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD244 651127 4765412 1023.9 5.0 0.37 0.03 19 10 OTD244 651127 4765415 1019.6 5.0 0.46 0.03 35 10 OTD244 651127 4765417 1015.3 5.0 0.33 0.01 45 10 OTD244 651126 4765420 1011.0 5.0 0.42 0.03 15 10 OTD244 651126 4765422 1006.6 5.0 0.46 0.02 69 10 OTD244 651126 4765427 998.0 5.0 0.41 0.03 20 10 OTD244 651126 4765430 994.1 4.0 0.60 0.06 28 10 OTD244 651126 4765438 979.8 5.0 0.70 0.05 50 10 OTD244 651126 4765440 975.4 5.0 0.41 0.04 74 10 OTD244 651126 4765443 971.1 5.0 1.16 0.07 150 10 OTD244 651126 4765444 968.5 1.0 0.70 0.05 174 10 OTD244 651126 4765453 953.8 5.0 0.36 0.05 146 10 OTD244 651126 4765460 940.9 5.0 0.38 0.03 185 10 OTD244 651126 4765466 932.3 5.0 0.35 0.03 60 10 OTD244 651126 4765474 919.5 5.0 0.37 0.03 58 10 OTD244 651126 4765476 915.2 5.0 0.39 0.03 103 10 OTD244 651126 4765479 910.9 5.0 0.46 0.04 79 10 OTD244 651126 4765481 908.4 1.0 0.43 0.03 84 10 OTD244 651126 4765482 905.8 5.0 0.78 0.05 85 4 OTD244 651126 4765485 901.5 5.0 0.62 0.03 112 4 OTD244 651126 4765487 897.3 5.0 0.84 0.04 188 4 OTD244 651126 4765490 893.0 5.0 0.66 0.03 102 4 OTD244 651126 4765493 888.7 5.0 0.68 0.04 114 4 OTD244 651126 4765495 884.5 5.0 0.68 0.04 81 4 OTD244 651127 4765498 880.2 5.0 0.72 0.05 73 4 OTD244 651127 4765500 876.0 5.0 0.95 0.03 137 4 OTD244 651127 4765503 871.8 5.0 0.70 0.04 62 4 OTD244 651127 4765506 867.5 5.0 0.85 0.05 28 4 OTD244 651127 4765508 863.3 5.0 0.79 0.05 76 4 OTD244 651127 4765510 859.1 5.0 0.37 0.03 113 4 OTD244 651127 4765516 850.6 5.0 0.92 0.04 76 4 OTD244 651128 4765518 846.4 5.0 0.59 0.04 68 4 OTD244 651128 4765521 842.2 5.0 0.85 0.05 38 4 OTD244 651128 4765524 838.0 5.0 0.89 0.03 46 4 OTD244 651128 4765527 833.8 5.0 0.62 0.04 32 4 OTD244 651128 4765530 829.7 5.0 0.52 0.03 38 4 OTD244 651129 4765532 825.5 5.0 0.94 0.05 52 4 OTD244 651129 4765536 821.4 5.0 0.99 0.04 99 4 OTD244 651129 4765538 817.3 5.0 0.95 0.05 94 4 OTD244 651130 4765541 813.2 5.0 0.73 0.03 47 4 OTD244 651130 4765544 809.1 5.0 0.83 0.04 50 4 OTD244 651130 4765547 805.0 5.0 0.67 0.03 62 4 OTD244 651131 4765550 800.9 5.0 0.74 0.03 70 4 OTD244 651131 4765553 796.8 5.0 0.62 0.02 78 4 OTD244 651131 4765556 792.7 5.0 0.72 0.03 40 4 OTD244 651132 4765559 788.7 5.0 0.80 0.03 39 4 OTD244 651132 4765562 784.6 5.0 0.90 0.04 44 4 OTD244 651133 4765564 780.5 5.0 0.62 0.02 41 4 OTD244 651133 4765567 776.5 5.0 0.80 0.02 110 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD244 651134 4765570 772.4 5.0 0.60 0.02 101 4 OTD244 651134 4765573 768.4 5.0 0.66 0.02 79 4 OTD244 651135 4765576 764.3 5.0 0.58 0.01 180 4 OTD244 651135 4765579 760.3 5.0 0.85 0.02 306 4 OTD244 651136 4765582 756.3 5.0 0.68 0.05 179 4 OTD244 651136 4765585 752.3 5.0 0.72 0.03 120 4 OTD244 651137 4765588 748.4 5.0 0.64 0.02 150 4 OTD244 651137 4765590 745.2 3.0 0.68 0.03 156 4 OTD244 651138 4765592 742.0 5.0 0.42 0.02 152 10 OTD244 651138 4765596 738.1 5.0 0.40 0.01 123 10 OTD244 651139 4765599 734.2 5.0 0.65 0.03 141 10 OTD244 651139 4765602 730.3 5.0 0.66 0.06 77 10 OTD244 651140 4765605 726.4 5.0 0.43 0.03 157 10 OTD244 651141 4765611 718.7 5.0 0.54 0.03 281 10 OTD244 651142 4765614 714.8 5.0 0.41 0.02 204 10 OTD244 651143 4765617 711.0 5.0 0.53 0.03 178 10 OTD244 651143 4765620 707.2 5.0 0.53 0.05 119 10 OTD244 651144 4765624 703.3 5.0 0.56 0.03 124 10 OTD244 651145 4765627 699.5 5.0 0.44 0.07 136 10 OTD244 651145 4765630 696.1 4.0 1.16 0.07 86 10 OTD244 651146 4765633 692.7 5.0 0.68 0.04 142 4 OTD244 651147 4765635 689.7 3.0 0.54 0.05 133 4 OTD244 651147 4765638 686.7 5.0 0.73 0.09 123 10 OTD244 651148 4765641 682.9 5.0 0.38 0.03 75 10 OTD244 651149 4765644 679.4 4.3 0.41 0.03 81 10 OTD246 650924 4765378 1085.8 5.0 0.35 0.02 140 10 OTD246 650924 4765380 1081.5 5.0 0.39 0.02 164 10 OTD246 650924 4765383 1077.1 5.0 0.32 0.03 166 10 OTD246 650922 4765418 1016.6 5.0 0.67 0.05 50 10 OTD246 650922 4765421 1012.3 5.0 0.81 0.06 104 10 OTD246 650922 4765423 1008.0 5.0 0.49 0.04 52 10 OTD246 650922 4765428 999.4 5.0 0.40 0.07 49 10 OTD246 650922 4765431 995.1 5.0 0.37 0.07 26 10 OTD246 650921 4765433 990.8 5.0 0.65 0.06 38 10 OTD246 650921 4765436 986.5 5.0 0.56 0.06 282 10 OTD246 650921 4765439 982.3 5.0 0.85 0.07 31 10 OTD246 650921 4765441 978.0 5.0 0.66 0.05 29 10 OTD246 650921 4765444 973.7 5.0 0.62 0.05 58 10 OTD246 650921 4765451 960.8 5.0 0.41 0.04 84 10 OTD246 650920 4765454 956.5 5.0 0.81 0.08 91 10 OTD246 650920 4765457 952.3 5.0 0.63 0.05 108 10 OTD246 650920 4765459 948.0 5.0 0.42 0.04 75 10 OTD246 650920 4765462 943.7 5.0 0.61 0.05 144 10 OTD246 650920 4765464 939.4 5.0 0.83 0.06 119 10 OTD246 650920 4765467 935.1 5.0 0.75 0.06 230 10 OTD246 650920 4765469 930.8 5.0 0.71 0.04 187 10 OTD246 650919 4765471 926.5 5.0 0.35 0.03 297 10 OTD246 650919 4765474 922.3 5.0 0.48 0.04 142 10 OTD246 650919 4765476 918.0 5.0 0.58 0.08 154 10 OTD246 650919 4765479 913.7 5.0 1.04 0.07 153 10 OTD246 650919 4765482 909.4 5.0 0.48 0.04 104 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD246 650919 4765484 905.1 5.0 0.60 0.07 72 10 OTD246 650918 4765494 889.3 2.0 0.53 0.06 91 18 OTD246 650918 4765496 886.3 5.0 0.37 0.06 95 10 OTD246 650917 4765498 882.0 5.0 0.54 0.06 311 10 OTD246 650917 4765501 877.7 5.0 0.53 0.06 222 10 OTD246 650917 4765503 873.4 5.0 0.79 0.09 206 10 OTD246 650917 4765506 869.1 5.0 0.37 0.04 186 10 OTD246 650916 4765508 864.8 5.0 0.53 0.04 102 10 OTD246 650916 4765511 860.5 5.0 0.79 0.07 81 10 OTD246 650916 4765513 856.3 5.0 0.90 0.11 176 10 OTD246 650916 4765516 852.0 5.0 0.34 0.04 37 10 OTD246 650915 4765524 839.1 5.0 0.52 0.06 33 10 OTD246 650915 4765527 834.8 5.0 0.33 0.02 33 10 OTD246 650914 4765529 830.5 5.0 0.37 0.01 39 10 OTD246 650914 4765532 826.2 5.0 0.42 0.04 52 10 OTD246 650914 4765534 821.9 5.0 0.37 0.06 125 10 OTD246 650912 4765549 796.1 5.0 0.37 0.08 38 10 OTD246 650912 4765552 791.7 5.0 0.36 0.07 44 10 OTD246 650907 4765580 741.5 5.0 0.34 0.04 41 10 OTD254 650923 4765282 1046.5 5.0 0.38 0.02 89 10 OTD254 650923 4765287 1037.9 5.0 0.81 0.02 213 10 OTD254 650923 4765289 1033.5 5.0 1.03 0.03 166 10 OTD254 650923 4765292 1029.2 5.0 0.79 0.02 226 10 OTD254 650922 4765294 1024.9 5.0 0.45 0.02 210 10 OTD254 650922 4765297 1020.6 5.0 0.52 0.04 114 10 OTD254 650922 4765299 1016.2 5.0 0.82 0.05 52 10 OTD254 650922 4765302 1011.9 5.0 0.65 0.04 63 10 OTD254 650922 4765304 1007.6 5.0 0.47 0.04 71 10 OTD254 650921 4765307 1003.2 5.0 0.71 0.05 116 10 OTD254 650921 4765309 998.9 5.0 0.63 0.05 129 10 OTD254 650921 4765312 994.6 5.0 0.65 0.04 115 10 OTD254 650921 4765314 990.2 5.0 0.77 0.07 182 10 OTD254 650921 4765317 985.9 5.0 0.88 0.12 100 10 OTD254 650920 4765324 972.9 5.0 0.67 0.05 131 10 OTD254 650920 4765327 968.6 5.0 0.59 0.04 97 10 OTD254 650920 4765329 964.3 5.0 0.53 0.02 109 10 OTD254 650920 4765332 959.9 5.0 0.52 0.02 66 10 OTD254 650920 4765334 955.6 5.0 0.61 0.02 97 10 OTD254 650919 4765337 951.3 5.0 0.57 0.01 82 10 OTD254 650919 4765339 946.9 5.0 0.68 0.03 179 10 OTD254 650919 4765341 942.6 5.0 0.59 0.04 75 10 OTD254 650919 4765346 934.0 5.0 0.39 0.06 235 10 OTD254 650919 4765349 929.6 5.0 0.62 0.06 138 10 OTD254 650919 4765351 926.2 3.0 0.30 0.03 79 10 OTD254 650918 4765357 915.3 2.0 0.38 0.02 34 16 OTD254 650918 4765359 912.3 5.0 0.66 0.05 149 10 OTD254 650918 4765361 908.0 5.0 0.57 0.04 136 10 OTD254 650918 4765364 903.6 5.0 0.84 0.06 133 10 OTD254 650918 4765366 899.3 5.0 0.56 0.03 121 10 OTD254 650918 4765369 895.0 5.0 0.78 0.05 111 10 OTD254 650918 4765370 892.4 1.0 0.57 0.06 51 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD254 650917 4765382 872.9 4.0 0.31 0.04 73 18 OTD254 650917 4765384 869.0 5.0 0.60 0.03 116 10 OTD254 650917 4765386 864.6 5.0 0.51 0.05 219 10 OTD254 650917 4765389 860.3 5.0 0.52 0.09 134 10 OTD254 650916 4765391 855.9 5.0 0.53 0.07 71 10 OTD254 650916 4765394 851.6 5.0 0.41 0.06 60 10 OTD254 650913 4765480 702.3 5.0 0.64 0.09 21 10 OTD254 650913 4765482 698.0 5.0 0.51 0.07 20 10 OTD254 650913 4765485 693.6 5.0 0.47 0.09 7 10 OTD254 650913 4765492 680.6 4.0 0.73 0.06 16 10 OTD254 650913 4765495 676.3 5.0 0.93 0.10 17 10 OTD254 650913 4765496 673.7 1.0 0.99 0.13 15 10 OTD254 650913 4765509 652.0 5.0 0.77 0.15 33 10 OTD254 650913 4765511 647.6 5.0 0.33 0.06 15 10 OTD254 650912 4765514 643.3 5.0 0.79 0.11 16 10 OTD254 650912 4765516 638.9 5.0 1.27 0.12 56 10 OTD254 650912 4765519 634.5 5.0 0.95 0.10 35 10 OTD254 650912 4765528 617.0 5.0 0.94 0.11 23 10 OTD254 650912 4765533 608.3 5.0 0.48 0.07 17 10 OTD254 650912 4765535 604.6 3.4 0.75 0.06 21 10 OTD259 650725 4765254 1056.0 5.0 0.77 0.06 50 10 OTD259 650725 4765256 1051.6 5.0 0.42 0.03 49 10 OTD259 650725 4765259 1047.2 5.0 0.78 0.09 93 10 OTD259 650725 4765261 1042.8 5.0 0.51 0.04 87 10 OTD259 650724 4765263 1038.3 5.0 0.39 0.04 119 10 OTD259 650724 4765266 1033.9 5.0 0.42 0.04 82 10 OTD259 650724 4765268 1029.5 5.0 0.42 0.03 66 10 OTD259 650724 4765270 1025.1 5.0 0.42 0.03 98 10 OTD259 650724 4765273 1020.7 5.0 0.31 0.03 100 10 OTD259 650724 4765275 1016.3 5.0 0.55 0.04 193 10 OTD259 650724 4765278 1011.8 5.0 0.39 0.05 148 10 OTD259 650724 4765280 1007.4 5.0 0.51 0.06 104 10 OTD259 650723 4765282 1002.9 5.0 0.90 0.14 53 10 OTD259 650722 4765298 971.6 5.0 0.38 0.03 92 10 OTD259 650718 4765333 899.7 5.0 0.33 0.03 28 10 OTD259 650718 4765335 895.2 5.0 0.58 0.01 72 10 OTD259 650718 4765337 890.7 5.0 0.55 0.01 128 10 OTD259 650711 4765385 791.8 5.0 1.18 0.09 156 10 OTD259 650711 4765388 787.3 5.0 1.14 0.27 51 10 OTD259 650710 4765399 764.8 5.0 0.45 0.04 58 10 OTD259 650707 4765429 701.6 5.0 0.39 0.01 20 10 OTD259 650706 4765452 651.7 5.0 0.45 0.13 14 10 OTD259 650706 4765460 633.6 3.0 0.30 0.02 172 10 OTD267 650349 4764930 1113.6 5.0 2.24 0.73 22 10 OTD267 650349 4764932 1109.2 5.0 0.64 0.65 14 10 OTD267 650349 4764935 1104.8 5.0 0.96 0.38 17 10 OTD267 650349 4764937 1100.4 5.0 0.65 0.60 15 10 OTD267 650349 4764940 1096.1 5.0 0.72 0.73 18 10 OTD267 650349 4764942 1091.7 5.0 0.46 0.22 20 10 OTD267 650349 4764944 1087.3 5.0 0.31 0.26 15 10 OTD267 650349 4764949 1078.5 5.0 0.33 0.38 35 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD267 650349 4764951 1074.1 5.0 0.34 0.24 55 10 OTD267 650349 4764963 1052.0 5.0 0.50 0.42 32 10 OTD267 650349 4764970 1038.7 5.0 0.34 0.27 37 10 OTD267 650349 4764973 1034.3 5.0 0.72 0.45 52 10 OTD267 650349 4764975 1029.9 5.0 0.35 0.10 31 10 OTD267 650349 4764987 1007.8 5.0 0.31 0.19 6 10 OTD267 650349 4764989 1003.4 5.0 0.60 0.41 15 10 OTD267 650349 4764991 999.0 5.0 0.40 0.16 7 10 OTD267 650349 4764994 994.6 5.0 0.80 0.24 26 10 OTD267 650349 4764996 990.2 5.0 0.84 0.33 22 10 OTD267 650349 4764998 985.8 5.0 0.67 0.28 9 10 OTD267 650349 4765001 981.3 5.0 0.54 0.39 9 10 OTD267 650349 4765003 976.9 5.0 0.68 0.32 34 10 OTD267 650349 4765005 972.5 5.0 0.55 0.38 26 10 OTD267 650350 4765008 968.1 5.0 0.46 0.24 19 10 OTD267 650350 4765072 848.9 5.0 0.42 0.06 23 10 OTD267 650350 4765074 844.5 5.0 1.25 0.06 97 10 OTD267 650350 4765076 840.1 5.0 0.42 0.15 43 10 OTD267 650351 4765081 831.2 4.0 0.31 0.14 23 10 OTD267 650351 4765088 818.0 5.0 0.31 0.12 20 10 OTD267 650351 4765090 813.6 5.0 1.31 0.40 28 10 OTD267 650351 4765093 809.2 5.0 1.56 0.39 36 10 OTD267 650351 4765095 804.8 5.0 0.38 0.20 44 10 OTD267 650351 4765104 787.1 5.0 0.32 0.46 45 10 OTD267 650351 4765109 778.3 5.0 0.52 0.73 61 10 OTD267 650351 4765112 773.9 5.0 0.41 0.60 30 10 OTD270 651331 4765503 972.9 5.0 0.39 0.02 55 10 OTD270 651331 4765506 968.7 5.0 0.48 0.01 28 10 OTD270 651331 4765509 962.8 5.0 0.70 0.01 71 4 OTD270 651331 4765512 958.6 5.0 0.75 0.01 90 4 OTD270 651331 4765515 954.5 5.0 0.81 0.02 62 4 OTD270 651331 4765517 952.0 1.0 0.92 0.02 49 4 OTD270 651331 4765518 949.5 5.0 1.23 0.02 38 1 OTD270 651331 4765521 945.3 5.0 0.97 0.01 53 1 OTD270 651331 4765523 941.1 5.0 1.04 0.01 69 1 OTD270 651331 4765526 937.0 5.0 1.13 0.02 46 1 OTD270 651331 4765529 932.9 5.0 1.35 0.02 40 1 OTD270 651331 4765532 928.8 5.0 1.07 0.02 49 1 OTD270 651331 4765535 924.6 5.0 1.21 0.01 47 1 OTD270 651331 4765538 920.5 5.0 1.22 0.02 43 1 OTD270 651331 4765540 916.4 5.0 1.21 0.02 51 1 OTD270 651331 4765543 912.3 5.0 1.39 0.04 50 1 OTD270 651331 4765546 908.1 5.0 0.95 0.02 14 1 OTD270 651332 4765552 900.0 5.0 0.88 0.01 24 1 OTD270 651332 4765555 895.9 5.0 1.22 0.03 23 1 OTD270 651332 4765558 891.9 5.0 0.96 0.04 21 1 OTD270 651332 4765561 887.8 5.0 1.26 0.02 17 1 OTD270 651332 4765564 883.7 5.0 0.40 0.03 27 1 OTD270 651332 4765567 879.7 5.0 0.43 0.03 45 1 OTD270 651333 4765570 875.7 5.0 1.12 0.03 22 1 OTD270 651333 4765573 871.6 5.0 1.38 0.02 16 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD270 651333 4765575 867.6 5.0 1.28 0.03 12 1 OTD270 651333 4765578 863.6 5.0 1.11 0.01 18 1 OTD270 651333 4765581 859.5 5.0 1.12 0.06 12 1 OTD270 651334 4765584 855.5 5.0 0.64 0.03 64 1 OTD270 651334 4765587 851.5 5.0 0.88 0.04 63 1 OTD270 651334 4765590 847.5 5.0 1.34 0.05 47 1 OTD270 651334 4765593 843.5 5.0 1.21 0.03 18 1 OTD270 651334 4765596 839.5 5.0 1.37 0.02 24 1 OTD270 651335 4765599 835.5 5.0 1.73 0.02 15 1 OTD270 651335 4765602 831.5 5.0 2.05 0.02 23 1 OTD270 651335 4765605 827.5 5.0 1.73 0.03 18 1 OTD270 651335 4765608 823.5 5.0 1.75 0.06 36 1 OTD270 651336 4765611 819.6 5.0 1.17 0.10 38 1 OTD270 651336 4765614 815.6 5.0 1.08 0.05 25 1 OTD270 651336 4765617 811.6 5.0 1.26 0.04 18 1 OTD270 651337 4765620 807.7 5.0 1.45 0.04 21 1 OTD270 651337 4765623 803.7 5.0 1.79 0.04 41 1 OTD270 651337 4765626 799.8 5.0 1.84 0.03 49 1 OTD270 651337 4765629 795.9 5.0 1.70 0.02 75 1 OTD270 651338 4765632 791.9 5.0 1.66 0.08 42 1 OTD270 651338 4765635 788.0 5.0 2.04 0.05 43 1 OTD270 651338 4765639 784.1 5.0 1.80 0.05 33 1 OTD270 651339 4765642 780.2 5.0 1.72 0.05 15 1 OTD270 651339 4765645 776.3 5.0 1.88 0.08 20 1 OTD270 651339 4765648 772.5 5.0 1.52 0.09 58 1 OTD270 651340 4765651 768.6 5.0 0.80 0.06 51 1 OTD270 651341 4765661 757.0 5.0 1.24 0.05 21 1 OTD270 651341 4765664 753.2 5.0 1.88 0.06 24 1 OTD270 651342 4765667 749.3 5.0 1.61 0.07 18 1 OTD270 651343 4765673 741.6 5.0 1.08 0.07 33 1 OTD270 651343 4765675 738.6 3.0 2.08 0.08 32 1 OTD270 651343 4765678 735.5 5.0 1.71 0.08 23 6 OTD270 651344 4765681 731.7 5.0 1.83 0.10 36 6 OTD270 651344 4765684 727.9 5.0 2.56 0.08 57 6 OTD270 651345 4765688 724.1 5.0 2.50 0.09 38 6 OTD270 651345 4765691 720.3 5.0 2.32 0.05 27 6 OTD270 651346 4765694 716.4 5.0 2.72 0.07 24 6 OTD270 651346 4765697 712.6 5.0 1.47 0.04 13 6 OTD270 651347 4765701 708.8 5.0 2.78 0.06 13 6 OTD270 651348 4765704 705.0 5.0 0.45 0.04 5 6 OTD270 651349 4765711 697.5 5.0 0.37 0.04 8 6 OTD270 651350 4765717 689.9 5.0 1.85 0.32 9 6 OTD270 651350 4765720 686.1 5.0 2.40 0.32 14 6 OTD270 651351 4765723 682.3 5.0 4.05 0.66 36 6 OTD270 651351 4765726 678.6 5.0 1.96 0.16 16 6 OTD270 651353 4765733 671.1 5.0 1.78 0.15 15 6 OTD270 651353 4765736 667.3 5.0 4.39 0.20 45 6 OTD270 651354 4765739 663.6 5.0 5.68 0.19 30 6 OTD270 651355 4765743 659.8 5.0 5.26 0.20 79 6 OTD270 651355 4765746 656.1 5.0 4.08 0.19 52 6 OTD270 651356 4765749 652.4 5.0 4.11 0.15 23 6

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD270 651357 4765752 648.7 5.0 4.62 0.37 57 6 OTD270 651357 4765755 645.0 5.0 5.20 0.24 59 6 OTD270 651358 4765759 641.3 5.0 4.81 0.35 94 6 OTD270 651359 4765762 637.6 5.0 4.86 0.36 112 6 OTD270 651359 4765765 634.0 5.0 3.45 0.31 148 6 OTD270 651360 4765768 630.3 5.0 3.78 0.22 232 6 OTD270 651361 4765772 626.6 5.0 3.35 0.15 110 6 OTD270 651362 4765775 623.0 5.0 3.93 0.14 85 7 OTD270 651362 4765778 619.3 5.0 3.20 0.11 78 7 OTD270 651363 4765782 615.7 5.0 3.53 0.11 127 7 OTD270 651364 4765785 612.0 5.0 3.06 0.10 127 7 OTD270 651365 4765788 608.4 5.0 1.81 0.09 45 2 OTD270 651365 4765792 604.8 5.0 1.81 0.08 38 2 OTD270 651366 4765795 601.1 5.0 1.22 0.04 83 2 OTD270 651367 4765798 597.5 5.0 1.09 0.03 55 2 OTD270 651368 4765802 593.9 5.0 1.00 0.04 40 2 OTD270 651369 4765805 590.3 5.0 0.75 0.02 57 2 OTD270 651369 4765809 586.7 5.0 1.44 0.03 994 2 OTD270 651370 4765812 583.1 5.0 1.34 0.04 219 2 OTD270 651371 4765816 579.5 5.0 1.11 0.07 116 2 OTD270 651372 4765819 575.9 5.0 1.76 0.08 190 2 OTD270 651373 4765822 572.3 5.0 1.52 0.04 107 2 OTD270 651374 4765825 568.8 5.0 1.52 0.03 209 2 OTD270 651375 4765829 565.2 5.0 1.33 0.04 237 2 OTD270 651375 4765832 561.6 5.0 0.99 0.04 79 2 OTD270 651376 4765836 558.0 5.0 1.08 0.03 111 2 OTD270 651377 4765839 554.5 5.0 1.18 0.04 138 2 OTD270 651378 4765843 550.9 5.0 0.97 0.03 236 2 OTD270 651379 4765846 547.4 5.0 0.70 0.02 68 2 OTD270 651380 4765850 543.8 5.0 0.66 0.03 105 2 OTD270 651381 4765853 540.3 5.0 1.05 0.04 108 2 OTD270 651382 4765856 536.7 5.0 1.13 0.03 120 2 OTD270 651383 4765860 533.2 5.0 1.12 0.04 160 2 OTD270 651384 4765862 530.7 2.0 1.09 0.03 68 2 OTD270 651384 4765864 528.2 5.0 0.97 0.11 94 5 OTD270 651385 4765868 524.7 5.0 0.92 0.04 94 5 OTD270 651386 4765871 521.2 5.0 0.55 0.03 63 5 OTD270 651387 4765874 517.7 5.0 0.51 0.03 96 5 OTD270 651388 4765878 514.1 5.0 0.64 0.02 112 5 OTD270 651389 4765881 510.6 5.0 1.07 0.04 134 5 OTD270 651390 4765885 507.1 5.0 2.86 0.07 218 5 OTD270 651391 4765888 503.6 5.0 0.86 0.02 236 5 OTD270 651392 4765892 500.1 5.0 0.98 0.05 138 5 OTD270 651393 4765894 497.2 3.0 0.50 0.04 83 5 OTD270 651394 4765897 494.4 5.0 0.56 0.04 76 10 OTD270 651395 4765901 490.9 5.0 0.71 0.07 146 10 OTD270 651396 4765904 487.4 5.0 0.38 0.06 49 10 OTD270 651400 4765918 473.4 5.0 0.83 0.03 141 10 OTD270 651400 4765920 471.0 1.9 0.66 0.04 245 10 OTD272 650931 4765485 1111.7 5.0 0.51 0.06 115 10 OTD272 650921 4765560 977.2 5.0 1.76 0.18 65 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD272 650921 4765562 972.7 5.0 0.82 0.11 65 10 OTD272 650920 4765565 968.3 5.0 1.74 0.27 127 10 OTD272 650920 4765567 963.9 5.0 0.46 0.05 68 10 OTD272 650920 4765569 959.5 5.0 0.43 0.05 68 10 OTD272 650919 4765572 955.1 5.0 0.84 0.10 73 10 OTD272 650919 4765574 950.7 5.0 0.50 0.06 130 10 OTD272 650907 4765654 792.5 5.0 0.34 0.06 32 10 OTD272 650906 4765658 783.5 5.0 0.33 0.08 21 10 OTD272 650895 4765709 675.3 5.0 0.41 0.03 67 10 OTD273 651323 4765604 987.1 5.0 0.86 0.03 32 4 OTD273 651322 4765607 982.7 5.0 0.94 0.03 83 4 OTD273 651322 4765609 978.3 5.0 1.46 0.03 107 1 OTD273 651322 4765611 973.9 5.0 0.94 0.01 22 1 OTD273 651322 4765614 969.5 5.0 1.27 0.01 33 1 OTD273 651322 4765616 965.1 5.0 1.68 0.02 26 1 OTD273 651322 4765618 960.7 5.0 1.90 0.02 23 1 OTD273 651322 4765621 956.2 5.0 0.56 0.01 12 1 OTD273 651321 4765625 947.4 5.0 0.63 0.02 17 1 OTD273 651321 4765628 943.0 5.0 1.30 0.01 24 1 OTD273 651321 4765630 938.6 5.0 1.08 0.02 21 1 OTD273 651321 4765632 934.2 5.0 1.45 0.02 20 1 OTD273 651321 4765635 929.8 5.0 1.41 0.04 17 1 OTD273 651321 4765637 925.3 5.0 1.59 0.01 45 1 OTD273 651320 4765639 920.9 5.0 1.67 0.02 57 1 OTD273 651320 4765642 916.5 5.0 1.75 0.01 52 1 OTD273 651320 4765644 912.1 5.0 1.78 0.05 68 1 OTD273 651320 4765646 907.7 5.0 1.71 0.03 24 1 OTD273 651320 4765649 903.3 5.0 1.65 0.04 116 1 OTD273 651319 4765651 898.9 5.0 1.69 0.01 37 1 OTD273 651319 4765653 894.5 5.0 1.64 0.03 18 1 OTD273 651319 4765656 890.1 5.0 1.70 0.01 19 1 OTD273 651319 4765658 885.7 5.0 2.03 0.04 24 1 OTD273 651318 4765660 881.3 5.0 1.87 0.03 16 1 OTD273 651318 4765663 876.9 5.0 1.77 0.03 19 1 OTD273 651318 4765665 872.5 5.0 1.82 0.03 19 1 OTD273 651318 4765668 868.1 5.0 2.15 0.07 14 1 OTD273 651317 4765670 863.7 5.0 1.88 0.05 13 1 OTD273 651317 4765672 859.3 5.0 1.01 0.07 14 1 OTD273 651317 4765675 854.9 5.0 1.86 0.09 17 1 OTD273 651317 4765677 850.5 5.0 2.81 0.06 7 1 OTD273 651317 4765679 846.1 5.0 1.40 0.04 5 1 OTD273 651316 4765684 837.3 5.0 1.73 0.07 5 1 OTD273 651316 4765686 832.9 5.0 1.35 0.08 9 1 OTD273 651316 4765688 828.5 5.0 0.56 0.07 9 1 OTD273 651316 4765691 824.0 5.0 0.89 0.10 18 1 OTD273 651316 4765693 819.6 5.0 0.76 0.12 13 1 OTD273 651316 4765695 815.2 5.0 1.54 0.12 20 1 OTD273 651316 4765698 810.8 5.0 1.00 0.09 6 1 OTD273 651316 4765700 806.4 5.0 0.59 0.03 6 1 OTD273 651315 4765703 802.0 5.0 1.72 0.05 75 1 OTD273 651315 4765705 797.7 5.0 1.83 0.03 20 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD273 651315 4765708 793.3 5.0 1.91 0.02 84 1 OTD273 651315 4765710 788.9 5.0 1.80 0.03 22 1 OTD273 651315 4765712 784.6 5.0 1.29 0.02 15 1 OTD273 651315 4765715 780.2 5.0 1.33 0.02 7 1 OTD273 651315 4765717 775.9 5.0 1.53 0.02 11 1 OTD273 651314 4765720 771.5 5.0 1.49 0.02 21 1 OTD273 651314 4765722 767.2 5.0 1.38 0.02 11 1 OTD273 651314 4765725 762.9 5.0 1.68 0.03 13 1 OTD273 651314 4765727 758.6 5.0 1.26 0.03 20 1 OTD273 651314 4765730 754.3 5.0 0.95 0.03 63 1 OTD273 651314 4765733 750.0 5.0 1.27 0.02 41 1 OTD273 651314 4765735 745.7 5.0 1.69 0.03 78 1 OTD273 651314 4765737 741.8 4.0 1.70 0.04 38 1 OTD273 651314 4765740 737.9 5.0 1.97 0.04 40 6 OTD273 651314 4765742 733.6 5.0 1.66 0.04 35 6 OTD273 651314 4765745 729.3 5.0 1.35 0.05 41 6 OTD273 651314 4765746 726.7 1.0 1.39 0.06 66 6 OTD273 651314 4765748 724.1 5.0 1.33 0.05 37 1 OTD273 651314 4765750 719.8 5.0 1.78 0.05 51 1 OTD273 651314 4765753 715.5 5.0 1.53 0.04 61 1 OTD273 651314 4765755 711.2 5.0 1.41 0.05 148 1 OTD273 651314 4765758 706.9 5.0 1.32 0.03 109 1 OTD273 651314 4765760 702.6 5.0 1.68 0.07 256 1 OTD273 651315 4765763 698.3 5.0 1.65 0.10 38 1 OTD273 651315 4765765 694.0 5.0 1.45 0.03 6 1 OTD273 651315 4765768 689.7 5.0 0.88 0.02 38 1 OTD273 651315 4765770 685.4 5.0 1.07 0.04 26 1 OTD273 651315 4765773 681.1 5.0 0.95 0.02 38 1 OTD273 651315 4765776 676.8 5.0 1.55 0.03 64 1 OTD273 651315 4765778 672.5 5.0 1.17 0.04 87 1 OTD273 651315 4765781 668.2 5.0 1.25 0.03 162 1 OTD273 651315 4765784 663.9 5.0 1.22 0.03 138 1 OTD273 651315 4765786 659.7 5.0 0.95 0.03 99 1 OTD273 651315 4765789 655.4 5.0 1.20 0.03 125 1 OTD273 651315 4765791 651.1 5.0 1.11 0.04 117 1 OTD273 651315 4765794 646.9 5.0 1.45 0.04 150 1 OTD273 651315 4765797 642.6 5.0 1.17 0.07 106 1 OTD273 651315 4765799 638.4 5.0 1.18 0.04 100 1 OTD273 651316 4765801 635.0 3.0 0.79 0.02 110 1 OTD273 651316 4765803 631.6 5.0 0.86 0.01 159 4 OTD273 651316 4765806 627.4 5.0 0.88 0.01 119 4 OTD273 651316 4765809 623.2 5.0 0.89 0.03 93 4 OTD273 651316 4765811 619.0 5.0 1.02 0.05 74 4 OTD273 651317 4765814 614.8 5.0 0.89 0.07 110 4 OTD273 651317 4765817 610.6 5.0 1.29 0.07 155 4 OTD273 651317 4765819 606.8 4.0 1.55 0.09 98 4 OTD273 651317 4765821 603.0 5.0 0.95 0.05 133 5 OTD273 651317 4765824 598.8 5.0 0.65 0.05 64 5 OTD273 651318 4765827 594.6 5.0 0.83 0.12 61 5 OTD273 651318 4765830 590.5 5.0 0.98 0.09 94 5 OTD273 651318 4765832 586.3 5.0 1.19 0.12 103 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD273 651319 4765835 582.1 5.0 0.39 0.05 46 5 OTD273 651319 4765838 578.4 4.0 0.63 0.06 52 5 OTD273 651319 4765840 574.6 5.0 0.38 0.04 42 10 OTD273 651319 4765843 570.5 5.0 0.67 0.09 143 10 OTD273 651320 4765846 566.3 5.0 0.54 0.07 190 10 OTD273 651320 4765848 563.0 3.0 0.89 0.09 330 10 OTD273 651320 4765850 560.9 2.0 0.72 0.06 135 5 OTD273 651320 4765851 558.0 5.0 0.81 0.07 307 10 OTD273 651321 4765854 553.8 5.0 0.65 0.06 197 10 OTD273 651321 4765857 549.7 5.0 0.55 0.04 407 10 OTD273 651321 4765860 545.5 5.0 0.38 0.06 339 10 OTD273 651322 4765868 533.1 5.0 0.31 0.36 235 10 OTD273 651323 4765871 529.0 5.0 0.49 1.20 337 10 OTD273 651323 4765874 524.9 5.0 0.57 0.18 173 10 OTD273 651324 4765876 520.7 5.0 0.48 0.76 125 10 OTD273 651324 4765879 516.6 5.0 0.33 0.29 97 10 OTD273 651325 4765882 512.5 5.0 0.78 0.09 102 10 OTD273 651325 4765885 508.4 5.0 0.42 0.03 172 10 OTD273 651326 4765888 504.3 5.0 0.49 0.19 298 10 OTD273 651326 4765891 500.2 5.0 0.81 0.14 235 10 OTD273 651327 4765893 496.1 5.0 0.34 0.14 157 10 OTD273 651327 4765896 492.0 5.0 0.43 0.13 154 10 OTD278 651127 4765517 1055.0 1.0 0.39 0.01 51 10 OTD278 651127 4765519 1050.8 5.0 0.43 0.02 69 10 OTD278 651127 4765522 1046.5 5.0 0.59 0.02 53 10 OTD278 651127 4765525 1042.3 5.0 0.53 0.04 85 10 OTD278 651128 4765530 1033.9 5.0 0.33 0.02 164 10 OTD278 651128 4765533 1029.7 5.0 0.49 0.04 146 10 OTD278 651128 4765538 1021.3 5.0 0.51 0.02 98 10 OTD278 651128 4765541 1017.1 5.0 0.43 0.03 48 10 OTD278 651128 4765543 1014.1 2.0 0.49 0.02 68 10 OTD278 651129 4765545 1011.2 5.0 0.74 0.03 68 4 OTD278 651129 4765547 1007.0 5.0 1.22 0.05 60 4 OTD278 651129 4765550 1002.9 5.0 0.63 0.04 61 4 OTD278 651129 4765553 998.7 5.0 0.87 0.05 217 4 OTD278 651129 4765555 994.5 5.0 0.82 0.04 210 4 OTD278 651129 4765558 990.4 5.0 0.38 0.02 332 4 OTD278 651130 4765561 986.2 5.0 0.73 0.03 88 4 OTD278 651130 4765564 982.1 5.0 0.79 0.02 80 4 OTD278 651130 4765566 978.0 5.0 0.65 0.03 90 4 OTD278 651130 4765569 973.8 5.0 0.67 0.03 150 4 OTD278 651130 4765572 969.7 5.0 0.65 0.02 247 4 OTD278 651131 4765575 965.6 5.0 0.60 0.03 60 4 OTD278 651131 4765578 961.4 5.0 0.81 0.04 67 4 OTD278 651131 4765581 957.3 5.0 0.78 0.03 89 4 OTD278 651131 4765583 953.2 5.0 0.65 0.03 114 4 OTD278 651132 4765586 949.1 5.0 0.87 0.03 51 4 OTD278 651132 4765589 945.0 5.0 1.19 0.04 33 4 OTD278 651132 4765592 940.9 5.0 1.08 0.04 55 4 OTD278 651132 4765595 936.8 5.0 0.72 0.01 24 4 OTD278 651133 4765598 932.7 5.0 0.78 0.01 47 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD278 651133 4765601 928.6 5.0 0.65 0.01 117 4 OTD278 651133 4765604 924.5 5.0 0.57 0.01 112 4 OTD278 651133 4765606 920.4 5.0 0.81 0.01 158 4 OTD278 651134 4765609 916.3 5.0 0.66 0.01 69 4 OTD278 651134 4765612 912.2 5.0 0.55 0.02 129 4 OTD278 651134 4765615 908.2 5.0 0.49 0.02 113 4 OTD278 651135 4765618 904.1 5.0 0.63 0.05 165 4 OTD278 651135 4765621 900.1 5.0 0.86 0.03 95 4 OTD278 651135 4765624 896.0 5.0 0.81 0.04 52 4 OTD278 651136 4765627 892.0 5.0 0.74 0.03 38 4 OTD278 651136 4765630 888.0 5.0 0.95 0.05 62 4 OTD278 651136 4765633 884.0 5.0 0.53 0.04 79 4 OTD278 651137 4765636 879.9 5.0 0.94 0.05 98 4 OTD278 651137 4765638 875.9 5.0 0.84 0.05 113 4 OTD278 651137 4765641 871.9 5.0 0.76 0.03 104 4 OTD278 651138 4765644 867.9 5.0 0.81 0.04 134 4 OTD278 651138 4765647 864.0 5.0 0.62 0.02 51 4 OTD278 651138 4765650 860.0 5.0 0.95 0.02 46 4 OTD278 651139 4765653 856.0 5.0 0.93 0.04 43 4 OTD278 651139 4765656 852.0 5.0 1.22 0.07 56 4 OTD278 651139 4765659 848.1 5.0 0.71 0.03 51 4 OTD278 651140 4765663 844.1 5.0 0.67 0.03 41 4 OTD278 651140 4765666 840.2 5.0 0.65 0.04 32 4 OTD278 651140 4765669 836.2 5.0 0.77 0.05 41 4 OTD278 651141 4765671 832.3 5.0 0.79 0.03 59 4 OTD278 651141 4765674 828.3 5.0 0.69 0.01 28 4 OTD278 651141 4765678 824.4 5.0 0.58 0.01 56 4 OTD278 651142 4765681 820.5 5.0 0.95 0.03 77 4 OTD278 651142 4765684 816.6 5.0 0.88 0.04 29 4 OTD278 651143 4765687 812.7 5.0 0.65 0.03 21 4 OTD278 651143 4765690 808.8 5.0 0.81 0.05 83 4 OTD278 651144 4765696 801.0 5.0 0.86 0.04 104 4 OTD278 651144 4765699 797.2 5.0 0.88 0.03 85 4 OTD278 651144 4765702 793.3 5.0 0.56 0.03 77 4 OTD278 651145 4765706 789.4 5.0 0.68 0.03 47 4 OTD278 651145 4765709 785.6 5.0 0.46 0.03 47 4 OTD278 651145 4765712 781.8 5.0 0.74 0.04 84 4 OTD278 651146 4765715 777.9 5.0 0.74 0.03 72 4 OTD278 651146 4765718 774.1 5.0 0.64 0.02 45 4 OTD278 651146 4765721 770.3 5.0 0.66 0.03 88 4 OTD278 651147 4765724 766.5 5.0 0.60 0.04 66 4 OTD278 651147 4765728 762.7 5.0 0.78 0.02 53 4 OTD278 651148 4765731 758.9 5.0 0.77 0.02 33 4 OTD278 651148 4765734 755.1 5.0 0.69 0.03 35 4 OTD278 651148 4765738 751.4 5.0 0.66 0.05 61 4 OTD278 651149 4765741 747.6 5.0 1.37 0.03 87 4 OTD278 651149 4765744 743.9 5.0 1.20 0.06 100 4 OTD278 651150 4765748 740.1 5.0 0.68 0.07 192 4 OTD278 651150 4765751 736.4 5.0 0.68 0.05 107 4 OTD278 651151 4765754 732.6 5.0 0.75 0.03 114 4 OTD278 651151 4765757 728.9 5.0 0.85 0.03 141 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD278 651152 4765761 725.2 5.0 0.57 0.04 81 4 OTD278 651152 4765764 721.5 5.0 0.97 0.10 187 4 OTD278 651152 4765767 717.8 5.0 0.71 0.06 98 4 OTD278 651153 4765771 714.1 5.0 0.48 0.05 102 4 OTD278 651153 4765774 710.3 5.0 0.49 0.04 406 4 OTD278 651154 4765777 706.6 5.0 0.57 0.09 504 4 OTD278 651154 4765781 703.0 5.0 0.71 0.07 140 4 OTD278 651155 4765784 699.3 5.0 0.51 0.06 111 4 OTD278 651155 4765787 696.7 2.0 0.62 0.04 86 4 OTD278 651155 4765789 694.1 5.0 0.49 0.04 77 10 OTD278 651156 4765792 690.5 5.0 0.47 0.04 114 10 OTD278 651156 4765796 686.8 5.0 0.35 0.05 99 10 OTD278 651158 4765806 675.9 5.0 0.72 0.10 146 10 OTD278 651158 4765809 672.3 2.0 0.76 0.07 74 10 OTD278 651161 4765822 657.9 5.0 0.50 0.12 74 10 OTD278 651161 4765826 654.4 5.0 0.39 0.06 77 10 OTD278 651169 4765870 610.7 5.0 0.32 0.16 56 18 OTD282 651326 4765714 1017.1 5.0 1.01 0.02 33 4 OTD282 651326 4765717 1012.7 5.0 0.77 0.01 13 4 OTD282 651326 4765719 1008.8 4.0 0.97 0.05 65 4 OTD282 651326 4765721 1004.9 5.0 2.73 0.10 22 1 OTD282 651326 4765724 1000.6 5.0 1.32 0.05 12 1 OTD282 651326 4765726 996.3 5.0 1.07 0.01 16 1 OTD282 651326 4765729 992.0 5.0 1.20 0.01 54 1 OTD282 651326 4765731 987.6 5.0 1.31 0.02 37 1 OTD282 651326 4765734 983.3 5.0 1.32 0.06 24 1 OTD282 651326 4765736 979.0 5.0 1.19 0.02 37 1 OTD282 651326 4765739 974.6 5.0 0.79 0.02 13 1 OTD282 651326 4765741 970.3 5.0 1.71 0.03 24 1 OTD282 651326 4765744 966.0 5.0 1.75 0.03 18 1 OTD282 651326 4765746 961.6 5.0 1.14 0.02 7 1 OTD282 651326 4765749 957.3 5.0 1.52 0.03 7 1 OTD282 651326 4765751 953.0 5.0 1.31 0.02 9 1 OTD282 651326 4765754 948.7 5.0 1.17 0.03 19 1 OTD282 651326 4765756 944.3 5.0 1.33 0.01 26 1 OTD282 651326 4765759 940.0 5.0 1.06 0.02 25 1 OTD282 651326 4765761 935.7 5.0 0.72 0.02 22 1 OTD282 651326 4765764 931.3 5.0 1.55 0.01 23 1 OTD282 651326 4765766 927.0 5.0 1.77 0.03 25 1 OTD282 651326 4765769 922.7 5.0 1.38 0.04 13 1 OTD282 651326 4765771 918.3 5.0 1.28 0.03 31 1 OTD282 651326 4765774 914.0 5.0 1.21 0.03 32 1 OTD282 651326 4765776 909.7 5.0 1.05 0.05 14 1 OTD282 651326 4765779 905.4 5.0 0.75 0.06 17 1 OTD282 651326 4765781 901.0 5.0 1.49 0.03 11 1 OTD282 651326 4765784 896.7 5.0 1.39 0.01 8 1 OTD282 651326 4765786 892.4 5.0 1.59 0.02 62 1 OTD282 651326 4765789 888.0 5.0 1.21 0.03 64 1 OTD282 651326 4765791 883.7 5.0 1.19 0.03 11 1 OTD282 651326 4765794 879.4 5.0 0.89 0.03 21 1 OTD282 651326 4765796 875.0 5.0 0.97 0.04 64 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD282 651326 4765799 870.7 5.0 1.32 0.04 62 1 OTD282 651326 4765801 866.4 5.0 1.31 0.05 27 1 OTD282 651326 4765804 862.1 5.0 1.81 0.10 32 1 OTD282 651326 4765806 857.7 5.0 1.61 0.13 27 1 OTD282 651326 4765809 853.4 5.0 1.13 0.03 23 1 OTD282 651326 4765811 849.1 5.0 1.04 0.02 38 1 OTD282 651326 4765814 844.7 5.0 1.11 0.02 42 1 OTD282 651326 4765816 840.4 5.0 1.46 0.04 15 1 OTD282 651326 4765819 836.1 5.0 1.33 0.03 15 1 OTD282 651326 4765821 831.7 5.0 1.34 0.05 12 1 OTD282 651326 4765824 827.4 5.0 1.12 0.06 20 1 OTD282 651326 4765826 823.1 5.0 0.86 0.08 25 1 OTD282 651326 4765829 818.7 5.0 1.51 0.09 18 1 OTD282 651326 4765831 814.4 5.0 1.21 0.07 24 1 OTD282 651326 4765834 810.1 5.0 1.14 0.07 25 1 OTD282 651326 4765836 805.8 5.0 0.75 0.04 17 1 OTD282 651326 4765839 801.4 5.0 0.99 0.07 22 1 OTD282 651326 4765841 797.1 5.0 1.49 0.09 40 1 OTD282 651326 4765844 792.8 5.0 0.69 0.03 29 1 OTD282 651326 4765846 788.4 5.0 1.32 0.05 27 1 OTD282 651326 4765849 784.1 5.0 0.99 0.22 35 1 OTD282 651326 4765851 779.8 5.0 1.20 0.07 28 1 OTD282 651326 4765854 775.4 5.0 1.85 0.08 36 1 OTD282 651326 4765856 771.1 5.0 1.28 0.10 10 1 OTD282 651326 4765859 766.8 5.0 0.95 0.10 28 1 OTD282 651326 4765861 762.5 5.0 2.08 0.19 113 4 OTD282 651326 4765864 758.1 5.0 1.27 0.08 26 4 OTD282 651326 4765866 753.8 5.0 0.83 0.06 27 4 OTD282 651326 4765869 749.5 5.0 1.07 0.07 31 4 OTD282 651326 4765871 745.1 5.0 0.87 0.05 86 4 OTD282 651326 4765874 740.8 5.0 0.82 0.04 32 4 OTD282 651326 4765876 736.5 5.0 0.77 0.07 65 4 OTD282 651326 4765879 732.1 5.0 0.71 0.04 55 4 OTD282 651326 4765881 727.8 5.0 1.15 0.10 69 4 OTD282 651326 4765884 723.5 5.0 0.96 0.03 84 4 OTD282 651326 4765886 719.2 5.0 0.76 0.02 75 4 OTD282 651326 4765889 714.8 5.0 0.70 0.02 179 4 OTD282 651326 4765891 710.5 5.0 0.64 0.02 54 4 OTD282 651326 4765894 706.2 5.0 0.82 0.04 72 4 OTD282 651326 4765896 701.8 5.0 0.70 0.01 112 4 OTD282 651326 4765899 697.5 5.0 0.94 0.03 85 4 OTD282 651326 4765901 693.2 5.0 0.73 0.04 70 4 OTD282 651326 4765904 688.8 5.0 0.89 0.05 33 4 OTD282 651326 4765906 684.5 5.0 0.87 0.05 53 4 OTD282 651326 4765916 667.2 5.0 0.51 0.18 107 4 OTD282 651326 4765921 658.5 5.0 0.60 0.23 125 4 OTD282 651326 4765926 649.9 5.0 0.36 0.15 128 4 OTD282 651326 4765929 645.5 5.0 0.62 0.06 71 4 OTD282 651326 4765931 641.2 5.0 0.96 0.14 105 4 OTD282 651326 4765933 638.6 1.0 0.86 0.14 110 4 OTD282 651326 4765934 636.0 5.0 0.42 0.15 99 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD282 651326 4765942 623.0 5.0 0.31 0.06 61 10 OTD282 651326 4765944 618.7 5.0 0.68 0.03 82 10 OTD282 651326 4765947 614.4 5.0 0.54 0.07 68 10 OTD282 651326 4765949 610.0 5.0 0.77 0.10 81 10 OTD282 651326 4765952 605.7 5.0 0.37 0.04 97 10 OTD282 651326 4765954 601.4 5.0 0.50 0.06 93 10 OTD282 651326 4765957 597.0 5.0 0.62 0.07 67 10 OTD282 651326 4765962 588.4 5.0 0.32 0.04 38 10 OTD282 651326 4765964 584.1 5.0 0.36 0.04 34 10 OTD282 651326 4765967 579.7 5.0 0.39 0.02 40 10 OTD282 651326 4765969 575.4 5.0 0.36 0.03 25 10 OTD282 651326 4765972 571.1 5.0 0.40 0.04 35 10 OTD282 651326 4765977 562.4 5.0 0.43 0.05 52 10 OTD282 651326 4765979 558.1 5.0 0.43 0.04 57 10 OTD282 651326 4765982 553.7 5.0 0.48 0.06 307 10 OTD282 651326 4765984 549.4 5.0 0.40 0.05 107 10 OTD282 651326 4765987 545.1 5.0 0.40 0.09 81 10 OTD282 651326 4765992 536.4 5.0 0.32 0.07 249 10 OTD282 651326 4765994 532.1 5.0 0.68 0.11 158 10 OTD282 651326 4765997 527.8 5.0 0.77 0.11 196 10 OTD282 651326 4765999 523.4 5.0 0.48 0.07 132 10 OTD282 651326 4766002 519.1 5.0 0.35 0.06 62 10 OTD282 651326 4766004 514.8 5.0 0.30 0.07 97 10 OTD282 651326 4766007 510.4 5.0 0.48 0.13 140 10 OTD282 651326 4766009 506.1 5.0 0.54 0.16 141 10 OTD282 651326 4766011 502.9 2.4 0.35 0.12 92 10 OTD286 651318 4765397 921.7 5.0 0.45 0.01 19 10 OTD286 651318 4765399 917.3 5.0 0.44 0.02 19 10 OTD286 651317 4765404 908.5 5.0 0.40 0.02 23 10 OTD286 651317 4765409 900.2 4.0 0.64 0.05 12 10 OTD286 651316 4765410 897.6 2.0 1.25 0.04 28 4 OTD286 651316 4765412 894.5 5.0 0.90 0.03 71 1 OTD286 651316 4765414 890.2 5.0 1.16 0.01 39 1 OTD286 651316 4765417 885.8 5.0 0.95 0.01 22 1 OTD286 651315 4765419 881.4 5.0 0.91 0.01 48 1 OTD286 651315 4765422 877.1 5.0 1.10 0.02 86 1 OTD286 651315 4765424 872.7 5.0 1.53 0.03 68 1 OTD286 651315 4765427 868.3 5.0 1.26 0.03 62 1 OTD286 651314 4765429 863.9 5.0 1.24 0.03 63 1 OTD286 651314 4765431 859.6 5.0 0.96 0.02 82 1 OTD286 651314 4765433 855.2 5.0 1.20 0.01 43 1 OTD286 651314 4765436 850.8 5.0 1.11 0.02 100 1 OTD286 651313 4765438 846.4 5.0 1.29 0.01 52 1 OTD286 651313 4765440 842.1 5.0 0.93 0.01 36 1 OTD286 651313 4765443 837.7 5.0 1.02 0.01 62 1 OTD286 651313 4765445 833.3 5.0 1.03 0.01 98 1 OTD286 651312 4765448 828.9 5.0 1.08 0.03 67 1 OTD286 651312 4765450 824.6 5.0 1.18 0.02 70 1 OTD286 651312 4765453 820.2 5.0 1.33 0.02 61 1 OTD286 651312 4765455 815.8 5.0 1.52 0.03 90 1 OTD286 651311 4765457 811.5 5.0 1.18 0.04 181 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD286 651311 4765460 807.1 5.0 1.12 0.03 138 1 OTD286 651311 4765462 802.7 5.0 1.12 0.02 58 1 OTD286 651311 4765465 798.3 5.0 1.63 0.03 143 1 OTD286 651310 4765467 794.0 5.0 1.55 0.03 123 1 OTD286 651310 4765469 790.0 4.0 2.04 0.03 112 1 OTD286 651310 4765471 786.1 5.0 2.19 0.02 132 6 OTD286 651310 4765474 781.7 5.0 1.67 0.03 112 6 OTD286 651309 4765476 777.3 5.0 2.42 0.02 81 6 OTD286 651309 4765479 773.0 5.0 1.93 0.03 59 6 OTD286 651309 4765481 768.6 5.0 1.73 0.02 87 6 OTD286 651309 4765483 764.2 5.0 2.25 0.04 65 6 OTD286 651308 4765486 759.9 5.0 2.12 0.05 61 6 OTD286 651308 4765488 755.5 5.0 2.20 0.02 19 6 OTD286 651308 4765491 751.1 5.0 2.20 0.05 21 6 OTD286 651308 4765493 746.7 5.0 2.39 0.03 16 6 OTD286 651307 4765495 742.4 5.0 2.16 0.02 57 6 OTD286 651307 4765498 738.0 5.0 2.54 0.05 70 6 OTD286 651307 4765500 733.6 5.0 2.44 0.06 91 6 OTD286 651307 4765503 729.2 5.0 2.72 0.04 49 6 OTD286 651306 4765505 724.9 5.0 1.97 0.03 45 6 OTD286 651306 4765508 720.5 5.0 2.67 0.04 34 6 OTD286 651306 4765510 716.1 5.0 3.12 0.04 31 6 OTD286 651306 4765512 711.8 5.0 2.39 0.03 28 6 OTD286 651305 4765515 707.4 5.0 3.24 0.04 43 6 OTD286 651305 4765517 703.0 5.0 3.05 0.10 51 6 OTD286 651305 4765520 698.6 5.0 2.26 0.12 70 6 OTD286 651305 4765522 694.3 5.0 4.04 0.12 190 6 OTD286 651304 4765524 689.9 5.0 2.79 0.37 142 6 OTD286 651304 4765526 685.5 5.0 2.34 0.09 136 6 OTD286 651304 4765529 681.1 5.0 1.48 0.10 243 6 OTD286 651303 4765531 676.8 5.0 6.44 0.25 647 6 OTD286 651303 4765534 672.4 5.0 4.00 0.30 244 6 OTD286 651303 4765536 668.0 5.0 3.39 0.17 164 6 OTD286 651303 4765538 663.6 5.0 2.00 0.09 254 6 OTD286 651303 4765540 661.0 1.0 1.72 0.10 190 6 OTD286 651302 4765541 658.4 5.0 1.38 0.08 122 1 OTD286 651302 4765544 654.0 5.0 3.22 0.15 57 1 OTD286 651302 4765546 649.7 5.0 1.86 0.12 24 1 OTD286 651302 4765548 645.3 5.0 0.88 0.06 7 1 OTD286 651301 4765553 636.5 5.0 1.34 0.04 10 1 OTD286 651301 4765555 633.5 2.0 3.09 0.08 53 1 OTD286 651301 4765557 630.4 5.0 2.54 0.04 29 6 OTD286 651301 4765559 626.0 5.0 2.04 0.07 42 6 OTD286 651300 4765561 621.7 5.0 2.30 0.03 18 6 OTD286 651300 4765564 617.3 5.0 2.20 0.04 27 6 OTD286 651300 4765566 612.9 5.0 2.33 0.03 39 6 OTD286 651300 4765568 609.4 3.0 2.30 0.03 114 6 OTD286 651299 4765570 605.9 5.0 1.48 0.04 114 1 OTD286 651299 4765573 601.5 5.0 1.82 0.06 40 1 OTD286 651299 4765575 597.2 5.0 1.63 0.04 114 1 OTD286 651299 4765577 592.8 5.0 1.68 0.05 21 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD286 651298 4765580 588.4 5.0 1.41 0.08 46 1 OTD286 651298 4765582 584.1 5.0 1.80 0.11 100 1 OTD286 651298 4765585 579.7 5.0 1.77 0.05 124 1 OTD286 651298 4765587 575.3 5.0 1.43 0.06 134 1 OTD286 651297 4765589 570.9 5.0 1.19 0.09 101 1 OTD286 651297 4765592 566.6 5.0 1.49 0.06 71 1 OTD286 651297 4765594 562.2 5.0 1.30 0.05 32 1 OTD286 651297 4765597 557.8 5.0 1.45 0.07 61 1 OTD286 651296 4765599 553.4 5.0 0.46 0.06 54 1 OTD286 651296 4765602 549.1 5.0 0.86 0.09 61 1 OTD286 651296 4765606 541.2 5.0 0.52 0.06 92 2 OTD286 651295 4765608 536.8 5.0 1.21 0.09 97 2 OTD286 651295 4765611 532.5 5.0 1.24 0.03 163 2 OTD286 651295 4765613 528.1 5.0 1.00 0.03 173 2 OTD286 651295 4765615 523.7 5.0 1.23 0.04 214 2 OTD286 651294 4765618 519.3 5.0 1.04 0.03 168 2 OTD286 651294 4765620 515.0 5.0 0.97 0.03 134 2 OTD286 651294 4765622 510.6 5.0 1.29 0.03 128 2 OTD286 651294 4765625 506.2 5.0 1.15 0.03 311 2 OTD286 651293 4765627 502.7 3.0 1.42 0.03 292 2 OTD286 651293 4765628 499.2 5.0 0.75 0.02 148 5 OTD286 651293 4765631 494.8 5.0 0.82 0.02 126 5 OTD286 651293 4765633 490.9 4.0 0.56 0.02 101 5 OTD286 651292 4765635 487.0 5.0 0.76 0.03 97 10 OTD286 651292 4765638 482.6 5.0 0.95 0.03 167 10 OTD286 651292 4765640 478.2 5.0 0.97 0.05 162 10 OTD286 651292 4765642 473.9 5.0 0.58 0.02 178 10 OTD286 651291 4765645 469.5 5.0 0.33 0.03 70 10 OTD286 651291 4765647 465.1 5.0 0.68 0.03 113 10 OTD286 651291 4765650 460.7 5.0 0.70 0.04 132 10 OTD286 651291 4765652 456.4 5.0 0.81 0.04 160 10 OTD286 651290 4765655 452.0 5.0 0.96 0.07 201 10 OTD286 651290 4765657 447.6 5.0 0.79 0.05 100 10 OTD286 651290 4765659 443.2 5.0 1.42 0.04 150 10 OTD286 651290 4765662 438.9 5.0 1.10 0.03 134 10 OTD286 651289 4765664 434.5 5.0 0.75 0.06 170 10 OTD286 651289 4765667 430.1 5.0 0.57 0.05 123 10 OTD286 651289 4765669 425.7 5.0 0.43 0.06 73 10 OTD287 651131 4765669 996.2 5.0 1.11 0.10 171 10 OTD287 651132 4765685 970.6 5.0 0.32 0.04 53 10 OTD287 651132 4765688 966.4 5.0 0.42 0.07 7 10 OTD287 651132 4765690 962.1 5.0 0.33 0.04 19 10 OTD287 651133 4765706 936.7 5.0 0.32 0.06 45 10 OTD287 651134 4765708 932.5 5.0 0.50 0.07 47 10 OTD287 651134 4765711 928.3 5.0 0.59 0.10 28 10 OTD287 651134 4765714 924.1 5.0 0.38 0.07 23 10 OTD287 651135 4765717 919.9 5.0 0.35 0.05 72 10 OTD287 651135 4765720 915.7 5.0 0.31 0.04 36 10 OTD287 651135 4765722 911.6 5.0 0.32 0.02 53 10 OTD287 651135 4765725 907.4 5.0 0.81 0.11 77 10 OTD287 651136 4765728 903.2 5.0 0.44 0.05 62 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD287 651136 4765731 899.0 5.0 0.41 0.03 38 10 OTD287 651137 4765736 890.7 5.0 0.37 0.05 74 10 OTD287 651137 4765738 887.8 2.0 0.79 0.10 58 10 OTD287 651137 4765743 880.8 5.0 0.32 0.04 56 18 OTD287 651140 4765764 849.5 5.0 0.50 0.07 95 10 OTD287 651140 4765767 845.4 5.0 0.48 0.06 64 10 OTD287 651141 4765770 841.3 5.0 0.51 0.07 68 10 OTD287 651142 4765776 833.2 5.0 0.36 0.06 22 10 OTD287 651142 4765779 829.1 5.0 0.59 0.08 55 10 OTD287 651143 4765783 822.5 5.0 0.43 0.08 98 4 OTD287 651143 4765786 818.5 5.0 0.60 0.09 57 4 OTD287 651144 4765789 814.4 5.0 0.89 0.16 185 4 OTD287 651144 4765792 810.4 5.0 0.87 0.11 163 4 OTD287 651144 4765795 806.3 5.0 0.65 0.08 154 4 OTD287 651145 4765797 802.2 5.0 0.68 0.10 121 4 OTD287 651145 4765800 798.2 5.0 0.55 0.06 109 4 OTD287 651146 4765803 794.2 5.0 0.67 0.06 118 4 OTD287 651146 4765805 791.3 2.0 0.53 0.07 85 4 OTD287 651147 4765813 780.4 5.0 0.44 0.03 70 10 OTD287 651148 4765816 776.9 3.8 0.65 0.04 108 10 OTD287A 651140 4765765 848.7 5.0 0.63 0.07 183 10 OTD287A 651141 4765768 844.6 5.0 0.57 0.07 93 10 OTD287A 651141 4765771 840.5 5.0 0.62 0.06 71 10 OTD287A 651141 4765774 836.4 5.0 0.36 0.04 33 10 OTD287A 651142 4765776 832.3 5.0 0.55 0.08 41 10 OTD287A 651142 4765779 828.2 5.0 0.44 0.11 57 10 OTD287A 651143 4765783 822.5 5.0 0.84 0.15 85 4 OTD287A 651143 4765786 818.4 5.0 0.60 0.09 62 4 OTD287A 651144 4765788 814.3 5.0 1.05 0.17 102 4 OTD287A 651144 4765791 810.2 5.0 1.00 0.13 176 4 OTD287A 651145 4765794 806.1 5.0 1.02 0.10 162 4 OTD287A 651145 4765797 802.0 5.0 0.67 0.12 99 4 OTD287A 651146 4765800 797.9 5.0 0.55 0.12 86 4 OTD287A 651146 4765803 793.9 5.0 0.72 0.09 92 4 OTD287A 651147 4765805 791.0 2.0 0.67 0.09 81 4 OTD287A 651148 4765813 780.1 5.0 0.33 0.07 62 10 OTD287A 651148 4765815 777.2 2.5 1.03 0.13 120 10 OTD287A 651149 4765817 774.2 5.0 0.69 0.08 114 4 OTD287A 651149 4765820 770.2 5.0 0.46 0.03 77 4 OTD287A 651150 4765823 766.2 5.0 0.34 0.05 53 4 OTD287A 651150 4765826 762.2 5.0 0.43 0.05 43 4 OTD287A 651151 4765829 758.2 5.0 0.61 0.02 96 4 OTD287A 651151 4765832 754.2 5.0 0.62 0.05 69 4 OTD287A 651152 4765835 750.2 5.0 0.64 0.05 74 4 OTD287A 651152 4765838 746.8 3.5 1.13 0.07 184 4 OTD287A 651153 4765840 743.4 2.0 0.57 0.04 130 18 OTD287A 651156 4765858 720.5 4.0 0.83 0.07 65 4 OTD287A 651157 4765861 716.6 5.0 0.78 0.07 114 4 OTD287A 651158 4765864 712.6 5.0 0.64 0.05 113 4 OTD287A 651158 4765867 708.7 5.0 0.88 0.06 127 4 OTD287A 651159 4765870 704.8 5.0 0.69 0.08 173 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD287A 651160 4765873 700.9 5.0 0.62 0.05 128 4 OTD287A 651160 4765876 697.0 5.0 0.58 0.04 180 4 OTD287A 651161 4765879 693.1 5.0 0.68 0.05 167 4 OTD287A 651162 4765882 689.2 5.0 0.72 0.04 143 4 OTD287A 651162 4765885 685.3 5.0 0.97 0.07 88 4 OTD287A 651163 4765888 681.5 5.0 1.07 0.07 113 4 OTD287A 651164 4765891 677.6 5.0 0.59 0.04 118 4 OTD287A 651165 4765897 669.9 5.0 0.36 0.06 88 4 OTD287A 651166 4765900 666.1 5.0 0.72 0.06 148 4 OTD287A 651167 4765904 662.3 5.0 0.66 0.08 198 4 OTD287A 651168 4765906 659.2 3.0 0.82 0.13 193 4 OTD287A 651168 4765909 656.2 5.0 0.35 0.05 253 10 OTD287A 651169 4765912 652.4 5.0 0.42 0.07 141 10 OTD287A 651171 4765918 644.8 5.0 0.33 0.08 82 10 OTD287A 651174 4765931 629.8 5.0 0.43 0.05 140 10 OTD287A 651175 4765935 626.1 5.0 0.49 0.06 95 10 OTD287A 651176 4765938 622.4 5.0 0.32 0.08 107 10 OTD287A 651179 4765948 611.4 5.0 0.74 0.10 113 10 OTD287A 651181 4765954 604.0 5.0 0.48 0.08 101 10 OTD287A 651181 4765958 600.3 5.0 0.80 0.10 196 10 OTD287A 651182 4765961 596.6 5.0 0.69 0.13 194 10 OTD287A 651183 4765964 593.0 5.0 0.51 0.12 270 10 OTD287A 651184 4765967 589.4 5.0 0.71 0.24 191 10 OTD287A 651185 4765971 585.8 5.0 0.69 0.10 163 10 OTD287A 651186 4765974 582.2 5.0 0.64 0.08 229 10 OTD289 651279 4765784 893.8 5.0 0.36 0.08 70 10 OTD289 651280 4765783 891.0 1.0 0.34 0.09 34 10 OTD289 651281 4765782 888.1 5.0 0.82 0.06 58 4 OTD289 651282 4765782 884.4 3.0 1.98 0.08 43 4 OTD289 651283 4765781 880.7 5.0 1.70 0.06 22 1 OTD289 651285 4765780 876.0 5.0 1.54 0.03 57 1 OTD289 651286 4765779 871.3 5.0 1.33 0.02 49 1 OTD289 651288 4765778 866.6 5.0 1.02 0.02 8 1 OTD289 651289 4765777 862.0 5.0 1.60 0.03 8 1 OTD289 651290 4765776 857.3 5.0 1.98 0.05 14 1 OTD289 651292 4765775 852.6 5.0 1.56 0.05 17 1 OTD289 651293 4765774 847.9 5.0 1.40 0.02 18 1 OTD289 651295 4765773 843.2 5.0 2.06 0.07 63 1 OTD289 651296 4765772 838.6 5.0 1.14 0.04 5 1 OTD289 651298 4765771 833.9 5.0 1.40 0.03 10 1 OTD289 651299 4765770 829.2 5.0 1.74 0.04 9 1 OTD289 651301 4765769 824.5 5.0 1.45 0.02 8 1 OTD289 651302 4765768 819.8 5.0 1.69 0.01 15 1 OTD289 651303 4765767 815.1 5.0 2.06 0.03 31 1 OTD289 651305 4765766 810.4 5.0 1.79 0.03 32 1 OTD289 651306 4765765 805.7 5.0 1.28 0.02 12 1 OTD289 651308 4765764 801.1 5.0 1.29 0.04 22 1 OTD289 651309 4765763 796.4 5.0 1.65 0.03 44 1 OTD289 651310 4765762 791.7 5.0 1.48 0.03 34 1 OTD289 651312 4765761 787.0 5.0 1.51 0.02 72 1 OTD289 651313 4765760 782.3 5.0 1.44 0.03 149 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD289 651315 4765759 777.6 5.0 1.61 0.04 26 1 OTD289 651316 4765758 772.9 5.0 1.43 0.03 17 1 OTD289 651317 4765756 768.2 5.0 1.07 0.02 22 1 OTD289 651319 4765755 763.5 5.0 1.26 0.02 34 1 OTD289 651320 4765755 759.3 4.0 1.36 0.03 15 1 OTD289 651321 4765754 755.1 5.0 1.96 0.03 23 6 OTD289 651323 4765753 750.4 5.0 2.17 0.04 22 6 OTD289 651324 4765752 745.7 5.0 1.50 0.05 32 6 OTD289 651326 4765751 741.0 5.0 0.90 0.04 13 6 OTD289 651327 4765750 736.3 5.0 1.05 0.03 17 6 OTD289 651328 4765749 731.6 5.0 2.55 0.09 66 6 OTD289 651330 4765748 727.0 5.0 2.32 0.09 32 6 OTD289 651331 4765747 722.3 5.0 2.15 0.07 29 6 OTD289 651333 4765745 717.6 5.0 2.48 0.08 36 6 OTD289 651334 4765744 712.9 5.0 2.23 0.12 38 6 OTD289 651335 4765743 708.2 5.0 2.46 0.13 24 6 OTD289 651337 4765742 703.5 5.0 2.33 0.06 15 6 OTD289 651338 4765741 698.8 5.0 2.14 0.07 44 6 OTD289 651339 4765740 694.1 5.0 1.67 0.09 75 6 OTD289 651341 4765739 689.4 5.0 2.74 0.14 44 6 OTD289 651342 4765738 684.8 5.0 3.03 0.20 82 6 OTD289 651344 4765737 680.1 5.0 3.59 0.24 43 6 OTD289 651345 4765736 675.4 5.0 3.54 0.24 21 6 OTD289 651346 4765735 670.7 5.0 3.84 0.26 12 6 OTD289 651348 4765733 666.0 5.0 2.43 0.42 17 6 OTD289 651349 4765732 661.3 5.0 3.19 0.26 75 6 OTD289 651350 4765731 656.6 5.0 2.27 0.26 104 6 OTD289 651352 4765731 651.9 5.0 3.30 0.24 28 6 OTD289 651353 4765730 647.2 5.0 1.84 0.19 74 6 OTD289 651354 4765728 642.5 5.0 3.78 0.25 87 6 OTD289 651356 4765727 637.8 5.0 1.48 0.17 93 6 OTD289 651357 4765726 633.1 5.0 1.35 0.16 48 6 OTD289 651358 4765725 628.4 5.0 3.45 0.20 20 6 OTD289 651359 4765724 623.7 5.0 0.61 0.06 5 6 OTD289 651361 4765723 619.0 5.0 0.75 0.05 5 6 OTD289 651362 4765722 614.2 5.0 3.17 0.18 41 6 OTD289 651363 4765721 609.5 5.0 3.14 0.19 37 6 OTD289 651365 4765720 604.8 5.0 2.27 0.12 10 6 OTD289 651366 4765719 600.1 5.0 2.41 0.12 11 6 OTD289 651367 4765718 595.8 4.0 4.20 0.16 47 6 OTD289 651368 4765717 591.6 5.0 1.36 0.04 29 1 OTD289 651369 4765716 586.9 5.0 1.78 0.05 42 1 OTD289 651371 4765715 582.1 5.0 1.41 0.04 30 1 OTD289 651372 4765714 577.4 5.0 1.07 0.04 54 1 OTD289 651373 4765713 572.7 5.0 1.28 0.03 73 1 OTD289 651375 4765712 568.0 5.0 1.75 0.05 83 1 OTD289 651376 4765711 563.3 5.0 1.24 0.07 38 1 OTD289 651377 4765710 558.5 5.0 1.89 0.04 93 1 OTD289 651378 4765709 554.3 4.0 1.26 0.05 141 1 OTD289 651379 4765708 550.0 5.0 1.02 0.03 66 4 OTD289 651380 4765707 546.3 3.0 1.56 0.04 107 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD289 651381 4765707 543.3 3.3 1.28 0.03 104 5 OTD298 651309 4765349 795.4 5.0 1.08 0.02 48 1 OTD298 651308 4765352 790.9 5.0 1.29 0.03 91 1 OTD298 651308 4765354 786.5 5.0 1.04 0.01 64 1 OTD298 651308 4765356 782.1 5.0 0.71 0.01 89 1 OTD298 651307 4765358 777.7 5.0 0.95 0.04 83 1 OTD298 651307 4765361 773.3 5.0 0.54 0.01 105 1 OTD298 651306 4765363 768.8 5.0 1.15 0.02 131 1 OTD298 651306 4765365 764.4 5.0 1.75 0.01 75 1 OTD298 651306 4765368 760.0 5.0 1.85 0.01 78 1 OTD298 651305 4765370 755.5 5.0 1.31 0.01 59 1 OTD298 651305 4765372 751.1 5.0 1.07 0.01 116 1 OTD298 651305 4765374 746.7 5.0 1.40 0.06 107 1 OTD298 651304 4765377 742.2 5.0 1.20 0.02 85 1 OTD298 651304 4765379 737.8 5.0 1.03 0.03 100 1 OTD298 651303 4765381 733.3 5.0 1.01 0.05 70 1 OTD298 651303 4765384 728.9 5.0 1.13 0.02 76 1 OTD298 651302 4765386 724.4 5.0 1.28 0.02 55 1 OTD298 651302 4765388 720.0 3.0 0.59 0.02 24 1 OTD298 651301 4765395 706.6 1.0 0.78 0.01 40 1 OTD298 651300 4765397 702.2 5.0 1.00 0.01 39 1 OTD298 651300 4765400 697.7 5.0 0.47 0.01 50 1 OTD298 651299 4765402 693.3 5.0 0.73 0.02 53 1 OTD298 651299 4765406 684.3 5.0 0.66 0.01 26 1 OTD298 651298 4765408 679.9 5.0 1.15 0.03 68 1 OTD298 651298 4765410 675.4 5.0 0.90 0.02 54 1 OTD298 651297 4765413 670.9 5.0 0.98 0.01 53 1 OTD298 651297 4765415 666.4 5.0 0.77 0.02 71 1 OTD298 651296 4765417 662.0 5.0 1.53 0.03 90 1 OTD298 651296 4765419 657.5 5.0 1.24 0.02 93 1 OTD298 651295 4765421 653.0 5.0 0.91 0.02 69 1 OTD298 651295 4765423 648.5 5.0 0.85 0.02 36 1 OTD298 651294 4765426 644.1 5.0 1.05 0.02 68 1 OTD298 651294 4765428 639.6 5.0 1.31 0.03 95 1 OTD298 651293 4765430 635.1 5.0 1.64 0.03 119 1 OTD298 651293 4765432 630.6 5.0 1.20 0.03 49 1 OTD298 651292 4765434 626.1 5.0 1.26 0.03 133 1 OTD298 651292 4765436 621.7 5.0 1.72 0.04 101 1 OTD298 651291 4765439 617.2 5.0 1.49 0.02 130 1 OTD298 651291 4765441 612.7 5.0 1.78 0.02 182 1 OTD298 651290 4765443 608.2 5.0 1.62 0.03 226 1 OTD298 651290 4765446 603.7 5.0 1.39 0.01 290 1 OTD298 651289 4765448 599.2 5.0 1.21 0.02 173 1 OTD298 651289 4765450 594.7 5.0 1.13 0.04 125 1 OTD298 651288 4765451 591.6 2.0 0.60 0.03 190 1 OTD298 651287 4765455 584.0 5.0 0.51 0.01 11 16 OTD298 651287 4765457 579.5 5.0 0.65 0.01 16 16 OTD298 651286 4765459 575.0 1.0 0.60 0.01 12 16 OTD298 651284 4765467 557.9 2.0 0.34 0.02 50 16 OTD298 651284 4765469 554.3 5.0 1.13 0.04 149 4 OTD298 651284 4765471 549.8 5.0 0.87 0.04 108 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD298 651283 4765472 545.4 5.0 0.62 0.02 73 4 OTD298 651283 4765475 540.9 5.0 0.56 0.03 103 4 OTD298 651282 4765477 536.4 5.0 0.55 0.02 73 4 OTD298 651282 4765479 531.9 5.0 0.64 0.06 130 4 OTD298 651281 4765480 528.8 2.0 0.53 0.03 115 4 OTD298 651281 4765482 525.6 5.0 0.52 0.06 139 10 OTD298 651280 4765484 522.0 3.0 0.41 0.06 128 10 OTD298 651280 4765487 514.0 5.0 0.56 0.01 105 16 OTD298 651278 4765493 502.3 5.0 0.38 0.01 61 10 OTD298 651278 4765495 497.8 5.0 0.44 0.05 104 10 OTD298 651278 4765497 493.3 5.0 0.38 0.05 83 10 OTD298 651277 4765500 488.9 5.0 0.41 0.04 69 10 OTD298 651277 4765502 484.4 5.0 0.38 0.03 45 10 OTD298 651276 4765506 475.4 5.0 0.50 0.74 56 10 OTD298 651274 4765515 457.4 5.0 0.81 0.05 247 10 OTD298 651273 4765519 448.5 5.0 0.37 0.07 52 10 OTD298 651273 4765521 444.0 5.0 0.31 0.05 103 10 OTD303 651431 4765620 863.9 5.0 0.37 0.01 22 10 OTD303 651431 4765623 859.9 5.0 0.47 0.02 25 10 OTD303 651431 4765626 855.9 5.0 0.30 0.01 12 10 OTD303 651432 4765635 843.9 5.0 0.39 0.01 33 10 OTD303 651432 4765638 839.9 5.0 0.49 0.01 22 10 OTD303 651432 4765641 835.9 5.0 0.76 0.02 26 10 OTD303 651432 4765650 823.9 5.0 0.32 0.01 16 10 OTD303 651433 4765659 811.1 5.0 0.71 0.02 68 4 OTD303 651433 4765662 807.1 5.0 0.82 0.02 100 4 OTD303 651433 4765665 803.1 5.0 0.72 0.01 76 1 OTD303 651433 4765669 799.2 5.0 0.92 0.01 53 1 OTD303 651433 4765672 795.2 5.0 0.91 0.03 53 1 OTD303 651434 4765675 791.3 5.0 0.76 0.02 63 1 OTD303 651434 4765677 787.3 5.0 0.57 0.02 36 1 OTD303 651434 4765681 783.4 5.0 1.21 0.01 53 1 OTD303 651434 4765684 779.5 5.0 1.70 0.02 53 1 OTD303 651435 4765687 775.6 5.0 2.71 0.05 40 1 OTD303 651435 4765690 771.7 5.0 1.23 0.02 37 1 OTD303 651435 4765693 767.8 5.0 1.12 0.01 18 1 OTD303 651435 4765696 763.9 5.0 1.11 0.01 18 1 OTD303 651435 4765699 760.0 5.0 1.00 0.01 18 1 OTD303 651436 4765702 756.1 5.0 1.12 0.01 16 1 OTD303 651436 4765705 752.3 5.0 0.92 0.03 29 1 OTD303 651436 4765708 748.4 5.0 1.18 0.02 21 1 OTD303 651437 4765712 744.5 5.0 1.02 0.03 19 1 OTD303 651437 4765715 740.6 5.0 1.25 0.04 49 1 OTD303 651437 4765718 736.8 5.0 0.55 0.01 15 1 OTD303 651438 4765721 732.9 5.0 0.95 0.02 15 1 OTD303 651438 4765724 729.1 5.0 1.16 0.02 10 1 OTD303 651438 4765727 725.2 5.0 1.20 0.03 10 1 OTD303 651439 4765731 721.4 5.0 1.72 0.03 14 1 OTD303 651439 4765734 717.6 5.0 1.41 0.03 9 1 OTD303 651439 4765737 713.7 5.0 1.22 0.04 5 1 OTD303 651440 4765740 709.9 5.0 1.25 0.08 10 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD303 651440 4765743 706.1 5.0 1.36 0.04 11 1 OTD303 651441 4765747 702.3 5.0 1.50 0.04 19 1 OTD303 651441 4765750 698.5 5.0 1.46 0.07 14 1 OTD303 651441 4765753 694.7 5.0 1.29 0.04 15 1 OTD303 651442 4765756 690.9 5.0 1.12 0.04 15 1 OTD303 651442 4765760 687.1 5.0 1.42 0.05 20 1 OTD303 651443 4765763 683.3 5.0 1.04 0.04 11 1 OTD303 651443 4765766 679.5 5.0 1.59 0.04 30 1 OTD303 651444 4765769 675.7 5.0 1.66 0.05 163 1 OTD303 651444 4765773 672.0 5.0 2.00 0.07 125 1 OTD303 651445 4765776 668.2 5.0 1.59 0.07 79 1 OTD303 651445 4765779 664.4 5.0 1.90 0.09 46 6 OTD303 651446 4765782 660.6 5.0 4.44 0.33 23 6 OTD303 651446 4765786 656.8 5.0 1.55 0.04 24 6 OTD303 651447 4765789 653.0 5.0 1.36 0.03 37 6 OTD303 651447 4765792 649.3 5.0 1.82 0.04 16 6 OTD303 651448 4765795 645.5 5.0 2.22 0.04 24 6 OTD303 651449 4765798 642.1 4.0 2.09 0.05 24 6 OTD303 651449 4765801 638.8 5.0 1.14 0.04 28 1 OTD303 651450 4765804 635.8 3.0 1.65 0.07 24 1 OTD303 651450 4765806 632.8 5.0 1.95 0.11 29 6 OTD303 651451 4765810 629.1 5.0 2.18 0.07 34 6 OTD303 651451 4765813 625.4 5.0 2.52 0.09 19 6 OTD303 651452 4765816 621.7 5.0 2.15 0.07 17 6 OTD303 651453 4765819 618.0 5.0 3.15 0.08 23 6 OTD303 651453 4765823 614.3 5.0 2.43 0.07 15 6 OTD303 651454 4765825 611.7 2.0 1.77 0.07 5 6 OTD303 651454 4765827 609.1 5.0 2.40 0.11 20 7 OTD303 651455 4765830 605.5 5.0 3.48 0.16 76 7 OTD303 651456 4765834 601.8 5.0 2.09 0.14 24 7 OTD303 651457 4765837 598.1 5.0 1.94 0.30 32 7 OTD303 651457 4765840 594.5 5.0 2.24 0.41 51 7 OTD303 651458 4765844 590.9 5.0 2.64 0.67 31 7 OTD303 651459 4765847 587.2 5.0 1.38 0.21 74 7 OTD303 651460 4765850 583.6 5.0 3.06 0.57 92 7 OTD303 651460 4765854 580.0 5.0 3.97 0.34 33 7 OTD303 651461 4765857 576.3 5.0 2.37 0.21 31 7 OTD303 651462 4765860 573.1 4.0 2.67 0.18 57 7 OTD303 651463 4765863 569.9 5.0 1.78 0.14 67 2 OTD303 651463 4765867 566.3 5.0 1.66 0.13 28 2 OTD303 651464 4765870 562.7 5.0 1.20 0.10 123 2 OTD303 651465 4765874 559.2 5.0 1.33 0.08 52 2 OTD303 651466 4765877 555.6 5.0 1.11 0.06 348 2 OTD303 651467 4765881 552.1 5.0 1.05 0.06 394 2 OTD303 651468 4765884 548.5 5.0 1.36 0.06 94 2 OTD303 651469 4765888 545.0 5.0 1.26 0.06 73 2 OTD303 651469 4765891 541.4 5.0 0.99 0.05 75 2 OTD303 651470 4765894 537.9 5.0 0.96 0.04 60 2 OTD303 651471 4765898 534.5 5.0 1.25 0.04 62 2 OTD303 651472 4765901 531.0 5.0 1.28 0.04 63 2 OTD303 651473 4765905 527.5 5.0 0.68 0.02 59 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD303 651474 4765908 524.0 5.0 0.94 0.04 64 5 OTD303 651475 4765912 520.5 5.0 0.73 0.03 41 5 OTD303 651477 4765915 517.1 5.0 0.90 0.04 49 5 OTD303 651478 4765919 513.6 5.0 1.12 0.04 98 5 OTD303 651479 4765922 510.2 5.0 1.05 0.05 98 5 OTD303 651480 4765925 506.7 5.0 0.84 0.05 66 5 OTD303 651481 4765929 503.3 5.0 0.87 0.03 86 5 OTD303 651482 4765932 499.9 5.0 0.79 0.04 104 5 OTD303 651483 4765936 496.5 5.0 0.88 0.07 85 5 OTD303 651484 4765939 493.1 5.0 0.85 0.05 66 5 OTD303 651485 4765943 489.7 5.0 0.73 0.04 70 5 OTD303 651486 4765947 486.4 5.0 0.54 0.03 83 5 OTD303 651487 4765951 483.0 5.0 0.62 0.05 117 5 OTD303 651488 4765954 479.6 5.0 0.86 0.07 158 5 OTD303 651489 4765958 476.3 5.0 0.88 0.07 142 5 OTD303 651490 4765961 472.9 5.0 0.85 0.07 176 5 OTD303 651491 4765965 469.6 5.0 0.95 0.11 284 5 OTD303 651493 4765968 466.2 5.0 0.49 0.04 238 5 OTD303 651494 4765972 462.9 5.0 0.81 0.09 278 5 OTD303 651494 4765974 460.8 1.0 1.41 0.16 360 5 OTD304 651135 4765635 1028.3 5.0 0.33 0.04 42 10 OTD304 651139 4765632 1019.5 5.0 0.49 0.05 24 10 OTD304 651140 4765632 1016.9 1.0 0.41 0.04 16 10 OTD304 651141 4765631 1014.2 5.0 0.68 0.04 36 4 OTD304 651143 4765629 1009.8 5.0 0.72 0.05 20 4 OTD304 651145 4765628 1005.4 5.0 1.05 0.09 23 4 OTD304 651147 4765626 1001.0 5.0 0.74 0.03 25 4 OTD304 651148 4765625 997.9 2.0 0.73 0.02 77 4 OTD304 651150 4765625 994.8 5.0 0.40 0.03 64 10 OTD304 651152 4765623 990.3 5.0 0.35 0.02 51 10 OTD304 651153 4765622 987.2 2.0 0.43 0.06 115 10 OTD304 651154 4765621 984.1 5.0 0.88 0.07 76 4 OTD304 651156 4765620 979.7 5.0 1.00 0.06 238 4 OTD304 651158 4765619 975.3 5.0 0.75 0.05 72 4 OTD304 651160 4765617 970.8 5.0 0.47 0.04 46 4 OTD304 651162 4765616 966.4 5.0 0.32 0.03 99 4 OTD304 651163 4765614 961.9 5.0 0.48 0.04 201 4 OTD304 651165 4765613 957.5 5.0 1.05 0.05 69 4 OTD304 651167 4765612 953.0 5.0 0.95 0.04 29 4 OTD304 651169 4765610 948.5 5.0 0.81 0.03 62 4 OTD304 651171 4765609 944.1 5.0 1.10 0.03 282 4 OTD304 651173 4765608 939.6 5.0 1.09 0.05 40 4 OTD304 651175 4765607 935.1 5.0 1.15 0.06 43 4 OTD304 651176 4765605 930.7 5.0 0.79 0.02 58 4 OTD304 651177 4765605 928.0 1.0 0.67 0.01 31 4 OTD304 651179 4765604 925.3 5.0 0.98 0.02 92 1 OTD304 651180 4765603 920.8 5.0 1.21 0.04 130 1 OTD304 651182 4765601 916.3 5.0 1.27 0.06 72 1 OTD304 651184 4765600 911.8 5.0 0.56 0.01 50 1 OTD304 651186 4765599 907.3 5.0 0.71 0.04 36 1 OTD304 651188 4765598 902.8 5.0 1.14 0.06 40 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD304 651189 4765596 898.3 5.0 0.56 0.03 36 1 OTD304 651191 4765595 893.8 5.0 1.48 0.06 27 1 OTD304 651193 4765593 889.3 5.0 1.46 0.04 35 1 OTD304 651195 4765592 884.8 5.0 1.45 0.06 32 1 OTD304 651197 4765591 880.3 5.0 1.53 0.06 44 1 OTD304 651198 4765590 875.8 5.0 1.30 0.06 61 1 OTD304 651200 4765589 871.2 5.0 1.27 0.04 50 1 OTD304 651201 4765588 868.5 1.0 0.96 0.03 22 1 OTD304 651202 4765587 865.8 5.0 0.92 0.05 39 4 OTD304 651204 4765586 861.3 5.0 0.69 0.02 41 4 OTD304 651206 4765585 856.8 5.0 0.74 0.03 21 4 OTD304 651208 4765584 852.2 5.0 0.74 0.03 44 4 OTD304 651209 4765583 847.7 5.0 0.87 0.03 45 4 OTD304 651211 4765582 843.1 5.0 0.87 0.05 80 4 OTD304 651213 4765581 838.6 5.0 1.35 0.06 71 4 OTD304 651215 4765579 834.0 5.0 0.81 0.04 87 4 OTD304 651216 4765579 829.5 5.0 0.85 0.03 64 4 OTD304 651218 4765578 824.9 5.0 0.74 0.02 200 4 OTD304 651220 4765576 820.4 5.0 0.67 0.04 204 4 OTD304 651222 4765575 815.8 5.0 0.60 0.02 61 4 OTD304 651223 4765574 811.7 4.0 0.49 0.04 109 4 OTD304 651225 4765573 807.6 5.0 1.46 0.04 226 1 OTD304 651226 4765572 803.1 5.0 1.26 0.03 129 1 OTD304 651228 4765571 798.5 5.0 1.99 0.05 151 1 OTD304 651230 4765570 793.9 5.0 2.68 0.06 128 1 OTD304 651232 4765569 789.4 5.0 1.47 0.05 172 1 OTD304 651233 4765568 784.8 5.0 1.11 0.05 150 1 OTD304 651235 4765566 780.3 5.0 1.19 0.03 121 1 OTD304 651237 4765565 775.7 5.0 1.29 0.05 152 1 OTD304 651238 4765564 771.1 5.0 1.75 0.05 227 1 OTD304 651240 4765564 768.4 1.0 2.71 0.07 255 1 OTD304 651241 4765563 765.6 5.0 2.60 0.11 200 6 OTD304 651242 4765561 761.1 5.0 2.44 0.04 180 6 OTD304 651244 4765560 757.0 4.0 2.10 0.03 105 6 OTD304 651245 4765559 752.8 5.0 1.65 0.05 135 1 OTD304 651247 4765558 748.3 5.0 0.98 0.03 53 1 OTD304 651249 4765557 743.7 5.0 0.32 0.03 19 1 OTD304 651250 4765556 739.1 5.0 0.65 0.03 48 1 OTD304 651252 4765555 734.6 5.0 1.06 0.03 45 1 OTD304 651254 4765554 730.0 5.0 1.19 0.02 66 1 OTD304 651256 4765553 725.4 5.0 1.23 0.04 75 1 OTD304 651257 4765552 720.9 5.0 1.49 0.03 58 1 OTD304 651259 4765551 716.3 5.0 1.54 0.03 65 1 OTD304 651261 4765550 711.7 5.0 1.27 0.03 43 1 OTD304 651262 4765549 707.2 5.0 1.83 0.05 40 1 OTD304 651264 4765548 702.6 5.0 1.95 0.08 46 1 OTD304 651266 4765547 698.0 5.0 1.57 0.03 32 1 OTD304 651268 4765546 693.5 5.0 1.24 0.03 31 1 OTD304 651269 4765545 688.9 5.0 0.65 0.02 9 1 OTD304 651271 4765544 685.2 3.0 1.91 0.03 42 1 OTD304 651272 4765543 681.6 5.0 1.85 0.05 64 6

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD304 651274 4765542 677.0 5.0 2.25 0.09 63 6 OTD304 651275 4765541 673.8 2.0 1.99 0.07 44 6 OTD304 651276 4765540 670.6 5.0 1.61 0.05 90 1 OTD304 651278 4765539 666.0 5.0 1.66 0.08 110 1 OTD304 651279 4765538 661.5 5.0 1.84 0.05 61 1 OTD304 651281 4765537 656.9 5.0 1.69 0.04 86 1 OTD304 651283 4765536 652.3 5.0 2.40 0.05 66 1 OTD304 651284 4765535 647.8 5.0 1.84 0.03 113 1 OTD304 651286 4765533 643.2 5.0 1.53 0.03 82 1 OTD304 651288 4765532 638.6 5.0 1.52 0.03 37 1 OTD304 651289 4765531 634.0 5.0 1.45 0.02 56 1 OTD304 651291 4765530 629.5 5.0 2.29 0.04 29 1 OTD304 651293 4765528 624.9 5.0 1.79 0.03 100 1 OTD304 651294 4765527 620.3 5.0 1.33 0.03 31 1 OTD304 651296 4765526 615.8 5.0 1.47 0.03 49 1 OTD304 651298 4765525 611.2 5.0 1.53 0.03 25 1 OTD304 651299 4765524 606.6 5.0 1.69 0.04 70 1 OTD304 651301 4765523 602.0 5.0 1.60 0.04 35 1 OTD304 651303 4765522 597.5 5.0 1.25 0.04 23 1 OTD304 651304 4765520 592.9 5.0 1.69 0.03 22 1 OTD304 651306 4765519 588.4 5.0 1.36 0.03 30 1 OTD304 651308 4765518 583.8 5.0 1.39 0.04 41 1 OTD304 651309 4765517 579.2 5.0 1.23 0.05 42 1 OTD304 651311 4765516 574.7 5.0 1.30 0.03 63 1 OTD304 651313 4765515 570.1 5.0 1.25 0.04 30 1 OTD304 651314 4765513 565.6 5.0 0.43 0.05 30 1 OTD304 651316 4765512 561.0 5.0 0.42 0.03 25 1 OTD304 651323 4765507 542.8 5.0 0.58 0.07 60 1 OTD304 651324 4765506 539.2 3.0 0.65 0.07 61 1 OTD304 651327 4765504 531.0 5.0 1.12 0.06 88 4 OTD304 651330 4765502 521.9 5.0 0.79 0.03 65 4 OTD304 651332 4765501 517.3 5.0 0.81 0.06 56 4 OTD304 651334 4765500 512.7 5.0 0.71 0.06 58 4 OTD304 651335 4765498 508.2 5.0 1.06 0.06 52 4 OTD304 651337 4765497 503.6 5.0 1.52 0.08 52 4 OTD304 651338 4765496 499.1 5.0 0.77 0.06 86 4 OTD304 651340 4765494 494.5 5.0 0.97 0.06 146 4 OTD304 651342 4765493 489.9 5.0 1.06 0.05 77 4 OTD304 651343 4765492 485.4 5.0 0.44 0.03 122 4 OTD304 651345 4765491 481.3 4.0 0.92 0.05 162 4 OTD304 651346 4765490 477.2 5.0 2.02 0.07 264 1 OTD304 651348 4765488 472.6 5.0 2.57 0.08 290 1 OTD304 651349 4765487 468.0 5.0 1.86 0.07 167 1 OTD304 651351 4765486 463.5 5.0 1.34 0.05 144 1 OTD304 651352 4765484 458.9 5.0 1.28 0.06 299 1 OTD304 651353 4765483 455.2 3.0 1.22 0.06 212 1 OTD304 651354 4765482 451.6 5.0 0.53 0.03 127 4 OTD304 651356 4765480 447.0 5.0 0.86 0.04 213 4 OTD304 651357 4765479 442.5 5.0 0.31 0.03 51 4 OTD304 651362 4765475 428.8 5.0 0.66 0.07 192 4 OTD304 651363 4765473 424.2 5.0 1.01 0.07 135 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD304 651365 4765472 419.7 5.0 0.61 0.04 92 4 OTD304 651366 4765470 415.1 5.0 1.10 0.06 158 4 OTD304 651368 4765469 410.6 5.0 0.92 0.05 186 4 OTD304 651369 4765468 406.0 5.0 0.96 0.04 85 4 OTD304 651371 4765466 401.4 5.0 1.17 0.05 121 4 OTD304 651372 4765465 396.9 5.0 0.57 0.03 108 4 OTD304 651374 4765463 392.3 5.0 0.56 0.04 32 4 OTD304 651375 4765462 387.8 5.0 1.06 0.06 129 4 OTD304 651377 4765461 383.3 5.0 0.53 0.04 132 4 OTD304 651378 4765459 379.2 4.0 0.43 0.03 155 4 OTD304 651380 4765458 375.1 5.0 1.79 0.10 269 1 OTD304 651381 4765457 370.6 5.0 1.16 0.02 243 1 OTD304 651383 4765455 366.0 5.0 1.34 0.04 219 1 OTD304 651384 4765454 361.5 5.0 1.21 0.07 325 1 OTD304 651386 4765453 356.9 5.0 1.21 0.08 239 1 OTD304 651388 4765451 352.4 5.0 1.07 0.08 229 1 OTD304 651389 4765450 347.9 5.0 1.08 0.05 165 1 OTD304 651391 4765449 344.3 3.0 1.53 0.06 125 1 OTD304 651393 4765447 337.0 3.0 0.40 0.03 29 4 OTD304 651394 4765445 333.4 5.0 0.51 0.04 64 5 OTD304 651396 4765444 328.9 5.0 0.58 0.05 88 5 OTD304 651398 4765443 324.4 5.0 0.65 0.04 176 5 OTD304 651399 4765442 320.7 3.2 0.78 0.04 166 5 OTD305 651422 4765469 897.8 5.0 0.44 0.02 60 10 OTD305 651422 4765472 893.7 5.0 0.77 0.04 72 10 OTD305 651421 4765475 889.5 5.0 0.65 0.03 34 10 OTD305 651419 4765497 856.3 5.0 0.45 0.03 15 10 OTD305 651418 4765516 827.6 4.0 0.48 0.02 89 10 OTD305 651418 4765518 823.8 5.0 1.00 0.02 52 4 OTD305 651418 4765521 819.7 5.0 0.41 0.01 12 4 OTD305 651418 4765524 815.5 5.0 0.62 0.01 27 4 OTD305 651418 4765526 811.4 5.0 0.65 0.01 31 4 OTD305 651418 4765529 807.2 5.0 0.72 0.01 25 4 OTD305 651418 4765532 803.1 5.0 0.70 0.02 30 4 OTD305 651417 4765535 798.9 5.0 0.65 0.03 191 4 OTD305 651417 4765538 794.8 5.0 0.81 0.02 189 4 OTD305 651417 4765540 790.6 5.0 0.63 0.02 23 4 OTD305 651417 4765542 788.1 1.0 0.61 0.04 31 4 OTD305 651417 4765544 785.6 5.0 0.71 0.03 31 1 OTD305 651417 4765547 781.5 5.0 0.38 0.02 12 1 OTD305 651417 4765550 777.3 5.0 0.59 0.02 25 1 OTD305 651417 4765552 773.1 5.0 1.64 0.02 37 1 OTD305 651417 4765555 769.0 5.0 1.35 0.01 36 1 OTD305 651417 4765558 764.8 5.0 1.44 0.01 25 1 OTD305 651417 4765561 760.6 5.0 1.04 0.02 13 1 OTD305 651417 4765563 756.4 5.0 1.65 0.03 6 1 OTD305 651417 4765566 752.2 5.0 1.96 0.04 19 1 OTD305 651417 4765569 748.0 5.0 1.58 0.02 15 1 OTD305 651417 4765571 744.3 4.0 1.37 0.01 18 1 OTD305 651418 4765574 740.5 5.0 2.20 0.03 20 6 OTD305 651418 4765576 736.3 5.0 2.24 0.03 17 6

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD305 651418 4765579 732.1 5.0 2.03 0.01 28 1 OTD305 651418 4765582 727.9 5.0 0.64 0.01 20 1 OTD305 651418 4765585 723.7 5.0 1.64 0.01 46 1 OTD305 651418 4765587 719.5 5.0 1.44 0.01 45 1 OTD305 651418 4765590 715.3 5.0 0.99 0.02 79 1 OTD305 651418 4765592 711.1 5.0 1.43 0.01 84 1 OTD305 651418 4765595 706.9 5.0 1.51 0.01 44 1 OTD305 651418 4765598 702.8 5.0 2.02 0.02 58 1 OTD305 651418 4765601 698.6 5.0 1.42 0.03 39 1 OTD305 651418 4765603 694.4 5.0 1.51 0.03 49 1 OTD305 651418 4765606 690.2 5.0 1.22 0.02 34 1 OTD305 651418 4765609 686.0 5.0 1.91 0.05 62 1 OTD305 651418 4765611 681.8 5.0 2.69 0.06 119 1 OTD305 651418 4765614 677.6 5.0 1.68 0.02 35 1 OTD305 651419 4765617 673.4 5.0 1.44 0.02 74 1 OTD305 651419 4765619 669.3 5.0 1.78 0.03 59 1 OTD305 651419 4765622 665.1 5.0 1.76 0.05 47 1 OTD305 651419 4765625 660.9 5.0 1.85 0.06 63 1 OTD305 651419 4765628 656.7 5.0 1.56 0.06 36 1 OTD305 651419 4765631 652.6 5.0 1.25 0.05 7 1 OTD305 651419 4765634 648.4 5.0 1.74 0.05 31 1 OTD305 651419 4765636 644.2 5.0 1.86 0.06 39 1 OTD305 651420 4765639 640.1 5.0 1.17 0.09 73 1 OTD305 651420 4765641 636.7 3.0 1.39 0.10 42 1 OTD305 651420 4765644 633.4 5.0 2.60 0.16 84 6 OTD305 651420 4765646 629.2 5.0 2.21 0.27 44 6 OTD305 651420 4765649 625.0 5.0 2.94 0.26 150 6 OTD305 651420 4765652 620.9 5.0 3.30 0.23 70 6 OTD305 651421 4765655 616.7 5.0 3.04 0.24 63 6 OTD305 651421 4765657 612.6 5.0 1.40 0.11 76 6 OTD305 651421 4765660 608.4 5.0 2.54 0.17 102 6 OTD305 651421 4765663 604.3 5.0 2.52 0.13 58 6 OTD305 651421 4765666 600.1 5.0 2.18 0.09 212 6 OTD305 651421 4765667 597.6 1.0 2.51 0.11 720 6 OTD305 651422 4765669 595.1 5.0 0.98 0.08 42 1 OTD305 651422 4765672 591.0 5.0 1.28 0.10 42 1 OTD305 651422 4765675 586.8 5.0 1.58 0.06 29 1 OTD305 651422 4765677 582.7 5.0 1.53 0.09 41 1 OTD305 651423 4765680 578.5 5.0 2.52 0.11 31 6 OTD305 651423 4765683 574.4 5.0 2.25 0.10 37 6 OTD305 651423 4765686 570.7 4.0 2.32 0.16 43 6 OTD305 651423 4765688 567.0 5.0 1.97 0.08 22 1 OTD305 651424 4765691 562.9 5.0 1.52 0.08 19 1 OTD305 651424 4765694 558.7 5.0 1.32 0.05 65 1 OTD305 651424 4765697 554.6 5.0 0.88 0.03 32 1 OTD305 651425 4765699 550.5 5.0 1.47 0.04 52 1 OTD305 651425 4765701 548.1 1.0 1.09 0.05 26 1 OTD305 651425 4765706 541.5 5.0 0.91 0.03 30 5 OTD305 651426 4765709 537.4 5.0 0.89 0.03 24 5 OTD305 651426 4765711 533.4 5.0 0.89 0.03 29 5 OTD305 651426 4765714 529.3 5.0 0.78 0.02 20 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD305 651427 4765717 525.3 5.0 0.78 0.03 22 5 OTD305 651427 4765720 521.3 5.0 0.81 0.02 84 5 OTD305 651428 4765723 517.3 5.0 0.73 0.03 35 5 OTD305 651429 4765732 505.4 5.0 0.91 0.03 55 5 OTD305 651429 4765735 501.4 5.0 0.68 0.03 75 5 OTD305 651429 4765738 497.5 5.0 0.84 0.04 71 5 OTD305 651430 4765741 493.6 5.0 0.89 0.04 87 5 OTD305 651430 4765744 489.6 5.0 0.71 0.03 66 5 OTD305 651431 4765747 485.6 5.0 0.81 0.04 42 5 OTD305 651431 4765753 477.6 5.0 0.72 0.04 71 5 OTD305 651432 4765756 473.6 5.0 0.50 0.04 34 5 OTD305 651432 4765759 469.6 5.0 0.63 0.05 52 5 OTD305 651432 4765762 465.6 5.0 0.86 0.04 47 5 OTD305 651433 4765765 461.6 5.0 0.64 0.05 29 5 OTD305 651433 4765767 458.8 2.2 0.93 0.04 54 5 OTD306 651325 4764526 1127.5 5.0 1.33 0.01 9 10 OTD306 651325 4764524 1123.2 4.0 0.34 0.01 5 10 OTD306 651323 4764466 1024.0 4.0 0.52 0.04 44 10 OTD306 651322 4764448 993.9 5.0 0.32 0.03 9 10 OTD306 651322 4764445 989.6 5.0 0.37 0.03 32 10 OTD306 651322 4764443 985.3 5.0 0.52 0.04 263 10 OTD306 651322 4764440 981.0 5.0 0.45 0.04 237 10 OTD306 651321 4764438 976.7 5.0 0.46 0.03 205 10 OTD306 651321 4764435 972.4 5.0 0.42 0.04 119 10 OTD306 651321 4764433 968.1 5.0 0.32 0.03 123 10 OTD306 651316 4764376 868.7 5.0 0.38 0.06 79 10 OTD306 651316 4764373 864.4 5.0 0.39 0.04 157 10 OTD306 651316 4764371 860.1 5.0 0.37 0.09 245 10 OTD306 651315 4764368 855.7 5.0 0.39 0.18 608 10 OTD306 651315 4764365 851.4 5.0 0.34 0.12 209 10 OTD306 651315 4764363 847.0 5.0 0.32 0.18 355 10 OTD306 651314 4764361 842.7 5.0 0.32 0.18 257 10 OTD306 651314 4764355 834.0 5.0 0.32 0.20 52 10 OTD306 651313 4764346 816.6 5.0 0.34 0.10 37 10 OTD310 651366 4765894 878.9 3.0 0.30 0.04 116 10 OTD310 651367 4765893 875.1 5.0 0.77 0.07 38 4 OTD310 651368 4765891 870.5 5.0 0.79 0.04 24 4 OTD310 651370 4765890 865.8 5.0 0.53 0.03 20 4 OTD310 651371 4765889 861.2 5.0 0.72 0.04 40 4 OTD310 651372 4765888 856.5 5.0 1.20 0.03 24 1 OTD310 651373 4765886 851.9 5.0 1.50 0.07 19 1 OTD310 651374 4765885 847.2 5.0 0.86 0.05 25 1 OTD310 651376 4765884 842.6 5.0 1.05 0.03 7 1 OTD310 651377 4765882 837.9 5.0 1.46 0.07 10 1 OTD310 651378 4765880 833.3 5.0 1.31 0.04 5 1 OTD310 651379 4765879 828.6 5.0 1.84 0.07 44 1 OTD310 651380 4765877 824.0 5.0 1.22 0.05 19 1 OTD310 651382 4765876 819.4 5.0 1.43 0.10 25 1 OTD310 651383 4765874 814.7 5.0 1.81 0.10 12 1 OTD310 651384 4765873 810.1 5.0 1.57 0.05 6 1 OTD310 651385 4765872 805.5 5.0 1.69 0.04 6 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD310 651386 4765870 801.3 4.0 1.75 0.05 5 1 OTD310 651387 4765869 797.2 5.0 2.48 0.05 18 6 OTD310 651388 4765867 792.6 5.0 0.68 0.04 9 6 OTD310 651390 4765865 788.0 5.0 2.59 0.16 14 6 OTD310 651391 4765864 783.4 5.0 2.73 0.10 7 6 OTD310 651392 4765862 778.8 5.0 2.34 0.10 5 6 OTD310 651393 4765861 774.2 5.0 2.16 0.10 17 6 OTD310 651394 4765859 769.6 5.0 3.41 0.10 7 6 OTD310 651396 4765858 765.0 5.0 3.00 0.15 5 6 OTD310 651397 4765856 760.4 5.0 3.89 0.12 6 6 OTD310 651398 4765855 755.8 5.0 3.48 0.17 18 6 OTD310 651399 4765853 751.2 5.0 2.92 0.20 12 6 OTD310 651400 4765852 746.6 5.0 1.76 0.14 58 6 OTD310 651401 4765850 742.0 5.0 2.69 0.21 35 6 OTD310 651403 4765848 737.4 5.0 3.12 0.32 56 6 OTD310 651404 4765847 732.8 5.0 3.96 0.48 108 6 OTD310 651405 4765845 728.2 5.0 2.78 0.43 44 6 OTD310 651406 4765844 723.6 5.0 2.89 0.40 72 6 OTD310 651407 4765842 719.0 5.0 3.07 0.60 71 6 OTD310 651408 4765841 714.4 5.0 5.40 1.87 75 6 OTD310 651410 4765839 709.7 5.0 3.79 1.93 72 6 OTD310 651411 4765837 705.1 5.0 4.63 0.79 66 6 OTD310 651412 4765836 700.5 5.0 1.46 0.34 6 6 OTD310 651413 4765834 695.9 5.0 1.75 0.55 7 6 OTD310 651414 4765833 691.2 5.0 3.82 0.52 16 6 OTD310 651415 4765831 686.6 5.0 4.75 0.58 24 6 OTD310 651416 4765829 682.0 5.0 2.47 0.21 18 6 OTD310 651417 4765828 677.4 5.0 3.11 0.31 156 6 OTD310 651418 4765826 672.7 5.0 7.34 0.33 39 6 OTD310 651419 4765825 668.1 5.0 9.56 0.32 103 6 OTD310 651420 4765823 663.5 5.0 8.91 0.24 75 6 OTD310 651421 4765822 658.9 5.0 2.95 0.12 187 6 OTD310 651422 4765820 654.2 5.0 1.88 0.11 108 6 OTD310 651423 4765818 649.6 5.0 2.23 0.15 32 6 OTD310 651424 4765817 645.0 5.0 2.45 0.18 41 6 OTD310 651425 4765815 640.8 4.0 1.85 0.12 133 6 OTD310 651426 4765814 636.7 5.0 1.15 0.06 41 1 OTD310 651427 4765812 632.1 5.0 1.54 0.11 21 1 OTD310 651428 4765811 627.4 5.0 0.92 0.06 20 1 OTD310 651429 4765809 622.8 5.0 1.12 0.11 30 1 OTD310 651430 4765808 618.7 4.0 0.67 0.12 16 1 OTD310 651431 4765807 614.6 5.0 0.67 0.11 14 6 OTD310 651432 4765805 610.0 5.0 1.84 0.24 20 6 OTD310 651433 4765803 605.4 5.0 2.44 0.23 51 6 OTD310 651434 4765802 600.8 5.0 3.02 0.25 41 6 OTD310 651436 4765800 596.2 5.0 2.62 0.18 32 6 OTD310 651437 4765798 591.6 5.0 3.86 0.23 27 6 OTD310 651438 4765797 587.0 5.0 2.61 0.18 43 6 OTD310 651439 4765795 582.5 5.0 2.08 0.10 29 6 OTD310 651440 4765793 577.9 5.0 1.60 0.08 45 7 OTD310 651441 4765792 573.3 5.0 1.95 0.06 72 7

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD310 651442 4765790 568.7 5.0 2.10 0.07 42 7 OTD310 651443 4765788 564.1 5.0 2.03 0.07 26 7 OTD310 651444 4765787 559.6 5.0 1.82 0.04 32 2 OTD310 651445 4765785 555.0 5.0 1.43 0.03 41 2 OTD310 651447 4765783 550.4 5.0 1.68 0.04 38 2 OTD310 651448 4765781 545.8 5.0 1.00 0.03 26 2 OTD310 651449 4765780 541.3 5.0 1.48 0.03 25 2 OTD310 651450 4765778 536.7 5.0 1.42 0.04 31 2 OTD310 651451 4765776 532.1 5.0 0.84 0.02 42 5 OTD310 651452 4765775 527.5 5.0 0.96 0.02 59 5 OTD310 651453 4765773 523.0 5.0 0.80 0.02 59 5 OTD310 651454 4765771 518.4 5.0 0.83 0.02 61 5 OTD310 651455 4765769 513.8 5.0 0.72 0.02 41 5 OTD310 651459 4765764 500.2 5.0 0.42 0.02 20 5 OTD310 651460 4765763 495.6 5.0 0.47 0.02 24 5 OTD310 651461 4765761 491.1 5.0 0.39 0.02 24 5 OTD310 651464 4765757 482.0 5.0 0.45 0.03 18 5 OTD310 651465 4765756 477.4 5.0 0.59 0.02 30 5 OTD310 651466 4765754 473.8 3.0 0.64 0.02 25 5 OTD310 651467 4765753 470.2 5.0 0.94 0.04 88 2 OTD310 651468 4765751 465.6 5.0 1.02 0.05 49 2 OTD310 651469 4765750 461.1 5.0 1.23 0.06 98 2 OTD310 651470 4765749 458.4 1.0 1.84 0.10 92 2 OTD310 651470 4765748 455.7 5.0 0.73 0.03 50 5 OTD310 651472 4765746 451.1 5.0 0.41 0.01 35 5 OTD310 651473 4765744 446.6 5.0 0.51 0.01 32 5 OTD310 651474 4765742 442.1 5.0 0.67 0.02 66 5 OTD310 651475 4765741 437.6 5.0 0.77 0.02 81 5 OTD310 651476 4765739 433.0 5.0 0.61 0.01 76 5 OTD310 651478 4765737 428.5 5.0 0.71 0.02 57 5 OTD310 651479 4765735 424.0 5.0 0.80 0.02 65 5 OTD310 651480 4765733 419.5 5.0 0.82 0.17 76 5 OTD310 651481 4765731 415.0 5.0 0.73 0.16 43 5 OTD310 651487 4765722 392.4 3.0 0.80 0.03 99 10 OTD310 651488 4765720 387.9 5.0 0.66 0.02 95 10 OTD310 651489 4765719 383.3 5.0 0.57 0.02 157 10 OTD310 651490 4765717 378.8 5.0 0.73 0.02 115 10 OTD310 651491 4765715 374.3 5.0 0.45 0.01 39 10 OTD310 651493 4765713 369.8 5.0 0.45 0.02 66 10 OTD310 651494 4765711 365.3 5.0 0.41 0.02 37 10 OTD310 651496 4765707 356.3 5.0 0.57 0.03 66 10 OTD310 651497 4765706 351.8 5.0 0.74 0.04 93 10 OTD310 651499 4765704 347.3 5.0 0.43 0.02 93 10 OTD310 651500 4765702 342.7 5.0 0.43 0.01 59 10 OTD310 651501 4765700 338.2 5.0 0.55 0.02 93 10 OTD310 651502 4765699 333.7 5.0 0.58 0.01 85 10 OTD310 651503 4765698 331.0 1.0 0.49 0.02 46 10 OTD313 651432 4765725 868.7 5.0 0.61 0.10 37 10 OTD313 651434 4765751 832.1 5.0 0.38 0.02 89 10 OTD313 651435 4765757 824.1 5.0 0.30 0.01 51 10 OTD313 651435 4765765 813.7 5.0 0.44 0.01 26 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD313 651435 4765767 811.3 1.0 0.54 0.01 16 4 OTD313 651436 4765768 808.9 5.0 0.53 0.01 17 1 OTD313 651436 4765771 804.9 5.0 1.21 0.02 33 1 OTD313 651436 4765774 800.9 5.0 1.06 0.02 65 1 OTD313 651436 4765777 797.0 5.0 1.25 0.02 136 1 OTD313 651437 4765780 793.1 5.0 0.87 0.01 73 1 OTD313 651437 4765784 789.1 5.0 0.68 0.01 47 1 OTD313 651437 4765787 785.2 5.0 0.86 0.01 66 1 OTD313 651438 4765789 781.3 5.0 0.87 0.01 115 1 OTD313 651438 4765792 777.4 5.0 0.77 0.01 85 1 OTD313 651439 4765795 773.5 5.0 1.25 0.01 71 1 OTD313 651439 4765798 769.6 5.0 0.76 0.01 30 1 OTD313 651439 4765802 765.7 5.0 0.83 0.01 35 1 OTD313 651440 4765805 761.9 5.0 1.21 0.01 37 1 OTD313 651440 4765808 758.0 5.0 1.28 0.01 45 1 OTD313 651441 4765811 754.2 5.0 1.18 0.01 37 1 OTD313 651441 4765814 750.4 5.0 1.26 0.01 45 1 OTD313 651442 4765817 746.5 5.0 1.07 0.01 54 1 OTD313 651442 4765820 742.7 5.0 1.03 0.01 51 1 OTD313 651443 4765824 738.9 5.0 0.96 0.01 41 1 OTD313 651443 4765827 735.1 5.0 1.01 0.01 92 1 OTD313 651444 4765830 731.4 5.0 1.12 0.01 34 1 OTD313 651444 4765833 727.6 5.0 0.75 0.01 37 1 OTD313 651445 4765837 723.8 5.0 1.35 0.02 34 1 OTD313 651446 4765840 720.1 5.0 1.48 0.04 29 1 OTD313 651446 4765843 716.4 5.0 1.66 0.06 14 1 OTD313 651447 4765846 713.4 3.0 1.18 0.06 5 1 OTD313 651447 4765848 710.4 5.0 1.75 0.05 36 6 OTD313 651448 4765852 706.7 5.0 3.59 0.10 23 6 OTD313 651448 4765855 703.1 5.0 2.85 0.09 18 6 OTD313 651449 4765859 699.4 5.0 3.00 0.12 32 6 OTD313 651450 4765862 695.8 5.0 2.84 0.11 20 6 OTD313 651450 4765865 692.1 5.0 3.01 0.12 27 6 OTD313 651451 4765868 688.5 5.0 2.64 0.16 7 6 OTD313 651452 4765872 684.9 5.0 1.91 0.13 13 6 OTD313 651452 4765875 681.3 5.0 3.86 0.44 8 6 OTD313 651453 4765879 677.7 5.0 5.17 0.55 7 6 OTD313 651454 4765882 674.1 5.0 5.25 0.84 16 6 OTD313 651454 4765886 670.5 5.0 3.26 0.33 19 6 OTD313 651455 4765889 667.0 5.0 3.70 0.41 37 7 OTD313 651456 4765893 663.4 5.0 4.31 0.40 45 7 OTD313 651456 4765896 659.9 5.0 4.15 0.58 28 7 OTD313 651457 4765900 656.3 5.0 3.33 0.43 27 7 OTD313 651458 4765903 652.8 5.0 4.96 0.62 75 7 OTD313 651458 4765907 649.2 5.0 3.76 0.44 30 7 OTD313 651459 4765910 645.7 5.0 4.92 0.64 36 7 OTD313 651460 4765914 642.2 5.0 4.31 0.66 58 7 OTD313 651461 4765917 638.8 5.0 2.85 0.36 58 7 OTD313 651462 4765924 631.9 5.0 1.52 0.08 23 7 OTD313 651463 4765928 628.4 5.0 3.08 0.16 26 7 OTD313 651464 4765931 625.3 4.0 3.05 0.13 123 7

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD313 651464 4765934 622.2 5.0 1.30 0.06 25 2 OTD313 651465 4765937 618.9 5.0 1.57 0.06 93 2 OTD313 651466 4765941 615.5 5.0 1.21 0.06 48 2 OTD313 651467 4765945 612.1 5.0 1.01 0.04 64 2 OTD313 651467 4765948 608.8 5.0 1.40 0.04 156 2 OTD313 651468 4765952 605.4 5.0 0.97 0.05 92 2 OTD313 651469 4765956 602.0 5.0 1.22 0.06 140 2 OTD313 651470 4765960 598.8 5.0 1.15 0.05 96 2 OTD313 651471 4765963 595.5 5.0 0.90 0.05 118 2 OTD313 651471 4765967 592.3 5.0 1.13 0.05 99 2 OTD313 651472 4765971 589.0 5.0 1.02 0.04 134 2 OTD313 651473 4765974 585.7 5.0 0.82 0.04 94 2 OTD313 651474 4765977 582.5 5.0 1.05 0.05 139 2 OTD313 651475 4765981 579.3 5.0 0.60 0.02 57 2 OTD313 651476 4765984 576.4 4.0 0.87 0.04 83 2 OTD313 651476 4765988 573.5 5.0 0.85 0.04 98 5 OTD313 651477 4765992 570.3 5.0 0.64 0.04 237 5 OTD313 651478 4765996 567.1 5.0 0.78 0.04 108 5 OTD313 651479 4766000 563.9 5.0 0.77 0.04 105 5 OTD313 651480 4766003 560.7 5.0 0.88 0.03 98 5 OTD313 651481 4766007 557.6 5.0 0.65 0.03 76 5 OTD313 651481 4766011 554.4 5.0 1.19 0.05 87 5 OTD313 651482 4766014 551.2 5.0 1.31 0.06 97 5 OTD313 651483 4766018 548.1 5.0 0.64 0.04 134 5 OTD313 651484 4766022 545.0 5.0 0.79 0.05 134 5 OTD313 651485 4766025 542.2 4.0 0.83 0.04 125 5 OTD313 651486 4766029 539.4 5.0 1.13 0.05 155 2 OTD313 651486 4766031 537.5 1.0 1.25 0.05 105 2 OTD313 651487 4766034 535.7 5.0 0.94 0.04 107 5 OTD313 651488 4766037 532.6 5.0 0.89 0.03 150 5 OTD313 651489 4766041 529.5 5.0 1.02 0.03 117 5 OTD313 651489 4766045 526.5 5.0 0.87 0.03 173 5 OTD313 651490 4766049 523.4 5.0 0.90 0.02 241 5 OTD313 651491 4766053 520.4 5.0 0.75 0.02 109 5 OTD313 651492 4766057 517.4 5.0 0.84 0.04 101 5 OTD313 651493 4766061 514.3 5.0 1.09 0.05 223 5 OTD313 651494 4766064 511.3 5.0 0.82 0.06 156 5 OTD313 651495 4766068 508.3 5.0 0.47 0.05 118 5 OTD313 651496 4766072 505.3 5.0 0.66 0.03 163 5 OTD313 651497 4766076 502.4 5.0 0.69 0.09 105 5 OTD313 651498 4766080 499.4 5.0 0.89 0.08 107 5 OTD313 651499 4766084 496.5 5.0 0.84 0.09 101 5 OTD313 651500 4766088 493.5 5.0 0.76 0.20 89 5 OTD313 651501 4766092 490.5 5.0 0.79 0.51 135 5 OTD313 651502 4766095 487.6 5.0 0.81 0.19 130 5 OTD313 651503 4766099 484.7 5.0 0.83 0.44 101 5 OTD313 651504 4766103 481.8 5.0 1.01 0.83 143 5 OTD313 651505 4766107 478.9 5.0 0.86 0.55 103 5 OTD313 651506 4766111 476.0 5.0 0.86 0.52 82 5 OTD313 651507 4766115 473.2 5.0 0.62 0.78 56 5 OTD313 651508 4766119 470.3 5.0 0.48 0.25 40 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD313 651509 4766123 467.4 5.0 0.54 0.16 61 5 OTD313 651510 4766127 464.6 5.0 0.49 0.57 130 5 OTD313 651511 4766131 461.9 5.0 0.43 0.35 64 5 OTD313 651512 4766135 459.1 5.0 0.86 0.63 103 5 OTD313 651513 4766139 456.3 5.0 0.58 0.37 58 5 OTD313 651514 4766143 453.5 5.0 0.93 0.37 65 5 OTD313 651515 4766147 450.7 5.0 0.75 0.24 46 5 OTD313 651516 4766151 448.6 2.5 2.02 0.21 110 5 OTD319 651531 4765854 915.7 5.0 2.05 0.11 17 10 OTD319 651529 4765855 911.0 5.0 0.46 0.03 90 10 OTD319 651528 4765856 906.3 5.0 0.34 0.04 55 10 OTD319 651520 4765865 873.4 5.0 0.51 0.03 1603 10 OTD319 651515 4765870 854.6 5.0 0.40 0.04 44 10 OTD319 651514 4765871 849.9 5.0 0.82 0.06 71 4 OTD319 651513 4765872 845.2 5.0 0.80 0.04 111 4 OTD319 651511 4765874 840.5 5.0 0.58 0.02 37 4 OTD319 651510 4765875 836.8 3.0 0.36 0.01 46 4 OTD319 651510 4765875 833.0 5.0 1.32 0.08 73 1 OTD319 651508 4765877 828.4 5.0 1.83 0.07 92 1 OTD319 651507 4765878 823.7 5.0 1.28 0.06 93 1 OTD319 651506 4765879 819.0 5.0 2.66 0.10 71 1 OTD319 651505 4765881 814.3 5.0 0.93 0.03 87 1 OTD319 651503 4765882 809.7 5.0 0.98 0.02 93 1 OTD319 651502 4765883 805.0 5.0 1.01 0.01 106 1 OTD319 651501 4765884 800.3 5.0 0.90 0.01 130 1 OTD319 651500 4765886 795.7 5.0 1.55 0.01 64 1 OTD319 651499 4765887 791.0 5.0 1.35 0.01 42 1 OTD319 651497 4765889 786.4 5.0 1.12 0.01 47 1 OTD319 651496 4765890 781.7 5.0 0.97 0.03 40 1 OTD319 651495 4765891 777.1 5.0 1.47 0.03 36 1 OTD319 651494 4765893 772.4 5.0 1.44 0.04 30 1 OTD319 651493 4765894 767.8 5.0 0.89 0.04 41 1 OTD319 651491 4765896 763.1 5.0 0.79 0.02 51 1 OTD319 651490 4765897 758.5 5.0 1.24 0.07 39 1 OTD319 651489 4765898 753.8 5.0 1.41 0.05 77 1 OTD319 651488 4765900 749.2 5.0 1.27 0.03 72 1 OTD319 651487 4765901 744.6 5.0 0.89 0.05 115 1 OTD319 651485 4765903 739.9 5.0 1.15 0.02 76 1 OTD319 651484 4765904 735.3 5.0 1.35 0.03 79 1 OTD319 651483 4765906 730.6 5.0 1.03 0.03 43 1 OTD319 651482 4765907 726.9 3.0 0.99 0.02 19 1 OTD319 651481 4765908 723.2 5.0 2.52 0.19 15 6 OTD319 651480 4765909 718.6 5.0 6.84 0.60 14 6 OTD319 651479 4765911 714.0 5.0 2.40 0.37 14 6 OTD319 651478 4765912 709.3 5.0 2.46 0.63 18 6 OTD319 651476 4765914 704.7 5.0 4.15 0.71 104 6 OTD319 651475 4765915 700.1 5.0 4.27 0.32 37 6 OTD319 651474 4765917 695.4 5.0 4.51 0.30 30 6 OTD319 651473 4765918 690.8 5.0 2.47 0.21 51 6 OTD319 651472 4765920 686.1 5.0 3.92 0.26 88 6 OTD319 651470 4765921 681.5 5.0 3.75 0.45 72 6

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD319 651469 4765922 676.8 5.0 3.54 0.57 77 6 OTD319 651468 4765924 672.2 5.0 4.58 0.62 130 6 OTD319 651467 4765926 667.6 5.0 3.41 0.60 86 6 OTD319 651466 4765927 662.9 5.0 4.08 0.46 91 6 OTD319 651465 4765929 658.3 5.0 2.99 0.24 49 6 OTD319 651464 4765930 653.6 5.0 2.86 0.17 70 6 OTD319 651462 4765931 649.0 5.0 3.30 0.14 57 6 OTD319 651461 4765933 644.4 5.0 1.39 0.07 49 6 OTD319 651460 4765934 640.2 4.0 2.67 0.12 45 6 OTD319 651459 4765935 636.0 5.0 2.86 0.13 88 7 OTD319 651459 4765937 632.3 3.0 1.82 0.08 45 7 OTD319 651457 4765939 624.0 5.0 0.52 0.03 14 2 OTD319 651454 4765943 613.7 5.0 4.23 0.28 56 7 OTD319 651453 4765944 609.1 5.0 4.69 0.22 72 7 OTD319 651452 4765946 604.4 5.0 3.77 0.20 74 7 OTD319 651451 4765947 599.8 5.0 2.67 0.16 90 7 OTD319 651450 4765949 595.6 4.0 2.12 0.11 85 7 OTD319 651449 4765950 591.4 5.0 1.36 0.08 42 2 OTD319 651448 4765951 586.7 5.0 1.12 0.12 54 2 OTD319 651447 4765953 582.1 5.0 1.23 0.10 88 2 OTD319 651446 4765954 579.3 1.0 1.31 0.09 96 2 OTD319 651445 4765954 576.5 5.0 0.43 0.03 44 5 OTD319 651444 4765956 571.8 5.0 0.79 0.04 170 5 OTD319 651443 4765957 567.2 5.0 0.74 0.05 107 5 OTD319 651442 4765959 562.5 5.0 0.50 0.02 81 5 OTD319 651441 4765960 557.9 5.0 0.74 0.04 85 5 OTD319 651440 4765962 553.2 5.0 0.74 0.02 89 5 OTD319 651439 4765963 548.6 5.0 0.87 0.05 174 5 OTD319 651438 4765964 543.9 5.0 1.00 0.06 258 5 OTD319 651436 4765966 539.2 5.0 0.75 0.04 179 5 OTD319 651435 4765967 534.6 5.0 0.57 0.05 423 5 OTD319 651434 4765969 529.9 5.0 0.48 0.05 200 5 OTD319 651433 4765970 525.3 5.0 0.65 0.05 178 5 OTD319 651432 4765972 520.6 5.0 0.93 0.10 140 5 OTD319 651431 4765973 515.9 5.0 0.72 0.10 147 5 OTD319 651430 4765975 511.3 5.0 0.57 0.07 106 5 OTD319 651429 4765976 506.6 5.0 0.59 0.05 169 5 OTD319 651428 4765978 501.9 5.0 0.53 0.09 141 5 OTD319 651427 4765979 497.3 5.0 0.66 0.08 147 5 OTD319 651426 4765981 492.6 5.0 0.71 0.05 173 5 OTD319 651425 4765982 487.9 5.0 0.77 0.03 184 5 OTD319 651424 4765983 483.3 5.0 0.76 0.04 397 5 OTD319 651423 4765985 478.6 5.0 0.60 0.04 129 5 OTD319 651422 4765986 473.9 5.0 0.48 0.03 62 5 OTD319 651421 4765988 469.3 5.0 0.65 0.05 91 5 OTD319 651420 4765989 464.6 5.0 0.79 0.07 86 5 OTD319 651419 4765991 459.9 5.0 0.71 0.02 109 5 OTD319 651418 4765992 455.3 5.0 0.36 0.04 129 5 OTD319 651416 4765994 449.7 5.0 0.30 0.05 213 10 OTD319 651415 4765995 445.0 5.0 0.68 0.09 163 10 OTD319 651414 4765997 440.3 5.0 0.62 0.08 112 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD319 651413 4765998 435.7 5.0 0.64 0.06 146 10 OTD319 651409 4766004 417.0 5.0 0.64 0.04 105 10 OTD319 651407 4766007 407.7 5.0 0.44 0.04 163 10 OTD319 651406 4766009 403.0 5.0 0.35 0.06 56 10 OTD319 651404 4766012 393.7 5.0 0.60 0.09 92 10 OTD319 651403 4766013 389.1 5.0 0.32 0.06 181 10 OTD319 651401 4766016 379.8 5.0 0.31 0.03 77 10 OTD319 651400 4766018 375.2 5.0 0.52 0.06 38 10 OTD319 651399 4766020 370.6 5.0 0.49 0.08 78 10 OTD319 651398 4766021 365.9 5.0 0.35 0.05 308 10 OTD319 651396 4766022 361.3 5.0 0.51 0.06 139 10 OTD319 651394 4766026 352.2 5.0 0.41 0.06 445 10 OTD319 651393 4766027 347.6 5.0 0.66 0.11 345 10 OTD319 651392 4766029 343.0 5.0 0.96 0.11 3007 10 OTD319 651391 4766031 338.4 5.0 1.21 0.08 272 10 OTD319 651390 4766032 333.8 5.0 0.66 0.05 262 10 OTD319 651388 4766036 324.6 5.0 0.48 0.08 84 10 OTD319 651387 4766037 320.0 5.0 0.48 0.29 76 10 OTD319 651386 4766039 315.5 5.0 0.53 0.17 74 10 OTD319 651384 4766041 310.9 5.0 0.40 0.14 47 10 OTD319 651383 4766042 306.3 5.0 0.57 0.11 90 10 OTD319 651382 4766044 301.7 5.0 0.39 0.12 35 10 OTD324 651274 4765325 854.1 4.0 0.34 0.02 27 16 OTD324 651272 4765326 850.1 5.0 0.86 0.03 28 4 OTD324 651271 4765328 845.7 5.0 0.82 0.01 35 4 OTD324 651269 4765329 841.3 5.0 0.99 0.04 23 4 OTD324 651267 4765330 836.9 5.0 0.87 0.04 21 4 OTD324 651265 4765332 832.6 5.0 0.98 0.04 69 4 OTD324 651263 4765333 828.2 5.0 0.82 0.04 36 4 OTD324 651261 4765335 824.3 4.0 0.97 0.04 77 4 OTD324 651260 4765337 820.3 5.0 1.47 0.04 23 1 OTD324 651258 4765338 816.0 5.0 1.08 0.04 56 1 OTD324 651256 4765340 811.6 5.0 0.97 0.03 63 1 OTD324 651254 4765341 807.3 5.0 0.84 0.02 142 1 OTD324 651252 4765343 802.9 5.0 1.72 0.04 155 1 OTD324 651250 4765344 798.6 5.0 1.35 0.02 144 1 OTD324 651248 4765346 794.3 5.0 1.11 0.03 95 1 OTD324 651246 4765347 789.9 5.0 1.34 0.02 69 1 OTD324 651244 4765349 785.6 5.0 1.21 0.02 45 1 OTD324 651242 4765351 781.3 5.0 1.18 0.02 177 1 OTD324 651241 4765352 777.0 5.0 1.34 0.01 72 1 OTD324 651239 4765353 772.7 5.0 1.30 0.02 98 1 OTD324 651237 4765355 768.3 5.0 1.40 0.04 63 1 OTD324 651235 4765357 764.0 5.0 1.18 0.03 222 1 OTD324 651233 4765358 759.7 5.0 2.14 0.03 465 1 OTD324 651231 4765359 755.3 5.0 1.93 0.03 131 1 OTD324 651229 4765361 751.0 5.0 1.66 0.02 104 1 OTD324 651227 4765363 746.7 5.0 1.78 0.02 79 1 OTD324 651225 4765364 742.4 5.0 1.73 0.03 189 1 OTD324 651223 4765366 738.0 5.0 0.94 0.02 264 1 OTD324 651216 4765371 723.4 3.0 0.54 0.04 270 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ========================================================================================= OTD324 651214 4765373 719.1 5.0 0.74 0.04 279 4 OTD324 651212 4765375 714.8 5.0 0.70 0.03 393 4 OTD324 651210 4765376 710.5 5.0 0.77 0.05 331 4 OTD324 651203 4765383 694.2 5.0 0.84 0.04 264 4 OTD324 651201 4765385 689.9 5.0 1.96 0.06 238 4 OTD324 651199 4765386 686.1 4.0 0.49 0.04 89 4 OTD324 651198 4765388 682.3 5.0 0.35 0.03 304 10 OTD324 651196 4765390 678.0 5.0 0.40 0.05 186 10 OTD324 651194 4765391 673.8 5.0 0.34 0.07 195 10 OTD324 651192 4765392 669.5 5.0 0.33 0.04 155 10 OTD324 651189 4765394 665.3 5.0 0.52 0.04 268 10 OTD324 651187 4765396 661.1 5.0 0.48 0.05 90 10 OTD324 651185 4765398 656.9 5.0 0.40 0.06 114 10 OTD324 651183 4765399 652.6 5.0 0.39 0.04 85 10 OTD324 651181 4765401 648.4 5.0 0.61 0.03 60 10 OTD324 651179 4765403 644.2 5.0 0.47 0.03 186 10 OTD324 651177 4765405 640.0 5.0 0.38 0.05 160 10 OTD324 651175 4765407 635.9 5.0 0.36 0.03 126 10 OTD324 651173 4765408 631.7 5.0 0.59 0.04 198 10 OTD324 651171 4765410 627.5 5.0 0.51 0.05 208 10 OTD324 651169 4765412 623.3 5.0 0.59 0.07 112 10 OTD324 651167 4765414 619.2 5.0 0.68 0.06 333 10 OTD324 651164 4765416 615.0 5.0 0.45 0.05 101 10 OTD324 651121 4765453 534.2 5.0 0.43 0.09 22 10 OTD324 651105 4765466 506.3 5.0 0.30 0.07 40 10 OTD324 651102 4765468 502.3 5.0 0.40 0.06 56 10 OTD324 651100 4765470 498.4 5.0 0.36 0.04 113 10 OTD324 651098 4765472 494.5 5.0 0.41 0.06 113 10 OTD324 651095 4765474 490.6 5.0 0.54 0.08 143 10 OTD324 651088 4765480 478.9 5.0 0.60 0.12 93 10 OTD324 651086 4765482 475.0 5.0 0.75 0.09 135 10 OTD327 651562 4765963 829.5 1.0 0.38 0.10 16 10 OTD327 651561 4765963 826.7 5.0 0.90 0.02 17 4 OTD327 651560 4765965 822.1 5.0 0.83 0.01 23 4 OTD327 651558 4765966 817.4 5.0 1.00 0.03 27 1 OTD327 651557 4765966 812.8 5.0 0.96 0.02 25 1 OTD327 651556 4765968 808.1 5.0 1.28 0.02 23 1 OTD327 651554 4765969 803.5 5.0 1.44 0.02 23 1 OTD327 651553 4765970 798.8 5.0 1.19 0.02 17 1 OTD327 651552 4765971 795.1 3.0 2.04 0.11 11 1 OTD327 651550 4765972 791.4 5.0 2.63 0.12 5 6 OTD327 651549 4765973 786.7 5.0 2.22 0.14 5 6 OTD327 651547 4765974 782.1 5.0 2.78 0.63 6 6 OTD327 651546 4765976 777.4 5.0 3.23 0.16 6 6 OTD327 651545 4765977 772.8 5.0 2.58 0.15 5 6 OTD327 651543 4765978 768.1 5.0 2.41 0.11 5 6 OTD327 651542 4765979 763.5 5.0 2.66 0.12 8 6 OTD327 651540 4765980 758.8 5.0 3.27 0.09 6 6 OTD327 651539 4765981 754.2 5.0 3.20 0.10 5 6 OTD327 651537 4765982 749.5 5.0 3.12 0.09 5 6 OTD327 651536 4765983 744.8 5.0 3.91 0.11 12 6

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD327 651534 4765985 740.2 5.0 3.85 0.12 17 6 OTD327 651533 4765986 735.5 5.0 2.93 0.09 10 6 OTD327 651531 4765987 730.9 5.0 2.68 0.04 14 6 OTD327 651530 4765988 726.2 5.0 2.16 0.09 33 6 OTD327 651529 4765989 721.6 5.0 2.25 0.03 32 6 OTD327 651527 4765990 716.9 5.0 1.86 0.02 20 6 OTD327 651526 4765992 712.3 5.0 2.09 0.03 25 6 OTD327 651524 4765993 707.6 5.0 1.46 0.10 29 1 OTD327 651523 4765994 703.0 5.0 1.31 0.09 22 1 OTD327 651521 4765995 698.3 5.0 1.11 0.07 26 2 OTD327 651520 4765996 693.7 5.0 0.96 0.09 26 2 OTD327 651519 4765997 689.0 5.0 1.39 0.11 30 2 OTD327 651517 4765998 684.4 5.0 0.91 0.05 24 2 OTD327 651516 4765999 679.7 5.0 1.11 0.04 29 2 OTD327 651514 4766000 675.1 5.0 1.05 0.04 31 2 OTD327 651513 4766002 670.4 5.0 1.09 0.02 62 2 OTD327 651512 4766003 665.8 5.0 1.15 0.03 65 2 OTD327 651510 4766004 661.1 5.0 1.58 0.06 158 2 OTD327 651509 4766006 656.5 5.0 1.40 0.05 120 2 OTD327 651507 4766007 651.8 5.0 1.20 0.05 116 2 OTD327 651506 4766008 647.2 5.0 1.39 0.07 106 2 OTD327 651504 4766009 642.6 5.0 2.10 0.10 139 2 OTD327 651503 4766010 637.9 5.0 1.89 0.08 139 2 OTD327 651501 4766011 633.3 5.0 1.66 0.04 92 2 OTD327 651500 4766012 628.7 5.0 1.69 0.06 98 2 OTD327 651498 4766014 624.0 5.0 1.28 0.10 67 2 OTD327 651497 4766015 619.4 5.0 0.84 0.06 45 2 OTD327 651496 4766016 614.8 5.0 1.12 0.11 89 2 OTD327 651494 4766017 610.1 5.0 1.38 0.20 100 2 OTD327 651493 4766018 605.5 5.0 1.08 0.08 69 2 OTD327 651491 4766020 600.8 5.0 0.49 0.05 36 2 OTD327 651490 4766021 596.2 5.0 1.01 0.10 110 2 OTD327 651489 4766022 593.4 1.0 1.34 0.06 105 2 OTD327 651488 4766022 590.6 5.0 0.80 0.06 54 5 OTD327 651487 4766024 586.0 5.0 0.83 0.07 80 5 OTD327 651485 4766025 581.4 5.0 0.78 0.07 84 5 OTD327 651484 4766026 576.7 5.0 0.68 0.08 89 5 OTD327 651483 4766027 572.1 5.0 0.64 0.07 67 5 OTD327 651481 4766028 567.5 5.0 0.90 0.09 98 5 OTD327 651480 4766030 562.8 5.0 0.79 0.09 106 5 OTD327 651478 4766031 558.2 5.0 0.87 0.07 102 5 OTD327 651477 4766033 553.6 5.0 1.07 0.07 75 5 OTD327 651475 4766034 548.9 5.0 1.13 0.06 115 5 OTD327 651474 4766035 544.3 5.0 0.97 0.04 96 5 OTD327 651473 4766036 539.7 5.0 1.08 0.05 86 5 OTD327 651471 4766037 535.0 5.0 1.05 0.07 117 5 OTD327 651470 4766039 530.4 5.0 0.96 0.09 253 5 OTD327 651468 4766040 525.7 5.0 0.79 0.05 172 5 OTD327 651467 4766041 521.1 5.0 0.95 0.07 124 5 OTD327 651466 4766042 516.5 5.0 0.88 0.10 159 5 OTD327 651464 4766043 511.8 5.0 0.91 0.06 139 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD327 651463 4766045 507.2 5.0 0.80 0.07 210 5 OTD327 651461 4766046 502.6 5.0 0.78 0.05 218 5 OTD327 651460 4766047 497.9 5.0 1.08 0.07 174 5 OTD327 651459 4766049 493.3 5.0 1.03 0.08 234 5 OTD327 651457 4766050 488.7 5.0 0.76 0.12 130 5 OTD327 651456 4766051 484.0 5.0 0.68 0.18 175 5 OTD327 651455 4766052 479.4 5.0 0.61 0.17 55 5 OTD327 651453 4766054 474.7 5.0 0.66 0.19 92 5 OTD327 651452 4766055 470.1 5.0 0.60 0.15 134 5 OTD327 651451 4766056 465.5 5.0 0.59 0.05 114 5 OTD327 651449 4766058 460.8 5.0 0.65 0.05 108 5 OTD327 651448 4766059 456.2 5.0 0.59 0.04 73 5 OTD327 651447 4766060 451.6 5.0 0.64 0.08 48 5 OTD327 651445 4766061 446.9 5.0 0.79 0.05 84 5 OTD327 651444 4766063 442.3 5.0 0.82 0.05 68 5 OTD327 651442 4766064 437.7 5.0 0.84 0.04 79 5 OTD327 651441 4766065 433.0 5.0 0.85 0.06 54 5 OTD327 651440 4766067 428.4 5.0 0.70 0.07 123 5 OTD327 651438 4766068 423.8 5.0 0.78 0.06 61 5 OTD327 651437 4766069 419.1 5.0 0.81 0.08 162 5 OTD327 651436 4766070 414.5 5.0 0.71 0.06 41 5 OTD327 651434 4766072 409.8 5.0 0.84 0.08 65 5 OTD327 651433 4766073 405.2 5.0 0.75 0.09 121 5 OTD327 651432 4766074 401.5 3.0 0.67 0.10 168 5 OTD327 651431 4766075 397.8 5.0 0.43 0.03 65 10 OTD327 651428 4766077 388.5 5.0 0.31 0.07 91 10 OTD327 651427 4766078 383.9 5.0 0.51 0.18 108 10 OTD327 651425 4766080 379.2 5.0 0.48 0.04 68 10 OTD327 651424 4766081 374.6 5.0 0.41 0.06 42 10 OTD327 651423 4766082 369.9 5.0 0.34 0.08 55 10 OTD327 651421 4766084 365.3 5.0 0.49 0.09 59 10 OTD327 651421 4766084 362.5 0.9 0.54 0.08 43 10 OTD329 651508 4765630 746.0 4.0 0.35 0.03 35 10 OTD329 651506 4765631 741.8 5.0 0.61 0.02 30 4 OTD329 651505 4765632 737.1 5.0 0.67 0.02 32 4 OTD329 651504 4765633 732.5 5.0 0.89 0.03 36 4 OTD329 651503 4765634 728.7 3.0 0.81 0.02 36 4 OTD329 651502 4765635 725.0 5.0 1.24 0.02 39 1 OTD329 651500 4765636 720.3 5.0 2.65 0.03 40 1 OTD329 651499 4765637 715.7 5.0 2.30 0.04 35 1 OTD329 651497 4765638 711.0 5.0 1.43 0.04 24 1 OTD329 651496 4765640 706.3 5.0 1.13 0.02 28 1 OTD329 651495 4765641 701.7 5.0 1.56 0.03 33 1 OTD329 651493 4765642 697.0 5.0 1.99 0.03 41 1 OTD329 651492 4765643 692.4 5.0 1.40 0.01 41 1 OTD329 651491 4765645 687.7 5.0 1.30 0.01 35 1 OTD329 651489 4765646 683.0 5.0 1.33 0.01 34 1 OTD329 651488 4765647 678.4 5.0 1.92 0.03 31 1 OTD329 651487 4765648 673.7 5.0 1.55 0.02 36 1 OTD329 651485 4765650 669.1 5.0 1.78 0.02 39 1 OTD329 651484 4765651 664.4 5.0 1.84 0.02 40 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD329 651483 4765652 659.8 5.0 1.76 0.02 43 1 OTD329 651481 4765654 655.1 5.0 1.55 0.03 63 1 OTD329 651480 4765655 650.5 5.0 1.95 0.03 41 1 OTD329 651478 4765656 645.9 5.0 2.29 0.10 46 1 OTD329 651477 4765657 641.2 5.0 3.36 0.13 64 6 OTD329 651476 4765659 636.6 5.0 2.58 0.08 102 6 OTD329 651474 4765660 632.0 5.0 2.48 0.07 16 6 OTD329 651473 4765661 627.3 5.0 1.94 0.05 24 6 OTD329 651472 4765662 622.7 5.0 1.90 0.04 40 6 OTD329 651470 4765664 618.1 5.0 2.01 0.04 56 6 OTD329 651469 4765665 613.4 5.0 2.50 0.05 53 6 OTD329 651468 4765666 608.8 5.0 3.32 0.19 35 6 OTD329 651466 4765668 604.2 5.0 2.44 0.03 44 6 OTD329 651465 4765669 599.5 5.0 2.36 0.03 18 6 OTD329 651464 4765670 594.9 5.0 2.46 0.06 25 6 OTD329 651462 4765672 590.3 5.0 2.29 0.10 19 6 OTD329 651461 4765673 585.7 5.0 2.41 0.10 18 6 OTD329 651460 4765675 581.1 5.0 1.95 0.08 13 6 OTD329 651458 4765677 576.5 5.0 1.60 0.08 10 6 OTD329 651457 4765678 571.9 5.0 1.55 0.09 12 6 OTD329 651456 4765680 567.3 5.0 2.28 0.13 16 6 OTD329 651454 4765681 562.7 5.0 2.23 0.18 12 6 OTD329 651454 4765682 559.5 2.0 2.84 0.19 29 6 OTD329 651453 4765683 556.3 5.0 1.38 0.10 19 1 OTD329 651451 4765684 551.7 5.0 0.49 0.05 6 1 OTD329 651450 4765686 547.1 5.0 2.71 0.10 20 2 OTD329 651449 4765687 542.5 5.0 0.38 0.04 5 2 OTD329 651448 4765689 537.9 5.0 1.83 0.09 18 2 OTD329 651446 4765690 534.3 3.0 1.37 0.07 42 2 OTD329 651445 4765691 530.6 5.0 0.40 0.03 7 5 OTD329 651444 4765693 526.1 5.0 0.72 0.04 31 5 OTD329 651443 4765694 521.5 5.0 0.47 0.04 12 5 OTD329 651440 4765697 512.4 4.0 0.35 0.02 10 5 OTD329 651436 4765702 498.7 5.0 0.94 0.04 103 5 OTD329 651435 4765704 494.2 5.0 0.76 0.04 63 5 OTD329 651434 4765706 489.6 5.0 0.70 0.03 40 5 OTD329 651431 4765709 480.5 5.0 0.66 0.03 47 5 OTD329 651430 4765710 476.0 5.0 0.51 0.05 48 5 OTD329 651428 4765712 471.4 5.0 0.44 0.02 36 5 OTD329 651427 4765714 466.9 5.0 0.78 0.03 74 5 OTD329 651426 4765715 462.3 5.0 0.91 0.02 51 5 OTD329 651424 4765717 457.8 5.0 1.09 0.23 73 5 OTD329 651423 4765719 453.3 5.0 0.97 0.02 79 5 OTD329 651422 4765721 448.8 5.0 0.68 0.01 274 5 OTD329 651421 4765722 444.3 5.0 0.73 0.01 351 5 OTD329 651419 4765724 439.8 5.0 1.25 0.02 467 5 OTD329 651418 4765726 435.3 5.0 1.60 0.03 165 5 OTD329 651417 4765728 430.8 5.0 1.29 0.01 125 5 OTD329 651416 4765730 426.3 5.0 1.35 0.04 128 5 OTD329 651409 4765739 403.9 5.0 0.53 0.01 105 10 OTD329 651408 4765741 399.4 5.0 0.49 0.01 44 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD329 651407 4765742 394.9 5.0 0.45 0.02 102 10 OTD329 651406 4765744 391.1 3.4 0.45 0.01 219 10 OTD333 651064 4765922 896.8 5.0 0.38 0.04 10 10 OTD333 651065 4765921 892.0 5.0 0.66 0.08 45 10 OTD333 651066 4765920 887.3 5.0 0.54 0.07 20 10 OTD333 651074 4765912 854.1 5.0 0.31 0.04 76 10 OTD333 651075 4765911 849.3 5.0 0.36 0.06 56 10 OTD333 651077 4765910 844.6 5.0 0.42 0.06 48 10 OTD333 651077 4765909 841.2 2.0 0.81 0.09 86 10 OTD333 651078 4765909 837.9 5.0 0.59 0.08 45 4 OTD333 651079 4765907 833.2 5.0 1.16 0.16 61 4 OTD333 651080 4765906 828.4 5.0 0.48 0.05 65 4 OTD333 651082 4765905 823.7 5.0 0.50 0.06 44 4 OTD333 651083 4765904 818.9 5.0 0.99 0.06 117 4 OTD333 651084 4765903 814.1 5.0 1.01 0.12 64 4 OTD333 651085 4765902 809.4 5.0 1.04 0.13 65 4 OTD333 651086 4765901 804.6 5.0 0.81 0.09 67 4 OTD333 651087 4765900 799.9 5.0 0.61 0.05 211 4 OTD333 651089 4765899 795.1 5.0 1.05 0.09 118 4 OTD333 651090 4765898 790.3 5.0 0.62 0.04 50 4 OTD333 651091 4765897 785.6 5.0 1.23 0.06 50 4 OTD333 651092 4765896 780.8 5.0 1.48 0.17 85 4 OTD333 651093 4765895 776.0 5.0 0.95 0.08 73 4 OTD333 651094 4765894 771.2 5.0 0.84 0.09 53 4 OTD333 651095 4765893 766.4 5.0 1.03 0.11 96 4 OTD333 651096 4765892 761.6 5.0 1.39 0.11 54 4 OTD333 651097 4765891 758.8 1.0 0.61 0.06 62 4 OTD333 651101 4765888 738.7 5.0 0.90 0.09 113 4 OTD333 651102 4765887 733.9 5.0 1.20 0.10 137 4 OTD333 651103 4765886 729.1 5.0 0.76 0.08 77 4 OTD333 651104 4765885 724.3 5.0 0.44 0.05 62 4 OTD333 651105 4765884 719.5 5.0 0.54 0.08 77 4 OTD333 651107 4765883 714.7 5.0 0.70 0.09 89 4 OTD333 651108 4765882 709.9 5.0 0.64 0.10 86 4 OTD333 651109 4765881 705.1 5.0 0.80 0.14 73 4 OTD333 651110 4765880 700.3 5.0 0.51 0.09 65 4 OTD333 651110 4765879 697.5 1.0 0.41 0.07 110 4 OTD333 651111 4765879 694.6 5.0 0.50 0.09 64 10 OTD333 651113 4765877 685.0 5.0 0.63 0.08 52 10 OTD333 651114 4765876 680.2 5.0 0.55 0.07 34 10 OTD333 651115 4765875 675.5 5.0 0.59 0.09 47 10 OTD333 651116 4765874 670.7 5.0 1.06 0.15 79 10 OTD333 651118 4765873 665.9 5.0 0.90 0.11 48 10 OTD333 651119 4765872 661.1 5.0 0.44 0.05 43 10 OTD333 651122 4765869 646.7 5.0 0.58 0.07 41 10 OTD333 651123 4765868 642.0 5.0 0.54 0.06 65 10 OTD333 651124 4765867 637.2 5.0 0.63 0.08 64 10 OTD333 651125 4765866 632.4 5.0 0.70 0.09 68 10 OTD334 651156 4765132 775.3 5.0 0.47 0.03 20 10 OTD334 651154 4765133 770.7 5.0 0.65 0.03 101 10 OTD334 651153 4765134 766.2 5.0 0.32 0.02 92 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD334 651148 4765138 752.5 5.0 0.53 0.02 211 10 OTD334 651146 4765139 748.0 5.0 0.39 0.01 86 10 OTD334 651145 4765141 743.4 5.0 0.45 0.02 80 10 OTD334 651141 4765144 734.4 5.0 0.50 0.02 99 10 OTD334 651140 4765145 729.9 5.0 0.36 0.02 95 10 OTD334 651138 4765146 725.3 5.0 0.55 0.03 122 10 OTD334 651132 4765152 707.2 5.0 0.39 0.02 269 10 OTD334 651130 4765153 702.7 5.0 0.37 0.02 125 10 OTD339 651420 4765931 847.0 1.0 0.43 0.06 26 10 OTD339 651419 4765931 844.1 5.0 0.56 0.04 47 4 OTD339 651418 4765932 839.4 5.0 1.14 0.05 75 4 OTD339 651416 4765934 834.7 5.0 0.76 0.04 81 4 OTD339 651415 4765935 830.1 5.0 0.56 0.05 31 4 OTD339 651414 4765936 825.4 5.0 0.60 0.08 33 4 OTD339 651412 4765937 820.7 5.0 0.49 0.06 47 4 OTD339 651411 4765938 816.1 5.0 0.68 0.15 29 4 OTD339 651410 4765940 811.4 5.0 0.95 0.11 38 4 OTD339 651408 4765941 806.8 5.0 0.64 0.02 27 4 OTD339 651408 4765942 804.0 1.0 0.74 0.01 14 4 OTD339 651407 4765942 801.2 5.0 0.72 0.01 22 1 OTD339 651405 4765943 796.5 5.0 1.02 0.04 30 1 OTD339 651404 4765945 791.8 5.0 0.77 0.05 8 1 OTD339 651403 4765945 787.2 5.0 1.23 0.05 18 1 OTD339 651401 4765947 782.5 5.0 1.09 0.03 7 1 OTD339 651400 4765948 777.9 5.0 1.09 0.04 22 1 OTD339 651399 4765949 773.2 5.0 0.92 0.03 28 1 OTD339 651397 4765950 768.6 5.0 1.30 0.07 15 1 OTD339 651396 4765951 763.9 5.0 0.98 0.03 12 1 OTD339 651394 4765952 759.3 5.0 0.47 0.04 20 1 OTD339 651393 4765954 754.6 5.0 1.14 0.05 19 1 OTD339 651391 4765955 750.0 5.0 1.17 0.05 35 1 OTD339 651390 4765956 745.3 5.0 1.25 0.04 18 1 OTD339 651389 4765957 740.7 5.0 0.98 0.04 15 1 OTD339 651387 4765958 736.0 5.0 0.68 0.02 23 4 OTD339 651386 4765960 731.4 5.0 0.76 0.04 26 4 OTD339 651384 4765961 726.7 5.0 0.80 0.04 20 4 OTD339 651383 4765962 722.1 5.0 0.80 0.04 15 4 OTD339 651382 4765963 717.4 5.0 0.85 0.03 31 4 OTD339 651380 4765964 712.8 5.0 1.03 0.09 56 4 OTD339 651379 4765966 708.2 5.0 1.07 0.09 36 4 OTD339 651377 4765967 703.5 5.0 0.74 0.06 23 4 OTD339 651376 4765968 698.9 5.0 0.83 0.08 25 4 OTD339 651375 4765969 695.1 3.0 0.89 0.09 39 4 OTD339 651374 4765970 691.4 5.0 1.14 0.07 35 5 OTD339 651372 4765971 686.8 5.0 0.89 0.03 29 5 OTD339 651371 4765972 682.1 5.0 0.92 0.09 89 2 OTD339 651369 4765973 677.5 5.0 1.21 0.19 67 2 OTD339 651368 4765974 672.8 5.0 1.41 0.17 48 2 OTD339 651367 4765976 668.2 5.0 1.20 0.12 120 2 OTD339 651365 4765977 663.5 5.0 0.46 0.05 64 2 OTD339 651364 4765978 658.9 5.0 1.06 0.11 104 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD339 651362 4765979 654.2 5.0 1.32 0.12 85 2 OTD339 651361 4765981 649.6 5.0 1.15 0.08 66 2 OTD339 651360 4765982 645.4 4.0 1.05 0.09 170 2 OTD339 651358 4765983 641.3 5.0 0.90 0.08 117 5 OTD339 651357 4765984 636.6 5.0 0.84 0.08 102 5 OTD339 651356 4765985 632.0 5.0 0.77 0.04 128 5 OTD339 651354 4765986 627.4 5.0 0.62 0.04 93 5 OTD339 651353 4765988 622.7 5.0 0.80 0.05 111 5 OTD339 651351 4765989 618.1 5.0 1.01 0.06 152 5 OTD339 651350 4765990 613.5 5.0 0.73 0.02 146 5 OTD339 651348 4765991 608.9 5.0 0.93 0.06 72 5 OTD339 651347 4765993 604.3 5.0 0.87 0.03 121 5 OTD339 651346 4765994 599.7 5.0 1.05 0.09 165 5 OTD339 651344 4765996 595.1 5.0 1.27 0.06 233 5 OTD339 651343 4765997 590.5 5.0 1.39 0.07 247 5 OTD339 651341 4765998 585.9 5.0 1.09 0.07 463 5 OTD339 651340 4765999 581.3 5.0 0.72 0.05 177 5 OTD339 651338 4766001 576.7 5.0 0.58 0.05 101 5 OTD339 651337 4766002 572.1 5.0 0.90 0.08 131 5 OTD339 651335 4766003 567.5 5.0 0.65 0.05 81 5 OTD339 651334 4766005 562.9 5.0 0.65 0.04 104 5 OTD339 651332 4766006 558.3 5.0 0.87 0.05 119 5 OTD339 651331 4766007 553.8 5.0 0.72 0.05 167 5 OTD339 651329 4766009 549.2 5.0 0.75 0.08 122 5 OTD339 651328 4766010 544.6 5.0 0.65 0.08 158 5 OTD339 651326 4766011 540.1 5.0 0.78 0.07 237 5 OTD339 651324 4766013 535.5 5.0 0.72 0.07 223 5 OTD339 651323 4766014 530.9 5.0 0.38 0.04 117 10 OTD339 651322 4766015 527.3 3.0 0.37 0.10 85 10 OTD342 650944 4765764 941.8 5.0 0.33 0.04 5 10 OTD342 650999 4765718 726.4 3.0 0.34 0.04 15 18 OTD342 651001 4765717 718.8 5.0 0.52 0.07 42 10 OTD342 651005 4765713 699.7 5.0 0.63 0.15 21 10 OTD342 651006 4765712 694.9 5.0 0.89 0.18 25 10 OTD342 651007 4765711 690.1 5.0 0.62 0.08 18 10 OTD342 651008 4765710 685.4 5.0 0.61 0.08 18 10 OTD342 651010 4765709 680.6 5.0 0.52 0.06 19 10 OTD342 651012 4765707 671.0 5.0 0.37 0.05 15 10 OTD342 651013 4765706 666.3 5.0 0.56 0.12 33 10 OTD342 651014 4765705 661.5 5.0 0.45 0.07 39 10 OTD342 651015 4765704 656.7 5.0 0.55 0.08 30 10 OTD342 651016 4765703 651.9 5.0 0.68 0.08 29 10 OTD342 651017 4765702 647.1 5.0 0.51 0.06 25 10 OTD342 651018 4765702 642.4 5.0 0.53 0.07 21 10 OTD342 651028 4765693 598.3 5.0 0.45 0.07 14 18 OTD342 651031 4765690 583.9 5.0 0.79 0.10 25 18 OTD342 651032 4765689 579.1 5.0 0.48 0.15 28 18 OTD342 651042 4765679 530.2 5.0 0.65 0.10 12 10 OTD342 651044 4765678 525.4 5.0 0.78 0.12 58 10 OTD342 651045 4765677 520.6 5.0 0.62 0.06 50 10 OTD342 651046 4765676 515.8 5.0 0.69 0.10 35 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD342 651047 4765675 511.0 5.0 0.70 0.10 44 10 OTD342 651048 4765674 506.2 5.0 0.68 0.08 95 10 OTD342 651049 4765673 501.4 5.0 0.87 0.09 84 10 OTD342 651050 4765672 496.6 5.0 0.79 0.08 48 10 OTD342 651051 4765671 491.8 5.0 0.45 0.05 46 10 OTD342 651053 4765669 482.2 5.0 0.54 0.07 41 10 OTD342 651054 4765669 477.4 5.0 0.51 0.08 46 10 OTD342 651055 4765668 472.6 5.0 0.74 0.12 71 10 OTD342 651056 4765667 467.8 5.0 0.61 0.08 95 10 OTD342 651057 4765666 462.9 5.0 0.52 0.08 127 10 OTD342 651058 4765665 458.1 5.0 0.49 0.07 118 10 OTD342 651059 4765664 453.3 5.0 0.42 0.16 55 10 OTD342 651059 4765663 448.5 5.0 0.36 0.08 79 10 OTD342 651060 4765662 443.7 5.0 0.32 0.05 153 10 OTD342 651061 4765661 438.9 5.0 0.55 0.08 105 10 OTD342 651063 4765659 429.3 5.0 0.56 0.11 49 10 OTD342 651064 4765658 424.5 5.0 0.44 0.20 43 10 OTD342 651065 4765657 419.6 5.0 0.32 0.11 45 10 OTD342 651066 4765656 414.8 5.0 0.34 0.11 37 10 OTD342 651067 4765655 410.0 5.0 0.60 0.16 136 10 OTD342 651068 4765654 405.2 5.0 0.70 0.21 59 10 OTD342 651069 4765653 400.4 5.0 1.19 0.54 69 10 OTD342 651069 4765652 395.5 5.0 1.08 0.62 73 10 OTD342 651070 4765651 390.7 5.0 0.89 0.49 60 10 OTD342 651071 4765650 385.9 5.0 0.76 0.31 39 10 OTD342 651072 4765649 381.0 5.0 0.90 0.24 57 10 OTD342 651073 4765648 376.2 5.0 1.08 0.29 62 10 OTD342 651074 4765647 371.4 5.0 0.51 0.16 29 10 OTD342 651075 4765646 366.6 5.0 0.75 0.19 57 10 OTD342 651075 4765645 361.7 5.0 1.10 0.34 89 10 OTD342 651076 4765644 356.9 5.0 0.86 0.31 109 10 OTD342 651077 4765643 352.1 5.0 1.00 0.40 50 10 OTD342 651078 4765642 347.3 5.0 0.81 0.28 57 10 OTD342 651079 4765641 342.4 5.0 0.47 0.17 31 10 OTD342 651080 4765640 337.6 5.0 0.40 0.17 39 10 OTD342 651080 4765639 332.8 5.0 0.81 0.35 88 10 OTD342 651081 4765638 328.0 5.0 0.69 0.39 151 10 OTD342 651082 4765637 323.1 5.0 0.49 0.44 97 10 OTD342 651083 4765636 318.3 5.0 0.33 0.37 40 10 OTD342 651084 4765635 313.5 4.0 0.46 0.35 134 10 OTD342 651085 4765633 303.8 4.0 0.46 0.16 17 10 OTD342 651086 4765632 299.0 4.0 0.31 0.09 23 10 OTD342 651087 4765631 294.2 5.0 0.37 0.13 31 10 OTD342 651088 4765630 289.3 5.0 0.36 0.11 18 10 OTD342 651089 4765629 284.5 5.0 0.35 0.10 17 10 OTD342 651089 4765628 279.7 5.0 0.40 0.20 24 10 OTD342 651090 4765627 274.8 5.0 0.38 0.77 26 10 OTD342 651091 4765626 270.0 5.0 0.34 0.16 21 10 OTD342 651092 4765625 265.2 5.0 0.37 0.12 25 10 OTD342 651093 4765624 260.4 5.0 0.41 0.22 29 10 OTD342 651093 4765623 255.5 5.0 0.38 0.13 32 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD342 651094 4765622 250.7 5.0 0.39 0.23 51 10 OTD342 651095 4765621 245.9 5.0 0.34 0.11 24 10 OTD342 651096 4765620 241.0 5.0 0.31 0.13 16 10 OTD342 651097 4765619 236.2 5.0 0.32 0.08 12 10 OTD343 650890 4766057 996.5 5.0 0.31 0.02 13 10 OTD343 650907 4766045 945.6 5.0 0.38 0.02 18 10 OTD343 650930 4766030 875.8 5.0 0.39 0.09 59 18 OTD343 650973 4766000 740.7 5.0 0.37 0.17 14 10 OTD343 650979 4765995 722.1 5.0 0.70 0.20 32 10 OTD343 650982 4765994 712.8 5.0 0.32 0.08 20 10 OTD343 650985 4765991 703.5 5.0 0.42 0.09 18 10 OTD343 650986 4765990 698.8 5.0 0.47 0.10 17 10 OTD343 650989 4765988 689.5 5.0 0.59 0.06 25 10 OTD343 650990 4765987 684.9 5.0 0.43 0.06 27 10 OTD343 650992 4765986 680.2 5.0 0.48 0.09 24 10 OTD343 650993 4765985 675.6 5.0 0.36 0.09 18 10 OTD343 650995 4765983 670.9 5.0 0.48 0.12 22 10 OTD343 650997 4765981 661.6 5.0 0.47 0.05 9 10 OTD343 650999 4765980 657.0 5.0 0.51 0.12 17 10 OTD343 651000 4765979 652.4 5.0 0.45 0.08 22 10 OTD343 651002 4765977 647.7 5.0 0.63 0.15 28 10 OTD343 651003 4765976 643.1 5.0 0.96 0.35 60 10 OTD343 651004 4765974 638.5 5.0 0.85 0.14 40 10 OTD343 651006 4765973 633.8 5.0 0.69 0.15 86 10 OTD343 651007 4765972 629.2 5.0 0.97 0.19 27 10 OTD343 651008 4765971 626.0 2.0 0.62 0.19 26 10 OTD343 651012 4765967 613.9 2.0 0.41 0.08 5 18 OTD343 651013 4765966 609.7 5.0 0.56 0.15 93 10 OTD343 651014 4765965 605.1 5.0 0.76 0.18 115 10 OTD343 651016 4765964 600.5 5.0 0.78 0.23 427 10 OTD343 651017 4765962 595.9 5.0 0.65 0.26 30 10 OTD343 651018 4765961 591.2 5.0 1.02 0.33 148 10 OTD343 651020 4765960 586.6 5.0 0.90 0.30 31 10 OTD343 651021 4765958 582.0 5.0 0.70 0.36 31 10 OTD343 651022 4765957 577.4 5.0 0.85 0.52 34 10 OTD343 651024 4765956 572.8 5.0 0.93 0.24 28 10 OTD343 651025 4765954 568.1 5.0 0.65 0.13 20 10 OTD343 651026 4765953 563.5 5.0 0.81 0.23 14 10 OTD343 651030 4765949 549.7 5.0 0.49 0.12 18 18 OTD343 651032 4765948 545.0 5.0 0.43 0.11 20 18 OTD343 651034 4765945 535.8 5.0 0.64 0.13 26 18 OTD343 651035 4765944 533.0 1.0 0.78 0.13 28 18 OTD343 651036 4765943 530.3 5.0 0.54 0.09 22 10 OTD343 651037 4765942 525.6 5.0 0.31 0.05 30 10 OTD343 651039 4765940 521.0 5.0 0.47 0.10 72 10 OTD343 651040 4765939 516.4 5.0 0.54 0.20 40 10 OTD343 651045 4765933 498.0 5.0 0.31 0.11 22 10 OTD343 651047 4765932 493.3 5.0 0.45 0.07 37 10 OTD343 651049 4765929 484.1 5.0 0.45 0.20 62 10 OTD343 651051 4765927 479.5 5.0 0.58 0.09 253 10 OTD343 651052 4765926 474.9 5.0 0.51 0.09 121 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD343 651053 4765925 470.3 5.0 1.04 0.52 373 10 OTD343 651054 4765924 467.1 2.0 0.37 0.26 180 10 OTD343 651060 4765917 445.4 1.0 0.89 0.23 100 18 OTD343 651061 4765916 440.8 5.0 0.43 0.10 41 18 OTD343 651063 4765913 433.4 1.0 0.35 0.11 17 18 OTD343 651064 4765912 430.7 5.0 0.66 0.18 136 10 OTD343 651067 4765909 421.5 5.0 0.70 0.25 81 10 OTD343 651070 4765904 407.7 5.0 0.43 0.09 74 10 OTD343 651072 4765903 403.1 5.0 0.52 0.09 92 10 OTD343 651073 4765901 398.5 5.0 0.60 0.22 50 10 OTD343 651074 4765900 393.9 4.0 0.78 0.19 40 10 OTD343 651077 4765897 384.7 1.0 0.39 0.03 160 10 OTD343 651080 4765892 371.8 3.0 0.54 0.07 163 10 OTD343 651081 4765891 368.1 5.0 0.33 0.04 43 18 OTD343 651082 4765889 363.5 1.0 0.38 0.06 47 18 OTD343 651087 4765884 345.2 4.0 0.47 0.47 63 18 OTD343 651091 4765878 331.4 5.0 0.34 0.12 33 18 OTD343 651092 4765877 326.8 5.0 0.60 0.18 30 18 OTD343 651093 4765875 322.2 5.0 0.54 0.19 59 18 OTD343 651102 4765864 290.2 5.0 0.36 0.16 30 18 OTD343 651103 4765863 285.6 5.0 0.45 0.10 74 10 OTD343 651104 4765862 281.0 5.0 0.60 0.13 70 10 OTD343 651105 4765860 276.5 5.0 0.38 0.17 54 10 OTD343 651107 4765858 271.9 5.0 0.57 0.19 68 10 OTD343 651108 4765857 267.3 5.0 0.47 0.62 49 10 OTD343 651109 4765855 262.8 5.0 0.44 0.19 54 10 OTD343 651110 4765853 258.2 5.0 0.44 0.17 25 10 OTD343 651114 4765848 244.5 5.0 0.52 0.11 16 10 OTD343 651115 4765847 239.9 5.0 0.70 0.12 24 10 OTD343 651116 4765845 235.4 5.0 0.66 0.18 51 10 OTD343 651117 4765844 230.8 5.0 0.62 0.29 32 10 OTD343 651119 4765842 226.3 5.0 0.62 0.28 52 10 OTD343 651120 4765840 221.7 5.0 0.88 0.31 64 10 OTD343 651121 4765838 217.2 5.0 1.02 0.45 32 10 OTD343 651122 4765837 212.6 5.0 1.08 0.47 54 10 OTD343 651124 4765835 208.0 5.0 0.86 0.36 85 10 OTD343 651125 4765833 203.5 5.0 1.03 0.31 85 10 OTD343 651126 4765832 198.9 5.0 1.50 0.26 124 10 OTD343 651127 4765830 194.4 5.0 0.35 0.15 27 10 OTD343 651130 4765827 185.3 5.0 0.66 0.52 131 10 OTD343 651131 4765825 180.7 5.0 0.48 0.44 29 10 OTD343 651132 4765824 176.2 5.0 1.38 0.35 102 10 OTD343 651134 4765822 171.7 5.0 1.24 0.38 146 10 OTD343 651135 4765820 167.1 5.0 0.62 0.59 88 10 OTD343 651136 4765818 162.6 5.0 0.43 0.26 55 10 OTD343 651137 4765817 158.1 5.0 0.44 0.18 26 10 OTD343 651139 4765815 153.5 5.0 0.39 0.14 18 10 OTD343 651140 4765813 149.0 5.0 0.40 0.33 46 10 OTD343 651141 4765811 144.5 5.0 0.33 0.14 46 10 OTD343 651142 4765809 139.9 5.0 0.32 0.49 17 10 OTD343 651144 4765806 130.9 5.0 0.52 0.17 83 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD343 651146 4765804 126.4 5.0 0.59 0.17 102 10 OTD343 651147 4765802 121.9 5.0 0.31 0.10 55 10 OTD343 651148 4765800 117.3 5.0 0.53 0.16 162 10 OTD343 651149 4765799 112.8 5.0 0.32 0.12 43 10 OTD343 651150 4765797 108.3 5.0 0.35 0.13 22 10 OTD343 651156 4765788 85.7 5.0 0.74 0.27 37 10 OTD343 651158 4765786 81.2 5.0 1.71 0.58 58 10 OTD343 651159 4765784 76.7 5.0 1.10 0.40 157 10 OTD343 651160 4765782 72.2 5.0 0.50 0.18 15 10 OTD343 651162 4765779 63.1 5.0 0.50 0.13 28 10 OTD346 651086 4765197 841.6 5.0 0.41 0.04 28 10 OTD346 651078 4765206 814.2 5.0 0.35 0.04 279 10 OTD346 651075 4765209 805.1 5.0 0.40 0.06 120 10 OTD346 651073 4765210 800.6 5.0 0.43 0.06 668 10 OTD346 651072 4765212 796.0 5.0 0.38 0.06 162 10 OTD346 651070 4765213 791.5 5.0 0.47 0.10 108 10 OTD346 651069 4765215 787.0 5.0 0.45 0.04 77 10 OTD346 651067 4765216 782.4 5.0 0.60 0.05 41 10 OTD346 651066 4765218 777.9 5.0 0.63 0.07 63 10 OTD346 651064 4765219 773.4 5.0 0.53 0.11 93 10 OTD346 651059 4765226 755.3 5.0 0.43 0.09 267 10 OTD346 651057 4765227 750.8 5.0 0.38 0.08 657 10 OTD346 651050 4765235 728.4 5.0 0.70 0.09 68 10 OTD346 651048 4765237 723.9 5.0 0.92 0.08 85 10 OTD346 651047 4765238 719.4 5.0 0.99 0.08 75 10 OTD346 651046 4765240 714.9 5.0 0.96 0.08 101 10 OTD346 651044 4765242 710.4 5.0 1.03 0.10 84 10 OTD346 651043 4765243 705.9 5.0 0.40 0.05 49 10 OTD346 651041 4765245 701.4 5.0 0.43 0.04 37 10 OTD346 651016 4765273 625.0 5.0 0.33 0.05 47 10 OTD346 651002 4765290 577.2 5.0 0.49 0.06 138 10 OTD346 651000 4765292 572.7 5.0 0.31 0.05 76 10 OTD346 650997 4765295 563.7 5.0 0.39 0.08 19 10 OTD346 650996 4765297 559.2 5.0 0.41 0.04 44 10 OTD346 650994 4765298 554.7 5.0 0.30 0.03 59 10 OTD346 650992 4765302 545.7 5.0 0.38 0.02 81 10 OTD346 650990 4765303 541.2 5.0 0.89 0.07 175 10 OTD346 650986 4765308 527.7 5.0 0.48 0.07 352 10 OTD346 650984 4765310 523.2 5.0 1.10 0.32 250 10 OTD346 650984 4765311 520.4 1.2 0.32 0.47 885 10 OTD355 651758 4766524 367.0 5.0 0.99 0.02 10 16 OTD355 651757 4766526 362.3 1.0 1.32 0.03 29 16 OTD355 651754 4766529 352.1 1.0 1.20 0.04 5 2 OTD355 651753 4766531 347.4 5.0 1.59 0.05 7 2 OTD355 651752 4766532 342.7 5.0 1.58 0.04 5 2 OTD355 651752 4766533 339.9 1.0 1.60 0.05 5 2 OTD355 651751 4766534 337.1 5.0 1.66 0.05 5 7 OTD355 651750 4766535 332.5 5.0 2.14 0.09 5 7 OTD355 651749 4766537 327.8 5.0 1.77 0.11 17 7 OTD355 651748 4766538 323.2 5.0 2.28 0.15 15 7 OTD355 651747 4766540 318.5 5.0 1.21 0.07 5 7

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD355 651745 4766543 309.2 4.0 1.17 0.03 8 16 OTD355 651737 4766555 271.8 5.0 1.76 0.07 16 7 OTD355 651736 4766556 267.2 5.0 3.01 0.09 21 7 OTD355 651735 4766558 262.5 5.0 3.14 0.06 24 7 OTD355 651734 4766559 257.8 5.0 2.16 0.05 5 7 OTD355 651734 4766561 253.2 5.0 3.42 0.07 21 7 OTD355 651733 4766562 248.5 5.0 2.32 0.07 6 7 OTD355 651732 4766564 243.8 5.0 2.92 0.07 7 7 OTD355 651731 4766565 239.1 5.0 2.94 0.06 5 7 OTD355 651730 4766567 234.5 5.0 4.45 0.19 5 7 OTD355 651729 4766568 229.8 5.0 4.03 0.08 13 7 OTD355 651728 4766569 226.5 2.0 4.04 0.19 25 7 OTD355 651727 4766570 223.3 5.0 2.21 0.14 70 2 OTD355 651726 4766572 218.6 5.0 1.42 0.11 189 2 OTD355 651725 4766573 213.9 5.0 1.54 0.22 150 2 OTD355 651724 4766575 209.2 5.0 1.29 0.12 130 2 OTD355 651723 4766576 204.6 5.0 0.95 0.08 159 2 OTD355 651722 4766578 199.9 5.0 1.22 0.10 106 2 OTD355 651721 4766579 195.2 5.0 1.35 0.15 104 2 OTD355 651721 4766581 190.5 5.0 1.46 0.15 86 2 OTD355 651720 4766582 185.9 5.0 1.15 0.12 56 2 OTD355 651719 4766584 181.2 5.0 0.96 0.06 59 2 OTD355 651718 4766585 176.5 5.0 1.25 0.11 58 2 OTD355 651717 4766587 171.8 5.0 1.01 0.09 62 2 OTD355 651716 4766588 167.2 5.0 1.05 0.12 72 2 OTD355 651715 4766590 162.5 5.0 0.91 0.09 72 2 OTD355 651714 4766591 157.8 5.0 0.90 0.14 55 2 OTD355 651714 4766593 153.7 3.8 1.21 0.14 163 2 OTD355A 651676 4766522 474.2 5.0 0.52 0.02 31 16 OTD355A 651668 4766527 464.6 2.0 0.35 0.03 51 10 OTD355A 651666 4766528 462.2 5.0 0.64 0.08 68 5 OTD355A 651663 4766530 458.6 5.0 0.79 0.09 38 5 OTD355A 651660 4766531 455.4 4.0 0.38 0.06 64 5 OTD355A 651657 4766533 452.3 5.0 1.03 0.12 54 2 OTD355A 651654 4766535 448.7 5.0 1.17 0.17 114 2 OTD355A 651651 4766537 445.2 5.0 1.11 0.07 49 2 OTD355A 651648 4766538 441.6 5.0 0.96 0.04 13 2 OTD355A 651646 4766540 439.1 2.0 1.56 0.08 14 2 OTD355A 651644 4766541 436.7 5.0 2.42 0.13 30 7 OTD355A 651641 4766543 433.1 5.0 1.91 0.11 19 7 OTD355A 651638 4766545 429.6 5.0 1.68 0.07 10 7 OTD355A 651635 4766546 426.0 5.0 1.41 0.09 29 7 OTD355A 651632 4766548 422.4 5.0 2.12 0.09 18 7 OTD355A 651630 4766549 420.3 1.0 2.83 0.13 15 7 OTD355A 651628 4766550 418.1 5.0 0.60 0.06 6 2 OTD355A 651625 4766552 414.6 5.0 1.95 0.10 16 2 OTD355A 651622 4766554 411.0 5.0 0.58 0.04 87 2 OTD355A 651619 4766555 407.4 5.0 0.87 0.13 45 2 OTD355A 651616 4766557 403.9 5.0 1.12 0.11 22 2 OTD355A 651613 4766559 400.3 5.0 1.77 0.19 36 2 OTD355A 651600 4766567 384.5 2.0 0.51 0.06 22 18

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD355A 651597 4766568 381.3 4.0 0.30 0.06 28 18 OTD355A 651595 4766570 378.0 5.0 0.92 0.45 53 2 OTD355A 651592 4766572 374.4 5.0 1.04 0.08 44 2 OTD355A 651589 4766573 370.8 5.0 1.38 0.13 79 2 OTD355A 651586 4766575 367.2 5.0 0.83 0.08 59 2 OTD355A 651581 4766577 362.2 5.0 0.42 0.07 12 18 OTD355A 651575 4766581 355.0 5.0 0.34 0.07 34 18 OTD355A 651567 4766585 344.8 5.0 0.97 0.15 158 2 OTD355A 651563 4766586 341.2 5.0 1.27 0.15 164 2 OTD355A 651561 4766588 338.0 4.0 1.02 0.19 143 2 OTD355A 651559 4766589 335.8 2.0 0.38 0.10 76 5 OTD355A 651554 4766591 329.6 5.0 0.40 0.11 35 10 OTD355A 651551 4766593 326.0 5.0 0.41 0.07 44 10 OTD355A 651544 4766596 318.7 5.0 0.37 0.10 46 10 OTD355A 651538 4766599 311.5 5.0 0.75 0.17 102 5 OTD355A 651535 4766601 307.8 5.0 0.80 0.13 130 5 OTD355A 651532 4766602 304.2 5.0 0.66 0.13 182 5 OTD355A 651529 4766604 300.6 5.0 0.50 0.10 124 5 OTD355A 651526 4766606 296.9 5.0 0.84 0.11 67 5 OTD355A 651524 4766607 294.0 3.0 0.56 0.08 65 5 OTD355A 651522 4766609 291.1 5.0 0.64 0.10 112 10 OTD355A 651519 4766611 287.5 5.0 0.36 0.07 39 10 OTD355A 651516 4766612 283.8 5.0 0.43 0.10 37 10 OTD355A 651513 4766614 280.2 5.0 0.48 0.05 52 10 OTD355A 651510 4766616 276.6 5.0 0.51 0.09 33 10 OTD355A 651504 4766620 269.3 5.0 0.50 0.09 92 10 OTD355A 651502 4766622 265.7 5.0 0.68 0.07 111 10 OTD355A 651499 4766624 262.0 5.0 0.49 0.09 173 10 OTD355A 651496 4766626 258.4 5.0 0.58 0.13 189 10 OTD355A 651493 4766628 254.7 5.0 0.38 0.11 109 10 OTD355A 651490 4766630 251.1 5.0 0.35 0.08 113 10 OTD355A 651487 4766632 247.4 5.0 0.61 0.08 49 10 OTD355A 651484 4766633 243.7 5.0 0.48 0.09 52 10 OTD355A 651482 4766635 240.1 5.0 0.34 0.07 23 10 OTD355A 651479 4766637 236.4 5.0 0.46 0.09 27 10 OTD355A 651476 4766638 232.7 5.0 0.42 0.10 44 10 OTD355A 651473 4766640 229.0 5.0 0.46 0.10 38 10 OTD355A 651470 4766642 225.3 5.0 0.75 0.19 62 10 OTD355A 651467 4766644 221.6 5.0 0.56 0.14 28 10 OTD355A 651464 4766646 217.9 5.0 0.43 0.11 37 10 OTD355A 651461 4766647 214.2 5.0 0.42 0.06 46 10 OTD355A 651458 4766649 210.5 5.0 0.48 0.05 41 10 OTD355A 651455 4766650 206.8 5.0 0.55 0.10 39 10 OTD355A 651453 4766652 203.0 5.0 0.43 0.08 29 10 OTD355A 651450 4766654 199.3 5.0 0.42 0.06 41 10 OTD355A 651447 4766656 195.6 5.0 0.47 0.06 65 10 OTD355A 651444 4766657 191.9 5.0 0.60 0.06 60 10 OTD355A 651441 4766659 188.2 5.0 0.53 0.04 131 10 OTD355A 651438 4766661 184.5 5.0 0.49 0.06 86 10 OTD355A 651436 4766662 181.9 2.0 0.46 0.04 54 10 OTD355A 651434 4766663 179.3 5.0 0.55 1.27 92 19

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD355A 651425 4766668 168.2 5.0 0.65 0.29 88 19 OTD355A 651420 4766672 160.8 5.0 0.66 0.04 123 19 OTD355A 651417 4766673 157.1 5.0 0.77 0.05 86 10 OTD355A 651414 4766675 153.5 5.0 0.61 0.06 96 10 OTD355A 651411 4766677 149.8 5.0 0.85 0.13 128 10 OTD355A 651408 4766679 146.1 5.0 1.01 0.14 83 10 OTD355A 651405 4766680 142.8 4.0 0.86 0.10 90 10 OTD355A 651403 4766681 139.5 5.0 0.85 0.29 104 5 OTD355A 651400 4766683 136.5 3.0 0.99 0.16 298 5 OTD355A 651398 4766684 133.6 5.0 1.34 0.22 140 2 OTD355A 651395 4766686 129.9 5.0 1.09 0.40 138 2 OTD355A 651392 4766687 126.3 5.0 0.93 0.88 128 2 OTD355A 651389 4766689 122.6 5.0 1.01 0.74 230 2 OTD355A 651386 4766691 118.9 5.0 0.98 0.20 90 2 OTD355A 651384 4766692 116.0 3.0 1.01 0.27 83 2 OTD355A 651382 4766694 113.5 4.0 0.33 0.27 34 5 OTD355A 651379 4766695 110.3 5.0 0.42 0.16 38 18 OTD355A 651376 4766697 106.6 5.0 0.33 0.11 19 18 OTD355A 651373 4766698 103.0 5.0 0.37 0.10 16 18 OTD355A 651367 4766702 95.9 5.0 0.77 0.27 58 18 OTD355A 651364 4766704 92.3 3.0 0.72 0.24 36 18 OTD355A 651356 4766710 81.6 3.0 0.31 0.05 20 18 OTD355A 651353 4766712 78.1 3.0 0.86 0.09 37 18 OTD355B 651715 4766534 394.6 4.0 0.62 0.05 15 16 OTD355B 651714 4766535 391.6 2.0 0.84 0.03 5 16 OTD355B 651713 4766536 388.6 5.0 1.28 0.04 22 2 OTD355B 651711 4766538 384.3 5.0 0.85 0.02 7 2 OTD355B 651709 4766540 380.5 4.0 0.82 0.03 8 2 OTD355B 651707 4766541 376.7 5.0 1.75 0.06 7 7 OTD355B 651705 4766543 372.5 5.0 1.54 0.06 7 7 OTD355B 651704 4766545 368.8 4.0 1.84 0.03 12 7 OTD355B 651702 4766546 365.4 4.0 0.95 0.03 11 2 OTD355B 651685 4766564 328.2 1.0 0.44 0.02 10 16 OTD355B 651680 4766570 315.6 5.0 1.30 0.07 11 16 OTD355B 651678 4766572 311.4 5.0 1.11 0.03 10 2 OTD355B 651676 4766574 307.2 5.0 1.24 0.08 18 2 OTD355B 651674 4766576 303.0 5.0 1.16 0.06 14 2 OTD355B 651672 4766578 298.8 5.0 1.06 0.15 24 2 OTD355B 651670 4766580 294.6 5.0 0.75 0.17 26 2 OTD355B 651669 4766582 290.4 5.0 1.09 0.07 51 2 OTD355B 651667 4766584 286.2 5.0 1.86 0.19 28 2 OTD355B 651665 4766586 282.0 5.0 1.43 0.08 29 2 OTD355B 651663 4766588 277.8 5.0 0.89 0.05 43 2 OTD355B 651662 4766590 273.6 5.0 1.48 0.16 92 2 OTD355B 651660 4766592 269.3 5.0 1.06 0.10 104 2 OTD355B 651658 4766594 265.1 5.0 1.04 0.09 112 2 OTD355B 651656 4766596 260.9 5.0 1.06 0.12 81 2 OTD355B 651654 4766598 256.7 5.0 1.18 0.26 84 2 OTD355B 651653 4766600 252.5 5.0 1.02 0.15 74 2 OTD355B 651651 4766602 248.3 5.0 1.10 0.39 51 2 OTD355B 651649 4766604 244.1 5.0 1.03 0.13 52 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD355B 651647 4766606 239.9 5.0 1.02 0.11 106 2 OTD355B 651645 4766608 235.7 5.0 1.12 0.16 186 2 OTD355B 651644 4766609 233.1 1.0 0.92 0.20 200 2 OTD355B 651643 4766610 230.6 5.0 0.61 0.12 60 5 OTD355B 651641 4766612 226.4 5.0 0.47 0.06 26 5 OTD355B 651640 4766614 222.1 5.0 0.49 0.07 25 5 OTD355B 651639 4766616 219.6 1.0 0.69 0.09 23 5 OTD355B 651638 4766617 217.1 5.0 1.29 0.22 117 10 OTD355B 651636 4766619 212.8 5.0 0.71 0.14 101 10 OTD355C 651816 4766443 385.1 4.0 0.46 0.04 8 5 OTD355C 651816 4766442 380.6 5.0 1.04 0.10 14 2 OTD355C 651816 4766443 375.6 5.0 0.81 0.03 9 2 OTD355C 651815 4766443 370.6 5.0 0.90 0.01 19 2 OTD355C 651815 4766443 365.6 5.0 1.33 0.06 11 2 OTD355C 651815 4766443 361.1 4.0 2.09 0.14 19 2 OTD355C 651815 4766443 356.6 5.0 1.38 0.14 8 7 OTD355C 651815 4766443 351.6 5.0 1.57 0.17 12 7 OTD355C 651815 4766443 346.6 5.0 3.19 0.36 28 7 OTD355C 651815 4766443 342.6 3.0 1.20 0.14 11 7 OTD355C 651815 4766444 338.6 5.0 0.41 0.05 7 2 OTD355C 651815 4766444 333.6 5.0 1.49 0.16 14 2 OTD355C 651815 4766444 328.6 5.0 0.75 0.10 17 2 OTD355C 651815 4766444 323.6 3.0 0.68 0.06 14 2 OTD355C 651815 4766444 313.6 2.0 0.99 0.07 38 2 OTD355C 651815 4766444 310.1 2.0 1.15 0.16 24 2 OTD355C 651815 4766445 306.6 5.0 0.71 0.12 13 5 OTD355C 651815 4766445 301.6 5.0 0.71 0.12 33 5 OTD355C 651814 4766445 296.6 5.0 0.53 0.05 24 5 OTD355C 651814 4766445 291.7 5.0 0.50 0.05 22 5 OTD355C 651814 4766445 287.2 4.0 0.69 0.06 48 5 OTD355C 651814 4766445 282.7 5.0 0.42 0.05 12 10 OTD355C 651814 4766445 277.7 5.0 0.50 0.09 29 10 OTD355C 651814 4766445 272.7 5.0 0.50 0.09 27 10 OTD355C 651814 4766445 267.7 5.0 0.46 0.05 14 10 OTD355C 651814 4766445 257.7 5.0 0.51 0.07 17 10 OTD355C 651814 4766445 252.7 5.0 0.75 0.09 60 10 OTD355C 651814 4766445 247.7 5.0 0.84 0.10 22 10 OTD355C 651814 4766446 242.7 5.0 0.60 0.06 23 10 OTD355C 651814 4766446 237.7 5.0 0.43 0.29 53 10 OTD355C 651814 4766446 232.7 5.0 0.85 0.15 47 10 OTD355C 651814 4766446 227.7 5.0 1.06 0.25 35 10 OTD355C 651814 4766446 224.2 2.0 1.15 0.36 46 10 OTD356 651613 4765570 628.4 5.0 0.40 0.02 51 10 OTD356 651612 4765571 623.6 5.0 0.41 0.02 84 10 OTD356 651610 4765573 614.1 5.0 0.39 0.03 34 10 OTD356 651605 4765577 596.0 3.0 0.74 0.02 38 10 OTD356 651605 4765577 592.2 5.0 0.50 0.02 43 4 OTD356 651604 4765578 589.4 1.0 0.42 0.02 31 4 OTD356 651603 4765579 586.5 5.0 0.61 0.02 43 10 OTD356 651603 4765579 583.7 1.0 0.51 0.02 42 10 OTD356 651602 4765580 580.8 5.0 0.58 0.02 37 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD356 651601 4765581 576.0 5.0 0.64 0.02 37 4 OTD356 651600 4765582 571.3 5.0 0.51 0.03 74 4 OTD356 651598 4765583 566.5 5.0 0.63 0.02 30 4 OTD356 651597 4765584 561.8 5.0 0.71 0.03 36 4 OTD356 651596 4765585 557.0 5.0 0.67 0.02 60 4 OTD356 651595 4765586 552.2 5.0 0.80 0.03 44 5 OTD356 651594 4765587 548.4 3.0 0.80 0.04 66 5 OTD356 651593 4765587 544.6 5.0 0.47 0.03 27 10 OTD356 651592 4765588 540.8 3.0 0.41 0.03 21 10 OTD356 651592 4765589 537.0 5.0 0.60 0.04 25 5 OTD356 651591 4765590 533.2 3.0 0.61 0.03 29 5 OTD356 651590 4765591 529.4 5.0 1.15 0.03 59 2 OTD356 651589 4765592 524.6 5.0 0.97 0.02 45 2 OTD356 651588 4765593 519.9 5.0 0.72 0.04 16 2 OTD356 651586 4765593 515.1 5.0 0.52 0.02 22 2 OTD356 651585 4765595 510.3 5.0 0.92 0.02 21 2 OTD356 651584 4765596 505.6 5.0 1.03 0.02 33 2 OTD356 651583 4765597 500.8 5.0 0.96 0.09 50 2 OTD356 651582 4765598 496.0 5.0 1.00 0.09 39 2 OTD356 651581 4765599 491.3 5.0 1.25 0.12 49 2 OTD356 651580 4765600 486.5 5.0 1.11 0.16 38 2 OTD356 651579 4765601 481.7 5.0 0.93 0.07 28 2 OTD356 651578 4765601 477.0 5.0 1.42 0.07 49 2 OTD356 651577 4765602 472.2 5.0 1.53 0.10 72 2 OTD356 651576 4765603 468.4 3.0 1.08 0.13 52 2 OTD356 651575 4765604 464.6 5.0 0.58 0.06 21 5 OTD356 651574 4765605 459.8 5.0 0.70 0.05 12 5 OTD356 651573 4765606 455.5 4.0 0.55 0.04 22 5 OTD356 651571 4765608 446.4 5.0 0.32 0.03 12 10 OTD356 651570 4765609 441.6 5.0 0.32 0.03 12 10 OTD356 651569 4765610 436.9 5.0 0.67 0.04 18 10 OTD356 651568 4765611 432.6 4.0 1.07 0.08 25 10 OTD356 651567 4765612 428.3 5.0 0.78 0.05 41 5 OTD356 651566 4765613 423.5 5.0 0.80 0.06 40 5 OTD356 651565 4765614 418.7 5.0 0.85 0.07 99 5 OTD356 651564 4765614 415.8 1.0 0.80 0.09 14 5 OTD356 651564 4765615 413.0 5.0 2.05 0.32 72 2 OTD356 651563 4765616 409.1 3.0 1.22 0.18 71 2 OTD356 651562 4765617 405.3 5.0 1.35 0.29 124 7 OTD356 651561 4765617 400.5 5.0 2.36 0.50 97 7 OTD356 651560 4765619 395.8 5.0 2.30 0.34 509 7 OTD356 651559 4765620 391.0 5.0 2.16 0.48 165 7 OTD356 651558 4765621 386.2 5.0 1.95 0.42 74 7 OTD356 651557 4765622 381.4 5.0 1.58 0.36 117 7 OTD356 651556 4765623 376.7 5.0 2.02 0.39 59 7 OTD356 651555 4765624 371.9 5.0 2.73 0.52 31 7 OTD356 651554 4765625 367.6 4.0 2.72 0.47 28 7 OTD356 651553 4765625 364.7 2.0 1.94 0.27 35 2 OTD356 651552 4765626 361.4 5.0 1.08 0.12 25 5 OTD356 651551 4765628 356.6 5.0 0.93 0.08 19 5 OTD356 651550 4765629 351.9 5.0 0.70 0.07 30 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD356 651549 4765630 347.1 5.0 0.85 0.06 30 5 OTD356 651548 4765631 342.3 5.0 0.75 0.05 32 5 OTD356 651547 4765632 337.5 5.0 0.63 0.05 25 5 OTD356 651546 4765633 332.8 5.0 0.67 0.04 42 5 OTD356 651545 4765634 328.0 5.0 0.84 0.07 44 5 OTD356 651544 4765635 323.2 5.0 0.82 0.06 31 5 OTD356 651543 4765636 318.5 5.0 0.92 0.07 41 5 OTD356 651542 4765637 313.7 5.0 0.82 0.05 45 5 OTD356 651541 4765638 308.9 5.0 0.86 0.06 82 5 OTD356 651540 4765639 304.2 5.0 0.71 0.06 27 5 OTD356 651539 4765640 299.4 5.0 1.01 0.08 58 5 OTD356 651538 4765641 294.6 5.0 0.73 0.05 46 5 OTD356 651537 4765642 289.9 5.0 0.74 0.05 44 5 OTD356 651536 4765643 285.1 5.0 0.56 0.05 30 5 OTD356 651534 4765645 280.3 5.0 0.61 0.05 45 5 OTD356 651533 4765646 276.0 4.0 0.43 0.03 31 5 OTD356 651533 4765646 271.7 4.0 0.56 0.03 93 10 OTD356 651529 4765649 257.4 2.0 0.42 0.02 235 10 OTD356 651528 4765650 252.6 5.0 0.72 0.04 107 10 OTD356 651527 4765651 247.8 5.0 0.58 0.02 102 10 OTD356 651526 4765653 243.0 5.0 0.56 0.02 126 10 OTD356 651525 4765654 238.2 5.0 0.75 0.03 104 10 OTD356 651524 4765655 233.5 5.0 0.40 0.02 56 10 OTD356 651523 4765656 228.7 5.0 0.61 0.03 68 10 OTD356 651522 4765657 223.9 5.0 0.62 0.03 82 10 OTD356 651521 4765658 219.1 5.0 0.57 0.03 161 10 OTD356 651520 4765659 214.3 5.0 0.75 0.01 65 10 OTD356 651519 4765660 209.5 5.0 0.82 0.01 39 10 OTD356 651518 4765661 204.7 5.0 0.82 0.02 71 10 OTD356 651517 4765661 199.9 5.0 0.95 0.03 44 10 OTD356 651516 4765662 195.1 5.0 0.87 0.03 49 10 OTD356 651515 4765663 190.3 5.0 0.70 0.05 40 10 OTD356 651514 4765664 185.5 5.0 0.81 0.04 45 10 OTD356 651513 4765665 180.7 5.0 0.67 0.02 49 10 OTD356 651512 4765666 175.9 5.0 0.57 0.02 48 10 OTD356 651511 4765667 171.1 5.0 0.59 0.02 42 10 OTD356 651510 4765668 166.3 5.0 0.77 0.04 85 10 OTD356 651509 4765669 161.5 5.0 0.53 0.02 104 10 OTD356 651508 4765670 156.7 5.0 0.60 0.02 47 10 OTD356 651507 4765671 151.9 5.0 0.49 0.01 39 10 OTD356 651506 4765672 147.1 5.0 0.34 0.01 46 10 OTD356 651505 4765673 142.3 5.0 0.39 0.03 45 10 OTD356 651503 4765675 132.7 5.0 0.37 0.06 92 10 OTD356 651502 4765676 127.9 5.0 0.49 0.07 51 10 OTD356 651501 4765677 123.1 5.0 0.48 0.05 29 10 OTD356 651500 4765678 118.3 5.0 0.73 0.05 32 10 OTD356 651499 4765679 113.5 5.0 0.63 0.07 36 10 OTD356 651498 4765680 108.7 5.0 0.49 0.04 19 10 OTD356 651497 4765680 106.0 0.7 0.49 0.04 19 10 OTD359 651195 4766061 840.3 5.0 0.42 0.05 79 18 OTD359 651200 4766055 819.2 2.0 1.02 0.05 5 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD359 651201 4766054 815.9 5.0 1.03 0.10 6 4 OTD359 651202 4766053 811.2 5.0 1.14 0.07 6 4 OTD359 651203 4766053 808.0 2.0 0.55 0.04 5 10 OTD359 651209 4766045 782.2 5.0 0.54 0.22 23 10 OTD359 651210 4766044 777.5 5.0 0.55 0.06 11 10 OTD359 651211 4766042 772.9 5.0 0.92 0.04 16 10 OTD359 651212 4766041 768.2 5.0 0.36 0.06 14 10 OTD359 651215 4766038 757.9 5.0 0.79 0.05 18 4 OTD359 651216 4766036 753.3 5.0 0.83 0.13 31 4 OTD359 651217 4766035 748.6 5.0 0.76 0.10 30 4 OTD359 651218 4766034 743.9 5.0 0.69 0.06 18 4 OTD359 651219 4766032 739.3 5.0 0.83 0.10 23 4 OTD359 651221 4766031 734.6 5.0 0.33 0.07 16 4 OTD359 651222 4766030 729.9 5.0 0.44 0.08 29 4 OTD359 651223 4766028 725.3 5.0 0.72 0.13 79 4 OTD359 651224 4766027 720.6 5.0 0.83 0.43 45 4 OTD359 651225 4766026 717.8 1.0 0.67 0.26 53 4 OTD359 651225 4766026 716.4 2.0 0.53 0.11 195 10 OTD359 651228 4766022 703.8 5.0 0.34 0.06 45 18 OTD359 651255 4765988 602.6 5.0 0.39 0.06 73 18 OTD359 651265 4765974 562.6 5.0 0.43 0.06 78 10 OTD359 651267 4765972 558.5 4.0 0.41 0.04 72 10 OTD363 651437 4766753 492.7 1.0 0.65 0.08 5 18 OTD363 651436 4766755 488.3 5.0 0.81 0.12 27 18 OTD363 651435 4766757 484.0 5.0 1.57 0.22 67 18 OTD363 651434 4766759 479.6 5.0 1.81 0.20 117 18 OTD363 651432 4766761 475.2 5.0 0.90 0.09 27 18 OTD363 651430 4766769 462.2 5.0 0.50 0.03 11 18 OTD363 651429 4766771 457.9 5.0 1.03 0.09 39 18 OTD363 651428 4766773 453.6 5.0 1.07 0.16 31 18 OTD363 651419 4766795 415.0 1.0 0.87 0.12 94 18 OTD363 651418 4766797 410.7 5.0 1.09 0.12 64 18 OTD363 651418 4766800 406.5 5.0 0.86 0.02 52 10 OTD363 651417 4766802 402.2 5.0 0.60 0.03 44 10 OTD363 651416 4766805 398.0 5.0 1.01 0.14 103 10 OTD363 651415 4766807 393.7 5.0 0.68 0.06 57 10 OTD363 651414 4766810 389.5 5.0 0.60 0.04 28 10 OTD363 651413 4766812 385.3 5.0 0.77 0.02 65 10 OTD363 651412 4766815 381.1 5.0 0.82 0.09 62 10 OTD363 651411 4766818 376.9 5.0 0.98 0.05 49 10 OTD363 651410 4766819 374.0 2.0 1.16 0.06 43 10 OTD366 651415 4765327 765.6 5.0 1.21 0.02 23 10 OTD366 651414 4765328 761.0 5.0 0.73 0.01 15 10 OTD366 651412 4765330 756.4 5.0 0.53 0.01 19 10 OTD366 651411 4765331 751.9 5.0 0.56 0.01 29 10 OTD366 651402 4765339 724.6 5.0 0.37 0.02 100 10 OTD366 651400 4765341 720.0 5.0 0.58 0.03 58 10 OTD366 651397 4765343 710.9 5.0 0.61 0.05 108 10 OTD366 651396 4765345 706.4 3.0 0.36 0.04 24 10 OTD366 651389 4765352 685.5 5.0 0.60 0.03 19 4 OTD366 651387 4765354 681.0 5.0 0.90 0.02 21 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD366 651386 4765355 677.0 4.0 1.09 0.01 20 4 OTD366 651385 4765356 672.9 5.0 0.60 0.01 19 1 OTD366 651383 4765358 668.4 5.0 1.03 0.02 21 1 OTD366 651382 4765359 663.9 5.0 1.03 0.02 16 4 OTD366 651380 4765361 659.4 5.0 0.81 0.01 12 4 OTD366 651379 4765363 655.0 5.0 0.36 0.02 10 4 OTD366 651377 4765364 650.5 5.0 1.05 0.01 19 4 OTD366 651376 4765366 646.0 5.0 1.14 0.01 26 4 OTD366 651374 4765367 642.5 3.0 0.36 0.01 15 4 OTD366 651364 4765379 612.3 3.0 1.44 0.19 7 1 OTD366 651363 4765380 609.6 1.0 4.26 0.47 10 1 OTD366 651362 4765381 606.9 5.0 4.43 1.19 13 6 OTD366 651361 4765383 603.5 3.0 1.61 0.24 10 6 OTD366 651359 4765384 600.0 5.0 1.69 0.09 11 1 OTD366 651358 4765386 595.7 5.0 0.47 0.04 26 1 OTD366 651356 4765388 591.3 5.0 0.83 0.02 76 1 OTD366 651354 4765390 587.0 5.0 1.53 0.03 156 1 OTD366 651353 4765392 583.1 4.0 0.92 0.01 115 1 OTD366 651351 4765393 579.2 5.0 0.63 0.02 86 4 OTD366 651350 4765395 574.9 5.0 0.79 0.02 56 4 OTD366 651348 4765397 570.6 5.0 0.83 0.02 80 4 OTD366 651346 4765399 566.2 5.0 0.75 0.02 77 4 OTD366 651344 4765401 561.9 5.0 1.57 0.03 220 4 OTD366 651343 4765403 557.7 5.0 0.92 0.02 138 4 OTD366 651341 4765405 553.5 5.0 0.47 0.02 39 4 OTD366 651337 4765409 545.1 5.0 0.96 0.03 117 4 OTD366 651335 4765410 540.8 5.0 0.97 0.02 68 4 OTD366 651334 4765412 537.9 2.0 0.32 0.01 39 4 OTD366 651333 4765413 535.0 5.0 1.20 0.03 61 1 OTD366 651331 4765416 530.8 5.0 1.26 0.04 76 1 OTD366 651330 4765418 526.6 5.0 1.05 0.02 100 1 OTD366 651328 4765420 522.4 5.0 1.06 0.02 128 1 OTD366 651326 4765422 518.3 5.0 0.98 0.02 131 1 OTD366 651325 4765425 514.1 5.0 0.96 0.04 147 1 OTD366 651323 4765427 509.9 5.0 1.15 0.03 147 1 OTD366 651322 4765429 506.6 3.0 1.16 0.03 70 1 OTD366 651321 4765431 503.3 5.0 1.15 0.03 85 4 OTD366 651319 4765433 499.1 5.0 0.85 0.03 183 4 OTD366 651318 4765435 495.0 5.0 0.86 0.03 69 4 OTD366 651316 4765438 490.9 5.0 0.74 0.04 100 4 OTD366 651315 4765440 486.8 5.0 0.47 0.02 76 4 OTD366 651312 4765444 479.8 2.0 0.46 0.02 53 4 OTD366 651311 4765446 476.9 5.0 0.42 0.02 84 10 OTD366 651310 4765448 473.7 3.0 0.71 0.05 29 10 OTD366 651309 4765450 470.4 5.0 0.51 0.02 35 4 OTD366 651307 4765452 466.4 5.0 0.58 0.03 64 4 OTD366 651306 4765455 462.3 5.0 0.74 0.08 68 4 OTD366 651304 4765458 458.2 5.0 1.02 0.08 87 4 OTD366 651303 4765460 454.2 5.0 0.95 0.04 93 4 OTD366 651301 4765463 450.2 5.0 0.56 0.05 96 4 OTD366 651300 4765465 446.5 4.0 0.59 0.06 77 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD366 651298 4765467 442.9 5.0 0.38 0.03 56 10 OTD366 651297 4765469 438.9 5.0 0.49 0.06 78 10 OTD366 651295 4765472 434.9 5.0 0.40 0.03 86 10 OTD366 651294 4765475 430.9 5.0 0.48 0.04 129 10 OTD366 651292 4765477 426.9 5.0 0.35 0.02 65 10 OTD366 651291 4765480 422.9 5.0 0.35 0.03 66 10 OTD366 651289 4765483 418.9 5.0 0.32 0.03 101 10 OTD366 651288 4765485 414.9 5.0 0.36 0.04 92 10 OTD366 651287 4765487 412.6 1.0 0.77 0.07 110 10 OTD367 651791 4766822 322.1 5.0 0.37 0.01 30 10 OTD367 651783 4766830 298.9 2.0 0.53 0.01 5 5 OTD367 651783 4766831 295.8 5.0 3.06 0.10 94 7 OTD367 651781 4766833 291.2 5.0 1.20 0.03 80 7 OTD367 651780 4766835 286.7 5.0 1.79 0.07 105 7 OTD367 651778 4766836 282.2 5.0 3.00 0.30 5 7 OTD367A 651751 4766876 467.1 5.0 1.44 0.03 16 2 OTD367A 651748 4766879 463.7 5.0 1.72 0.03 5 2 OTD367A 651746 4766882 460.3 5.0 1.44 0.05 5 2 OTD367A 651743 4766885 457.0 5.0 1.42 0.04 10 2 OTD367A 651741 4766888 453.7 5.0 1.01 0.04 23 2 OTD367A 651738 4766890 450.4 5.0 1.18 0.02 13 2 OTD367A 651736 4766893 447.1 5.0 1.41 0.04 14 2 OTD367A 651733 4766896 443.8 5.0 0.66 0.02 5 2 OTD367A 651730 4766899 440.5 5.0 1.23 0.01 5 2 OTD367A 651728 4766902 437.2 5.0 1.32 0.03 7 2 OTD367A 651726 4766905 434.0 5.0 1.89 0.05 7 2 OTD367A 651723 4766908 430.7 5.0 1.31 0.03 5 2 OTD367A 651721 4766910 427.4 5.0 2.08 0.05 9 2 OTD367A 651718 4766913 424.1 5.0 1.76 0.06 8 2 OTD367A 651716 4766916 420.9 5.0 1.21 0.03 11 2 OTD367A 651714 4766919 417.6 5.0 1.30 0.04 11 2 OTD367A 651711 4766922 414.4 5.0 1.47 0.07 5 2 OTD367A 651709 4766925 411.1 5.0 1.69 0.12 13 2 OTD367A 651707 4766928 407.8 5.0 2.26 0.15 5 7 OTD367A 651704 4766931 404.6 5.0 2.22 0.08 5 7 OTD367A 651702 4766934 401.3 5.0 1.84 0.10 15 7 OTD367A 651700 4766937 398.1 5.0 2.06 0.10 6 7 OTD367A 651697 4766940 394.8 5.0 3.48 0.66 5 7 OTD367A 651695 4766943 391.6 5.0 2.27 0.22 9 7 OTD367A 651693 4766946 388.3 5.0 1.07 0.08 38 2 OTD367A 651691 4766949 385.1 5.0 0.75 0.05 55 2 OTD367A 651688 4766953 381.9 5.0 1.07 0.06 53 2 OTD367A 651686 4766956 378.6 5.0 1.54 0.07 23 2 OTD367A 651684 4766959 375.4 5.0 1.00 0.07 67 2 OTD367A 651681 4766962 372.1 1.0 0.57 0.05 39 2 OTD367A 651676 4766970 363.8 5.0 1.30 0.16 16 18 OTD367A 651673 4766973 360.6 3.0 0.52 0.10 11 18 OTD367A 651651 4767004 329.6 5.0 1.30 0.07 5 2 OTD367A 651649 4767007 326.5 5.0 1.15 0.04 5 2 OTD367A 651647 4767011 323.5 5.0 0.94 0.05 5 2 OTD367A 651644 4767014 320.4 5.0 2.22 0.08 5 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD367A 651642 4767017 317.4 5.0 1.62 0.12 13 2 OTD367A 651640 4767020 315.0 3.0 1.80 0.11 11 2 OTD367A 651638 4767022 312.5 5.0 2.61 0.11 12 7 OTD367A 651636 4767025 309.5 5.0 2.56 0.21 18 7 OTD367A 651634 4767028 306.5 5.0 4.23 0.89 18 7 OTD367A 651631 4767032 303.5 5.0 4.94 1.28 9 7 OTD367A 651629 4767035 300.5 5.0 5.48 0.90 14 7 OTD367A 651627 4767038 297.5 5.0 8.42 0.71 20 7 OTD367A 651624 4767041 294.6 5.0 5.79 2.12 14 7 OTD367A 651622 4767044 291.6 5.0 5.39 1.56 15 7 OTD367A 651620 4767048 288.7 5.0 7.60 3.52 12 7 OTD367A 651618 4767051 285.7 5.0 5.86 2.07 10 7 OTD367A 651615 4767054 282.8 5.0 5.40 2.46 6 7 OTD367A 651613 4767057 279.9 5.0 9.80 4.16 18 7 OTD367A 651610 4767061 277.0 5.0 9.91 4.66 31 7 OTD367A 651608 4767064 274.1 5.0 6.56 5.31 16 7 OTD367A 651606 4767067 271.3 5.0 3.95 5.22 26 7 OTD367A 651603 4767071 268.4 5.0 1.76 1.12 14 7 OTD367A 651601 4767074 265.6 5.0 4.15 1.01 7 7 OTD367A 651598 4767078 262.8 5.0 2.56 0.77 5 7 OTD367A 651596 4767081 260.0 5.0 2.66 0.57 9 7 OTD367A 651593 4767084 257.2 5.0 4.11 0.94 11 7 OTD367A 651591 4767088 254.4 5.0 3.62 1.03 32 7 OTD367A 651589 4767091 251.7 5.0 2.85 0.87 11 7 OTD367A 651586 4767094 248.9 5.0 0.45 0.10 8 7 OTD367A 651583 4767098 246.2 5.0 2.31 0.66 27 7 OTD367A 651581 4767101 243.4 5.0 4.01 1.29 25 7 OTD367A 651578 4767105 240.7 5.0 3.16 1.39 25 7 OTD367A 651576 4767108 238.3 4.0 3.23 1.53 48 7 OTD367A 651522 4767179 181.0 5.0 0.94 0.08 54 2 OTD367A 651519 4767182 178.3 5.0 1.33 0.15 156 2 OTD367A 651517 4767186 175.6 5.0 1.48 0.18 122 2 OTD367A 651515 4767189 172.9 5.0 1.73 0.20 154 2 OTD367A 651512 4767193 170.2 5.0 1.32 0.12 92 2 OTD367A 651510 4767196 167.5 5.0 0.93 0.12 97 2 OTD367A 651507 4767199 164.8 5.0 0.96 0.07 57 2 OTD367A 651506 4767202 163.2 1.0 0.93 0.05 42 2 OTD367A 651505 4767204 161.6 5.0 0.50 0.16 30 5 OTD367B 651754 4766844 348.0 5.0 2.88 0.09 16 7 OTD367B 651752 4766846 343.7 5.0 2.48 0.09 17 7 OTD367B 651751 4766847 339.4 5.0 2.03 0.10 10 7 OTD367B 651749 4766849 335.1 5.0 3.91 0.39 17 7 OTD367B 651747 4766850 330.8 5.0 2.64 0.13 5 7 OTD367B 651745 4766852 326.5 5.0 2.08 0.07 5 7 OTD367B 651743 4766854 322.2 5.0 0.66 0.02 5 7 OTD367B 651741 4766855 317.9 5.0 1.71 0.14 5 7 OTD367B 651739 4766857 313.7 5.0 7.28 0.40 8 7 OTD367B 651737 4766859 309.4 5.0 4.20 0.16 5 7 OTD367B 651735 4766861 305.1 5.0 5.66 0.26 12 7 OTD367B 651733 4766862 300.8 5.0 5.05 0.40 23 7 OTD367B 651731 4766864 296.5 5.0 4.94 0.46 31 7

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD367B 651729 4766866 292.3 5.0 5.93 0.44 23 7 OTD367B 651727 4766868 288.0 5.0 4.11 0.28 24 7 OTD367B 651725 4766870 283.8 5.0 3.99 0.22 34 7 OTD367B 651723 4766871 279.5 5.0 4.01 0.35 50 7 OTD367B 651721 4766873 275.3 5.0 5.13 0.54 179 7 OTD367B 651719 4766875 271.1 5.0 3.50 0.29 5 7 OTD367B 651717 4766877 266.9 5.0 3.00 0.26 8 7 OTD367B 651715 4766878 262.6 5.0 3.32 0.28 5 7 OTD367B 651713 4766880 258.4 5.0 2.75 0.28 12 7 OTD367B 651711 4766882 254.2 5.0 2.18 0.16 5 7 OTD367B 651710 4766884 250.9 3.0 1.62 0.15 5 7 OTD367B 651708 4766885 247.5 5.0 2.08 0.12 9 2 OTD367B 651706 4766887 243.3 5.0 1.65 0.07 9 2 OTD367B 651704 4766889 239.1 5.0 1.24 0.09 8 2 OTD367B 651703 4766891 234.9 5.0 1.21 0.13 9 2 OTD367B 651701 4766893 230.7 5.0 1.88 0.11 18 2 OTD367B 651699 4766895 226.5 5.0 1.02 0.12 13 2 OTD367B 651697 4766897 222.3 5.0 1.09 0.06 12 2 OTD367B 651695 4766899 218.1 5.0 1.09 0.09 18 2 OTD367B 651693 4766901 213.9 5.0 1.21 0.08 14 2 OTD367B 651691 4766903 209.7 5.0 1.78 0.13 19 2 OTD367B 651689 4766904 205.5 5.0 1.77 0.12 36 2 OTD367B 651687 4766906 201.3 5.0 1.92 0.16 30 2 OTD367B 651685 4766908 197.0 5.0 1.92 0.20 43 2 OTD367B 651684 4766910 192.8 5.0 1.60 0.26 32 2 OTD367B 651682 4766911 188.6 5.0 1.52 0.12 22 2 OTD367B 651680 4766913 184.4 5.0 1.03 0.07 32 2 OTD367B 651678 4766915 180.2 5.0 1.19 0.05 25 2 OTD367B 651677 4766916 177.6 1.0 0.83 0.05 17 2 OTD367B 651670 4766922 164.1 1.0 0.60 0.04 14 18 OTD367B 651669 4766924 161.6 5.0 2.41 0.21 39 2 OTD367B 651667 4766925 157.4 5.0 1.16 0.10 40 2 OTD367B 651664 4766929 149.0 5.0 1.03 0.12 51 2 OTD367B 651662 4766931 144.7 5.0 2.42 0.13 40 2 OTD367B 651660 4766933 140.5 5.0 2.16 0.24 33 2 OTD367B 651658 4766935 136.3 5.0 1.34 0.08 32 2 OTD367B 651656 4766936 132.9 3.0 1.84 0.11 18 2 OTD367B 651655 4766938 129.6 4.0 0.73 0.06 13 5 OTD367B 651645 4766948 105.9 5.0 0.64 0.13 57 18 OTD367B 651641 4766952 97.5 5.0 1.23 0.12 79 18 OTD367B 651639 4766954 93.3 5.0 0.92 0.08 75 18 OTD367B 651637 4766956 89.0 2.0 1.36 0.15 81 18 OTD367B 651598 4766996 0.3 4.0 0.58 0.11 49 18 OTD367B 651597 4766998 -3.9 4.0 0.40 0.10 58 18 OTD367B 651589 4767006 -20.8 3.0 0.99 0.22 23 18 OTD367B 651588 4767008 -23.8 2.2 0.68 0.18 23 18 OTD367D 651891 4766739 220.7 5.0 0.35 0.02 16 10 OTD367D 651890 4766739 216.2 4.0 0.44 0.02 26 10 OTD367D 651890 4766740 211.7 5.0 0.59 0.03 48 5 OTD367D 651889 4766740 206.8 5.0 0.71 0.03 34 5 OTD367D 651889 4766740 201.8 5.0 0.73 0.04 23 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD367D 651889 4766741 196.8 5.0 0.59 0.03 21 5 OTD367D 651888 4766741 191.9 5.0 0.44 0.01 18 5 OTD367D 651888 4766742 186.9 5.0 1.30 0.07 24 5 OTD367D 651888 4766742 181.9 5.0 0.97 0.01 25 5 OTD367D 651887 4766743 177.0 5.0 0.94 0.02 30 5 OTD367D 651887 4766744 172.0 5.0 0.80 0.02 18 5 OTD367D 651886 4766744 167.1 5.0 0.74 0.01 22 5 OTD367D 651886 4766744 162.1 5.0 0.70 0.03 38 2 OTD367D 651886 4766745 157.1 5.0 0.96 0.03 25 2 OTD367D 651885 4766745 152.2 5.0 1.21 0.04 24 2 OTD367D 651885 4766745 147.2 5.0 1.39 0.02 28 2 OTD367D 651884 4766746 142.2 5.0 1.45 0.03 37 2 OTD367D 651884 4766746 137.3 5.0 1.39 0.03 43 2 OTD367D 651883 4766747 132.3 5.0 1.32 0.06 30 2 OTD367D 651883 4766747 127.4 5.0 0.80 0.02 16 2 OTD367D 651883 4766748 122.4 5.0 1.39 0.02 26 2 OTD367D 651882 4766748 117.4 5.0 1.32 0.02 48 2 OTD367D 651882 4766749 112.5 5.0 1.25 0.03 66 2 OTD367D 651881 4766749 107.5 5.0 1.29 0.09 19 2 OTD367D 651881 4766749 102.5 5.0 1.28 0.02 9 2 OTD367D 651881 4766750 97.6 5.0 1.09 0.04 15 2 OTD367D 651880 4766750 92.6 5.0 0.83 0.04 16 2 OTD367D 651880 4766751 87.6 5.0 1.86 0.08 32 2 OTD367D 651879 4766751 82.7 5.0 0.97 0.02 19 2 OTD367D 651879 4766752 77.7 5.0 0.68 0.03 18 2 OTD367D 651879 4766752 72.8 5.0 0.88 0.05 34 2 OTD367D 651878 4766753 67.8 5.0 1.73 0.07 19 2 OTD367D 651878 4766753 62.8 5.0 1.01 0.05 25 2 OTD367D 651877 4766754 57.9 5.0 1.00 0.07 6 2 OTD367D 651877 4766754 47.9 5.0 1.10 0.03 30 2 OTD367D 651876 4766755 43.0 5.0 1.24 0.02 30 2 OTD367D 651876 4766755 38.0 5.0 1.24 0.03 21 2 OTD367D 651875 4766756 33.0 5.0 2.02 0.04 26 2 OTD367D 651875 4766756 29.1 3.0 0.83 0.02 5 2 OTD367D 651874 4766757 20.1 5.0 0.66 0.02 15 5 OTD367D 651874 4766757 15.2 5.0 1.14 0.03 12 5 OTD367D 651874 4766758 10.2 5.0 1.12 0.09 10 5 OTD367D 651873 4766758 5.2 5.0 1.15 0.54 5 5 OTD367D 651873 4766759 0.3 5.0 0.36 0.21 7 5 OTD367D 651873 4766760 -4.7 5.0 0.86 0.22 29 5 OTD367D 651872 4766760 -9.7 5.0 0.86 0.33 16 5 OTD367D 651872 4766761 -14.6 5.0 0.85 0.16 215 5 OTD367D 651872 4766761 -19.6 5.0 0.66 0.16 38 5 OTD367D 651871 4766762 -24.5 5.0 0.63 0.14 32 5 OTD367D 651871 4766762 -29.5 5.0 0.87 0.20 17 5 OTD367D 651871 4766763 -34.5 5.0 0.95 0.17 21 5 OTD367D 651870 4766763 -39.4 5.0 1.89 0.26 8 5 OTD367D 651870 4766764 -44.4 5.0 0.51 0.12 8 5 OTD367D 651870 4766764 -49.3 5.0 0.40 0.10 8 5 OTD367D 651869 4766765 -54.3 5.0 0.54 0.08 5 5 OTD367D 651869 4766765 -59.3 5.0 0.62 0.12 7 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD367D 651868 4766766 -64.2 5.0 0.78 0.23 7 5 OTD367D 651868 4766766 -69.2 5.0 1.38 0.19 25 5 OTD367D 651868 4766767 -72.4 1.4 0.99 0.06 19 5 OTD367E 651832 4766771 345.0 4.0 0.69 0.02 120 5 OTD367E 651830 4766772 340.9 5.0 1.40 0.03 19 2 OTD367E 651829 4766773 336.2 5.0 1.22 0.09 18 2 OTD367E 651828 4766775 331.6 5.0 2.28 0.31 9 2 OTD367E 651826 4766776 326.9 5.0 0.99 0.02 19 2 OTD367E 651825 4766777 322.3 5.0 1.06 0.02 14 2 OTD367E 651823 4766778 317.7 5.0 1.53 0.01 16 2 OTD367E 651822 4766779 313.0 5.0 1.50 0.02 15 2 OTD367E 651820 4766781 308.4 5.0 0.63 0.01 8 2 OTD367E 651819 4766782 304.3 4.0 3.84 0.05 9 2 OTD367E 651818 4766783 300.1 5.0 2.70 0.08 34 7 OTD367E 651816 4766784 295.5 5.0 1.27 0.10 13 7 OTD367E 651815 4766786 290.9 5.0 0.84 0.04 23 7 OTD367E 651813 4766787 286.3 5.0 3.35 0.42 53 7 OTD367E 651812 4766788 281.6 5.0 3.00 0.17 25 7 OTD367E 651811 4766789 277.0 5.0 3.25 0.11 29 7 OTD367E 651809 4766790 272.4 5.0 4.85 0.24 37 7 OTD367E 651808 4766791 267.8 5.0 6.31 0.46 115 7 OTD367E 651806 4766793 263.2 5.0 5.68 0.42 152 7 OTD367E 651805 4766794 258.6 5.0 4.47 0.30 34 7 OTD367E 651803 4766795 254.0 5.0 2.96 0.18 71 7 OTD367E 651802 4766797 249.4 5.0 4.96 0.35 11 7 OTD367E 651800 4766799 244.8 5.0 9.25 0.67 5 7 OTD367E 651799 4766800 240.2 5.0 4.85 0.62 5 7 OTD367E 651798 4766801 235.6 5.0 4.84 0.75 5 7 OTD367E 651796 4766803 231.0 5.0 4.03 0.73 5 7 OTD367E 651795 4766804 226.4 5.0 5.05 0.79 6 7 OTD367E 651793 4766805 221.8 5.0 1.61 0.25 10 7 OTD367E 651792 4766806 217.2 5.0 2.14 0.28 11 7 OTD367E 651790 4766808 212.6 5.0 2.33 0.26 7 7 OTD367E 651789 4766809 208.0 5.0 2.61 0.27 5 7 OTD367E 651787 4766810 203.4 5.0 3.87 0.35 5 7 OTD367E 651786 4766812 198.8 5.0 3.45 0.38 5 7 OTD367E 651784 4766813 194.3 5.0 3.09 0.33 5 7 OTD367E 651783 4766815 189.7 5.0 4.42 0.40 5 7 OTD367E 651781 4766816 185.1 5.0 3.19 0.35 5 7 OTD367E 651780 4766817 180.6 5.0 1.73 0.30 5 7 OTD367E 651778 4766819 176.0 5.0 2.16 0.28 17 7 OTD367E 651777 4766820 171.5 5.0 4.96 0.81 80 7 OTD367E 651775 4766821 166.9 5.0 5.73 1.03 76 7 OTD367E 651774 4766823 162.4 5.0 4.74 1.02 32 7 OTD367E 651772 4766824 157.8 5.0 4.96 0.70 5 7 OTD367E 651771 4766826 153.3 5.0 4.88 0.37 45 7 OTD367E 651769 4766827 148.8 5.0 2.70 0.25 12 7 OTD367E 651768 4766829 144.2 5.0 3.20 0.34 7 7 OTD367E 651766 4766830 139.7 5.0 2.18 0.20 5 7 OTD367E 651765 4766831 135.1 5.0 3.38 0.29 15 7 OTD367E 651763 4766833 130.6 5.0 3.46 0.43 35 7

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD367E 651761 4766834 126.1 5.0 3.22 0.20 42 7 OTD367E 651760 4766836 121.6 5.0 3.44 0.29 28 7 OTD367E 651759 4766837 118.5 2.0 1.58 0.14 40 7 OTD367E 651758 4766838 115.3 5.0 1.79 0.14 43 2 OTD367E 651756 4766839 110.8 5.0 1.56 0.07 16 2 OTD367E 651754 4766841 106.3 5.0 1.17 0.06 25 2 OTD367E 651753 4766842 101.8 5.0 1.71 0.21 36 2 OTD367E 651751 4766844 97.3 5.0 1.20 0.15 43 2 OTD367E 651750 4766845 92.8 5.0 1.26 0.21 74 2 OTD367E 651748 4766847 88.4 5.0 1.76 0.12 40 2 OTD367E 651747 4766849 83.9 5.0 1.68 0.19 40 2 OTD367E 651745 4766850 79.4 5.0 1.68 0.26 22 2 OTD367E 651743 4766852 74.9 5.0 1.63 0.25 51 2 OTD367E 651742 4766853 70.5 5.0 1.47 0.12 146 2 OTD367E 651740 4766855 66.0 5.0 0.49 0.19 28 2 OTD367E 651739 4766857 61.6 5.0 1.53 0.18 172 2 OTD367E 651737 4766859 57.1 5.0 1.61 0.30 71 2 OTD367E 651735 4766860 52.7 5.0 0.69 0.16 120 2 OTD367E 651734 4766862 48.2 5.0 0.76 0.26 73 2 OTD367E 651732 4766863 43.8 5.0 1.10 0.24 65 2 OTD367E 651731 4766864 41.1 1.0 0.39 0.09 37 2 OTD367E 651725 4766871 24.3 5.0 1.18 0.14 238 2 OTD367E 651724 4766873 19.9 5.0 0.96 0.11 141 2 OTD367E 651722 4766875 15.5 5.0 0.97 0.11 175 2 OTD367E 651721 4766876 12.9 1.0 0.97 0.19 94 2 OTD367E 651721 4766876 11.5 2.0 1.06 0.11 86 5 OTD369 651680 4765513 134.4 5.0 0.34 0.08 38 10 OTD369 651679 4765514 129.6 5.0 0.43 0.11 55 10 OTD369 651678 4765516 124.8 5.0 0.40 0.14 40 10 OTD369 651677 4765517 120.1 5.0 0.37 0.11 30 10 OTD373 651641 4765926 555.4 5.0 0.41 0.02 49 10 OTD373 651640 4765927 550.8 5.0 0.37 0.03 24 10 OTD373 651638 4765929 546.2 5.0 0.54 0.03 51 10 OTD373 651630 4765940 515.2 3.0 0.46 0.02 14 10 OTD373 651629 4765941 511.5 5.0 0.70 0.03 103 5 OTD373 651627 4765943 507.0 5.0 0.46 0.03 22 5 OTD373 651626 4765945 502.4 5.0 0.85 0.04 21 5 OTD373 651625 4765946 497.9 5.0 0.55 0.03 16 5 OTD373 651623 4765948 493.4 5.0 0.59 0.04 12 5 OTD373 651622 4765949 488.8 5.0 0.42 0.03 17 5 OTD373 651621 4765951 484.3 5.0 0.97 0.07 40 5 OTD373 651619 4765953 479.8 5.0 0.88 0.04 57 5 OTD373 651618 4765954 475.3 5.0 0.65 0.01 53 5 OTD373 651617 4765956 470.8 5.0 0.63 0.01 51 5 OTD373 651615 4765958 466.3 5.0 0.92 0.01 84 5 OTD373 651614 4765959 461.8 5.0 0.82 0.02 74 5 OTD373 651613 4765961 457.2 5.0 0.76 0.01 64 5 OTD373 651611 4765963 452.8 5.0 0.93 0.08 35 5 OTD373 651610 4765965 448.3 5.0 0.64 0.04 55 5 OTD373 651609 4765967 443.8 5.0 0.82 0.08 88 5 OTD373 651607 4765968 439.3 5.0 0.72 0.06 69 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD373 651606 4765970 434.8 5.0 0.79 0.05 94 5 OTD373 651605 4765972 430.3 5.0 0.84 0.02 101 5 OTD373 651603 4765974 425.9 5.0 0.87 0.03 136 5 OTD373 651602 4765975 421.4 5.0 0.74 0.02 103 5 OTD373 651600 4765977 417.0 5.0 0.79 0.07 168 5 OTD373 651599 4765979 412.5 5.0 0.83 0.05 236 5 OTD373 651598 4765981 408.0 5.0 0.76 0.06 138 5 OTD373 651596 4765982 403.6 5.0 0.89 0.10 118 5 OTD373 651595 4765984 399.2 5.0 0.79 0.15 186 5 OTD373 651593 4765986 394.7 5.0 0.91 0.23 167 5 OTD373 651592 4765987 392.1 1.0 0.89 0.21 155 5 OTD373 651592 4765988 389.4 5.0 0.33 0.02 44 10 OTD373 651590 4765990 385.0 5.0 0.50 0.02 63 10 OTD373 651586 4765995 371.7 5.0 0.39 0.07 85 10 OTD373 651583 4765999 362.9 5.0 0.40 0.04 97 10 OTD373 651580 4766002 354.1 5.0 0.73 0.03 173 10 OTD373 651578 4766004 349.7 5.0 0.34 0.04 47 10 OTD373 651574 4766010 336.5 5.0 0.50 0.26 151 10 OTD373 651572 4766011 332.1 5.0 0.42 0.31 97 10 OTD373 651571 4766013 327.7 5.0 0.53 0.21 72 10 OTD373 651569 4766015 323.3 5.0 0.44 0.21 110 10 OTD373 651568 4766017 319.8 3.0 0.88 0.23 64 10 OTD374 651760 4765968 238.4 5.0 0.36 0.22 29 10 OTD374 651759 4765969 233.7 5.0 0.56 0.10 23 10 OTD374 651758 4765971 228.9 5.0 0.73 0.10 73 10 OTD374 651757 4765972 224.2 5.0 0.33 0.08 14 10 OTD374 651749 4765982 186.2 5.0 0.59 0.54 24 10 OTD374 651748 4765983 181.4 5.0 0.81 0.21 8 10 OTD374 651747 4765985 176.7 5.0 0.37 0.09 7 10 OTD374 651746 4765986 171.9 5.0 0.44 0.08 5 10 OTD374 651745 4765987 167.2 5.0 0.51 0.13 5 10 OTD374 651740 4765994 139.6 3.0 0.47 0.01 44 19 OTD374 651739 4765995 135.8 5.0 0.46 0.38 79 10 OTD374 651738 4765997 131.1 5.0 1.02 1.87 205 10 OTD374 651737 4765998 126.3 2.0 0.48 1.33 76 10 OTD374 651734 4766003 107.3 5.0 0.48 0.81 64 10 OTD374 651733 4766005 102.5 5.0 0.40 2.20 48 10 OTD374 651731 4766008 88.2 5.0 0.31 0.33 19 10 OTD374 651730 4766010 83.4 5.0 0.48 0.66 32 10 OTD374 651729 4766011 78.7 5.0 0.40 0.49 107 10 OTD374A 651716 4765994 376.6 5.0 0.88 0.06 16 10 OTD374A 651702 4766009 345.6 3.0 0.30 0.10 15 19 OTD374A 651700 4766011 341.4 5.0 0.60 0.29 24 19 OTD374A 651698 4766013 337.3 5.0 0.40 0.05 12 19 OTD374A 651696 4766015 333.1 5.0 0.53 0.05 8 19 OTD374A 651695 4766016 330.1 2.0 0.85 0.12 18 19 OTD374A 651693 4766018 327.2 5.0 0.79 0.12 39 10 OTD374A 651691 4766019 323.0 5.0 0.51 0.05 52 10 OTD374A 651690 4766022 318.8 5.0 0.74 0.06 66 10 OTD374A 651688 4766024 314.6 5.0 0.67 0.04 68 10 OTD374A 651686 4766026 310.4 5.0 0.92 0.07 42 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =============================================================================================================== OTD374A 651684 4766028 306.2 5.0 0.54 0.04 71 10 OTD374A 651680 4766032 297.8 5.0 0.51 0.03 101 10 OTD374A 651679 4766034 293.6 5.0 0.53 0.03 122 10 OTD374A 651677 4766036 289.5 5.0 0.60 0.02 74 10 OTD374A 651675 4766038 285.3 5.0 0.59 0.03 74 10 OTD374A 651674 4766039 282.4 1.8 0.33 0.01 56 10 OTD376A 650777 4766148 908.9 1.0 0.61 0.08 38 10 OTD376A 650779 4766147 904.2 5.0 0.59 0.07 20 10 OTD376A 650780 4766146 899.5 5.0 0.61 0.07 16 10 OTD376A 650781 4766146 894.7 5.0 0.85 0.10 27 10 OTD376A 650783 4766145 890.0 5.0 0.41 0.05 5 10 OTD376A 650784 4766144 885.3 5.0 0.40 0.09 11 10 OTD376A 650785 4766143 880.5 5.0 0.39 0.11 5 10 OTD376A 650787 4766142 875.8 5.0 0.50 0.09 12 10 OTD376A 650788 4766141 871.1 5.0 0.47 0.08 13 10 OTD376A 650791 4766139 861.6 5.0 0.36 0.06 19 10 OTD376A 650793 4766137 852.1 5.0 0.35 0.04 19 10 OTD376A 650795 4766136 847.4 5.0 0.51 0.06 34 10 OTD376A 650857 4766095 620.5 5.0 0.36 0.07 52 18 OTD376A 650865 4766088 589.1 1.0 0.37 0.06 66 18 OTD376A 650866 4766088 586.3 5.0 0.49 0.10 86 10 OTD376A 650867 4766087 581.5 5.0 0.31 0.06 113 10 OTD376A 650869 4766086 576.7 5.0 0.33 0.08 78 10 OTD376A 650870 4766085 572.0 5.0 0.75 0.16 86 10 OTD376A 650871 4766084 567.2 5.0 0.43 0.12 53 10 OTD376A 650872 4766083 562.5 5.0 0.64 0.12 85 10 OTD376A 650873 4766082 557.7 5.0 0.44 0.16 49 10 OTD376A 650875 4766081 552.9 5.0 0.54 0.20 54 10 OTD376A 650876 4766080 548.2 5.0 0.39 0.13 68 10 OTD376A 650877 4766079 543.4 5.0 0.60 0.19 65 10 OTD376A 650878 4766078 538.7 5.0 0.32 0.25 31 10 OTD376A 650881 4766077 529.1 5.0 0.35 0.13 33 10 OTD376A 650883 4766075 519.6 5.0 0.51 0.13 57 10 OTD376A 650884 4766074 514.8 5.0 0.52 0.16 61 10 OTD376A 650885 4766073 510.1 5.0 0.76 0.18 95 10 OTD376A 650887 4766072 505.3 5.0 0.47 0.17 63 10 OTD376A 650887 4766072 502.0 2.0 0.33 0.05 77 10 OTD376A 650891 4766069 487.2 5.0 0.62 0.15 84 10 OTD376A 650892 4766068 482.4 5.0 0.47 0.11 63 10 OTD376A 650894 4766067 477.6 5.0 0.38 0.05 45 10 OTD376A 650895 4766066 472.9 5.0 0.53 0.10 32 10 OTD376A 650897 4766064 463.3 5.0 0.43 0.03 22 10 OTD376A 650898 4766063 458.6 5.0 0.68 0.06 48 10 OTD376A 650899 4766062 453.8 5.0 0.73 0.06 43 10 OTD376A 650901 4766061 449.0 5.0 0.61 0.05 41 10 OTD376A 650902 4766060 444.3 5.0 0.56 0.05 18 10 OTD376A 650903 4766059 439.5 5.0 0.71 0.10 9 10 OTD376A 650904 4766058 434.7 5.0 0.45 0.28 15 10 OTD376A 650905 4766057 430.0 5.0 0.52 0.04 6 10 OTD376A 650907 4766057 425.2 5.0 0.43 0.04 6 10 OTD376A 650907 4766056 422.6 0.5 0.49 0.05 5 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD377 651768 4766200 640.7 5.0 0.36 0.01 18 10 OTD377 651766 4766202 636.2 5.0 0.48 0.01 69 10 OTD377 651765 4766203 631.7 5.0 0.98 0.03 72 10 OTD377 651763 4766205 627.2 5.0 1.03 0.02 164 10 OTD377 651762 4766206 622.7 5.0 1.07 0.02 96 10 OTD377 651757 4766211 609.2 5.0 0.70 0.02 35 10 OTD377 651755 4766212 604.7 5.0 0.74 0.01 7 10 OTD377 651754 4766214 600.2 5.0 0.35 0.03 23 10 OTD377 651751 4766217 591.3 5.0 0.37 0.01 18 10 OTD377 651749 4766219 586.8 5.0 0.44 0.02 38 10 OTD377 651746 4766222 577.8 5.0 0.34 0.01 37 10 OTD377 651745 4766223 573.3 5.0 0.63 0.01 55 5 OTD377 651741 4766227 562.5 5.0 0.63 0.01 14 2 OTD377 651739 4766229 558.1 5.0 1.19 0.03 17 2 OTD377 651738 4766230 553.6 5.0 0.79 0.02 9 2 OTD377 651736 4766232 549.1 5.0 1.15 0.05 12 2 OTD377 651735 4766234 544.6 5.0 1.41 0.03 21 2 OTD377 651733 4766236 540.2 5.0 1.17 0.02 15 2 OTD377 651732 4766237 535.7 5.0 1.41 0.03 29 2 OTD377 651730 4766239 531.2 5.0 1.89 0.04 42 2 OTD377 651728 4766240 526.8 5.0 1.02 0.04 33 2 OTD377 651725 4766243 517.8 5.0 0.59 0.04 9 2 OTD377 651724 4766245 513.4 5.0 1.45 0.10 17 2 OTD377 651722 4766247 508.9 5.0 1.30 0.07 9 2 OTD377 651721 4766248 504.5 5.0 2.10 0.09 16 2 OTD377 651719 4766250 500.0 5.0 1.78 0.10 62 2 OTD377 651717 4766252 495.6 5.0 1.61 0.07 46 2 OTD377 651716 4766253 491.2 5.0 1.92 0.08 24 2 OTD377 651714 4766255 486.7 5.0 2.12 0.15 29 2 OTD377 651713 4766257 482.3 5.0 1.45 0.10 25 2 OTD377 651711 4766258 477.8 5.0 0.97 0.07 16 2 OTD377 651709 4766260 473.4 5.0 3.12 0.38 20 7 OTD377 651708 4766261 469.0 5.0 4.45 0.60 12 7 OTD377 651706 4766263 464.6 5.0 4.15 0.80 23 7 OTD377 651705 4766264 461.9 1.0 2.82 0.50 53 7 OTD377 651704 4766265 459.3 5.0 1.48 0.15 44 2 OTD377 651703 4766267 454.9 5.0 0.62 0.05 49 2 OTD377 651701 4766269 450.4 5.0 0.78 0.06 37 2 OTD377 651699 4766271 446.0 5.0 0.93 0.06 49 2 OTD377 651698 4766272 441.6 5.0 0.78 0.09 36 2 OTD377 651696 4766274 437.2 5.0 1.69 0.34 73 2 OTD377 651695 4766276 432.8 5.0 1.28 0.15 94 2 OTD377 651693 4766278 428.4 5.0 1.29 0.11 72 2 OTD377 651692 4766280 424.5 4.0 1.45 0.16 67 2 OTD377 651691 4766281 420.5 5.0 1.11 0.22 45 5 OTD377 651689 4766283 416.2 5.0 0.68 0.20 63 5 OTD377 651688 4766285 411.8 5.0 0.70 0.18 33 5 OTD377 651686 4766287 407.4 5.0 0.77 0.17 37 5 OTD377 651685 4766289 403.0 5.0 1.19 0.13 24 5 OTD377 651683 4766291 398.6 5.0 0.35 0.14 21 5 OTD377 651682 4766293 394.2 5.0 1.20 0.37 41 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD377 651680 4766294 389.9 5.0 1.28 0.38 45 5 OTD377 651678 4766296 385.5 5.0 0.68 0.16 20 5 OTD377 651677 4766298 381.2 5.0 1.08 0.27 47 5 OTD377 651675 4766300 376.8 5.0 1.54 0.26 53 5 OTD377 651674 4766302 372.5 5.0 0.71 0.26 31 5 OTD377 651672 4766304 368.2 5.0 0.84 0.28 50 5 OTD377 651671 4766306 363.8 5.0 0.91 0.35 42 5 OTD377 651669 4766308 359.5 5.0 0.80 0.33 24 5 OTD377 651668 4766310 355.2 5.0 0.50 0.06 15 5 OTD377 651666 4766312 350.8 5.0 0.95 0.18 75 5 OTD377 651664 4766313 346.5 5.0 0.41 0.09 15 5 OTD377 651663 4766315 342.7 4.0 1.32 0.67 78 5 OTD377 651662 4766317 338.8 5.0 0.62 0.36 17 10 OTD377 651660 4766319 334.6 5.0 0.74 0.44 20 10 OTD377 651658 4766321 330.3 5.0 0.48 0.10 15 10 OTD377 651657 4766323 326.1 5.0 0.39 0.09 6 10 OTD377 651654 4766328 317.6 5.0 0.53 0.08 11 10 OTD377 651650 4766332 309.1 5.0 0.32 0.11 19 10 OTD377 651646 4766339 296.4 5.0 0.48 0.17 17 10 OTD377 651645 4766340 293.9 0.9 0.35 0.07 14 10 OTD378 651447 4765417 855.0 5.0 0.47 0.02 39 10 OTD378 651438 4765426 827.5 5.0 0.35 0.01 75 10 OTD378 651436 4765427 822.9 5.0 0.44 0.01 213 10 OTD378 651433 4765430 813.8 5.0 0.39 0.01 116 10 OTD378 651429 4765435 800.1 5.0 0.36 0.01 42 10 OTD378 651428 4765436 795.5 5.0 0.45 0.01 61 10 OTD378 651426 4765438 790.9 5.0 0.59 0.01 74 10 OTD378 651425 4765439 786.4 5.0 0.39 0.01 39 10 OTD378 651424 4765440 783.6 1.0 0.45 0.01 32 10 OTD378 651423 4765441 780.9 5.0 0.73 0.01 32 4 OTD378 651422 4765442 778.1 1.0 0.76 0.01 40 4 OTD378 651422 4765443 775.4 5.0 1.12 0.02 53 1 OTD378 651420 4765444 770.8 5.0 1.03 0.03 121 1 OTD378 651419 4765446 766.3 5.0 1.38 0.04 42 1 OTD378 651418 4765447 761.7 5.0 1.78 0.04 39 1 OTD378 651416 4765449 757.1 5.0 0.87 0.02 37 1 OTD378 651415 4765450 752.5 5.0 1.10 0.02 41 1 OTD378 651414 4765452 747.9 5.0 1.16 0.02 46 1 OTD378 651412 4765453 743.4 5.0 1.26 0.01 27 1 OTD378 651411 4765454 738.8 5.0 1.14 0.03 54 1 OTD378 651410 4765456 734.2 5.0 1.62 0.05 54 1 OTD378 651409 4765457 729.6 5.0 1.41 0.07 64 1 OTD378 651407 4765459 725.0 5.0 1.48 0.04 50 1 OTD378 651406 4765460 720.3 5.0 1.41 0.03 60 1 OTD378 651405 4765462 715.8 5.0 1.43 0.03 42 1 OTD378 651403 4765463 711.2 5.0 1.55 0.04 57 1 OTD378 651402 4765465 706.7 5.0 2.28 0.08 51 1 OTD378 651401 4765466 702.1 5.0 2.57 0.07 69 6 OTD378 651400 4765468 698.5 3.0 2.33 0.07 53 6 OTD378 651399 4765469 694.8 5.0 2.38 0.09 88 1 OTD378 651397 4765471 690.3 5.0 1.43 0.07 60 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD378 651396 4765473 685.8 5.0 1.04 0.03 40 1 OTD378 651395 4765474 681.3 5.0 0.93 0.03 67 1 OTD378 651393 4765476 676.8 5.0 0.56 0.03 25 1 OTD378 651392 4765477 672.3 5.0 1.50 0.03 24 1 OTD378 651391 4765479 667.8 5.0 1.54 0.03 47 1 OTD378 651389 4765481 663.3 5.0 1.53 0.03 30 1 OTD378 651388 4765483 658.8 5.0 1.41 0.03 61 1 OTD378 651387 4765484 654.3 5.0 1.24 0.04 39 1 OTD378 651385 4765486 649.9 5.0 0.88 0.02 32 1 OTD378 651384 4765488 645.4 3.0 0.75 0.02 30 1 OTD378 651380 4765493 632.0 2.0 0.77 0.01 31 1 OTD378 651369 4765509 596.5 5.0 0.85 0.02 58 1 OTD378 651368 4765510 592.1 5.0 0.98 0.03 30 1 OTD378 651367 4765512 587.6 5.0 1.06 0.03 51 1 OTD378 651365 4765514 583.2 5.0 0.83 0.02 75 1 OTD378 651364 4765516 578.8 5.0 0.87 0.02 128 1 OTD378 651363 4765518 574.4 5.0 1.29 0.02 85 1 OTD378 651362 4765520 569.9 5.0 0.99 0.01 56 1 OTD378 651358 4765526 556.7 5.0 0.97 0.02 77 1 OTD378 651357 4765528 552.3 5.0 1.57 0.04 58 1 OTD378 651355 4765530 547.9 5.0 0.67 0.03 113 1 OTD378 651354 4765533 543.5 5.0 0.83 0.08 87 1 OTD378 651353 4765534 539.1 5.0 1.19 0.06 57 1 OTD378 651352 4765536 536.0 2.0 1.08 0.04 92 1 OTD378 651351 4765537 533.0 5.0 0.52 0.04 26 4 OTD378 651343 4765552 502.9 2.0 0.35 0.04 48 10 OTD381 651485 4766027 862.8 4.0 0.79 0.04 5 4 OTD381 651483 4766028 859.3 5.0 1.10 0.04 26 1 OTD381 651480 4766031 855.4 5.0 1.18 0.04 45 1 OTD381 651478 4766033 851.6 5.0 1.43 0.04 19 1 OTD381 651476 4766035 847.7 5.0 1.46 0.07 12 1 OTD381 651473 4766037 843.9 5.0 1.04 0.03 15 1 OTD381 651471 4766039 840.0 5.0 0.85 0.03 7 1 OTD381 651469 4766041 836.1 5.0 1.30 0.04 15 1 OTD381 651466 4766043 832.2 5.0 0.83 0.03 15 1 OTD381 651462 4766048 824.4 5.0 0.91 0.03 15 1 OTD381 651460 4766050 820.6 5.0 1.06 0.04 9 1 OTD381 651457 4766052 816.7 5.0 1.10 0.02 5 1 OTD381 651455 4766054 812.8 5.0 1.08 0.02 5 1 OTD381 651454 4766055 810.5 1.0 0.87 0.02 5 1 OTD381 651452 4766057 808.1 5.0 0.90 0.01 5 4 OTD381 651450 4766059 804.2 5.0 0.92 0.01 8 4 OTD381 651448 4766061 800.4 5.0 1.05 0.02 5 4 OTD381 651446 4766063 796.5 5.0 1.11 0.02 9 4 OTD381 651443 4766066 792.6 5.0 0.98 0.03 11 4 OTD381 651434 4766075 777.1 5.0 0.92 0.04 10 4 OTD381 651432 4766077 773.2 5.0 0.90 0.04 10 4 OTD381 651430 4766079 769.3 5.0 0.87 0.02 28 4 OTD381 651428 4766081 765.4 5.0 0.80 0.03 27 4 OTD381 651426 4766084 761.4 5.0 0.98 0.03 11 4 OTD381 651423 4766086 757.5 5.0 1.06 0.08 14 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD381 651421 4766088 753.6 2.0 0.80 0.02 18 4 OTD381 651417 4766093 745.8 3.0 0.40 0.01 7 4 OTD381 651415 4766095 741.8 5.0 0.84 0.02 6 4 OTD381 651413 4766097 737.9 5.0 0.86 0.03 7 4 OTD381 651411 4766100 734.0 5.0 0.61 0.02 5 4 OTD381 651409 4766102 730.0 5.0 0.72 0.03 17 4 OTD381 651404 4766106 722.2 5.0 0.66 0.03 11 4 OTD381 651403 4766108 719.8 1.0 0.89 0.05 5 4 OTD381 651402 4766108 718.6 2.0 1.11 0.05 48 1 OTD381 651401 4766110 715.9 5.0 1.81 0.06 26 2 OTD381 651399 4766112 712.0 5.0 1.16 0.04 22 2 OTD381 651397 4766114 708.0 5.0 1.17 0.06 21 2 OTD381 651395 4766117 704.1 5.0 1.07 0.07 14 2 OTD381 651393 4766119 700.1 5.0 1.15 0.12 22 2 OTD381 651391 4766121 696.2 5.0 1.32 0.12 59 2 OTD381 651389 4766123 692.3 5.0 1.20 0.15 34 2 OTD381 651386 4766126 688.4 5.0 1.50 0.15 46 2 OTD381 651384 4766128 684.5 5.0 1.54 0.11 42 2 OTD381 651382 4766130 680.6 5.0 1.19 0.08 148 2 OTD381 651380 4766133 676.6 5.0 1.32 0.08 74 2 OTD381 651378 4766135 672.7 5.0 1.27 0.06 86 2 OTD381 651376 4766137 668.8 5.0 1.16 0.08 51 2 OTD381 651374 4766140 664.9 5.0 1.20 0.09 43 2 OTD381 651372 4766142 661.0 5.0 0.85 0.05 36 2 OTD381 651370 4766144 657.1 5.0 0.95 0.07 59 2 OTD381 651368 4766147 653.2 5.0 1.08 0.10 99 2 OTD381 651366 4766149 649.3 5.0 1.08 0.08 87 2 OTD381 651364 4766152 645.4 5.0 0.83 0.07 45 2 OTD381 651363 4766153 643.0 1.0 1.07 0.05 32 2 OTD381 651361 4766154 640.7 5.0 0.50 0.04 55 5 OTD381 651359 4766157 636.8 5.0 0.88 0.04 100 5 OTD381 651357 4766159 632.9 5.0 0.84 0.03 74 5 OTD381 651355 4766162 629.0 5.0 1.64 0.07 163 5 OTD381 651353 4766164 625.1 5.0 0.56 0.04 36 5 OTD381 651351 4766166 621.2 5.0 0.93 0.05 51 5 OTD381 651349 4766169 617.3 5.0 0.77 0.05 51 5 OTD381 651347 4766171 613.4 5.0 0.71 0.07 48 5 OTD381 651345 4766173 609.5 5.0 0.86 0.09 30 5 OTD381 651343 4766176 605.6 5.0 1.01 0.05 47 5 OTD381 651341 4766178 601.7 5.0 0.99 0.05 74 5 OTD381 651339 4766181 597.9 5.0 1.00 0.08 74 5 OTD381 651337 4766183 594.0 5.0 1.28 0.12 66 5 OTD381 651335 4766185 590.1 5.0 1.15 0.15 76 5 OTD381 651333 4766188 586.2 5.0 0.73 0.09 69 5 OTD381 651331 4766190 582.3 5.0 0.75 0.09 57 5 OTD381 651329 4766192 579.6 2.0 0.43 0.20 12 5 OTD381 651324 4766198 569.0 5.0 0.36 0.08 57 18 OTD381 651322 4766200 565.1 5.0 0.46 0.12 10 18 OTD382 651495 4765383 744.3 5.0 0.41 0.01 23 10 OTD382 651493 4765385 739.9 5.0 0.35 0.03 45 10 OTD382 651488 4765390 726.6 5.0 0.31 0.01 117 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD382 651487 4765392 722.2 5.0 0.37 0.01 74 10 OTD382 651483 4765395 713.4 5.0 0.49 0.03 46 10 OTD382 651482 4765397 709.1 5.0 0.51 0.01 66 10 OTD382 651480 4765399 704.7 5.0 0.59 0.01 47 10 OTD382 651478 4765401 700.3 5.0 0.57 0.04 50 10 OTD382 651477 4765402 696.9 3.0 0.64 0.02 29 10 OTD382 651476 4765404 693.4 5.0 0.50 0.02 26 4 OTD382 651474 4765406 689.1 5.0 0.60 0.02 49 4 OTD382 651473 4765408 684.8 5.0 0.93 0.01 27 4 OTD382 651471 4765409 680.4 5.0 0.91 0.02 31 4 OTD382 651469 4765411 676.1 5.0 0.88 0.01 27 4 OTD382 651468 4765413 671.8 5.0 0.81 0.01 33 4 OTD382 651466 4765415 667.6 5.0 1.02 0.01 33 4 OTD382 651464 4765417 663.3 5.0 0.73 0.01 20 4 OTD382 651463 4765420 659.0 5.0 0.99 0.03 31 4 OTD382 651461 4765422 654.7 5.0 1.11 0.02 44 4 OTD382 651458 4765426 646.3 5.0 1.14 0.02 54 4 OTD382 651457 4765427 643.3 2.0 1.67 0.03 70 4 OTD382 651456 4765429 640.3 5.0 1.21 0.03 30 1 OTD382 651454 4765431 636.1 5.0 1.24 0.03 30 1 OTD382 651452 4765433 631.9 5.0 1.50 0.03 23 1 OTD382 651451 4765435 627.7 5.0 1.13 0.02 21 1 OTD382 651449 4765438 623.5 5.0 1.27 0.02 25 1 OTD382 651447 4765440 619.4 5.0 1.17 0.03 44 1 OTD382 651445 4765442 615.2 5.0 1.27 0.02 44 1 OTD382 651444 4765444 611.1 5.0 0.96 0.02 28 1 OTD382 651442 4765446 607.0 5.0 1.23 0.03 30 1 OTD382 651440 4765449 602.8 5.0 1.15 0.03 18 1 OTD382 651438 4765451 598.7 5.0 1.19 0.04 26 1 OTD382 651437 4765453 594.6 5.0 1.50 0.04 64 1 OTD382 651435 4765455 590.5 5.0 1.60 0.04 98 1 OTD382 651433 4765458 586.4 5.0 1.97 0.04 48 1 OTD382 651432 4765460 582.3 5.0 1.38 0.06 35 1 OTD382 651430 4765462 578.3 5.0 1.61 0.06 126 1 OTD382 651429 4765464 575.4 2.0 1.48 0.04 5 1 OTD382 651427 4765466 572.5 5.0 2.28 0.08 25 6 OTD382 651426 4765468 568.5 5.0 4.70 0.20 33 6 OTD382 651424 4765471 564.5 5.0 5.93 0.41 12 6 OTD382 651422 4765473 560.5 5.0 4.85 0.44 9 6 OTD382 651421 4765476 556.5 5.0 3.56 0.29 7 6 OTD382 651419 4765478 552.4 5.0 4.00 0.23 10 6 OTD382 651417 4765480 548.4 5.0 5.25 0.29 33 6 OTD382 651416 4765483 544.4 5.0 4.88 0.24 24 6 OTD382 651414 4765485 540.4 5.0 4.47 0.25 26 6 OTD382 651412 4765487 536.3 5.0 2.09 0.11 46 6 OTD382 651411 4765490 532.4 5.0 2.38 0.09 45 6 OTD382 651409 4765493 528.5 5.0 2.78 0.07 45 6 OTD382 651408 4765494 525.8 2.0 3.14 0.07 55 6 OTD382 651407 4765496 523.4 4.0 1.75 0.06 65 1 OTD382 651405 4765498 519.9 5.0 1.17 0.04 111 4 OTD382 651404 4765501 516.0 5.0 0.55 0.03 17 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD382 651402 4765504 512.1 5.0 0.94 0.05 50 4 OTD382 651400 4765507 508.3 5.0 0.65 0.03 42 4 OTD382 651399 4765510 504.4 5.0 0.70 0.05 33 4 OTD382 651397 4765512 500.6 5.0 0.86 0.07 36 4 OTD382 651395 4765515 496.7 5.0 0.98 0.07 42 4 OTD382 651394 4765516 494.4 1.0 0.95 0.07 36 4 OTD382 651393 4765518 492.2 5.0 0.69 0.04 36 5 OTD382 651391 4765521 488.4 5.0 0.56 0.05 32 5 OTD382 651389 4765524 484.6 5.0 0.63 0.04 27 5 OTD382 651387 4765526 480.8 5.0 0.70 0.03 64 5 OTD382 651386 4765529 477.1 5.0 0.58 0.03 62 5 OTD382 651384 4765532 473.3 5.0 0.49 0.03 37 5 OTD382 651378 4765540 461.9 3.0 0.86 0.08 157 5 OTD382 651376 4765542 458.2 5.0 0.79 0.05 184 5 OTD382 651375 4765545 454.5 5.0 0.73 0.03 131 5 OTD382 651373 4765548 450.8 5.0 0.62 0.07 63 5 OTD382 651371 4765551 447.2 5.0 0.40 0.04 61 5 OTD382 651369 4765554 443.5 5.0 2.05 0.06 366 5 OTD382 651367 4765557 439.9 5.0 0.56 0.02 81 5 OTD382 651365 4765559 436.3 5.0 0.58 0.03 103 5 OTD382 651363 4765562 432.7 5.0 0.92 0.02 146 5 OTD382 651362 4765565 429.1 5.0 0.31 0.01 78 5 OTD382 651360 4765568 425.5 5.0 0.73 0.06 177 5 OTD382 651358 4765571 421.9 5.0 0.85 0.05 144 5 OTD382 651356 4765574 418.4 5.0 0.65 0.03 118 5 OTD382 651355 4765576 416.3 1.0 0.61 0.03 59 5 OTD382 651354 4765578 414.2 5.0 0.55 0.07 89 10 OTD382 651352 4765581 410.6 5.0 0.50 0.02 68 10 OTD382 651347 4765590 400.1 5.0 0.45 0.03 53 10 OTD382 651345 4765593 396.5 5.0 0.51 0.04 128 10 OTD383 651813 4767000 154.1 5.0 0.30 0.02 72 5 OTD383 651809 4767003 139.8 5.0 0.44 0.02 15 5 OTD383 651808 4767004 135.0 5.0 1.49 0.06 17 5 OTD383 651807 4767005 130.2 5.0 0.69 0.03 21 5 OTD383 651806 4767005 125.4 5.0 0.73 0.03 25 5 OTD383 651805 4767007 120.6 5.0 0.56 0.04 31 5 OTD383 651803 4767008 115.8 5.0 0.88 0.04 43 5 OTD383 651802 4767009 111.0 5.0 0.34 0.03 16 5 OTD383 651800 4767010 101.5 5.0 0.79 0.06 37 5 OTD383 651799 4767011 96.7 5.0 0.58 0.05 21 5 OTD383 651798 4767012 92.4 4.0 0.42 0.03 16 5 OTD383 651797 4767013 88.1 5.0 0.97 0.06 23 2 OTD383 651796 4767014 83.3 5.0 1.17 0.06 27 2 OTD383 651794 4767014 78.5 5.0 2.04 0.09 13 7 OTD383 651793 4767015 73.7 5.0 4.29 0.17 14 7 OTD383 651792 4767016 68.9 5.0 5.06 0.21 14 7 OTD383 651791 4767017 64.1 5.0 3.35 0.23 320 7 OTD383 651790 4767018 59.3 5.0 3.16 0.20 96 7 OTD383 651789 4767019 54.6 5.0 3.43 0.20 49 7 OTD383 651787 4767020 49.8 5.0 2.95 0.20 43 7 OTD383 651786 4767020 45.0 5.0 2.66 0.18 30 7

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD383 651785 4767021 41.6 2.0 2.40 0.16 53 7 OTD383 651785 4767022 38.3 5.0 1.39 0.09 26 2 OTD383 651784 4767022 34.3 3.4 1.50 0.11 44 2 OTD383A 651944 4766934 -21.5 5.0 0.53 0.02 118 10 OTD383A 651944 4766934 -26.5 5.0 0.56 0.02 115 10 OTD383A 651944 4766934 -30.1 2.3 0.57 0.02 46 10 OTD385 651324 4765499 979.8 5.0 0.72 0.03 45 10 OTD385 651323 4765500 977.0 1.0 0.55 0.01 16 10 OTD385 651322 4765500 974.2 5.0 0.66 0.01 33 4 OTD385 651321 4765502 969.4 5.0 0.88 0.01 69 4 OTD385 651320 4765503 964.7 5.0 0.92 0.01 98 4 OTD385 651319 4765504 960.0 5.0 0.83 0.01 58 4 OTD385 651317 4765505 955.3 5.0 0.68 0.02 81 4 OTD385 651316 4765505 952.5 1.0 0.76 0.02 96 4 OTD385 651316 4765506 949.6 5.0 0.93 0.01 82 1 OTD385 651314 4765507 944.9 5.0 1.23 0.02 92 1 OTD385 651313 4765508 940.2 5.0 0.89 0.01 139 1 OTD385 651312 4765509 935.5 5.0 1.07 0.01 96 1 OTD385 651311 4765510 930.8 5.0 1.34 0.02 94 1 OTD385 651309 4765511 926.1 5.0 1.43 0.02 124 1 OTD385 651308 4765512 921.4 5.0 1.87 0.02 84 1 OTD385 651307 4765513 916.7 5.0 1.75 0.02 84 1 OTD385 651305 4765514 912.0 5.0 1.49 0.03 59 1 OTD385 651304 4765516 907.3 5.0 1.69 0.02 82 1 OTD385 651303 4765517 902.6 5.0 1.41 0.03 96 1 OTD385 651302 4765518 897.9 5.0 1.35 0.04 60 1 OTD385 651300 4765519 893.2 5.0 1.27 0.03 59 1 OTD385 651299 4765521 888.5 5.0 1.28 0.04 48 1 OTD385 651298 4765522 883.8 5.0 1.41 0.03 64 1 OTD385 651297 4765523 879.1 5.0 1.18 0.03 36 1 OTD385 651295 4765524 874.4 5.0 1.21 0.03 32 1 OTD385 651294 4765525 869.7 5.0 0.71 0.02 20 1 OTD385 651293 4765526 865.5 4.0 0.51 0.02 14 1 OTD385 651292 4765527 861.3 4.0 0.44 0.03 21 18 OTD385 651284 4765535 831.2 5.0 0.76 0.02 99 1 OTD385 651283 4765536 826.5 5.0 1.06 0.03 80 1 OTD385 651281 4765537 821.9 5.0 1.13 0.03 58 1 OTD385 651280 4765539 817.2 5.0 1.25 0.02 52 1 OTD385 651279 4765540 812.5 5.0 1.35 0.03 36 1 OTD385 651278 4765541 807.8 5.0 1.34 0.05 45 1 OTD385 651276 4765542 803.1 5.0 1.25 0.05 27 1 OTD385 651275 4765543 798.4 5.0 0.83 0.03 47 1 OTD385 651274 4765545 793.7 5.0 1.24 0.03 42 1 OTD385 651273 4765546 789.0 5.0 0.95 0.01 37 1 OTD385 651272 4765547 784.3 5.0 1.42 0.02 41 1 OTD385 651270 4765549 779.6 5.0 1.26 0.03 34 1 OTD385 651269 4765550 774.9 5.0 1.36 0.02 96 1 OTD385 651268 4765551 770.2 5.0 1.20 0.03 31 1 OTD385 651266 4765552 765.5 5.0 0.97 0.03 44 1 OTD385 651265 4765553 760.8 5.0 0.40 0.01 8 1 OTD385 651264 4765554 756.1 5.0 1.69 0.02 56 6

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD385 651263 4765555 751.5 5.0 2.05 0.06 43 6 OTD385 651262 4765556 748.2 2.0 1.00 0.03 17 6 OTD385 651260 4765558 740.2 5.0 1.04 0.01 28 1 OTD385 651259 4765560 735.5 5.0 1.38 0.01 52 1 OTD385 651258 4765561 730.8 5.0 1.18 0.01 36 1 OTD385 651256 4765562 726.1 5.0 1.51 0.01 56 1 OTD385 651255 4765564 721.4 5.0 1.22 0.01 43 1 OTD385 651254 4765565 716.7 5.0 1.29 0.01 136 1 OTD385 651253 4765566 712.0 5.0 1.35 0.02 138 1 OTD385 651252 4765567 707.3 5.0 1.64 0.02 61 1 OTD385 651251 4765569 702.6 5.0 1.13 0.01 31 1 OTD385 651249 4765570 697.9 5.0 1.24 0.05 27 1 OTD385 651248 4765571 693.2 5.0 1.46 0.04 59 1 OTD385 651247 4765572 688.5 5.0 1.07 0.04 232 1 OTD385 651245 4765575 679.1 5.0 1.14 0.03 56 1 OTD385 651243 4765576 674.4 5.0 1.30 0.05 70 1 OTD385 651242 4765577 669.6 5.0 1.11 0.04 74 1 OTD385 651241 4765578 664.9 5.0 1.25 0.05 124 1 OTD385 651240 4765579 660.2 5.0 0.97 0.05 92 1 OTD385 651239 4765581 655.5 5.0 1.17 0.06 69 1 OTD385 651238 4765582 650.8 5.0 1.52 0.06 99 1 OTD385 651237 4765583 646.1 5.0 1.40 0.07 122 1 OTD385 651235 4765584 641.4 5.0 1.15 0.07 140 1 OTD385 651234 4765586 636.7 5.0 1.31 0.04 73 1 OTD385 651233 4765587 632.0 5.0 1.19 0.04 127 1 OTD385 651232 4765588 627.2 5.0 1.48 0.04 45 1 OTD385 651231 4765589 623.0 4.0 1.24 0.03 56 1 OTD385 651230 4765590 618.8 5.0 0.72 0.05 80 4 OTD385 651229 4765592 614.1 5.0 0.73 0.09 90 4 OTD385 651228 4765592 610.8 2.0 0.38 0.06 45 4 OTD385 651226 4765595 602.8 5.0 0.34 0.04 73 10 OTD385 651225 4765596 598.1 5.0 0.46 0.05 88 10 OTD385 651224 4765597 593.3 5.0 0.59 0.04 91 10 OTD385 651223 4765598 588.6 5.0 0.56 0.04 149 10 OTD385 651222 4765600 583.9 5.0 0.36 0.03 103 10 OTD385 651221 4765601 579.2 5.0 0.37 0.04 119 10 OTD385 651220 4765602 574.5 5.0 0.34 0.04 77 10 OTD385 651219 4765604 569.8 5.0 0.57 0.05 107 10 OTD385 651218 4765605 565.1 5.0 0.53 0.06 123 10 OTD385 651217 4765607 560.4 5.0 0.50 0.07 75 10 OTD385 651216 4765608 555.7 5.0 0.81 0.12 63 10 OTD385 651211 4765615 532.2 5.0 0.36 0.07 281 10 OTD385 651210 4765616 527.5 5.0 0.32 0.07 80 10 OTD385 651208 4765619 518.1 5.0 0.44 0.13 37 10 OTD385 651207 4765621 513.5 5.0 0.31 0.07 20 10 OTD385 651204 4765625 499.4 5.0 0.47 0.13 169 10 OTD385 651203 4765626 494.7 5.0 0.47 0.06 243 10 OTD385 651200 4765631 480.6 5.0 0.51 0.07 28 10 OTD385 651199 4765632 475.9 5.0 0.60 0.05 24 10 OTD385 651199 4765633 471.3 5.0 0.38 0.07 159 10 OTD385 651197 4765637 461.9 5.0 0.32 0.29 55 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD385 651196 4765638 457.2 5.0 0.50 0.25 126 10 OTD392 651255 4765436 990.6 5.0 0.57 0.03 47 10 OTD392 651254 4765437 987.8 1.0 0.83 0.02 77 10 OTD392 651253 4765438 985.0 5.0 0.73 0.01 69 4 OTD392 651252 4765438 981.2 3.0 0.71 0.01 95 4 OTD392 651251 4765439 977.5 5.0 1.40 0.01 32 1 OTD392 651250 4765440 972.8 5.0 1.06 0.01 39 1 OTD392 651248 4765441 968.1 5.0 1.30 0.02 53 1 OTD392 651247 4765442 963.4 5.0 1.63 0.04 60 1 OTD392 651246 4765443 959.2 4.0 0.38 0.03 8 1 OTD392 651238 4765448 933.4 5.0 0.40 0.07 15 1 OTD392 651237 4765450 928.7 5.0 0.61 0.04 21 1 OTD392 651235 4765451 924.0 5.0 0.36 0.02 5 1 OTD392 651232 4765453 912.2 4.0 3.05 0.15 16 1 OTD392 651230 4765454 908.0 5.0 0.35 0.04 26 4 OTD392 651229 4765455 903.3 5.0 0.47 0.04 53 4 OTD392 651227 4765456 898.6 5.0 0.64 0.02 49 4 OTD392 651226 4765457 893.9 5.0 0.68 0.04 42 4 OTD392 651225 4765458 889.2 5.0 0.34 0.03 24 4 OTD392 651223 4765458 884.5 5.0 0.57 0.06 54 4 OTD392 651222 4765459 879.8 5.0 0.71 0.03 112 4 OTD392 651221 4765460 875.0 5.0 0.75 0.03 81 4 OTD392 651219 4765461 870.3 5.0 0.73 0.03 50 4 OTD392 651218 4765462 865.6 5.0 0.80 0.02 36 4 OTD392 651216 4765463 860.9 5.0 0.59 0.02 63 4 OTD392 651215 4765464 856.2 5.0 0.96 0.02 37 4 OTD392 651214 4765465 852.8 2.0 0.59 0.01 51 4 OTD392 651211 4765467 841.5 2.0 0.72 0.04 53 16 OTD392 651210 4765468 838.2 5.0 0.61 0.04 83 4 OTD392 651209 4765468 833.4 5.0 0.43 0.04 32 4 OTD392 651207 4765469 828.7 5.0 0.46 0.04 18 4 OTD392 651206 4765470 823.9 5.0 0.48 0.03 12 4 OTD392 651205 4765471 819.2 5.0 0.80 0.06 28 4 OTD392 651203 4765472 814.4 5.0 0.66 0.07 28 4 OTD392 651202 4765472 809.7 5.0 0.37 0.05 20 4 OTD392 651201 4765473 804.9 5.0 0.51 0.04 63 4 OTD392 651199 4765474 800.2 5.0 0.54 0.05 65 4 OTD392 651198 4765475 795.5 5.0 0.82 0.05 68 4 OTD392 651197 4765476 790.7 5.0 0.57 0.04 56 4 OTD392 651196 4765477 786.0 5.0 0.48 0.03 62 4 OTD392 651194 4765478 781.2 5.0 0.30 0.02 103 10 OTD392 651193 4765479 776.5 5.0 0.60 0.04 22 10 OTD392 651192 4765480 771.7 5.0 0.55 0.08 47 10 OTD392 651190 4765481 767.0 5.0 0.42 0.07 123 10 OTD392 651189 4765482 762.3 5.0 0.65 0.06 53 10 OTD392 651188 4765483 757.5 5.0 0.56 0.05 105 10 OTD392 651187 4765484 752.8 5.0 0.62 0.06 101 10 OTD392 651185 4765485 748.0 5.0 0.56 0.05 44 10 OTD392 651184 4765486 743.3 5.0 0.33 0.04 57 10 OTD392 651183 4765487 738.6 5.0 0.37 0.04 134 10 OTD392 651182 4765488 733.8 5.0 0.34 0.04 43 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD392 651180 4765489 729.1 5.0 0.37 0.05 73 10 OTD392 651179 4765490 724.4 5.0 0.40 0.06 100 10 OTD392 651178 4765490 721.5 1.0 0.56 0.05 360 10 OTD392 651178 4765491 718.7 5.0 0.97 0.07 233 4 OTD392 651176 4765492 714.0 5.0 0.62 0.05 121 4 OTD392 651175 4765493 709.3 5.0 0.70 0.04 180 4 OTD392 651174 4765494 704.5 5.0 0.54 0.03 162 4 OTD392 651172 4765495 699.8 5.0 0.67 0.04 357 4 OTD392 651171 4765496 695.1 5.0 0.38 0.03 237 4 OTD392 651170 4765498 690.3 5.0 0.59 0.03 139 4 OTD392 651169 4765499 685.6 5.0 0.52 0.03 100 4 OTD392 651167 4765500 680.9 5.0 0.79 0.02 118 4 OTD392 651166 4765501 676.2 5.0 0.62 0.02 138 4 OTD392 651162 4765504 662.0 5.0 0.60 0.03 137 10 OTD392 651161 4765505 657.3 5.0 0.43 0.03 99 10 OTD392 651160 4765506 652.6 5.0 0.48 0.04 106 10 OTD392 651158 4765507 647.9 5.0 0.46 0.05 118 10 OTD392 651157 4765508 643.2 5.0 0.45 0.06 121 10 OTD392 651156 4765509 638.5 5.0 0.36 0.06 75 10 OTD392 651154 4765510 633.8 5.0 0.30 0.04 92 10 OTD392 651147 4765517 606.2 4.0 0.43 0.07 62 10 OTD395 651255 4765343 959.4 5.0 0.39 0.02 16 10 OTD395 651254 4765345 954.8 5.0 0.44 0.02 15 10 OTD395 651252 4765346 950.2 5.0 0.43 0.02 16 10 OTD395 651248 4765350 936.5 5.0 0.44 0.03 17 10 OTD395 651247 4765351 933.8 1.0 0.52 0.03 48 10 OTD395 651246 4765352 931.0 5.0 0.81 0.01 21 4 OTD395 651245 4765353 926.5 5.0 0.83 0.02 17 4 OTD395 651243 4765355 922.0 5.0 0.80 0.01 13 4 OTD395 651242 4765356 917.4 5.0 0.86 0.02 29 4 OTD395 651240 4765358 912.9 5.0 1.17 0.01 115 4 OTD395 651239 4765359 908.4 5.0 0.97 0.01 97 4 OTD395 651238 4765361 903.8 5.0 0.79 0.02 65 4 OTD395 651236 4765362 899.3 5.0 0.67 0.01 78 4 OTD395 651235 4765364 894.8 5.0 0.81 0.02 68 4 OTD395 651233 4765365 890.3 5.0 1.03 0.02 99 4 OTD395 651232 4765367 885.7 5.0 0.65 0.03 178 4 OTD395 651230 4765369 881.2 5.0 0.84 0.02 82 4 OTD395 651229 4765370 876.7 5.0 0.80 0.02 44 4 OTD395 651227 4765372 872.2 5.0 0.73 0.02 43 4 OTD395 651226 4765373 867.6 5.0 0.92 0.05 67 4 OTD395 651224 4765375 863.1 5.0 0.67 0.11 53 4 OTD395 651223 4765376 859.9 2.0 0.87 0.02 51 4 OTD395 651222 4765377 856.8 5.0 1.24 0.02 20 1 OTD395 651221 4765378 852.3 5.0 0.94 0.02 34 1 OTD395 651219 4765380 847.8 5.0 1.38 0.04 107 1 OTD395 651217 4765381 843.3 5.0 1.33 0.02 79 1 OTD395 651216 4765382 840.1 2.0 0.89 0.01 56 1 OTD395 651212 4765386 828.0 5.0 0.47 0.01 73 4 OTD395 651210 4765388 823.5 5.0 0.48 0.01 43 4 OTD395 651208 4765389 819.0 5.0 0.74 0.04 30 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD395 651207 4765391 814.6 5.0 0.78 0.02 28 4 OTD395 651205 4765392 810.1 5.0 0.52 0.01 117 4 OTD395 651203 4765394 805.6 5.0 0.32 0.01 121 4 OTD395 651202 4765395 802.5 2.0 0.86 0.04 160 4 OTD395 651199 4765397 794.9 5.0 0.33 0.01 215 10 OTD395 651192 4765403 777.0 5.0 0.47 0.09 45 10 OTD395 651191 4765404 772.5 5.0 0.40 0.15 30 10 OTD395 651189 4765406 768.0 5.0 0.31 0.03 43 10 OTD395 651187 4765407 763.5 5.0 0.37 0.02 34 10 OTD395 651186 4765409 759.1 5.0 0.33 0.04 31 10 OTD395 651184 4765410 755.0 4.0 0.52 0.04 173 10 OTD395 651183 4765411 751.0 5.0 0.54 0.02 55 4 OTD395 651181 4765413 746.5 5.0 0.79 0.04 52 4 OTD395 651180 4765414 742.1 5.0 0.65 0.04 68 4 OTD395 651178 4765415 738.5 3.0 0.90 0.05 55 4 OTD395 651177 4765417 734.9 5.0 0.58 0.03 80 10 OTD395 651175 4765418 730.4 5.0 0.69 0.05 71 10 OTD395 651174 4765420 725.9 5.0 0.36 0.02 59 10 OTD395 651172 4765422 721.4 5.0 0.31 0.02 76 10 OTD395 651169 4765425 712.5 5.0 0.32 0.04 63 10 OTD395 651167 4765426 708.0 5.0 0.35 0.05 127 10 OTD395 651166 4765428 703.5 5.0 0.38 0.06 138 10 OTD395 651164 4765429 699.1 5.0 0.50 0.05 258 10 OTD395 651162 4765431 694.6 5.0 0.75 0.05 92 10 OTD395 651161 4765432 690.1 5.0 0.72 0.04 126 10 OTD395 651158 4765435 683.0 5.0 1.87 0.19 180 4 OTD395 651156 4765436 678.5 5.0 2.01 0.28 174 4 OTD395 651155 4765437 675.3 2.0 0.70 0.04 93 4 OTD395 651154 4765438 672.2 5.0 0.50 0.05 101 10 OTD395 651153 4765440 667.7 5.0 0.54 0.04 105 10 OTD395 651151 4765442 663.3 5.0 0.79 0.02 324 10 OTD395 651149 4765443 658.8 5.0 0.61 0.04 178 10 OTD395 651148 4765445 654.3 5.0 0.72 0.04 160 10 OTD395 651146 4765446 649.9 5.0 0.44 0.02 136 10 OTD395 651145 4765448 645.4 5.0 0.37 0.06 83 10 OTD396 651573 4766923 364.4 2.0 2.06 0.25 17 2 OTD396 651573 4766923 360.9 5.0 2.66 0.21 29 7 OTD396 651573 4766922 356.0 5.0 3.53 0.34 26 7 OTD396 651573 4766922 351.0 5.0 2.64 0.40 41 7 OTD396 651573 4766921 346.0 5.0 3.04 0.26 32 7 OTD396 651573 4766921 341.1 5.0 2.82 0.12 30 7 OTD396 651573 4766920 336.1 5.0 2.72 0.14 20 7 OTD396 651574 4766920 331.1 5.0 2.03 0.16 5 7 OTD396 651574 4766919 326.2 5.0 0.58 0.04 10 7 OTD396 651574 4766918 321.2 5.0 3.26 0.70 51 7 OTD396 651574 4766918 316.2 5.0 3.36 0.76 73 7 OTD396 651574 4766917 311.3 5.0 1.35 0.31 17 7 OTD396 651574 4766916 306.3 5.0 2.43 0.34 23 7 OTD396 651574 4766916 301.4 5.0 3.57 0.27 21 7 OTD396 651574 4766915 296.4 5.0 3.00 0.23 39 7 OTD396 651574 4766914 291.4 5.0 0.48 0.04 5 7

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD396 651574 4766914 286.5 5.0 1.10 0.09 7 7 OTD396 651574 4766913 281.5 5.0 2.89 0.33 25 7 OTD396 651574 4766912 276.6 5.0 3.49 0.33 84 7 OTD396 651574 4766912 271.6 5.0 2.57 0.53 19 7 OTD396 651574 4766911 268.6 1.0 2.43 0.34 5 7 OTD396 651574 4766911 265.6 5.0 1.59 0.19 27 2 OTD396 651574 4766910 260.7 1.0 1.62 0.22 5 2 OTD396 651574 4766909 250.8 4.0 1.39 0.10 16 2 OTD396 651574 4766909 245.8 5.0 1.37 0.15 17 2 OTD396 651574 4766908 242.8 1.0 0.55 0.07 15 2 OTD396 651573 4766907 231.0 3.0 0.84 0.08 126 18 OTD401 651212 4765479 1025.4 5.0 2.11 0.07 8 10 OTD401 651213 4765478 1020.7 5.0 0.58 0.05 15 10 OTD401 651215 4765477 1016.1 5.0 0.34 0.04 10 10 OTD401 651228 4765467 973.1 1.0 0.50 0.01 5 4 OTD401 651229 4765466 969.4 3.0 0.45 0.01 15 4 OTD401 651230 4765465 965.6 5.0 0.37 0.01 13 1 OTD401 651233 4765463 956.3 5.0 2.38 0.04 13 1 OTD401 651236 4765461 946.9 5.0 0.31 0.01 60 1 OTD401 651237 4765460 942.3 5.0 0.34 0.01 10 1 OTD401 651239 4765459 937.6 5.0 0.37 0.02 9 1 OTD401 651240 4765458 932.9 5.0 0.56 0.01 15 1 OTD401 651242 4765456 928.2 5.0 0.61 0.03 15 1 OTD401 651243 4765455 923.6 5.0 0.86 0.03 20 1 OTD401 651244 4765454 918.9 5.0 3.45 0.28 43 1 OTD401 651246 4765453 914.2 5.0 1.18 0.04 11 1 OTD401 651247 4765452 909.5 2.0 1.70 0.03 34 1 OTD401 651251 4765448 895.4 2.0 0.85 0.03 240 1 OTD401 651252 4765447 890.8 5.0 1.13 0.02 42 1 OTD401 651254 4765446 886.1 5.0 1.93 0.02 33 1 OTD401 651255 4765445 881.4 5.0 1.11 0.02 26 1 OTD401 651256 4765444 876.7 5.0 1.26 0.02 54 1 OTD401 651258 4765443 872.1 5.0 1.63 0.03 40 1 OTD401 651259 4765442 867.4 5.0 1.13 0.03 78 1 OTD401 651261 4765440 862.8 5.0 1.17 0.02 45 1 OTD401 651262 4765439 858.1 5.0 1.11 0.03 54 1 OTD401 651264 4765438 853.5 5.0 0.98 0.02 34 1 OTD401 651265 4765437 848.8 5.0 0.95 0.02 64 1 OTD401 651266 4765436 844.2 5.0 1.20 0.03 50 1 OTD401 651268 4765435 839.6 5.0 1.16 0.02 81 1 OTD401 651269 4765434 834.9 5.0 1.12 0.02 40 1 OTD401 651271 4765433 830.3 5.0 1.72 0.03 49 1 OTD401 651272 4765431 825.6 5.0 1.33 0.02 15 1 OTD401 651274 4765430 821.0 5.0 1.71 0.02 25 1 OTD401 651275 4765429 816.4 5.0 1.77 0.02 51 1 OTD401 651277 4765428 811.7 5.0 1.63 0.02 34 1 OTD401 651278 4765427 807.1 5.0 1.78 0.02 24 1 OTD401 651280 4765426 802.5 5.0 1.65 0.04 35 1 OTD401 651281 4765424 797.9 5.0 1.44 0.03 33 1 OTD401 651283 4765423 793.2 5.0 1.38 0.02 19 1 OTD401 651284 4765422 788.6 5.0 1.10 0.03 66 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD401 651286 4765420 784.0 5.0 1.19 0.03 94 1 OTD401 651287 4765419 779.5 5.0 1.33 0.02 52 1 OTD401 651289 4765418 774.9 5.0 1.61 0.02 14 1 OTD401 651290 4765417 770.3 5.0 0.92 0.01 42 1 OTD401 651292 4765415 765.7 5.0 1.21 0.02 48 1 OTD401 651293 4765414 761.1 5.0 1.49 0.02 177 1 OTD401 651295 4765413 756.5 5.0 1.50 0.02 144 1 OTD401 651296 4765412 753.3 2.0 1.41 0.01 38 1 OTD401 651297 4765411 750.1 5.0 2.15 0.02 94 6 OTD401 651299 4765410 745.5 5.0 1.92 0.02 24 6 OTD401 651300 4765409 740.9 5.0 1.32 0.03 114 6 OTD401 651302 4765408 736.3 5.0 1.65 0.03 83 6 OTD401 651303 4765406 731.8 5.0 1.33 0.02 39 1 OTD401 651305 4765405 727.2 5.0 1.09 0.03 41 1 OTD401 651307 4765404 722.6 5.0 1.12 0.02 32 1 OTD401 651308 4765402 718.0 5.0 0.61 0.02 22 1 OTD401 651313 4765398 704.3 5.0 0.37 0.02 33 1 OTD401 651314 4765397 699.7 5.0 0.33 0.01 41 1 OTD401 651316 4765395 695.1 5.0 1.93 0.04 203 1 OTD401 651317 4765394 690.5 5.0 2.04 0.05 168 1 OTD401 651318 4765393 685.9 5.0 1.04 0.01 55 1 OTD401 651320 4765391 681.4 5.0 0.61 0.01 59 1 OTD401 651321 4765390 676.8 5.0 0.88 0.02 97 1 OTD401 651323 4765388 672.2 5.0 0.35 0.01 28 1 OTD401 651324 4765387 667.6 5.0 1.17 0.03 41 1 OTD401 651325 4765385 663.1 5.0 1.11 0.02 48 1 OTD401 651327 4765384 658.5 5.0 1.36 0.03 42 1 OTD401 651328 4765383 653.9 5.0 1.66 0.05 46 1 OTD401 651329 4765381 649.3 5.0 1.85 0.06 51 1 OTD401 651331 4765380 644.8 5.0 1.08 0.03 51 1 OTD401 651332 4765378 640.2 5.0 1.55 0.03 88 1 OTD401 651335 4765375 631.0 5.0 1.14 0.06 46 1 OTD401 651336 4765374 626.5 5.0 1.47 0.05 43 1 OTD401 651338 4765372 621.9 5.0 1.64 0.05 48 1 OTD401 651339 4765371 618.2 3.0 1.36 0.08 65 1 OTD401 651340 4765370 614.6 5.0 12.57 0.24 103 6 OTD401 651341 4765368 610.0 5.0 12.82 0.33 65 6 OTD401 651343 4765367 605.4 5.0 10.51 0.23 65 6 OTD401 651344 4765366 600.9 5.0 2.34 0.06 37 6 OTD401 651346 4765364 596.4 5.0 2.84 0.05 38 6 OTD401 651347 4765363 591.8 5.0 3.09 0.08 41 6 OTD401 651349 4765361 587.3 5.0 3.11 0.12 39 6 OTD401 651350 4765360 582.8 5.0 3.67 0.15 37 6 OTD401 651352 4765358 578.2 5.0 3.54 0.06 28 6 OTD401 651353 4765357 574.6 3.0 3.12 0.03 20 6 OTD401 651354 4765356 571.0 5.0 1.98 0.02 38 1 OTD401 651355 4765354 566.5 5.0 1.58 0.23 81 1 OTD401 651356 4765353 562.4 4.0 1.14 0.03 27 1 OTD401 651358 4765351 558.3 5.0 0.86 0.02 24 4 OTD401 651359 4765349 553.8 5.0 1.17 0.03 185 4 OTD401 651360 4765348 549.3 5.0 1.12 0.02 31 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD401 651362 4765346 544.8 5.0 1.26 0.03 90 4 OTD401 651363 4765344 540.3 5.0 0.89 0.02 48 4 OTD401 651364 4765342 535.8 5.0 0.78 0.02 30 4 OTD401 651366 4765341 531.3 5.0 0.57 0.02 53 4 OTD401 651367 4765339 526.8 5.0 0.56 0.02 29 4 OTD401 651369 4765337 522.3 5.0 0.46 0.02 21 4 OTD401 651370 4765336 517.8 5.0 1.10 0.04 40 4 OTD401 651371 4765334 513.4 5.0 1.09 0.03 67 4 OTD401 651373 4765332 508.9 5.0 1.01 0.04 24 4 OTD401 651374 4765331 504.4 5.0 1.08 0.06 63 4 OTD401 651376 4765329 499.9 5.0 1.12 0.02 149 4 OTD401 651377 4765327 495.4 5.0 0.84 0.02 112 4 OTD401 651379 4765325 491.0 5.0 0.76 0.02 317 4 OTD401 651380 4765323 486.5 5.0 0.85 0.04 623 4 OTD401 651381 4765322 482.0 5.0 0.82 0.03 515 4 OTD401 651383 4765320 477.6 5.0 0.44 0.02 116 4 OTD401 651384 4765318 473.1 5.0 0.38 0.02 140 4 OTD401 651386 4765316 468.6 5.0 0.40 0.02 30 4 OTD401 651387 4765315 464.2 5.0 0.56 0.02 21 4 OTD401 651388 4765313 460.1 4.0 1.27 0.03 27 4 OTD401 651389 4765311 456.1 5.0 3.72 0.31 46 1 OTD401 651391 4765309 451.7 5.0 4.50 1.18 14 1 OTD401 651392 4765307 447.2 5.0 4.49 1.01 7 1 OTD401 651393 4765306 442.8 5.0 5.05 0.44 11 1 OTD401 651395 4765304 438.3 5.0 2.52 0.06 48 1 OTD401 651396 4765302 434.8 3.0 0.60 0.03 41 1 OTD401A 651291 4765416 768.4 5.0 0.78 0.01 40 1 OTD401A 651292 4765414 763.9 5.0 1.26 0.03 51 1 OTD401A 651294 4765414 759.3 1.0 1.24 0.03 100 1 OTD401A 651299 4765410 743.5 5.0 2.12 0.04 49 6 OTD401A 651301 4765408 739.0 5.0 1.89 0.03 74 6 OTD401A 651302 4765406 735.5 3.0 1.63 0.01 78 6 OTD401A 651304 4765405 732.0 5.0 1.27 0.02 34 1 OTD401A 651305 4765404 727.6 5.0 1.23 0.02 39 1 OTD401A 651317 4765395 701.3 1.3 1.25 0.02 700 1 OTD401A 651318 4765393 696.9 5.0 1.37 0.02 124 1 OTD401A 651320 4765391 692.7 5.0 1.53 0.03 121 1 OTD401A 651323 4765389 688.8 5.0 1.31 0.04 30 1 OTD401A 651325 4765387 685.0 5.0 0.98 0.02 11 1 OTD401A 651327 4765385 681.1 5.0 1.41 0.03 31 1 OTD401A 651330 4765383 677.2 5.0 1.48 0.04 21 1 OTD401A 651332 4765381 673.4 5.0 1.72 0.04 59 1 OTD401A 651334 4765378 669.6 5.0 1.45 0.04 39 1 OTD401A 651337 4765376 665.8 5.0 1.58 0.03 43 1 OTD401A 651339 4765374 662.0 5.0 1.14 0.03 60 1 OTD401A 651342 4765372 658.2 5.0 1.19 0.05 59 1 OTD401A 651344 4765370 654.3 5.0 1.23 0.01 25 1 OTD401A 651346 4765368 650.5 5.0 1.31 0.03 29 1 OTD401A 651349 4765366 646.7 5.0 1.12 0.02 22 1 OTD401A 651351 4765363 642.9 5.0 1.97 0.02 36 1 OTD401A 651354 4765361 639.0 5.0 1.21 0.03 9 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD401A 651356 4765359 635.2 5.0 0.74 0.03 26 1 OTD401A 651358 4765358 632.1 3.0 0.82 0.02 18 1 OTD401A 651360 4765356 629.1 5.0 1.04 0.04 29 4 OTD401A 651362 4765354 625.3 5.0 0.77 0.03 26 4 OTD401A 651365 4765352 621.4 5.0 0.89 0.02 64 4 OTD401A 651367 4765349 617.6 5.0 0.66 0.02 41 4 OTD401A 651369 4765347 613.8 5.0 0.60 0.02 32 4 OTD401A 651372 4765345 610.0 5.0 0.57 0.02 25 4 OTD401A 651374 4765342 606.2 5.0 0.84 0.04 135 4 OTD401A 651376 4765340 602.4 5.0 0.37 0.03 12 4 OTD401A 651378 4765338 598.6 5.0 0.64 0.03 55 4 OTD401A 651381 4765335 594.8 5.0 0.97 0.04 101 4 OTD401A 651383 4765333 591.0 5.0 0.95 0.05 74 4 OTD401A 651385 4765330 587.1 5.0 0.82 0.07 100 4 OTD401A 651387 4765328 583.3 5.0 0.85 0.05 138 4 OTD401A 651389 4765326 579.5 5.0 0.60 0.01 74 4 OTD401A 651391 4765323 575.7 5.0 0.49 0.01 68 4 OTD401A 651393 4765322 573.4 1.0 0.43 0.01 45 4 OTD401A 651394 4765320 571.1 5.0 0.47 0.01 72 10 OTD401A 651396 4765318 567.3 5.0 0.48 0.02 111 10 OTD401A 651398 4765316 563.4 5.0 0.38 0.01 30 10 OTD401A 651400 4765313 559.6 5.0 0.51 0.03 43 10 OTD401A 651405 4765308 552.0 5.0 0.64 0.02 111 10 OTD401A 651407 4765306 548.2 5.0 0.35 0.01 48 10 OTD401A 651409 4765304 544.4 5.0 0.67 0.02 71 10 OTD401A 651415 4765296 532.9 5.0 0.72 0.02 194 10 OTD401A 651419 4765291 525.3 5.0 0.33 0.02 58 10 OTD401A 651421 4765290 523.0 1.0 1.10 0.01 140 10 OTD401A 651422 4765288 520.8 5.0 0.72 0.02 28 4 OTD401A 651424 4765286 517.0 5.0 0.96 0.02 52 4 OTD401A 651426 4765284 513.5 4.0 0.60 0.01 139 4 OTD401A 651430 4765279 506.3 5.0 0.46 0.01 44 10 OTD401A 651432 4765277 502.5 5.0 0.59 0.01 120 10 OTD401A 651440 4765267 487.2 5.0 0.37 0.01 55 10 OTD401A 651442 4765264 483.4 5.0 0.41 0.01 146 10 OTD401A 651444 4765262 479.5 5.0 0.45 0.02 121 10 OTD401A 651446 4765259 475.7 5.0 0.47 0.02 128 10 OTD401A 651448 4765257 471.9 5.0 0.31 0.02 61 10 OTD401A 651452 4765251 464.2 5.0 0.56 0.05 291 10 OTD401B 651294 4765413 759.3 1.0 1.40 0.01 115 1 OTD401B 651296 4765412 754.7 5.0 1.66 0.03 65 1 OTD401B 651297 4765411 750.1 5.0 1.95 0.05 74 6 OTD401B 651298 4765410 746.4 3.0 0.90 0.03 105 6 OTD401B 651323 4765393 662.8 5.0 0.92 0.01 131 1 OTD401B 651324 4765392 657.9 5.0 0.71 0.01 79 1 OTD401B 651326 4765392 653.1 5.0 0.95 0.03 37 1 OTD401B 651327 4765391 648.3 5.0 0.70 0.05 34 1 OTD401B 651328 4765391 643.4 5.0 0.96 0.07 59 1 OTD401B 651329 4765390 638.5 5.0 0.70 0.04 44 1 OTD401B 651330 4765390 633.6 5.0 0.57 0.02 48 1 OTD401B 651331 4765389 628.7 4.0 0.34 0.02 81 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD401B 651333 4765389 615.0 5.0 2.63 0.04 1694 6 OTD401B 651334 4765388 611.1 3.0 1.73 0.02 402 6 OTD401B 651335 4765388 607.2 5.0 0.49 0.01 81 1 OTD401B 651336 4765388 602.3 5.0 0.61 0.02 41 1 OTD401B 651337 4765387 597.5 5.0 0.62 0.02 26 1 OTD401B 651338 4765387 592.6 5.0 1.24 0.04 97 1 OTD401B 651341 4765386 576.0 5.0 0.45 0.02 86 4 OTD401B 651345 4765385 561.3 5.0 1.19 0.04 100 4 OTD401B 651346 4765384 556.4 5.0 0.68 0.02 49 4 OTD401B 651346 4765384 551.5 5.0 0.68 0.04 53 4 OTD401B 651352 4765381 522.2 2.0 0.58 0.05 90 4 OTD401B 651353 4765380 517.4 5.0 0.53 0.05 87 4 OTD401B 651354 4765380 512.5 5.0 0.62 0.05 81 4 OTD401B 651355 4765379 507.6 5.0 0.84 0.04 175 4 OTD401B 651356 4765379 502.7 5.0 1.14 0.04 139 4 OTD401B 651357 4765379 497.9 5.0 1.15 0.03 249 4 OTD401B 651358 4765378 493.0 5.0 0.79 0.02 325 4 OTD401B 651359 4765378 488.1 5.0 0.62 0.07 158 4 OTD401B 651360 4765377 483.2 5.0 0.53 0.08 104 4 OTD401B 651362 4765377 478.4 5.0 0.56 0.05 107 4 OTD401B 651363 4765376 473.5 5.0 0.52 0.03 84 4 OTD401B 651364 4765376 468.6 5.0 0.41 0.04 61 4 OTD401B 651368 4765373 444.2 5.0 0.49 0.02 75 4 OTD401B 651369 4765373 439.3 5.0 0.49 0.02 76 4 OTD401B 651370 4765372 434.5 5.0 0.70 0.03 221 4 OTD401B 651371 4765372 429.6 5.0 0.70 0.04 215 4 OTD401B 651372 4765371 424.7 5.0 0.42 0.03 157 4 OTD401B 651375 4765370 409.1 5.0 0.67 0.01 79 10 OTD401B 651376 4765369 404.2 5.0 0.70 0.01 46 10 OTD401B 651377 4765368 399.3 5.0 0.54 0.03 51 10 OTD401B 651379 4765368 394.5 5.0 0.78 0.04 120 10 OTD401B 651380 4765367 389.6 5.0 0.81 0.04 144 10 OTD401B 651381 4765367 384.7 5.0 0.68 0.03 128 10 OTD401B 651382 4765366 379.9 5.0 0.78 0.02 75 10 OTD401B 651383 4765366 375.0 5.0 0.85 0.02 94 10 OTD401B 651384 4765365 370.1 5.0 0.78 0.01 142 10 OTD401B 651385 4765365 365.3 5.0 0.68 0.01 49 10 OTD401B 651386 4765364 360.4 5.0 0.66 0.01 51 10 OTD402 651327 4767334 328.3 3.0 0.65 0.10 72 10 OTD402 651328 4767333 324.4 5.0 1.29 0.11 132 2 OTD402 651328 4767333 319.4 5.0 0.52 0.06 60 2 OTD402 651329 4767332 304.5 5.0 0.73 0.05 23 2 OTD402 651329 4767331 299.5 5.0 1.25 0.06 43 2 OTD402 651330 4767331 294.5 5.0 1.79 0.11 88 2 OTD402 651330 4767330 289.6 5.0 1.13 0.05 62 2 OTD402 651330 4767330 284.6 5.0 1.03 0.08 106 2 OTD402 651330 4767329 279.6 5.0 1.16 0.13 67 2 OTD402 651331 4767329 274.7 5.0 1.02 0.06 64 2 OTD402 651331 4767329 269.7 5.0 0.79 0.04 43 2 OTD402 651332 4767328 259.7 5.0 0.42 0.07 25 2 OTD402 651332 4767327 254.8 5.0 1.06 0.15 41 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ============================================================================================== OTD402 651332 4767327 249.8 5.0 1.06 0.10 55 2 OTD402 651332 4767326 244.8 5.0 0.76 0.07 59 2 OTD402 651333 4767326 239.9 3.0 0.75 0.08 100 2 OTD402 651333 4767325 229.9 4.0 0.88 0.11 71 2 OTD404 651380 4765243 755.9 5.0 0.94 0.02 355 4 OTD404 651379 4765244 751.2 5.0 0.65 0.02 278 4 OTD404 651377 4765245 746.5 5.0 0.98 0.04 71 4 OTD404 651376 4765246 741.8 5.0 0.96 0.03 310 4 OTD404 651374 4765247 737.1 5.0 1.04 0.04 88 4 OTD404 651373 4765248 734.3 1.0 0.79 0.04 150 4 OTD404 651373 4765249 731.5 5.0 0.51 0.02 92 10 OTD404 651371 4765249 726.8 5.0 0.38 0.02 44 10 OTD404 651370 4765250 722.1 5.0 0.48 0.03 87 10 OTD404 651368 4765251 717.4 5.0 0.72 0.03 47 10 OTD404 651367 4765252 712.7 5.0 0.72 0.03 26 10 OTD404 651361 4765256 693.9 5.0 0.42 0.03 46 10 OTD404 651360 4765257 689.2 5.0 0.89 0.02 68 10 OTD404 651359 4765258 684.5 5.0 0.44 0.01 71 10 OTD404 651357 4765259 679.8 5.0 0.43 0.01 56 10 OTD404 651352 4765264 661.0 5.0 0.41 0.02 80 10 OTD404 651351 4765265 657.7 2.0 0.32 0.02 53 10 OTD404 651350 4765265 654.5 5.0 0.59 0.04 39 4 OTD404 651348 4765266 649.8 5.0 0.69 0.03 51 4 OTD404 651347 4765267 645.5 4.0 0.80 0.02 135 4 OTD404 651346 4765268 641.3 5.0 0.46 0.02 35 16 OTD404 651344 4765269 636.6 5.0 0.55 0.03 36 16 OTD404 651343 4765270 631.9 5.0 0.63 0.02 45 16 OTD404 651342 4765271 629.1 1.0 0.49 0.01 44 16 OTD404 651341 4765271 626.3 5.0 0.72 0.02 39 4 OTD404 651340 4765272 621.6 5.0 0.76 0.04 43 4 OTD404 651339 4765273 616.9 5.0 0.80 0.05 57 4 OTD404 651337 4765274 612.2 5.0 0.54 0.02 63 4 OTD404 651336 4765275 608.9 2.0 0.74 0.04 65 4 OTD404 651335 4765275 605.6 5.0 0.87 0.03 135 1 OTD404 651334 4765276 600.9 5.0 0.98 0.02 90 1 OTD404 651333 4765277 596.7 4.0 1.46 0.03 76 1 OTD404 651331 4765278 592.4 5.0 0.82 0.02 39 4 OTD404 651330 4765279 587.7 5.0 0.90 0.02 107 4 OTD404 651329 4765280 583.0 5.0 0.96 0.02 68 4 OTD404 651327 4765281 578.3 5.0 0.93 0.03 64 4 OTD404 651326 4765283 573.7 5.0 0.74 0.03 39 4 OTD404 651325 4765284 568.9 5.0 0.68 0.03 18 4 OTD404 651323 4765285 564.2 5.0 0.76 0.03 23 4 OTD404 651322 4765286 559.5 5.0 0.78 0.02 49 4 OTD404 651321 4765287 554.8 5.0 0.74 0.03 31 4 OTD404 651319 4765288 551.1 3.0 0.84 0.03 29 4 OTD404 651318 4765288 547.3 5.0 1.30 0.04 16 1 OTD404 651317 4765289 543.5 3.0 2.99 0.09 35 1 OTD404 651316 4765290 539.8 5.0 1.09 0.06 21 16 OTD404 651314 4765292 532.2 5.0 1.28 0.07 158 1 OTD404 651313 4765292 529.4 1.0 2.99 0.23 105 1
\
DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD404 651304 4765300 498.4 5.0 0.32 0.02 61 10 OTD404 651303 4765301 493.7 5.0 0.35 0.02 57 10 OTD404 651302 4765302 488.9 5.0 0.38 0.04 43 10 OTD404 651300 4765303 484.2 5.0 0.35 0.36 369 10 OTD404 651299 4765304 479.5 5.0 0.47 0.04 82 10 OTD404 651298 4765305 475.3 4.0 0.34 0.02 59 10 OTD405 651169 4766839 738.2 5.0 0.38 0.04 10 10 OTD405 651170 4766839 733.3 5.0 0.55 0.06 5 10 OTD405 651172 4766837 718.5 5.0 0.31 0.02 5 10 OTD405 651173 4766837 713.6 5.0 0.36 0.02 7 10 OTD405 651173 4766837 708.6 5.0 0.37 0.03 11 10 OTD405 651174 4766836 703.7 5.0 0.31 0.02 18 10 OTD405 651177 4766834 684.0 5.0 0.56 0.03 23 10 OTD405 651177 4766834 679.0 5.0 0.68 0.07 22 10 OTD405 651178 4766833 674.1 5.0 0.83 0.08 47 10 OTD405 651179 4766833 669.2 5.0 0.42 0.06 21 10 OTD405 651182 4766831 649.4 4.0 0.39 0.03 50 10 OTD405 651183 4766830 639.6 4.0 0.84 0.03 75 10 OTD405 651184 4766830 634.6 5.0 0.59 0.03 110 10 OTD405 651184 4766829 629.7 5.0 0.62 0.03 78 10 OTD405 651186 4766828 614.9 5.0 0.30 0.02 118 10 OTD405 651188 4766827 605.0 5.0 0.34 0.04 59 10 OTD405 651221 4766798 323.6 5.0 0.51 0.32 53 10 OTD405 651222 4766797 318.7 5.0 0.60 0.17 38 10 OTD405 651223 4766796 308.8 5.0 0.30 0.05 70 10 OTD405 651224 4766795 303.9 5.0 0.48 0.04 51 10 OTD405 651225 4766794 294.0 5.0 0.56 0.12 67 10 OTD405 651225 4766794 289.1 5.0 0.56 0.10 52 10 OTD405 651226 4766793 284.1 5.0 0.52 0.22 45 10 OTD405 651227 4766792 279.2 5.0 0.52 0.13 48 10 OTD405 651227 4766792 274.3 5.0 0.56 0.14 93 10 OTD405 651228 4766792 269.3 5.0 0.52 0.15 63 10 OTD407 651347 4765268 797.6 5.0 0.57 0.01 56 10 OTD407 651346 4765269 793.1 5.0 0.41 0.01 98 10 OTD407 651344 4765270 788.7 5.0 0.40 0.01 92 10 OTD407 651343 4765271 786.0 1.0 0.40 0.01 125 10 OTD407 651341 4765272 783.3 5.0 1.04 0.01 102 4 OTD407 651340 4765273 778.9 5.0 1.01 0.01 146 4 OTD407 651338 4765274 774.4 5.0 0.39 0.01 253 4 OTD407 651336 4765276 770.0 5.0 0.46 0.01 98 4 OTD407 651334 4765277 765.5 5.0 0.47 0.01 222 4 OTD407 651332 4765278 761.1 5.0 0.48 0.01 54 4 OTD407 651330 4765280 756.6 5.0 0.96 0.01 35 4 OTD407 651329 4765281 752.2 5.0 0.87 0.01 97 4 OTD407 651327 4765282 747.7 5.0 0.73 0.01 76 4 OTD407 651325 4765284 743.2 5.0 0.81 0.03 57 4 OTD407 651323 4765285 738.8 5.0 0.57 0.01 37 4 OTD407 651321 4765286 734.3 5.0 0.67 0.02 37 4 OTD407 651319 4765288 729.9 5.0 0.67 0.02 44 4 OTD407 651318 4765289 725.4 5.0 0.62 0.02 35 4 OTD407 651316 4765290 721.0 5.0 0.75 0.02 98 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ==================================================================================================================== OTD407 651314 4765292 716.5 5.0 0.98 0.02 73 4 OTD407 651312 4765294 712.0 5.0 1.07 0.02 34 1 OTD407 651310 4765295 707.6 5.0 1.00 0.01 25 1 OTD407 651309 4765297 703.1 5.0 1.13 0.01 10 1 OTD407 651307 4765298 698.7 5.0 1.06 0.02 15 1 OTD407 651305 4765300 694.2 5.0 1.32 0.04 16 1 OTD407 651303 4765301 689.7 5.0 1.34 0.02 13 1 OTD407 651302 4765302 685.3 5.0 1.26 0.03 13 1 OTD407 651300 4765304 680.8 5.0 1.33 0.02 41 1 OTD407 651298 4765305 676.3 5.0 2.02 0.03 30 1 OTD407 651296 4765307 671.9 5.0 1.24 0.01 21 1 OTD407 651295 4765308 667.4 5.0 1.29 0.02 27 1 OTD407 651293 4765310 662.9 5.0 1.11 0.01 21 1 OTD407 651291 4765311 658.4 5.0 1.35 0.01 32 1 OTD407 651289 4765312 654.0 5.0 1.20 0.01 33 1 OTD407 651288 4765314 649.5 5.0 1.25 0.02 18 1 OTD407 651286 4765315 645.0 5.0 1.39 0.01 28 1 OTD407 651284 4765317 640.5 5.0 1.50 0.03 33 1 OTD407 651283 4765318 636.1 5.0 1.44 0.03 58 1 OTD407 651281 4765320 631.6 5.0 1.36 0.02 46 1 OTD407 651279 4765321 627.1 5.0 1.56 0.06 37 1 OTD407 651277 4765322 622.6 5.0 0.66 0.04 30 1 OTD407 651276 4765324 618.1 5.0 0.56 0.03 39 1 OTD407 651274 4765325 613.6 5.0 1.70 0.05 50 1 OTD407 651272 4765326 609.1 5.0 1.60 0.04 44 1 OTD407 651271 4765328 604.7 5.0 0.83 0.02 107 4 OTD407 651269 4765329 600.2 5.0 0.73 0.01 133 4 OTD407 651267 4765330 595.7 5.0 0.69 0.01 73 4 OTD407 651266 4765332 591.2 5.0 0.92 0.01 102 4 OTD407 651264 4765333 586.7 5.0 0.98 0.01 233 4 OTD407 651262 4765334 582.1 5.0 0.64 0.03 157 4 OTD407 651261 4765335 579.0 2.0 0.69 0.01 250 4 OTD407 651260 4765336 575.8 5.0 0.56 0.01 898 10 OTD407 651258 4765338 571.3 5.0 0.44 0.01 250 10 OTD407 651256 4765339 566.8 5.0 0.39 0.03 259 10 OTD407 651255 4765341 562.3 5.0 0.36 0.05 75 10 OTD407 651253 4765342 557.8 5.0 0.45 0.06 77 10 OTD407 651252 4765344 553.3 5.0 0.58 0.04 111 10 OTD407 651250 4765345 548.8 5.0 0.40 0.04 99 10 OTD407 651248 4765346 544.3 5.0 0.46 0.04 64 10 OTD407 651247 4765348 539.8 5.0 0.69 0.05 150 10 OTD407 651245 4765349 535.2 5.0 0.56 0.04 102 10 OTD407 651243 4765350 530.7 5.0 0.42 0.02 89 10 OTD407 651242 4765351 528.0 1.0 0.48 0.01 105 10 OTD407 651241 4765352 525.3 5.0 0.82 0.01 123 4 OTD407 651240 4765353 520.8 5.0 0.95 0.01 119 4 OTD407 651238 4765355 516.7 4.0 0.83 0.01 72 4 OTD407 651237 4765356 512.6 5.0 0.77 0.01 145 10 OTD407 651235 4765357 508.1 5.0 0.45 0.01 419 10 OTD407 651234 4765359 503.6 5.0 0.32 0.01 168 10 OTD407 651230 4765362 494.5 5.0 0.35 0.01 153 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD407 651224 4765367 476.4 5.0 0.30 0.04 215 10 OTD407 651219 4765372 462.9 5.0 0.35 0.05 56 10 OTD407 651218 4765373 458.3 5.0 0.32 0.06 97 10 OTD407 651216 4765375 453.8 5.0 0.48 0.07 162 10 OTD407 651215 4765376 449.3 5.0 0.37 0.04 106 10 OTD407 651213 4765378 444.7 5.0 0.52 0.13 130 10 OTD407 651210 4765381 435.7 5.0 0.37 0.07 132 10 OTD407 651203 4765388 413.0 5.0 0.33 0.06 199 10 OTD409 651644 4767210 297.0 5.0 0.33 0.01 62 10 OTD409 651644 4767210 292.0 5.0 0.40 0.02 53 10 OTD409 651644 4767210 287.0 5.0 0.38 0.01 23 10 OTD409 651645 4767210 282.0 5.0 1.46 0.02 20 10 OTD409 651645 4767209 277.0 5.0 1.11 0.03 51 10 OTD409 651645 4767208 262.0 5.0 0.41 0.01 58 10 OTD409 651646 4767208 257.1 5.0 0.72 0.02 27 10 OTD409 651646 4767207 252.1 5.0 1.02 0.02 32 10 OTD409 651646 4767207 248.6 2.0 0.96 0.02 21 10 OTD409 651646 4767207 245.1 5.0 0.34 0.01 10 5 OTD409 651646 4767207 240.1 5.0 0.52 0.01 11 5 OTD409 651646 4767206 235.1 5.0 0.74 0.01 12 5 OTD409 651647 4767206 230.1 5.0 0.85 0.01 17 5 OTD409 651647 4767206 226.6 2.0 0.85 0.02 19 5 OTD409 651647 4767206 223.1 5.0 1.30 0.01 19 2 OTD409 651647 4767206 218.1 5.0 1.05 0.01 24 2 OTD409 651647 4767206 213.1 5.0 1.02 0.02 24 2 OTD409 651647 4767205 203.2 5.0 0.89 0.01 10 2 OTD409 651648 4767205 198.2 5.0 1.13 0.02 16 2 OTD409 651648 4767205 193.2 5.0 1.23 0.02 28 2 OTD409 651648 4767204 188.2 5.0 1.24 0.03 34 2 OTD409 651648 4767204 178.2 5.0 0.42 0.01 9 2 OTD409 651649 4767203 173.2 5.0 1.35 0.02 17 2 OTD409 651649 4767203 168.2 5.0 1.05 0.01 172 2 OTD409 651649 4767203 163.2 5.0 1.14 0.02 9 2 OTD409 651649 4767202 158.3 5.0 1.51 0.03 18 2 OTD409 651649 4767202 153.3 5.0 1.30 0.04 7 2 OTD409 651649 4767202 148.3 5.0 1.25 0.05 10 2 OTD409 651650 4767201 143.8 4.0 1.38 0.07 17 2 OTD409 651650 4767201 139.3 5.0 2.34 0.05 10 7 OTD409 651650 4767201 134.3 5.0 3.37 0.05 14 7 OTD409 651650 4767201 129.3 5.0 2.70 0.07 9 7 OTD409 651650 4767200 124.3 5.0 1.63 0.05 5 7 OTD409 651650 4767200 119.4 5.0 2.59 0.07 7 7 OTD409 651651 4767200 114.4 5.0 1.41 0.08 16 7 OTD409 651651 4767199 109.4 5.0 2.60 0.15 42 7 OTD409 651651 4767199 104.4 5.0 2.71 0.08 24 7 OTD409 651651 4767198 94.4 5.0 1.53 0.14 11 2 OTD409 651651 4767198 89.5 5.0 0.38 0.08 19 2 OTD409 651652 4767198 84.5 5.0 1.78 0.64 42 2 OTD409 651652 4767197 79.5 5.0 2.03 0.75 90 2 OTD409 651652 4767197 74.5 5.0 1.83 0.65 89 2 OTD409 651652 4767196 69.5 5.0 1.39 0.54 69 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ==================================================================================================================== OTD409 651652 4767196 64.5 5.0 0.68 0.21 5 2 OTD409 651652 4767195 60.0 4.0 0.85 0.29 14 2 OTD409 651652 4767195 55.6 5.0 2.22 0.84 103 7 OTD409 651653 4767195 50.6 5.0 2.78 1.75 76 7 OTD409 651653 4767195 45.6 5.0 3.63 2.08 61 7 OTD409 651653 4767194 40.6 5.0 3.88 1.63 73 7 OTD409 651653 4767194 35.6 5.0 4.01 2.23 48 7 OTD409 651653 4767194 30.6 5.0 3.57 1.92 61 7 OTD409 651653 4767193 25.7 5.0 3.23 1.82 159 7 OTD409 651653 4767193 20.7 5.0 5.16 2.87 101 7 OTD409 651654 4767192 15.7 5.0 4.80 2.74 54 7 OTD409 651654 4767192 10.7 5.0 4.24 2.23 52 7 OTD409 651654 4767191 5.7 5.0 3.41 1.60 50 7 OTD409 651654 4767191 0.7 5.0 2.41 1.28 32 7 OTD409 651654 4767191 -4.2 5.0 1.54 0.65 38 7 OTD409 651654 4767190 -9.2 5.0 3.31 1.78 63 7 OTD409 651655 4767190 -14.2 5.0 0.76 0.17 36 2 OTD409 651655 4767189 -19.2 5.0 0.73 0.25 78 2 OTD409 651655 4767189 -22.9 2.4 1.33 0.48 66 2 OTD409A 651753 4767208 195.6 5.0 1.41 0.01 38 10 OTD409A 651755 4767207 190.7 5.0 1.43 0.06 126 10 OTD409A 651756 4767207 185.9 5.0 1.42 0.02 112 10 OTD409A 651757 4767207 181.0 5.0 0.46 0.05 149 10 OTD409A 651758 4767206 176.2 5.0 0.77 0.02 33 10 OTD409A 651763 4767205 156.8 5.0 0.32 0.01 43 10 OTD409A 651774 4767201 108.3 5.0 0.35 0.01 96 10 OTD409A 651775 4767200 103.4 5.0 0.62 0.02 91 10 OTD409A 651792 4767194 31.7 5.0 0.47 0.01 147 2 OTD409A 651793 4767193 26.8 5.0 1.75 0.02 162 2 OTD409A 651795 4767193 22.0 5.0 0.49 0.01 77 2 OTD409A 651796 4767192 17.1 5.0 1.01 0.02 253 2 OTD409A 651797 4767192 12.3 5.0 0.98 0.01 118 2 OTD409A 651798 4767191 7.4 5.0 0.80 0.01 152 2 OTD409A 651799 4767191 2.6 2.0 0.72 0.01 94 2 OTD409A 651813 4767185 -55.6 3.0 1.79 0.02 26 2 OTD409A 651814 4767185 -60.4 5.0 1.73 0.02 15 2 OTD409A 651815 4767184 -65.2 5.0 1.48 0.02 19 2 OTD409A 651816 4767184 -70.1 5.0 1.50 0.03 28 2 OTD409A 651818 4767183 -74.9 5.0 1.99 0.04 25 2 OTD409A 651819 4767183 -79.7 5.0 1.79 0.04 19 2 OTD409A 651820 4767182 -84.5 5.0 1.33 0.03 23 2 OTD409A 651821 4767182 -89.3 5.0 0.93 0.02 22 2 OTD409A 651823 4767181 -94.1 5.0 0.87 0.03 18 2 OTD409A 651824 4767180 -98.9 5.0 1.21 0.03 23 2 OTD409A 651825 4767180 -103.7 5.0 1.41 0.04 19 2 OTD409A 651827 4767179 -108.5 5.0 1.96 0.02 44 2 OTD409A 651828 4767179 -113.3 5.0 0.41 0.01 13 2 OTD409A 651829 4767179 -118.1 5.0 0.77 0.02 34 2 OTD409A 651831 4767178 -122.8 5.0 1.08 0.02 34 2 OTD409A 651832 4767177 -127.6 5.0 0.76 0.05 71 2 OTD409A 651833 4767177 -132.4 5.0 1.04 0.05 58 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ==================================================================================================================== OTD409A 651835 4767176 -137.1 5.0 2.10 0.11 63 2 OTD409A 651836 4767175 -141.4 4.0 1.74 0.15 52 2 OTD409A 651837 4767175 -145.7 5.0 0.44 0.02 71 5 OTD409A 651839 4767174 -150.5 5.0 0.78 0.02 36 5 OTD409A 651840 4767174 -155.3 5.0 0.80 0.02 29 5 OTD409A 651841 4767173 -160.0 5.0 0.68 0.01 34 5 OTD409A 651843 4767172 -164.8 5.0 1.10 0.04 51 5 OTD409A 651844 4767171 -168.6 3.0 1.79 0.05 28 5 OTD410 651260 4765219 754.4 1.0 0.54 0.02 62 10 OTD410 651259 4765220 751.8 5.0 0.88 0.02 44 4 OTD410 651257 4765222 747.5 5.0 1.15 0.03 29 4 OTD410 651255 4765223 743.1 5.0 1.06 0.01 11 4 OTD410 651254 4765225 738.8 5.0 0.97 0.02 5 4 OTD410 651252 4765227 734.5 5.0 1.25 0.02 12 4 OTD410 651250 4765228 730.1 5.0 0.87 0.02 18 4 OTD410 651249 4765230 725.8 5.0 0.93 0.01 23 4 OTD410 651247 4765232 721.4 5.0 0.95 0.03 26 4 OTD410 651245 4765234 717.1 5.0 0.36 0.01 8 4 OTD410 651243 4765236 712.8 5.0 0.93 0.03 19 4 OTD410 651242 4765238 708.4 5.0 0.78 0.04 130 1 OTD410 651240 4765240 704.1 5.0 0.89 0.03 61 1 OTD410 651239 4765241 701.1 2.0 0.95 0.02 68 1 OTD410 651238 4765242 698.0 2.0 1.12 0.02 93 16 OTD410 651229 4765252 675.5 5.0 0.63 0.01 37 1 OTD410 651228 4765254 671.2 5.0 1.41 0.02 58 1 OTD410 651226 4765256 666.8 5.0 1.37 0.02 49 1 OTD410 651225 4765258 662.5 5.0 1.26 0.04 33 1 OTD410 651223 4765260 658.1 5.0 1.11 0.02 31 1 OTD410 651221 4765262 653.8 5.0 1.05 0.01 30 1 OTD410 651220 4765264 649.4 5.0 1.13 0.01 37 1 OTD410 651218 4765265 645.1 5.0 1.04 0.01 50 1 OTD410 651217 4765267 640.7 5.0 1.64 0.03 60 1 OTD410 651215 4765269 636.4 5.0 1.44 0.03 71 1 OTD410 651214 4765271 632.0 5.0 1.60 0.01 42 1 OTD410 651212 4765273 627.6 5.0 0.95 0.02 24 1 OTD410 651211 4765275 623.3 5.0 0.99 0.01 20 1 OTD410 651209 4765277 618.9 5.0 0.98 0.01 19 1 OTD410 651202 4765287 597.0 5.0 0.40 0.03 70 10 OTD410 651201 4765289 592.6 5.0 0.36 0.03 81 10 OTD410 651196 4765297 575.0 5.0 0.35 0.08 190 10 OTD410 651195 4765299 570.6 5.0 0.48 0.09 131 10 OTD410 651193 4765301 566.2 5.0 0.42 0.05 60 10 OTD410 651192 4765303 561.8 5.0 0.55 0.05 53 10 OTD410 651191 4765305 557.4 5.0 0.43 0.06 89 10 OTD410 651189 4765307 553.0 5.0 0.66 0.04 75 10 OTD410 651188 4765309 548.6 5.0 0.49 0.06 147 10 OTD410 651187 4765311 544.2 5.0 0.41 0.03 61 10 OTD410 651185 4765313 539.8 5.0 0.35 0.04 89 10 OTD410 651184 4765315 535.4 5.0 0.37 0.02 81 10 OTD410 651183 4765317 531.0 5.0 0.31 0.03 44 10 OTD410 651178 4765325 513.4 5.0 0.33 0.03 49 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD410 651176 4765327 508.9 5.0 0.33 0.03 56 10 OTD410 651175 4765328 504.5 5.0 0.37 0.10 78 10 OTD410 651166 4765342 473.7 5.0 0.34 0.07 41 10 OTD410 651165 4765344 469.3 5.0 0.39 0.07 61 10 OTD411 651572 4766213 661.3 5.0 0.41 0.05 16 5 OTD411 651570 4766215 657.0 2.0 0.35 0.02 5 2 OTD411 651567 4766218 648.4 5.0 1.46 0.06 16 2 OTD411 651565 4766220 644.1 5.0 0.80 0.02 18 2 OTD411 651563 4766222 639.8 5.0 1.09 0.01 16 2 OTD411 651562 4766224 635.5 5.0 1.34 0.02 12 2 OTD411 651560 4766226 631.2 5.0 1.42 0.03 10 2 OTD411 651559 4766228 627.8 3.0 1.34 0.04 10 2 OTD411 651557 4766230 624.4 5.0 0.36 0.01 5 19 OTD411 651556 4766231 620.1 3.0 0.65 0.03 5 19 OTD411 651541 4766249 581.8 1.0 2.68 0.10 53 19 OTD411 651539 4766251 577.6 5.0 2.12 0.10 103 19 OTD411 651537 4766253 573.4 5.0 0.32 0.02 26 19 OTD411 651533 4766258 563.3 5.0 0.81 0.15 34 2 OTD411 651532 4766261 559.1 5.0 1.73 0.08 48 2 OTD411 651530 4766263 554.9 5.0 1.48 0.08 35 2 OTD411 651528 4766265 550.7 5.0 1.49 0.12 13 2 OTD411 651527 4766267 547.0 4.0 1.61 0.11 24 2 OTD411 651526 4766269 543.2 5.0 0.86 0.06 10 5 OTD411 651524 4766271 539.0 5.0 0.61 0.05 13 5 OTD411 651522 4766274 534.9 5.0 1.06 0.07 58 5 OTD411 651521 4766276 530.8 5.0 1.10 0.07 37 5 OTD411 651519 4766278 526.6 5.0 0.88 0.07 34 5 OTD411 651517 4766280 522.5 5.0 0.96 0.04 18 5 OTD411 651516 4766283 518.3 5.0 1.02 0.09 35 5 OTD411 651514 4766285 514.2 5.0 0.98 0.12 40 5 OTD411 651513 4766287 510.0 5.0 0.73 0.05 48 5 OTD411 651511 4766290 505.9 5.0 0.66 0.07 105 5 OTD411 651509 4766292 501.8 5.0 1.03 0.05 80 5 OTD411 651508 4766294 497.7 5.0 0.69 0.02 94 5 OTD411 651506 4766297 493.6 5.0 0.94 0.07 107 2 OTD411 651504 4766299 489.5 5.0 1.40 0.31 91 2 OTD411 651503 4766301 485.7 4.3 1.55 0.25 127 2 OTD411A 651533 4766258 562.6 1.5 1.44 0.07 30 2 OTD411A 651531 4766261 558.4 5.0 1.81 0.11 81 2 OTD411A 651530 4766263 554.2 5.0 1.02 0.02 12 2 OTD411A 651528 4766265 550.0 5.0 1.42 0.02 13 2 OTD411A 651527 4766267 546.9 2.5 1.81 0.08 21 2 OTD411A 651526 4766268 543.8 5.0 1.12 0.05 15 5 OTD411A 651524 4766270 539.6 5.0 0.72 0.01 74 5 OTD411A 651522 4766273 535.5 5.0 1.29 0.02 114 5 OTD411A 651521 4766275 531.3 5.0 1.30 0.05 119 5 OTD411A 651519 4766277 527.2 5.0 0.78 0.02 27 5 OTD411A 651518 4766279 523.0 5.0 0.90 0.07 35 5 OTD411A 651516 4766282 518.9 5.0 1.18 0.09 47 5 OTD411A 651514 4766284 514.7 5.0 0.54 0.07 34 5 OTD411A 651513 4766286 510.6 5.0 0.66 0.03 51 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ==================================================================================================================== OTD411A 651509 4766291 502.3 5.0 0.73 0.04 56 5 OTD411A 651508 4766293 498.3 5.0 0.78 0.07 55 5 OTD411A 651506 4766296 494.2 5.0 0.73 0.08 69 2 OTD411A 651505 4766298 490.1 5.0 0.65 0.06 49 2 OTD411A 651503 4766301 486.0 5.0 1.43 0.12 95 2 OTD411A 651501 4766303 481.9 5.0 1.89 0.24 127 2 OTD411A 651500 4766305 477.8 5.0 1.01 0.11 78 2 OTD411A 651498 4766307 473.8 5.0 1.00 0.37 126 2 OTD411A 651496 4766310 469.7 5.0 0.86 0.14 135 2 OTD411A 651495 4766312 465.7 5.0 1.33 0.21 233 2 OTD411A 651493 4766314 461.6 5.0 0.84 0.08 69 5 OTD411A 651491 4766317 457.6 5.0 0.96 0.08 104 5 OTD411A 651490 4766319 453.5 5.0 0.75 0.12 64 5 OTD411A 651488 4766322 449.5 5.0 0.45 0.12 14 5 OTD411A 651487 4766325 445.4 5.0 0.55 0.11 19 5 OTD411A 651485 4766327 441.4 5.0 0.60 0.11 25 5 OTD411A 651483 4766329 437.4 5.0 0.43 0.08 12 5 OTD411A 651482 4766332 433.3 5.0 0.75 0.21 39 5 OTD411A 651480 4766334 429.3 5.0 1.84 0.08 63 5 OTD411A 651478 4766337 425.3 5.0 1.50 0.08 47 5 OTD411A 651477 4766339 421.2 5.0 1.27 0.06 55 5 OTD411A 651475 4766342 417.2 5.0 0.91 0.02 56 5 OTD411A 651473 4766344 413.2 5.0 1.04 0.06 95 5 OTD411A 651472 4766347 409.2 5.0 0.92 0.04 190 5 OTD411A 651470 4766349 405.2 5.0 1.01 0.05 131 5 OTD411A 651468 4766352 401.2 5.0 1.51 0.08 149 5 OTD411A 651467 4766353 398.5 1.8 1.69 0.10 195 5 OTD412 651550 4766801 462.7 2.0 0.30 0.07 5 18 OTD412 651550 4766800 457.8 5.0 0.35 0.04 14 18 OTD412 651551 4766799 442.9 5.0 0.51 0.08 24 18 OTD412 651552 4766798 437.9 5.0 1.41 0.11 21 18 OTD412 651552 4766798 432.9 5.0 1.75 0.14 37 18 OTD412 651552 4766798 428.0 5.0 0.44 0.03 22 18 OTD412 651553 4766797 423.0 5.0 0.81 0.04 41 18 OTD412 651553 4766797 418.0 5.0 0.53 0.05 25 18 OTD412 651558 4766791 348.5 5.0 0.49 0.09 39 18 OTD412 651558 4766791 345.5 1.0 1.32 0.11 57 18 OTD412 651559 4766791 342.5 5.0 1.09 0.08 57 2 OTD412 651559 4766790 337.6 5.0 0.87 0.12 58 2 OTD412 651559 4766790 332.6 5.0 1.16 0.13 131 2 OTD412 651560 4766789 327.6 5.0 1.68 0.13 97 2 OTD412 651560 4766789 322.7 5.0 1.85 0.13 90 2 OTD412 651561 4766788 317.7 5.0 0.79 0.05 36 2 OTD412 651561 4766788 312.8 5.0 1.76 0.04 53 2 OTD412 651561 4766787 307.8 5.0 1.72 0.04 119 2 OTD412 651562 4766787 302.8 5.0 1.75 0.14 315 2 OTD412 651562 4766786 297.9 5.0 1.52 0.11 139 2 OTD412 651563 4766786 293.4 4.0 0.93 0.04 73 2 OTD412 651563 4766786 288.9 5.0 0.53 0.01 25 5 OTD412 651564 4766785 279.0 5.0 0.83 0.02 28 5 OTD412 651564 4766784 274.1 5.0 0.77 0.04 68 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD412 651565 4766784 269.1 5.0 0.94 0.12 66 5 OTD412 651565 4766783 264.1 5.0 1.03 0.11 73 5 OTD413 651522 4766587 520.0 5.0 0.55 0.12 11 18 OTD413 651523 4766587 515.0 5.0 0.55 0.10 19 18 OTD413 651523 4766587 510.1 5.0 0.37 0.09 12 18 OTD413 651524 4766586 500.1 5.0 0.65 0.12 27 18 OTD413 651525 4766585 486.7 2.0 0.44 0.06 10 18 OTD413 651525 4766584 483.2 2.0 0.32 0.02 35 10 OTD413 651526 4766583 469.3 5.0 0.71 0.08 15 5 OTD413 651526 4766583 466.3 1.0 0.90 0.10 23 5 OTD413 651526 4766583 463.3 5.0 1.54 0.17 43 2 OTD413 651527 4766583 458.3 3.0 0.47 0.08 12 2 OTD413 651527 4766582 448.4 4.0 0.55 0.15 8 2 OTD413 651528 4766581 443.4 5.0 0.59 0.09 53 2 OTD413 651528 4766581 438.4 5.0 0.87 0.12 30 2 OTD413 651528 4766581 433.5 5.0 1.23 0.15 47 2 OTD413 651529 4766580 428.5 5.0 1.38 0.17 63 2 OTD413 651529 4766580 423.5 5.0 1.14 0.10 50 2 OTD413 651529 4766580 418.5 5.0 0.32 0.01 32 2 OTD413 651530 4766580 413.5 5.0 1.49 0.07 59 2 OTD413 651530 4766579 408.6 5.0 1.33 0.10 44 2 OTD413 651530 4766579 403.6 5.0 1.26 0.11 37 2 OTD413 651531 4766578 398.6 5.0 0.84 0.05 54 2 OTD413 651531 4766578 393.6 5.0 1.12 0.05 50 2 OTD413 651531 4766577 388.7 5.0 1.31 0.12 27 2 OTD413 651531 4766577 383.7 5.0 1.36 0.13 57 2 OTD413 651532 4766576 378.7 5.0 1.06 0.06 58 2 OTD413 651532 4766576 373.7 5.0 0.91 0.08 55 2 OTD413 651533 4766576 368.8 5.0 1.21 0.17 127 2 OTD413 651533 4766575 363.8 5.0 2.00 0.34 120 2 OTD413 651533 4766575 358.8 5.0 1.57 0.23 137 2 OTD413 651533 4766575 354.3 4.0 1.41 0.17 82 2 OTD413 651534 4766574 349.9 5.0 0.52 0.07 45 5 OTD415 651436 4766275 784.2 2.0 0.96 0.03 17 4 OTD415 651437 4766274 780.8 5.0 1.07 0.02 16 1 OTD415 651438 4766274 778.0 1.0 1.65 0.05 13 1 OTD415 651439 4766273 775.2 5.0 1.23 0.05 9 2 OTD415 651440 4766272 770.4 5.0 2.08 0.12 18 2 OTD415 651441 4766271 765.7 5.0 1.37 0.07 52 2 OTD415 651442 4766270 760.9 5.0 1.47 0.07 28 2 OTD415 651444 4766269 756.2 5.0 0.51 0.03 5 2 OTD415 651445 4766268 751.4 5.0 2.15 0.06 5 2 OTD415 651446 4766267 746.7 5.0 1.55 0.03 9 2 OTD415 651447 4766266 741.9 5.0 1.65 0.05 5 2 OTD415 651449 4766266 737.2 5.0 1.58 0.02 5 2 OTD415 651450 4766265 732.4 5.0 2.07 0.06 5 2 OTD415 651451 4766264 727.7 5.0 1.85 0.07 9 2 OTD415 651452 4766263 723.0 5.0 1.15 0.02 13 2 OTD415 651454 4766262 718.2 5.0 1.50 0.01 19 2 OTD415 651455 4766261 713.5 5.0 1.71 0.01 13 2 OTD415 651456 4766260 708.7 5.0 1.59 0.01 13 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD415 651457 4766259 704.0 5.0 1.81 0.02 33 2 OTD415 651459 4766258 699.3 5.0 1.08 0.01 18 2 OTD415 651460 4766257 694.5 5.0 1.17 0.05 8 2 OTD415 651461 4766256 689.8 5.0 1.00 0.02 9 2 OTD415 651463 4766255 685.1 5.0 1.25 0.03 32 2 OTD415 651464 4766254 680.4 5.0 1.90 0.06 49 2 OTD415 651465 4766253 675.6 5.0 1.31 0.02 5 2 OTD415 651466 4766251 670.9 5.0 1.32 0.04 6 2 OTD415 651468 4766250 666.2 5.0 1.21 0.03 15 2 OTD415 651469 4766249 661.4 5.0 1.35 0.03 5 2 OTD415 651470 4766248 656.7 5.0 1.29 0.04 5 2 OTD415 651471 4766247 652.0 5.0 1.26 0.02 7 2 OTD415 651472 4766246 648.2 3.0 1.39 0.02 19 2 OTD415 651473 4766246 644.4 5.0 0.44 0.01 8 5 OTD415 651474 4766244 639.7 5.0 0.53 0.03 5 5 OTD415 651476 4766243 635.0 5.0 1.08 0.05 7 5 OTD415 651477 4766242 630.2 5.0 1.03 0.04 7 5 OTD415 651478 4766241 625.5 5.0 0.61 0.06 5 5 OTD415 651479 4766240 620.8 5.0 0.77 0.03 9 5 OTD415 651481 4766239 616.1 5.0 1.14 0.04 7 5 OTD415 651482 4766238 611.3 5.0 0.77 0.02 19 5 OTD415 651483 4766237 608.0 2.0 0.77 0.03 5 5 OTD415 651484 4766237 604.7 5.0 1.40 0.05 11 2 OTD415 651485 4766236 600.0 5.0 1.41 0.06 13 2 OTD415 651486 4766235 595.2 5.0 0.64 0.03 6 2 OTD415 651487 4766234 590.5 5.0 1.54 0.21 72 2 OTD415 651488 4766232 585.8 5.0 1.03 0.21 178 2 OTD415 651490 4766231 581.1 5.0 0.66 0.18 71 2 OTD415 651491 4766230 576.3 5.0 0.62 0.04 91 2 OTD415 651492 4766229 571.6 5.0 0.50 0.01 60 2 OTD415 651493 4766228 566.9 5.0 1.43 0.05 184 2 OTD415 651494 4766227 562.1 5.0 2.11 0.11 111 2 OTD415 651496 4766226 557.4 5.0 0.68 0.04 46 5 OTD415 651497 4766225 552.7 5.0 0.44 0.04 51 5 OTD415 651498 4766224 548.0 4.0 0.53 0.06 57 5 OTD415 651503 4766219 529.0 5.0 0.62 0.05 57 5 OTD415 651504 4766218 524.3 5.0 0.32 0.04 22 5 OTD415 651505 4766217 519.6 5.0 0.59 0.11 77 5 OTD415 651506 4766216 514.9 5.0 0.86 0.07 70 5 OTD415 651507 4766215 510.1 5.0 1.34 0.07 174 5 OTD415 651508 4766214 507.5 0.5 1.50 0.05 80 5 OTD417 651241 4765051 722.4 5.0 0.36 0.05 53 10 OTD417 651219 4765067 647.5 5.0 0.42 0.08 28 10 OTD417 651218 4765068 642.8 5.0 0.58 0.07 151 10 OTD417 651216 4765069 638.1 5.0 0.52 0.09 64 10 OTD417 651216 4765070 635.3 1.0 0.45 0.09 45 10 OTD418 651343 4766232 661.4 5.0 0.46 0.03 14 2 OTD418 651344 4766231 656.5 5.0 1.17 0.10 19 2 OTD418 651344 4766231 651.5 5.0 1.25 0.11 18 2 OTD418 651345 4766230 646.6 5.0 0.78 0.06 23 2 OTD418 651345 4766230 641.6 5.0 0.90 0.03 29 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ==================================================================================================================== OTD418 651346 4766229 636.7 5.0 1.33 0.03 50 2 OTD418 651346 4766229 631.8 5.0 0.83 0.04 48 2 OTD418 651347 4766228 626.8 5.0 1.20 0.04 55 2 OTD418 651347 4766228 621.9 5.0 1.36 0.11 58 2 OTD418 651348 4766227 616.9 5.0 1.29 0.15 132 2 OTD418 651348 4766227 612.0 5.0 1.26 0.15 68 2 OTD418 651349 4766227 609.0 1.0 1.21 0.44 44 2 OTD418 651349 4766226 606.0 5.0 0.55 0.12 27 5 OTD418 651350 4766226 601.1 5.0 0.71 0.06 53 5 OTD418 651350 4766225 596.1 5.0 0.84 0.03 54 5 OTD418 651351 4766225 591.2 5.0 0.86 0.01 104 5 OTD418 651351 4766224 586.2 5.0 1.06 0.06 60 5 OTD418 651352 4766223 581.3 5.0 0.76 0.05 50 5 OTD418 651352 4766223 576.3 5.0 1.17 0.15 94 5 OTD418 651353 4766222 571.4 5.0 1.06 0.17 74 5 OTD418 651353 4766222 566.4 5.0 1.04 0.05 76 5 OTD418 651353 4766221 561.5 5.0 0.86 0.07 85 5 OTD418 651354 4766221 556.5 5.0 0.97 0.08 89 5 OTD418 651354 4766220 551.6 5.0 0.89 0.11 162 5 OTD418 651355 4766220 546.6 5.0 0.83 0.06 134 5 OTD418 651355 4766219 541.7 5.0 1.05 0.08 159 5 OTD418 651356 4766219 536.7 5.0 0.69 0.07 132 5 OTD418 651356 4766218 531.8 5.0 0.97 0.14 154 5 OTD418 651357 4766218 526.8 5.0 0.99 0.07 105 5 OTD418 651357 4766217 521.9 5.0 0.79 0.04 88 5 OTD418 651357 4766217 516.9 5.0 0.83 0.06 100 5 OTD418 651358 4766216 512.0 5.0 0.62 0.03 106 5 OTD418 651358 4766216 508.5 2.0 0.68 0.06 88 5 OTD418 651359 4766214 490.2 5.0 0.35 0.05 107 18 OTD418 651360 4766213 485.2 5.0 0.33 0.11 172 18 OTD418 651360 4766212 480.3 5.0 0.49 0.08 116 18 OTD419 651430 4766879 458.0 5.0 0.84 0.09 76 18 OTD419 651430 4766879 453.0 5.0 0.62 0.06 32 18 OTD419 651431 4766878 448.0 5.0 0.79 0.08 39 18 OTD419 651431 4766878 443.0 5.0 0.62 0.09 33 18 OTD419 651431 4766878 438.0 5.0 1.32 0.23 75 18 OTD419 651435 4766872 348.3 4.5 0.35 0.06 22 18 OTD419 651437 4766869 298.4 5.0 0.44 0.07 68 18 OTD419 651437 4766869 293.4 5.0 0.50 0.09 47 18 OTD419 651438 4766869 288.4 5.0 0.50 0.09 48 18 OTD419 651438 4766868 283.5 5.0 0.54 0.07 62 18 OTD419 651438 4766868 278.5 0.5 0.51 0.03 35 18 OTD419 651440 4766866 253.5 5.0 0.31 0.06 43 18 OTD419 651440 4766866 248.6 5.0 0.37 0.09 82 18 OTD419 651441 4766865 228.6 5.0 0.49 0.06 68 18 OTD419 651442 4766864 209.9 2.5 0.33 0.07 5 18 OTD419 651442 4766863 206.2 5.0 0.57 0.09 37 5 OTD419 651442 4766863 202.2 3.0 1.16 0.12 84 5 OTD419 651442 4766862 193.2 5.0 0.82 0.09 48 2 OTD419 651442 4766862 188.3 5.0 1.08 0.09 55 2 OTD419 651443 4766862 183.3 5.0 0.99 0.13 63 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD419 651443 4766861 178.3 5.0 0.96 0.19 49 2 OTD419 651443 4766861 173.3 5.0 1.10 0.14 62 2 OTD419 651443 4766861 168.3 5.0 0.86 0.13 66 2 OTD419 651443 4766860 163.3 5.0 1.61 0.14 134 2 OTD419 651444 4766860 158.4 5.0 1.52 0.11 88 2 OTD419 651444 4766859 153.4 5.0 1.35 0.12 119 2 OTD419 651444 4766859 148.4 5.0 0.42 0.10 31 2 OTD419 651444 4766858 138.4 5.0 0.59 0.08 111 2 OTD419 651445 4766858 133.4 5.0 0.87 0.13 159 2 OTD419 651445 4766858 128.5 5.0 1.00 0.21 96 2 OTD419 651445 4766857 123.5 5.0 1.47 0.24 102 2 OTD419 651445 4766857 118.5 5.0 0.99 0.17 94 2 OTD419 651445 4766856 113.5 5.0 1.04 0.10 150 2 OTD419 651446 4766856 108.5 5.0 0.86 0.09 186 2 OTD419 651446 4766856 103.6 5.0 0.93 0.16 170 2 OTD419 651446 4766855 98.6 5.0 0.94 0.10 121 2 OTD419 651446 4766855 93.6 5.0 1.23 0.21 191 2 OTD419 651446 4766854 88.6 5.0 1.44 0.25 177 2 OTD419 651446 4766854 84.6 3.0 1.07 0.14 108 2 OTD419 651447 4766854 80.6 5.0 1.25 0.16 99 7 OTD419 651447 4766853 75.6 5.0 0.93 0.12 63 7 OTD419 651447 4766853 70.7 5.0 1.19 0.17 162 7 OTD419 651447 4766853 65.7 5.0 1.51 0.16 130 7 OTD419 651447 4766853 60.7 5.0 1.15 0.15 86 7 OTD419 651448 4766852 55.7 5.0 1.60 0.18 85 7 OTD419 651448 4766852 50.7 5.0 1.61 0.19 160 7 OTD419 651448 4766851 45.7 5.0 2.67 0.20 150 7 OTD419 651448 4766851 40.8 5.0 1.52 0.15 126 7 OTD419 651448 4766851 35.8 5.0 1.52 0.19 124 7 OTD419 651448 4766850 30.8 5.0 1.43 0.34 85 7 OTD419 651449 4766850 25.8 5.0 1.66 0.23 160 7 OTD419 651449 4766850 22.3 2.0 1.35 0.17 83 7 OTD419 651449 4766850 18.8 5.0 1.03 0.10 86 2 OTD419 651449 4766849 13.8 5.0 0.31 0.06 26 2 OTD419 651449 4766848 -1.1 5.0 1.07 0.22 56 2 OTD419 651450 4766848 -6.1 5.0 0.88 0.16 41 2 OTD419 651450 4766847 -11.1 5.0 1.43 0.24 117 2 OTD419 651450 4766847 -16.1 5.0 1.03 0.34 107 2 OTD419 651450 4766847 -21.1 5.0 1.18 0.18 27 2 OTD419 651450 4766846 -31.0 5.0 1.16 0.31 23 2 OTD419 651451 4766846 -36.0 5.0 1.77 0.49 45 2 OTD419 651451 4766845 -41.0 5.0 0.92 0.32 16 2 OTD419 651451 4766845 -46.0 5.0 0.96 0.29 25 2 OTD419 651451 4766845 -51.0 5.0 0.93 0.36 32 2 OTD419 651451 4766844 -55.9 5.0 1.17 0.96 28 2 OTD419 651451 4766844 -60.9 5.0 1.48 0.50 28 2 OTD419 651452 4766843 -65.9 5.0 1.52 0.37 44 2 OTD419 651452 4766843 -70.9 5.0 0.80 0.30 63 2 OTD419 651452 4766843 -75.9 5.0 1.36 1.08 84 2 OTD419 651452 4766842 -80.9 5.0 1.04 0.36 34 2 OTD419 651452 4766842 -85.8 5.0 1.05 0.39 48 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ==================================================================================================================== OTD419 651453 4766841 -90.8 5.0 0.97 0.28 31 2 OTD419 651453 4766841 -93.8 1.0 1.11 0.36 28 2 OTD419 651453 4766841 -101.8 5.0 0.43 0.22 37 18 OTD419 651453 4766840 -106.8 5.0 0.36 0.40 13 18 OTD419 651454 4766839 -118.7 5.0 1.12 0.54 16 5 OTD419 651454 4766839 -123.7 5.0 0.46 0.56 57 5 OTD419 651454 4766839 -128.7 5.0 0.85 0.40 28 10 OTD419 651454 4766838 -133.7 5.0 0.88 0.75 31 10 OTD419 651454 4766838 -138.6 5.0 0.45 0.16 55 10 OTD419 651455 4766837 -143.6 5.0 0.63 0.26 58 10 OTD419 651455 4766837 -148.6 5.0 0.71 0.28 76 10 OTD419 651455 4766836 -153.6 5.0 1.08 0.44 117 10 OTD419 651455 4766836 -158.6 5.0 0.97 0.41 101 10 OTD420 651566 4766191 694.6 5.0 1.14 0.04 9 2 OTD420 651568 4766190 689.9 5.0 0.66 0.01 8 2 OTD420 651569 4766189 685.1 5.0 1.16 0.02 6 2 OTD420 651570 4766188 680.4 5.0 1.41 0.02 10 2 OTD420 651572 4766188 675.6 5.0 0.66 0.01 15 2 OTD420 651573 4766187 670.9 5.0 0.31 0.01 5 2 OTD420 651574 4766186 666.1 5.0 1.15 0.02 5 2 OTD420 651576 4766185 661.4 5.0 0.67 0.02 5 2 OTD420 651578 4766184 651.9 5.0 0.35 0.02 9 2 OTD420 651580 4766183 647.1 5.0 0.62 0.02 10 2 OTD420 651581 4766182 642.4 5.0 0.96 0.03 18 2 OTD420 651582 4766181 637.6 5.0 1.20 0.04 30 2 OTD420 651584 4766180 632.9 5.0 1.10 0.03 48 2 OTD420 651585 4766179 628.1 5.0 1.38 0.03 36 2 OTD420 651586 4766178 623.4 5.0 1.05 0.03 25 2 OTD420 651588 4766178 618.6 5.0 1.40 0.03 30 2 OTD420 651589 4766177 613.8 5.0 1.19 0.02 30 2 OTD420 651590 4766176 609.1 5.0 0.71 0.02 26 2 OTD420 651591 4766175 604.3 5.0 0.74 0.02 34 2 OTD420 651594 4766174 594.8 5.0 1.38 0.05 5 2 OTD420 651595 4766173 590.1 5.0 1.14 0.04 6 2 OTD420 651596 4766172 587.2 1.0 1.37 0.05 11 2 OTD420 651597 4766172 584.4 5.0 2.25 0.10 8 7 OTD420 651598 4766171 579.6 5.0 2.41 0.20 20 7 OTD420 651599 4766170 574.8 5.0 3.91 0.34 34 7 OTD420 651601 4766169 570.1 5.0 1.62 0.09 17 7 OTD420 651602 4766168 565.3 5.0 2.38 0.14 115 7 OTD420 651603 4766167 560.6 5.0 1.68 0.09 33 7 OTD420 651604 4766166 557.2 2.0 3.72 0.20 88 7 OTD420 651605 4766166 553.9 5.0 1.59 0.09 50 2 OTD420 651606 4766165 549.1 5.0 1.36 0.05 39 2 OTD420 651608 4766164 544.4 5.0 1.12 0.02 28 2 OTD420 651609 4766163 539.6 5.0 1.15 0.03 26 2 OTD420 651610 4766163 534.8 5.0 1.16 0.04 44 2 OTD420 651611 4766162 530.1 5.0 1.04 0.04 41 2 OTD420 651612 4766161 525.3 5.0 1.14 0.04 54 2 OTD420 651614 4766160 520.5 5.0 1.07 0.04 54 2 OTD420 651615 4766159 515.7 5.0 1.26 0.05 117 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ==================================================================================================================== OTD420 651616 4766158 511.0 5.0 1.40 0.08 77 2 OTD420 651617 4766158 506.2 5.0 1.14 0.09 64 2 OTD420 651618 4766157 501.4 5.0 1.42 0.24 136 2 OTD420 651620 4766156 496.7 5.0 0.80 0.06 98 2 OTD420 651621 4766155 491.9 5.0 1.12 0.09 88 2 OTD420 651622 4766154 487.1 5.0 0.97 0.08 61 2 OTD420 651623 4766153 482.4 5.0 1.21 0.08 101 2 OTD420 651625 4766152 477.6 5.0 0.96 0.11 56 2 OTD420 651625 4766152 474.7 1.0 1.00 0.13 54 2 OTD420 651626 4766151 471.9 5.0 0.96 0.51 72 5 OTD420 651627 4766150 467.1 5.0 0.82 0.15 40 5 OTD420 651628 4766149 462.4 5.0 0.85 0.04 36 5 OTD420 651630 4766149 457.6 5.0 0.64 0.03 40 5 OTD420 651631 4766148 452.8 5.0 0.71 0.03 49 5 OTD420 651632 4766147 448.1 5.0 1.16 0.03 53 5 OTD420 651633 4766146 443.3 5.0 0.96 0.06 79 5 OTD420 651634 4766145 438.6 5.0 0.51 0.09 47 5 OTD420 651636 4766144 433.8 5.0 0.53 0.15 48 5 OTD420 651637 4766143 429.1 5.0 0.74 0.35 100 5 OTD421 651484 4766138 808.9 3.0 0.60 0.11 26 10 OTD421 651486 4766137 804.2 1.0 0.50 0.03 43 10 OTD421 651492 4766134 785.3 5.0 0.59 0.04 30 10 OTD421 651493 4766133 781.0 4.0 1.06 0.09 18 10 OTD421 651494 4766132 778.2 2.0 1.81 0.24 5 4 OTD421 651495 4766132 774.9 5.0 1.37 0.04 55 1 OTD421 651496 4766131 770.2 5.0 1.13 0.02 17 1 OTD421 651498 4766130 765.5 5.0 0.34 0.01 12 1 OTD421 651501 4766129 756.0 5.0 0.61 0.01 5 1 OTD421 651502 4766128 751.3 5.0 1.75 0.17 22 1 OTD421 651504 4766127 746.6 5.0 1.60 0.06 27 1 OTD421 651505 4766126 741.9 5.0 1.12 0.04 16 1 OTD421 651506 4766126 737.2 5.0 1.43 0.03 12 1 OTD421 651508 4766125 732.4 5.0 1.26 0.05 33 1 OTD421 651509 4766124 729.1 2.0 1.19 0.06 24 1 OTD421 651510 4766124 725.8 5.0 1.38 0.06 5 2 OTD421 651511 4766123 721.1 5.0 1.28 0.06 12 2 OTD421 651513 4766122 716.4 5.0 1.84 0.10 7 2 OTD421 651514 4766121 711.7 5.0 1.17 0.03 5 2 OTD421 651516 4766120 707.0 5.0 1.25 0.04 7 2 OTD421 651517 4766119 702.3 5.0 1.09 0.04 12 2 OTD421 651519 4766118 697.6 5.0 1.44 0.04 13 2 OTD421 651520 4766118 692.8 5.0 1.63 0.07 14 2 OTD421 651521 4766117 688.1 5.0 1.71 0.05 11 2 OTD421 651523 4766116 683.4 5.0 1.74 0.06 32 2 OTD421 651524 4766115 678.7 5.0 1.26 0.05 23 2 OTD421 651526 4766114 674.0 5.0 1.73 0.06 23 2 OTD421 651527 4766113 669.3 5.0 1.26 0.03 12 2 OTD421 651529 4766112 664.6 5.0 3.39 0.07 20 2 OTD421 651530 4766111 659.9 5.0 1.29 0.03 5 2 OTD421 651531 4766110 655.1 5.0 1.44 0.08 7 2 OTD421 651533 4766109 650.4 5.0 1.89 0.13 13 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD421 651534 4766108 645.7 5.0 1.63 0.07 25 2 OTD421 651536 4766108 641.0 5.0 1.48 0.06 35 2 OTD421 651537 4766107 636.3 5.0 1.43 0.09 125 2 OTD421 651538 4766106 631.6 5.0 1.54 0.09 133 2 OTD421 651540 4766105 626.9 5.0 1.09 0.08 93 2 OTD421 651541 4766104 622.2 5.0 1.51 0.06 161 2 OTD421 651542 4766103 617.5 5.0 1.18 0.08 25 2 OTD421 651544 4766102 612.8 5.0 1.53 0.11 58 2 OTD421 651545 4766101 608.0 5.0 0.95 0.06 30 2 OTD421 651546 4766100 603.3 5.0 1.20 0.07 88 2 OTD421 651548 4766099 598.6 5.0 1.10 0.08 85 2 OTD421 651549 4766098 593.9 5.0 1.00 0.11 58 2 OTD421 651550 4766097 589.2 5.0 0.76 0.05 31 2 OTD421 651552 4766096 584.5 5.0 0.98 0.07 55 2 OTD421 651553 4766095 579.8 5.0 1.19 0.07 67 2 OTD421 651554 4766093 575.1 5.0 1.18 0.09 86 2 OTD421 651555 4766092 570.3 5.0 1.38 0.10 84 2 OTD421 651557 4766091 565.6 5.0 1.34 0.30 87 2 OTD421 651558 4766090 560.9 5.0 1.32 0.25 88 2 OTD421 651559 4766089 556.2 5.0 1.26 0.08 79 2 OTD421 651560 4766088 551.5 5.0 1.10 0.07 75 2 OTD421 651562 4766087 546.7 5.0 1.03 0.10 52 2 OTD421 651563 4766086 542.0 5.0 0.84 0.06 54 2 OTD421 651564 4766085 537.3 5.0 1.03 0.04 85 2 OTD421 651565 4766084 532.5 5.0 1.43 0.04 82 2 OTD421 651566 4766083 528.3 4.0 0.86 0.05 63 2 OTD421 651567 4766082 524.0 5.0 0.96 0.03 59 5 OTD421 651568 4766081 519.3 5.0 0.90 0.03 76 5 OTD421 651570 4766080 514.6 5.0 0.71 0.04 50 5 OTD421 651571 4766079 509.8 5.0 0.72 0.04 38 5 OTD421 651572 4766077 505.1 5.0 0.61 0.06 64 5 OTD421 651573 4766076 500.4 5.0 0.50 0.05 60 5 OTD421 651574 4766075 495.7 5.0 1.06 0.24 132 5 OTD421 651575 4766074 490.9 5.0 1.05 0.36 186 5 OTD421 651576 4766072 486.2 5.0 0.95 0.35 135 5 OTD421 651578 4766071 481.5 5.0 0.80 0.35 118 5 OTD421 651579 4766070 476.7 5.0 1.18 0.85 81 5 OTD421 651580 4766069 472.0 5.0 1.29 0.49 162 5 OTD421 651581 4766068 467.3 5.0 0.91 0.39 145 5 OTD421 651582 4766066 462.6 5.0 0.81 0.82 89 5 OTD421 651583 4766065 457.9 5.0 0.90 0.39 94 5 OTD421 651584 4766064 453.2 5.0 0.86 0.79 200 5 OTD421 651586 4766063 448.4 5.0 0.59 0.88 77 5 OTD421 651588 4766061 439.0 5.0 0.95 0.47 125 5 OTD421 651589 4766060 434.3 5.0 0.61 1.10 60 5 OTD421 651590 4766058 429.6 5.0 0.72 0.53 79 5 OTD421 651591 4766057 424.9 5.0 0.97 0.24 155 5 OTD421 651593 4766056 420.2 5.0 0.79 0.38 134 5 OTD421 651594 4766055 415.5 5.0 0.49 0.38 43 5 OTD421 651595 4766053 410.8 5.0 0.59 0.74 50 5 OTD421 651596 4766052 406.2 5.0 0.96 2.22 197 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ====================================================================================================================== OTD421 651597 4766050 401.5 5.0 0.74 0.94 148 5 OTD421 651599 4766049 396.8 5.0 0.81 0.66 168 5 OTD421 651600 4766048 392.1 5.0 0.89 0.09 177 5 OTD421 651601 4766047 387.4 5.0 0.91 0.13 279 5 OTD421 651602 4766045 382.7 5.0 0.60 0.08 102 5 OTD421 651603 4766044 378.1 5.0 0.56 0.07 71 5 OTD421 651605 4766043 373.4 5.0 0.61 0.28 260 5 OTD421 651606 4766042 369.7 3.0 0.56 0.42 218 5 OTD421 651612 4766036 347.3 5.0 0.41 10.94 54 10 OTD421 651613 4766034 342.6 5.0 0.32 0.23 58 10 OTD422 651259 4766407 551.2 3.0 0.40 0.04 9 10 OTD422 651260 4766406 546.4 5.0 0.52 0.04 22 10 OTD422 651261 4766405 541.6 5.0 0.36 0.02 59 10 OTD422 651263 4766404 536.9 5.0 0.44 0.01 5 10 OTD422 651264 4766403 532.1 5.0 0.74 0.01 5 10 OTD422A 651263 4766404 535.9 5.0 0.48 0.01 5 10 OTD422A 651264 4766403 531.2 5.0 0.50 0.01 17 10 OTD422A 651275 4766394 488.3 5.0 0.49 0.04 21 10 OTD422A 651297 4766374 392.8 5.0 0.36 0.07 37 10 OTD422A 651299 4766373 383.3 5.0 0.41 0.14 28 10 OTD422A 651300 4766371 378.5 5.0 0.70 0.06 42 10 OTD422A 651308 4766363 340.3 5.0 0.32 0.02 15 10 OTD422A 651309 4766362 335.5 5.0 0.39 0.04 9 10 OTD423 651491 4765514 806.3 5.0 0.93 0.01 20 10 OTD423 651490 4765515 801.4 5.0 0.44 0.01 14 10 OTD423 651490 4765515 796.5 5.0 0.41 0.01 18 10 OTD423 651486 4765519 772.1 5.0 0.33 0.01 49 10 OTD423 651485 4765520 767.2 5.0 0.43 0.01 101 10 OTD423 651485 4765521 762.3 5.0 0.31 0.01 51 10 OTD423 651484 4765521 757.4 5.0 0.42 0.02 62 10 OTD423 651483 4765522 752.5 5.0 0.58 0.02 106 10 OTD423 651482 4765523 747.6 5.0 0.75 0.03 122 10 OTD423 651482 4765524 742.8 5.0 0.60 0.02 60 10 OTD423 651481 4765524 739.3 2.0 0.70 0.01 68 10 OTD423 651481 4765525 735.9 5.0 0.49 0.01 56 4 OTD423 651480 4765525 731.0 5.0 0.55 0.01 103 4 OTD423 651479 4765526 726.2 5.0 0.70 0.02 168 4 OTD423 651478 4765527 721.3 5.0 0.78 0.02 94 4 OTD423 651478 4765528 716.4 5.0 1.01 0.02 111 1 OTD423 651477 4765528 711.5 5.0 1.02 0.02 66 1 OTD423 651476 4765529 706.6 5.0 1.39 0.02 51 1 OTD423 651475 4765530 701.7 5.0 0.97 0.01 39 1 OTD423 651475 4765531 696.8 5.0 1.11 0.01 42 1 OTD423 651474 4765531 692.0 5.0 1.05 0.01 32 1 OTD423 651473 4765532 687.1 5.0 1.17 0.01 41 1 OTD423 651472 4765533 682.2 5.0 1.03 0.01 34 1 OTD423 651472 4765534 677.3 5.0 1.48 0.01 115 1 OTD423 651471 4765535 672.4 5.0 1.67 0.01 91 1 OTD423 651470 4765535 667.5 5.0 1.77 0.01 257 1 OTD423 651469 4765536 662.7 5.0 1.37 0.01 68 1 OTD423 651469 4765537 657.8 5.0 0.69 0.01 99 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN =================================================================================================================== OTD423 651468 4765538 652.9 5.0 0.95 0.01 70 1 OTD423 651467 4765539 648.0 5.0 1.17 0.01 18 1 OTD423 651466 4765539 643.2 5.0 1.30 0.03 21 1 OTD423 651466 4765540 638.3 5.0 0.96 0.03 23 1 OTD423 651465 4765541 633.4 5.0 1.24 0.03 19 1 OTD423 651464 4765542 628.5 5.0 0.37 0.01 11 1 OTD423 651463 4765543 618.8 5.0 1.19 0.02 32 1 OTD423 651462 4765544 613.9 5.0 1.00 0.02 23 1 OTD423 651461 4765545 609.1 5.0 1.72 0.03 7 1 OTD423 651460 4765546 604.2 5.0 1.78 0.02 21 1 OTD423 651460 4765547 599.3 5.0 1.79 0.15 53 1 OTD423 651459 4765547 596.4 1.0 1.73 0.04 51 1 OTD423 651459 4765548 593.5 5.0 2.14 0.04 48 6 OTD423 651458 4765549 588.6 5.0 2.40 0.08 33 6 OTD423 651457 4765550 583.7 5.0 1.98 0.06 39 6 OTD423 651457 4765550 578.9 5.0 2.18 0.07 48 6 OTD423 651456 4765551 574.0 5.0 2.33 0.09 20 6 OTD423 651455 4765552 569.1 5.0 3.05 0.10 27 6 OTD423 651454 4765553 564.3 5.0 3.35 0.09 36 6 OTD423 651454 4765554 559.4 5.0 3.49 0.08 15 6 OTD423 651453 4765555 554.5 5.0 3.69 0.11 20 6 OTD423 651452 4765556 549.7 5.0 4.03 0.16 22 6 OTD423 651452 4765557 544.8 5.0 4.56 0.18 5 6 OTD423 651451 4765558 540.0 5.0 3.46 0.21 9 6 OTD423 651450 4765559 535.1 5.0 3.47 0.29 36 6 OTD423 651450 4765560 530.2 5.0 2.96 0.30 27 6 OTD423 651449 4765560 526.8 2.0 2.88 0.28 29 6 OTD423 651449 4765561 523.9 4.0 2.72 0.13 56 7 OTD423 651448 4765562 519.5 5.0 1.44 0.09 23 2 OTD423 651447 4765563 514.7 5.0 1.37 0.07 15 2 OTD423 651447 4765564 509.8 5.0 1.22 0.05 18 2 OTD423 651446 4765565 505.0 5.0 0.84 0.03 13 2 OTD423 651445 4765566 500.1 5.0 1.46 0.04 40 2 OTD423 651445 4765567 495.2 5.0 1.76 0.04 126 2 OTD423 651444 4765567 490.9 4.0 1.37 0.04 140 2 OTD423 651443 4765568 486.5 5.0 0.97 0.02 28 5 OTD423 651443 4765569 481.6 5.0 0.90 0.02 39 5 OTD423 651442 4765570 476.8 5.0 0.57 0.01 37 5 OTD423 651441 4765571 471.9 5.0 0.79 0.01 28 5 OTD423 651440 4765572 467.1 5.0 0.51 0.03 20 5 OTD423 651439 4765574 457.4 5.0 0.62 0.01 38 5 OTD423 651438 4765575 452.5 5.0 0.86 0.03 42 5 OTD423 651438 4765576 447.6 5.0 0.50 0.01 33 5 OTD423 651437 4765577 442.8 5.0 0.50 0.01 24 5 OTD423 651436 4765578 437.9 5.0 0.45 0.01 20 5 OTD423 651435 4765579 433.1 5.0 0.56 0.01 49 5 OTD423 651435 4765580 428.2 5.0 0.66 0.01 54 5 OTD423 651434 4765581 423.4 5.0 0.40 0.01 57 5 OTD423 651433 4765582 418.5 5.0 0.62 0.01 82 5 OTD423 651433 4765583 413.7 3.0 0.69 0.01 59 5 OTD424 651540 4765591 675.1 5.0 0.37 0.06 68 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ===================================================================================================================== OTD424 651539 4765592 670.4 5.0 0.87 0.08 65 4 OTD424 651538 4765593 665.7 5.0 0.68 0.03 45 4 OTD424 651536 4765594 661.1 5.0 0.68 0.02 32 4 OTD424 651535 4765595 656.4 5.0 0.65 0.02 26 4 OTD424 651533 4765596 651.7 5.0 0.43 0.02 23 4 OTD424 651532 4765597 647.0 5.0 0.81 0.01 26 4 OTD424 651530 4765598 642.3 5.0 0.90 0.01 50 4 OTD424 651529 4765599 637.6 5.0 0.81 0.02 41 4 OTD424 651528 4765600 632.9 5.0 0.70 0.02 33 4 OTD424 651526 4765601 628.2 5.0 0.72 0.02 39 4 OTD424 651525 4765602 623.5 5.0 0.89 0.02 37 4 OTD424 651523 4765603 618.8 5.0 0.93 0.03 46 4 OTD424 651522 4765604 614.1 5.0 0.58 0.02 18 4 OTD424 651521 4765605 609.4 5.0 0.74 0.02 54 4 OTD424 651519 4765606 604.7 5.0 0.94 0.02 38 4 OTD424 651518 4765607 600.0 5.0 0.79 0.02 31 4 OTD424 651516 4765608 595.3 5.0 0.77 0.03 27 4 OTD424 651515 4765609 590.6 5.0 0.93 0.02 38 1 OTD424 651514 4765610 585.8 5.0 1.17 0.03 31 1 OTD424 651512 4765610 581.1 5.0 0.82 0.03 52 1 OTD424 651509 4765612 571.7 5.0 1.24 0.02 16 1 OTD424 651508 4765613 567.0 5.0 1.18 0.02 22 1 OTD424 651507 4765614 562.3 5.0 0.80 0.03 18 1 OTD424 651505 4765615 558.6 3.0 0.82 0.03 23 1 OTD424 651504 4765616 554.8 5.0 1.23 0.04 13 2 OTD424 651503 4765616 550.1 5.0 1.03 0.05 21 2 OTD424 651501 4765617 545.4 5.0 1.33 0.04 26 2 OTD424 651500 4765618 540.7 5.0 0.97 0.12 14 2 OTD424 651499 4765619 536.0 5.0 0.84 0.14 38 2 OTD424 651497 4765620 531.3 5.0 0.45 0.10 24 2 OTD424 651496 4765621 526.7 5.0 0.38 0.08 30 2 OTD424 651493 4765623 517.3 5.0 1.78 0.11 9 2 OTD424 651491 4765624 512.6 5.0 1.74 0.07 7 2 OTD424 651490 4765625 507.9 5.0 1.81 0.14 7 2 OTD424 651488 4765627 503.2 5.0 1.66 0.13 5 2 OTD424 651487 4765628 498.5 5.0 3.66 0.46 6 7 OTD424 651486 4765629 493.8 5.0 2.29 0.31 6 7 OTD424 651484 4765630 489.2 5.0 1.41 0.09 17 7 OTD424 651483 4765631 484.5 5.0 1.56 0.35 17 7 OTD424 651482 4765632 479.8 5.0 4.86 0.22 11 7 OTD424 651480 4765633 476.0 3.0 2.87 0.28 39 7 OTD424 651479 4765634 470.4 5.0 0.52 0.04 74 5 OTD424 651477 4765635 465.8 1.0 0.79 0.06 48 5 OTD426 651162 4766141 891.8 3.0 0.36 0.03 49 10 OTRCD340 651415 4765571 875.0 5.0 0.78 0.03 322 10 OTRCD340 651412 4765574 860.7 5.0 0.41 0.01 62 10 OTRCD340 651410 4765575 855.9 5.0 0.37 0.01 27 10 OTRCD340 651409 4765576 851.1 5.0 0.49 0.01 22 10 OTRCD340 651408 4765577 846.9 4.0 0.36 0.01 28 10 OTRCD340 651406 4765579 837.8 5.0 1.13 0.04 53 4 OTRCD340 651405 4765580 834.5 2.0 1.32 0.02 42 4

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ====================================================================================================================== OTRCD340 651405 4765581 831.1 5.0 1.23 0.02 35 1 OTRCD340 651404 4765581 826.4 5.0 1.23 0.02 32 1 OTRCD340 651403 4765583 821.6 5.0 1.30 0.04 42 1 OTRCD340 651401 4765584 816.8 5.0 0.56 0.03 43 1 OTRCD340 651398 4765587 802.5 5.0 0.31 0.01 12 1 OTRCD340 651397 4765588 797.8 5.0 1.42 0.04 38 1 OTRCD340 651396 4765589 793.0 5.0 1.27 0.03 35 1 OTRCD340 651395 4765590 788.2 5.0 1.30 0.09 43 1 OTRCD340 651394 4765592 783.5 5.0 1.19 0.04 47 1 OTRCD340 651393 4765593 778.7 5.0 1.17 0.07 30 1 OTRCD340 651392 4765594 773.9 5.0 1.17 0.07 44 1 OTRCD340 651391 4765595 769.2 5.0 0.56 0.04 96 1 OTRCD340 651390 4765596 764.4 5.0 0.46 0.06 148 1 OTRCD340 651389 4765597 761.5 1.0 1.26 0.14 58 1 OTRCD340 651389 4765597 758.7 5.0 2.67 0.26 53 6 OTRCD340 651388 4765598 753.9 5.0 2.85 0.19 42 6 OTRCD340 651387 4765599 749.1 5.0 2.53 0.09 41 6 OTRCD340 651386 4765600 744.3 5.0 2.56 0.08 19 6 OTRCD340 651385 4765601 739.6 5.0 1.09 0.06 5 6 OTRCD340 651384 4765602 734.8 5.0 3.83 0.26 54 6 OTRCD340 651383 4765603 730.0 5.0 5.01 0.19 16 6 OTRCD340 651382 4765604 725.2 5.0 2.98 0.16 19 6 OTRCD340 651381 4765606 720.4 5.0 4.55 0.11 36 6 OTRCD340 651380 4765607 715.6 5.0 3.69 0.13 42 6 OTRCD340 651379 4765607 710.9 5.0 3.22 0.15 20 6 OTRCD340 651378 4765608 706.1 5.0 2.96 0.18 28 6 OTRCD340 651377 4765609 701.3 5.0 2.75 0.10 47 6 OTRCD340 651376 4765611 696.5 5.0 2.15 0.08 56 6 OTRCD340 651375 4765612 691.7 5.0 4.00 0.14 44 6 OTRCD340 651374 4765612 687.9 3.0 2.83 0.14 68 6 OTRCD340 651373 4765613 684.1 5.0 1.02 0.08 107 1 OTRCD340 651372 4765614 679.3 5.0 1.70 0.12 67 1 OTRCD340 651371 4765616 674.5 5.0 1.58 0.11 53 1 OTRCD340 651370 4765617 669.7 5.0 0.85 0.08 48 1 OTRCD340 651370 4765618 664.9 5.0 1.70 0.13 54 1 OTRCD340 651369 4765619 660.1 5.0 0.87 0.10 47 1 OTRCD340 651367 4765621 650.6 5.0 0.47 0.05 62 1 OTRCD340 651366 4765622 645.8 5.0 1.85 0.12 29 6 OTRCD340 651365 4765623 641.0 5.0 2.04 0.12 95 6 OTRCD340 651364 4765625 636.2 5.0 2.53 0.07 42 6 OTRCD340 651363 4765626 631.4 5.0 2.23 0.05 36 6 OTRCD340 651362 4765627 626.6 5.0 1.82 0.04 20 6 OTRCD340 651361 4765628 621.9 5.0 1.84 0.04 38 6 OTRCD340 651360 4765629 617.1 5.0 1.41 0.04 26 6 OTRCD340 651360 4765630 613.2 3.0 2.05 0.07 77 6 OTRCD340 651359 4765631 609.4 5.0 1.02 0.03 13 1 OTRCD340 651358 4765632 604.6 5.0 1.15 0.03 14 1 OTRCD340 651357 4765633 599.8 5.0 1.56 0.06 32 1 OTRCD340 651356 4765634 595.0 5.0 1.50 0.04 26 1 OTRCD340 651355 4765636 590.3 5.0 0.93 0.02 18 1 OTRCD340 651354 4765637 585.5 5.0 1.34 0.05 23 1

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ====================================================================================================================== OTRCD340 651353 4765638 581.2 4.0 1.42 0.09 36 1 OTRCD340 651353 4765639 576.8 5.0 0.34 0.03 33 4 OTRCD340 651350 4765642 563.4 3.0 0.93 0.08 92 4 OTRCD340 651349 4765643 559.6 5.0 0.85 0.05 56 5 OTRCD340 651349 4765643 556.7 1.0 0.91 0.03 57 5 OTRCD340 651348 4765644 553.9 5.0 1.22 0.04 105 2 OTRCD340 651348 4765645 549.1 5.0 0.72 0.03 100 2 OTRCD340 651347 4765646 544.3 5.0 1.04 0.03 85 2 OTRCD340 651346 4765647 539.5 5.0 0.96 0.03 64 2 OTRCD340 651345 4765649 534.7 5.0 1.00 0.03 64 2 OTRCD340 651344 4765650 529.9 5.0 1.28 0.03 90 2 OTRCD340 651343 4765651 525.6 4.0 1.21 0.04 120 2 OTRCD340 651343 4765652 521.3 5.0 0.73 0.02 119 5 OTRCD340 651342 4765653 516.5 5.0 0.78 0.02 144 5 OTRCD340 651341 4765654 511.7 5.0 0.64 0.02 127 5 OTRCD340 651340 4765655 506.9 5.0 0.92 0.02 129 5 OTRCD340 651339 4765656 502.1 5.0 1.04 0.03 186 5 OTRCD340 651338 4765657 497.3 5.0 0.80 0.03 138 5 OTRCD340 651337 4765658 492.5 5.0 0.81 0.04 166 5 OTRCD340 651336 4765660 487.7 5.0 0.63 0.03 170 5 OTRCD340 651335 4765662 478.2 5.0 0.65 0.03 182 5 OTRCD340 651334 4765663 473.4 5.0 0.86 0.03 224 5 OTRCD340 651333 4765664 469.5 3.0 0.74 0.06 193 5 OTRCD340 651331 4765667 456.1 5.0 0.41 0.06 94 10 OTRCD340 651324 4765677 417.8 5.0 0.69 0.55 5 10 OTRCD344 651630 4766057 764.5 5.0 0.59 0.02 21 4 OTRCD344 651629 4766058 760.7 3.0 0.87 0.03 21 4 OTRCD344 651628 4766059 756.9 5.0 1.20 0.03 29 1 OTRCD344 651627 4766060 752.1 5.0 1.33 0.03 32 1 OTRCD344 651626 4766061 747.4 5.0 1.08 0.02 12 1 OTRCD344 651625 4766062 742.7 5.0 1.24 0.06 13 1 OTRCD344 651624 4766064 737.9 5.0 1.46 0.09 9 1 OTRCD344 651623 4766065 733.2 5.0 1.84 0.29 9 1 OTRCD344 651622 4766066 729.9 2.0 0.60 0.06 5 1 OTRCD344 651622 4766066 726.5 5.0 4.82 1.09 10 6 OTRCD344 651621 4766068 721.8 5.0 5.50 0.70 10 6 OTRCD344 651620 4766069 717.6 4.0 4.33 0.49 5 6 OTRCD344 651619 4766070 713.3 5.0 4.01 0.28 9 7 OTRCD344 651618 4766071 708.6 5.0 4.05 0.42 17 7 OTRCD344 651617 4766072 703.8 5.0 4.77 0.45 29 7 OTRCD344 651616 4766074 699.1 5.0 3.38 0.45 15 7 OTRCD344 651615 4766075 694.4 5.0 3.53 0.41 37 7 OTRCD344 651614 4766076 689.6 5.0 3.38 0.28 32 7 OTRCD344 651613 4766077 684.9 5.0 2.94 0.19 78 7 OTRCD344 651612 4766079 680.2 5.0 2.16 0.09 32 7 OTRCD344 651611 4766080 675.5 5.0 2.11 0.07 67 7 OTRCD344 651610 4766081 670.7 5.0 1.10 0.03 81 7 OTRCD344 651609 4766082 666.5 4.0 3.81 0.12 42 7 OTRCD344 651608 4766083 662.2 5.0 1.80 0.06 39 2 OTRCD344 651607 4766085 657.5 5.0 1.57 0.06 59 2 OTRCD344 651606 4766086 652.8 5.0 1.32 0.04 15 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ===================================================================================================================== OTRCD344 651605 4766087 648.0 5.0 1.00 0.07 21 2 OTRCD344 651604 4766089 643.3 5.0 0.95 0.04 42 2 OTRCD344 651603 4766090 638.6 5.0 1.14 0.03 42 2 OTRCD344 651602 4766091 633.8 5.0 0.70 0.02 44 2 OTRCD344 651601 4766092 629.1 5.0 1.03 0.03 43 2 OTRCD344 651600 4766094 624.3 5.0 1.18 0.11 82 2 OTRCD344 651599 4766095 619.6 5.0 1.12 0.06 57 2 OTRCD344 651598 4766096 614.9 5.0 1.05 0.06 41 2 OTRCD344 651598 4766097 610.1 5.0 0.82 0.05 43 2 OTRCD344 651597 4766098 605.4 5.0 0.79 0.03 42 2 OTRCD344 651596 4766100 600.6 5.0 1.00 0.04 50 2 OTRCD344 651595 4766101 595.9 5.0 0.85 0.03 44 2 OTRCD344 651594 4766102 591.2 5.0 0.95 0.06 53 2 OTRCD344 651593 4766103 586.4 5.0 0.81 0.04 40 2 OTRCD344 651592 4766105 581.7 5.0 0.73 0.07 53 2 OTRCD344 651591 4766106 576.9 5.0 0.99 0.06 52 2 OTRCD344 651590 4766107 572.2 5.0 1.06 0.04 132 2 OTRCD344 651589 4766108 567.5 5.0 1.28 0.05 115 2 OTRCD344 651588 4766110 562.7 5.0 1.33 0.11 89 2 OTRCD344 651587 4766111 558.0 5.0 1.16 0.06 76 2 OTRCD344 651586 4766112 553.2 5.0 1.25 0.19 83 2 OTRCD344 651585 4766114 548.5 5.0 1.26 0.14 75 2 OTRCD344 651584 4766115 543.8 5.0 1.41 0.23 92 2 OTRCD344 651583 4766116 539.0 5.0 1.07 0.10 59 2 OTRCD344 651582 4766117 534.3 5.0 0.81 0.23 74 2 OTRCD344 651581 4766118 529.5 5.0 0.83 0.25 77 2 OTRCD344 651580 4766119 524.8 5.0 0.96 0.16 107 2 OTRCD344 651579 4766121 520.1 5.0 0.63 0.06 42 5 OTRCD344 651579 4766122 515.3 5.0 0.83 0.07 63 5 OTRCD344 651578 4766123 510.6 5.0 0.71 0.11 70 5 OTRCD344 651576 4766126 501.1 5.0 0.81 0.20 89 5 OTRCD344 651575 4766127 496.4 5.0 0.85 0.14 77 5 OTRCD344 651574 4766129 491.6 5.0 0.71 0.13 55 5 OTRCD344 651573 4766130 486.9 5.0 0.60 0.47 83 5 OTRCD344 651572 4766131 482.1 5.0 0.86 0.39 130 5 OTRCD344 651571 4766132 477.4 5.0 0.82 0.39 269 5 OTRCD344 651571 4766134 472.6 5.0 0.70 0.92 83 5 OTRCD344 651570 4766135 467.9 5.0 0.92 1.39 77 5 OTRCD344 651569 4766136 463.2 5.0 0.76 0.41 98 5 OTRCD344 651568 4766138 458.4 5.0 0.73 0.36 84 5 OTRCD344 651567 4766139 453.7 5.0 0.61 0.63 61 5 OTRCD344 651566 4766141 448.9 5.0 0.60 1.01 50 5 OTRCD344 651565 4766142 444.2 5.0 0.71 0.44 84 5 OTRCD344 651565 4766144 439.5 5.0 0.65 0.27 63 5 OTRCD344 651564 4766145 434.7 5.0 0.71 0.13 71 5 OTRCD344 651563 4766146 430.0 5.0 0.68 0.11 48 5 OTRCD344 651562 4766148 425.2 5.0 0.69 0.10 57 5 OTRCD344 651561 4766149 420.5 5.0 0.69 0.16 60 5 OTRCD344 651561 4766151 415.8 5.0 0.58 0.11 70 5 OTRCD344 651560 4766152 411.0 5.0 0.54 0.08 69 5 OTRCD344 651559 4766153 406.3 5.0 0.61 0.15 45 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ====================================================================================================================== OTRCD344 651558 4766155 401.6 5.0 0.88 0.19 121 5 OTRCD344 651558 4766156 398.0 2.6 0.92 0.11 84 5 OTRCD347 651598 4765816 605.2 5.0 0.54 0.02 76 10 OTRCD347 651597 4765817 600.4 5.0 0.56 0.02 70 10 OTRCD347 651594 4765819 586.0 5.0 0.35 0.02 22 10 OTRCD347 651593 4765821 579.7 5.0 0.78 0.03 17 5 OTRCD347 651592 4765822 575.0 5.0 0.91 0.03 17 5 OTRCD347 651591 4765823 570.2 5.0 0.93 0.05 14 5 OTRCD347 651590 4765824 565.4 5.0 0.82 0.03 19 5 OTRCD347 651589 4765825 560.6 5.0 0.63 0.03 5 5 OTRCD347 651588 4765826 555.8 5.0 0.53 0.03 10 5 OTRCD347 651587 4765827 551.0 5.0 0.88 0.04 12 5 OTRCD347 651586 4765828 546.2 5.0 0.92 0.04 23 5 OTRCD347 651585 4765829 541.5 5.0 0.97 0.03 19 5 OTRCD347 651585 4765830 536.7 5.0 1.17 0.05 25 5 OTRCD347 651584 4765831 531.9 5.0 0.67 0.01 22 10 OTRCD347 651583 4765833 527.1 5.0 0.61 0.01 7 10 OTRCD347 651582 4765834 522.4 5.0 0.65 0.01 15 10 OTRCD347 651581 4765835 517.6 5.0 0.73 0.02 23 10 OTRCD347 651577 4765838 501.4 5.0 1.05 0.05 14 2 OTRCD347 651576 4765840 496.7 5.0 1.25 0.07 8 2 OTRCD347 651575 4765841 491.9 5.0 1.34 0.05 34 2 OTRCD347 651574 4765842 487.2 5.0 1.36 0.06 75 2 OTRCD347 651573 4765843 482.5 5.0 1.21 0.06 172 2 OTRCD347 651572 4765844 479.6 1.0 1.30 0.06 70 2 OTRCD347 651572 4765845 476.8 5.0 2.17 0.12 30 7 OTRCD347 651570 4765846 472.0 5.0 2.17 0.18 35 7 OTRCD347 651569 4765847 467.3 4.0 1.57 0.12 55 2 OTRCD347 651564 4765854 443.7 5.0 0.91 0.05 20 2 OTRCD347 651563 4765855 439.0 5.0 1.49 0.10 36 2 OTRCD347 651562 4765856 434.2 5.0 1.25 0.08 18 2 OTRCD347 651561 4765857 429.5 5.0 1.34 0.07 68 2 OTRCD347 651560 4765859 424.8 5.0 1.57 0.11 21 2 OTRCD347 651559 4765860 420.1 5.0 1.40 0.09 33 2 OTRCD347 651557 4765861 415.4 5.0 1.38 0.07 55 2 OTRCD347 651556 4765862 410.7 5.0 1.23 0.07 47 2 OTRCD347 651555 4765864 405.9 5.0 1.11 0.07 41 2 OTRCD347 651554 4765865 401.7 4.0 1.12 0.12 18 2 OTRCD347 651553 4765866 397.5 5.0 0.79 0.06 51 5 OTRCD347 651552 4765867 392.8 5.0 0.51 0.04 27 5 OTRCD347 651551 4765869 388.1 5.0 0.83 0.04 77 5 OTRCD347 651550 4765870 383.4 5.0 0.75 0.06 49 5 OTRCD347 651549 4765871 378.7 5.0 0.78 0.07 35 5 OTRCD347 651548 4765873 374.0 5.0 0.75 0.05 20 5 OTRCD347 651547 4765874 369.3 5.0 0.33 0.04 25 5 OTRCD347 651545 4765875 364.7 5.0 0.62 0.04 75 5 OTRCD347 651544 4765877 360.0 5.0 0.77 0.07 163 5 OTRCD347 651544 4765878 357.2 1.0 0.72 0.05 115 5 OTRCD347 651543 4765879 354.4 5.0 0.82 0.07 323 10 OTRCD347 651541 4765881 345.1 5.0 0.61 0.06 134 10 OTRCD347 651540 4765883 340.4 5.0 0.51 0.03 147 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ====================================================================================================================== OTRCD347 651539 4765884 335.8 5.0 0.43 0.02 103 10 OTRCD347 651538 4765886 331.1 5.0 0.34 0.03 179 10 OTRCD347 651537 4765887 326.5 5.0 0.61 0.12 116 10 OTRCD347 651536 4765889 321.8 5.0 0.63 0.08 74 10 OTRCD347 651534 4765890 317.2 5.0 0.70 0.05 162 10 OTRCD347 651533 4765892 312.5 5.0 0.59 0.05 137 10 OTRCD347 651533 4765893 308.7 3.2 0.34 0.05 47 10 OTRCD350 651582 4765709 570.0 5.0 0.36 0.03 48 10 OTRCD350 651580 4765711 555.3 5.0 0.43 0.01 27 10 OTRCD350 651579 4765712 550.4 5.0 0.57 0.02 31 10 OTRCD350 651579 4765713 545.5 5.0 0.91 0.02 46 5 OTRCD350 651578 4765714 540.6 5.0 0.63 0.03 35 5 OTRCD350 651577 4765715 535.7 5.0 0.93 0.03 42 5 OTRCD350 651577 4765715 530.9 5.0 0.79 0.03 43 5 OTRCD350 651576 4765716 526.0 5.0 0.69 0.03 27 5 OTRCD350 651575 4765717 521.1 5.0 0.58 0.02 30 5 OTRCD350 651575 4765718 516.7 4.0 0.60 0.03 24 5 OTRCD350 651574 4765718 512.3 5.0 0.49 0.02 51 10 OTRCD350 651573 4765719 507.4 5.0 0.32 0.02 19 10 OTRCD350 651573 4765720 502.5 5.0 0.62 0.03 77 10 OTRCD350 651572 4765721 497.6 5.0 0.65 0.03 26 10 OTRCD350 651572 4765722 494.2 2.0 0.45 0.02 53 10 OTRCD350 651571 4765722 490.8 5.0 0.56 0.02 24 5 OTRCD350 651570 4765723 485.9 5.0 0.90 0.03 49 5 OTRCD350 651570 4765723 481.0 5.0 0.63 0.03 28 5 OTRCD350 651569 4765724 476.1 5.0 0.73 0.04 27 5 OTRCD350 651568 4765725 471.2 5.0 0.85 0.06 28 5 OTRCD350 651568 4765726 467.3 3.0 0.88 0.06 23 5 OTRCD350 651567 4765726 463.4 5.0 0.89 0.05 38 2 OTRCD350 651567 4765727 458.5 5.0 0.68 0.05 32 2 OTRCD350 651566 4765728 453.6 5.0 1.81 0.14 31 2 OTRCD350 651566 4765729 448.7 5.0 0.95 0.12 20 2 OTRCD350 651565 4765730 443.8 5.0 1.35 0.16 94 2 OTRCD350 651564 4765731 439.0 5.0 1.59 0.13 160 2 OTRCD350 651564 4765732 434.1 5.0 1.51 0.12 43 2 OTRCD350 651563 4765733 429.2 5.0 1.63 0.24 65 2 OTRCD350 651562 4765733 424.3 5.0 1.77 0.28 54 2 OTRCD350 651562 4765734 419.4 5.0 1.59 0.27 34 2 OTRCD350 651561 4765735 414.5 5.0 1.07 0.17 21 2 OTRCD350 651561 4765736 411.6 1.0 1.32 0.23 16 2 OTRCD350 651560 4765736 408.7 5.0 1.42 0.29 20 7 OTRCD350 651560 4765737 403.8 5.0 2.70 0.64 25 7 OTRCD350 651559 4765738 398.9 5.0 2.64 0.46 113 7 OTRCD350 651558 4765739 394.1 5.0 1.85 0.39 127 7 OTRCD350 651558 4765740 389.2 5.0 2.61 0.52 119 2 OTRCD350 651557 4765740 384.3 5.0 0.75 0.07 199 2 OTRCD350 651556 4765741 379.4 5.0 0.73 0.03 52 2 OTRCD350 651556 4765742 374.5 5.0 2.02 0.25 139 2 OTRCD350 651555 4765743 369.6 5.0 1.34 0.20 40 2 OTRCD350 651554 4765744 364.7 5.0 1.23 0.18 17 2 OTRCD350 651554 4765745 359.9 5.0 0.82 0.15 28 2

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ===================================================================================================================== OTRCD350 651553 4765746 352.0 5.0 1.57 0.31 77 5 OTRCD350 651552 4765747 347.2 5.0 0.43 0.03 27 5 OTRCD350 651551 4765748 342.3 5.0 0.78 0.04 41 5 OTRCD350 651551 4765749 337.4 5.0 0.77 0.06 52 5 OTRCD350 651550 4765749 332.5 5.0 0.69 0.03 66 5 OTRCD350 651550 4765750 327.6 5.0 0.71 0.16 36 5 OTRCD350 651549 4765751 322.7 5.0 1.08 0.04 34 5 OTRCD350 651548 4765752 317.8 5.0 0.49 0.03 25 5 OTRCD350 651548 4765752 312.9 5.0 0.50 0.04 32 5 OTRCD350 651547 4765754 308.0 5.0 0.93 0.05 36 5 OTRCD350 651547 4765754 303.1 5.0 1.18 0.07 31 5 OTRCD350 651546 4765755 298.2 5.0 0.80 0.04 71 5 OTRCD350 651545 4765756 293.3 5.0 0.64 0.05 62 5 OTRCD350 651545 4765757 288.4 5.0 0.57 0.03 48 5 OTRCD350 651544 4765758 283.5 5.0 0.83 0.04 56 5 OTRCD350 651544 4765759 278.7 5.0 0.77 0.04 54 5 OTRCD350 651543 4765759 273.8 5.0 0.64 0.02 43 5 OTRCD350 651542 4765760 268.9 5.0 0.63 0.02 49 5 OTRCD352 651654 4766244 602.6 5.0 0.72 0.01 7 2 OTRCD352 651652 4766246 597.0 5.0 2.01 0.12 78 7 OTRCD352 651651 4766247 592.4 5.0 1.78 0.10 21 7 OTRCD352 651649 4766248 588.2 4.2 1.34 0.12 51 7 OTRCD352A 651654 4766244 602.6 5.0 0.58 0.02 96 2 OTRCD352A 651653 4766245 599.8 1.0 1.46 0.02 59 2 OTRCD352A 651652 4766246 597.0 5.0 1.18 0.04 20 7 OTRCD352A 651651 4766247 592.4 5.0 1.84 0.07 20 7 OTRCD352A 651649 4766249 587.8 5.0 2.14 0.13 20 7 OTRCD352A 651648 4766250 583.2 5.0 1.78 0.10 37 7 OTRCD352A 651646 4766251 578.6 5.0 1.15 0.08 25 7 OTRCD352A 651645 4766253 574.0 5.0 1.79 0.15 64 7 OTRCD352A 651644 4766254 569.4 5.0 1.59 0.14 43 7 OTRCD352A 651642 4766256 564.8 5.0 2.27 0.19 66 7 OTRCD352A 651641 4766256 561.6 2.0 2.33 0.17 35 7 OTRCD352A 651640 4766257 558.4 5.0 1.80 0.11 59 2 OTRCD352A 651639 4766259 553.8 5.0 1.66 0.10 51 2 OTRCD352A 651638 4766261 549.2 5.0 1.36 0.09 17 2 OTRCD352A 651636 4766262 544.6 5.0 1.50 0.13 24 2 OTRCD352A 651635 4766263 540.0 5.0 1.22 0.06 26 2 OTRCD352A 651634 4766265 535.4 5.0 1.36 0.07 54 2 OTRCD352A 651632 4766266 530.8 5.0 1.47 0.08 60 2 OTRCD352A 651631 4766268 526.1 5.0 1.66 0.09 33 2 OTRCD352A 651630 4766269 521.5 5.0 1.50 0.07 45 2 OTRCD352A 651629 4766270 517.9 3.0 1.62 0.08 10 2 OTRCD352A 651628 4766272 514.2 5.0 0.63 0.04 9 5 OTRCD352A 651626 4766273 509.6 5.0 0.93 0.06 29 5 OTRCD352A 651625 4766274 505.0 5.0 0.54 0.04 21 5 OTRCD352A 651624 4766276 500.4 5.0 0.83 0.04 23 5 OTRCD352A 651623 4766277 495.8 5.0 0.74 0.04 14 5 OTRCD352A 651621 4766279 491.2 5.0 0.83 0.71 29 5 OTRCD352A 651620 4766280 486.6 5.0 0.94 0.06 18 5 OTRCD352A 651619 4766282 482.0 5.0 1.25 0.07 30 5

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ==================================================================================================================== OTRCD352A 651618 4766283 477.4 5.0 0.97 0.04 20 5 OTRCD352A 651616 4766285 472.8 5.0 1.10 0.06 34 5 OTRCD352A 651615 4766286 468.2 5.0 1.31 0.10 61 5 OTRCD352A 651614 4766288 463.6 5.0 1.01 0.13 91 5 OTRCD352A 651613 4766289 459.0 5.0 1.04 0.12 40 5 OTRCD352A 651612 4766291 454.3 5.0 0.73 0.39 34 5 OTRCD352A 651610 4766292 449.7 5.0 0.82 0.47 27 5 OTRCD352A 651609 4766294 445.1 5.0 0.91 0.32 37 5 OTRCD352A 651608 4766295 440.5 5.0 0.68 0.23 30 5 OTRCD352A 651607 4766297 435.9 5.0 0.63 0.47 22 5 OTRCD352A 651605 4766298 431.3 5.0 0.75 2.26 31 5 OTRCD352A 651604 4766300 426.7 5.0 0.85 3.91 20 5 OTRCD352A 651603 4766301 422.1 5.0 0.79 0.34 25 5 OTRCD352A 651601 4766303 417.5 5.0 0.73 0.23 18 5 OTRCD352A 651600 4766304 412.9 5.0 1.14 0.22 32 5 OTRCD352A 651599 4766306 408.3 5.0 1.15 0.26 12 5 OTRCD352A 651598 4766307 403.7 5.0 0.81 0.23 12 5 OTRCD352A 651596 4766309 399.1 5.0 0.36 0.06 18 5 OTRCD352A 651593 4766313 385.3 5.0 1.30 0.35 24 5 OTRCD352A 651591 4766315 380.7 5.0 0.64 0.20 11 5 OTRCD352A 651590 4766316 376.1 5.0 0.56 0.16 29 5 OTRCD352A 651589 4766318 371.5 5.0 0.82 0.18 79 5 OTRCD352A 651588 4766319 368.3 2.0 0.62 0.25 60 5 OTRCD352A 651588 4766319 366.9 1.0 0.51 0.41 24 10 OTRCD353 651555 4765487 711.6 5.0 0.31 0.01 48 10 OTRCD353 651554 4765488 701.7 5.0 0.31 0.01 17 10 OTRCD353 651554 4765489 696.7 5.0 0.40 0.02 61 10 OTRCD353 651553 4765489 691.7 5.0 0.42 0.01 42 10 OTRCD353 651553 4765490 686.8 5.0 0.36 0.01 39 10 OTRCD353 651553 4765490 681.8 5.0 0.46 0.01 27 10 OTRCD353 651552 4765490 676.8 5.0 0.49 0.01 68 10 OTRCD353 651552 4765491 666.9 5.0 0.34 0.02 52 10 OTRCD353 651552 4765492 661.9 5.0 0.38 0.02 80 10 OTRCD353 651551 4765492 657.0 5.0 0.39 0.01 50 10 OTRCD353 651551 4765493 652.0 5.0 0.34 0.01 11 10 OTRCD353 651551 4765493 644.5 2.0 1.30 0.03 26 4 OTRCD353 651550 4765494 641.1 5.0 0.75 0.02 10 10 OTRCD353 651550 4765494 636.1 5.0 0.90 0.02 34 10 OTRCD353 651550 4765495 631.1 5.0 1.00 0.03 48 10 OTRCD353 651549 4765495 626.2 5.0 0.95 0.02 55 10 OTRCD353 651549 4765496 621.2 5.0 0.73 0.01 68 10 OTRCD353 651549 4765496 616.2 5.0 1.16 0.02 47 10 OTRCD353 651548 4765497 611.3 5.0 0.73 0.02 34 10 OTRCD353 651548 4765498 606.3 5.0 0.72 0.03 68 10 OTRCD353 651548 4765498 601.3 5.0 0.78 0.04 41 10 OTRCD353 651548 4765498 597.4 3.0 0.72 0.03 28 10 OTRCD353 651547 4765499 594.9 2.0 0.54 0.02 53 4 OTRCD353 651547 4765499 591.4 5.0 0.56 0.02 21 10 OTRCD353 651547 4765500 586.5 5.0 0.50 0.02 30 10 OTRCD353 651547 4765500 581.5 5.0 0.64 0.02 36 10 OTRCD353 651546 4765501 576.5 5.0 0.62 0.02 43 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ====================================================================================================================== OTRCD353 651546 4765501 571.6 5.0 0.72 0.03 79 10 OTRCD353 651546 4765501 566.6 5.0 0.59 0.02 37 10 OTRCD353 651545 4765502 561.6 5.0 0.54 0.02 40 10 OTRCD353 651545 4765503 553.7 5.0 0.61 0.02 58 4 OTRCD353 651545 4765503 548.7 5.0 0.69 0.02 49 4 OTRCD353 651544 4765504 543.8 5.0 0.56 0.01 59 4 OTRCD353 651544 4765504 538.8 5.0 0.83 0.01 78 4 OTRCD353 651544 4765505 533.8 5.0 0.48 0.01 24 4 OTRCD353 651543 4765505 528.9 5.0 0.42 0.02 62 4 OTRCD353 651543 4765506 523.9 5.0 0.78 0.03 97 4 OTRCD353 651543 4765507 519.0 5.0 0.71 0.02 47 4 OTRCD353 651543 4765507 514.0 5.0 0.67 0.01 53 4 OTRCD353 651542 4765508 509.0 5.0 0.76 0.01 64 4 OTRCD353 651542 4765508 504.1 5.0 1.15 0.03 69 4 OTRCD353 651542 4765509 499.1 5.0 0.89 0.01 59 4 OTRCD353 651542 4765509 494.2 5.0 0.74 0.01 66 4 OTRCD353 651541 4765509 491.2 1.0 0.71 0.01 35 4 OTRCD353 651541 4765510 488.2 5.0 0.81 0.03 41 2 OTRCD353 651541 4765510 483.2 5.0 1.27 0.02 59 2 OTRCD353 651541 4765511 478.3 5.0 1.16 0.03 75 2 OTRCD353 651540 4765511 473.3 5.0 2.03 0.07 122 2 OTRCD353 651540 4765512 468.3 5.0 1.46 0.07 80 2 OTRCD353 651540 4765513 463.4 5.0 0.85 0.04 69 2 OTRCD353 651540 4765513 458.4 5.0 1.62 0.18 43 7 OTRCD353 651540 4765514 454.4 3.0 2.96 0.15 25 7 OTRCD353 651539 4765514 450.5 5.0 1.26 0.06 65 2 OTRCD353 651539 4765515 445.5 5.0 0.94 0.06 55 2 OTRCD353 651539 4765515 440.5 5.0 0.58 0.04 20 2 OTRCD353 651539 4765516 435.6 5.0 1.45 0.06 55 2 OTRCD353 651538 4765516 431.1 4.0 1.88 0.11 51 2 OTRCD353 651538 4765517 426.6 5.0 0.83 0.06 60 5 OTRCD353 651538 4765517 421.7 5.0 0.64 0.06 32 5 OTRCD353 651538 4765518 416.7 5.0 0.69 0.05 29 5 OTRCD353 651538 4765518 411.7 5.0 1.03 0.05 38 5 OTRCD353 651537 4765519 406.8 5.0 0.62 0.03 28 5 OTRCD353 651537 4765519 401.8 5.0 0.69 0.04 51 5 OTRCD353 651537 4765520 396.8 5.0 0.87 0.11 66 5 OTRCD353 651537 4765520 391.9 5.0 0.82 0.05 45 5 OTRCD353 651537 4765521 386.9 5.0 0.81 0.09 30 5 OTRCD353 651536 4765521 381.9 5.0 0.51 0.06 5 5 OTRCD353 651536 4765522 377.0 5.0 0.54 0.57 23 5 OTRCD365 651657 4766019 630.1 5.0 1.70 0.19 5 7 OTRCD365 651655 4766020 625.5 5.0 2.18 0.26 17 7 OTRCD365 651654 4766022 620.9 5.0 2.70 0.22 62 7 OTRCD365 651653 4766023 616.3 5.0 3.85 0.27 60 7 OTRCD365 651651 4766024 611.7 5.0 2.99 0.42 51 7 OTRCD365 651650 4766025 607.0 5.0 2.69 0.37 50 7 OTRCD365 651648 4766027 602.4 5.0 5.62 0.33 52 7 OTRCD365 651647 4766028 597.8 5.0 6.40 0.49 25 7 OTRCD365 651645 4766029 593.2 5.0 3.90 0.70 58 7 OTRCD365 651644 4766031 588.6 5.0 3.59 0.37 49 7

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ====================================================================================================================== OTRCD365 651643 4766032 584.0 5.0 3.05 0.19 47 7 OTRCD365 651641 4766033 579.4 5.0 2.79 0.18 39 7 OTRCD365 651640 4766035 574.8 5.0 1.55 0.09 38 7 OTRCD365 651638 4766036 570.2 5.0 1.44 0.07 24 7 OTRCD365 651637 4766037 565.6 5.0 1.51 0.08 38 7 OTRCD365 651636 4766038 562.9 1.0 2.32 0.12 58 7 OTRCD365 651635 4766039 560.1 5.0 2.12 0.13 34 2 OTRCD365 651634 4766040 555.5 5.0 1.49 0.10 44 2 OTRCD365 651632 4766041 550.9 5.0 1.02 0.06 39 2 OTRCD365 651631 4766043 546.3 5.0 1.11 0.05 38 2 OTRCD365 651629 4766044 541.7 5.0 1.11 0.06 35 2 OTRCD365 651628 4766046 537.1 5.0 0.83 0.05 30 2 OTRCD365 651626 4766047 532.6 5.0 1.32 0.06 49 2 OTRCD365 651625 4766048 528.0 5.0 1.23 0.06 51 2 OTRCD365 651623 4766050 523.4 5.0 1.05 0.06 48 2 OTRCD365 651622 4766051 518.8 5.0 1.16 0.06 64 2 OTRCD365 651621 4766052 514.2 5.0 1.07 0.04 40 2 OTRCD365 651619 4766054 509.6 5.0 1.14 0.04 70 2 OTRCD365 651618 4766055 505.0 5.0 0.89 0.05 29 2 OTRCD365 651616 4766057 500.5 5.0 1.88 0.09 85 2 OTRCD365 651615 4766058 497.2 2.0 2.69 0.10 85 2 OTRCD365 651614 4766058 494.0 5.0 0.98 0.04 76 5 OTRCD365 651613 4766060 489.5 5.0 1.01 0.04 120 5 OTRCD365 651611 4766061 484.9 5.0 0.96 0.06 92 5 OTRCD365 651610 4766063 480.3 5.0 0.81 0.06 92 5 OTRCD365 651609 4766064 475.7 5.0 0.68 0.55 130 5 OTRCD365 651607 4766066 471.1 5.0 0.92 0.38 148 5 OTRCD365 651606 4766067 466.6 5.0 1.00 0.40 209 5 OTRCD365 651604 4766069 462.0 5.0 1.19 0.35 143 5 OTRCD365 651603 4766070 457.4 5.0 0.75 0.27 248 5 OTRCD365 651601 4766071 452.8 5.0 0.51 0.11 64 5 OTRCD365 651596 4766078 434.5 2.0 0.42 0.16 48 5 OTRCD365 651595 4766079 430.0 5.0 0.77 0.41 100 5 OTRCD365 651593 4766081 425.4 5.0 0.80 0.28 72 5 OTRCD365 651592 4766082 420.8 5.0 0.66 0.18 47 5 OTRCD365 651591 4766084 416.3 5.0 0.66 0.37 80 5 OTRCD365 651589 4766085 411.7 5.0 0.62 0.37 48 5 OTRCD365 651588 4766087 407.1 5.0 0.56 0.21 58 5 OTRCD365 651585 4766090 398.0 5.0 0.74 0.51 83 5 OTRCD365 651584 4766092 393.4 5.0 0.47 0.52 54 5 OTRCD365 651583 4766093 389.8 3.0 0.42 0.32 45 5 OTRCD365 651582 4766094 386.1 5.0 0.53 0.40 57 10 OTRCD365 651581 4766096 381.6 5.0 0.58 0.80 68 10 OTRCD365 651579 4766097 377.0 5.0 0.48 0.96 62 10 OTRCD365 651578 4766099 372.5 5.0 0.72 0.90 65 10 OTRCD365 651577 4766101 367.9 5.0 0.43 0.45 42 10 OTRCD365 651576 4766102 363.4 5.0 0.51 0.42 56 10 OTRCD365 651574 4766104 358.8 5.0 0.50 0.21 39 10 OTRCD365 651573 4766106 354.3 5.0 0.50 2.38 54 10 OTRCD365 651572 4766107 349.7 5.0 0.58 0.08 244 10 OTRCD365 651570 4766109 345.2 5.0 0.60 0.05 79 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ====================================================================================================================== OTRCD365 651569 4766111 340.7 5.0 0.84 0.12 82 10 OTRCD365 651568 4766112 336.1 5.0 0.79 0.15 78 10 OTRCD365 651566 4766114 331.6 5.0 0.68 0.07 86 10 OTRCD365 651565 4766116 327.0 5.0 0.81 0.09 126 10 OTRCD365 651564 4766117 322.5 5.0 0.69 0.14 147 10 OTRCD365 651563 4766119 318.0 5.0 0.79 0.17 127 10 OTRCD365 651561 4766121 313.4 5.0 0.52 0.08 61 10 OTRCD365 651560 4766122 308.9 5.0 0.75 0.13 87 10 OTRCD365 651559 4766124 304.4 5.0 0.93 0.18 71 10 OTRCD365 651557 4766125 299.9 5.0 1.32 0.35 139 10 OTRCD365 651556 4766127 295.4 5.0 1.17 0.27 113 10 OTRCD365 651555 4766129 290.8 5.0 1.14 0.18 81 10 OTRCD365 651554 4766131 286.3 5.0 0.57 0.09 32 10 OTRCD365 651552 4766133 281.8 5.0 0.40 0.08 17 10 OTRCD365 651551 4766134 277.3 5.0 0.51 0.09 23 18 OTRCD365 651550 4766136 272.8 5.0 0.76 0.15 55 18 OTRCD365 651549 4766138 268.3 5.0 0.43 0.08 38 18 OTRCD365 651544 4766145 250.3 5.0 0.70 0.36 27 18 OTRCD365 651543 4766146 247.6 1.0 2.42 1.16 42 18 OTRCD365 651542 4766147 244.9 5.0 0.99 0.31 57 10 OTRCD365 651541 4766149 240.4 5.0 0.91 0.41 46 10 OTRCD365 651540 4766151 235.9 5.0 0.87 0.22 48 10 OTRCD365 651538 4766153 231.4 5.0 0.97 0.33 31 10 OTRCD365 651537 4766155 226.9 5.0 0.85 0.26 63 10 OTRCD365 651536 4766156 222.4 5.0 0.78 0.41 51 10 OTRCD365 651535 4766158 217.9 5.0 0.89 0.18 64 10 OTRCD365 651534 4766160 213.4 5.0 0.67 0.13 24 10 OTRCD365 651531 4766164 204.4 5.0 0.66 0.13 35 10 OTRCD365 651530 4766166 199.9 5.0 0.75 0.14 19 10 OTRCD365 651529 4766168 195.4 5.0 0.79 0.16 36 10 OTRCD365 651525 4766173 182.0 5.0 0.44 0.11 29 10 OTRCD365 651524 4766175 177.5 5.0 0.65 0.15 26 10 OTRCD365 651523 4766177 173.1 5.0 0.68 0.12 29 10 OTRCD365 651522 4766179 168.6 5.0 0.61 0.10 23 10 OTRCD365 651521 4766181 164.1 5.0 0.64 0.11 25 10 OTRCD365 651517 4766186 150.7 5.0 0.39 0.06 14 10 OTRCD365 651516 4766188 146.2 5.0 0.44 0.08 12 10 OTRCD365 651515 4766190 141.8 5.0 0.37 0.08 14 10 OTRCD365 651514 4766192 137.3 5.0 0.55 0.10 25 10 OTRCD365 651513 4766194 132.9 5.0 0.63 0.10 40 10 OTRCD365 651511 4766196 128.4 5.0 0.32 0.04 34 10 OTRCD365 651510 4766198 123.9 5.0 0.44 0.11 93 10 OTRCD365 651509 4766200 119.5 5.0 0.64 0.11 60 10 OTRCD365 651508 4766202 115.0 5.0 0.46 0.13 62 10 OTRCD365 651507 4766204 110.6 5.0 1.00 0.16 198 10 OTRCD365 651498 4766222 70.7 5.0 0.45 0.08 58 10 OTRCD365 651497 4766225 66.3 5.0 0.64 0.09 53 10 OTRCD365 651496 4766227 61.9 5.0 0.73 0.27 49 10 OTRCD365 651495 4766229 57.5 5.0 0.60 0.18 20 10 OTRCD365 651494 4766231 53.1 5.0 0.68 0.24 20 10 OTRCD365 651493 4766233 48.7 5.0 0.40 0.07 22 10

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ======================================================================================================================= OTRCD365 651491 4766236 44.3 5.0 0.57 0.09 34 10 OTRCD365 651490 4766238 39.9 5.0 0.40 0.04 28 10 OTRCD365 651483 4766254 6.3 1.6 0.30 0.03 27 10 OTRCD365A 651667 4766005 655.2 5.0 0.30 0.01 27 19 OTRCD365A 651666 4766005 650.4 5.0 1.16 0.03 20 19 OTRCD365A 651665 4766006 645.5 5.0 1.80 0.09 6 19 OTRCD365A 651664 4766006 640.7 5.0 3.29 0.54 7 19 OTRCD365A 651662 4766007 635.9 5.0 1.45 0.21 7 19 OTRCD365A 651660 4766008 626.3 5.0 0.44 0.01 5 19 OTRCD365A 651657 4766009 618.7 1.0 0.77 0.06 5 19 OTRCD365A 651657 4766009 615.9 5.0 2.51 0.35 22 2 OTRCD365A 651655 4766010 611.1 5.0 0.70 0.07 7 2 OTRCD365A 651653 4766011 602.6 3.0 1.08 0.04 25 2 OTRCD365A 651651 4766012 598.8 5.0 2.91 0.29 30 7 OTRCD365A 651650 4766013 594.2 5.0 2.67 0.89 13 7 OTRCD365A 651648 4766013 589.5 5.0 2.83 0.27 12 7 OTRCD365A 651646 4766014 584.8 5.0 2.99 0.23 20 7 OTRCD365A 651645 4766015 580.2 5.0 3.40 0.19 31 7 OTRCD365A 651643 4766016 575.5 5.0 3.60 0.26 28 7 OTRCD365A 651642 4766016 570.7 5.0 3.59 0.32 20 7 OTRCD365A 651641 4766017 566.9 3.0 1.68 0.12 43 7 OTRCD365A 651636 4766019 548.6 5.0 1.19 0.11 37 2 OTRCD365A 651635 4766019 543.8 5.0 0.98 0.06 22 2 OTRCD365A 651634 4766020 538.9 5.0 0.83 0.02 23 2 OTRCD365A 651632 4766020 534.1 5.0 1.20 0.05 66 2 OTRCD365A 651631 4766020 529.2 5.0 1.18 0.06 74 2 OTRCD365A 651630 4766021 524.4 5.0 0.83 0.08 31 5 OTRCD365A 651629 4766021 519.5 5.0 0.76 0.08 21 5 OTRCD365A 651628 4766022 514.7 5.0 0.91 0.07 28 5 OTRCD365A 651627 4766022 509.8 5.0 0.85 0.08 28 5 OTRCD365A 651626 4766023 505.0 5.0 0.79 0.06 40 5 OTRCD365A 651625 4766024 500.1 5.0 1.02 0.08 83 5 OTRCD365A 651624 4766024 495.3 5.0 0.76 0.07 59 5 OTRCD365A 651622 4766024 490.4 5.0 0.68 0.07 79 5 OTRCD365A 651621 4766025 485.6 5.0 0.83 0.06 163 5 OTRCD365A 651620 4766025 480.7 5.0 0.78 0.10 50 5 OTRCD365A 651619 4766026 475.8 5.0 0.75 0.40 172 5 OTRCD365A 651618 4766026 471.0 5.0 0.92 0.25 134 5 OTRCD365A 651617 4766026 466.1 5.0 1.07 0.16 163 5 OTRCD365A 651616 4766027 461.2 5.0 0.94 0.20 129 5 OTRCD365A 651615 4766028 456.4 5.0 1.55 0.24 199 5 OTRCD365A 651614 4766028 451.5 5.0 0.82 0.31 129 5 OTRCD365A 651613 4766029 446.6 5.0 0.83 0.84 141 5 OTRCD365A 651612 4766029 443.8 0.8 0.81 0.75 185 5 OTRCD388 651681 4766099 706.9 1.0 0.92 0.05 22 5 OTRCD388 651681 4766099 703.9 1.0 0.92 0.05 22 5 OTRCD388 651680 4766099 701.5 4.0 1.30 0.07 5 2 OTRCD388 651679 4766100 697.1 5.0 2.50 0.10 5 7 OTRCD388 651678 4766100 692.2 5.0 3.30 0.11 17 7 OTRCD388 651678 4766101 687.3 5.0 3.71 0.10 16 7 OTRCD388 651677 4766101 682.4 5.0 3.97 0.12 26 7

DHID EAST NORTH ELEVATION LENGTH Cu % Au g/t Mo ppm DOMAIN ====================================================================================================================== OTRCD388 651676 4766102 677.5 5.0 4.44 0.13 49 7 OTRCD388 651675 4766102 672.6 5.0 5.20 0.17 23 7 OTRCD388 651674 4766103 667.7 5.0 3.51 0.10 6 7 OTRCD388 651673 4766103 662.8 5.0 3.76 0.15 17 7 OTRCD388 651672 4766104 658.0 5.0 3.85 0.17 16 7 OTRCD388 651671 4766104 653.1 5.0 5.08 0.20 24 7 OTRCD388 651671 4766105 648.2 5.0 4.65 0.16 34 7 OTRCD388 651670 4766106 643.3 5.0 4.31 0.33 78 7 OTRCD388 651669 4766106 638.4 5.0 3.97 0.28 48 7 OTRCD388 651668 4766107 633.5 5.0 4.80 0.45 16 7 OTRCD388 651667 4766108 628.6 5.0 3.99 0.23 30 7 OTRCD388 651666 4766108 624.7 3.0 3.92 0.24 41 7 OTRCD388 651658 4766114 577.8 5.0 1.27 0.06 49 2 OTRCD388 651657 4766115 572.9 5.0 1.25 0.06 37 2 OTRCD388 651656 4766115 568.0 5.0 1.01 0.07 33 2 OTRCD388 651655 4766116 563.1 5.0 0.89 0.09 19 2 OTRCD388 651654 4766116 558.2 5.0 1.24 0.07 18 2 OTRCD388 651653 4766117 553.4 5.0 1.16 0.06 24 2 OTRCD388 651653 4766118 548.5 5.0 0.73 0.05 16 2 OTRCD388 651652 4766118 543.6 5.0 1.25 0.05 30 2 OTRCD388 651651 4766119 538.7 5.0 1.07 0.05 27 2 OTRCD388 651650 4766119 533.8 5.0 1.12 0.04 59 2 OTRCD388 651649 4766120 528.9 5.0 0.71 0.05 45 5 OTRCD388 651648 4766121 524.0 5.0 0.77 0.05 36 5 OTRCD388 651647 4766121 519.2 5.0 0.63 0.04 38 5 OTRCD388 651646 4766122 514.3 5.0 0.79 0.07 44 5 OTRCD388 651646 4766122 509.4 5.0 0.82 0.05 50 5 OTRCD388 651645 4766123 504.5 5.0 1.03 0.05 57 5 OTRCD388 651644 4766124 499.6 5.0 0.77 0.06 27 5 OTRCD388 651643 4766125 494.7 5.0 0.86 0.07 28 5 OTRCD388 651642 4766125 489.8 5.0 1.09 0.05 51 5 OTRCD388 651641 4766126 485.0 5.0 1.21 0.09 72 5 OTRCD388 651640 4766126 480.1 5.0 0.81 0.15 59 5 OTRCD388 651639 4766127 475.2 5.0 0.73 0.17 90 5 OTRCD388 651638 4766127 470.3 5.0 0.40 0.10 36 5 OTRCD388 651638 4766128 465.4 5.0 0.67 0.14 81 5 OTRCD388 651637 4766129 460.5 5.0 0.58 0.15 80 5 OTRCD388 651636 4766129 455.6 5.0 0.50 0.15 50 5 OTRCD388 651635 4766130 450.7 5.0 0.78 0.13 85 5 OTRCD388 651634 4766130 447.1 2.3 0.79 0.12 98 5
APPENDIX B STANDARD REFERENCE MATERIAL (SRM) CHARTS IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT COPPER ASSAYS FOR STANDARD #1 [COPPER ASSAYS FOR STANDARD #1 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT GOLD ASSAYS FOR STANDARD #1 [GOLD ASSAYS FOR STANDARD #1 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL COPPER ASSAYS FOR STANDARD #3 - MARCH 1, 2002 TO JANUARY 31, 2003 [ORIGINAL COPPER ASSAYS FOR STANDARD #3 - MARCH 1, 2002 TO JANUARY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL GOLD ASSAYS FOR STANDARD #3 - MARCH 1, 2002 TO JANUARY 31, 2003 [ORIGINAL GOLD ASSAYS FOR STANDARD #3 - MARCH 1, 2002 TO JANUARY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #5 - MARCH 1 TO SEPTEMBER 30, 2002 [FINAL COPPER ASSAYS FOR STANDARD #5 - MARCH 1 TO SEPTEMBER 30, 2002 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #5 - MARCH 1 TO SEPTEMBER 30, 2002 [FINAL GOLD ASSAYS FOR STANDARD #5 - MARCH 1 TO SEPTEMBER 30, 2002 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #5 - MARCH 1 TO SEPTEMBER 30, 2002 [ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #5 - MARCH 1 TO SEPTEMBER 30, 2002 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #6 - JULY 1 TO NOVEMBER 30, 2002 [FINAL COPPER ASSAYS FOR STANDARD #6 - JULY 1 TO NOVEMBER 30, 2002 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #6 - JULY 1 TO NOVEMBER 30, 2002 [FINAL GOLD ASSAYS FOR STANDARD #6 - JULY 1 TO NOVEMBER 30, 2002 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #6 - JULY 1 TO NOVEMBER 30, 2002 [ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #6 - JULY 1 TO NOVEMBER 30, 2002 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #7 - JULY 1, 2002 TO JANUARY 31, 2003 [FINAL COPPER ASSAYS FOR STANDARD #7 - JULY 1, 2002 TO JANUARY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #7 - JULY 1, 2002 TO JANUARY 31, 2003 [FINAL GOLD ASSAYS FOR STANDARD #7 - JULY 1, 2002 TO JANUARY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #7 - JULY 1, 2002 TO JANUARY 31, 2003 [ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #7 - JULY 1, 2002 TO JANUARY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #8 - JULY 1, 2002 TO MAY 31, 2003 [FINAL COPPER ASSAYS FOR STANDARD #8 - JULY 1, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #8 - JULY 1, 2002 TO MAY 31, 2003 [FINAL GOLD ASSAYS FOR STANDARD #8 - JULY 1, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #8 - JULY 1, 2002 TO MAY 31, 2003 [ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #8 - JULY 1, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #9 - JULY 1, 2002 TO MAY 31, 2003 [FINAL COPPER ASSAYS FOR STANDARD #9 - JULY 1, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #9 - JULY 1, 2002 TO MAY 31, 2003 [FINAL GOLD ASSAYS FOR STANDARD #9 - JULY 1, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #9 - JULY 1, 2002 TO MAY 31, 2003 [ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #9 - JULY 1, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #10 - JULY 1, 2002 TO MAY 31, 2003 [FINAL COPPER ASSAYS FOR STANDARD #10 - JULY 1, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #10 - JULY 1, 2002 TO MAY 31, 2003 [FINAL GOLD ASSAYS FOR STANDARD #10 - JULY 1, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT MOLYBDENUM ASSAYS FOR STANDARD #10 - JULY 1, 2002 TO MAY 31, 2003 [MOLYBDENUM ASSAYS FOR STANDARD #10 - JULY 1, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #11 - JULY 1, 2002 TO JUNE 30, 2003 [FINAL COPPER ASSAYS FOR STANDARD #11 - JULY 1, 2002 TO JUNE 30, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #11 - JULY 1, 2002 TO JUNE 30, 2003 [FINAL GOLD ASSAYS FOR STANDARD #11 - JULY 1, 2002 TO JUNE 30, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #11 - OCTOBER 1, 2002 TO JUNE 30, 2003 [ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #11 - OCTOBER 1, 2002 TO JUNE 30, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #12 - JULY 1, 2002 TO APRIL 30, 2003 [FINAL COPPER ASSAYS FOR STANDARD #12 - JULY 1, 2002 TO APRIL 30, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #12 - JULY 1, 2002 TO APRIL 30, 2003 [FINAL GOLD ASSAYS FOR STANDARD #12 - JULY 1, 2002 TO APRIL 30, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #12 - OCTOBER TO APRIL 30, 2003 [ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #12 - OCTOBER TO APRIL 30, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #13 - OCTOBER 1, 2002 TO APRIL 30, 2003 [FINAL COPPER ASSAYS FOR STANDARD #13 - OCTOBER 1, 2002 TO APRIL 30, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #13 - OCTOBER 1, 2002 TO APRIL 30, 2003 [FINAL GOLD ASSAYS FOR STANDARD #13 - OCTOBER 1, 2002 TO APRIL 30, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #13 - OCTOBER 1, 2002 TO APRIL 30, 2003 [ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #13 - OCTOBER 1, 2002 TO APRIL 30, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #14 - DECEMBER 10, 2002 TO MAY 31, 2003 [FINAL COPPER ASSAYS FOR STANDARD #14 - DECEMBER 10, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #14 - DECEMBER 10, 2002 TO MAY 31, 2003 [FINAL GOLD ASSAYS FOR STANDARD #14 - DECEMBER 10, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #14 - DECEMBER 10, 2002 TO MAY 31, 2003 [ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #14 - DECEMBER 10, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #15 - JULY 1, 2002 TO MAY 31, 2003 [FINAL COPPER ASSAYS FOR STANDARD #15 - JULY 1, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #15 - JULY 1, 2002 TO MAY 31, 2003 [FINAL GOLD ASSAYS FOR STANDARD #15 - JULY 1, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #15 - DECEMBER 10, 2002 TO MAY 31, 2003 [ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #15 - DECEMBER 10, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #16 - JULY 1, 2002 TO MAY 31, 2003 [FINAL COPPER ASSAYS FOR STANDARD #16 - JULY 1, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #16 - DECEMBER 10, 2002 TO MAY 31, 2003 [FINAL GOLD ASSAYS FOR STANDARD #16 - DECEMBER 10, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #16 - DECEMBER 10, 2002 TO MAY 31, 2003 [ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #16 - DECEMBER 10, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #17 - DECEMBER 10, 2002 TO MAY 31, 2003 [FINAL COPPER ASSAYS FOR STANDARD #17 - DECEMBER 10, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #17 - DECEMBER 10, 2002 TO MAY 31, 2003 [FINAL GOLD ASSAYS FOR STANDARD #17 - DECEMBER 10, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #17 - DECEMBER 10, 2002 TO MAY 31, 2003 [ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #17 - DECEMBER 10, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #18 - DECEMBER 10, 2002 TO MARCH 31, 2003 [FINAL COPPER ASSAYS FOR STANDARD #18 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #18 - DECEMBER 10, 2002 TO MARCH 31, 2003 [FINAL GOLD ASSAYS FOR STANDARD #18 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #18 - DECEMBER 10, 2002 TO MARCH 31, 2003 [ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #18 - DECEMBER 10, 2002 TO MARCH 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #19 - DECEMBER 30, 2002 TO MAY 31, 2003 [FINAL COPPER ASSAYS FOR STANDARD #19 - DECEMBER 30, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #19 - DECEMBER 30, 2002 TO APRIL 30, 2003 [FINAL GOLD ASSAYS FOR STANDARD #19 - DECEMBER 30, 2002 TO APRIL 30, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #19 - DECEMBER 30, 2002 TO MAY 31, 2003 [ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #19 - DECEMBER 30, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #20 - DEC 10, 2002 TO MAY 31, 2003 [FINAL COPPER ASSAYS FOR STANDARD #20 - DEC 10, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #20 - DECEMBER 10, 2002 TO MAY 31, 2003 [FINAL GOLD ASSAYS FOR STANDARD #20 - DECEMBER 10, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #20 - DECEMBER 10, 2002 TO MAY 31, 2003 [ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #20 - DECEMBER 10, 2002 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #21 - MAY 31, 2003 [FINAL COPPER ASSAYS FOR STANDARD #21 - MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL GOLD ASSAYS FOR STANDARD #21 - MAY 31, 2003 [ORIGINAL GOLD ASSAYS FOR STANDARD #21 - MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #21 - MAY 31, 2003 [ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #21 - MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL COPPER ASSAYS FOR STANDARD #22 - MAY 31, 2003 [ORIGINAL COPPER ASSAYS FOR STANDARD #22 - MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL GOLD ASSAYS FOR STANDARD #22 - MAY 31, 2003 [ORIGINAL GOLD ASSAYS FOR STANDARD #22 - MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #22 - MAY 31, 2003 [ORIGINAL MOLYBDENUM ASSAYS FOR STANDARD #22 - MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL COPPER ASSAYS FOR STANDARD #23 - APRIL 1 TO MAY 31, 2003 [FINAL COPPER ASSAYS FOR STANDARD #23 - APRIL 1 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT FINAL GOLD ASSAYS FOR STANDARD #23 - APRIL 1 TO MAY 31, 2003 [FINAL GOLD ASSAYS FOR STANDARD #23 - APRIL 1 TO MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL COPPER ASSAYS FOR STANDARD #24 - MAY 31, 2003 [ORIGINAL COPPER ASSAYS FOR STANDARD #24 - MAY 31, 2003 GRAPH] IVANHOE MINES MONGOLIA INC. - OYU TOLGOI PROJECT ORIGINAL GOLD ASSAYS FOR STANDARD #24 - MAY 31, 2003 [ORIGINAL GOLD ASSAYS FOR STANDARD #24 - MAY 31, 2003 GRAPH] APPENDIX C ================================================================================ DATA ANALYSIS Summarized Statistics Histograms & Probability Plots - Drill Hole Composite Values Histograms & Probability Plots - Model Values Cu (wt %) Statistics - July 2003 Far North Oyu
% BELOW % ABOVE SHELL DOMAIN N M CV MIN Q 25 Q 50 Q 75 MAX THRESHOLD THRESHOLD ================================================================================================================================ BACKGROUND Assays total 7284 0.31 1.06 0.00 0.05 0.23 0.48 4.95 15 Ign lith 3532 0.29 1.10 0.00 0.05 0.21 0.44 4.95 12 Va lith 1385 0.50 0.59 0.00 0.30 0.47 0.66 2.40 30 -------------------------------------------------------------------------------------------------------------- Composites total 3077 0.31 0.91 0.00 0.07 0.26 0.47 2.24 15 Model - OK total 117673 0.27 0.59 0.01 0.14 0.28 0.38 1.10 1 Model - NN total 117673 0.20 1.04 0.00 0.00 0.13 0.37 1.50 2 ================================================================================================================================ LOW GRADE (>0.6% <1.0% Cu) Assays Ign+Va 3791 0.75 0.48 0.00 0.55 0.74 0.92 4.52 30 20 Ign lith 1465 0.77 0.45 0.01 0.56 0.73 0.94 2.59 30 20 Va lith 1608 0.81 0.38 0.01 0.62 0.77 0.93 4.52 20 20 Ign 1773 0.74 0.47 0.00 0.54 0.72 0.92 2.59 30 20 Va 2018 0.76 0.49 0.00 0.56 0.76 0.93 4.52 30 20 -------------------------------------------------------------------------------------------------------------- Composites Ign+Va 1594 0.75 0.38 0.00 0.60 0.75 0.89 2.54 25 15 Ign 750 0.74 0.36 0.00 0.60 0.74 0.89 2.08 30 15 Va 844 0.76 0.39 0.00 0.61 0.77 0.90 2.54 25 15 -------------------------------------------------------------------------------------------------------------- Model - OK Ign+Va 17368 0.67 0.23 0.09 0.60 0.69 0.77 1.30 25 1 Ign 7474 0.71 0.15 0.22 0.64 0.71 0.77 1.27 15 1 Va 9894 0.64 0.27 0.09 0.54 0.67 0.76 1.30 35 1 -------------------------------------------------------------------------------------------------------------- Model - NN Ign+Va 17368 0.68 0.41 0.00 0.53 0.71 0.84 2.25 32 5 Ign 7474 0.72 0.34 0.00 0.59 0.74 0.86 2.08 30 5 Va 9894 0.65 0.46 0.00 0.49 0.69 0.83 2.25 37 6 ================================================================================================================================ MID GRADE (>1.0% <2.0% Cu) Assays Ign+Va 4546 1.22 0.46 0.00 0.93 1.21 1.51 7.27 30 7 Ign lith 2614 1.32 0.41 0.00 1.02 1.29 1.57 7.27 20 8 Va lith 1373 1.28 0.36 0.01 0.99 1.20 1.48 4.08 30 6 Ign 2510 1.25 0.46 0.00 0.95 1.25 1.55 7.27 30 7 Va 2036 1.19 0.46 0.00 0.89 1.17 1.46 5.12 30 7 -------------------------------------------------------------------------------------------------------------- Composites Ign+Va 1893 1.22 0.36 0.01 0.98 1.22 1.47 4.88 25 4 Ign 1035 1.25 0.36 0.01 1.01 1.25 1.50 4.26 25 4 Va 858 1.19 0.36 0.01 0.96 1.18 1.42 4.88 30 4 -------------------------------------------------------------------------------------------------------------- Model - OK Ign+Va 18046 1.23 0.19 0.31 1.08 1.23 1.38 4.34 15 0.1 Ign 6332 1.27 0.19 0.31 1.13 1.28 1.42 4.34 10 0.1 Va 11714 1.21 0.19 0.36 1.06 1.21 1.35 2.14 20 0.1 -------------------------------------------------------------------------------------------------------------- Model - NN Ign+Va 18046 1.23 0.42 0.01 0.94 1.22 1.53 5.05 30 5 Ign 6332 1.27 0.38 0.01 0.98 1.26 1.54 5.05 30 5 Va 11714 1.20 0.43 0.01 0.93 1.20 1.52 3.84 30 5 ================================================================================================================================ HIGH GRADE (>2.0% Cu) Assays Ign+Va 1626 2.98 0.59 0.00 2.01 2.68 3.67 21.50 22 Ign lith 794 2.94 0.59 0.03 2.06 2.63 3.47 21.50 22 Va lith 476 2.79 0.42 0.24 2.00 2.59 3.40 7.91 25 "rest" lith 258 4.27 0.48 0.26 2.97 3.88 5.05 14.80 8 Ign 819 2.90 0.64 0.01 2.01 2.57 3.46 21.50 22 Va 807 3.06 0.55 0.00 2.00 2.85 3.86 14.80 25 -------------------------------------------------------------------------------------------------------------- Composites Ign+Va 675 2.98 0.50 0.02 2.10 2.67 3.61 12.82 22 Ign 339 2.90 0.51 0.02 2.14 2.54 3.41 12.82 21 Va 336 3.06 0.48 0.12 2.04 2.85 3.81 11.54 22 -------------------------------------------------------------------------------------------------------------- Model - OK Ign+Va 4541 2.86 0.23 0.96 2.42 2.77 3.21 6.50 5 Ign 1364 2.82 0.24 0.96 2.36 2.73 3.25 5.75 7 Va 3177 2.88 0.22 1.05 2.48 2.79 3.20 6.50 5 -------------------------------------------------------------------------------------------------------------- Model - NN Ign+Va 4541 2.94 0.45 0.02 2.04 2.70 3.62 9.30 20 Ign 1364 2.87 0.43 0.02 2.14 2.54 3.45 9.30 20 Va 3177 2.97 0.46 0.12 2.04 2.71 3.81 9.00 20 ================================================================================================================================
Au (g/t) Statistics - July 2003 Far North Oyu
SHELL DOMAIN N M CV MIN Q 25 Q 50 Q 75 MAX ========================================================================================================== BACKGROUND Assays total 7284 0.07 5.01 0.01 0.01 0.03 0.06 26.80 Ign lith 3532 0.04 1.54 0.01 0.01 0.02 0.04 1.11 Va lith 1385 0.10 1.75 0.01 0.03 0.05 0.10 2.90 ---------------------------------------------------------------------------------------- Composites total 3077 0.07 3.41 0.01 0.02 0.03 0.07 10.94 Model - OK total 117662 0.05 0.78 0.00 0.02 0.04 0.07 0.83 Model - NN total 117662 0.04 1.44 0.00 0.00 0.02 0.06 1.80 ========================================================================================================== LOW GRADE (>0.6% <1.0% CU) Assays Ign+Va 3791 0.08 2.59 0.01 0.02 0.04 0.07 7.82 Ign lith 1465 0.04 0.93 0.01 0.02 0.03 0.05 0.45 Va lith 1608 0.09 2.05 0.01 0.03 0.04 0.07 3.24 Ign 1773 0.04 1.01 0.01 0.02 0.03 0.05 0.76 Va 2018 0.12 2.40 0.01 0.03 0.05 0.10 7.82 ---------------------------------------------------------------------------------------- Composites Ign+Va 1594 0.08 2.15 0.01 0.02 0.04 0.07 3.91 Ign 750 0.04 0.87 0.01 0.02 0.03 0.05 0.43 Va 844 0.12 1.97 0.01 0.03 0.05 0.10 3.91 ---------------------------------------------------------------------------------------- Model - OK Ign+Va 17368 0.07 0.93 0.01 0.03 0.05 0.08 0.72 Ign 7474 0.04 0.45 0.01 0.03 0.04 0.05 0.15 Va 9894 0.09 0.87 0.01 0.04 0.06 0.11 0.72 ---------------------------------------------------------------------------------------- Model - NN Ign+Va 17368 0.07 1.48 0.01 0.02 0.04 0.07 1.72 Ign 7474 0.04 0.81 0.01 0.02 0.03 0.05 0.26 Va 9894 0.10 1.38 0.01 0.03 0.05 0.11 1.72 ========================================================================================================== MID GRADE (>1.0% <2.0% CU) Assays Ign+Va 4546 0.06 1.59 0.01 0.02 0.04 0.07 3.24 Ign lith 2614 0.04 1.04 0.01 0.02 0.03 0.05 0.59 Va lith 1373 0.10 1.38 0.01 0.04 0.07 0.11 3.24 Ign 2510 0.04 1.04 0.01 0.02 0.03 0.04 0.59 Va 2036 0.10 1.43 0.01 0.03 0.06 0.11 3.24 ---------------------------------------------------------------------------------------- Composites Ign+Va 1893 0.06 1.24 0.01 0.02 0.04 0.07 1.08 Ign 1035 0.04 0.79 0.01 0.02 0.03 0.04 0.47 Va 858 0.10 1.08 0.01 0.04 0.07 0.12 1.08 ---------------------------------------------------------------------------------------- Model - OK Ign+Va 18046 0.07 0.63 0.01 0.04 0.06 0.10 0.82 Ign 6332 0.04 0.49 0.01 0.03 0.04 0.05 0.82 Va 11714 0.09 0.50 0.02 0.06 0.08 0.11 0.51 ---------------------------------------------------------------------------------------- Model - NN Ign+Va 18046 0.08 1.07 0.01 0.03 0.05 0.10 1.01 Ign 6332 0.04 0.85 0.01 0.02 0.03 0.05 1.01 Va 11714 0.10 0.96 0.01 0.04 0.07 0.12 0.71 ========================================================================================================== HIGH GRADE (>2.0% CU) Assays Ign+Va 1326 0.31 2.03 0.01 0.07 0.15 0.31 13.60 Ign lith 794 0.19 1.71 0.01 0.06 0.11 0.22 7.20 Va lith 476 0.39 1.70 0.02 0.10 0.18 0.35 9.14 "rest" lith 258 0.63 1.76 0.02 0.20 0.34 0.59 13.60 Ign 819 0.18 1.75 0.01 0.05 0.11 0.22 7.20 Va 807 0.44 1.85 0.01 0.10 0.22 0.46 13.60 ---------------------------------------------------------------------------------------- Composites Ign+Va 675 0.31 1.72 0.01 0.08 0.16 0.32 7.02 Ign 339 0.18 1.23 0.01 0.06 0.11 0.23 1.93 Va 336 0.44 1.60 0.01 0.12 0.23 0.42 7.02 ---------------------------------------------------------------------------------------- Model - OK Ign+Va 4541 0.30 0.97 0.02 0.15 0.22 0.32 2.63 Ign 1364 0.18 0.61 0.02 0.11 0.15 0.23 0.65 Va 3177 0.35 0.93 0.05 0.18 0.25 0.36 2.63 ---------------------------------------------------------------------------------------- Model - NN Ign+Va 4541 0.32 1.36 0.01 0.09 0.17 0.34 3.29 Ign 1364 0.18 1.00 0.01 0.07 0.12 0.23 1.09 Va 3177 0.38 1.30 0.01 0.12 0.19 0.40 3.29 ==========================================================================================================
Mo (ppm) Statistics - July 2003 Far North Oyu
SHELL DOMAIN N M CV MIN Q 25 Q 50 Q 75 MAX ==================================================================================================================== BACKGROUND Assays total 7284 56.00 2.12 5.00 10.00 28.00 67.00 6080.00 Ign lith 3532 61.00 1.59 5.00 13.00 33.00 76.00 1940.00 Va lith 1385 92.00 2.24 5.00 32.00 58.00 105.00 6080.00 ----------------------------------------------------------------------------------------------------- Composites total 3077 56.00 1.67 5.00 12.00 32.00 72.00 3007.00 Model - OK total 117673 52.00 0.80 1.00 22.00 42.00 71.00 413.00 Model - NN total 117673 43.00 2.10 0.00 0.00 18.00 50.00 885.00 ==================================================================================================================== LOW GRADE (>0.6% <1.0% Cu) Assays Ign+Va 3791 78.00 1.06 5.00 29.00 57.00 100.00 1070.00 Ign lith 1465 86.00 1.05 5.00 34.00 62.00 106.00 1070.00 Va lith 1608 86.00 0.97 5.00 34.00 64.00 110.00 845.00 ----------------------------------------------------------------------------------------------------- Composites Ign+Va 1594 78.00 0.84 5.00 32.00 62.00 103.00 623.00 Model - OK Ign+Va 17368 73.00 0.52 8.00 44.00 66.00 94.00 269.00 Model - NN Ign+Va 17368 71.00 0.88 5.00 27.00 56.00 95.00 623.00 ==================================================================================================================== MID GRADE (>1.0% <2.0% Cu) Assays Ign+Va 4546 54.00 1.23 5.00 18.00 36.00 69.00 1910.00 Ign lith 2614 55.00 1.13 5.00 20.00 36.00 66.00 900.00 Va lith 1373 63.00 1.28 5.00 21.00 45.00 80.00 1910.00 ----------------------------------------------------------------------------------------------------- Composites Ign+Va 1893 54.00 1.00 5.00 21.00 40.00 69.00 994.00 Model - OK Ign+Va 18046 51.00 0.51 6.00 32.00 46.00 67.00 223.00 Model - NN Ign+Va 18046 47.00 0.98 5.00 16.00 32.00 61.00 500.00 ==================================================================================================================== HIGH GRADE (>2.0% Cu) Assays Ign+Va 1626 47.00 2.46 5.00 12.00 26.00 53.00 3730.00 Ign lith 764 57.00 2.68 5.00 16.00 32.00 63.00 3730.00 Va lith 476 47.00 1.51 5.00 12.00 26.00 56.00 800.00 "rest" lith 258 29.00 1.24 5.00 5.00 17.00 38.00 305.00 ----------------------------------------------------------------------------------------------------- Composites Ign+Va 675 47.00 1.79 5.00 15.00 30.00 56.00 1694.00 Model - OK Ign+Va 4541 36.00 0.58 8.00 21.00 32.00 46.00 186.00 Model - NN Ign+Va 4541 37.00 1.09 5.00 12.00 25.00 48.00 400.00 ====================================================================================================================
[OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Cu COMPOSITES ( ) CHART] [OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Cu COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Au COMPOSITES ( ) CHART] [OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Au COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Mo COMPOSITES ( ) CHART] [OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Mo COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Cu COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Cu COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Au COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Au COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Au COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Au COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Cu COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Cu COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Au COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Au COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Mo COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; IGN DOMAIN; Mo COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Cu COMPOSITES ( ) CHART] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Cu COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Au COMPOSITES ( ) CHART] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Au COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Mo COMPOSITES ( ) CHART] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Mo COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Cu COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Cu COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Au COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Au COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Mo COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Mo COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Cu COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Cu COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Au COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Au COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Mo COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; VA DOMAIN; Mo COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; IGN DOMAIN; Cu COMPOSITES ( ) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; IGN DOMAIN; Cu COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; IGN DOMAIN; Cu COMPOSITES ( ) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; IGN DOMAIN; Cu COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; IGN DOMAIN; Mo COMPOSITES ( ) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; IGN DOMAIN; Mo COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; IGN DOMAIN; Cu COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; IGN DOMAIN; Cu COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; IGN DOMAIN; Au COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; IGN DOMAIN; Au COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; IGN DOMAIN; Mo COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; IGN DOMAIN; Mo COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Cu COMPOSITES ( ) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Cu COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Au COMPOSITES ( ) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Au COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Mo COMPOSITES ( ) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Mo COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Cu COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Cu COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Au COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Au COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Mo COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Mo COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Cu COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Cu COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Au COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Au COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Mo COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; VA DOMAIN; Mo COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >2% Cu; IGN DOMAIN; Cu COMPOSITES ( ) CHART] [OYU TOLGOI FNO >2% Cu; IGN DOMAIN; Cu COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >2% Cu; IGN DOMAIN; Au COMPOSITES ( ) CHART] [OYU TOLGOI FNO >2% Cu; IGN DOMAIN; Au COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >2% Cu; IGN DOMAIN; Mo COMPOSITES ( ) CHART] [OYU TOLGOI FNO >2% Cu; IGN DOMAIN; Mo COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >2% Cu; IGN DOMAIN; Cu COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >2% Cu; IGN DOMAIN; Cu COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >2% Cu; IGN DOMAIN; Au COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >2% Cu; IGN DOMAIN; Au COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >2% Cu; IGN DOMAIN; Mo COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >2% Cu; IGN DOMAIN; Mo COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Cu COMPOSITES ( ) CHART] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Cu COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Au COMPOSITES ( ) CHART] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Au COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Mo COMPOSITES ( ) CHART] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Mo COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Cu COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Cu COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Au COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Au COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Mo COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Mo COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Cu COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Cu COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Au COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Au COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Mo COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >2% Cu; VA DOMAIN; Mo COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Cu COMPOSITES ( ) CHART] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Cu COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Au COMPOSITES ( ) CHART] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Au COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Mo COMPOSITES ( ) CHART] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Mo COMPOSITES ( ) GRAPH] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Cu COMPOSITES (IGN LITH) CHART] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Cu COMPOSITES (IGN LITH) GRAPH] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Au COMPOSITES (IGN LITH) CHART] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Au COMPOSITES (IGN LITH) GRAPH] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Mo COMPOSITES (IGN LITH) CHART] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Mo COMPOSITES (IGN LITH) GRAPH] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Cu COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Cu COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Au COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Au COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Mo COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Mo COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Cu COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Cu COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Au COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Au COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Mo COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Mo COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Cu COMPOSITES (VA LITH) CHART] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Cu COMPOSITES (VA LITH) GRAPH] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Au COMPOSITES (Va Lith) CHART] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Au COMPOSITES (Va Lith) GRAPH] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Mo COMPOSITES (Va Lith) CHART] [OYU TOLGOI FNO <0.6% Cu; BKGD DOMAIN; Mo COMPOSITES (Va Lith) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (ALL Lith) CHART] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (ALL Lith) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Au COMPOSITES (ALL Lith) CHART] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Au COMPOSITES (ALL Lith) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (ALL Lith) CHART] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (ALL Lith) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (Ign Lith) CHART] [OYU TOLGOI Fno >1% <2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (Ign Lith) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Au COMPOSITES (Ign Lith) CHART] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Au COMPOSITES (Ign Lith) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (Ign Lith) CHART] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (Ign Lith) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Au COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Au COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Au COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Au COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (Va Lith) CHART] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (Va Lith) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Au COMPOSITES (Va Lith) CHART] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Au COMPOSITES (Va Lith) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (Va Lith) CHART] [OYU TOLGOI FNO >1% <2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (Va Lith) GRAPH] [OYU TOLGOI FNO; RHY DYKE; %Cu COMPOSITES CHART] [OYU TOLGOI FNO; RHY DYKE; %Cu COMPOSITES GRAPH] [OYU TOLGOI FNO; RHY DYKE; Au COMPOSITES CHART] [OYU TOLGOI FNO; RHY DYKE; Au COMPOSITES GRAPH] [OYU TOLGOI FNO; RHY DYKE; Mo COMPOSITES CHART] [OYU TOLGOI FNO; RHY DYKE; Mo COMPOSITES GRAPH] [OYU TOLGOI FNO; BIGD DYKE; %Cu COMPOSITES CHART] [OYU TOLGOI FNO; BIGD DYKE; %Cu COMPOSITES GRAPH] [OYU TOLGOI FNO; BIGD DYKE; Au COMPOSITES CHART] [OYU TOLGOI FNO; BIGD DYKE; Au COMPOSITES GRAPH] [OYU TOLGOI FNO; BIGD DYKE; Mo COMPOSITES CHART] [OYU TOLGOI FNO; BIGD DYKE; Mo COMPOSITES GRAPH] [OYU TOLGOI FNO; BASALT DYKE; %Cu COMPOSITES CHART] [OYU TOLGOI FNO; BASALT DYKE; %Cu COMPOSITES GRAPH] [OYU TOLGOI FNO; BASALT DYKE; Mo COMPOSITES CHART] [OYU TOLGOI FNO; BASALT DYKE; Mo COMPOSITES GRAPH] [OYU TOLGOI FNO; BASALT DYKE; Au COMPOSITES CHART] [OYU TOLGOI FNO; BASALT DYKE; Au COMPOSITES GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Cu COMPOSITES (ALL Lith) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Cu COMPOSITES (ALL Lith) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Au COMPOSITES (ALL Lith) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Au COMPOSITES (ALL Lith) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Mo COMPOSITES (ALL Lith) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Mo COMPOSITES (ALL Lith) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Cu COMPOSITES (Ign Lith) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Cu COMPOSITES (Ign Lith) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Au COMPOSITES (Ign Lith) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Au COMPOSITES (Ign Lith) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Mo COMPOSITES (Ign Lith) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Mo COMPOSITES (Ign Lith) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Cu COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Cu COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Au COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Au COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Mo COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Mo COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Cu COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Cu COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Au COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Au COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Mo COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Mo COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Cu COMPOSITES (Va Lith) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Cu COMPOSITES (Va Lith) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Au COMPOSITES (Va Lith) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Au COMPOSITES (Va Lith) GRAPH] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Mo COMPOSITES (Va Lith) CHART] [OYU TOLGOI FNO >0.6% <1% Cu; Ign + Va DOMAIN; Mo COMPOSITES (Va Lith) GRAPH] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (ALL Lith) CHART] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (ALL Lith) GRAPH] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Au COMPOSITES (ALL Lith) CHART] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Au COMPOSITES (ALL Lith) GRAPH] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (ALL Lith) CHART] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (ALL Lith) GRAPH] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (Ign Lith) CHART] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (Ign Lith) GRAPH] [OYU TOLGOI FNO >2% Cu; IGN + Va DOMAIN; Au COMPOSITES (IGN LITH) CHART] [OYU TOLGOI FNO >2% Cu; IGN + Va DOMAIN; Au COMPOSITES (IGN LITH) GRAPH] [OYU TOLGOI FNO >2% Cu; IGN + Va DOMAIN; Mo COMPOSITES (Ign LITH) CHART] [OYU TOLGOI FNO >2% Cu; IGN + Va DOMAIN; Mo COMPOSITES (Ign LITH) GRAPH] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Au COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Au COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (NORTH) CHART] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (NORTH) GRAPH] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Cu COMPOSITES ("REST" LITH) CHART] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Cu COMPOSITES ("REST" LITH) GRAPH] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Au COMPOSITES ("REST" LITH) CHART] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Au COMPOSITES ("REST" LITH) GRAPH] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Mo COMPOSITES ("REST" LITH) CHART] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Mo COMPOSITES ("REST" LITH) GRAPH] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Au COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Au COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (SOUTH) CHART] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (SOUTH) GRAPH] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (Va LITH) CHART] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Cu COMPOSITES (Va LITH) GRAPH] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Au COMPOSITES (Va LITH) CHART] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Au COMPOSITES (Va LITH) GRAPH] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (Va LITH) CHART] [OYU TOLGOI FNO >2% Cu; Ign + Va DOMAIN; Mo COMPOSITES (Va LITH) GRAPH] [OYU TOLGOI FNO >1% <2% Cu; MODEL (OK) Cu: Ign DOMAIN CHART] [OYU TOLGOI FNO >1% <2% Cu; MODEL (OK) Cu: Ign DOMAIN GRAPH] [OYU TOLGOI FNO >1% <2% Cu; MODEL (NN) Cu: Ign DOMAIN CHART] [OYU TOLGOI FNO >1% <2% Cu; MODEL (NN) Cu: Ign DOMAIN GRAPH] [OYU TOLGOI FNO >1% <2% Cu; MODEL (OK) Au; Ign DOMAIN CHART] [OYU TOLGOI FNO >1% <2% Cu; MODEL (OK) Au; Ign DOMAIN GRAPH] [OYU TOLGOI FNO >1% <2% Cu; MODEL (NN) Au; Ign DOMAIN CHART] [OYU TOLGOI FNO >1% <2% Cu; MODEL (NN) Au; Ign DOMAIN GRAPH] [OYU TOLGOI FNO >1% <2% Cu; MODEL (OK) Cu: Va DOMAIN CHART] [OYU TOLGOI FNO >1% <2% Cu; MODEL (OK) Cu: Va DOMAIN GRAPH] [OYU TOLGOI FNO >1% <2% Cu; MODEL (NN) Cu: Va DOMAIN CHART] [OYU TOLGOI FNO >1% <2% Cu; MODEL (NN) Cu: Va DOMAIN GRAPH] [OYU TOLGOI FNO >1% <2% Cu; MODEL (OK) Au; Va DOMAIN CHART] [OYU TOLGOI FNO >1% <2% Cu; MODEL (OK) Au; Va DOMAIN GRAPH] [OYU TOLGOI FNO >1% <2% Cu; MODEL (NN) Au; Va DOMAIN CHART] [OYU TOLGOI FNO >1% <2% Cu; MODEL (NN) Au; Va DOMAIN GRAPH] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (OK) Cu: Ign DOMAIN CHART] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (OK) Cu: Ign DOMAIN GRAPH] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (NN) Cu: Ign DOMAIN CHART] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (NN) Cu: Ign DOMAIN GRAPH] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (OK) Au; Ign DOMAIN CHART] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (OK) Au; Ign DOMAIN GRAPH] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (NN) Au; Ign DOMAIN CHART] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (NN) Au; Ign DOMAIN GRAPH] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (OK) Cu: Va DOMAIN CHART] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (OK) Cu: Va DOMAIN GRAPH] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (NN) Cu: Va DOMAIN CHART] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (NN) Cu: Va DOMAIN GRAPH] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (OK) Au; Va DOMAIN CHART] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (OK) Au; Va DOMAIN GRAPH] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (NN) Au; Va DOMAIN CHART] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (NN) Au; Va DOMAIN GRAPH] [OYU TOLGOI FNO >2% Cu; MODEL (OK) Cu: Ign DOMAIN CHART] [OYU TOLGOI FNO >2% Cu; MODEL (OK) Cu: Ign DOMAIN GRAPH] [OYU TOLGOI FNO >2% Cu; MODEL (NN) Cu: Ign DOMAIN CHART] [OYU TOLGOI FNO >2% Cu; MODEL (NN) Cu: Ign DOMAIN GRAPH] [OYU TOLGOI FNO >2% Cu; MODEL (OK) Au; Ign DOMAIN CHART] [OYU TOLGOI FNO >2% Cu; MODEL (OK) Au; Ign DOMAIN GRAPH] [OYU TOLGOI FNO >2% Cu; MODEL (NN) Au; Ign DOMAIN CHART] [OYU TOLGOI FNO >2% Cu; MODEL (NN) Au; Ign DOMAIN GRAPH] [OYU TOLGOI FNO >2% Cu; MODEL (OK) Cu: Va DOMAIN CHART] [OYU TOLGOI FNO >2% Cu; MODEL (OK) Cu: Va DOMAIN GRAPH] [OYU TOLGOI FNO >2% Cu; MODEL (NN) Cu: Va DOMAIN CHART] [OYU TOLGOI FNO >2% Cu; MODEL (NN) Cu: Va DOMAIN GRAPH] [OYU TOLGOI FNO >2% Cu; MODEL (OK) Au; Va DOMAIN CHART] [OYU TOLGOI FNO >2% Cu; MODEL (OK) Au; Va DOMAIN GRAPH] [OYU TOLGOI FNO >2% Cu; MODEL (NN) Au; Va DOMAIN CHART] [OYU TOLGOI FNO >2% Cu; MODEL (NN) Au; Va DOMAIN GRAPH] [OYU TOLGOI FNO <.6% Cu; MODEL (OK) Cu: BKGD DOMAIN CHART] [OYU TOLGOI FNO <.6% Cu; MODEL (OK) Cu: BKGD DOMAIN GRAPH] [OYU TOLGOI FNO <.6% Cu; MODEL (NN) Cu: BKGD DOMAIN CHART] [OYU TOLGOI FNO <.6% Cu; MODEL (NN) Cu: BKGD DOMAIN GRAPH] [OYU TOLGOI FNO <.6% Cu; MODEL (OK) Au; BKGD DOMAIN CHART] [OYU TOLGOI FNO <.6% Cu; MODEL (OK) Au; BKGD DOMAIN GRAPH] [OYU TOLGOI FNO <.6% Cu; MODEL (NN) Au; BKGD DOMAIN CHART] [OYU TOLGOI FNO <.6% Cu; MODEL (NN) Au; BKGD DOMAIN GRAPH] [OYU TOLGOI FNO <.6% Cu; MODEL (OK) Mo; BKGD DOMAIN CHART] [OYU TOLGOI FNO <.6% Cu; MODEL (OK) Mo; BKGD DOMAIN GRAPH] [OYU TOLGOI FNO <.6% Cu; MODEL (NN) Mo; BKGD DOMAIN CHART] [OYU TOLGOI FNO <.6% Cu; MODEL (NN) Mo; BKGD DOMAIN GRAPH] [OYU TOLGOI FNO >1% <2% Cu; MODEL (OK) Cu: Va+Ign DOMAIN CHART] [OYU TOLGOI FNO >1% <2% Cu; MODEL (OK) Cu: Va+Ign DOMAIN GRAPH] [OYU TOLGOI FNO >1% <2% Cu; MODEL (NN) Cu: Va+Ign DOMAIN CHART] [OYU TOLGOI FNO >1% <2% Cu; MODEL (NN) Cu: Va+Ign DOMAIN GRAPH] [OYU TOLGOI FNO >1% <2% Cu; MODEL (OK) Au; Va+Ign DOMAIN CHART] [OYU TOLGOI FNO >1% <2% Cu; MODEL (OK) Au; Va+Ign DOMAIN GRAPH] [OYU TOLGOI FNO >1% <2% Cu; MODEL (NN) Au; Va+Ign DOMAIN CHART] [OYU TOLGOI FNO >1% <2% Cu; MODEL (NN) Au; Va+Ign DOMAIN GRAPH] [OYU TOLGOI FNO >1% <2% Cu; MODEL (OK) Mo; Ign + Va DOMAIN CHART] [OYU TOLGOI FNO >1% <2% Cu; MODEL (OK) Mo; Ign + Va DOMAIN GRAPH] [OYU TOLGOI FNO >1% <2% Cu; MODEL (NN) Mo; Ign + Va DOMAIN CHART] [OYU TOLGOI FNO >1% <2% Cu; MODEL (NN) Mo; Ign + Va DOMAIN GRAPH] [OYU TOLGOI FNO >.6% Cu; MODEL (OK) Cu: Va+Ign DOMAIN CHART] [OYU TOLGOI FNO >.6% Cu; MODEL (OK) Cu: Va+Ign DOMAIN GRAPH] [OYU TOLGOI FNO >.6% Cu; MODEL (NN) Cu: Va+Ign DOMAIN CHART] [OYU TOLGOI FNO >.6% Cu; MODEL (NN) Cu: Va+Ign DOMAIN GRAPH] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (OK) Au; Va+Ign DOMAIN CHART] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (OK) Au; Va+Ign DOMAIN GRAPH] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (NN) Au; Va+Ign DOMAIN CHART] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (NN) Au; Va+Ign DOMAIN GRAPH] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (OK) Mo; Ign + Va DOMAIN CHART] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (OK) Mo; Ign + Va DOMAIN GRAPH] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (NN) Mo; Ign + Va DOMAIN CHART] [OYU TOLGOI FNO >.6% <1% Cu; MODEL (NN) Mo; Ign + Va DOMAIN GRAPH] [OYU TOLGOI FNO >2% Cu; MODEL (OK) Cu: Va+Ign DOMAIN CHART] [OYU TOLGOI FNO >2% Cu; MODEL (OK) Cu: Va+Ign DOMAIN GRAPH] [OYU TOLGOI FNO >2% Cu; MODEL (NN) Cu: Va+Ign DOMAIN CHART] [OYU TOLGOI FNO >2% Cu; MODEL (NN) Cu: Va+Ign DOMAIN GRAPH] [OYU TOLGOI FNO >2% Cu; MODEL (OK) Au; Va+Ign DOMAIN CHART] [OYU TOLGOI FNO >2% Cu; MODEL (OK) Au; Va+Ign DOMAIN GRAPH] [OYU TOLGOI FNO >2% Cu; MODEL (NN) Au; Va+Ign DOMAIN CHART] [OYU TOLGOI FNO >2% Cu; MODEL (NN) Au; Va+Ign DOMAIN GRAPH] [OYU TOLGOI FNO >2% Cu; MODEL (OK) Mo; Ign + Va DOMAIN CHART] [OYU TOLGOI FNO >2% Cu; MODEL (OK) Mo; Ign + Va DOMAIN GRAPH] [OYU TOLGOI FNO >2% Cu; MODEL (NN) Mo; Ign + Va DOMAIN CHART] [OYU TOLGOI FNO >2% Cu; MODEL (NN) Mo; Ign + Va DOMAIN GRAPH] APPENDIX D ================================================================================ MODEL VALIDATION HERCO Plots Model Grade Trend Plans [CHANGE OF SUPPORT - "HERCO" METHOD (20M X 20M X 15M SMU) FAR NORTH OYU, OYU TOLGOI PROJECT: BACKGROUND DOMAIN - CU (JULY 2003) V2 GRAPH] [CHANGE OF SUPPORT - "HERCO" METHOD (20M X 20M X 15M SMU) FAR NORTH OYU, OYU TOLGOI PROJECT: LOWER GRADE IGNIMBRITE SHELL - CU (JULY 2003) V2 GRAPH] [CHANGE OF SUPPORT - "HERCO" METHOD (20M X 20M X 15M SMU) FAR NORTH OYU, OYU TOLGOI PROJECT: LOWER GRADE BASALT SHELL - CU (JULY 2003) V2 GRAPH] [CHANGE OF SUPPORT - "HERCO" METHOD (20M X 20M X 15M SMU) FAR NORTH OYU, OYU TOLGOI PROJECT: MEDIUM GRADE IGNIMBRITE CU (JULY 2003) V2 GRAPH] [CHANGE OF SUPPORT - "HERCO" METHOD (20M X 20M X 15M SMU) FAR NORTH OYU, OYU TOLGOI PROJECT: MEDIUM GRADE BASALT CU (JULY 2003) V2 GRAPH] [CHANGE OF SUPPORT - "HERCO" METHOD (20M X 20M X 15M SMU) FAR NORTH OYU, OYU TOLGOI PROJECT: HIGHER GRADE IGNIMBRITE CU (JULY 2003) V2 GRAPH] [CHANGE OF SUPPORT - "HERCO" METHOD (20M X 20M X 15M SMU) FAR NORTH OYU, OYU TOLGOI PROJECT: HIGHER GRADE BASALT CU (JULY 2003) V2 GRAPH] [FAR NORTH BACKGROUND Cu GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH BACKGROUND Cu GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH BACKGROUND Cu GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH BACKGROUND Au GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH BACKGROUND Au GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH BACKGROUND Au GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH BACKGROUND Mo GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH BACKGROUND Mo GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH BACKGROUND Mo GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH BACKGROUND Cu GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH BACKGROUND Cu GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH BACKGROUND Cu GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH BACKGROUND Au GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH BACKGROUND Au GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH BACKGROUND Au GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH BACKGROUND Mo GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH BACKGROUND Mo GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH BACKGROUND Mo GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH HIGH GRADE SHELL Cu GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH HIGH GRADE SHELL Cu GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH HIGH GRADE SHELL Cu GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH HIGH GRADE SHELL Au GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH HIGH GRADE SHELL Au GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH HIGH GRADE SHELL Au GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH HIGH GRADE SHELL Mo GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH HIGH GRADE SHELL Mo GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH HIGH GRADE SHELL Mo GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH LOW GRADE SHELL Cu GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH LOW GRADE SHELL Cu GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH LOW GRADE SHELL Cu GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH LOW GRADE SHELL Au GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH LOW GRADE SHELL Au GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH LOW GRADE SHELL Au GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH LOW GRADE SHELL Mo GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH LOW GRADE SHELL Mo GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH LOW GRADE SHELL Mo GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH MEDIUM GRADE SHELL Cu GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH MEDIUM GRADE SHELL Cu GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH MEDIUM GRADE SHELL Cu GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH MEDIUM GRADE SHELL Au GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH MEDIUM GRADE SHELL Au GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH MEDIUM GRADE SHELL Au GRADE NN & KRIGE GRADES GRAPH] [FAR NORTH MEDIUM GRADE SHELL Mo GRADE NN AND KRIGE GRADES GRAPH] [FAR NORTH MEDIUM GRADE SHELL Mo GRADE NN AND KRIGE GRADES GRAPH] [FAR NORTH MEDIUM GRADE SHELL Mo GRADE NN AND KRIGE GRADES GRAPH] APPENDIX E SECTIONS AND PLANS [SECTIONS AND PLANS MAP] [SECTIONS AND PLANS MAP] [SECTIONS AND PLANS MAP] [SECTIONS AND PLANS MAP] [SECTIONS AND PLANS MAP] [SECTIONS AND PLANS MAP] [SECTIONS AND PLANS MAP] [SECTIONS AND PLANS MAP] [SECTIONS AND PLANS MAP] [SECTIONS AND PLANS MAP] [SECTIONS AND PLANS MAP] [SECTIONS AND PLANS MAP] [SECTIONS AND PLANS MAP] [SECTIONS AND PLANS MAP] [SECTIONS AND PLANS MAP] [SECTIONS AND PLANS MAP] [FAR NORTH OYU, OYU TOLGOI PROJECT MAP] [FAR NORTH OYU, OYU TOLGOI PROJECT MAP] [FAR NORTH OYU, OYU TOLGOI PROJECT MAP] [FAR NORTH OYU, OYU TOLGOI PROJECT MAP] [FAR NORTH OYU, OYU TOLGOI PROJECT MAP] [FAR NORTH OYU, OYU TOLGOI PROJECT MAP] [FAR NORTH OYU, OYU TOLGOI PROJECT MAP] [FAR NORTH OYU, OYU TOLGOI PROJECT MAP] [FAR NORTH OYU, OYU TOLGOI PROJECT MAP] [FAR NORTH OYU, OYU TOLGOI PROJECT MAP] [FAR NORTH OYU, OYU TOLGOI PROJECT MAP] [FAR NORTH OYU, OYU TOLGOI PROJECT MAP] EX-19.6 35 o11180exv19w6.txt AUSTRALIAN APP 4B HALF YEAR REPORT TO JUNE 30/02 EXHIBIT 19.6 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT - -------------------------------------------------------------------------------- Rules 4.1, 4.3 APPENDIX 4B HALF YEARLY REPORT Introduced 30/6/2002. Name of entity - -------------------------------------------------------------------------------- IVANHOE MINES LTD - -------------------------------------------------------------------------------- ABN or equivalent Half yearly Preliminary Half year/financial year company reference (tick) final (tick) ended ('current period') - ----------------- ----------- ------------ ------------------------ X JUNE 30, 2002 - ----------------- ----------- ------------ ------------------------ FOR ANNOUNCEMENT TO THE MARKET Extracts from this report for announcement to the market (see note 1). $US'000 - -------------------------------------------------------------------------------- Revenues from ordinary activities (item 1.1) up 22.9% to $50,272 (Loss) from ordinary activities after tax attributable to down 80.6% to ($ 2,142) members (item 1.22) Profit (loss) from extraordinary items after tax attributable N/A to members (item 2.5(d)) Net (loss) for the period attributable to members (item 1.11) down 80.6% to ($ 2,142)

Franked amount per DIVIDENDS (DISTRIBUTIONS) Amount per security security - ---------------------------------------------------------- ------------------- ------------------ Final dividend (Preliminary final report only - item 15.4) N/A cents N/A cents Interim dividend (Half yearly report only - item 15.6) Nil cents Nil cents - ---------------------------------------------------------- ------------------- ------------------ Previous corresponding period (Preliminary final report - item 15.5; half yearly report - item 15.7) Nil cents Nil cents - ---------------------------------------------------------- ------------------- ------------------
+Record date for determining entitlements to the --------------- dividend, N/A (in the case of a trust, distribution) (see item 15.2) --------------- Brief explanation of any of the figures reported above (see Note 1) and short details of any bonus or cash issue or other item(s) of importance not previously released to the market: N/A - -------------------------------------------------------------------------------- IF THIS IS A HALF YEARLY REPORT IT IS TO BE READ IN CONJUNCTION WITH THE MOST RECENT ANNUAL FINANCIAL REPORT. + See chapter 19 for defined terms. Appendix 4B Page 1 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE
Previous corresponding Current period - period - $US'000 $US'000 ---------------- ---------------------- 1.1 Revenues from ordinary activities (see items 1.23 -1.25) 50,272 40,914 1.2 Expenses from ordinary activities (see items 1.26 & 1.27) (47,828) (48,444) 1.3 Borrowing costs (2,437) (5,087) 1.4 Share of net profits (losses) of associates and joint venture entities (see item 16.7) - - - ------------------------------------------------------------------------------------------------------------ 1.5 PROFIT (LOSS) FROM ORDINARY ACTIVITIES BEFORE TAX 7 (12,617) 1.6 Income tax on ordinary activities (see note 4) (2,149) 1,588 - ------------------------------------------------------------------------------------------------------------ 1.7 PROFIT (LOSS) FROM ORDINARY ACTIVITIES AFTER TAX (2,142) (11,029) 1.8 Profit (loss) from extraordinary items after tax (see item 2.5) - - - ------------------------------------------------------------------------------------------------------------ 1.9 NET PROFIT (LOSS) (2,142) (11,029) 1.10 Net profit (loss) attributable to outside +equity interests - - - ------------------------------------------------------------------------------------------------------------ 1.11 NET PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE TO MEMBERS (2,142) (11,029) - ------------------------------------------------------------------------------------------------------------ NON-OWNER TRANSACTION CHANGES IN EQUITY 1.12 Increase (decrease) in revaluation reserves - - 1.13 Net exchange differences recognised in equity - - 1.14 Other revenue, expense and initial adjustments recognised directly in equity (attach details) - - 1.15 Initial adjustments from UIG transitional provisions - - - ------------------------------------------------------------------------------------------------------------ 1.16 Total transactions and adjustments recognised directly in equity (items 1.12 to 1.15) - - - ------------------------------------------------------------------------------------------------------------ 1.17 TOTAL CHANGES IN EQUITY NOT RESULTING FROM TRANSACTIONS WITH OWNERS AS OWNERS - - - ------------------------------------------------------------------------------------------------------------

Previous corresponding EARNINGS (LOSS) PER SECURITY (EPS) Current period period - -------------------------------------------------------------------------------------------------- 1.18 Basic EPS $(0.01) $(0.09) 1.19 Diluted EPS $(0.01) $(0.09) - --------------------------------------------------------------------------------------------------
+ See chapter 19 for defined terms. Appendix 4B Page 2 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT NOTES TO THE CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE PROFIT (LOSS) FROM ORDINARY ACTIVITIES ATTRIBUTABLE TO MEMBERS
Previous Current period - corresponding period - $US'000 $US'000 ---------------- ---------------------- 1.20 Profit (loss) from ordinary activities after tax (item 1.7) (2,142) (11,029) 1.21 Less (plus) outside +equity interests - - - ----------------------------------------------------------------------------------------------------------- 1.22 PROFIT (LOSS) FROM ORDINARY ACTIVITIES AFTER TAX, ATTRIBUTABLE TO MEMBERS (2,142) (11,029) - -----------------------------------------------------------------------------------------------------------
REVENUE AND EXPENSES FROM ORDINARY ACTIVITIES (see note 15)
Previous Current period - corresponding period - $US'000 $US'000 ---------------- ---------------------- 1.23 Revenue from sales or services SEE SCHEDULE A 1.24 Interest revenue 1.25 Other relevant revenue 1.26 Details of relevant expenses 1.27 Depreciation and amortisation excluding amortisation of intangibles (see item 2.3) - ----------------------------------------------------------------------------------------------------------- CAPITALISED OUTLAYS 1.28 Interest costs capitalised in asset values Nil Nil 1.29 Outlays capitalised in intangibles (unless arising from an +acquisition of a business) Nil Nil - -----------------------------------------------------------------------------------------------------------
+ See chapter 19 for defined terms. Appendix 4B Page 3 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT CONSOLIDATED RETAINED PROFITS (DEFICIT)
Previous corresponding Current period - period - $US'000 $US'000 ---------------- ---------------------- 1.30 Retained profits (accumulated losses) at the beginning of the financial period (331,915) (246,917) 1.31 Net profit (loss) attributable to members (item 1.11) (2,142) (11,029) 1.32 Net transfers from (to) reserves (details if material) - - 1.33 Net effect of changes in accounting policies (2,372) - 1.34 Dividends and other equity distributions paid or payable - - - ----------------------------------------------------------------------------------------------------------- 1.35 RETAINED PROFITS (ACCUMULATED LOSSES) AT END (336,429) (257,946) OF FINANCIAL PERIOD - -----------------------------------------------------------------------------------------------------------
INTANGIBLE AND EXTRAORDINARY ITEMS
Consolidated - current period ------------------------------------------------------------------ Related Amount (after outside tax) +equity attributable to Before tax Related tax interests members $US'000 $US'000 $US'000 $US'000 (a) (b) (c) (d) ---------- ----------- --------- --------------- 2.1 Amortisation of goodwill - - - - 2.2 Amortisation of other intangibles - - - - ------------------------------------------------------------------ 2.3 TOTAL AMORTISATION OF INTANGIBLES - - - - - ------------------------------------------------------------------------------------------------------------ 2.4 Extraordinary items (details) - - - - ------------------------------------------------------------------ 2.5 TOTAL EXTRAORDINARY ITEMS - - - - - ------------------------------------------------------------------------------------------------------------
+ See chapter 19 for defined terms. Appendix 4B Page 4 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT
COMPARISON OF HALF YEAR PROFITS Current year - Previous year - (Preliminary final report only) $US'000 $US'000 ------------------------------------- 3.1 Consolidated profit (loss) from ordinary activities after tax attributable to members reported for the 1st half year (item 1.22 in the half yearly report) N/A N/A ------------------------------------- 3.2 Consolidated profit (loss) from ordinary activities after tax attributable to members for the 2nd half year N/A N/A -------------------------------------
+ See chapter 19 for defined terms. Appendix 4B Page 5 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT
CONDENSED CONSOLIDATED STATEMENT OF At end of As shown in last As in last half FINANCIAL POSITION current period annual report yearly report $US'000 $US'000 $US'000 ----------------------------------------------------- CURRENT ASSETS 4.1 Cash 62,436 25,805 25,358 4.2 Receivables 4,323 2,423 7,288 4.3 Investments - - - 4.4 Inventories 24,592 22,529 16,843 4.5 Tax assets 2,047 4,635 1,608 4.6 Prepaids 2,268 1,333 4,446 ----------------------------------------------------- 4.7 TOTAL CURRENT ASSETS 95,666 56,725 55,543 - ------------------------------------------------------------------------------------------------------------- NON-CURRENT ASSETS 4.8 Receivables - - - 4.9 Investments (equity accounted) - - - 4.10 Other investments 12,149 4,823 4,913 4.11 Inventories - - - 4.12 Exploration and evaluation expenditure capitalised (see para .71 of AASB 1022) 5,000 - 687 4.13 Development properties (+mining entities) 22,120 20,160 19,194 4.14 Other property, plant and equipment (net) 163,723 162,034 221,979 4.15 Intangibles (net) - - - 4.16 Tax assets 3,475 2,440 3,337 4.17 Other (provide details if material) 1,454 1,420 1,483 ----------------------------------------------------- 4.18 TOTAL NON-CURRENT ASSETS 207,921 190,877 251,593 - ------------------------------------------------------------------------------------------------------------- 4.19 TOTAL ASSETS 303,587 247,602 307,136 - ------------------------------------------------------------------------------------------------------------- CURRENT LIABILITIES 4.20 Payables 22,205 15,407 20,667 4.21 Interest bearing liabilities 26,546 20,133 12,722 4.22 Tax liabilities - - - 4.23 Provisions exc. tax liabilities - - - 4.24 Accrued loss on foreign exchange contract 6,823 15,450 9,952 ----------------------------------------------------- 4.25 TOTAL CURRENT LIABILITIES 55,574 50,990 43,341 - ------------------------------------------------------------------------------------------------------------- NON-CURRENT LIABILITIES 4.26 Payables - - -
+ See chapter 19 for defined terms. Appendix 4B Page 6 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT 4.27 Interest bearing liabilities 46,002 46,533 72,531 4.28 Tax liabilities 14,071 13,731 11,973 4.29 Provisions exc. tax liabilities - - 2,432 4.30 Other (see Schedule B) 4,165 6,177 11,488 ------------------------------------------------- 4.31 TOTAL NON-CURRENT LIABILITIES 64,238 66,441 98,424 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONTINUED - --------------------------------------------------------------------------------------------------------- 4.32 TOTAL LIABILITIES 119,812 117,431 141,765 - --------------------------------------------------------------------------------------------------------- 4.33 NET ASSETS 183,775 130,171 165,371 - --------------------------------------------------------------------------------------------------------- EQUITY 4.34 Capital/contributed equity 520,204 462,086 425,053 4.35 Reserves - - - 4.36 Retained profits (accumulated losses) (336,429) (331,915) (259,682) - --------------------------------------------------------------------------------------------------------- 4.37 EQUITY ATTRIBUTABLE TO MEMBERS OF THE PARENT ENTITY 183,775 130,171 165,371 4.38 Outside +equity interests in controlled entities - - - ------------------------------------------------- 4.39 TOTAL EQUITY 183,775 130,171 165,371 - --------------------------------------------------------------------------------------------------------- 4.40 Preference capital included as part of 4.37 N/A N/A N/A - ---------------------------------------------------------------------------------------------------------

NOTES TO THE CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION EXPLORATION AND EVALUATION EXPENDITURE CAPITALISED (To be completed only by entities with mining interests if amounts are material. Include all expenditure incurred.)
Previous Current period corresponding period - $US'000 $US'000 -------------- ---------------------- 5.1 Opening balance - 687 5.2 Expenditure incurred during current period 8,313 2,273 5.3 Expenditure written off during current period (8,313) (2,273) 5.4 Acquisitions, disposals, revaluation increments, etc. 5,000 - 5.5 Expenditure transferred to Development Properties - -
+ See chapter 19 for defined terms. Appendix 4B Page 7 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT 5.6 CLOSING BALANCE AS SHOWN IN THE CONSOLIDATED BALANCE SHEET (item 4.12) 5,000 687 - ---------------------------------------------------------------------------------------------------------

DEVELOPMENT PROPERTIES (To be completed only by entities with mining interests if amounts are material)
Previous Current period corresponding period $US'000 -$US'000 -------------- -------------------- 6.1 Opening balance 20,160 19,233 6.2 Expenditure incurred during current period 1,960 - 6.3 Expenditure transferred from exploration and evaluation - - 6.4 Expenditure written off during current period - (39) 6.5 Acquisitions, disposals, revaluation increments, etc. - - 6.6 Expenditure transferred to mine properties - - --------------------------------------- 6.7 CLOSING BALANCE AS SHOWN IN THE CONSOLIDATED BALANCE SHEET (item 4.13) 22,120 19,194 ---------------------------------------
+ See chapter 19 for defined terms. Appendix 4B Page 8 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Previous Current period corresponding period $US'000 - $US'000 -------------- -------------------- CASH FLOWS RELATED TO OPERATING ACTIVITIES 7.1 Receipts from customers 44,719 38,181 7.2 Payments to suppliers and employees (47,185) (31,887) 7.3 Dividends received from associates - - 7.4 Other dividends received - - 7.5 Interest and other items of similar nature received 3,633 851 7.6 Interest and other costs of finance paid (1,042) (2,790) 7.7 Income taxes paid (255) (14) 7.8 Gain (loss) on foreign exchange (4,546) (5,394) ------------------------------------------- 7.9 NET OPERATING CASH FLOWS (4,676) (1,053) - ----------------------------------------------------------------------------------------------------------- CASH FLOWS RELATED TO INVESTING ACTIVITIES 7.10 Payment for purchases of property, plant and equipment (11,431) (8,842) 7.11 Proceeds from sale of property, plant and equipment - 143 7.12 Payment for purchases of equity investments (4,981) - 7.13 Proceeds from sale of equity investments 10 278 7.14 Loans to other entities - - 7.15 Loans repaid by other entities - - 7.16 Other (provide details if material) (934) (79) ------------------------------------------- 7.17 NET INVESTING CASH FLOWS (17,336) (8,500) - ----------------------------------------------------------------------------------------------------------- CASH FLOWS RELATED TO FINANCING ACTIVITIES 7.18 Proceeds from issues of +securities (shares, options, etc.) 54,492 189 7.19 Proceeds from borrowings 8,462 - 7.20 Repayment of borrowings (4,311) (5,651) 7.21 Dividends paid - - 7.22 Other (provide details if material) - - ------------------------------------------- 7.23 NET FINANCING CASH FLOWS 58,643 (5,462) - ----------------------------------------------------------------------------------------------------------- 7.24 NET INCREASE (DECREASE) IN CASH HELD 36,631 (15,015) 7.25 Cash at beginning of period (see Reconciliation of cash) 25,805 40,373 7.26 Exchange rate adjustments to item 7.25. -------------------------------------------
+ See chapter 19 for defined terms. Appendix 4B Page 9 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT 7.27 CASH AT END OF PERIOD (see Reconciliation of cash) 62,436 25,358 ------ ------

NON-CASH FINANCING AND INVESTING ACTIVITIES Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows are as follows. ( If an amount is quantified, show comparative amount.) a) During the three months ended June 30, 2002, the Company issued 287,678 Common Shares at a deemed value of $600,000 in respect of the purchase of 7.4 million common shares of Intec Ltd. During the three months ended June 30, 2002, the Company divested itself of its iron ore project in Norway and extinguished the related outstanding debt of $3.5 million. During the three months ended March 31, 2002, the Company exchanged its investment in GTL Resources Plc, which had a carrying value of $1.4 million, for an equity interest in Resource Investment Trust with a fair value of $1.9 million. Also during the three months ended March 31, 2002, the Company completed the earn-in of a 100% interest in the Oyu Tolgoi project in Mongolia by paying cash of $1 million and by incurring an obligation to make a $4 million payment within one year. b)
Six Months Ended June 30, US$'000 2002 2001 - -------------------------------------------------------------------------- ~~Interest paid 1,042 2,790 Income and capital taxes paid 256 14~~
RECONCILIATION OF CASH
Reconciliation of cash at the end of the period (as Previous corresponding shown in the consolidated statement of cash flows) to Current period period - the related items in the accounts is as follows. $US'000 $US'000 - --------------------------------------------------------------------------------------------------------- 8.1 Cash on hand and at bank 14,068 9,447 8.2 Deposits at call 48,368 15,911 8.3 Bank overdraft - - 8.4 Other (provide details) - - -------------------------------------------
+ See chapter 19 for defined terms. Appendix 4B Page 10 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT 8.5 TOTAL CASH AT END OF PERIOD (item 7.27) 62,436 25,358 - ----------------------------------------------------------------------------------------------------

OTHER NOTES TO THE CONDENSED FINANCIAL STATEMENTS
Previous corresponding RATIOS Current period period -------------- ------------- PROFIT BEFORE TAX / REVENUE 9.1 Consolidated profit (loss) from ordinary activities before tax (item 1.5) as a percentage of revenue (item 1.1) 0.01% -30.84% - -------------------------------------------------------------------------------------------------- PROFIT AFTER TAX / +EQUITY INTERESTS 9.2 Consolidated net profit (loss) from ordinary activities after tax attributable to members (item 1.11) as a percentage of equity (similarly attributable) at the end of the period (item 4.37) -1.17% -8.47% - --------------------------------------------------------------------------------------------------
EARNINGS PER SECURITY (EPS) 10. Details of basic and diluted EPS reported separately in accordance with paragraph 9 and 18 of AASB 1027: Earnings Per Share are as follows.
Previous corresponding Current period Period - ---------------------------------------------------------------------------------------------------------- Basic EPS ($ 0.01) ($ 0.09) - ---------------------------------------------------------------------------------------------------------- Diluted EPS ($ 0.01) ($ 0.09) - ---------------------------------------------------------------------------------------------------------- Weighted average number of ordinary shares outstanding during the period used in the calculation of the Basic EPS - Shares `000 185,789 124,975 - ----------------------------------------------------------------------------------------------------------

NTA BACKING Previous corresponding (see note 7) Current period period - ---------------------------------------------------------------------------------------------------------- 11.1 Net tangible asset backing per +ordinary security N/A N/A ---------------------------------------------
+ See chapter 19 for defined terms. Appendix 4B Page 11 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT DISCONTINUING OPERATIONS (Entities must report a description of any significant activities or events relating to discontinuing operations in accordance with paragraph 7.5 (g) of AASB 1029: Interim Financial Reporting, or, the details of discontinuing operations they have disclosed in their accounts in accordance with AASB 1042: Discontinuing Operations (see note 17).) 12.1 Discontinuing Operations - -------------------------------------------------------------------------------- N/A - -------------------------------------------------------------------------------- CONTROL GAINED OVER ENTITIES HAVING MATERIAL EFFECT ---------------------------------------------------- 13.1 Name of entity (or group of entities) N/A ---------------------------------------------------- 13.2 Consolidated profit (loss) from ordinary activities and ---------------------------------------------------- extraordinary items after tax of the controlled entity (or $N/A group of entities) since the date in the current period on period on which control was (+)acquired ---------------------------------------------------- 13.3 Date from which such profit has been calculated N/A ---------------------------------------------------- 13.4 Profit (loss) from ordinary activities and extraordinary items after tax of the controlled entity (or group of entities) $N/A for the whole of the previous corresponding period ----------------------------------------------------

+ See chapter 19 for defined terms. Appendix 4B Page 12 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT LOSS OF CONTROL OF ENTITIES HAVING MATERIAL EFFECT ---------------------------------------------------- 14.1 Name of entity (or group of entities) N/A ---------------------------------------------------- 14.2 Consolidated profit (loss) from ordinary activities and ---------------------------------------------------- extraordinary items after tax of the controlled entity (or group $N/A of entities) for the current period to the date of loss of control ---------------------------------------------------- ---------------------------------------------------- 14.3 Date to which the profit (loss) in item 14.2 has been calculated N/A ---------------------------------------------------- 14.4 Consolidated profit (loss) from ordinary activities and ---------------------------------------------------- extraordinary items after tax of the controlled entity (or group $N/A of entities) while controlled during the whole of the previous corresponding period ---------------------------------------------------- 14.5 Contribution to consolidated profit (loss) from ordinary ---------------------------------------------------- activities and extraordinary items from sale of interest $N/A leading to loss of control ---------------------------------------------------- DIVIDENDS (IN THE CASE OF A TRUST, DISTRIBUTIONS) ---------------------------------------------------- 15.1 Date the dividend (distribution) is payable N/A ---------------------------------------------------- 15.2 (+)Record date to determine entitlements to the dividend ---------------------------------------------------- (distribution) (ie, on the basis of proper instruments of transfer received by 5.00 pm if (+)securities are not (+)CHESS approved, N/A or security holding balances established by 5.00 pm or such later time permitted by SCH Business Rules if (+)securities are (+)CHESS approved) ---------------------------------------------------- ---------------------------------------------------- 15.3 If it is a final dividend, has it been declared? N/A (Preliminary final report only) ----------------------------------------------------

AMOUNT PER SECURITY
- -------------------------------------------------------------------------------------------------------- Franked amount per Amount per security at % security of Amount per tax (see note foreign source security 4) dividend - ------------------------------------------------------------------------------------------------------- (Preliminary final report only) 15.4 FINAL DIVIDEND: Current year N/A cents N/A cents N/A cents 15.5 Previous year N/A cents N/A cents N/A cents - -------------------------------------------------------------------------------------------------------- (Half yearly and preliminary final reports) 15.6 INTERIM DIVIDEND: Current year Nil cents Nil cents Nil cents 15.7 Previous year Nil cents Nil cents Nil cents - --------------------------------------------------------------------------------------------------------
+ See chapter 19 for defined terms. Appendix 4B Page 13 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT TOTAL DIVIDEND (DISTRIBUTION) PER SECURITY (INTERIM PLUS FINAL) (Preliminary final report only)
---------------------------------------------------- Current year Previous year ---------------------------------------------------- 15.8 +Ordinary securities Nil cents Nil cents 15.9 Preference +securities Nil cents Nil cents ----------------------------------------------------
HALF YEARLY REPORT - INTERIM DIVIDEND (DISTRIBUTION) ON ALL SECURITIES OR PRELIMINARY FINAL REPORT - FINAL DIVIDEND (DISTRIBUTION) ON ALL SECURITIES
-------------------------------------------------- Previous corresponding Current period period - $US'000 $US'000 -------------------------------------------------- 15.10 +Ordinary securities (each class separately) Nil Nil 15.11 Preference +securities (each class separately) Nil Nil 15.12 Other equity instruments (each class separately) Nil Nil -------------------------------------------------- 15.13 TOTAL NIL NIL --------------------------------------------------
The (+)dividend or distribution plans shown below are in operation. - -------------------------------------------------------------------------------- N/A - -------------------------------------------------------------------------------- -------------------- The last date(s) for receipt of election notices for the +dividend or distribution plans N/A -------------------- Any other disclosures in relation to dividends (distributions). (For half yearly reports, provide details in accordance with paragraph 7.5(d) of AASB 1029 Interim Financial Reporting) - -------------------------------------------------------------------------------- N/A - -------------------------------------------------------------------------------- + See chapter 19 for defined terms. Appendix 4B Page 14 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT DETAILS OF AGGREGATE SHARE OF PROFITS (LOSSES) OF ASSOCIATES AND JOINT VENTURE ENTITIES
--------------------------------------- Previous Current period corresponding period GROUP'S SHARE OF ASSOCIATES' AND JOINT VENTURE ENTITIES': $US'000 - $US'000 --------------------------------------- 16.1 Profit (loss) from ordinary activities before tax 1,780 2,483 16.2 Income tax on ordinary activities (123) 30 --------------------------------------- 16.3 PROFIT (LOSS) FROM ORDINARY ACTIVITIES AFTER TAX 1,657 2,513 16.4 Extraordinary items net of tax - - --------------------------------------- 16.5 NET PROFIT (LOSS) 1,657 2,513 16.6 Adjustments - - --------------------------------------- 16.7 SHARE OF NET PROFIT (LOSS) OF ASSOCIATES AND 1,657 2,513 JOINT VENTURE ENTITIES - ------------------------------------------------------------------------------------------------------------
MATERIAL INTERESTS IN ENTITIES WHICH ARE NOT CONTROLLED ENTITIES The economic entity has an interest (that is material to it) in the following entities. (If the interest was acquired or disposed of during either the current or previous corresponding period, indicate date of acquisition ("from dd/mm/yy") or disposal ("to dd/mm/yy").)
------------------------------------------------------------------------------------------- Percentage of ownership interest held at end of period or Contribution to net profit (loss) (item NAME OF ENTITY date of disposal 1.9) - -------------------------------------------------------------------------------------------------------------------------------- 17.1 EQUITY ACCOUNTED Previous ASSOCIATES AND JOINT Previous corresponding VENTURE Current corresponding Current period period - ENTITIES period period $US'000 $US'000 ------------------------------------------------------------------------------------------- N/A N/A N/A N/A ------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- 17.2 TOTAL N/A N/A N/A N/A - -------------------------------------------------------------------------------------------------------------------------------- 17.3 Other material interests N/A N/A N/A N/A - -------------------------------------------------------------------------------------------------------------------------------- 17.4 TOTAL N/A N/A N/A N/A - --------------------------------------------------------------------------------------------------------------------------------
+ See chapter 19 for defined terms. Appendix 4B Page 15 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT ISSUED AND QUOTED SECURITIES AT END OF CURRENT PERIOD (Description must include rate of interest and any redemption or conversion rights together with prices and dates)
------------------------------------------------------------------------------ Amount Issue paid up price per per security security (see note (see 14) note 14) CATEGORY OF (+)SECURITIES Total number Number quoted (cents) (cents) ------------------------------------------------------------------------------ 18.1 PREFERENCE (+)SECURITIES (description) N/A N/A N/A N/A ------------------------------------------------------------------------------ 18.2 Changes during current period (a) Increases through issues (b) Decreases through returns of capital, buybacks, redemptions - ------------------------------------------------------------------------------------------------------------------------------- 18.3 (+)ORDINARY SECURITIES 201,711,572 201,711,572 N/A N/A ------------------------------------------------------------------------------ 18.4 Changes during current period (a) Increases through issues SEE SCHEDULE C (b) Decreases through returns of capital, buybacks - ------------------------------------------------------------------------------------------------------------------------------- 18.5 +CONVERTIBLE DEBT SECURITIES (description and conversion N/A N/A N/A N/A factor) ------------------------------------------------------------------------------ 18.6 Changes during current period (a) Increases through issues (b) Decreases through securities matured, converted - ------------------------------------------------------------------------------------------------------------------------------------ 18.7 OPTIONS (description and conversion Expiry factor) Exercise date price (if any) ---------------------------- SEE SCHEDULE D ----------------------------------------------------------------------------------- 18.8 Issued during current period ----------------------------------------------------------------------------------- 18.9 Exercised during current period ----------------------------------------------------------------------------------- 18.10 Expired during current period - ------------------------------------------------------------------------------------------------------------------------------------
+ See chapter 19 for defined terms. Appendix 4B Page 16 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT - ---------------------------------------------------------------------------------------------------------- 18.11 DEBENTURES (description) N/A N/A 18.12 Changes during current period (a) Increases through issues (b) Decreases through securities matured, converted - ---------------------------------------------------------------------------------------------------------- 18.13 UNSECURED NOTES (description) N/A N/A 18.14 Changes during current period (a) Increases through issues (b) Decreases through securities matured, converted - ----------------------------------------------------------------------------------------------------------
SEGMENT REPORTING (Information on the business and geographical segments of the entity must be reported for the current period in accordance with AASB 1005: Segment Reporting and for half year reports, AASB 1029: Interim Financial Reporting. Because entities employ different structures a pro forma cannot be provided. Segment information in the layout employed in the entity's +accounts should be reported separately and attached to this report.) SEE SCHEDULE E COMMENTS BY DIRECTORS (Comments on the following matters are required by ASX or, in relation to the half yearly report, by AASB 1029: Interim Financial Reporting. The comments do not take the place of the directors' report and statement (as required by the Corporations Act) and may be incorporated into the directors' report and statement. For both half yearly and preliminary final reports, if there are no comments in a section, state NIL. If there is insufficient space to comment, attach notes to this report.) BASIS OF FINANCIAL REPORT PREPARATION 19.1 If this report is a half yearly report, it is a general purpose financial report prepared in accordance with the listing rules and AASB 1029: Interim Financial Reporting. IT SHOULD BE READ IN CONJUNCTION WITH THE LAST +ANNUAL REPORT AND ANY ANNOUNCEMENTS TO THE MARKET MADE BY THE ENTITY DURING THE PERIOD. The financial statements in this report are "condensed financial statements" as defined in AASB 1029: Interim Financial Reporting. This report does not include all the notes of the type normally included in an annual financial report. [Delete if preliminary final report.] 19.2 Material factors affecting the revenues and expenses of the economic entity for the current period. In a half yearly report, provide explanatory comments about any seasonal or irregular factors affecting operations. 1) ABM MINING LIMITED ("ABM") During 2001, a sharp global slow down in the steel industry resulted in reduced demand for iron ore pellets. Management therefore commenced a restructuring of the mine plan and negotiated additional bank loans aggregating Australian ("A") A$21million (U.S. $14 million) to June 30, 2002. The Savage River operation is continuing its efforts in negotiating with its major stakeholders. In particular, discussions among the major stakeholders in the Savage River project, aimed at restructuring ABM project debt and foreign currency commitment, are progressing. If suitable concessions from the major stakeholders are not obtained, or if the Savage + See chapter 19 for defined terms. Appendix 4B Page 17 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT River Operations deteriorate, ABM will probably not receive the continued financial support of those stakeholders. In this case, ABM will not be able to continue as a going concern and accordingly, adjustments would be required to the carrying values and classifications of its assets and liabilities. In 2001, the Company made an impairment provision of $53.8 million with respect to this project. The Company will continue to review the carrying value of the Savage River capital assets on a regular basis for indications of further impairment. The economics of the Savage River Mine Project are particularly sensitive to changes in selling prices and operating costs. As a consequence, any adverse changes in those selling prices and/or operating costs would result in further impairment provisions and those provisions may be material. As at June 30, 2002, the carrying value of the Savage River capital assets was $50.4 million. MYANMAR IVANHOE COPPER COMPANY LIMITED ("JVCO") The Annual Financial Statements disclosed that it was likely that JVCo would not be in compliance with the minimum working capital requirement in its credit agreement during 2002. JVCo is currently in discussions with its lenders regarding the interpretation of the definition of this requirement. In the meantime, JVCo has received a waiver from its lenders with respect to this requirement at June 30, 2002. JVCo expects that the loan agreement will be amended during its fiscal year ending March 31, 2003 to clarify the definition of the minimum working capital requirement, and that JVCo will be in compliance with the requirement, as amended. COMMITMENT ABM has entered into a contract to deliver U.S.$5 million of currency each month until February 2003 at U.S. $0.6817 per A$1. This forward sales contract is not designated as a hedge by the Company and, as a result, marked to market gains or losses are recognized in operations in the period in which changes in the market value of the contract occurs. At June 30, 2002, the remaining obligation under this contract was $36.5 million. The accrued unrealized loss at June 30, 2002 amounts to $6.8 million. + See chapter 19 for defined terms. Appendix 4B Page 18 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT 19.3 A description of each event since the end of the current period which has had a material effect and which is not already reported elsewhere in this Appendix or in attachments, with financial effect quantified (if possible). - -------------------------------------------------------------------------------- N/A - -------------------------------------------------------------------------------- 19.4 Franking credits available and prospects for paying fully or partly franked dividends for at least the next year. - -------------------------------------------------------------------------------- N/A - -------------------------------------------------------------------------------- 19.5 Unless disclosed below, the accounting policies, estimation methods and measurement bases used in this report are the same as those used in the last annual report. Any changes in accounting policies, estimation methods and measurement bases since the last annual report are disclosed as follows. (Disclose changes and differences in the half yearly report in accordance with AASB 1029: Interim Financial Reporting. Disclose changes in accounting policies in the preliminary final report in accordance with AASB 1001: Accounting Policies-Disclosure). - -------------------------------------------------------------------------------- STOCK BASED COMPENSATION - -------------------------------------------------------------------------------- The Company has adopted the recommendations of the new CICA Handbook Section 3870, Stock-based Compensation and Other Stock-based Payments, effective January 1, 2002. This section establishes standards for the recognition, measurement and disclosure of stock-based compensation and other stock-based payments made in exchange for goods and services. The standard requires that all stock-based awards made to non-employees be measured and recognized using a fair value based method. The standard encourages a fair value based method for all awards granted to employees, but only requires the use of a fair value based method for direct awards of stock, stock appreciation rights, and awards that call for settlement in cash or other assets. Awards that an entity has the ability to settle in stock are recorded as equity, whereas awards that the entity is required to or has a practice of settling in cash are recorded as liabilities. The Company has adopted, commencing in the three months ended June 30, 2002, the fair value method of accounting for stock options granted to employees and directors. The comparative figures in these interim financial statements have been restated to give retroactive effect to this accounting change with respect to stock-based compensation, which resulted in an increase in the net loss for the three and six months ended June 30, 2002 by $412,000 ($ nil per share) and $655,000 ($nil per share), respectively, and an increase in the deficit as at January 1, 2002 by $2,372,000. In all other respects, these financial statements follow the same accounting policies and methods of their application as the most recent annual financial statements. + See chapter 19 for defined terms. Appendix 4B Page 19 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT RESTATING OF COMPARATIVE FIGURES The comparative figures in these interim financial statements have been restated to give retroactive effect to the accounting change with respect to foreign currency to the annual financial statements for the year ended December 31, 2001. This change has resulted in a decrease of $ 1,736,000 ($ 0.01 per share) in the net loss for the six months ended June 30, 2001. 19.6 Revisions in estimates of amounts reported in previous interim periods. For half yearly reports the nature and amount of revisions in estimates of amounts reported in previous +annual reports if those revisions have a material effect in this half year. - -------------------------------------------------------------------------------- N/A - -------------------------------------------------------------------------------- 19.7 Changes in contingent liabilities or assets. For half yearly reports, changes in contingent liabilities and contingent assets since the last (+) annual report. - -------------------------------------------------------------------------------- N/A - -------------------------------------------------------------------------------- ADDITIONAL DISCLOSURE FOR TRUSTS 20.1 Number of units held by the management --------------------- company or responsible entity or their N/A related parties. --------------------- 20.2 A statement of the fees and commissions --------------------- payable to the management company or responsible entity. Identify: initial service charges - management fees N/A - other fees --------------------- + See chapter 19 for defined terms. Appendix 4B Page 20 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT ANNUAL MEETING (Preliminary final report only) The annual meeting will be held as follows: --------------------- Place N/A --------------------- Date N/A --------------------- Time N/A --------------------- Approximate date the (+)annual report will be available N/A --------------------- COMPLIANCE STATEMENT 1 This report has been prepared in accordance with AASB Standards, other AASB authoritative pronouncements and Urgent Issues Group Consensus Views or other standards acceptable to ASX (see note 12). --------------------- Identify other standards used Canadian GAAP --------------------- 2 This report, and the (+)accounts upon which the report is based (if separate), use the same accounting policies. 3 This report does give a true and fair view of the matters disclosed (see note 2). 4 This report is based on +accounts to which one of the following applies. (Tick one) [ ] The (+)accounts have been [X] The (+)accounts have been audited. subject to review. [ ] The (+)accounts are in the [ ] The (+)accounts have not process of being audited or yet been audited or reviewed. subject to review. 5 If the audit report or review by the auditor is not attached, details of any qualifications will follow immediately when available. (Half yearly report only - the audit report or review by the auditor must be attached to this report if this report is to satisfy the requirements of the Corporations Act.) 6 The entity has a formally constituted audit committee. Sign here: ..."Beverly A. Bartlett......... Date: .12 September, 2002......... (Company Secretary) Print name: ................................ + See chapter 19 for defined terms. Appendix 4B Page 21 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT NOTES 1. FOR ANNOUNCEMENT TO THE MARKET The percentage changes referred to in this section are the percentage changes calculated by comparing the current period's figures with those for the previous corresponding period. Do not show percentage changes if the change is from profit to loss or loss to profit, but still show whether the change was up or down. If changes in accounting policies or procedures have had a material effect on reported figures, do not show either directional or percentage changes in profits. Explain the reason for the omissions in the note at the end of the announcement section. Entities are encouraged to attach notes or fuller explanations of any significant changes to any of the items in page 1. The area at the end of the announcement section can be used to provide a cross reference to any such attachment. 2. TRUE AND FAIR VIEW If this report does not give a true and fair view of a matter (for example, because compliance with an Accounting Standard is required) the entity must attach a note providing additional information and explanations to give a true and fair view. 3. CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE Item 1.1 The definition of "revenue" and an explanation of "ordinary activities" are set out in AASB 1004: Revenue, and AASB 1018: Statement of Financial Performance. Item 1.6 This item refers to the total tax attributable to the amount shown in item 1.5. Tax includes income tax and capital gains tax (if any) but excludes taxes treated as expenses from ordinary activities (eg, fringe benefits tax). 4. INCOME TAX If the amount provided for income tax in this report differs (or would differ but for compensatory items) by more than 15% from the amount of income tax prima facie payable on the profit before tax, the entity must explain in a note the major items responsible for the difference and their amounts. The rate of tax applicable to the franking amount per dividend should be inserted in the heading for the column "Franked amount per security at % tax" for items 15.4 to 15.7. 5. CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION FORMAT The format of the consolidated statement of financial position should be followed as closely as possible. However, additional items may be added if greater clarity of exposition will be achieved, provided the disclosure still meets the requirements of AASB 1029: Interim Financial Reporting, and AASB 1040: Statement of Financial Position. Also, banking institutions, trusts and financial institutions may substitute a clear liquidity ranking for the Current/Non-Current classification. BASIS OF REVALUATION If there has been a material revaluation of non-current assets (including investments) since the last +annual report, the entity must describe the basis of revaluation adopted. The description must meet the requirements of AASB 1010: Accounting for the Revaluation of Non-Current Assets. If the entity has adopted a procedure of regular revaluation, the basis for which has been disclosed and has not changed, no additional disclosure is required. 6. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For definitions of "cash" and other terms used in this report see AASB 1026: Statement of Cash Flows. Entities should follow the form as + See chapter 19 for defined terms. Appendix 4B Page 22 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT closely as possible, but variations are permitted if the directors (in the case of a trust, the management company) believe that this presentation is inappropriate. However, the presentation adopted must meet the requirements of AASB 1026. +Mining exploration entities may use the form of cash flow statement in Appendix 5B. 7. NET TANGIBLE ASSET BACKING Net tangible assets are determined by deducting from total tangible assets all claims on those assets ranking ahead of the +ordinary securities (ie, all liabilities, preference shares, outside +equity interests etc). +Mining entities are not required to state a net tangible asset backing per +ordinary security. 8. GAIN AND LOSS OF CONTROL OVER ENTITIES The gain or loss must be disclosed if it has a material effect on the +accounts. Details must include the contribution for each gain or loss that increased or decreased the entity's consolidated profit (loss) from ordinary activities and extraordinary items after tax by more than 5% compared to the previous corresponding period. 9. ROUNDING OF FIGURES This report anticipates that the information required is given to the nearest $1,000. If an entity reports exact figures, the $US'000 headings must be amended. If an entity qualifies under ASIC Class Order 98/0100 dated 10 July 1998, it may report to the nearest million dollars, or to the nearest $100,000, and the $US'000 headings must be amended. 10. COMPARATIVE FIGURES Comparative figures are to be presented in accordance with AASB 1018 or AASB 1029 Interim Financial Reporting as appropriate and are the unadjusted figures from the latest annual or half year report as appropriate. However, if an adjustment has been made in accordance with an accounting standard or other reason or if there is a lack of comparability, a note explaining the position should be attached. For the statement of financial performance, AASB 1029 Interim Financial Reporting requires information on a year to date basis in addition to the current interim period. Normally an Appendix 4B to which AASB 1029 Interim Financial Reporting applies would be for the half year and consequently the information in the current period is also the year to date. If an Appendix 4B Half yearly version is produced for an additional interim period (eg because of a change of reporting period), the entity must provide the year to date information and comparatives required by AASB 1029 Interim Financial Reporting. This should be in the form of a multi-column version of the consolidated statement of financial performance as an attachment to the additional Appendix 4B. 11. ADDITIONAL INFORMATION An entity may disclose additional information about any matter, and must do so if the information is material to an understanding of the reports. The information may be an expansion of the material contained in this report, or contained in a note attached to the report. The requirement under the listing rules for an entity to complete this report does not prevent the entity issuing reports more frequently. Additional material lodged with the +ASIC under the Corporations Act must also be given to ASX. For example, a director's report and declaration, if lodged with the +ASIC, must be given to ASX. 12. ACCOUNTING STANDARDS ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if one exists) must be complied with. + See chapter 19 for defined terms. Appendix 4B Page 23 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT 12. CORPORATIONS ACT FINANCIAL STATEMENTS This report may be able to be used by an entity required to comply with the Corporations Act as part of its half-year financial statements if prepared in accordance with Australian Accounting Standards. 13. ISSUED AND QUOTED SECURITIES The issue price and amount paid up is not required in items 18.1 and 18.3 for fully paid securities. 15 DETAILS OF EXPENSES AASB 1018 requires disclosure of expenses from ordinary activities according to either their nature or function. For foreign entities, there are similar requirements in other accounting standards accepted by ASX. AASB ED 105 clarifies that the disclosures required by AASB 1018 must be either all according to nature or all according to function. Entities must disclose details of expenses using the layout (by nature or function) employed in their +accounts. The information in lines 1.23 to 1.27 may be provided in an attachment to Appendix 4B. RELEVANT ITEMS AASB 1018 requires the separate disclosure of specific revenues and expenses which are not extraordinary but which are of a size, nature or incidence that disclosure is relevant in explaining the financial performance of the reporting entity. The term "relevance" is defined in AASB 1018. There is an equivalent requirement in AASB 1029: Interim Financial Reporting. For foreign entities, there are similar requirements in other accounting standards accepted by ASX. 16 DOLLARS If reporting is not in A$, all references to $A must be changed to the reporting currency. If reporting is not in thousands of dollars, all references to "000" must be changed to the reporting value. 17. DISCONTINUING OPERATIONS Half yearly report All entities must provide the information required in paragraph 12 for half years beginning on or after 1 July 2001. Preliminary final report Entities must either provide a description of any significant activities or events relating to discontinuing operations equivalent to that required by paragraph 7.5 (g) of AASB 1029: Interim Financial Reporting, or, the details of discontinuing operations they are required to disclose in their +accounts in accordance with AASB 1042 Discontinuing Operations. In any case the information may be provided as an attachment to this Appendix 4B. 18. FORMAT This form is a Word document but an entity can re-format the document into Excel or similar applications for submission to the Companies Announcements Office in ASX. + See chapter 19 for defined terms. Appendix 4B Page 24 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT SCHEDULE A Revenue and expenses from ordinary activities
Previous Current period - corresponding period - $US'000 $US'000 ----------------------------------------- SALES REVENUE Sales of copper 10,087 11,330 Sale of iron 36,492 28,618 - ---------------------------------------------------------------------------------------------------- Total revenue 46,579 39,948 OTHER REVENUE Interest income 570 851 Other income 3,123 115 - ---------------------------------------------------------------------------------------------------- Sub total 3,693 966 - ---------------------------------------------------------------------------------------------------- Total revenue from ordinary activities 50,272 40,914 ==================================================================================================== OPERATING COSTS BY FUNCTION Cost of operations 32,390 26,888 Depreciation and amortization 4,262 6,466 General and administrative 4,824 3,030 (Gain) loss on foreign exchange (2,908) 7,781 Exploration expense 8,313 2,273 Mining property shutdown 947 2,006 - ---------------------------------------------------------------------------------------------------- 47,828 48,444 ====================================================================================================
+ See chapter 19 for defined terms. Appendix 4B Page 25 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT SCHEDULE B 4.30 Other non-current liabilities
At end of As shown in last As in last half CONDENSED CONSOLIDATED STATEMENT OF current period annual report yearly report FINANCIAL POSITION $US'000 $US'000 $US'000 - ----------------------------------------------------------------------------------------------------------- Royalty Payable 1,484 1,281 1,113 Provision for future waste mining costs and mine reclamation obligations 1,272 1,130 423 Accrued loss on foreign exchange contract - 2,582 9,952 Other 1,408 1,184 - ---------------------------------------------------- 4,165 6,177 11,488 ====================================================
+ See chapter 19 for defined terms. Appendix 4B Page 26 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT SCHEDULE C Share capital increase during the six month period
Issue price Amount per paid up per security security Number of (see note (see note common share Number 14) 14) CATEGORY OF (+)SECURITIES issued number quoted US$/share US$/share ----------------------------------------------- COMMON SHARES ----------------------------------------------- PRIVATE PLACEMENTS 6,452,800 $1.55 $1.55 ----------------------------------------------- PRIVATE PLACEMENTS 2,932,364 $1.71 $1.71 ----------------------------------------------- PRIVATE PLACEMENTS 17,450,000 $2.05 $2.05 ----------------------------------------------- PRIVATE PLACEMENTS 2,550,000 $2.05 $2.05 ----------------------------------------------- STOCK OPTIONS 857,975 Various Various ----------------------------------------------- SHARE PURCHASE PLAN 22,271 Various Various - ------------------------------------------------------------------------------------------- TOTAL ISSUED FOR CASH 30,265,410 ----------------------------------------------- ISSUED FOR INVESTMENT ACQUISITION 287,678 $2.08 $2.08 - ------------------------------------------------------------------------------------------- 30,553,088 - -------------------------------------------------------------------------------------------
+ See chapter 19 for defined terms. Appendix 4B Page 27 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT SCHEDULE D STOCK OPTIONS AT JUNE 30, 2002
Exercise Total Number price Expiry date 18.7 OPTIONS (description and conversion factor) number quoted Cdn$ (if any) - ----------------------------------------------------------------------------------------------------------------- Options to employees and directors at June 30, 2002 - ----------------------------------------------------------------------------------------------------------------- 1997-04 35,500 $ 1.08 Oct-07 1998-02 170,000 $ 2.12 May-08 1998-03 165,300 $ 0.95 Nov-03 1999-01 78,333 $ 1.08 Apr-04 1999-02 120,000 $ 2.12 Aug-04 2000-01 40,000 $ 1.08 Mar-05 2001-01 3,772,344 $ 1.20 Mar-06 2001-02 1,050,000 $ 1.70 Jan-06 2001-03 405,000 $ 1.70 Jan-06 2001-04 4,412,292 $ 1.20 Jan-06 2001-05 310,000 $ 1.20 Feb-06 2001-07 70,000 $ 1.61 Apr-06 2001-08 50,000 $ 1.70 May-06 2001-09 1,100,000 $ 1.60 Sep-06 2001-10 200,000 $ 2.50 Nov-06 2001-11 190,000 $ 2.31 Nov-06 2002-01 100,000 $ 3.05 Feb-07 2002-02 100,000 $ 3.00 Feb-07 2002-03 100,000 $ 3.00 Apr-07 2002-04 20,000 $ 3.26 Apr-07 2002-06 100,000 $ 3.00 Apr-07 2002-07 200,000 $ 3.50 May-07 - ----------------------------------------------------------------------------------------------------------------- OPTIONS OUTSTANDING AT JUNE 30, 2002 12,788,769 - ----------------------------------------------------------------------------------------------------------------- 18.8 Issued during current period - ----------------------------------------------------------------------------------------------------------------- 2002-01 100,000 $ 3.05 Feb-07 2002-02 100,000 $ 3.00 Feb-07 2002-03 100,000 $ 3.00 Apr-07 2002-04 100,000 $ 3.26 Apr-07 2002-05 100,000 $ 3.26 Apr-07 2002-06 100,000 $ 3.00 Apr-07 2002-07 200,000 $ 3.50 May-07 - ----------------------------------------------------------------------------------------------------------------- TOTAL ISSUED DURING THE PERIOD 800,000 - ----------------------------------------------------------------------------------------------------------------- 18.9 Exercised during current period - ----------------------------------------------------------------------------------------------------------------- 1998-03 156,600 $ 0.95 1999-01 7,500 $ 1.08 1999-02 15,000 $ 2.12 2000-01 60,000 $ 1.08 2001-01 395,500 $ 1.20 2001-03 50,000 $ 1.70 2001-04 173,375 $ 1.20 - ----------------------------------------------------------------------------------------------------------------- TOTAL OPTIONS EXERCISED DURING THE PERIOD 857,975 - ----------------------------------------------------------------------------------------------------------------- 18.1 Expired during current period - ----------------------------------------------------------------------------------------------------------------- 1996-03 30,000 $15.00
+ See chapter 19 for defined terms. Appendix 4B Page 28 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT 1997-02 28,000 $12.05 1997-04 4,500 $ 6.74 1998-02 15,000 $15.00 2001-01 10,000 $ 1.20 2001-03 435,000 $ 1.70 2001-04 45,000 $ 1.20 2002-04 80,000 $ 3.26 2002-05 100,000 $ 3.26 - --------------------------------------------------------------------------------------- TOTAL OPTIONS EXPIRED DURING THE PERIOD 747,500 - ---------------------------------------------------------------------------------------

+ See chapter 19 for defined terms. Appendix 4B Page 29 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT SCHEDULE E SEGMENTED INFORMATION
SIX MONTHS ENDED JUNE 30, 2002 - ------------------------------------------------------------------------------------------------------------ STATED IN US$'000 COPPER IRON EXPLORATION CORPORATE TOTAL - ------------------------------------------------------------------------------------------------------------ Revenue 10,087 36,492 - - 46,579 Cost of operations (5,093) (27,297) - - (32,390) Depreciation and depletion (2,070) (2,079) - - (4,149) - ------------------------------------------------------------------------------------------------------------ OPERATING PROFIT 2,924 7,116 - - 10,040 - ------------------------------------------------------------------------------------------------------------ General and administrative (283) (36) - (4,505) (4,824) Interest on long-term debt (898) (1,539) - - (2,437) Exploration expenses - - (8,313) - (8,313) Depreciation - - (106) (7) (113) - ------------------------------------------------------------------------------------------------------------ INCOME (LOSS) BEFORE THE FOLLOWING 1,743 5,541 (8,419) (4,512) (5,647) - ------------------------------------------------------------------------------------------------------------ Mining property shut-down costs - - - (947) (947) Interest income 54 53 12 451 570 Foreign exchange gain (23) 1,045 64 1,822 2,908 Other income 6 32 9 3,076 3,123 - ------------------------------------------------------------------------------------------------------------ INCOME (LOSS) BEFORE INCOME AND CAPITAL TAXES 1,780 6,671 (8,334) (110) 7 - ------------------------------------------------------------------------------------------------------------ (Provision for) recovery of income and capital taxes (123) (3,654) 645 983 (2,149) - ------------------------------------------------------------------------------------------------------------ NET INCOME (LOSS) 1,657 3,017 (7,689) 873 (2,142) - ------------------------------------------------------------------------------------------------------------
(1) This foreign exchange gain includes a US$4.2 million gain on the mark to market accrual of the foreign exchange contract and it excludes US$7.0 million of realized foreign exchange losses arising from a foreign exchange contract which became due during the second quarter of 2002, as these losses had been previously accrued by the Company at December 31, 2001.
SIX MONTHS ENDED JUNE 30, 2001 - --------------------------------------------------------------------------------------------------------- STATED IN US$'000 COPPER IRON EXPLORATION CORPORATE TOTAL - --------------------------------------------------------------------------------------------------------- Revenue 11,330 28,618 - - 39,948 Cost of operations (4,248) (22,640) - - (26,888) Depreciation and depletion (1,989) (4,411) - - (6,400) - --------------------------------------------------------------------------------------------------------- OPERATING PROFIT 5,093 1,567 - - 6,660 - --------------------------------------------------------------------------------------------------------- General and administrative (408) (47) - (2,575) (3,030) Interest on long-term debt (2,396) (2,449) - (242) (5,087) Exploration expenses - - (2,273) - (2,273) Depreciation - - (66) - (66) - --------------------------------------------------------------------------------------------------------- INCOME (LOSS) BEFORE THE FOLLOWING 2,289 (929) (2,339) (2,817) (3,796) - --------------------------------------------------------------------------------------------------------- Mining property shut-down costs - - - (2,006) (2,006) Interest income 194 97 6 554 851 Foreign exchange gain - (7,524) (55) (202) (7,781) Other income - (7) (2) 124 115 - --------------------------------------------------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME AND CAPITAL TAXES 2,483 (8,363) (2,390) (4,347) (12,617) - --------------------------------------------------------------------------------------------------------- (Provision for) recovery of income 30 2,184 (13) (613) 1,588 and capital taxes - --------------------------------------------------------------------------------------------------------- NET INCOME (LOSS) 2,513 (6,179) (2,403) (4,960) (11,029) - ---------------------------------------------------------------------------------------------------------
+ See chapter 19 for defined terms. Appendix 4B Page 30 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT SCHEDULE F OPERATIONS COPPER OPERATION SIX MONTHS ENDED JUNE 30, 2002
Total operation Company's 50 % net share ----------------------------- ----------------------------- PERCENT PERCENT INCREASE INCREASE COPPER 2002 2001 (DECREASE) 2002 2001 (DECREASE) - ------------------------------------------------------------------------------------------------------------- Tonnes of Ore to heap Tonnes (000's) 5,889 3,735 58% Grade CuCn% 0.59% 0.63% (6%) Strip ratio Waste/Ore 0.34 0.24 42% Cathode production Tonnes 13,628 13,715 (1%) 6,814 6,858 (1%) Sales Tonnes 13,558 13,988 (3%) 6,779 6,994 (3%) US$/pound $ 0.71 $ 0.75 (5%) US$(000) 10,087 11,330 (11%) Cost of operations US$(000) 5,093 4,248 20% Operating profit US$(000) 2,924 5,093 (43%)
Total copper cathode production decreased by 1% in 2002 over the same period in 2001 Throughout 2002, JVCo continued its efforts to maintain the previous year's cathode production levels. In 2002, the total tonnage mined was increased in order to offset a decrease in the first quarter of 2002 of both the grade mined and copper recoveries. The decrease in copper recovery is a result of mining clay ore, increasing the feed of run of mine material to the stacking process, and decreasing the use of crushed and agglomerated ore material. By being more selective in it's mining and leaching of ore, JVCo expects improvements in future copper recoveries. The increase in operating costs in 2002 was mainly attributed to higher volumes of clay ore being mined. The decrease in interest charges is attributed to lower loan balances, and to lower interest rates. IRON OPERATION SIX MONTHS ENDED JUNE 30, 2002
PERCENT INCREASE IRON 2002 2001 (DECREASE) - ---------------------------------------------------------------------------- Tonnes milled (000's) 2,374 2,469 (4%) Concentrate production Tonnes 1,131,769 995,410 14% Grade DTR % 48% 40% 20% Pellet production Tonnes 1,109,759 982,407 13% Pellet sales Tonnes 1,194,460 946,651 26% Sales US$/tonne $ 31 $30 1% US$(000) 36,492 28,618 28% Cost of operations US$(000) 27,297 22,640 21% US$/tonne $ 23 $24 (4%) Operating profit (loss) US$(000) 7,116 1,567 354%
+ See chapter 19 for defined terms. Appendix 4B Page 31 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT The second quarter's operating results in 2002 represent a significant improvement over the same period last year. In the second quarter of 2001, the mine experienced a significant decrease in ore grade and an unusual increase in hardness of the ore resulting in a very disappointing quarter. For the first six months of 2002, total tonnes milled decreased by 4% over the same period last year and total pellet production increased by 13% due to a 20% increase in ore grade. For the six month period ended June 30, 2002, pellet sales increased by 28% over the same period last year, representing a 26% increase in tonnage sold and a 1% increase in pellet prices. The six-month operating profit increased from $1.6 million in 2001 to $7.1 million in 2002. The 2002 operating profit does not include $7 million in cash losses resulting from a foreign exchange contract, as these losses were previously accrued at the end of 2001. In the six months ended June 30, 2002 results for the iron operation include a foreign exchange gain of $4.2 million on the mark to market accrual of the foreign exchange contract and excludes $3.9 million (2001 - $0.8 million) of capitalized pre-stripping expenses. If these foreign exchange contract cash losses and the deferred pre-stripping expenses were included in operations and no provision was made for the gain on the mark to market accrual and the deferred pre-stripping expenses, the $7.1 million operating profit for the six-month period ended June 30, 2002 would have been an $8.0 million operating loss. The decrease in interest expense is mainly attributed to the reduction in related party loans at the end of 2001. The decrease in foreign exchange losses is attributed to the strengthening of the Australian dollar against the U.S. dollar. In 2002, the Australian dollar increased from a low point of U.S.$0.5069 per Australian dollar at the end of January to a high of U.S.$0.5753 at the beginning of June. At the end of August 2002, the exchange rate was about U.S.$0.545 per Australian dollar. GOLD The Bakyrchik gold mine produced a total of 1,814 ounces of gold in the first six months of 2002. The revenues are netted against the mine's care and maintenance costs. The Company's Eunsan gold mine, located in South Korea, started milling ore in April 2002 and the plant processed 6,789 tonnes of ore in the second quarter of 2002. Production costs in the second quarter were capitalized and the revenues from dore sales, totalling $0.7 million (1,296 ounces of gold and 57,522 ounces of silver), were netted against the cumulative capitalized costs. For most of the second quarter, as part of its ramp up to full capacity, the mine processed previously stockpiled low-grade ore. Starting in the third quarter of 2002, the Eunsan mine is expected to produce at an annual rate of 50,000 ounces of gold and 120,000 ounces of silver. The exploration work on the Modi Taung property in Myanmar was accelerated in the second quarter of 2002 to generate more definitive information on the style, grade and potential mineability of this high-grade gold vein project. In order to facilitate the future development of this property, the Company intends to negotiate modifications to the current property participation ratio with the property owner to replace it with a new profit sharing arrangement. EXPLORATION Exploration expenses in the first six months of 2002 totalled $ 8.3 million compared to $2.3 million for the same period in 2001. The $6.0 million increase is a result of the increased activities at the Oyu Tolgoi project and other Mongolia properties. A total of five drills were operating on the Mongolian properties at the end of June 2002. An additional seven drills were contracted including high-capacity deep rigs, with directional capability. The drills with directional capability will be used to effectively delineate the geometry and ultimate depth extent of the high-grade core in the Oyu Tolgoi Southwest Discovery Zone. An exploration budget of approximately $15 million, covering both exploration activities and engineering studies designed to scope various production scenarios, is planned for the second half of 2002. Two holes were drilled during the second quarter of 2002 on the Kharmagtai property in Mongolia. The Company intends to test further known targets on this property in the last six months of 2002. + See chapter 19 for defined terms. Appendix 4B Page 32 APPENDIX 4B HALF YEARLY/PRELIMINARY FINAL REPORT In conjunction with its exploration efforts in Mongolia, the Company is also pursuing various opportunities in China. In the first six months of 2002, the Company completed a 15.2% (Cdn$4.6 million) equity investment in Pacific Minerals Inc. ("Pacific"). The Company also acquired the right to earn a majority interest in various of Pacific's China properties. CORPORATE The increase in general and administrative expenses is mainly attributed to higher consulting and travel expenses related to the Company's financing efforts during the second quarter of 2002. The decrease in mining property shut-down costs is mainly attributed to the gold revenues netted against the care and maintenance costs at the Bakyrchik gold mine and the reduction of the care and maintenance costs at the Bjornevatn iron ore mine. In the first six months of 2002, gold sales from the Bakyrchik operation were $0.5 million. Also, in 2002, the Company completely divested itself of the Bj0rnevatn project in Norway. The majority of the $1.8 million gain on foreign exchange in 2002 resulted from the strengthening of the Canadian dollar in the second quarter of 2002, as the majority of the equity raised in that quarter was invested in money instruments denominated in Canadian dollars. In 2002, the Company acquired an approximate 19.9% interest in Intec Limited, an Australian based hydrometallurgical processing technology company. It also acquired the right to obtain licenses of Intec's processing technology in relation to the Company's various base and precious metals projects. LIQUIDITY In the first six months of 2002, the Company raised a total of $54.5 million through the sale of 30,553,088 Common Shares and also increased its long-term debt balance by $8.5 million including funding by the Savage River's lenders of an $8.4 million loss on foreign currency commitments during 2002. At June 30, 2002, the Company had a cash balance of approximately $62 million from which it expects to fund approximately $22 million in budgeted net expenditures through the end of 2002. To the extent that the Company may seek out and pursue acquisitions and other strategic business opportunities during the second half of 2002, the Company may direct some of its currently unallocated cash resources to the pursuit of these opportunities. The Company expects that its existing cash resources will be sufficient to meet all budgeted expenditures and to permit the Company to pursue any appropriate acquisition or other strategic opportunities that may arise during the second half of 2002. + See chapter 19 for defined terms. Appendix 4B Page 33 EX-19.7 36 o11180exv19w7.txt AUSTRALIA SE QUARTERLY TECH REPORT TO JUNE 30/03 EXHIBIT 19.7 www.ivanhoemines.com IVANHOE MINES LTD. Quarterly Technical Report FOR THE THREE MONTHS ENDED JUNE 30TH, 2003
INDEX PAGE - ----------------------------------------------- Copper Production Summary 2 - ----------------------------------------------- Iron Production Summary 2 - ----------------------------------------------- Production: Monywa/Letpadaung, Myanmar 2 Eunsan Mine, Korea 3 Savage River, Tasmania 6 Bakyrchik, Kazakhstan 7 - ----------------------------------------------- Development: Modi Taung, Myanmar 8 Oyu Tolgoi/Turquoise Hill, 8 Mongolia - ----------------------------------------------- Exploration: Mongolia: Oyu Tolgoi/Turquoise Hill 12 Kharmagtai & Ovoot Hyar 16 Gold Hill 16 Chun 17 Saran Uul 18 Oyut Ulaan 19 Shuteen 19 Mongolia Reconnaissance 20 Korea: 21 China: 21 Vietnam: 21
For further information, please contact: Bill Trenaman Investor Relations Ivanhoe Mines Ltd. 654-999 Canada Place Vancouver, British Columbia Canada V6C 3E1 Telephone: 604-688-5755 Facsimile: 604-688-7168 E-mail: bill@ivancorp.com This information is available on our website at www.ivanhoemines.com KEY POINTS: - On July 21, 2003, AMEC E&C Services Limited issued a new resource estimate for the Turquoise Hill Project. AMEC now estimates that the Turquoise Hill Project contains inferred resources totalling 2.4 billion tonnes grading 0.61% copper and 0.14 g/t gold, at a 0.30% copper equivalent cut-off, containing approximately 14.7 million tonnes (32.4 billion pounds) of copper and 11.2 million ounces of gold. This represents an increase of 45% in the amount of copper and a 24% increase in the amount of gold since the previous estimate in February 2003. In addition to the inferred resources, the project also contains 509 million tonnes of indicated resources in the Southwest Zone grading 0.40% copper and 0.59 g/t gold, containing approximately 2.1 million tonnes (4.5 billion pounds) of copper and 9.7 million ounces of gold, at the same cut-off grade. - Drilling at the Far North Zone at Turquoise Hill has delineated a high-grade core of inferred resources greater than 2% copper equivalent that contains 68.8 million tonnes grading 2.92% copper and 0.28 g/t gold. The tonnage in the high-grade zone is more than double the amount of AMEC's previous estimate issued in February this year. OVERVIEW PRODUCTION - Copper cathode production for the quarter from the Monywa Mine was 6,744 tonnes. Ivanhoe's 50% net share of sales revenue was US$5.54 million. - Iron pellet production for the quarter from ABM's Savage River Mine was 534,000 tonnes. Pellet sales were 558,000 tonnes. Sales revenue was A$27.7 million, US$17.8 million tonnes. - Gold production for the quarter from oxide ores at the Bakyrchik Mine was 921 ounces. There was no gold production at the Eunsan Mine as the mill remained on care-and-maintenance status during the quarter. DEVELOPMENT - AMEC-Ausenco Joint Venture is conducting advanced scoping studies of the Turquoise Hill Project. EXPLORATION - Resource delineation drilling continues with 13 drill rigs at Turquoise Hill and exploration scout drilling is continuing at several of Ivanhoe's gold and copper prospects elsewhere in Mongolia. - Surface exploration continued during the quarter at the Eunsan Gold Project, with the main focus being placed on the Gasado Island Lighthouse Vein and the Central Vein. 2 COPPER PRODUCTION SUMMARY
TONNES OF ORE CATHODE MINEGATE CASH SALES TO HEAP HEAD GRADE PRODUCTION COST 50% NET SHARE JUNE 2003 QUARTER (000'S) (% CU) (TONNES) (US$/LB) US$(000) - ------------------------------------------------------------------------------------------------------ ~~Monywa, 2,220,178 0.57 6,744 0.46 5,535 S&K, Myanmar~~
IRON PRODUCTION SUMMARY
PELLET SAVAGE RIVER, TONNES MILLED CONCENTRATE GRADE PRODUCTION PELLET SALES AUSTRALIA WET PRODUCTION (DTR) (TONNES) (TONNES) - ------------------------------------------------------------------------------------------------- ~~Q2 - 2003 1,277,730 513,390 42.3 534,172 558,243 Q2 - 2002 1,237,602 587,456 50.00 576,264 607,275~~

SAVAGE RIVER, AUSTRALIA TOTAL IRON ORE TOTAL OPERATING CAPITALIZED PRODUCT SALES REVENUE COSTS PRE-STRIPPING COSTS SALES RESULTS TONNES SOLD (A$ MILLION) (A$ MILLION) (A$ MILLION) - ---------------------------------------------------------------------------------------------- ~~Q2 - 2003 648,120 27.7 28.2 4.3 Q2 - 2002 629,144 26.9 26.4 4.8~~
PRODUCTION: OVERVIEW MONYWA COPPER JOINT VENTURE, MYANMAR: The S&K Mine produced 6,744 tonnes of LME grade A cathode copper during the quarter. This is an average of 2,248 tonnes per month and equivalent to annual production of 26,976 tonnes per annum ("tpa"). An expanded pilot plant electrowinning facility was commissioned at the beginning of April. Cathode production is now averaging over 80 tonnes per day ("tpd") and is approaching a nominal annual rate of 31,000 tpa. In May and June, cathode production was 2,601 and 2,535 tonnes respectively, reflecting an average of 82 tpd. This higher than normal production level, was made possible due to high heap leach solution levels and the electrowinning pilot plant expansion. Production in April was limited to 1,608 tonnes due to a ten day shutdown at the S&K Commercial Plant electrowinning facility. The shutdown was caused by a break down in the rectiformer unit; however production prior to and after the shutdown averaged in excess of 80 tpd. Repairs were completed and the plant is now operating normally. The three new Caterpillar 777 haul trucks continued to perform well at 96% availability. Operating costs are significantly lower than for the older 773B and contract mining fleet. High heap leach solution grades assisted cathode production reagent usage and power efficiency. Although unit costs were affected by the ten day shutdown, cash costs were low at approximately $0.46/lb. 3 Ore grade remained relatively high at 0.57% assisted by production from the newly developed stage 3 and Sabetaung South pit. Preparations for test pit mining at Letpadaung were made with the design completed on a new 10,000 tonnes per day test mini pit. Commencement of mining operations at the new Letpadaung test pit site is planned for July.
QTR END JUNE 2003 S&K COPPER MINE ACTUAL - ------------------------------------------- Tonnes ore to heap (000's) 2,220 - ------------------------------------------- Total tonnes mined (000's) 4,163 - ------------------------------------------- Grade (Cu CN %) 0.57 - ------------------------------------------- Strip Ratio 0.897 - ------------------------------------------- Tonnes Sold (000's) 7,112 - ------------------------------------------- Cathode Production (tonnes) 6,744 - ------------------------------------------- Revenue ($000's) 11,070 - ------------------------------------------- Price of Copper (US$ per Lb.) 0.74 ===========================================
EUNSAN GOLD-SILVER MINE, SOUTH KOREA: Underground mining for the quarter focused on stoping the high grade eastern shoot from the minus 30 level, extending development along strike on the minus 50 level and establishing a minus 70 level access. Ore haulage from underground during the quarter totalled 6,215 tonnes grading 26.0 g/t gold equivalent. Surface stocks at the end of the quarter were 9,621 tonnes grading 21.5 g/t gold equivalent. Three consecutive benches were mined below the minus 30 east high-grade ore shoot. The base of the stope was backfilled with concrete to a height of three meters and then mullock to the original minus 30 level floor height. The concrete will act as a crown pillar support for deeper level mining. The tonnes and grade mined from the eastern high grade shoot during the quarter are provided in the table below:
LEVEL (RL) TONNES AU (G/T) AG (G/T) AUEQ(G/T) - --------------------------------------------------------------------------- -26 to -33 993 23.65 1930 53.3 - --------------------------------------------------------------------------- -30 to -34 956 12.05 844 25.0 - --------------------------------------------------------------------------- -34 to -36.5 739 18.07 1711 44.4 - --------------------------------------------------------------------------- - -36.5 to -39.5 381 12.76 1245 31.9 ===========================================================================
The intention over the coming quarter is to continue stoping the high grade eastern shoot using a cut and fill mining method between the minus 26 and minus 20 RL and then use a shrinkage stoping method to mine the shoot to the base of the open pit. Development on the western half of the minus 30 level was placed on hold during the quarter due to the intersection of a system of mud filled cavities associated with faulting. Development was extended along strike in the minus 50 level east and minus 55 level west. The minus 50 level east proved that the high grade shoot currently being 4 stoped from the minus 30 level extends in depth to the minus 50 level. There are currently three deeper level diamond drill intercepts at minus 60 RL that evidence extensions of the high grade shoot at depth. A pneumatic bazooka diamond drill rig will be used to test this shoot to a depth of minus 70 level over the coming quarter. A second mine access, via an open pit, was mined during the quarter. The purpose of the second mine access is to allow for the mining of the high grade eastern shoot beneath the original open pit. The mill remained on care-and-maintenance status during the quarter. The Sang Bon (a local open pit) mining lease was transferred to Sun Shin Mining during the third quarter. Means of dewatering and transporting milled tailings to the Sang Bon pit are presently being investigated in connection with a possible re-commissioning of the mill in the quarter. Surface exploration continued during the quarter with the main focus being placed on the Gasado Island Lighthouse Vein and Central Vein. Significant intercepts made during the quarter are provided in the table below: GASADO CENTRAL VEIN DRILLING
FROM TO INTERV. AU AG AU EQ. DDH (M) (M) (M) (G/T) (G/T) (G/T) PEAK ASSAYS (G/T) - ------------------------------------------------------------------------------------------------------------------------- GS03DD-59 158.70 159.70 1.00 1.73 112 3.34 - ------------------------------------------------------------------------------------------------------------------------- 160.90 161.80 0.90 4.68 115 6.33 - ------------------------------------------------------------------------------------------------------------------------- 162.50 167.00 4.50 2.44 132 4.33 1.0m @ 2.70Au, 244Ag, 6.18AuEq. - ------------------------------------------------------------------------------------------------------------------------- 168.00 171.00 3.00 2.24 84 3.44 1.0m @ 2.48Au, 129Ag, 4.33AuEq. =========================================================================================================================
SEONGSAN PROSPECT
FROM TO INTERV. AU AG AU EQ. DDH (M) (M) (M) (G/T) (G/T) (G/T) PEAK ASSAYS (G/T) - ------------------------------------------------------------------------------------------------------------------------------ SS011 31.00 32.00 1.00 1.10 10 1.24 - ------------------------------------------------------------------------------------------------------------------------------ 69.00 71.00 2.00 1.58 10 1.72 1.00m @ 2.03Au, 10 Ag, 2.17 Au Eq. - ------------------------------------------------------------------------------------------------------------------------------ 121.00 123.00 2.00 4.65 10 4.79 1.00m @ 8.03Au, 10 Ag, 8.17 Au Eq. - ------------------------------------------------------------------------------------------------------------------------------ 139.00 142.00 3.00 2.43 13 2.62 1.00m @ 3.70Au, 15 Ag, 3.91 Au Eq. ==============================================================================================================================
5 GASADO LIGHTHOUSE VEIN DRILLING
FROM TO INTERV. AU AG AU EQ. DDH (M) (M) (M) (G/T) (G/T) (G/T) PEAK ASSAYS (G/T) - ---------------------------------------------------------------------------------------------------------------------------------- GSO3DD-50 102.00 105.00 3.00 1.27 96 2.64 1.0m @ 1.68Au, 141Ag, 3.70AuEq. - ---------------------------------------------------------------------------------------------------------------------------------- 110.00 112.00 2.00 1.03 62 1.91 1.0m @ 1.02Au, 69Ag, 2.00AuEq. - ---------------------------------------------------------------------------------------------------------------------------------- 116.40 118.00 1.60 2.01 124 3.78 1.0m @ 2.53Au, 150Ag, 4.68AuEq. - ---------------------------------------------------------------------------------------------------------------------------------- 133.00 135.00 2.00 1.99 170 4.43 1.0m @ 3.02Au, 285Ag, 7.09AuEq. - ---------------------------------------------------------------------------------------------------------------------------------- GS03DD-51 40.00 41.00 1.00 0.97 156 3.20 - ---------------------------------------------------------------------------------------------------------------------------------- 65.40 69.00 3.60 2.24 101 3.68 1.0m @ 3.02Au, 120Ag, 4.73AuEq. - ---------------------------------------------------------------------------------------------------------------------------------- GS03DD-52 79.55 79.90 0.35 1.27 44 1.90 - ---------------------------------------------------------------------------------------------------------------------------------- 82.00 86.00 4.00 4.03 344 8.95 1.0m @ 5.47Au, 435Ag, 11.67AuEq. - ---------------------------------------------------------------------------------------------------------------------------------- 86.00 90.00 4.00 27.27 2250 59.41 1.0m @ 39.88Au, 3398Ag, 88.43AuEq. - ---------------------------------------------------------------------------------------------------------------------------------- 90.00 94.00 4.00 1.37 104 2.85 1.0m @ 2.57Au, 253Ag, 6.18AuEq. - ---------------------------------------------------------------------------------------------------------------------------------- 94.00 100.00 6.00 19.89 2242 51.91 1.0m @43.18Au, 4693Ag, 110.23AuEq. - ---------------------------------------------------------------------------------------------------------------------------------- GS03DD-56 83.00 88.00 5.00 2.33 156 4.55 1.0m @3.47Au, 303Ag, 7.79AuEq. - ---------------------------------------------------------------------------------------------------------------------------------- 90.00 92.00 2.00 5.32 228 8.58 1.0m @7.12Au, 320Ag, 11.69AuEq. - ---------------------------------------------------------------------------------------------------------------------------------- GS03DD-57 83.50 86.00 2.50 2.33 92 3.65 0.5m @ 4.77Au, 78Ag, 5.88AuEq. - ---------------------------------------------------------------------------------------------------------------------------------- 97.00 98.00 1.00 1.13 41 1.72 - ---------------------------------------------------------------------------------------------------------------------------------- 114.00 116.00 2.00 1.70 40 2.28 1.0m @ 1.85Au, 43Ag, 2.31AuEq. - ---------------------------------------------------------------------------------------------------------------------------------- 117.00 119.00 2.00 2.57 149 4.70 1.0m @ 3.88Au, 232Ag, 7.19AuEq. =================================================================================================================================
6 KEUNSAN PROSPECT DRILLING
FROM TO INTERV. AU AG AU EQ. DDH (M) (M) (M) (G/T) (G/T) (G/T) PEAK ASSAYS (G/T) - -------------------------------------------------------------------------------------------------------------------------- KN 016 50.00 51.00 1.00 2.72 31 3.16 - -------------------------------------------------------------------------------------------------------------------------- 64.00 66.00 2.00 1.30 57 2.11 1.0m @ 1.72Au, 66Ag, 2.66AuEq. - -------------------------------------------------------------------------------------------------------------------------- 67.00 68.00 1.00 7.30 231 10.60 - -------------------------------------------------------------------------------------------------------------------------- 69.00 70.00 1.00 1.15 26 1.52 - -------------------------------------------------------------------------------------------------------------------------- 96.50 98.00 1.50 1.42 18 1.67 1.0m @2.00Au, 32Ag, 2.45AuEq. - -------------------------------------------------------------------------------------------------------------------------- 106.00 107.00 1.00 1.07 13 1.25 - -------------------------------------------------------------------------------------------------------------------------- 115.00 116.00 1.00 2.15 50 2.86 - -------------------------------------------------------------------------------------------------------------------------- KN 017 51.00 51.50 0.50 13.85 531 21.44 - -------------------------------------------------------------------------------------------------------------------------- 51.50 53.00 1.50 1.17 55 1.96 0.5m @ 1.75Au, 65Ag, 2.68AuEq. - -------------------------------------------------------------------------------------------------------------------------- 59.00 64.30 5.30 1.35 33 1.82 1.0m @ 3.27Au, 66Ag, 4.21AuEq. - -------------------------------------------------------------------------------------------------------------------------- 90.00 91.00 1.00 1.15 22 1.46 - -------------------------------------------------------------------------------------------------------------------------- 136.50 138.00 1.50 1.53 332 6.27 0.6m @ 2.67Au, 605Ag, 11.31AuEq. ==========================================================================================================================
SAVAGE RIVER, TASMANIA: The iron-ore market has been characterized by strong market conditions and tight supply prompting steel mills to secure long-term iron ore pellet contracts. Most of Australian Bulk Mineral's planned production over the next 3 - 4 years has now been taken up in supply contracts. Iron price negotiations have been protracted, with lumps and fines prices only recently settled and pellet prices still to be finalized, though a 9 - 10% increase now seems likely. This will help reduce the impact of a strengthening Australian dollar, which has increased by approximately 15% against the US dollar since the beginning of the year. Total iron ore sales were slightly higher than the same quarter last year, largely due to the timing of shipments, as all available production was sold. An extended maintenance shut down in the mill caused concentrate production to fall slightly below plan. It is anticipated that the shortfall will be recovered in the second half of the year with improving grades from the South Deposit. 7 Mine operations progressed well with material movement slightly ahead of plan due to high availabilities and utilization of equipment. A redesign in North Pit Extension Three was completed during the quarter and is expected to improve the continuity of ore supply over the mine's five year plan. By reducing strip ratios and improved scheduling of the various cut back sequences, an ore body model for the South Center Pit is nearing completion and results will add to ore supply planning for the mine. Four of the five furnaces at Port Latta have been converted to gas. Conversion of the fifth furnace has been postponed indefinitely as four furnaces are adequate for the current levels of production. Pellet quality over the quarter has been consistent with the previous quarter. BAKYRCHIK GOLD MINE, KAZAKHSTAN: - - GOLD PRODUCTION FOR 2ND QUARTER, 2003: ~~April Nil - -------------- May 508 oz - -------------- June 413 oz - -------------- Total 921 oz ==============~~

Oxide ore production resumed again in May with in excess of 900 oz being produced during the second quarter. With the existing stockpiles anticipated to be depleted around mid July, preparation for the production of concentrate from the sulphide ores commenced. In parallel with this operational aspect, work continued on the sulphide ore feasibility and test work program. Test work has focussed on a roasting process, but other processes including bacterial and chemical oxidation are also being tested. 8 DEVELOPMENT: MODI TAUNG GOLD PROJECT BLOCK 10, MYANMAR: At the Modi Taung quartz-gold vein project in Block 10, exploration continued through the quarter in order to increase tonnage of the potentially mineable stopes. This increased from 50,000 tonnes early in the year to 70,000 tonnes in late June. Underground advances totalled 829 m, of which 648 m were on the Shwesin vein system and 181 m on the Htongyi Taung veins. At Shwesin, work included opening of Level 1200 to a 2.2 m width; this adit will continue the south-eastward advance towards Momi Taung as the advance in Level 1225 nears the surface and is suspended. On Level 1025 cross-cuts demonstrated the presence of a second vein about 8 m east of the main vein. On the Htongyi Taung vein system, 750 m east of Shwesin, drifting on the deepest (950 m) Level intercepted an eastern vein, grading at an average of 310 g/t over 37 cm. Intercepts on the new 975 Level at Htongyi Taung exhibit upward continuation of the two veins, which at this Level contain visible gold. Test stoping above the Shwesin 1000 m Level from raise 2 defined a continuous vein along the hanging wall of the 25 m long undercut. This vein averaged 29 g/t of gold and 41 cm in width. The first test cut, above the undercut, is in progress. Waste rock is readily separated from the veins with light blasting and arching of the back. Only 10% dilution occurred and explosive consumption was less than expected. Daily production is expected to improve with the use of longer drill steel and light blasting products. Diamond core drilling continued with five inclined holes on the southeast projection of the Htongyi Taung vein, and extended a minimum of 100 m in strike length beyond the then adit face on the 950 m Level. Drill Hole 28 produced an assay of 170 g/t over 20 cm. Three short inclined holes (33 to 35) were drilled on the continuation of the southeast projection of the vein in the suspended Theingi adits, north of the Shwesin vein. In these holes shear zone intercepts containing quartz fragments reflect the thick sandstone host rocks in which veins disperse and dissipate. The drilling program was completed on the 23rd of May. During the quarter a total of 1,393 m was drilled, bringing the overall total drilled to 5,385 m. Surface exploration (grid mapping, soil sampling and trenching) and assessment were undertaken on 12 quartz-gold vein prospects in Block 10 north of Modi Taung. As a result, the Kankaung prospect is expected to justify exploration aditing. A revised and updated draft scoping study for development of the Modi Taung veins was prepared in June for submittal to the Myanmar Mines Ministry. OYU TOLGOI/TURQUOISE HILL: PRE-FEASIBILITY AND SCOPING STUDIES: The AMEC Ausenco Joint Venture was appointed to undertake advanced scoping studies of the Oyu Tolgoi Project in the first quarter of 2003. The Oyu Tolgoi scoping study was certified for ISO 14001 accreditation. Studies are on-going and achievements for the current quarter are highlighted below. 9 UNDERGROUND MINING: Minproc created a variety of mining and treatment schedules for open pit and combined open pit/underground development scenarios. SRK Consulting continued work on preliminary studies for the project including examination of potential mining concepts for the Southwest ore body (that portion which would not be removed by means of open pit mining) and the Far North ore body. Mining layouts have been developed to encompass sub level caving and block caving. Investigations have been underway to determine the most suitable locations for an exploratory decline and an exploration shaft. It is likely that the decline will be driven into the southern portion of the Far North deposit to provide drill stations for definition drilling of the deposit for mine planning and feasibility studies as well as bulk samples for advanced metallurgical test work. It is also likely that the shaft will be sunk on the northeast side of the Far North Extension to expedite entry to the high grade zones in the Far North Extension for definition drilling and bulk sampling. By utilizing a shaft, the time lag between extending the decline from the southern portion to the Far North Extension can be shortened significantly. METALLURGICAL TEST WORK: A pre-feasibility level test program with PQ half core samples from the Southwest and Central Oyu has commenced. Test work on material from the Far North Oyu has been conducted using quarter core samples. The Far North samples represent the southern portion of the currently identified resource. Larger diameter PQ core samples are required from the Far North and will be included in the pre-feasibility program at a later date. The HQ & NQ quarter samples from the Far North were divided into two ore types, chalcopyrite and chalcocite. There is the presence of both arsenic and fluorine in the final copper concentrate from the Far North ore. A test utilising a caustic thiosulphate and sulphide regime proved to be successful in removing 95% of the arsenic. Tests are being conducted to evaluate the ability to remove fluorine from the concentrate as well as to quantify the abundance of fluorine bearing minerals in the concentrate and the content of fluorine contained within these minerals. Results were obtained from preliminary batch flotation tests on the Far North quarter samples. The results, summarized in the table below, were performed on composite samples from diamond drill holes 355 and 367A. These samples represented the host lithologies and copper mineralization within the deposit. 10 SGS LAKEFIELD FLOTATION TEST RESULTS:
INTERVALS TEST GRADE RECOVERY ---------------------------------------------------------------------------------------- SAMPLE COPPER GOLD COPPER GOLD NUMBER DRILL HOLE FROM TO METRES PRODUCT (%) (G/T) (%) (%) - ---------------------------------------------------------------------------------------------------------------- FNE1 OTD355 868 898 30 FEED 1.82 0.18 - ---------------------------------------------------------------------------------------------------------------- CONCENTRATE 30.6 2.58 87.0 73.7 - ---------------------------------------------------------------------------------------------------------------- FNE2 OTD355 898 1002 104 FEED 2.43 0.10 - ---------------------------------------------------------------------------------------------------------------- CONCENTRATE 33.6 1.02 92.3 71.9 - ---------------------------------------------------------------------------------------------------------------- FNE3 OTD367A 830 1084 254 FEED 1.58 NA - ---------------------------------------------------------------------------------------------------------------- CONCENTRATE 30.6 NA 89.7 NA - ---------------------------------------------------------------------------------------------------------------- FNE4 OTD367A 1084 1154 70 FEED 5.72 1.85 - ---------------------------------------------------------------------------------------------------------------- CONCENTRATE 53.4 17.2 96.9 96.6 ================================================================================================================
The quarter core sample test program tested the dependence of rougher copper recovery to grind. It was determined that the rougher performance is improved at finer grinds but the chalcopyrite ore has a steeper dependence above 200 microns. Cycle tests were conducted where chalcopyrite ore did not show any change in metallurgical performance as a result of a coarsening of the primary grind. The chalcocite sample had slightly inferior performance at the coarser primary grind. The PQ half core sample test program has tested four ore types from Central Oyu and three ores from Southwest Oyu. The sample composites from the Southwest Oyu samples were evaluated for metallurgical performance as a function of primary grind. Locked cycle tests were also performed at the selected combination of primary grind and regrind. Sample one and three from Southwest Oyu were similar and showed a linear dependence of copper recovery to grind from 74 to 200 microns. The second sample was insensitive to grinds between 74 and 150 microns but at coarser grinds up to 300 microns the copper rougher recovery degraded rapidly. The samples tested for Central Oyu showed little rougher recovery sensitivity from 60 to 150 microns. At 150 microns, the copper rougher recovery decreased. The exception to this was the final sample from Central Oyu that exhibited a more pronounced decrease in rougher recovery at 100 microns. The larger particle size material has been prepared for grinding tests specifically designed to provide engineering parameters for semi-autogenous grinding ("SAG"). The ores from both Southwest and Central Oyu have been determined not to be abrasive. The autogenous work indexes range from 17-19 kWh/t for Southwest and 9 - 13 kWh/t for Central ores. Bond rod mill and ball mill work indexes follow the same trend with Southwest ranging from 17 - 20 kWh/t and Central from 10-13 kWh/t. The SAG Power Index (SPI) determinations show the same trend as the autogenous and bond work indexes. 11 ACID ROCK DRAINAGE ("ARD"): A study was commissioned to determine the ARD potential of the mine rock and waste materials and to advise on the management of waste materials. Phase one of this study was completed in May 2003. To date, samples from Southwest Oyu and Central Oyu have been tested for ARD potential. Results have shown that 72% of host lithology samples from Central Oyu and 46% of host lithology samples from Southwest Oyu were classified as potentially acid forming (PAF). All three tailings samples tested were classified as PAF. At the time of development and production the appropriate management strategies will be utilized in order to minimize the risk of acid generation and associated ARD impacts. As the project advances further ARD studies will be conducted. GROUNDWATER INVESTIGATIONS: Drilling for groundwater resources to meet the expected development and production water requirements has continued throughout this quarter. Drilling in the Galbyn Gobi area has been met with success. The Galbyn Gobi region along with the Javkhlant areas host the largest aquifers identified by Aquaterra (Consultant retained by Ivanhoe for groundwater investigations). An assessment of the aquifers discovered to date suggests that they could provide sufficient water to meet the mine process requirements of at least a 50,000 tonne per day mining operation. Water exploration continues and drilling of test holes for aquifer testing will commence during the third quarter of this year. TRANSPORTATION: Assessment of routes for roads and railways continued during the quarter. Chinese authorities in the province of Inner Mongolia issued formal approval announcing the construction of an upgraded 226-kilometre highway that will provide a direct highway link between the Mongolian border crossing, 80 kilometres south of Ivanhoe's Oyu Tolgoi project, and the Trans-China Railway system. The highway, which is scheduled to be completed before the end of this year, will provide access for heavy construction equipment and supplies to Oyu Tolgoi and can subsequently be used to send copper and gold concentrates from Oyu Tolgoi to smelters and consumers in China. Ivanhoe has initiated discussions with Mongolian and Chinese government authorities to extend the highway the final 80 kilometres to the Oyu Tolgoi project site. 12 EXPLORATION: Ivanhoe continued to increase its landholding throughout Mongolia during the second quarter of 2003. Ivanhoe now holds 111 exploration licences covering 9,560,586 hectares (95,605.86 km2) and has applied for another 3 licences totalling 243,111 hectares (2,431.11 km(2)). TURQUOISE HILL/OYU TOLGOI: Exploration drilling continues and has been accelerated, utilizing thirteen drill rigs to delineate the extent of the Far North Zone. To date, the Far North has been extended at least 800 metres beyond the northern limit of the area used to calculate the resource estimate prepared by AMEC E&C Services Limited in the first quarter of 2003. A revised resource estimate, to include the latest results from the Far North, was announced on July 21, 2003. The north-south strike length of the Far North Zone now extends more than two kilometres. The estimated width of the Far North Zone currently ranges between 200 and 800 metres. The deposit remains open for expansion along strike, margins and depth. Diamond core drilling is currently focused on delineating the Far North Extension zone. Recent significant assay results include 144 metres at 4.41% copper and 1.61 g/t gold in Hole 367A, and 66 metres at 3.52% copper and 1.88 g/t gold in Hole 409. Hole 367E encountered 204 metres grading 3.73% copper and 0.39 g/t gold. Hole 367E is 200 metres east of 367A and 100 metres east of 367B which intersected 108 metres grading 3.73% copper and 0.26 g/t gold. Hole 367D, 150m east of 367E intersected 232m grading 1.06% copper and 0.08 g/t gold. Assays are pending for Hole 367F drilled midway between 367A and B. Hole 367F has intersected an additional 250 metres of strong copper mineralization starting at 896m and currently remains in high-grade copper at a depth of 1,400 metres after encountering a post mineral dyke from 1162m to 1296m. Six high capacity drill rigs are currently drilling deep holes utilizing the navi drill system which allows multiple holes to be drilled from a single mother hole. For example, OTD367 has now had 6 holes fanned from a depth of 420m with a subsequent net cost savings of approximately US$20,000 per daughter hole. In addition to delineating the high-grade core, Ivanhoe continues to explore for a porphyry intrusion that could lie beneath the high-grade Far North Extension. An induced polarization survey indicates that this zone may extend for 1 km beyond Hole 367, where it appears to be cut off by a major cross-structure near the northern boundary of the concession. Drilling north of the cross-structure intersected a large, unmineralized, granodiorite complex that could be a potential source of water for the project. Core drilling on the southern half of Far North is also continuing utilizing smaller capacity LY44 drill rigs. Infill holes are being drilled on selected sections to provide better definition of the hanging wall and footwall contacts and where hole spacing exceeds 150m to 200m, as a precursor to indicated resources. Hole 423 encountered 240m grading 1.80% copper and 0.06 g/t gold including 88m grading 2.88% copper and 0.12g/t gold. Hole 442, drilled 250m up dip on the same section intersected 360m grading 1.43% copper and 0.03g/t. These two holes were drilled up and down 13 dip of OTRCD340 which had previously drilled 270m grading 1.77% copper and 0.08 gold including 78m of 3.12% copper and 0.14g/t gold. Geotechnical drilling has also begun with four core holes drilled on the western side of Far North to evaluate ground conditions for a decline. The holes encountered generally poor ground conditions including moderate to strong mineralization. Geotech drilling has now shifted to the east side of the Far North where 3 holes are now in progress. Here the rocks are sediments and basalt with little chance of encountering copper mineralization. While sections of the sedimentary rocks are broken and faulted, the preferred route for the decline appears to be on the eastern side. Drilling for the Far North Extension shaft will commence in July. At Southwest Oyu, two LY44 rigs are drilling geotech holes to evaluate future pit wall stabilities. Expenditures for the quarter were approximately US$7.6 million. SUBSEQUENT EVENTS: As of July 21, 2003 AMEC provided an updated inferred resource estimate to include holes drilled in the Far North Extension. AMEC's February, 2003, inferred resource estimate for the Far North deposit, using a 0.60% copper equivalent cut-off grade, was 489 million tonnes grading 1.08% copper and 0.07 g/t gold, or 5.2 tonnes of copper and 1.17 million ounces of gold. The Far North now contains an estimated inferred resource of 618 million tonnes grading 1.19% copper and 0.10 g/t of gold, at a 0.60% copper equivalent cut off, containing 7.4 million tonnes of copper and 2.0 million ounces of gold. FAR NORTH OYU ZONE - INFERRED RESOURCES JULY 2003 VS. FEBRUARY 2003
COPPER DATE OF CU. EQ. CUT- TONNES COPPER GOLD (MILLION GOLD ESTIMATE OFF GRADE (%) (MILLIONS) (%) (G/T) TONNES) (OUNCES) - ------------------------------------------------------------------------------------------------------- July 21, 2003 > = 2.00 68.8 2.92 0.28 2.01 620,000 ------------------------------------------------------------------------------------- > = 0.60 618 1.19 0.10 7.38 1,950,000 - ------------------------------------------------------------------------------------------------------- Feb. 26, 2003 > = 2.00 29.3 2.69 0.19 0.79 175,000 ------------------------------------------------------------------------------------- > = 0.60 489 1.08 0.07 5.26 1,170,000 =======================================================================================================
The current Far North inferred resource estimate incorporates results from 100 drill holes where as the February estimate incorporated results from 41 drill holes. A detailed analysis of the current estimated inferred mineral resources for the Far North Zone, at various copper equivalent cut-off grades, are provided in the following table. 14 FAR NORTH OYU ZONE - INFERRED RESOURCES JULY 2003 (VARIOUS CU EQUIVALENT CUT-OFF GRADES)
COPPER CONTAINED METAL CU. EQ. CUT- GOLD EQUIVALENT ----------------------------- OFF GRADE (1) COPPER GRADE GRADE GRADE COPPER GOLD (%) TONNES (%) (G/T) (%) (TONNES) (OUNCES) - ----------------------------------------------------------------------------------------------------------------- >= 3.50 16,400,000 3.74 0.45 4.03 610,000 240,000 - ----------------------------------------------------------------------------------------------------------------- >= 3.00 34,900,000 3.36 0.38 3.60 1,170,000 430,000 - ----------------------------------------------------------------------------------------------------------------- >= 2.50 55,700,000 3.09 0.32 3.29 1,720,000 570,000 - ----------------------------------------------------------------------------------------------------------------- >= 2.00 68,800,000 2.92 0.28 3.10 2,010,000 620,000 - ----------------------------------------------------------------------------------------------------------------- >= 1.50 118,600,000 2.35 0.20 2.48 2,790,000 750,000 - ----------------------------------------------------------------------------------------------------------------- >= 1.25 228,700,000 1.85 0.14 1.94 4,240,000 1,010,000 - ----------------------------------------------------------------------------------------------------------------- >= 1.00 326,800,000 1.62 0.12 1.70 5,300,000 1,260,000 - ----------------------------------------------------------------------------------------------------------------- >= 0.90 357,800,000 1.56 0.12 1.63 5,570,000 1,360,000 - ----------------------------------------------------------------------------------------------------------------- >= 0.80 432,600,000 1.43 0.11 1.50 6,160,000 1,540,000 - ----------------------------------------------------------------------------------------------------------------- >= 0.70 529,800,000 1.29 0.10 1.36 6,850,000 1,740,000 - ----------------------------------------------------------------------------------------------------------------- >= 0.60 618,400,000 1.19 0.10 1.26 7,380,000 1,950,000 - ----------------------------------------------------------------------------------------------------------------- >= 0.50 824,200,000 1.02 0.09 1.08 8,370,000 2,490,000 - ----------------------------------------------------------------------------------------------------------------- >= 0.40 1,157,700,000 0.84 0.09 0.89 9,710,000 3,200,000 - ----------------------------------------------------------------------------------------------------------------- >= 0.30 1,610,500,000 0.69 0.08 0.74 11,110,000 3,990,000 =================================================================================================================
*1) Copper equivalent cut-off grades have been calculated using assumed metal prices (US$0.80/lb. for copper and US$350/oz. for gold); %Cu eq. = %Cu + Au (g/t) x (11.25/17.64). 2) Copper equivalent grades have been calculated using assumed metal prices of US$350 per ounce gold and US$0.80 per pound copper. The contained gold and copper represent estimated contained metal in the ground and have not been adjusted for the metallurgical recoveries of gold and copper. The determination of an adjustment factor to account for differences in relative metallurgical recoveries between gold and copper will depend upon the completion of definitive metallurgical testing. 3) Resource classifications conform to CIM Standards on Mineral Resources and Reserves referred to in National Instrument 43-101. Mineral resources that are not reserves do not have demonstrated economic viability. An indicated mineral resource is that part of a mineral resource for which quantity and grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. An inferred mineral resource is that part of a mineral resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified. AMEC now estimates that the Oyu Tolgoi Project contains estimated inferred resources totalling 2.4 billion tonnes grading 0.61% copper and 0.14 g/t gold, at a 0.30% copper equivalent cut-off, containing approximately 14.7 million tonnes of copper and 11.2 million ounces of gold. This represents an increase of 45% in the amount of copper and a 24% increase in the amount of gold since AMEC's previous estimate issued in February this year. In addition, 509 million tonnes of indicated resources are estimated in the Southwest Zone grading 0.4% copper and 0.59 g/t gold, containing approximately 2.1 million tonnes (4.5 billion pounds) of copper and 9.7 million ounces of gold at the same cut-off grade. 15 TURQUOISE HILL RESOURCE TABLE BY ZONE (BASED ON A 0.30% COPPER EQUIVALENT CUT-OFF)*
CONTAINED METAL COPPER ----------------------------------------- RESOURCES COPPER GOLD EQUIV. COPPER GOLD COPPER EQUIV. (MILLION GRADE GRADE GRADE (MILLION (MILLION (MILLION ZONE TONNES) (%) (G/T) (%) TONNES) OUNCES) TONNES)(2) - ----------------------------------------------------------------------------------------------------------- SOUTHWEST ZONE - ----------------------------------------------------------------------------------------------------------- Indicated 508.9 0.40 0.59 0.78 2.06 9.69 3.98 - ----------------------------------------------------------------------------------------------------------- Inferred 290.8 0.32 0.50 0.64 0.92 4.70 1.86 - ----------------------------------------------------------------------------------------------------------- SOUTH ZONE - ----------------------------------------------------------------------------------------------------------- Inferred 270.3 0.39 0.13 0.48 1.07 1.10 1.28 - ----------------------------------------------------------------------------------------------------------- CENTRAL ZONE - ----------------------------------------------------------------------------------------------------------- Inferred 236.8 0.67 0.18 0.79 1.59 1.36 1.86 - ----------------------------------------------------------------------------------------------------------- FAR NORTH ZONE - ----------------------------------------------------------------------------------------------------------- Inferred 1,610.5 0.69 0.08 0.74 11.11 3.99 11.93 - ----------------------------------------------------------------------------------------------------------- GRAND TOTAL: INDICATED 508.9 0.40 0.59 0.78 2.06 9.69 3.98 - ----------------------------------------------------------------------------------------------------------- GRAND TOTAL: INFERRED 2,408.4 0.61 0.14 0.70 14.69 11.15 16.90 ===========================================================================================================
UPDATED TURQUOISE HILL RESOURCE TABLE BY DEPOSIT (BASED ON A 0.60% COPPER EQUIVALENT CUT-OFF).*
CONTAINED METAL ----------------------------------- COPPER COPPER RESOURCES COPPER GOLD EQUIV. COPPER GOLD EQUIV. (MILLION GRADE GRADE GRADE (MILLION (MILLION (MILLION ZONE TONNES) (%) (G/T) (%) TONNES) OUNCES) TONNES)(2) - ---------------------------------------------------------------------------------------------------------------- SOUTHWEST ZONE - ---------------------------------------------------------------------------------------------------------------- Indicated 267.0 0.53 0.86 1.08 1.42 7.35 2.88 - ---------------------------------------------------------------------------------------------------------------- Inferred 126.6 0.44 0.68 0.87 0.55 2.78 1.10 - ---------------------------------------------------------------------------------------------------------------- SOUTH ZONE - ---------------------------------------------------------------------------------------------------------------- Inferred 48.4 0.61 0.26 0.77 0.29 0.40 0.37 - ---------------------------------------------------------------------------------------------------------------- CENTRAL ZONE - ---------------------------------------------------------------------------------------------------------------- Inferred 147.5 0.84 0.24 0.99 1.24 1.14 1.46 - ---------------------------------------------------------------------------------------------------------------- FAR NORTH ZONE - ---------------------------------------------------------------------------------------------------------------- Inferred 618.4 1.19 0.10 1.26 7.38 1.95 7.77 - ---------------------------------------------------------------------------------------------------------------- GRAND TOTAL: INDICATED 267.0 0.53 0.86 1.08 1.42 7.35 2.88 - ---------------------------------------------------------------------------------------------------------------- GRAND TOTAL: INFERRED 940.9 1.01 0.21 1.14 9.50 6.26 10.71 ================================================================================================================
* The resource estimates for the Southwest, South and Central deposits were prepared by AMEC E&C Services Limited, of Canada, in February, 2003. 16 KHARMAGTAI AND OVOOT HYAR PROJECTS: A second phase of diamond drilling was completed at the Gold Hill prospect and a first phase of diamond drilling completed at the Chun Prospect during the second quarter of 2003. Work at the Copper Hill, White Vein, Eagle and Falcon Prospects was suspended until later in the year, allowing field teams to concentrate on regional reconnaissance during the summer months. Expenditures at Kharmagtai were approximately US$1.2 million, of which approximately US$0.9 million was spent directly on field mapping, diamond drilling, trenching and associated assaying. GOLD HILL PROJECT: Thirty seven diamond holes totalling 11,762 metres have been drilled at the Gold Hill Prospect, of which 19 holes totalling 5,528 metres were drilled in the second quarter of 2003. Holes were drilled off mainly 80 or 120 metres centres at dips of -45(degree) to -70(degree). Highlights of second quarter results include:
FROM TO INTERVAL GOLD COPPER HOLE (M) (M) (M) (G/T) (%) ================================================================================================ KHD187 22 56 34 0.45 0.53 ================================================================================================ KHD226 210 256 46 0.46 0.35 ================================================================================================ KHD229 104 132 28 0.43 0.43 ================================================================================================ KHD230 38 70 32 0.46 0.57 ================================================================================================ KHD233 20 54 34 0.36 0.48 ================================================================================================ KHD240 3 248 245 2.48 0.75 ================================================================================================ KHD241 150 214 64 1.24 0.53 ================================================================================================ KHD242 94 138 44 0.60 0.44 ================================================================================================ KHD246 10 44 34 0.66 0.54 ================================================================================================ KHD247 30 112 82 0.55 0.64 ================================================================================================ KHD248 206 244 38 2.34 0.77 ================================================================================================ KHD250 224 266 42 1.69 0.63 ================================================================================================ KHD256 146 190 44 1.35 0.48 ================================================================================================
Drilling during the second quarter of 2003 has indicated that the gold-copper mineralized system at Gold Hill is much larger than previously thought and is still open towards the northwest. Economic and highly anomalous mineralization crops out at surface, or subcrops beneath shallow Quaternary cover, over an area of approximately 300 metres by 450 metres and extends to a depth of at least 500 metres. Several vertical high grade pipes are present within the broader zone of mineralization, one of which remains largely untested below 50 metres. Copper-gold mineralization at Gold Hill is associated with a dioritic intrusive complex 17 consisting of microdiorites, diorites, pyroxene-hornblende diorites, quartz diorites and monzodiorites. The wallrocks are hornfelsed tuffaceous sediments which have undergone low grade regional metamorphism. The higher grade copper-gold mineralization is associated with well developed quartz + chalcopyrite vein stockworks which locally comprise 5-15 % of the rock by volume. Individual veins are typically between 5-20 mm wide and consist of granular quartz with indistinct sulphide-rich centres. Alteration associated with these veins has been largely obscured by later alteration events, but was probably of a moderate intensity potassic type comprising albite + quartz + biotite + epidote + chalcopyrite + pyrite +/- magnetite. Hydrothermal breccias have been intercepted in some Gold Hill drill holes and contain up to 10% matrix pyrite, chalcopyrite and tourmaline. They occur as pipe-like bodies metres to tens of metres in thickness and their potential remains largely untested. Younger tourmaline breccias containing mostly pyrite are also present and appear to postdate the main copper mineralizing event. Recent work at Gold Hill has focused on better understanding the structural controls on mineralization and the effects of post-mineralization faulting. This has indicated that several of the higher grade zones are offset by west-northwest/east-southeast trending faults and that mineralization remains open to the northwest. A third phase of diamond drilling totalling approximately 5,000 metres is planned for the fourth quarter of 2003 to test the strike and depth extension of mineralization. Further work is also required to test coincident chargeability and magnetic anomalies, which occur proximal to Gold Hill and display similar geophysical signatures. Most of these anomalies occur beneath Quaternary and Recent cover and will require drill testing. CHUN PROJECT: A detailed geological mapping program of the Chun Prospect was completed during the second quarter of 2003. As part of this program 21 trenches totalling 8,513 metres and eight diamond holes totalling 2,400 metres were completed. The trenches and diamond drill holes were designed to test an area of highly gold anomalous quartz vein float and coincident circular magnetic high. Mapping of limited outcrop and continuous trench exposure indicate that the Chun Prospect comprises a series of granodiorite, diorite, quartz diorite and microdiorite intrusives that have been emplaced into a volcanoclastic sandstone and siltstone package. Mineralization is characterised by several broadly circular to northeast-southwest trending zones of malachite and hematite-stained, quartz +/- pyrite +/- magnetite +/- chalcopyrite stockwork veins, which crop out over several hundred square metres. Rock-chip grab samples of veined material routinely assayed over 0.5 g/t gold. Highly gold-anomalous quartz-tourmaline breccias are locally developed. Post-mineralization north-south and northeast-southwest trending latite, trachyte and monzonite dykes are common in the northwest of the prospect. Diamond drill holes were designed to test the shallow depth extension of surface mineralization and were drilled at -45(degree) to depths of between 250 metres to 425 metres. All holes intercepted a variety of dioritic, granodioritic and quartz dioritic intrusives, localised quartz diorite breccias and narrow intervals of volcanoclastic sandstone/siltstone. Patchy mineralization was encountered as weakly developed quartz +/- chalcopyrite +/- pyrite +/- magnetite vein stockworks hosted in granodiorites and diorites. Occasional breccias and shears are infilled with quartz + blebby pyrite +/- 18 magnetite +/- minor tourmaline +/- minor chalcopyrite. Unmineralized latite, trachyte and monzonite dykes are common in some holes. Gold and copper assay results from trenches and diamond drill holes were of low significance and further work is not planned at the Chun Prospect. However, immediately north of the Chun Prospect a significant chargeability high occurs beneath Quaternary cover, which will require drill testing at a later date. SARAN UUL PROJECT: Geological mapping of the Saran Uul Project during the fourth quarter of 2002 and the first quarter of 2003 identified a porphyry copper target comprising a series of monzodiorite, granodioirite, hornblende-biotite granodiorite and diorite stocks. Stockwork quartz veins are variably developed within the intrusives and copper and iron oxides are common throughout the prospect. Assays from over 100 rock chip grab samples defined an area of approximately 900 metres by 450 metres averaging 0.40 g/t gold, 0.70 % copper and 90 g/t molybdenum. Within this zone is a higher grade core of approximately 250 metres by 400 metres where rock chips assays averaged 1.1 g/t gold. A gradient array induced polarization survey totalling 220 line kilometres was completed during the first quarter of 2003. The survey defined a broadly east-west trending chargeability up to 350 metres wide and 1.2 kilometres in length, which occurs coincident with the main zone of copper oxide and gold anomalism. Twenty five trenches totalling 17,413 metres and 13 diamond drill holes totalling 3,844 metres were completed at Saran Uul during the second quarter of 2003. The trench program comprised a grid of north-south and east-west oriented trenches which were designed to test areas with anomalous surface geochemistry and geology. Samples were collected as continuous five metre composites and assayed for gold, copper and molybdenum. Several zones with abundant copper and iron oxides were identified in some trenches and returned anomalous gold and copper assays. However, overall trench assay results were of low significance. Diamond drill holes were designed to test the depth extension of mineralization associated with surface copper oxides, gold and copper anomalous rock-chip grab and trench samples, and IP chargeability anomalies. Holes were drilled off 120 metre and 240 metre centres at -50(degree) to depths of between 200 metres to 340 metres. All holes intercepted a sequence of weakly to moderately mineralized monzodiorites, granodiorites, diorites and occasional tuffaceous sandstones. The basal contact of the intrusives occurs at down hole depths of between 250 metres to 350 metres and is defined by sheared and fractured coal beds, carbonaceous siltstone and sandstones, and interbedded siltstones, sandstone, conglomerates and ash-fall tuffs. That these sediments are unmineralized, show no evidence of hornfels development and are in sheared contact with the overlying intrusives, indicates a thrust contact. Mineralization within the intrusives is characterized by rare to locally common quartz + chalcopyrite +/- molybdenite veins and fracture fill, disseminated chalcopyrite and rare quartz + K-feldspar + dolomite + sulphide veins. Assay results were generally anomalous and the more significant intercepts include: 150 m @ 0.08 g/t Au and 0.37 % Cu (16-166 metres: SUD001) 64 m @ 0.06 g/t Au and 0.44 % Cu (30-94 metres: SUD002) 80 m @ 0.07 g/t Au and 0.35 % Cu (22-102: SUD007) 19 Drilling at Saran Uul has identified a weak copper mineralized intrusive package that has been thrust over unmineralized sediments. Further work is required to locate the roots of this system. In addition, Ivanhoe holds a large area of contiguous licences around the Saran Uul prospect which are highly prospective for economic mineralization. Detailed ground follow-up of these licenses is planned for the last quarter of 2003. Expenditures at Saran Uul during the second quarter of 2003 were approximately US$600,000, of which approximately US$450,000 was spent on field mapping and sampling, diamond drilling, trenching and associated assaying. OYUT ULAAN PROJECT: The Oyut Ulaan project comprises a variety of targets which extend over an area of approximately 12 kilometres by 6 kilometres. These include a copper mineralized tourmaline-breccia pipe complex (Oyut Ulaan), an extensive area of colluvium with abundant copper oxides and gold anomalous quartz vein float (Stariy), several gold-copper anomalous quartz vein stockwork zones (Stockwork, Southeastern and Diorite Trench), a series of chargeability anomalies with peripheral magnetic highs and scattered subcrop hosting gold anomalous quartz veins (Hulan, Hulan East, Hulan Far East and Temee) and a gold-copper anomalous magnetite skarn (Nowie). Detailed geological mapping and surface rock chip sampling was completed during September and October 2002. This program included 890 kilometres of ground magnetics and 700 line kilometres of gradient array induced polarization. Expenditures for this phase of the exploration were approximately US$100,000. Diamond drilling commenced at Oyut Ulaan in June 2003 and is ongoing. Drilling to date has focused on the Stockwork prospect which is characterized by a broadly east-west trending zone of diorite and monzodiorite, which hosts a well developed stockwork of malachite-stained, quartz +/- chalcopyrite +/- bornite veins. The surface expression of the mineralization is approximately 300 metres by 30 metres and is associated with a moderate intensity chargeability and magnetic anomaly. Assay results of rock chip grab samples and select vein phases assayed up to 5 g/t gold. Several shallow drill holes have been completed and have intercepted weakly to moderately developed quartz + chalcopyrite + bornite +/- magnetite vein stockworks over downhole intervals of 30 metres to 50 metres. Individual veins are between two to ten millimetres wide and have sulphide rich centres. Assay results are pending. Approximately US$300,000 was spent at Oyut Ulaan during the second quarter of 2003, of which almost US$230,000 was spent directly on diamond drilling and associated assaying. SHUTEEN PROJECT: The Shuteen Project is located approximately 500 kilometres south-southeast of Ulaan Bataar and occurs within the Southern Mongolian Mineralized belt that hosts Oyu Tolgoi. It is characterised by an extensive, broadly north-south trending silica-clay lithocap, with a strike length of over six kilometres and width of up to one kilometre. Multiphase, strongly hematitic, matrix to clast supported breccias form a series of knobbly outcrops to the south of the main lithocap and may represent a cluster of breccia pipes. 20 Detailed mapping and rock-chip grab sampling of the Shuteen Prospect was conducted over several periods during the third and fourth quarters of 2002. As part of this program trenches were excavated to better define geology and structure in several key areas blanketed by shallow Quaternary cover. A total of 1,800 line kilometres of ground magnetics and 1,000 kilometres of gradient array induced polarization geophysics were also completed. The program identified a series of broadly east-west trending chargeability highs which occur beneath the lithocap coincident with areas of subdued field magnetic response. Assay results from rock chip and trench samples were generally highly anomalous in molybdenum. Overall gold and base metal assay results were not significant. Four diamond drill holes totalling almost 2,000 metres were completed in the second quarter of 2003. Two holes targeted the depth extension of the southern hematitic breccias and two holes were designed to test chargeability anomalies beneath the silica-clay lithocap. All holes drilled beneath areas off highly anomalous molybdenum rock-chip geochemistry and intercepted sulphides. An andesitic volcanoclastic sequence comprising autobreccited lavas, tuff breccias, lapilli tuffs, ash-fall tuffs and tuffaceous sandstones and siltstones was intercepted in all drill holes. Porphyritic andesite dykes and sills may be present. Weak to strong silica - clay - pyrite +/- sericite +/- alunite is the dominant type of alteration and is pervasive in the more porous auto-brecciated and tuffaceous interval. Very narrow (<20 centimetres) zones of vughy silica occur rarely. Pyrite is the dominant sulphide and occurs as fine disseminations, fracture fill and as a matrix infill in brecciated units. Chalcopyrite and bornite occur in trace amounts. Diamond drill core was assayed as two metre composites for gold, copper and molybdenum. Assay results from all holes were of low significance and no further work is planned for the immediate future at Shuteen. Approximately US$1 million has been spent at Shuteen to date, of which approximately US$400,000 was spent in the second quarter of 2003. GENERAL RECONNAISSANCE, MONGOLIA: Detailed prospect mapping and rock-chip sampling of several high priority targets commenced during the second quarter of 2003 and has been completed at the Nergui Project. The Nergui Project is located approximately 1,000 kilometres west-northwest of Ulaan Bataar and was first visited by Ivanhoe in 2001 as part of a regional helicopter-based reconnaissance survey. Two prospects have so far been identified: Central Nergui and South Nergui. CENTRAL NERGUI comprises an east-west trending zone with a strike length of approximately four kilometres and a width of up to 500 metres. Mineralization is hosted in a series of coarsely crystalline gabbroic bodies and occurs in outcrop and subcrop as malachite and lesser azurite. Disseminated and fracture filling chalcopyrite and pyrite were noted in some samples. The SOUTH NERGUI prospect is characterized by a series of granitic stocks which have intruded into a medium grained granodiorite. Individual stocks are up to 500 metres 21 by 300 metres and are locally biotite - magnetite - K-feldspar altered. Minor chalcopyrite - pyrite +/- bornite is present in several less altered samples. Expenditures at Nergui during the second quarter of 2003 were approximately US$8,000. Further work is planned once assay results have been received. KOREA: Exploration activities are currently focused on the nearby Kunsan and Gasado Island prospects, with an emphasis on delineating resources that could be processed in the Eunsan mill. CHINA: Ivanhoe is exploring for gold, copper and platinum-group metals (PGMs) in China primarily through a joint venture with Pacific Minerals Inc. Ivanhoe has the right to participate in the development of Pacific's 217 Gold Project in Inner Mongolia, the JBS Platinum Palladium Project in Yunnan Province, and a right of first refusal to participate in any new mineral projects discovered by Pacific in China (excluding Anhui Province). In each case, Ivanhoe will have the right to gain the majority interest in the property by advancing it to production. VIETNAM: Ivanhoe holds a minority interest in a gold exploration joint venture in Vietnam with Olympus Pacific Minerals, a public Canadian mineral exploration company, and Zedex Ltd. a New Zealand registered investment company. The Joint Venture's principal project is the Phuoc Son gold project, in northwestern Quang Nam Province, Central Vietnam. EX-19.8 37 o11180exv19w8.txt AUSTRALIA SE APP 4D HALF YEAR REPORT TO JUNE 30/03 EXHIBIT 19.8 IVANHOE MINES LTD. Incorporated in Yukon Territories, Canada ARBN : 075 217 097 APPENDIX 4D (LISTING RULE 4.2A) HALF YEAR REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2003 PREVIOUS CORRESPOND ING PERIOD: SIX MONTHS ENDED JUNE 30, 2002 This report should be read in conjunction with the most recent annual financial statements of Ivanhoe Mines Ltd. for the year ended December 31, 2002. APPENDIX SUMMARY HIGHLIGHTS OF RESULTS - Results for Announcement to the Market DIRECTOR DETAILS DIRECTOR'S DECLARATION FINANCIAL STATEMENTS - Consolidated Balance Sheet - Consolidated Statements of Operations - Consolidated Statement of Shareholder's Equity - Consolidated Statements of Cash Flows - Notes to the Consolidated Financial Statements MANAGEMENT ANALYSIS AND DISCUSSION OTHER APPENDIX 4D INFORMATION HIGHLIGHTS OF RESULTS RESULTS FOR ANNOUNCEMENT TO THE MARKET
AMOUNT FOR HALF YEAR ENDED JUNE 30, 2003 (US$000'S) AND % CHANGE UP OR DOWN FROM HALF YEAR ENDED JUNE 30, 2002. ------------------------------ Revenue from ordinary activities down 6.5% to $43,566 (Loss) from ordinary activities after tax attributable to members up 1271% to ($27,722) Net (loss) for the period attributable to members up 1271% to ($27,722)

DIVIDENDS (DISTRIBUTIONS)* - HALF YEARS ENDED US cents per Franked US cents JUNE 30, 2003 AND 2002 security per security ~~Final dividend Nil cents Nil cents Interim dividend N/A cents N/A cents~~
* It is not proposed to pay dividends DIRECTOR DETAILS The names of the directors of the company during or since the end of the half year are: NAME Markus Faber R. Edward Flood Robert M. Friedland Daniel Kunz Robert Hanson Gordon L. Toll Kjeld Thygesen John Weatherall The above named directors held office during and since the end of the half-year except for: - - Daniel Kunz - resigned 1 March 2003 DIRECTORS' DECLARATION The directors declare that: a) the attached financial statements and notes thereto comply with the Accounting Standards; b) the attached financial statements and notes thereto give a true and fair view; and c) in the directors' opinion, there are reasonable grounds to believe that Ivanhoe Mines Ltd. will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of the directors. On behalf of the Directors - -s- R. Edward Flood R. Edward Flood Director VANCOUVER, 28 August 2003 IVANHOE MINES LTD. SECOND QUARTER REPORT JUNE 30, 2003 TABLE OF CONTENTS ITEM 1. FINANCIAL STATEMENTS Consolidated Balance Sheets at June 30, 2003 (unaudited) and December 31, 2002 Unaudited Consolidated Statements of Operations for the Three and Six Month Periods ended June 30, 2003 and 2002 Unaudited Consolidated Statement of Shareholders' Equity for the Six Month Period ended June 30, 2003 Unaudited Consolidated Statements of Cash Flows for the Three and Six Month Periods ended June 30, 2003 and 2002 Notes to the Unaudited Consolidated Financial Statements ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. IVANHOE MINES LTD. CONSOLIDATED BALANCE SHEETS
JUNE 30, DECEMBER 31, ---------- ------------ (STATED IN U.S. $000'S) 2003 2002 - -------------------------------------------------------------------------------------------- (UNAUDITED) ASSETS CURRENT Cash $ 76,192 $ 46,912 Accounts receivable 6,618 3,425 Inventories 18,446 22,935 Prepaid expenses 3,969 1,971 - ------------------------------------------------------------------------------------------- 105,225 75,243 INVESTMENTS 12,839 15,537 MINING PROPERTY, PLANT AND EQUIPMENT 172,028 168,022 OTHER MINERAL PROPERTY INTERESTS 6,893 6,748 OTHER CAPITAL ASSETS 3,403 3,481 FUTURE INCOME TAXES - 1,041 OTHER ASSETS 1,802 1,482 - ------------------------------------------------------------------------------------------- $ 302,190 $ 271,554 - ------------------------------------------------------------------------------------------- LIABILITIES CURRENT Accounts payable and accrued liabilities $ 26,922 $ 29,174 Current portion of long-term debt (Note 4) 20,224 23,766 - ------------------------------------------------------------------------------------------- 47,146 52,940 LOAN PAYABLE TO RELATED PARTIES 5,088 5,088 LONG-TERM DEBT (NOTE 4) 6,610 5,534 FUTURE INCOME TAXES 12,630 12,642 OTHER LIABILITIES 7,865 6,358 - ------------------------------------------------------------------------------------------- 79,339 82,562 - ------------------------------------------------------------------------------------------- SHAREHOLDERS' EQUITY SHARE CAPITAL (NOTE 5) Authorized Unlimited number of preferred shares without par value Unlimited number of common shares without par value Issued and outstanding 248,133,621 (2002-205,163,382) Common Shares 610,556 522,199 SPECIAL WARRANTS - 26,516 ADDITIONAL PAID-IN CAPITAL 1,251 1,508 CONTRIBUTED SURPLUS 3,517 3,520 DEFICIT (392,473) (364,751) - ------------------------------------------------------------------------------------------- 222,851 188,992 - ------------------------------------------------------------------------------------------- $ 302,190 $ 271,554 - -------------------------------------------------------------------------------------------
APPROVED BY THE BOARD: /s/ John Weatherall /s/ Kjeld Thyegsen - ---------------------------- -------------------------- Director Director IVANHOE MINES LTD. CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended June 30, Six months ended June 30, ---------------------------- ---------------------------- (STATED IN U.S. $000'S) 2003 2002 2003 2002 - ------------------------------------------------------------------------------------------------------------------- (UNAUDITED) REVENUE $ 23,018 $ 24,804 $ 43,566 $ 46,579 COST OF OPERATIONS (21,608) (17,349) (39,669) (32,390) WRITE-DOWN OF WORK IN PROGRESS INVENTORY (NOTE 7) (4,287) - (4,287) - DEPRECIATION AND DEPLETION (2,464) (1,888) (4,410) (4,149) - ------------------------------------------------------------------------------------------------------------------- OPERATING (LOSS) PROFIT (5,341) 5,567 (4,800) 10,040 EXPENSES General and administrative (3,330) (2,899) (6,312) (4,824) Interest on long-term debt (447) (1,207) (894) (2,437) Exploration expenses (15,186) (5,435) (25,993) (8,313) Depreciation (404) (73) (625) (113) - ------------------------------------------------------------------------------------------------------------------- LOSS BEFORE THE FOLLOWING (24,708) (4,047) (38,624) (5,647) OTHER INCOME (EXPENSES) Mining property shut-down costs (667) (325) (1,524) (947) Interest income 610 376 941 570 Foreign exchange gain (loss) 5,467 2,603 8,133 2,908 Gain on sale of investments - - 4,625 - Share of loss of significantly influenced investee (384) - (613) - Other (Note 8 (a)) 724 154 735 3,123 - ------------------------------------------------------------------------------------------------------------------- (LOSS) INCOME BEFORE INCOME AND CAPITAL TAXES (18,958) (1,239) (26,327) 7 Provision for income and capital taxes (311) (1,348) (1,395) (2,149) - ------------------------------------------------------------------------------------------------------------------- NET LOSS $ (19,269) $ (2,587) (27,722) (2,142) - ------------------------------------------------------------------------------------------------------------------- LOSS PER SHARE Basic $ (0.08) $ (0.01) $ (0.12) $ (0.01) Diluted $ (0.08) $ (0.01) $ (0.12) $ (0.01) =================================================================================================================== WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (IN 000'S) 246,057 199,284 235,624 185,789 - -------------------------------------------------------------------------------------------------------------------
IVANHOE MINES LTD. CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (STATED IN THOUSANDS OF U.S. DOLLARS) (Unaudited)
Share Capital ------------------------- Additional Number Special Paid-In of Shares Amount Warrants Capital ----------- ----------- ----------- ----------- Balances, December 31, 2002 205,163,382 $ 522,199 $ 26,516 $ 1,508 Special warrants issued - - 59,259 - Shares issued for: Exercise of stock options 1,472,632 2,152 - (257) Exercise of special warrants 41,296,080 85,775 (85,775) - Share purchase plan 31,292 61 - - Bonus shares 125,000 263 - - Consulting fees 45,235 106 - - Stock compensation charged to operations - - - - Net loss - - - - - ------------------------------------------------------------------------------------------------- Balances, June 30, 2003 248,133,621 $ 610,556 $ - $ 1,251 =================================================================================================

Contributed Surplus Deficit Total ----------- ----------- ----------- Balances, December 31, 2002 $ 3,520 $ (364,751) $ 188,992 Special warrants issued - - 59,259 Shares issued for: Exercise of stock options (604) - 1,291 Exercise of special warrants - - - Share purchase plan - - 61 Bonus shares - - 263 Consulting fees - - 106 Stock compensation charged to operations 601 - 601 Net loss - (27,722) (27,722) - ------------------------------------------------------------------------------------ Balances, June 30, 2003 $ 3,517 $ (392,473) $ 222,851 ====================================================================================
IVANHOE MINES LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended June 30 Six Months Ended June 30 ---------------------------- ---------------------------- (STATED IN U.S. $000'S) 2003 2002 2003 2002 - ----------------------------------------------------------------------------------------------------------------------------- (UNAUDITED) OPERATING ACTIVITIES Net loss $ (19,269) $ (2,587) $ (27,722) $ (2,142) Items not involving use of cash Depreciation and depletion 2,868 1,961 5,035 4,262 Non-cash interest expense 194 711 269 1,395 Unrealized foreign exchange (gain) loss 730 (3,702) 1,074 (7,454) Share of loss of significantly influenced investee 384 - 613 - Provision for employee entitlements 405 196 622 225 Provision for mine reclamation obligation 396 170 677 313 Write-down of work in progress inventory 4,287 - 4,287 - Gain on sale of investments - - (4,625) (508) Non-cash recovery of bad debt - - - (1,248) Non-cash recovery of mine shut down costs - (205) - (205) Non-cash stock-based compensation 344 412 601 655 Future income taxes 149 1,215 1,029 1,894 Increase in non-current portion of royalty payable 113 108 206 203 - ----------------------------------------------------------------------------------------------------------------------------- (9,399) (1,721) (17,934) (2,610) Net change in non-cash operating working capital items (Note 8(c)) (734) (2,370) (2,978) (1,895) - ----------------------------------------------------------------------------------------------------------------------------- (10,133) (4,091) (20,912) (4,505) - ----------------------------------------------------------------------------------------------------------------------------- INVESTING ACTIVITIES Purchase of investments (294) (4,981) (294) (4,981) Proceeds from sale of investments - - 6,709 10 Expenditures on mining property, plant and equipment (4,105) (6,251) (8,416) (11,602) Expenditures on other mineral property interests (145) - (4,145) - Expenditures on other capital assets (443) (648) (544) (900) Other (14) (16) (25) (34) - ----------------------------------------------------------------------------------------------------------------------------- (5,001) (11,896) (6,715) (17,507) - ----------------------------------------------------------------------------------------------------------------------------- FINANCING ACTIVITIES Share capital and special warrants issued 48,913 39,093 60,717 54,492 Proceeds from long-term debt - 3,516 - 8,462 Repayment of long-term debt (103) (296) (3,810) (4,311) ============================================================================================================================= 48,810 42,313 56,907 58,643 - ----------------------------------------------------------------------------------------------------------------------------- NET CASH INFLOW 33,676 26,326 29,280 36,631 CASH, BEGINNING OF PERIOD 42,516 36,110 46,912 25,805 - ----------------------------------------------------------------------------------------------------------------------------- CASH, END OF PERIOD 76,192 $ 62,436 $ 76,192 $ 62,436 ============================================================================================================================= CASH IS COMPRISED OF: Cash on hand and demand deposits 10,615 $ 14,068 $ 10,615 $ 14,068 Time deposits Restricted 4,279 4,456 4,279 4,456 Short-term money market instruments Restricted 2,000 9,000 2,000 9,000 Unrestricted 59,298 34,912 59,298 34,912 ============================================================================================================================= 76,192 $ 62,436 $ 76,192 $ 62,436 =============================================================================================================================
Supplementary information (Note 8) IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) 1. BASIS OF PRESENTATION These interim financial statements do not contain all the information required by Canadian generally accepted accounting principles ("GAAP") for annual financial statements and therefore should be read in conjunction with the most recent annual financial statements of Ivanhoe Mines Ltd. ("the Company") for the year ended December 31, 2002 (the "Annual Financial Statements"). The Company and its subsidiaries and joint venture are collectively referred to as "Ivanhoe Mines". These financial statements follow the same accounting policies and methods of their application as the Annual Financial Statements. Certain of the comparative figures have been reclassified to conform with the presentation in the Annual Financial Statements. 2. ABM MINING LIMITED ("ABM") In the first quarter of 2003, the management of ABM advised Ivanhoe Mines that ABM would likely need to supplement anticipated cash flow from project operations with additional capital in order to cover budgeted operating costs. The funding shortfall had arisen because of the recent rapid appreciation of the Australian dollar (A$) against the US dollar. ABM management requested, and Ivanhoe Mines agreed to make available, an A$8 million working capital credit facility to enable ABM to meet any such shortfalls that may arise in the immediate future. ABM management also advised Ivanhoe Mines that it planned to continue exploring suitable alternatives for obtaining any future credit facilities it requires from external sources but that there is no assurance that it would be successful in doing so. In May 2003, Ivanhoe Mines advanced ABM A$5 million from the working capital credit facility and, based on current foreign currency exchange rates, ABM expects to drawdown the balance of the facility by September 30, 2003. As at June 30, 2003, the net carrying value of the Savage River operation's assets and liabilities which are included in these financial statements is $30,241,000 (December 31, 2002 -$31,411,000). 3. MYANMAR IVANHOE COPPER COMPANY LIMITED ("JVCo") The Annual Financial Statements disclosed that at December 31, 2002, JVCo was not in compliance with the minimum working capital requirement in its credit agreement, and had not received a waiver from its lenders with respect to this requirement and also with respect to the non-compliance with certain other financial covenants in the credit agreement. During the six-month period ended June 30, 2003, JVCo made a debt repayment of approximately $8.7 million and contributed approximately $1.4 million into a debt service account. However, JVCo's contribution into the debt service account was deficient by approximately $7.3 million, as it should have covered the next principal and interest payments due at the end of August 2003. Management of the JVCo is of the opinion that JVCo will make the next semi-annual debt payment due at the end of August 2003 and that the lenders will not demand repayment of the loan, notwithstanding the foregoing. There is no assurance, however, that the lenders will not make such a demand. Accordingly, as required by GAAP, the entire amount of Ivanhoe Mines' share of JVCo's loan payable aggregating $18,750,000 at June 30, 2003 and $22,500,000 at December 31, 2002 has been included in current liabilities. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) 4. LONG-TERM DEBT
JUNE 30, December 31, ------------ ------------ 2003 2002 ------------ ------------ JVCo: Share of loan payable $ 18,750 $ 22,500 ABM: Deferred purchase obligation 6,134 5,130 Equipment purchase loans 1,950 1,670 =========================================================================== 26,834 29,300 Less: Amount included in current liabilities (20,224) (23,766) =========================================================================== $ 6,610 $ 5,534 ===========================================================================
All of the long-term debt is non-recourse to the Company. 5. SHARE CAPITAL In the three-month period ended June 30, 2003, 450,000 options were granted, 140,833 options were exercised and 166,667 options were cancelled. Stock options outstanding at August 28, 2003 totalled 9,909,844 with exercise prices and expiry dates ranging from Cdn $0.95 to Cdn $6.74 and November 8, 2003 to June 12, 2013, respectively. At August 28, 2003, a total of 248,785,622 Common Shares of the Company were outstanding. IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) 6. SEGMENTED INFORMATION
- -------------------------------------------------------------------------------------------------------------------------- THREE MONTHS ENDED JUNE 30, 2003 - -------------------------------------------------------------------------------------------------------------------------- (Stated in 000's) COPPER IRON EXPLORATION CORPORATE TOTAL - -------------------------------------------------------------------------------------------------------------------------- REVENUE $ 5,532 $ 17,486 $ - $ - $ 23,018 COST OF OPERATIONS (2,637) (18,971) - - (21,608) WRITE-DOWN OF WORK IN PROGRESS INVENTORY (4,287) - - - (4,287) DEPRECIATION AND DEPLETION (1,289) (1,175) - - (2,464) ========================================================================================================================== OPERATING LOSS (2,681) (2,660) - - (5,341) General and administrative (147) (39) - (3,144) (3,330) Interest on long-term debt (278) (169) - - (447) Exploration expenses - - (15,186) - (15,186) Depreciation - - (392) (12) (404) - -------------------------------------------------------------------------------------------------------------------------- INCOME (LOSS) BEFORE THE FOLLOWING (3,106) (2,868) (15,578) (3,156) (24,708) Mining property shut-down costs - - - (667) (667) Interest income 2 17 5 586 610 Foreign exchange gain (loss) (52) (493) (35) 6,047 5,467 Share of loss of significantly influenced - - - (384) (384) investee Other income 1 450 - 273 724 - -------------------------------------------------------------------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME AND CAPITAL TAXES (3,155) (2,894) (15,608) 2,699 (18,958) (Provision for) recovery of income and capital taxes (205) 18 (42) (82) (311) - -------------------------------------------------------------------------------------------------------------------------- NET INCOME (LOSS) $ (3,360) $ (2,876) $ (15,650) $ 2,617 $ (19,269) ========================================================================================================================== EXPENDITURES ON CAPITAL ASSETS Pre-stripping costs $ 352 $ 2,966 $ - $ - $ 3,318 Other 388 160 591 236 1,375 - -------------------------------------------------------------------------------------------------------------------------- $ 740 $ 3,126 $ 591 $ 236 $ 4,693 ========================================================================================================================== TOTAL ASSETS $ 140,823 $ 63,127 $ 15,166 $ 83,074 $ 302,190 ==========================================================================================================================

- ---------------------------------------------------------------------------------------------------------------------------- THREE MONTHS ENDED JUNE 30, 2002 - ---------------------------------------------------------------------------------------------------------------------------- (Stated in 000's) COPPER IRON EXPLORATION CORPORATE TOTAL - ---------------------------------------------------------------------------------------------------------------------------- REVENUE 5,434 19,370 - - 24,804 COST OF OPERATIONS (2,719) (14,630) - - (17,349) DEPRECIATION AND DEPLETION (986) (902) - - (1,888) - ---------------------------------------------------------------------------------------------------------------------------- OPERATING PROFIT 1,729 3,838 - - 5,567 General and administrative (196) (27) - (2,676) (2,899) Interest on long-term debt (373) (834) - - (1,207) Exploration expenses - - (5,435) - (5,435) Depreciation - - (66) (7) (73) - ---------------------------------------------------------------------------------------------------------------------------- INCOME (LOSS) BEFORE THE FOLLOWING 1,160 2,977 (5,501) (2,683) (4,047) Mining property shut-down costs - - - (325) (325) Interest income 18 29 6 323 376 Foreign exchange gain (loss) (23) 843 73 1,710 2,603 Other income (expense) 4 173 (22) (1) 154 ============================================================================================================================ INCOME (LOSS) BEFORE INCOME AND CAPITAL TAXES 1,159 4,022 (5,444) (976) (1,239) (Provision for) recovery of income and capital taxes 11 (1,933) 173 401 (1,348) - ---------------------------------------------------------------------------------------------------------------------------- NET INCOME (LOSS) 1,170 2,089 (5,271) (575) (2,587) ============================================================================================================================ EXPENDITURES ON CAPITAL ASSETS Pre-stripping costs $ 68 $ 5,573 $ - $ - $ 5,641 Other 650 (1,136) 1,681 63 1,258 ============================================================================================================================ $ 718 $ 4,437 $ 1,681 $ 63 $ 6,899 ============================================================================================================================ TOTAL ASSETS $ 146,521 $ 74,285 $ 13,332 $ 69,449 $ 303,587 ============================================================================================================================
IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) 6. SEGMENTED INFORMATION (CONTINUED)
- ---------------------------------------------------------------------------------------------------------------------------------- SIX MONTHS ENDED JUNE 30, 2003 - ---------------------------------------------------------------------------------------------------------------------------------- (Stated in 000's) COPPER IRON EXPLORATION CORPORATE TOTAL - ---------------------------------------------------------------------------------------------------------------------------------- REVENUE $ 10,112 $ 33,454 $ - $ - $ 43,566 COST OF OPERATIONS (4,856) (34,813) - - (39,669) WRITE-DOWN OF WORK IN PROGRESS INVENTORY (4,287) - - - (4,287) DEPRECIATION AND DEPLETION (2,402) (2,008) - - (4,410) - ---------------------------------------------------------------------------------------------------------------------------------- OPERATING LOSS (1,433) (3,367) - - (4,800) General and administrative (287) (66) - (5,959) (6,312) Interest on long-term debt (582) (312) - - (894) Exploration expenses - - (25,993) - (25,993) Depreciation - - (613) (12) (625) - ---------------------------------------------------------------------------------------------------------------------------------- LOSS BEFORE THE FOLLOWING (2,302) (3,745) (26,606) (5,971) (38,624) Mining property shut-down costs - - - (1,524) (1,524) Interest income 9 106 5 821 941 Foreign exchange gain (loss) (92) (440) (118) 8,783 8,133 Gain on sale of investments - - - 4,625 4,625 Share of loss of significantly influenced investee - - - (613) (613) Other income (expense) 3 460 (1) 273 735 - ---------------------------------------------------------------------------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME AND CAPITAL TAXES (2,382) (3,619) (26,720) 6,394 (26,327) Provision for income and capital taxes (370) (26) (53) (946) (1,395) - ---------------------------------------------------------------------------------------------------------------------------------- NET INCOME (LOSS) $ (2,752) $ (3,645) $ (26,773) $ 5,448 $ (27,722) ================================================================================================================================== EXPENDITURES ON CAPITAL ASSETS Pre-stripping costs $ 826 $ 5,378 $ - $ - 6,204 Other 851 1,313 730 7 2,901 - ---------------------------------------------------------------------------------------------------------------------------------- $ 1,677 $ 6,691 $ 730 $ 7 $ 9,105 ================================================================================================================================== TOTAL ASSETS $ 140,823 $ 63,127 $ 15,166 $ 83,074 $ 302,190 ==================================================================================================================================

- ------------------------------------------------------------------------------------------------------------------------ SIX MONTHS ENDED JUNE 30, 2002 - ------------------------------------------------------------------------------------------------------------------------ (Stated in 000's) COPPER IRON EXPLORATION CORPORATE TOTAL - ------------------------------------------------------------------------------------------------------------------------ REVENUE 10,087 36,492 - - 46,579 COST OF OPERATIONS (5,093) (27,297) - - (32,390) DEPRECIATION AND DEPLETION (2,070) (2,079) - - (4,149) - ------------------------------------------------------------------------------------------------------------------------ OPERATING PROFIT 2,924 7,116 - - 10,040 General and administrative (283) (36) - (4,505) (4,824) Interest on long-term debt (898) (1,539) - - (2,437) Exploration expenses - - (8,313) - (8,313) Depreciation - - (106) (7) (113) - ------------------------------------------------------------------------------------------------------------------------ INCOME (LOSS) BEFORE THE FOLLOWING 1,743 5,541 (8,419) (4,512) (5,647) Mining property shut-down costs - - - (947) (947) Interest income 54 53 12 451 570 Foreign exchange gain (loss) (23) 1,045 64 1,822 2,908 Other income 6 32 9 3,076 3,123 ======================================================================================================================== INCOME (LOSS) BEFORE INCOME AND CAPITAL TAXES 1,780 6,671 (8,334) (110) 7 (Provision for) recovery of income and capital taxes (123) (3,654) 645 983 (2,149) - ------------------------------------------------------------------------------------------------------------------------ NET INCOME (LOSS) 1,657 3,017 (7,689) 873 (2,142) ======================================================================================================================== EXPENDITURES ON CAPITAL ASSETS Pre-stripping costs $ 171 $ 7,129 $ - $ - $ 7,300 Other 1,137 145 7,856 64 9,202 ======================================================================================================================== $ 1,308 $ 7,274 $ 7,856 $ 64 $ 16,502 ======================================================================================================================== TOTAL ASSETS $ 146,521 $ 74,285 $ 13,332 $ 69,449 $ 303,587 ========================================================================================================================
IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) 7. INVENTORY WRITE-DOWN During the three months ended June 30, 2003, Ivanhoe Mines wrote down its copper inventory as a result of a downward adjustment in the estimated recoverable quantities of copper on the heaps. Ivanhoe Mines continues to review the underlying technical data and accordingly may subsequently increase or decrease the amount of this write-down. The amount of any adjustment may be material. 8. SUPPLEMENTARY CASH FLOW INFORMATION (a) During the three months ended June 30, 2003, 21,290,080 Special Warrants were exercised resulting in the issue of 21,290,090 common shares of the Company. During the three months ended March 31, 2003, 20,000,000 Special Warrants were exercised resulting in the issue of 20,000,000 common shares of the Company. During the three months ended June 30, 2002, the Company issued 287,678 Common Shares at a deemed value of $600,000 in respect of the purchase of 7.4 million common shares of Intec Ltd. During the three months ended June 30, 2002, the Company divested itself of its iron ore project in Norway and extinguished the related outstanding debt of $3.5 million. During the three months ended March 31, 2002, Ivanhoe Mines exchanged its investment in GTL Resources Plc, which had a carrying value of $1.4 million, for an equity interest in Resource Investment Trust with a fair value of $1.9 million. Also during the three months ended March 31, 2002, Ivanhoe Mines completed the earn-in of a 100% interest in the Oyu Tolgoi project in Mongolia by paying cash of $1 million and by incurring an obligation to make a $4 million payment within one year. Lastly, during the three months ended March 31, 2002, Ivanhoe Mines realized a gain of $2,568,000 (included in other income), of which $1,248,000 was non-cash, relating to the payment of a note receivable from Olympus Pacific Minerals Ltd. that had been written off in prior years. (b)
Three Months Ended June 30, Six Months Ended June 30, --------------------------- ------------------------ $(000) 2003 2002 2003 2002 - -------------------------------------------------------------------------------------------- ~~Interest paid $ 271 $ 496 $ 625 $1,042 Income and capital taxes paid 162 134 366 256~~
IVANHOE MINES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in U.S. Dollars) (Unaudited) 8. SUPPLEMENTARY CASH FLOW INFORMATION (CONTINUED) (c) Net change in non-cash working capital items:
Three Months Ended June 30, Six Months Ended June 30, --------------------------- ------------------------- $(000) 2003 2002 2003 2002 - ------------------------------------------------------------------------------------------------------- Accounts receivable $(2,144) $ (252) $(3,193) $(1,920) Inventories 273 $(1,752) 202 (2,063) Prepaid expenses (758) (417) (1,998) (989) Accounts payable and accrued liabilities 1,895 51 2,011 3,077 ----- -- ----- ----- $ (734) $(2,370) $(2,978) $(1,895) ----- -- ----- -----
9. SUBSEQUENT EVENTS (a) On July 31, 2003, the Company completed the MX Capital Corp. ("MX") transaction. The Company and MX have agreed to jointly develop certain early-stage exploration and mining projects in Mongolia and South Korea. The Company transferred certain projects to MX in consideration for 36,781,479 shares of MX, representing approximately 75% of MX's outstanding share capital. The transfer of these projects will be accounted for at their carrying value with no gain or loss being recognized by the Company. At June 30, 2003 the carrying value of these assets was $2.3 million. Prior to the transfer, MX had a nominal amount of assets and liabilities other than to the Company. Also in July 2003, the Company provided MX with the final Cdn$0.6 million of the Cdn$1.0 million convertible non-interest bearing loan facility. This loan was converted on July 31, 2003 into 5,000,000 shares of MX, increasing the Company's equity to approximately 80% of MX's outstanding share capital. At June 30, 2003, Cdn$0.4 million (US$0.3 million) of the convertible loan had been drawn down and is included in Other Assets. In August 2003, the Company entered into an agreement to loan MX a further US$1 million. The loan is interest bearing and matures 90 days after the date of demand by the Company. The Company has the option to convert the loan into shares of MX, in whole or part, at Cdn$0.25 per share. (b) In August 2003, Intec Ltd ("Intec"), a company in which Ivanhoe Mines has a 19.9% interest, announced a three for five renounceable entitlements issue of 87.6 million new shares at A$0.03 per share. Under the issue Ivanhoe Mines has advised Intec that it intends to take up its 17.4 million entitlement shares (A$0.5 million or approximately $0.3 million) as well as to act as priority sub-underwriter for up to 32.6 million shares (A$1.0 million or approximately $0.6 million). If Ivanhoe Mines receives the maximum possible shortfall of 32.6 million shares, in addition, to its entitlement of 17.4 million shares, it will increase its shareholding in Intec to 33.8%. The renounceable entitlements issue is expected to close in September 2003. (c) In August 2003, the Company entered into an agreement to acquire a capital asset for approximately $2.4 million. (d) In August 2003, the Company entered into an agreement to acquire certain mineral property interests for approximately $3.9 million. IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) OVERVIEW Ivanhoe Mines is an international mining company developing a major new discovery of gold and copper at the Turquoise Hill project (Oyu Tolgoi) in southern Mongolia. It also has regional exploration programs, targeting gold and copper principally in Mongolia and China. Ivanhoe produces copper, gold and iron ore products from various mines in the Asia Pacific region. During the second quarter Ivanhoe Mines continued to concentrate the majority of it's cash resources and management time to the Turquoise Hill project. The Company spent a total of $15.2 million in exploration during the quarter of which $12.8 million was spent in Mongolia. MONGOLIA - - In Q2'03, Ivanhoe Mines accelerated its drilling efforts on the Far North Zone. In July 2003, Ivanhoe Mines announced the highest-grade intersections of copper and gold mineralization that have been encountered to date on the Turquoise Hill project. Following the last two years of exploration, the Turquoise Hill project is now ranked as one of the largest copper and gold porphyry deposits in the world. - - In August 2003, Ivanhoe Mines received from AMEC E&C Services Limited a revised update of the existing mineral resources. AMEC estimated that the Turquoise Hill project contained at July 7, 2003 the following inferred and additional indicated mineral resources, using a 0.3% copper equivalent cut-off grade:
Gold Copper Gold Tonnes Copper gram/tonne Million Million Mineral Resource Million % ("g/t") Tonnes Ounces - ---------------------------------------------------------------------------------------------------- Inferred 2,450 0.61% 0.14 15.1 11.4 - ---------------------------------------------------------------------------------------------------- Indicated 509 0.40% 0.59 2.1 9.7 - ----------------------------------------------------------------------------------------------------
- - Scoping studies to formulate optimal project development concepts are underway. Current studies are investigating the development of an open-pit/underground operation that would process between 40,000 to 100,000 tonnes of ore per day. - - In July 2003, Ivanhoe Mines announced the discovery of several large aquifers near the site of the Turquoise Hill project. Independent consultants are currently estimating that the aquifers are capable of providing sufficient water to meet the process requirements for a 50,000 tonne-per day mining operation. Page 1 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) CORPORATE - - In April 2003, the Company raised a total of approximately $50.8 million (Cdn$74.5 million) through the issue of 21.3 million common shares of the Company at Cdn$3.50 per share. The majority of the proceeds from the financing will be used to finance the exploration and development of the Mongolian properties. - - The net loss for the Q2'03 was $19.3 million, or $0.08 per share, compared with a loss of $2.6 million or $0.01 per share in Q2'02. Included in the Q2'03 loss is: - Exploration division expenses, net after tax, of $15.7 million (Q2'02 - $5.3 million) including total expenditures of $12.8 million in Mongolia. - A loss of $3.4 million (Q2'02 - $1.2 million profit), including a $4.3 million inventory write-down, from the S&K Mine copper operations in Myanmar. - A loss of $2.9 million (Q2'02 - $2.1 million profit) from the Savage River Mine operation in Australia. - Corporate division profit of $2.6 million (Q2'02 - $0.6 million loss), including a gain on foreign exchange of $6.0 million, general and administrative expenses of $3.1 million and mining property care and maintenance costs in Kazakhstan of $0.7 million. Page 2 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) CRITICAL ACCOUNTING POLICIES A detailed summary of all of Ivanhoe Mines Ltd.'s (the "Company") significant accounting policies is included in Note 2 to the annual Consolidated Financial Statements for the year ended December 31, 2002. Management is required to make assumptions and estimates that affect the valuation of its mineral assets. Significant estimates used in the valuation of inventories and capital assets include quantities of mineral in heaps and in circuit, proven and probable ore reserves, the estimated recoverable tonnes of ore, the expected economic life of and the estimated future operating results and net cash flows from mining property, plant and equipment, and the anticipated reclamation costs of mine sites. Following generally accepted accounting principles, impairments in the valuation of mineral assets are recorded in the Company's consolidated financial statements, while increases in the valuation of mineral assets are not permitted. The most likely changes in estimates used in the valuation of mineral assets are the changes in estimates based on noticeable changes in trends of operating costs and commodity prices. A small percentage change in costs or revenues, when spread over the remaining life of a mining project, that can exceed twenty years, can have a significant impact on the valuation calculations, resulting in a material reduction in the valuation of Ivanhoe Mines' mineral assets. FORWARD LOOKING STATEMENTS Except for statements of historical fact relating to the Company together with its subsidiaries and joint venture (collectively referred to as "Ivanhoe Mines"), certain information contained herein constitutes forward- looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project costs overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors described in this report under the heading "Outlook". The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward- looking statements. Page 3 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) EXPLORATION AND DEVELOPMENT Exploration and development expenses in Q2'03 totalled $15.2 million, compared to $5.4 million in Q2'02. The majority of the $9.8 million increase is due to the increased activities in the Turquoise Hill project and other Mongolian properties. a) MONGOLIA - At the end of June 2003, Ivanhoe Mines held 111 exploration licenses covering approximately 9.5 million hectares and has applications on 3 licenses totalling an additional 243,000 hectares. In Q2'03 Ivanhoe Mines spent $12.8 million on Mongolian properties and the main focus of exploration and development activities was on the Turquoise Hill project ($9.0 million) and the Kharmagtai, Shuteen and the Saran Uul projects. i) TURQUOISE HILL DEVELOPMENT- Several engineering studies were ongoing at Turquoise Hill during Q2'03. The studies included open pit and underground mining methods for the Southwest and Far North deposits, metallurgical studies on the Southwest, Central Oyu and Far North deposits and acid rock drainage studies on Southwest and Central Oyu deposits. In July 2003, Ivanhoe Mines announced that the drilling for groundwater resources, in areas surrounding the Turquoise Hill project, had discovered aquifers with estimated capacity sufficient to generate water volumes necessary to support a 50,000 tonne per day mining operation. In Q2'03 Chinese authorities in the province of Inner Mongolia announced the approval of construction for an upgraded 226-kilometre highway that will provide a direct link between the Mongolian border crossing, 80 kilometres south of the Turquoise Hill project, and the Trans-China Railway system. Ivanhoe has initiated discussions with Mongolian and Chinese government authorities to extend the highway by an additional 80 kilometres to the Turquoise Hill site. ii) TURQUOISE HILL EXPLORATION - In August 2003, AMEC E&C Services Inc. released a revised update to its Q1'03 estimate of the existing mineral resources of the Far North Extension at Turquoise Hill. AMEC increased the Far North Extension inferred resource, using a 0.60% copper equivalent cut-off grade, from 489 million tonnes grading 1.08% copper and 0.07 g/t gold to 643 million tonnes grading 1.19% copper and 0.10 g/t gold. Drilling at the Far North Zone also has delineated a high- grade core of inferred resources greater than 2% copper equivalent within this larger mineralized envelope that contains 70.8 million tonnes grading 2.92% copper and 0.30 g/t gold. The tonnage in the high-grade zone is more than double the amount of AMEC's previous estimate issued in Q1'03 and is expected to greatly enhance the parameters of various commercial mining scenarios currently being modelled by Ivanhoe's independent consultants. AMEC, using a 0.30% copper equivalent cut-off, now estimates that the Turquoise Hill project contains estimated inferred resources totalling 2.4 billion tonnes grading Page 4 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) 0.61% copper and 0.14 g/t gold. This represents an increase of 40% in the amount of copper and a 12% increase in the amount of gold previously reported by AMEC in their mineral resource report issued in Q1'03. In addition, using the same 0.30% copper equivalent cut-off grade, 509 million tonnes of indicated resources are estimated in the Southwest Zone grading 0.4% copper and 0.59 g/t gold.
Copper Gold Tonnes Copper Gold Million Million Mineral Resource Million % g/t Tonnes Ounces - ---------------------------------------------------------------------------------------------- Inferred 2,450 0.61% 0.14 15.1 11.4 - ---------------------------------------------------------------------------------------------- Indicated 509 0.40% 0.59 2.1 9.7 - ----------------------------------------------------------------------------------------------
A summary extracted from the AMEC report containing details of the mineral resource estimates at various copper equivalent cut-off grades is available on Ivanhoe Mines's web site at http://www.ivanhoe-mines.com. iii) KHARMAGTAI AND OVOOT HYAR PROJECTS - These two properties contain several copper/gold targets. During Q2'03, a second phase of diamond drilling was completed on the Gold Hill prospect and a first phase of drilling was completed on the Chun prospect. Regional reconnaissance work was performed on the remaining projects. In Q2'03 a total of approximately $1.1 million was spent on these various projects. iv) SARAN UUL - Based on the results from a gradient array induced polarization survey completed in Q1'03, a total of 25 trenches totalling approximately 17,000 metres and 13 diamond drill holes totalling 3,844 metres were completed during Q2'03. In Q2'03 a total of approximately $0.6 million was spent on this project. v) OYUT ULAAN - Following detailed geological mapping and induced polarization surveys in 2002, diamond drilling started in June 2003 on this gold-copper project. Assay results are pending. In Q2'03 a total of approximately $0.3 million was spent on this project. vi) SHUTEEN - Four diamond drill holes totalling almost 2,000 metres were completed in Q2'03. In Q2'03 a total of approximately $0.4 million was spent on this project. vii) MX CAPITAL - In July 2003 Ivanhoe Mines completed a transaction with MX Capital Corp. ("MX"), a private Canadian mineral exploration company, whereby Ivanhoe Mines transferred to MX a series of early-stage Mongolian exploration licenses covering approximately 3.1 million hectares (31,000 sq. km) in the South Gobi region of Mongolia, and located approximately 150 kilometres west of the Turquoise Hill project. These licenses, combined with MX's existing Mongolia licenses, cover approximately 4.0 million hectares (40,000 sq. km.) throughout the prospective South Gobi porphyry belt. In addition, Ivanhoe transferred to MX its Page 5 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) Korean gold and silver projects, including the Eunsan gold and silver mine, located in Chollanam-Do Province, South Korea. In consideration for these assets, MX issued approximately 36.8 million MX common shares to Ivanhoe Mines. Ivanhoe Mines also invested Cdn$1,000,000 in cash to purchase 5,000,000 MX units, each consisting of one MX common share and one share purchase warrant exercisable for a period of one year to purchase one additional MX common share at a price of Cdn$0.22, thereby increasing Ivanhoe Mines' equity interest in MX to approximately 80% on a fully diluted basis. Ivanhoe Mines has also agreed in principle to loan to MX up to an additional US$1,000,000, convertible, subject to certain restrictions, into MX common shares at a price of Cdn$0.25. b) MYANMAR - Underground work continued at Modi Taung during Q2'03, including a total of approximately 829 meters of adit extension following the Shwesin and the Htongyi Taung vein systems. During Q2'03 a surface diamond drilling program was undertaken on the southeast projection of the Htongyi Taung vein system. A total of 1,393 metres was drilled during Q2'03. Total exploration expenditures in Q2'03 totalled approximately $0.7 million. c) OTHER - i) CHINA: PACIFIC MINERALS - Ivanhoe is exploring for gold, copper and platinum- group metals ("PGMs") in China primarily through a joint venture with Pacific Minerals Inc. Ivanhoe has the right to participate in the development of Pacific's 217 Gold project in Inner Mongolia, the JBS Platinum Palladium project in Yunnan Province, and a right of first refusal to participate in any new mineral projects discovered by Pacific in China (excluding Anhui Province). In each case, Ivanhoe will have the right to earn an 80% interest in each property by advancing it to production. ii) INNER MONGOLIA: IVANHOE MINES - Throughout Q2'03, Ivanhoe conducted extensive reconnaissance programs to identify high-priority targets based upon geologic models developed at Turquoise Hill and other epithermal-style deposits. In August 2003, Ivanhoe announced that the Company entered into a comprehensive joint venture with a Chinese government entity to explore for and develop gold, copper, silver, molybdenum and other minerals on three advanced projects in Inner Mongolia. The three projects are in addition to the Oblaga gold-copper-molybdenum project also located in Inner Mongolia. Page 6 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) OPERATIONS COPPER OPERATION S&K MINE, MYANMAR
Three months ended June 30, 2003 -------------------------------------------- ---------------------------- Total Operation Company's 50% net share -------------------------------------------- ---------------------------- % Increase % Increase 2003 2002 (decrease) 2003 2002 (decrease) ------ ------ ---------- ------ ----- ----------- Total tonnes moved Tonnes (000's) 4,548 3,623 26% Tonnes of ore to heap Tonnes (000's) 2,260 1,842 23% Grade CuCn % 0.57% 0.66% (14%) Strip ratio Waste/Ore 0.86 0.40 115% Cathode production Tonnes 6,744 7,143 (6%) 3,372 3,572 (6%) Tonnage sold Tonnes 7,112 7,050 1% 3,556 3,525 1% Average sale price received US$/pound $0.74 $0.73 2% Sales US$(000) 5,532 5,434 2% Cost of operations US$(000) 2,637 2,719 (3%) Write-down of inventory US$(000) 4,287 - 100% Operating profit (loss) US$(000) (2,681) 1,729 (255%)

Six months ended June 30, 2003 -------------------------------------------- ---------------------------- Total Operation Company's 50% net share -------------------------------------------- ---------------------------- % Increase % Increase 2003 2002 (decrease) 2003 2002 (decrease) ------ ------ ---------- ------ ----- ----------- Total tonnes moved Tonnes (000's) 9,957 6,374 56% Tonnes of ore to heap Tonnes (000's) 4,530 3,396 33% Grade CuCn % 0.56% 0.60% (7%) Strip ratio Waste/Ore 0.93 0.47 98% Cathode production Tonnes 12,874 13,628 (6%) 6,437 6,814 (6%) Tonnage sold Tonnes 12,966 13,558 (4%) 6,483 6,779 (4%) Average sale price received US$/pound $0.74 $0.71 5% Sales US$(000) 10,112 10,087 0% Cost of operations US$(000) 4,856 5,093 (5%) Write-down of inventory US$(000) 4,287 - 100% Operating profit (loss) US$(000) (1,433) 2,924 (149%)
In Q2'03, the S&K Mine's operations experienced both the lowest and the highest levels of monthly copper production since the start of operations in 1998. In April 2003, as a result of a major electrical equipment breakdown, the mine was shutdown for 10 days and produced only 1,608 tonnes of copper. In May 2003, a total of 2,601 tonnes of copper was produced, the highest level since the start of operations. This increased production was the result of improved copper production capacity from the pilot plant and the mine's efforts undertaken over the last twelve months to increase the heap capacity. In May and June 2003, the S&K Mine produced copper cathode at an annual average rate of 30,700 tonnes per annum. The management of the S&K Mine is confident that it will be successful in maintaining production at a similar rate for the remainder of fiscal 2003. Page 7 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) The mine moved a total of 4.5 million tonnes in Q2'03 compared to 3.6 million tonnes in Q2'02. The construction and stacking of various heap cells continued during the quarter resulting in a 23% increase in total ore stacked in Q2'03 compared to Q2'02. Total copper sale revenues in Q2'03 increased by 2% over Q2'02 as a result of increased copper prices. Excluding a $4.3 million write-down against heaps metal inventories, operating costs in Q2'03 decreased by 3% over Q2'02 mainly due to decreases in extractant, freight and insurance net of increases in equipment rental charges, explosives, and electrical parts. During Q2'03, Ivanhoe Mines wrote down its share of the S&K Mine inventory of metal on the heaps by approximately $4.3 million, as a result of a downward adjustment in the estimated recoverable quantities of copper on the heaps. Ivanhoe Mines continues to review the underlying technical data and accordingly may subsequently increase or decrease the amount of this write-down. The amount of any adjustment may be material. In Q2'03, the mine capitalized approximately $352,000 in costs of removing additional waste material. No decisions have been made to implement the expansion plan contemplated by the scoping study submitted in Q1'03 or any other plan for developing the Letpadaung deposit. The new economic sanctions against Myanmar recently enacted by the United States and Great Britain prohibit the exportation or re-exportation of financial services to Myanmar either from the United States or by any United States person. The management of the S&K Mine is hopeful it will be able to adapt to these new sanctions and continue to maintain the mine operations. For the last several years, the S&K Mine has not transferred funds to nor received any transfer of funds from the Company. At the end of July 2003, the S&K Mine had $3.4 million in cash. The management of the S&K Mine intends to assign most of its August's cash flows to repay the $8.7 million in principal and interest loan payment due at the end of the August. Page 8 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) IRON OPERATION SAVAGE RIVER MINE, TASMANIA
Three months ended June 30, 2003 -------------------------------------------------------- Percent Increase 2003 2002 (decrease) -------------------------------------------------------- Total volumes moved BCM (000's) 2,586 2,397 8% Tonnes milled (000's) 1,278 1,238 3% Strip ratio BCM waste/BCM ore 7.6 7.4 3% Concentrate production (000's) 513 587 (13%) Iron content Fe% 30.5% 36.0% (15%) Pellet production Tonnes 534,172 576,264 (7%) Pellet sales Tonnes 556,839 607,275 (8%) Sales US$/tonne $ 31 $ 32 (2%) US$(000) 17,486 19,370 (10%) Cost of operations US$(000) 18,971 14,630 30% Operating profit (loss) US$(000) (2,660) 3,838 (169%) Average foreign exchange rate US$/AUD$ 0.6409 0.5511 16%

Six months ended June 30, 2003 -------------------------------------------------------- Percent Increase 2003 2002 (decrease) -------------------------------------------------------- Total volumes moved BCM (000's) 5,318 4,872 9% Tonnes milled (000's) 2,673 2,374 13% Strip ratio BCM waste/BCM ore 7.9 6.4 24% Concentrate production (000's) 1,121 1,132 (1%) Iron content Fe% 31.8% 36.1% (12%) Pellet production Tonnes 1,112,851 1,109,759 0% Pellet sales Tonnes 1,128,244 1,194,460 (6%) Sales US$/tonne $ 30 $ 31 (3%) US$(000) 33,454 36,492 (8%) Cost of operations US$(000) 34,813 27,297 28% Operating profit (loss) US$(000) (3,367) 7,116 (147%) Average foreign exchange rate US$/AUD$ 0.6169 0.5348 15%
Page 9 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) Total pellet production in Q2'03 decreased by 7% over Q2'02. The decrease in production was a combination of a 15% decrease in grade offset by a 3% increase in tonnes milled resulting in a 13% decrease in concentrate tonnage production. Total tonnage of pellets sold in Q2'03 decreased by 8% over Q2'02. The majority of the second quarter decrease in sale volumes is attributed to lower concentrate production and shipment delays at the end of the quarter. The average pellet prices remained approximately the same for both quarters. Highly competitive conditions continued to prevail in iron ore markets throughout 2003. Most of Savage River's planned production over the next 3-4 years has now been taken up in supply contracts. Prices for iron ore lumps and fines were settled during the quarter and negotiations for pellet prices should be finalized in the third quarter with expected price increase in the 9-10% range. Operating profit decreased from $3.8 million in Q2'02 to a loss of $2.7 million in Q2'03. The $6.5 million decrease in profit is the result of a $1.9 million decrease in revenue, a $4.3 million increase in cost of operations and a $0.3 million increase in depreciation. In Q2'03, the cost of operations in US dollars were up 30% over the same period in Q2'02. The 30% increase is the combined result of a 12% increase in operating costs plus a nominal 16% increase in US$ denominated costs due to the strengthening of the Australian dollar. The majority of the 12% increase in operating costs is mainly attributable to increases in wages, fleet rental charges, explosives and consumables offset by a decrease in fuel and insurance charges attributed to self insuring on some plant assets and business interruption coverage. The conversion to natural gas of four of the five furnaces at the pellet plant was completed. The conversion of the fifth furnace will be completed only when higher production throughput is required. In June 2003, due to a shortage of sufficient hard ore, the grinding capacity was reduced which resulted in lower pellet production for the month. During the second quarter, the redesign of the North Pit Extension was completed in order to improve the continuity of ore supply over the next five years. In the South Center pit, improved ore supply planning should be achieved from improved scheduling of various cut back sequences. In Q2'03 the total tonnages moved increased by 8% over Q2'02. The removal of waste constitutes the majority of the increase in volumes moved, resulting in a capitalized pre-stripping charge of $3.0 million in Q2'03 and $5.6 million in Q2'02. In May 2003, the Company agreed to make available an AUD$8 million working capital credit facility to enable Savage River to meet any cash shortfalls that may arise in fiscal 2003. A total of AUD$5 million was advanced by the Company during the quarter. The management of Savage River is anticipating that it will request the transfer of the remaining AUD$3 million by the end of September 2003. Page 10 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) OTHER PROJECTS EUNSAN GOLD AND SILVER MINE, SOUTH KOREA The mill remained on care and maintenance and there was no gold produced during Q2'03. Underground development continued throughout Q2'03 with the intention to continue mining the high grade eastern shoot using a combination of cut and fill and shrinkage stoping mining method. In Q2'03 a total of approximately 6,200 tonnes grading 26 g/t gold equivalent (Q1'03 - 2,700 tonnes grading 15 g/t gold) was hauled and stored on surface. During Q2'03, a second mine access, via an open pit, was developed. The purpose of the second mine access is to allow for the mining of the high-grade eastern shoot beneath the original open pit. As the existing site tailings pond is nearly full, other means of dewatering and transporting milled tailings to the Sanbong pit were investigated in connection with a possible re-commissioning of the mill in the next quarter. On the nearby Gasado Island prospect, significant gold and silver intercepts were encountered in Q2'03 through exploration drilling. Exploration and underground development expenditures in Q2'03 totalled $0.2 million. On July 31, 2003 Ivanhoe transferred all of its Korean assets and certain Mongolian exploration licenses to MX Capital Corp. in exchange for common shares of MX Capital Corp. (see "Exploration and Development -MX Capital). BAKYRCHIK GOLD MINE, KAZAKHSTAN Mining property care and maintenance costs totalled $0.7 million in Q2'03 compared to $0.3 million in Q2'02. The majority of the increase in costs in Q2'03 is due to additional consultant engineering work and lower revenue from gold sales. The mine initiated the treatment of oxide ore from stockpiled ore in May 2003. During the quarter, a total of 23,000 tonnes were processed generating approximately 920 ounces of gold. In mid July the mining of remaining oxide ore stockpiles was completed and the focus of the operation will shift to the possibility of mining and treatment of sulphide ores. Work continued throughout the quarter on the sulphide ore feasibility and test work programs. Test work has focussed on a roasting process, but other processes including bacterial and chemical oxidation were also tested during the quarter. GENERAL The corporate general and administrative expenses increased from $2.7 million in Q2'02 to $3.1 million in Q2'03. The majority of the increase during Q2'03 is attributed to increased expenses related to investor relations tours, additional office charges in Asia, travel and legal costs related to financing activities and negotiation of various Chinese joint venture agreements and alliances. All funds received in 2003 from private placement financings were transacted in Canadian dollars and the funds were converted to US dollars only when required. The Page 11 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) majority of the $6.0 million corporate foreign exchange gain in Q2'03 mainly relates to the strengthening of the Canadian dollar by approximately 9% during the quarter. CASH RESOURCES AND LIQUIDITY At June 30, 2003, consolidated working capital was $58.1 million including cash of $76.2 million compared with working capital of $22.3 million and cash of $46.9 million at December 31, 2002. From late December to April 2003 the Company raised a total of $89.4 million (Cdn$134.5 million) through the issue of 20 million common shares of the Company at Cdn$3.00 per share and the issue of 21,296,080 common shares of the Company at Cdn$3.50 per share. The proceeds will be used for working capital and to fund the Mongolia exploration and property acquisition activities in 2003. Total expenditures for the balance of 2003, including all exploration, mine care and maintenance costs and corporate administrative costs, are estimated to range between $55 million to $65 million. OUTLOOK In the third quarter of 2003, annual copper production at the S&K Mine is expected to increase from 30,000 to 33,000 tonnes while annual pellet and iron concentrate production at the Savage River Mine is expected to remain at approximately 2.2 million tonnes per annum. Apart from variations in production volumes, Ivanhoe Mines' earnings and cash flows are directly affected by metal prices, variations in the exchange rates between the Australian and U.S. dollars, and the Canadian and U.S. dollars. Various risks, including fluctuations in commodity prices, foreign exchange rates, customer demand, and financing and political uncertainties, can adversely affect Ivanhoe Mines' future profitability and its ability to realize anticipated increases in production capacity. Unlike copper cathode, whose characteristics are set by commonly agreed standards, iron ore products need to reflect the specific requirements and limitations of customers. With only a few customers, the Savage River Mine's operations could be adversely affected, in the short and medium term, by the loss of a key customer. A limited customer base is also a risk to the S&K Mine as a substantial part of its copper production is sold, under a take or pay contract, to a single Japanese buyer. The buyer resells the cathode to customers throughout Asia. The S&K Mine's profitability could be negatively affected if economic sanctions or boycotts against trade with Myanmar were enacted in the future by major Asian countries. The S&K Mine is currently not in compliance with certain covenants in its bank loan agreement. For the last twelve months, the debt service reserve (an amount to cover the next principal and interest payments) has been deficient. The management of the S&K Page 12 of 13 IVANHOE MINES LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Stated in U.S. dollars) Mine is of the opinion that the lenders will not demand repayment of the loan notwithstanding the foregoing. The S&K Mine's bank loan is non-recourse to the Company. Ivanhoe Mines' existing cash resources are sufficient to meet all of its planned capital expenditures for the next six months. However, over the long term, Ivanhoe Mines still needs to obtain additional funding for, or third party participation in, its undeveloped or partially developed projects in order to bring them into full production. Such projects include the Mongolia properties and the Bakyrchik Gold Mine. Since the S&K Mine's loan is not at fixed interest rates, future fluctuations in interest rates will have a significant impact on the profitability of the S&K Mine and also on Ivanhoe Mines' ability to successfully finance its other undeveloped or partially developed projects. Since factors beyond Ivanhoe Mines' control may adversely affect its access to funding or its ability to recruit third party participants, there can be no assurance Ivanhoe Mines' undeveloped or partially developed projects can be fully developed in whole or in part. Page 13 of 13 OTHER APPENDIX 4D INFORMATION 1 NTA BACKING
Previous corresponding Current period period - --------------------------------------------------------------------------------------------------- Net tangible assets per ordinary security $0.90 $ 0.91 2 DETAILS OF ENTITIES OVER WHICH CONTROL HAS BEEN GAINED DURING THE PERIOD None 3 DETAILS OF ENTITIES OVER WHICH CONTROL HAS BEEN LOST DURING THE PERIOD None 4 DETAILS OF INDIVIDUAL AND TOTAL DIVIDENDS OR DISTRIBUTIONS AND DIVIDEND OR DISTRIBUTION PAYMENTS None 5 ASSOCIATES AND JOINT VENTURE ENTITIES Holding of Ivanhoe Mines Entity Ltd. in Entity --------------------------------- Myanmar Ivanhoe Copper Company Limited 50.0% --------------------------------- Pacific Minerals Ltd. 36.3% --------------------------------- 6 DETAILS OF AGGREGATE SHARE OF PROFITS OF JOINT VENTURE - MYANMAR IVANHOE COPPER COMPANY LTD - 50% INTEREST Previous corresponding Current period period -------------------------------- Profit from ordinary activities before tax (2,382) 1,780 Income tax on ordinary activities (370) (123) - ---------------------------------------------------------------------------------------------------- Profit from ordinary activities after tax (2,752) 1,657 Extraordinary items net of tax - - - ---------------------------------------------------------------------------------------------------- Net profit (loss) (2,752) 1,657 Adjustments - - - ---------------------------------------------------------------------------------------------------- Share of loss of joint venture (2,752) 1,657 - ---------------------------------------------------------------------------------------------------- 7 DETAILS OF AGGREGATE SHARE OF PROFITS OF ASSOCIATES - PACIFIC MINERALS LTD - 36.3% INTEREST Previous corresponding Current period period -------------------------------- Share of net loss of associate (613) None 8 ACCOUNTING STANDARDS USED IN COMPILING THE REPORT Canadian GAAP
EX-20.1 38 o11180exv20w1.txt NOTICE & PROXY CIRCULAR DATED MAY 16, 2002 Exhibit 20.1 IVANHOE MINES LTD. Suite 654 - World Trade Centre 999 Canada Place Vancouver, British Columbia, V6C 3E1 MANAGEMENT PROXY CIRCULAR THIS MANAGEMENT PROXY CIRCULAR IS FURNISHED TO THE COMMON SHAREHOLDERS ("SHAREHOLDERS") OF IVANHOE MINES LTD. (THE "CORPORATION") BY MANAGEMENT OF THE CORPORATION IN CONNECTION WITH THE SOLICITATION OF PROXIES TO BE VOTED AT THE ANNUAL GENERAL MEETING (THE "MEETING") OF THE SHAREHOLDERS TO BE HELD AT 1:30 P.M., LOCAL TIME, ON JUNE 25, 2002 IN THE FAIRMONT WATERFRONT, MALASPINA ROOM, 900 CANADA PLACE, VANCOUVER, BRITISH COLUMBIA, AND AT ANY ADJOURNMENT THEREOF, FOR THE PURPOSES SET FORTH IN THE NOTICE OF MEETING. UNLESS OTHERWISE STATED, THIS MANAGEMENT PROXY CIRCULAR CONTAINS INFORMATION AS AT MAY 10, 2002. SOLICITATION OF PROXIES The solicitation of proxies by management will be primarily by mail, but proxies may be solicited personally or by telephone by directors, officers and regular employees of the Corporation. All costs of this solicitation will be borne by the Corporation. APPOINTMENT OF PROXYHOLDERS A shareholder entitled to vote at the Meeting may, by means of proxy, appoint a proxyholder or one or more alternate proxyholders, who need not be shareholders, to attend and act at the Meeting for the shareholder and on the shareholder's behalf. The individuals named in the accompanying form of proxy are directors and/or officers of the Corporation. A SHAREHOLDER MAY APPOINT, AS PROXYHOLDER OR ALTERNATE PROXYHOLDER, A PERSON OR PERSONS OTHER THAN ANY OF THE PERSONS DESIGNATED IN THE ACCOMPANYING FORM OF PROXY, AND MAY DO SO EITHER BY INSERTING THE NAME OR NAMES OF SUCH PERSONS IN THE BLANK SPACE PROVIDED IN THE ACCOMPANYING FORM OF PROXY OR BY COMPLETING ANOTHER SUITABLE FORM OF PROXY. An appointment of a proxyholder or alternate proxyholders will not be valid unless a form of proxy making the appointment, signed by the shareholder or by an attorney of the shareholder authorized in writing, (a "Proxy") is deposited with CIBC Mellon Trust Company, by facsimile (604) 688-4301 or (416) 363 9524, by mail to P.O. Box 1900, Vancouver, B.C. V6E 3X1, or 200 Queens Quay East, Unit 6, Toronto, Ontario, M5A 4K9, or by hand, to Suite 1600, The Oceanic Plaza, 1066 Hastings Street, Vancouver, British Columbia, V6E 3K9 not less than 48 hours (excluding Saturdays, Sundays and statutory holidays) before the Meeting or the adjournment thereof at which the Proxy is to be used. REVOCATION OF PROXIES A shareholder who has given a Proxy may revoke the Proxy (a) by depositing an instrument in writing executed by the shareholder or by the shareholder's attorney authorized in writing (i) with CIBC Mellon Trust Company, not less than 48 hours (excluding Saturdays, Sundays and statutory holidays) before the Meeting or the adjournment thereof at which the Proxy is to be used, (ii) at the registered office of the Company at any time up to and including the last business day preceding the day of the Meeting, or an adjournment thereof, at which the Proxy is to be used, (iii) with the chairman of the Meeting on the day of the Meeting or an adjournment thereof, or (b) in any other manner provided by law. A revocation of a Proxy will not affect a matter on which a vote is taken before the revocation. EXERCISE OF DISCRETION On a poll, the nominees named in the accompanying form of Proxy will vote or withhold from voting the shares represented thereby in accordance with the instructions of the shareholder. The Proxy will confer discretionary authority on the nominees named therein with respect to (a) each matter or group of matters identified therein for which a choice is not specified, other than the appointment of an auditor and the election of directors, (b) any amendment to or variation of any matter identified therein, and (c) any other matter that properly comes before the Meeting. IN RESPECT OF A MATTER FOR WHICH A CHOICE IS NOT SPECIFIED IN THE PROXY, THE NOMINEES NAMED IN THE ACCOMPANYING FORM OF PROXY WILL VOTE SHARES REPRESENTED BY THE PROXY AT THEIR OWN DISCRETION FOR THE APPROVAL OF SUCH MATTER. As of the date of this Management Proxy Circular, management of the Company knows of no amendment, variation or other matter that may come before the Meeting, but if any amendment, variation or other matter properly comes before the meeting, each nominee named in the accompanying form of Proxy intends to vote thereon in accordance with the nominee's best judgment. VOTES NECESSARY TO PASS RESOLUTIONS The Corporation's by-laws provide that a quorum for the transaction of business at the Meeting consists of at least one individual present and holding, or representing by proxy the holder(s) of, shares carrying in the aggregate not less than five percent (5%) of the shares entitled to vote at the Meeting. Under the Yukon Business Corporations Act (the "YBCA") a majority of the votes cast by shareholders at the Meeting is required to pass an ordinary resolution and a majority of two-thirds of the votes cast at the Meeting is required to pass all special resolutions. At the Meeting, shareholders will be asked to consider and, if deemed warranted, to pass an ordinary resolution, the full text of which is set out under "Particulars of Matters to be Acted Upon - Equity Incentive Plan Resolution" in this Management Proxy Circular (the "Equity Incentive Plan Resolution"), authorizing the Company to amend the Employees' and Directors' Equity Incentive Plan and to provide that a maximum of 20,000,000 common shares of the Company may be allocated for issuance pursuant to incentive stock options, and bonus awards that may be granted under such Plan or pursuant to employee purchase agreements made under such Plan. The Equity Incentive Plan Resolution is an ordinary resolution and as such, requires approval by a majority of the votes cast by shareholders at the Meeting. Shareholders will also be asked to elect directors and appoint auditors for the ensuing year. If there are more nominees for election as directors or appointment as the Corporation's auditors than there are vacancies to fill, those nominees receiving the greatest number of votes will be elected or appointed, as the case may be, until all such vacancies have been filled. If the number of nominees for election or appointment is equal to the number of vacancies to be filled, all such nominees will be declared elected or appointed by acclamation. VOTING SHARES The Corporation has an authorized capital consisting of an unlimited number of Common Shares without par value and an unlimited number of Preference Shares without par value. As of May 10, 2002, the Corporation had issued 199,151,572 fully paid and non-assessable Common Shares without par value, each carrying the right to one vote. As of such date no Preference Shares were issued or outstanding. A holder of record of one or more common shares on the securities register of the Corporation at the close of business on May 10, 2002 (the "Record Date") who either attends the Meeting personally or deposits a proxy in the manner and subject to the provisions described above will be entitled to vote or to have such share or shares voted at the Meeting, except to the extent that (a) the shareholder has transferred the ownership of any such share after the Record Date, and (b) the transferee produces a properly endorsed share certificate for, or otherwise establishes ownership of, any of the transferred shares and makes a demand to CIBC Mellon Trust Company no later than 10 days before the Meeting that the transferee's name be included in the list of shareholders in respect thereof. NOTICE TO HOLDERS OF CHESS UNITS OF FOREIGN SECURITIES OVER COMMON SHARES TRADED ON THE AUSTRALIAN STOCK EXCHANGE In Australia the "holders" of the Company's common shares traded on the Australian Stock Exchange do not actually hold the shares but rather CHESS Units of Foreign Securities ("CUFS"), a form of depositary receipt. The shares are held by the Company's depositary nominee, CHESS Depositary Nominees Pty Ltd ("CDN"). If you are a holder of CUFS you cannot vote personally at the meeting. However, you may direct CDN on how it should vote on the resolutions described in the Notice of Meeting and Management Proxy Circular. If you do so, CDN will cast proxy votes in accordance with your directions. You are also permitted to attend the Meeting. If you wish to direct CDN on how it should vote on the resolutions you should complete the attached `Direction to CDN Form' and return it to Advanced Share Registry Services ("ASRS"), Level 7, 200 Adelaide Terrace, Perth, Western Australia, 6000, Australia (Telephone: +61 8 9221 7288, Facsimile: +61 8 9221 7869). You must complete the form and return it to ASRS by 5pm (Perth time) on 21 June 2002. Please note that as a CUFS holder you must complete the `Direction to CDN Form' not the Proxy form. ADVICE TO BENEFICIAL HOLDERS OF COMMON SHARES The information set forth in this section is of significant importance to many holders of Common Shares as a substantial number of holders of Common Shares do not hold their Common Shares in their own name. Holders of Common Shares who do not hold their Common Shares in their own name (referred to in this Information Circular as "Beneficial Holders of Common Shares") should note that only proxies deposited by holders of Common Shares whose names appear on the records of the Corporation as the registered holders of Common Shares can be recognized and acted upon at the Meeting. If the Common Shares are listed in an account statement provided to a holder of common Shares by a broker, then in almost all cases those shares will not be registered in the name of the holder of the Common Shares on the records of the Corporation. Such Common Shares will more likely be registered under the names of the holders' of Common Shares broker or an agent of that broker. In Canada, the vast majority of shares are registered under the name of CDS & Co. (the registration name for The Canadian Depositary for Securities, which acts as nominee for many Canadian brokerage firms). Common Shares held by brokers or their agents or nominees can only be voted (for or against resolutions) upon the instructions of the Beneficial Holder of Common Shares. Without specific instructions, brokers and their agents and nominees are prohibited from voting shares for the broker's clients. Therefore, Beneficial Holders of Common Shares should ensure that instructions respecting the voting of their Common Shares are communicated to the appropriate person. Applicable regulatory policy requires intermediaries/brokers to seek voting instructions from Beneficial Holders of Common Shares in order to ensure that their Common Shares are voted at the Meeting. The purpose of the Instrument of Proxy or other form of proxy supplied to a Beneficial Holder of Common Shares by its broker (or agent of the broker) is limited to instructing the registered holder of common Shares (the broker or agent of the broker) how to vote on behalf of the Beneficial Holder of common Shares. The majority of brokers now delegate responsibility for obtaining instructions from clients to Independent Investor Communications Corporation ("IICC"). IICC typically mails a special proxy form to the Beneficial Holders of common Shares and asks Beneficial Holders of Common Shares to return such proxy forms to IICC. IICC then tabulates the results of all instructions received and provides appropriate instructions respecting the voting of Common Shares to be represented at the Meeting. A Beneficial Holder of Common Shares receiving a proxy form from IICC cannot use that proxy to vote Common Shares directly at the Meeting - the proxy must be returned to IICC well in advance of the Meeting in order to have the Common Shares voted at the meeting. Although a Beneficial Holder of Common Shares may not be recognized directly at the Meeting for the purposes of voting Common Shares registered in the name of his or her broker (or agent of the broker), a Beneficial Holder of Common Shares may attend at the Meeting as proxy holder for the registered holder of Common shares and vote the common Shares in that capacity. Beneficial Holders of common shares who wish to attend at the Meeting and indirectly vote their Common Shares as proxy holder for the registered holder of Common Shares should enter their own names in the blank space on the Instrument of Proxy provided to them and return the same to their broker (or the broker's agent) in accordance with the instructions provided by such broker (or agent), well in advance of the Meeting. PRINCIPAL HOLDERS OF SECURITIES To the knowledge of the directors and senior officers of the Corporation, the only persons who beneficially own, directly or indirectly, or exercise control or direction over shares carrying more than 10% of the voting rights attached to the outstanding Common Shares of the Corporation, the approximate number of common shares so owned, controlled or directed and the percentage of voting shares of the Corporation represented by such shares and the share ownership by the current directors and senior officers of the Company as a group are:
NUMBER OF SHARES OWNED, PERCENTAGE OF NAME AND ADDRESS CONTROLLED OR DIRECTED SHARES OUTSTANDING - -------------------------------- ------------------------------- --------------------- Robert M. Friedland Hong Kong 100,758,334 50.59% - -------------------------------- ------------------------------- --------------------- Directors and Officers as a group(1) 101,397,642 (2) 50.91% - -------------------------------- ------------------------------- ---------------------
(1) The directors and officers, as a group, hold 6,378,000 common shares issuable upon exercise of incentive stock options. (2) Includes 100,758,334 shares held directly and indirectly by Robert M. Friedland. ELECTION OF DIRECTORS The Articles of the Corporation provide that the number of directors of the Corporation will be a minimum of 3 and a maximum of 9. The term of office of each of the current directors will end at the conclusion of the Meeting. Unless a director's office is earlier vacated in accordance with the provisions of the YBCA, each director elected will hold office until the conclusion of the next annual meeting of the corporation or, if no director is then elected, until a successor is elected. The following table sets out the names of management's nominees for election as directors, all major offices and positions with the Corporation and any of its significant affiliates each now holds, each nominee's principal occupation, business or employment, the period of time during which each has been a director of the Corporation and the number of shares of the Corporation beneficially owned by each, directly or indirectly, or over which each exercised control or direction, as at May 10, 2002.
Period a Shares Beneficially Name and Position Principal Occupation, Business or Director of the owned, controlled Employment(1) Corporation or directed(1)(2) - ------------------------------------------ -------------------------------------- ------------------ --------------------- ROBERT M. FRIEDLAND Chairman, Ivanhoe Mines Ltd. (March March, 1994 100,758,334 Chairman and Director 1994 - present); Chairman and President, Ivanhoe Capital Corporation - ------------------------------------------ -------------------------------------- ------------------ --------------------- R. EDWARD FLOOD(4) Deputy Chairman of the Corporation March, 1994 147,450 Deputy Chairman and Director (May 1999 - present); Senior Analyst, Haywood Securities (May 2000 - November 2001) - ------------------------------------------ -------------------------------------- ------------------ --------------------- GORDON L. TOLL(4) Senior Vice-President, Ivanhoe March, 1996 322,500 Deputy Chairman and Director Capital Corp (December 1995 - present).; Chairman, Emperor Mines Limited (January 1999 - present) - ------------------------------------------ -------------------------------------- ------------------ --------------------- DANIEL KUNZ President of the Corporation (June January, 2001 119,358 President, and Director 2000 - Present) Chief Operating Officer (September 1998 - to June 2001); Executive Vice President Corporate Development (June 1997 - June 2000) - ------------------------------------------ -------------------------------------- ------------------ --------------------- JOHN WEATHERALL(3) President, Scarthingmoor Assets June, 1996 50,000 Director Management Inc. (January, 1996 - present) - ------------------------------------------ -------------------------------------- ------------------ --------------------- KJELD THYGESEN(3) Managing Director of Lion Resource February, 2001 NIL Director Management (1989 - present) - ------------------------------------------ -------------------------------------- ------------------ ---------------------

Period a Shares Beneficially Name and Position Principal Occupation, Business or Director of the owned, controlled Employment(1) Corporation or directed(1)(2) - ------------------------------------------ -------------------------------------- ------------------ --------------------- ROBERT HANSON Chairman of Hanson Capital Limited February, 2001 NIL Director (February 1998 - present);Chairman of Hanson Transport Group (1996 to present); Chairman of Hanson Pacific Limited (March 1994 - 1997); Director, Hanson PLC (1990-1997) - ------------------------------------------ -------------------------------------- ------------------ --------------------- MARKUS FABER(3) Managing Director, Marc Faber Ltd. February, 2002 NIL Director (1990 to present) - ------------------------------------------ -------------------------------------- ------------------ ---------------------
(1) The information as to principal occupation, business or employment and shares beneficially owned, controlled or directed by a nominee is not within the knowledge of the management of the Corporation and has been furnished by the nominee. (2) Does not include unissued common shares issuable upon the exercise of incentive stock options. See "Voting Shares". (3) Indicates members of the Audit Committee (4) Indicates members of the Compensation Committee PARTICULARS OF MATTERS TO BE ACTED UPON EQUITY INCENTIVE PLAN RESOLUTION Summary The Company is seeking authorization from its shareholders at the Meeting to amend the Company's Employees' and Directors' Equity Incentive Plan (the "Plan") to increase the maximum number of common shares of the Company which may be allocated for issuance pursuant to incentive stock options and bonus awards or pursuant to employee purchase arrangements under the Plan from 15,000,000 to 20,000,000 common shares. The Toronto Stock Exchange has approved this amendment, subject to approval by the shareholders at the Meeting. Purpose of Resolution Section 5.1 of the Plan currently provides that the aggregate number of common shares of the Company that may be issued under the Plan shall not exceed 15,000,000 common shares. As of the date hereof, the 15,000,000 common shares issuable under the Plan have been issued or reserved for issuance as follows:
~~Shares issued upon exercise of incentive stock options - 1,243,775 Shares reserved for issuance pursuant to unexercised - 12,881,769 incentive stock options~~

Shares issued pursuant to share purchase plan - 455,837 Shares issued pursuant to bonus awards - 352,060 Unallocated shares available for future grants of incentive - 66,559 stock options, share purchases or bonus awards ---------- TOTAL: 15,000,000
The Company believes that awards under the Plan are an effective means of rewarding corporate and individual performance. To provide the Company with the continued flexibility of granting such awards under the Plan, the Company is seeking approval from the shareholders at the Meeting to increase the number of common shares of the Company issuable under the Plan to a maximum of 20,000,000 common shares. Text of Resolution At the Meeting the shareholders of the Company will be asked to approve the Equity Incentive Plan Resolution, the text of which is as follows: "RESOLVED AS AN ORDINARY RESOLUTION THAT: 1. the amendment to Section 5.1 of the Plan, by deleting the reference to "15,000,000 Shares" and replacing it with a reference to "20,000,000 Shares" is hereby consented to and approved; and 2. the Board of Directors of the Company is hereby authorized to implement the Plan as amended." The Equity Incentive Plan Resolution is an ordinary resolution and, in order to be considered approved, requires the affirmative vote of shareholders holding a majority of the common shares of the Company voted at the Meeting. EXECUTIVE COMMITTEE The Corporation does not have an Executive Committee of the Board of Directors. APPOINTMENT OF AUDITORS Deloitte & Touche, Chartered Accountants, will be nominated at the Meeting for re-appointment as auditors of the Corporation at a remuneration to be fixed by the directors. Deloitte & Touche have been auditors of the Corporation since January 1995. INTEREST OF INSIDERS IN MATERIAL TRANSACTIONS Other than as disclosed below or elsewhere in this Management Proxy Circular, no insider and no associate or affiliate of any such insider, has any material interest, direct or indirect, in any material transaction since the commencement of the Corporation's last financial year or in any proposed transaction, which, in either case, has materially affected or would materially affect the Corporation, other than as set out below. The Corporation is a party to cost sharing agreements with other companies in which Robert M. Friedland has a material direct or indirect beneficial interest. Through these agreements, we share office space, furnishings, equipment and communications facilities in Vancouver, Singapore and London and an aircraft on a cost recovery basis. The Corporation also shares the costs of employing administrative and non-executive management personnel in these offices. During the year ended December 31, 2001, our share of these costs was US$3,077,000. The companies with which the Corporation is a party to the cost sharing agreements, and Mr. Friedland's ownership interest in each of them, are as follows:
R.M. FRIEDLAND COMPANY NAME OWNERSHIP INTEREST ------------ ------------------ Ivanhoe Energy Inc. 33.40% Ivanhoe Capital Corporation 100.00% African Minerals Ltd. 54.95% Diamond Fields International Ltd. 7.72% Pangaea Energy International Ltd. 72.00%
EXECUTIVE COMPENSATION In accordance with the requirements of applicable securities legislation in Canada, the following executive compensation disclosure is provided in respect of the Company's President and Chief Executive Officer as at December 31, 2000, and each of the four most highly compensated executive officers ("Named Executive Officers") whose annual compensation exceeded $100,000 in the year ended December 31, 2001. During the year ended December 31, 2001, the aggregate compensation paid to all officers of the Company who received more than $40,000 in aggregate compensation during such period was US$1,134,065. SUMMARY COMPENSATION TABLE The following table sets forth a summary of all compensation paid during the years ending December 31, 1999, 2000 and 2001 to each of the Named Executive Officers of the Corporation.
Annual Compensation Long Term Compensation --------------------------------------------- --------------------------------------- Awards Payouts -------------------------------------- Securities Restricted Under Shares or Other Options/ Restricted Annual SARs Share LTIP All Other Name and Salary Bonus Compensation Granted Units Payout Compensation Principal Position Year(1) (US$) (US$) (US$) (#) (US$) (US$) (US$) - ------------------ ------- ------- ------ ------------ ----------- ------------ -------- -------------- DANIEL KUNZ 2001 250,000 1,578,000 6,700 President 2000 200,000 35,000 22,104 1999 150,000 55,888 52,354 (60,400)(3) GORDON TOLL 2001 202,593 1,550,000 2,207 Deputy Chairman 2000 N/A 1999 N/A

Annual Compensation Long Term Compensation -------------------------------------- ------------------------------------- Awards Payouts -------------------------------------- Securities Restricted Under Shares or Other Options/ Restricted Annual SARs Share LTIP All Other Name and Salary Bonus Compensation Granted Units Payout Compensation Principal Position Year(1) (US$) (US$) (US$) (#) (US$) (US$) (US$) - ------------------ ------- ------- ------ ------------ ----------- ------------ -------- -------------- EDWARD C. ROCHETTE(2) 2001 156,619 682,500 2,381 Senior Vice-President 2000 143,628 38,635 Legal and Administration 1999 117,112 57,646 2,740 (62,300)(3) DOUGLAS KIRWIN 2001 150,000 182,500 36,000 Senior Vice-President 2000 109,200 39,023 Exploration 1999 109,200 3,728 JAIME TRONCOSO 2001 150,000 176,667 Vice-President, 2000 150,000 1,860 Kazakhstan 1999 162,000 43,027 43,333 (46,500)(3)
(1) All three years are entered for each reporting executive officer, however, the compensation figures are reported from the year the executive officer was required to report. (2) In each of the years described, Mr. Rochette's compensation was pro-rated consistent with time spent on the business of the Corporation. (3) Common shares were granted to certain Named Executive Officers on October 4, 1999 at a deemed value of Cdn$1.39 per Share. LONG TERM INCENTIVE PLAN The Corporation does not presently have a long-term incentive plan for its executive officers. OPTIONS/SAR GRANTS DURING THE MOST RECENTLY COMPLETED FINANCIAL YEAR The following Options/SARs were granted to Named Executive Officers in the financial year ended December 31, 2001:
MARKET VALUE OF SECURITIES % TOTAL UNDERLYING OPTIONS/SAR OPTIONS/SARS ON SECURITIES UNDER GRANTED TO (1)EXERCISE OR THE DATE OF OPTIONS/SAR EMPLOYEES IN BASE PRICE GRANT(1) NAME GRANTED (#) FINANCIAL YEAR ($/SECURITY) ($/SECURITY) EXPIRATION DATE - ----------------------- ------------------ ------------------- ----------------- ----------------- --------------------- Dan Kunz 1,078,000 12.32 $1.20 $1.18 Jan 25/06 500,000 5.72 $1.70 $1.18 Performance Based(2) - ----------------------- ------------------ ------------------- ----------------- ------------------ --------------------- Gordon Toll 1,500,000 17.15 $1.20 $1.18 Jan 25/06 50,000 0.57 $1.70 $1.18 Performance Based(2) - ----------------------- ------------------ ------------------- ----------------- ------------------ --------------------- Edward Rochette 532,500 6.09 $1.20 $1.18 Jan 25/06 150,000 1.71 $1.70 $1.18 Performance Based(2) - ----------------------- ------------------ ------------------- ----------------- ------------------ --------------------- Douglas Kirwin 132,500 1.51 $1.20 $1.18 25 Jan/06 50,000 0.57 $1.70 $1.18 Performance Based(2) - ----------------------- ------------------ ------------------- ----------------- ------------------ --------------------- Jaime Troncoso 126,667 1.45 $1.20 $1.18 Jan 25/06 50,000 0.57 $1.70 $1.18 Performance Based(2) ======================= ================== =================== ================= ================== =====================
(1) Equal to or greater than the weighted average price of the Company's common shares on the TSX for the five trading days preceding the date of grant. (2) The Performance Based options were granted with specific performance based vesting as follows: the options vest as to 40% upon the realization of one of three specific targets set by the Board and the remaining 60% vest upon a second, yet to be determined, goal to be met.. AGGREGATED OPTION EXERCISES Other than as described below, no further options were exercised during Fiscal 2001 by the Named Executive Officers.
Securities Aggregate Unexercised Options at Value of Unexercised in the Acquired on Value December 31, 2001 Money Options at Name Exercise Realized (Exercisable/Unexercisable) December 31, 2001 (Exercisable/Unexercisable) - ------------------------------------------------------------------------------------------------------------------------ Daniel Kunz 495,400/1,254,600 $354,090/$816,410 - ------------------------------------------------------------------------------------------------------------------------ Gordon Toll 825,000/725,000 $701,250/$591,250 - ------------------------------------------------------------------------------------------------------------------------ Edward Rochette 227,250/522,750 $210,038/$369,338 - ------------------------------------------------------------------------------------------------------------------------ Douglas Kirwin 106,500 $115,575 750/142,750 $638/$96,338 - ------------------------------------------------------------------------------------------------------------------------ Jaime Troncoso 111,333/138,667 $74,333/$17,500 - ------------------------------------------------------------------------------------------------------------------------
PENSION PLANS The Corporation does not presently provide a pension plan for its directors, executive officers or employees. COMPOSITION OF COMPENSATION COMMITTEE During the year ended December 31, 2001, the Compensation and Benefits Committee was comprised of Messrs. Robert Friedland (refer to "Interest of Insiders in Material Transactions"), Gordon L. Toll and R. Edward Flood, who in their capacity as Deputy Chairmen are each an officer and employee of the Company. Mr. Friedland resigned his position on the Compensation and Benefits Committee in the second half of the year ended December 31, 2001. Directors who were officers or employees of the Company during the financial year ended December 31, 2001, were: Mr. Robert Friedland - Chairman, Mr. R. Edward Flood - Deputy Chairman, Mr. Gordon L. Toll - Deputy Chairman, Mr. Daniel Kunz - President. REPORT ON EXECUTIVE COMPENSATION The Corporation's executive compensation program is administered by the Compensation Committee and is designed to be competitive with the executive compensation programs offered by other corporations comparable to the Corporation and, where appropriate, to provide incentives for enhancing of shareholder value. The overall objective of the Corporation's executive compensation program is to attract and retain qualified executives who will contribute to the success of the Corporation, to provide fair and competitive compensation, to align the interests of management with those of shareholders and to reward performance that contributes to the achievement of those objectives. Compensation has been structured so as to link shareholder return, measured by the change in share price, with executive compensation through the use of stock options as the primary element of variable compensation. The Corporation does not offer pension plans to its senior executives. The cash compensation paid to the Named Executive Officers is intended to be comparable to the cash compensation paid to executive officers of similar companies who have comparable duties and responsibilities. Submitted on behalf of the Compensation Committee: Mr. R. Edward Flood Mr. Gordon L. Toll PERFORMANCE GRAPH The following graph compares the cumulative shareholder return on a $100 investment in Common Shares of the Corporation to a similar investment in companies comprising the TSX 300 Total Return Index, including dividend reinvestment, for the period December 31, 1997 to December 31, 2001. [LINE CHART]
Dec. 31, 1997 Dec. 31, 1998 Dec. 31, 1999 Dec. 31, 2000 Dec. 31, 2001 - ------------------------------------------------------------------------------------------------------------------------- Ivanhoe Mines Ltd. $ 100 $ 26 $ 35 $ 36 $ 72 - ------------------------------------------------------------------------------------------------------------------------- TSE 300 Total Return Index $ 100 $ 97 $ 126 $ 133 $ 115 - -------------------------------------------------------------------------------------------------------------------------
COMPENSATION OF DIRECTORS Currently no fixed compensation is paid to directors of the Corporation for acting as such, although all directors have been granted stock options. The directors may be reimbursed for actual expenses reasonably incurred in connection with the performance of their duties as directors. INDEBTEDNESS OF DIRECTORS AND OFFICERS Other than "routine indebtedness" as that term is defined in applicable securities legislation, no director or senior officer of the Corporation, or associate or affiliate of any such director or senior officer, is or has been indebted to the Corporation since the beginning of the last completed financial year of the Corporation. CORPORATE GOVERNANCE The rules and policies of the Toronto Stock Exchange ("TSX") require corporations listed on the TSX to disclose their corporate governance practices with reference to a series of guidelines for effective corporate governance (the "Guidelines") adopted by the TSX. The Board of Directors is responsible for supervising the conduct of the Corporation's affairs and the management of its business. The Board's mandate is to set long term goals and objectives for the Corporation, to formulate the plans and strategies necessary to achieve those objectives and to supervise senior management in their implementation. Although the Board delegates the responsibility for managing the day to day affairs of the Corporation to senior management personnel, the Board retains a supervisory role in respect of, and ultimate responsibility for, all matters relating to the Corporation and its business. The Guidelines recommend that a majority of the directors of a corporation be "unrelated" directors. An "unrelated" director is a director who is independent of management and is free from any interest and any business or other relationship which could, or could reasonably be perceived to, materially interfere with the director's ability to act with a view to the best interests of the corporation, other than interests and relationships arising from shareholding. A total of eight (8) persons have been nominated for election as directors at the Meeting. If all such nominees are elected, the Board will consist of four unrelated directors in John Weatherall, Markus Faber, Robert Hanson and Kjeld Thygesen and four related directors in Robert Friedland, Daniel Kunz, Ed Flood and Gordon Toll. Mr. Kunz is a related director in his capacity as President of the Corporation. Mr. Flood is a related director in his capacity as Deputy Chairman of the Corporation. Mr. Toll is a related director in his capacity as Chairman, Chief Executive Officer and director of the Corporation's wholly owned subsidiary, ABM Mining Limited. Mr. R. Friedland, although not a member of the Corporation's management team, works closely with management personnel on matters relating to the implementation of the Corporation's corporate strategy, financing, evaluation of corporate opportunities and investor relations. Mr. R. Friedland does not participate in the day to day management of the Corporation's affairs but is consulted regularly by the management personnel in respect of key management decisions. As such, the Corporation considers Mr.R. Friedland to be a related director. Mr. R. Friedland is also the Corporation's significant shareholder insofar as he holds 50% of the Corporation's common shares and has the ability to exercise a majority of the votes for the election of the Board of Directors. Each of the Corporation's four unrelated directors is unrelated to either the Corporation or Mr. R. Friedland. At present, committees of the Board consist of an Audit Committee and a Compensation Committee. The Board does not at present maintain a nominating committee or a governance committee. The Board will review the nature, function and composition of its existing committees and consider the need or desirability of creating additional committees such as a nominating committee and a governance committee. The Guidelines recommend that committees consist solely of unrelated directors. Although creating and maintaining committees consisting solely of independent directors is a generally desirable corporate governance objective, the Board is of the view that there may be instances in which the effective functioning of a particular committee favours participation by management directors. The Board will consider the merits of creating committees consisting solely of unrelated directors on a case by case basis in the course of reviewing its existing committee structure. The Audit Committee, comprised of Messrs. Markus Faber, John Weatherall and Kjeld Thygesen, consists solely of unrelated directors. The Compensation Committee comprised of Messrs. Ed Flood and Gordon Toll, consists of two related directors. The role of the Compensation Committee is primarily to administer the Corporation's Employees' and Directors' Equity Incentive Plan, to determine the recipients of, and the nature and size of share compensation awards granted from time to time, to determine the remuneration of executive officers and to determine any bonuses to be awarded. The mandate of the Audit Committee is to oversee the Corporation's financial reporting obligations, systems and disclosure, including monitoring the integrity of the Corporation's financial statements, monitoring the independence and performance of the Corporation's external auditors and acting as a liaison between the Board and the Corporation's auditors. The activities of the Audit Committee typically include reviewing interim financial statements and annual financial statements, ensuring that internal controls over accounting and financial systems are maintained and that accurate financial information is disseminated to shareholders, reviewing the results of internal and external audits and any change in accounting procedures or policies, and evaluating the performance of the Corporation's auditors. All material matters relating to the Corporation and its business require the prior approval of the Board. Management is authorized to act, without Board approval, on all ordinary course matters relating to the Corporation's business. The Board will continue to seek additional qualified candidates to augment its experience and expertise and to enhance the Corporation's ability to effectively develop its business interests. Orientation for new directors includes a briefing on the status of the Corporation's business and copies of various pertinent corporate documents, such as recent statutory filings, the Articles and By-Laws of the Corporation, summaries of the corporate and share capital structures and a copy of "The Director's Manual", which provides information on the duties, responsibilities and liabilities of directors. The Corporation's directors receive no cash compensation for acting as directors and the Board's philosophy is that directors' remuneration should be tied to the objective of enhancing shareholder value. Accordingly, directors of the Corporation are compensated primarily through the grant of stock options. Although the Board has not, to date, implemented a system which enables an individual director to engage an outside advisor at the expense of the Corporation, the Board has, in the past, approved the engagement of outside advisors by committees of independent directors on an ad hoc basis and would give favourable consideration to a request by an individual director to engage an outside advisor in appropriate circumstances. The Board has instructed management to maintain procedures to monitor and promptly address shareholder concerns and has directed and will continue to direct management to apprise the Board of any major concerns expressed by shareholders. The Board expects management to efficiently implement its strategic plans for the Corporation, to keep the Board fully apprised of its progress in doing so and to be fully accountable to the Board in respect to all matters for which it has been assigned responsibility. OTHER BUSINESS Management of the Corporation is not aware of any matter to come before the Meeting other than the matters referred to in the Notice of the Meeting. DIRECTORS' APPROVAL The contents of this Management Proxy Circular and its distribution to shareholders have been approved by the Board of Directors of the Corporation. DATED at Vancouver, British Columbia, as of the 10th day of May, 2002. BY ORDER OF THE BOARD "BEVERLY A. BARTLETT" CORPORATE SECRETARY NOTICE OF ANNUAL MEETING OF THE SHAREHOLDERS AND MANAGEMENT PROXY CIRCULAR OF IVANHOE MINES LTD. DATED: MAY 10, 2002 EX-20.2 39 o11180exv20w2.txt NOTICE & PROXY CIRCULAR DATED NOVEMBER 27, 2002 Exhibit 20.2 NOTICE OF SPECIAL MEETING OF THE SHAREHOLDERS AND MANAGEMENT PROXY CIRCULAR OF IVANHOE MINES LTD. DATED: NOVEMBER 27, 2002 IVANHOE MINES LTD. NOTICE OF SPECIAL MEETING OF SHAREHOLDERS DECEMBER 23, 2002 NOTICE IS HEREBY GIVEN that a Special Meeting of Shareholders of Ivanhoe Mines Ltd. (the "Corporation") will be held on Monday, December 23, 2002, at 9:30 a.m., local time, in Suite 629, the World Trade Centre, 999 Canada Place, Vancouver, British Columbia for the following purposes: 1. To consider and, if deemed advisable, pass a resolution authorizing, in accordance with the requirements of listing rule 7.1 of the Australian Stock Exchange Limited ("ASX"), the issue of up to 50 million Equity Securities (in addition to any other securities otherwise issuable in compliance with the ASX Listing Rules) to such allottees and at such issue price(s) as determined by the Directors as set out in this Management Proxy Circular, such issuance to be authorized to take place on or before the later of: (i) three months following the date of the Meeting; or (ii) subject to any applicable ASX waiver, the date of the Corporation's next annual general meeting. For purposes of this resolution, an "Equity Security" is a Common Share or a security or other right convertible into or exchangeable for a Common Share including a Common Share Purchase Warrant or a Special Warrant; 2. To consider any amendment to a matter identified in this Notice; and 3. To transact such other business as may properly come before the meeting or any adjournment thereof. The board of directors has fixed November 22, 2002 as the Record Date for the determination of shareholders entitled to notice of, and to vote at, this Special Meeting and at any adjournment thereof. A Management Proxy Circular, Form of Proxy, and return envelope accompany this Notice of Meeting. A SHAREHOLDER, WHO IS UNABLE TO ATTEND THE MEETING IN PERSON AND WHO WISHES TO ENSURE THAT SUCH SHAREHOLDER'S SHARES WILL BE VOTED AT THE MEETING, IS REQUESTED TO COMPLETE, DATE AND EXECUTE THE ENCLOSED FORM OF PROXY AND DELIVER IT BY FACSIMILE (604) 688-4301 OR (416) 363-9524, BY HAND OR BY MAIL IN ACCORDANCE WITH THE INSTRUCTIONS SET OUT IN THE FORM OF PROXY AND IN THE MANAGEMENT PROXY CIRCULAR. Dated at Vancouver, British Columbia, this 27th day of November, 2002. BY ORDER OF THE BOARD "BEVERLY A. BARTLETT" CORPORATE SECRETARY IVANHOE MINES LTD. World Trade Centre Suite 654 - 999 Canada Place Vancouver, British Columbia, V6C 3E1 MANAGEMENT PROXY CIRCULAR THIS MANAGEMENT PROXY CIRCULAR IS FURNISHED TO THE COMMON SHAREHOLDERS ("SHAREHOLDERS") OF IVANHOE MINES LTD. (THE "CORPORATION") BY MANAGEMENT OF THE CORPORATION IN CONNECTION WITH THE SOLICITATION OF PROXIES TO BE VOTED AT THE SPECIAL MEETING (THE "MEETING") OF THE SHAREHOLDERS TO BE HELD AT 9:30 A.M., LOCAL TIME, ON DECEMBER 23, 2002 IN SUITE 629, WORLD TRADE CENTRE, 999 CANADA PLACE, VANCOUVER, BRITISH COLUMBIA, AND AT ANY ADJOURNMENT THEREOF, FOR THE PURPOSES SET FORTH IN THE NOTICE OF MEETING. UNLESS OTHERWISE STATED, THIS MANAGEMENT PROXY CIRCULAR CONTAINS INFORMATION AS AT NOVEMBER 27, 2002. SOLICITATION OF PROXIES The solicitation of proxies by management will be primarily by mail, but proxies may be solicited personally or by telephone by directors, officers and regular employees of the Corporation. All costs of this solicitation will be borne by the Corporation. APPOINTMENT OF PROXYHOLDERS A shareholder entitled to vote at the Meeting may, by means of proxy, appoint a proxyholder or one or more alternate proxyholders, who need not be shareholders, to attend and act at the Meeting for the shareholder and on the shareholder's behalf. The individuals named in the accompanying form of proxy are directors and/or officers of the Corporation. A SHAREHOLDER MAY APPOINT, AS PROXYHOLDER OR ALTERNATE PROXYHOLDER, A PERSON OR PERSONS OTHER THAN ANY OF THE PERSONS DESIGNATED IN THE ACCOMPANYING FORM OF PROXY, AND MAY DO SO EITHER BY INSERTING THE NAME OR NAMES OF SUCH PERSONS IN THE BLANK SPACE PROVIDED IN THE ACCOMPANYING FORM OF PROXY OR BY COMPLETING ANOTHER SUITABLE FORM OF PROXY. An appointment of a proxyholder or alternate proxyholders will not be valid unless a form of proxy making the appointment, signed by the shareholder or by an attorney of the shareholder authorized in writing, (a "Proxy") is deposited with CIBC Mellon Trust Company, by facsimile (604) 688-4301 or (416) 363-9524, by mail to P.O. Box 1900, Vancouver, B.C. V6E 3X1, or 200 Queens Quay East, Unit 6, Toronto, Ontario, M5A 4K9, or by hand, to Suite 1600, The Oceanic Plaza, 1066 Hastings Street, Vancouver, British Columbia, V6E 3K9 not less than 48 hours (excluding Saturdays, Sundays and statutory holidays) before the Meeting or the adjournment thereof at which the Proxy is to be used. 1 REVOCATION OF PROXIES A shareholder who has given a Proxy may revoke the Proxy (a) by depositing an instrument in writing executed by the shareholder or by the shareholder's attorney authorized in writing (i) with CIBC Mellon Trust Company, not less than 48 hours (excluding Saturdays, Sundays and statutory holidays) before the Meeting or the adjournment thereof at which the Proxy is to be used, (ii) at the registered office of the Corporation at any time up to and including the last business day preceding the day of the Meeting, or an adjournment thereof, at which the Proxy is to be used, (iii) with the chairman of the Meeting on the day of the Meeting or an adjournment thereof, or (b) in any other manner provided by law. A revocation of a Proxy will not affect a matter on which a vote is taken before the revocation. EXERCISE OF DISCRETION On a poll, the nominees named in the accompanying form of Proxy will vote or withhold from voting the shares represented thereby in accordance with the instructions of the shareholder. The Proxy will confer discretionary authority on the nominees named therein with respect to (a) each matter or group of matters identified therein for which a choice is not specified, other than the appointment of an auditor and the election of directors, (b) any amendment to or variation of any matter identified therein, and (c) any other matter that properly comes before the Meeting. IN RESPECT OF A MATTER FOR WHICH A CHOICE IS NOT SPECIFIED IN THE PROXY, THE NOMINEES NAMED IN THE ACCOMPANYING FORM OF PROXY WILL VOTE SHARES REPRESENTED BY THE PROXY AT THEIR OWN DISCRETION FOR THE APPROVAL OF SUCH MATTER. As of the date of this Management Proxy Circular, management of the Corporation knows of no amendment, variation or other matter that may come before the Meeting, but if any amendment, variation or other matter properly comes before the meeting, each 2 nominee named in the accompanying form of Proxy intends to vote thereon in accordance with the nominee's best judgment. VOTES NECESSARY TO PASS RESOLUTIONS The Corporation's by-laws provide that a quorum for the transaction of business at the Meeting consists of at least one individual present and holding, or representing by proxy the holder(s) of, shares carrying in the aggregate not less than five percent (5%) of the shares entitled to vote at the Meeting. Under the Yukon Business Corporations Act (the "YBCA") a majority of the votes cast by shareholders at the Meeting is required to pass an ordinary resolution and a majority of two-thirds of the votes cast at the Meeting is required to pass all special resolutions. At the Meeting, shareholders will be asked to consider and, if deemed warranted, to pass an ordinary resolution, the full text of which is set out under "Particulars of Matters to be Acted Upon -- Australian Stock Exchange Restriction on Issuance of Securities" in this Management Proxy Circular. The Resolution is an ordinary resolution and as such, requires approval by a majority of the votes cast by shareholders at the Meeting. VOTING SHARES The Corporation has an authorized capital consisting of an unlimited number of Common Shares without par value and an unlimited number of Preference Shares without par value. As of November 27, 2002, the Corporation had issued 205,147,382 fully paid and non-assessable Common Shares without par value, each carrying the right to one vote. As of such date no Preference Shares were issued or outstanding. A holder of record of one or more common shares on the securities register of the Corporation at the close of business on November 22, 2002 (the "Record Date") who either attends the Meeting personally or deposits a proxy in the manner and subject to the provisions described above will be entitled to vote or to have such share or shares voted at the Meeting, except to the extent that (a) the shareholder has transferred the ownership of any such share after the Record Date, and (b) the transferee produces a properly endorsed share certificate for, or otherwise establishes ownership of, any of the transferred shares and makes a demand to CIBC Mellon Trust Company no later than 10 days before the Meeting that the transferee's name be included in the list of shareholders in respect thereof. 3 NOTICE TO HOLDERS OF CHESS UNITS OF FOREIGN SECURITIES OVER COMMON SHARES TRADED ON THE AUSTRALIAN STOCK EXCHANGE In Australia the "holders" of the Corporation's common shares traded on the Australian Stock Exchange do not actually hold the shares but rather CHESS Units of Foreign Securities (`CUFS'), a form of depositary receipt. The shares are held by the Corporation's depositary nominee, CHESS Depositary Nominees Pty Ltd (`CDN'). If you are a holder of CUFS you cannot vote personally at the meeting. However, you may direct CDN on how it should vote on the resolutions described in the Notice of Meeting and Management Proxy Circular. If you do so, CDN will cast proxy votes in accordance with your directions. You are also permitted to attend the Meeting. If you wish to direct CDN on how it should vote on the resolutions you should complete the attached `Direction to CDN Form' and return it to Advanced Share Registry Services ("ASRS"), Level 7, 200 Adelaide Terrace, Perth, Western Australia, 6000, Australia (Telephone: +61 8 9221 7288, Facsimile: +61 8 9221 7869). You must complete the form and return it to ASRS by 11 a.m. (Perth time) on 19 December 2002. Please note that as a CUFS holder you must complete the `Direction to CDN Form' not the Proxy form. ADVICE TO BENEFICIAL HOLDERS OF COMMON SHARES The information set forth in this section is of significant importance to many holders of Common Shares as a substantial number of holders of Common Shares do not hold their Common Shares in their own name. Holders of Common Shares who do not hold their Common Shares in their own name (referred to in this Information Circular as "Beneficial Holders of Common Shares") should note that only proxies deposited by holders of Common Shares whose names appear on the records of the Corporation as the registered holders of Common Shares can be recognized and acted upon at the Meeting. If the Common Shares are listed in an account statement provided to a holder of common Shares by a broker, then in almost all cases those shares will not be registered in the name of the holder of the Common Shares on the records of the Corporation. Such Common Shares will more likely be registered under the names of the holders' of Common Shares broker or an agent of that broker. In Canada, the vast majority of shares are registered under the name of CDS & Co. (the registration name for The Canadian Depositary for Securities, which acts as nominee for many Canadian brokerage firms). Common Shares held by brokers or their agents or nominees can only be voted (for or against resolutions) upon the instructions of the Beneficial Holder of Common Shares. Without specific instructions, brokers and their agents and nominees are prohibited from voting shares for the broker's clients. Therefore, Beneficial Holders of Common Shares should ensure that instructions respecting the voting of their Common Shares are communicated to the appropriate person. Applicable regulatory policy requires intermediaries/brokers to seek voting instructions from Beneficial Holders of Common Shares in order to ensure that their Common 4 Shares are voted at the Meeting. The purpose of the Instrument of Proxy or other form of proxy supplied to a Beneficial Holder of Common Shares by its broker (or agent of the broker) is limited to instructing the registered holder of common Shares (the broker or agent of the broker) how to vote on behalf of the Beneficial Holder of common Shares. The majority of brokers now delegate responsibility for obtaining instructions from clients to ADP Investor Communications ("ADPIC"). ADPIC typically mails a special proxy form to the Beneficial Holders of common Shares and asks Beneficial Holders of Common Shares to return such proxy forms to ADPIC. ADPIC then tabulates the results of all instructions received and provides appropriate instructions respecting the voting of Common Shares to be represented at the Meeting. A Beneficial Holder of Common Shares receiving a proxy form from ADPIC cannot use that proxy to vote Common Shares directly at the Meeting -- the proxy must be returned to ADPIC well in advance of the Meeting in order to have the Common Shares voted at the meeting. Although a Beneficial Holder of Common Shares may not be recognized directly at the Meeting for the purposes of voting Common Shares registered in the name of his or her broker (or agent of the broker), a Beneficial Holder of Common Shares may attend at the Meeting as proxy holder for the registered holder of Common shares and vote the common Shares in that capacity. Beneficial Holders of common shares who wish to attend at the Meeting and indirectly vote their Common Shares as proxy holder for the registered holder of Common Shares should enter their own names in the blank space on the Instrument of Proxy provided to them and return the same to their broker (or the broker's agent) in accordance with the instructions provided by such broker (or agent), well in advance of the Meeting. PRINCIPAL HOLDERS OF SECURITIES To the knowledge of the directors and senior officers of the Corporation, the only persons who beneficially own, directly or indirectly, or exercise control or direction over shares carrying more than 10% of the voting rights attached to the outstanding Common Shares of the Corporation, the approximate number of common shares so owned, controlled or directed and the percentage of voting shares of the Corporation represented by such shares and the share ownership by the current directors and senior officers of the Corporation as a group are:
NUMBER OF SHARES PERCENTAGE OF OWNED, CONTROLLED OR SHARES NAME AND ADDRESS DIRECTED OUTSTANDING - ---------------------- -------------------- -------------- ~~Robert M. Friedland 100,758,334 49.12% Hong Kong Directors and Officers as a group(1) 101,546,128(2) 49.55%~~
(1) The directors and officers, as a group, hold 6,605,000 common shares issuable upon exercise of incentive stock options. (2) Includes 100,758,334 shares held directly and indirectly by Robert M. Friedland. 5 PARTICULARS OF MATTERS TO BE ACTED UPON RESOLUTION -- AUSTRALIAN STOCK EXCHANGE RESTRICTION ON ISSUANCE OF SECURITIES At the Meeting, Shareholders will be asked to consider and, if deemed advisable, pass a resolution authorizing, in accordance with the requirements of listing rule 7.1 of the Australian Stock Exchange Limited ("ASX"), the issue of up to 50 million Equity Securities (in addition to any other securities otherwise issuable in compliance with the ASX Listing Rules) to such allottees and at such issue price(s) as determined by the Directors as set out in this Management Proxy Circular, such issuance to be authorized to take place on or before the later of: (i) three months following the date of the Meeting; or (ii) subject to any applicable ASX waiver, the date of the Corporation's next annual general meeting. For purposes of this resolution, an "Equity Security" is a Common Share or a security or other right convertible into or exchangeable for a Common Share including a Common Share Purchase Warrant or a Special Warrant. BACKGROUND TORONTO STOCK EXCHANGE REQUIREMENTS IN RESPECT OF SHARE ISSUANCES The Corporation's Common Shares have been listed on The Toronto Stock Exchange ("TSX") since June 1996, and, accordingly, the Corporation is subject to regulation under the rules and policies of the TSX Company Manual (the "TSX Code"), including TSX Code restrictions on the number of equity securities that may be issued pursuant to private placement transactions. The TSX Code provides that the aggregate number of listed securities which are issued (or made subject to issuance) pursuant to a "private placement" transaction during any six month period may not exceed 25% of the number of securities of the issuer which are outstanding (on a non-diluted basis) prior to giving effect to such transaction without both TSX and shareholder approval. A "private placement" transaction is the issuance of treasury securities of a listed class (or convertible into a listed class) without Canadian prospectus disclosure or reliance on the exempting provisions of Canadian provincial securities legislation. Public offerings of securities by prospectus are not limited by any percentage restriction under the TSX Code. The applicable provisions of the TSX Code referred to above are set out on Schedule A to this Management Proxy Circular. AUSTRALIAN STOCK EXCHANGE REQUIREMENTS IN RESPECT OF SHARE ISSUANCES The Common Shares of the Corporation have been listed on the ASX since September 1996 as a Foreign Exempt Listing. On July 1, 2002, as the result of a change in the policy of the ASX in respect of the listing of foreign companies on the ASX, the Corporation changed its listing category from an exempt listing to a full listing in order for the Corporation's Common Shares to remain listed on the ASX. Accordingly since July 1, 2002, the Corporation has been subject to the ASX Listing Rules applicable to all non- 6 exempt listed companies, including a specific limitation on the ability of listed companies to raise equity capital without ongoing shareholder approvals. ASX listing rule 7.1 restricts the ability of the Corporation to issue certain equity securities during any twelve month period to 15% of the outstanding Common Shares at the beginning of such period, unless the Corporation has received shareholder approval or a specific exemption or waiver is applicable. This shareholder approval can be prospective or, provided an issuance of shares is in compliance with the 15% limitation, in the form of a subsequent ratification. Unlike the TSX Code, the ASX listing rule restrictions include all issuances of "equity securities" of the Corporation, including public offerings by prospectus, unless a specific exemption is available under listing rule 7.2 or a waiver is received from the ASX. The principal exemption relevant to capital raising under the listing rule is a rights issue whereby new equity securities to be issued must first be offered pre-emptively to existing shareholders on a pro-rata basis. Since July 1, 2002 no "equity securities" have been issued toward the 15% percent limit. At the date of this Management Proxy Circular there are 205,147,382 Common Shares issued and outstanding. The text of listing rules 7.1 through 7.5 is set out in Schedule B to the Management Proxy Circular. APPEAL OF ASX LISTING RULE 7.1 Following July 1, 2002 the Corporation has sought a number of waivers from the ASX in order to harmonise, as far as possible, the requirements of the ASX Listing Rules with the regulatory framework of the TSX and other Canadian regulators. One of the principal waivers sought by the Corporation is a conditional waiver from listing rule 7.1. It is the Corporation's position that strict compliance with listing rule 7.1 restricts the Corporation's ability to raise capital in North American and other markets. Because North American capital raising practices do not typically involve pre-emptive offers to existing shareholders, but rely instead on rapid financing techniques designed to accelerate the completion of offerings to third parties, the effect of listing rule 7.1 is to oblige the Corporation to obtain ongoing shareholder approvals or specific transactional exemptions or waivers from the ASX in order to take advantage of market windows to raise equity capital. As an example, prior to its full listing on the ASX the Corporation completed two "bought deals", a financing technique which allowed the Corporation to achieve a legally binding irrevocable contractual commitment for the placement of significant quantities of its shares within hours. The "bought deal" financing technique would not have been feasible to take advantage of market windows if a prior shareholder approval had been required, having regard to where the Corporation stood under the 15% limit, or if the Corporation needed to seek regulatory approvals or seek transactional waivers. Given North American capital market dynamics, the Corporation cannot rely on rights offerings to complete large equity offerings. This technique may be appropriate for companies based and principally operating in certain jurisdictions such as Australia, but North America capital raising practices rarely rely on this financing technique, the only significant capital raising exemption to the restrictions under ASX listing rule 7.1, absent a shareholders' meeting. 7 The Corporation is actively involved in ongoing exploration activities in Mongolia and elsewhere which require ongoing funding in order to continue development of such properties. Over the longer term, the Corporation will need to obtain additional funding for, or third party participation in, its undeveloped or partially developed properties to bring them into production. Accordingly the Corporation continually monitors the opportunity to raise additional equity capital as a method of funding its activities, provided market conditions are favourable. It is important for the Corporation and its shareholders for the Corporation to be in a position to respond to such market opportunities. The Corporation is presently appealing a decision of the ASX Management to not grant the Corporation relief from the requirements of listing rule 7.1. The Corporation is seeking relief from the mechanical elements of listing rule 7.1 that are inconsistent with regulatory requirements and customary practices in Canada while attempting to address ASX policy considerations. The Corporation has proposed to ASX placing a resolution before the shareholders of the Corporation at each annual general meeting of the shareholders of the Corporation, similar to the resolution before the Meeting. With respect to such annual resolutions, shareholders would be asked to approve further issuances of securities during the forthcoming year. At the time of the Management Proxy Circular, the results of the appeal are not available and, accordingly, there can be no assurance that the ASX will grant the Corporation the relief sought. REASONS FOR SEEKING SHAREHOLDER APPROVAL AT THE MEETING Management of the Corporation is placing this resolution before the shareholders as a temporary measure in order to maintain the flexibility it had to raise capital for the benefit of the Corporation and its shareholders prior to becoming subject to the limitations and regulation of listing rule 7.1. Given the lengthy time delay in reaching a resolution of its waiver application in respect of listing rule 7.1 and the uncertain outcome of its ongoing appeal of that rule, Management feels it is prudent to take the step of placing this resolution before the Corporation's shareholders to be in a position to respond to market opportunities in the near term and not be prevented from doing so pending a resolution of its appeal of listing rule 7.1. Accordingly, in compliance with listing rule 7.1, the Corporation is seeking the authority to issue up to 50 million Equity Securities during the three month period following the Meeting, or subject to any applicable ASX waiver, until the next annual general meeting of the Corporation expected to be in June 2003. Regardless of the outcome of the ongoing appeal or any applicable ASX waiver, the passing of this resolution will permit the Corporation the temporary measure of being able to issue Equity Securities for the next three months on substantially the same basis as the Corporation could raise equity capital prior to the Corporation becoming subject to the ASX Listing Rules. The number of Equity Securities issued pursuant to any private placement transactions would still be limited by applicable TSX rules, but the issuance of shares by public offering would not be subject to the ASX listing rule 7.1 limitations (subject to the parameters established by the resolution itself). 8 PARTICULARS IN RESPECT OF PROPOSED RESOLUTION In accordance with listing rule 7.3, the following particulars relate to the proposed resolution: (i) The maximum number of Common Shares issuable, either directly by the Corporation or upon exercise of a right of conversion of other Equity Securities (defined in (v) below), will be 50 million Common Shares; (ii) Any securities issued pursuant to this Resolution will be issued on or before the later of (i) three months following the date of the Meeting; and (ii) subject to any applicable ASX waiver, the date of the Corporation's annual general meeting in 2003, expected to be in June, 2003; (iii) The minimum issue price for purposes of satisfying listing rule 7.3.3 for each whole Common Share or underlying Common Share will be Cdn.$2 per Common Share or underlying Common Share. As a practical matter, Equity Securities issued by way of a private placement will not be issued for less than a 15% discount to market price in accordance with applicable TSX rules. Equity Securities issued by public offering would be determined by the Corporation based on prevailing market conditions and, if applicable, negotiation with underwriters; (iv) Equity Securities issued under a private placement will be issued primarily to institutional or sophisticated investors in accordance with applicable North American or other securities laws. Equity Securities may also be issued to investors under an underwritten or best efforts public offering. Equity Securities may also be issued in connection with an acquisition by the Corporation to a vendor of assets. The persons to whom securities will be issued will be determined by the Directors of the Corporation. The names of the allottees are not known, with the Directors of the Corporation to use their absolute discretion in respect of any allotment. It is not anticipated that any director or their associates would participate in any such allotment in the absence of appropriate approvals; (v) Equity Securities issuable pursuant to this resolution are Common Shares, or a security or other right convertible into, or exchangeable for, Common Shares including Common Share Purchase Warrants or Special Warrants. o Any Common Shares issued would be fully paid Common Shares ranking in parity to the other outstanding Common Shares of the Corporation. o A Common Share Purchase Warrant is a right exercisable by the holder to acquire a Common Share upon payment of minimum exercise price of $2, and may be issued for no additional consideration at the time of issue. o Pursuant to applicable rules of the TSX, any Common Share Purchase Warrant issued in a private placement transaction will not be exercisable for an exercise price less than the closing market price of the underlying 9 Common Share on the trading day preceding the date of stock exchange notification of the issue and may only be exercisable for five years from the date of issuance. A purchaser of Common Share Purchase Warrants would be entitled upon exercise to no more than one Common Share per Common Share Purchase Warrant, subject to adjustment provisions which would entitle the purchaser to adjust the number of Common Shares issuable in order to account for the effect of a stock dividend, share split or consolidation or other capital structure change affecting the Common Shares of the Corporation; o Special Warrants would be issued by private placement and subject to a minimum Cdn. $2 issue price per underlying Common Share. Special Warrants grant the holder (of Special Warrants) Common Shares upon exercise or deemed exercise of the Special Warrants (within 120 days of the issue date of the Special Warrants), upon clearance of a prospectus with respect to the distribution of securities, without payment of additional consideration by the holders of the Special Warrants; (vi) The Equity Securities may be issued in one or more transactions (i.e. allotment would occur progressively). The Corporation may, at the request of a purchaser or as required by applicable securities laws, prepare and file in British Columbia and other applicable jurisdictions a prospectus in connection with an issuance of Equity Securities; (vii) The securities, or some of them, authorized hereunder may be sold through underwriters or licensed brokers and the Corporation may pay negotiated underwriting or brokers commissions or finder's fees in accordance with applicable laws; and (viii) The intended use of proceeds raised is to fund drilling and exploration expenditures in respect of the Corporation's properties in Mongolia, to fund exploration activities in respect of the Corporation's other existing properties and properties acquired in the future, to fund the acquisition of additional properties or assets and for working capital and general corporate and administrative purposes. VOTING EXCLUSION -- The Corporation will disregard any votes cast on this resolution by (i) persons who may participate in the proposed issue and (ii) persons who might obtain a benefit if this resolution is passed, except a benefit solely in the capacity of a holder of Common Shares, and (iii) any associates of those persons. However, the Corporation need not disregard a vote if: it is cast by the person as proxy for a person who is entitled to vote, in accordance with the directions on the proxy form; or it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides. Any person voting on this resolution will not be able to participate in the issue of Equity Securities pursuant to this resolution. 10 EXECUTIVE COMPENSATION In accordance with the requirements of applicable securities legislation in Canada, the following executive compensation disclosure is provided in respect of the Corporation's President and Chief Executive Officer as at December 31, 2001, and each of the four most highly compensated executive officers ("Named Executive Officers") whose annual compensation exceeded $100,000 in the year ended December 31, 2001. During the year ended December 31, 2001, the aggregate compensation paid to all officers of the Corporation who received more than $40,000 in aggregate compensation during such period was US$1,134,065. SUMMARY COMPENSATION TABLE The following table sets forth a summary of all compensation paid during the years ending December 31, 1999, 2000 and 2001 to each of the Named Executive Officers of the Corporation.
Annual Compensation Long Term Compensation -------------------------------- ---------------------------------- Awards Payouts -------------------------- ------- Securities Restricted Other Under Shares or Annual Options/ Restricted All Compen- SARs Share LTIP Other Name and Salary Bonus sation Granted Units Payout Compen Principal Position Year(1) (US$) (US$) (US$) (#) (US$) (US$) -sation (US$) - ------------------ ------ ------- ---------- ------- ---------- ---------- ------ ------- DANIEL KUNZ 2001 250,000 1,578,00 6,700 President 2000 200,000 35,000 0 22,104 1999 150,000 55,888 52,354 (60,400)(3) ---- ------- ------- -------- ------ GORDON TOLL 2001 202,593 1,550,00 2,207 Deputy Chairman 2000 N/A 0 1999 N/A ---- ------- ------- -------- ------ EDWARD C. 2001 156,619 682,500 2,381 ROCHETTE(2) 2000 143,628 38,635 Senior Vice-President 1999 117,112 57,646 2,740 Legal and (62,300)(3) ---- ------- ------- -------- ------ Administration DOUGLAS KIRWIN 2001 150,000 182,500 36,000 Senior Vice-President 2000 109,200 39,023 Exploration 1999 109,200 3,728 ---- ------- ------- -------- ------ JAIME TRONCOSO 2001 150,000 176,667 Vice-President, 2000 150,000 1,860 Kazakhstan 1999 162,000 43,027 43,333 (46,500)(3) ==== ======= ======= ======== ======
11 (1) All three years are entered for each reporting executive officer, however, the compensation figures are reported from the year the executive officer was required to report. (2) In each of the years described, Mr. Rochette's compensation was pro-rated consistent with time spent on the business of the Corporation. (3) Common shares were granted to certain Named Executive Officers on October 4, 1999 at a deemed value of Cdn$1.39 per Share. LONG TERM INCENTIVE PLAN The Corporation does not presently have a long-term incentive plan for its executive officers. OPTIONS/SAR GRANTS DURING THE MOST RECENTLY COMPLETED FINANCIAL YEAR The following Options/SARs were granted to Named Executive Officers in the financial year ended December 31, 2001:
MARKET % TOTAL VALUE OF SECURITIES OPTIONS/SAR SECURITIES UNDER GRANTED TO (1)EXERCISE UNDERLYING OPTIONS/SAR EMPLOYEES IN OR BASE OPTIONS/SAR NAME GRANTED (#) FINANCIAL PRICE S ON THE DATE EXPIRATION YEAR ($/SECURITY) OF GRANT(1) DATE ($/SECURITY) - ----------- ----------- ------------ ----------- ------------- ----------- Daniel Kunz 1,078,000 12.32 $1.20 $1.18 Jan 25/06 500,000 5.72 $1.70 $1.18 Performance Based(2) ----------- ------------ ------------ ------------- ----------- Gordon Toll 1,500,000 17.15 $1.20 $1.18 Jan 25/06 50,000 0.57 $1.70 $1.18 Performance Based(2) ----------- ------------ ------------ ------------- ----------- Edward 532,500 6.09 $1.20 $1.18 Jan 25/06 Rochette 150,000 1.71 $1.70 $1.18 Performance Based(2) ----------- ------------ ------------ ------------- ----------- Douglas 132,500 1.51 $1.20 $1.18 25 Jan/06 Kirwin 50,000 0.57 $1.70 $1.18 Performance Based(2) ----------- ------------ ------------ ------------- ----------- Jaime 126,667 1.45 $1.20 $1.18 Jan 25/06 Troncoso 50,000 0.57 $1.70 $1.18 Performance Based(2) =========== ============ =========== ============= ===========
(1) Equal to or greater than the weighted average price of the Corporation's common shares on the TSX for the five trading days preceding the date of grant. (2) The Performance Based options were granted with specific performance based vesting as follows: the options vest as to 40% upon the realization of one of three 12 specific targets set by the Board and the remaining 60% vest upon a second, yet to be determined, goal to be met. AGGREGATED OPTION EXERCISES Other than as described below, no further options were exercised during Fiscal 2001 by the Named Executive Officers.
Securities Aggregate Unexercised Options at Value of Unexercised in the Acquired on Value December 31, 2001 Money Options at Name Exercise Realized (Exercisable/Unexercisable) December 31, 2001 (Exercisable/Unexercisable) - ------------------ ----------- --------- -------------------------- ---------------------------- Daniel Kunz 495,400/1,254,600 $354,090/$816,410 Gordon Toll 825,000/725,000 $701,250/$591,250 Edward Rochette 227,250/522,750 $210,038/$369,338 Douglas Kirwin 106,500 $115,575 750/142,750 $638/$96,338 Jaime Troncoso 111,333/138,667 $74,333/$17,500
PENSION PLANS The Corporation does not presently provide a pension plan for its directors, executive officers or employees. COMPOSITION OF COMPENSATION COMMITTEE During the year ended December 31, 2001, the Compensation and Benefits Committee was comprised of Messrs. Robert Friedland (refer to "Interest of Insiders in Material Transactions"), Gordon L. Toll and R. Edward Flood, who in their capacity as Deputy Chairmen are each an officer and employee of the Corporation. Mr. Friedland resigned his position on the Compensation and Benefits Committee in the second half of the year ended December 31, 2001. Directors who were officers or employees of the Corporation during the financial year ended December 31, 2001, were: Mr. Robert Friedland -- Chairman, Mr. R. Edward Flood -- Deputy Chairman, Mr. Gordon L. Toll -- Deputy Chairman, Mr. Daniel Kunz -- President. REPORT ON EXECUTIVE COMPENSATION The Corporation's executive compensation program is administered by the Compensation Committee and is designed to be competitive with the executive compensation programs offered by other corporations comparable to the Corporation and, where appropriate, to provide incentives for enhancing of shareholder value. The overall objective of the Corporation's executive compensation program is to attract and retain qualified executives who will contribute to the success of the Corporation, to provide fair and competitive compensation, to align the interests of management with those of shareholders and to reward performance that contributes to the achievement of those objectives. Compensation has been structured so as to link shareholder return, measured by the change in share price, with executive compensation through the use of stock 13 options as the primary element of variable compensation. The Corporation does not offer pension plans to its senior executives. The cash compensation paid to the Named Executive Officers is intended to be comparable to the cash compensation paid to executive officers of similar companies who have comparable duties and responsibilities. Submitted on behalf of the Compensation Committee: Mr. R. Edward Flood Mr. Gordon L. Toll PERFORMANCE GRAPH The following graph compares the cumulative shareholder return on a $100 investment in Common Shares of the Corporation to a similar investment in companies comprising the TSX 300 Total Return Index, including dividend reinvestment, for the period December 31, 1996 to December 31, 2001. [STOCK PRICE PERFORMANCE GRAPH]
December 31 1996 1997 1998 1999 2000 2001 - -------------------------- ---- ---- ---- ---- ---- ---- ~~Ivanhoe Mines Ltd. $100 $ 18 $ 5 $ 6 $ 7 $ 13 TSX 300 Total Return Index $100 $113 $109 $142 $151 $130~~
14 COMPENSATION OF DIRECTORS Currently no fixed compensation is paid to directors of the Corporation for acting as such, although all directors have been granted stock options. The directors may be reimbursed for actual expenses reasonably incurred in connection with the performance of their duties as directors. INDEBTEDNESS OF DIRECTORS AND OFFICERS Other than "routine indebtedness" as that term is defined in applicable securities legislation, no director or senior officer of the Corporation, or associate or affiliate of any such director or senior officer, is or has been indebted to the Corporation since the beginning of the last completed financial year of the Corporation. RECOMMENDATION The Directors of the Corporation recommend the approval of this resolution authorising the issue of up to 50 million Equity Securities and recommend that shareholders vote in favour of the Resolution. If shareholders cannot attend the Meeting they are urged to complete the proxy form and return it (see proxy form for details) as soon as possible. OTHER BUSINESS Management of the Corporation is not aware of any matter to come before the Meeting other than the matters referred to in the Notice of the Meeting. DIRECTORS' APPROVAL The contents of this Management Proxy Circular and its distribution to shareholders have been approved by the Board of Directors of the Corporation. DATED at Vancouver, British Columbia, as of the 27th of November, 2002. BY ORDER OF THE BOARD "BEVERLY A. BARTLETT" CORPORATE SECRETARY 15 SCHEDULE A TSX CODE PROVISIONS SCOPE OF THE PRIVATE PLACEMENT REQUIREMENTS SEC. 618. The Exchange defines the term "private placement" as an issuance of treasury securities without prospectus disclosure, in reliance on the exempting provisions of clause (b) of section 72(1) of the Ontario Securities Act, or section 2.3 of Ontario Securities Commission Rule 45-501, Exempt Distributions, or equivalent legislation of another jurisdiction. In certain circumstances, however, the Exchange may consider it appropriate to apply the rules set out in Sections 619 to 622 to other types of transactions. Sections 619 to 621 are not applicable to private placements of securities which are neither of a class listed on the Exchange nor convertible into securities of a class listed on the Exchange. Sections 619, 620 and 622 are not necessarily applicable to private placement transactions which, in the opinion of the Exchange, have not been negotiated at arm's length. Each non-arm's length transaction is considered on its own merits. SIZE OF TRANSACTION SEC. 620. (a) Subject to paragraphs (b) and (c), the aggregate number of securities of a listed issue which are issued or made subject to issuance pursuant to private placement transactions during any six-month period must not exceed 25% of the number of securities of the issue which are outstanding (on a non-diluted basis) prior to giving effect to such transactions. (b) The Exchange will give consideration to requests by listed companies to exceed the 25% limit referred to in paragraph (a), but only on condition that approval of the shareholders be obtained. (c) If the listed company has more than one outstanding class of participating securities, the Exchange may, in appropriate circumstances, regard the separate classes as a single class for the purposes of paragraph (a). (d) In the case of a private placement of convertible securities, or where warrants are issued to a private placement purchaser, the underlying securities will be regarded as being "subject to issuance", for the purposes of paragraph (a), at the time of the closing of the private placement transaction, regardless of when the right of conversion or exercise commences. (e) Where the number of securities of a listed issue which would be issued or made subject to issuance pursuant to a proposed private placement transaction (or series of related transactions) would exceed 100% of the number of securities of the issue which are outstanding (on a non-diluted basis) prior to giving effect to the transaction, reference should be made to Sections 699.10 to 699.15 respecting "backdoor listings". 16 SCHEDULE B SECTION 7.1 TO 7.5 OF ASX RULES ISSUES EXCEEDING 15% OF CAPITAL 7.1 Without the approval of holders of ordinary securities, an entity must not issue or agree to issue more equity securities than the number calculated according to the following formula. (A x B) - C A = The number of fully paid ordinary securities on issue 12 months before the date of issue or agreement, o plus the number of fully paid ordinary securities issued in the 12 months under an exception in rule 7.2, o plus the number of partly paid ordinary securities that became fully paid in 12 months, o plus the number of fully paid ordinary securities issued in the 12 months with approval of holders of ordinary securities under this rule, o less the number of fully paid ordinary securities cancelled in the 12 months. B = 15% C = The number of equity securities issued or agreed to be issued in the 12 months before the date of issue or agreement to issue but not under an exception in rule 7.2 or with approval under this rule. 7.1.1 -- 7.1.4 [REPEALED] 7.1.4 In working out the number of equity securities that an entity may issue or agree to issue, and the number of equity securities in "C", the following rules apply. (a) If the equity securities are fully paid ordinary securities, each security is counted as one. (b) If the equity securities are convertible into ordinary securities or are partly paid securities, each security is counted as the maximum number of fully paid ordinary securities into which it can be converted or paid up. (c) In any other case, each security is counted as ASX decides. 7.1.5 The following rules apply regarding issues of equity securities or agreements to issue equity securities. (a) An agreement to issue equity securities that is conditional on holders of ordinary securities approving the issue before the issue is made is not treated as an agreement. If an entity relies on this rule it must not issue the equity securities without approval. 17 (b) In working out if there is an issue of equity securities the sale or reissue of forfeited equity securities is treated as an issue of equity securities. 7.1.6 In working out the number of fully paid ordinary securities on issue 12 months before the date of issue or agreement in "A", if first quotation of the entity's securities occurred less than 12 months before the date of issue or agreement, the number of securities is the number of fully paid ordinary securities on issue on the date of first quotation. EXCEPTIONS TO RULE 7.1 7.2 Rule 7.1 does not apply in any of the following cases. Exception 1 An issue to holders of ordinary securities made under a pro rata issue and to holders of other equity securities to the extent that the terms of issue of the equity securities permit participation in the pro rata issue. Exception 2 An issue under an underwriting agreement to an underwriter of a pro rata issue to holders of ordinary securities if the underwriter receives the securities within 15 business days after the close of the offer. Exception 3 An issue to make up the shortfall on a pro rata issue to holders of ordinary securities. The entity must make the issue within 3 months after the close of the offer, and the directors of the entity (in the case of a trust, the responsible entity or management company) must have stated as part of the offer that they reserve the right to issue the shortfall at their discretion. The issue price must not be less than the price at which the securities were offered under the pro rata issue. Exception 4 An issue on the conversion of convertible securities. The entity must have issued the convertible securities before it was listed or complied with the listing rules when it issued the convertible securities. Exception 5 An issue under an off-market bid that is required to comply with the Corporations Act or under a merger by way of scheme of arrangement under Part 5.1 of the Corporations Act. Exception 6 An issue to fund the cash consideration in any of the following circumstances if the terms of the issue are disclosed in the takeover or scheme documents. o An off-market bid that is required to comply with the Corporations Act, when the offer becomes unconditional. o A market bid that is required to comply with the Corporations Act, when the market bid is announced under section 635 of the Corporations Act. o A merger by way of scheme of arrangement under Part 5.1 of the Corporations Act, when the arrangement is approved by the court under section 411(4) of the Corporations Act. Exception 7 An issue under a dividend or distribution plan, excluding an issue to the plan's underwriters. Exception 7 is only available in the following cases. 18 (a) In the case of a plan that was established before the entity was listed -- a summary of the plan's terms was set out in the prospectus or information memorandum. (b) In the case of a plan that was established after the entity was listed -- the plan's terms were approved by holders of ordinary securities. Exception 8 [REPEALED] Exception 9 An issue under an employee incentive scheme if within 3 years before the date of issue one of the following occurred. (a) In the case of a scheme established before the entity was listed -- a summary of the terms of the scheme were set out in the prospectus, Product Disclosure Statement or information memorandum. (b) Holders of ordinary securities have approved the issue of securities under the scheme as an exception to this rule. The notice of meeting must have included each of the following. o A summary of the terms of the scheme. o The number of securities issued under the scheme since the date of the last approval. o A voting exclusion statement. (c) The scheme was approved by holders or ordinary securities under rule 7.37 or 7.38. Exception 10 An issue of preference shares which do not have any rights of conversion into another class of equity security. The preference shares must comply with chapter 6. Exception 11 The reissue or sale of forfeited shares within 6 weeks after the day on which the call was due and payable. Exception 12 An issue on the exercise of options to an underwriter of the exercise. Exception 12 is only available if each of the following applies. (a) The entity complied with the listing rules when it issued the options. (b) The underwriter receives the underlying securities within 10 business days after expiry of the options. (c) The underwriting agreement was disclosed under rule 3.11.3. Exception 13 An issue under an agreement to issue securities. The entity must have complied with the listing rules when it entered into the agreement to issue the securities. Exception 14 An issue made with the approval of holders of ordinary securities under listing rule 10.11. The notice of meeting must state that if approval is given under listing rule 10.11, approval is not required under listing rule 7.1. 19 NOTICE REQUIREMENTS FOR APPROVAL UNDER RULE 7.1 AND 7.1.5(a) 7.3 For the holders of ordinary securities to approve an issue or agreement to issue, the notice of meeting must include each of the following. 7.3.1 The maximum number of securities the entity is to issue (if known) or the formula for calculating the number of securities the entity is to issue. 7.3.2 The date by which the entity will issue the securities. The date must be no later than 3 months after the date of the meeting. However, if court approval of a reorganization of capital (in the case of a trust, interests) is required before the issue, the date must be no later than 3 months after the date of court approval. 7.3.3 The issue price of the securities, which must be either: o A fixed price; or o A minimum price. The minimum price may be fixed or a stated percentage that is at least 80% of the average market price for securities in that class. The average is calculated over the last 5 days on which sales in the securities were recorded before the day on which the issue was made or, if there is a prospectus, Product Disclosure Statement or offer information statement relating to the issue, over the last 5 days on which sales in the securities were recorded before the date the prospectus, Product Disclosure Statement or offer information statement is signed. 7.3.4 The names of the allottees (if known) or the basis upon which allottees will be identified or selected. 7.3.5 The terms of the securities. 7.3.6 The intended use of the funds raised. 7.3.7 The dates of allotment or a statement that allotment will occur progressively. 7.3.8 A voting exclusion statement. This does not apply if the issue is part of a public offer of equity securities and the notice of meeting states each of the following. (a) The entity will offer securities to all holders of ordinary securities in priority to anyone else, and will issue them in a fair and equitable manner. (b) Apart from an agreement for the allotment of securities, the entity will limit the number of securities it issues to a holder of ordinary securities to the higher of 5% of all the securities being offered and the number the holder would be entitled to under a pro rata issue of all those securities. 20 7.3.9 In the case of an agreement for the allotment of securities which is part of a public offer, a voting exclusion statement in relation to a party to the agreement, and an adequate summary of the agreement. SUBSEQUENT APPROVAL OF AN ISSUE OF SECURITIES 7.4 An issue of securities made without approval under rule 7.1 is treated as having been made with approval for the purpose of rule 7.1 if each of the following apply. 7.4.1 The issue did not breach rule 7.1. 7.4.2 Holders of ordinary securities subsequently approve it. 7.5 For the holders to approve the issue subsequently, the notice of meeting must include each of the following. 7.5.1 The number of securities allotted. 7.5.2 The price at which the securities were issued. 7.5.3 The terms of the securities. 7.5.4 The names of the allottees or the basis on which allottees were determined. 7.5.5 The use (or intended use) of the funds raised. 7.5.6 A voting exclusion statement. 21 EX-20.3 40 o11180exv20w3.txt NOTICE & PROXY CIRCULAR DATED APRIL 15, 2003 Exhibit 20.3 IVANHOE MINES LTD. Suite 654 - World Trade Centre 999 Canada Place Vancouver, British Columbia, V6C 3E1 MANAGEMENT PROXY CIRCULAR THIS MANAGEMENT PROXY CIRCULAR IS FURNISHED TO THE COMMON SHAREHOLDERS ("SHAREHOLDERS") OF IVANHOE MINES LTD. (THE "CORPORATION") BY MANAGEMENT OF THE CORPORATION IN CONNECTION WITH THE SOLICITATION OF PROXIES TO BE VOTED AT THE ANNUAL GENERAL MEETING (THE "MEETING") OF THE SHAREHOLDERS TO BE HELD AT 10:00 A.M., LOCAL TIME, ON JUNE 12, 2003 IN THE TERMINAL CITY CLUB, FERGUSON/ATKINS ROOM, 837 WEST HASTINGS STREET, VANCOUVER, BRITISH COLUMBIA, AND AT ANY ADJOURNMENT THEREOF, FOR THE PURPOSES SET FORTH IN THE NOTICE OF MEETING. UNLESS OTHERWISE STATED, THIS MANAGEMENT PROXY CIRCULAR CONTAINS INFORMATION AS AT APRIL 15, 2003. SOLICITATION OF PROXIES The solicitation of proxies by management will be primarily by mail, but proxies may be solicited personally or by telephone by directors, officers and regular employees of the Corporation. All costs of this solicitation will be borne by the Corporation. APPOINTMENT OF PROXYHOLDERS A shareholder entitled to vote at the Meeting may, by means of proxy, appoint a proxyholder or one or more alternate proxyholders, who need not be shareholders, to attend and act at the Meeting for the shareholder and on the shareholder's behalf. The individuals named in the accompanying form of proxy are directors and/or officers of the Corporation. A SHAREHOLDER MAY APPOINT, AS PROXYHOLDER OR ALTERNATE PROXYHOLDER, A PERSON OR PERSONS OTHER THAN ANY OF THE PERSONS DESIGNATED IN THE ACCOMPANYING FORM OF PROXY, AND MAY DO SO EITHER BY INSERTING THE NAME OR NAMES OF SUCH PERSONS IN THE BLANK SPACE PROVIDED IN THE ACCOMPANYING FORM OF PROXY OR BY COMPLETING ANOTHER SUITABLE FORM OF PROXY. An appointment of a proxyholder or alternate proxyholders will not be valid unless a form of proxy making the appointment, signed by the shareholder or by an attorney of the shareholder authorized in writing, (a "Proxy") is deposited with CIBC Mellon Trust Company, by facsimile (604) 688-4301 or (416) 363 9524, by mail to P.O. Box 1900, Vancouver, B.C. V6E 3X1, or 200 Queens Quay East, Unit 6, Toronto, Ontario, M5A 4K9, or by hand, to Suite 1600, The Oceanic Plaza, 1066 Hastings Street, Vancouver, British Columbia, V6E 3K9 not less than 48 hours (excluding Saturdays, Sundays and statutory holidays) before the Meeting or the adjournment thereof at which the Proxy is to be used. REVOCATION OF PROXIES A shareholder who has given a Proxy may revoke the Proxy (a) by depositing an instrument in writing executed by the shareholder or by the shareholder's attorney authorized in writing (i) with CIBC Mellon Trust Company, not less than 48 hours (excluding Saturdays, Sundays and statutory holidays) before the Meeting or the adjournment thereof at which the Proxy is to be used, (ii) at the registered office of the Company at any time up to and including the last business day preceding the day of the Meeting, or an adjournment thereof, at which the Proxy is to be used, (iii) with the chairman of the Meeting on the day of the Meeting or an adjournment thereof, or (b) in any other manner provided by law. A revocation of a Proxy will not affect a matter on which a vote is taken before the revocation. EXERCISE OF DISCRETION On a poll, the nominees named in the accompanying form of Proxy will vote or withhold from voting the shares represented thereby in accordance with the instructions of the shareholder. The Proxy will confer discretionary authority on the nominees named therein with respect to (a) each matter or group of matters identified therein for which a choice is not specified, other than the appointment of an auditor and the election of directors, (b) any amendment to or variation of any matter identified therein, and (c) any other matter that properly comes before the Meeting. IN RESPECT OF A MATTER FOR WHICH A CHOICE IS NOT SPECIFIED IN THE PROXY, THE NOMINEES NAMED IN THE ACCOMPANYING FORM OF PROXY WILL VOTE SHARES REPRESENTED BY THE PROXY AT THEIR OWN DISCRETION FOR THE APPROVAL OF SUCH MATTER. As of the date of this Management Proxy Circular, management of the Company knows of no amendment, variation or other matter that may come before the Meeting, but if any amendment, variation or other matter properly comes before the meeting, each nominee named in the accompanying form of Proxy intends to vote thereon in accordance with the nominee's best judgment. VOTES NECESSARY TO PASS RESOLUTIONS The Corporation's by-laws provide that a quorum for the transaction of business at the Meeting consists of at least one individual present and holding, or representing by proxy the holder(s) of, shares carrying in the aggregate not less than five percent (5%) of the shares entitled to vote at the Meeting. Under the Yukon Business Corporations Act (the "YBCA") a majority of the votes cast by shareholders at the Meeting is required to pass an ordinary resolution and a majority of two-thirds of the votes cast at the Meeting is required to pass all special resolutions. 2 At the Meeting, shareholders will be asked to consider and, if deemed warranted, to pass an ordinary resolution, the full text of which is set out under "Particulars of Matters to be Acted Upon - Share Issue Resolution" in this Management Proxy Circular (the "Share Issue Resolution"), authorizing the Company to approve issues of equity securities in connection with Australian Stock Exchange listing rules for the period from December 9, 2003 until the date of the Corporation's Annual General Meeting in 2004. The Share Issue Resolution is an ordinary resolution and as such, requires approval by a majority of the votes cast by shareholders at the Meeting. Shareholders will also be asked to elect directors and appoint auditors for the ensuing year. If there are more nominees for election as directors or appointment as the Corporation's auditors than there are vacancies to fill, those nominees receiving the greatest number of votes will be elected or appointed, as the case may be, until all such vacancies have been filled. If the number of nominees for election or appointment is equal to the number of vacancies to be filled, all such nominees will be declared elected or appointed by acclamation. VOTING SHARES The Corporation has an authorized capital consisting of an unlimited number of Common Shares without par value and an unlimited number of Preference Shares without par value. As of April 15, 2003, the Corporation had issued 226,706,473 fully paid and non-assessable Common Shares without par value, each carrying the right to one vote. As of such date no Preference Shares were issued or outstanding. A holder of record of one or more common shares on the securities register of the Corporation at the close of business on April 23, 2003 (the "Record Date") who either attends the Meeting personally or deposits a proxy in the manner and subject to the provisions described above will be entitled to vote or to have such share or shares voted at the Meeting, except to the extent that (a) the shareholder has transferred the ownership of any such share after the Record Date, and (b) the transferee produces a properly endorsed share certificate for, or otherwise establishes ownership of, any of the transferred shares and makes a demand to CIBC Mellon Trust Company no later than 10 days before the Meeting that the transferee's name be included in the list of shareholders in respect thereof. NOTICE TO HOLDERS OF CHESS UNITS OF FOREIGN SECURITIES OVER COMMON SHARES TRADED ON THE AUSTRALIAN STOCK EXCHANGE In Australia the "holders" of the Company's common shares traded on the Australian Stock Exchange may not actually hold the shares but rather CHESS Units of Foreign Securities ('CUFS'), a form of depositary receipt. The shares are held by the Company's depositary nominee, CHESS Depositary Nominees Pty Ltd ('CDN'). If you are a holder of CUFS you cannot vote personally at the meeting. However, you may direct CDN on how it should vote on the resolutions described in the Notice of 3 Meeting and Management Proxy Circular. If you do so, CDN will cast proxy votes in accordance with your directions. You are also permitted to attend the Meeting. If you wish to direct CDN on how it should vote on the resolutions you should complete the attached 'Direction to CDN Form' and return it to Advanced Share Registry Services ("ASRS"), Level 7, 200 Adelaide Terrace, Perth, Western Australia, 6000, Australia (Telephone: +61 8 9221 7288, Facsimile: +61 8 9221 7869). You must complete the form and return it to ASRS by 5pm (Perth time) on 6 June 2003. Please note that as a CUFS holder you must complete the 'Direction to CDN Form' not the Proxy form. ADVICE TO BENEFICIAL HOLDERS OF COMMON SHARES The information set forth in this section is of significant importance to many holders of Common Shares as a substantial number of holders of Common Shares do not hold their Common Shares in their own name. Holders of Common Shares who do not hold their Common Shares in their own name (referred to in this Information Circular as "Beneficial Holders of Common Shares") should note that only proxies deposited by holders of Common Shares whose names appear on the records of the Corporation as the registered holders of Common Shares can be recognized and acted upon at the Meeting. If the Common Shares are listed in an account statement provided to a holder of common Shares by a broker, then in almost all cases those shares will not be registered in the name of the holder of the Common Shares on the records of the Corporation. Such Common Shares will more likely be registered under the names of the holders' of Common Shares broker or an agent of that broker. In Canada, the vast majority of shares are registered under the name of CDS & Co. (the registration name for The Canadian Depositary for Securities, which acts as nominee for many Canadian brokerage firms). Common Shares held by brokers or their agents or nominees can only be voted (for or against resolutions) upon the instructions of the Beneficial Holder of Common Shares. Without specific instructions, brokers and their agents and nominees are prohibited from voting shares for the broker's clients. Therefore, Beneficial Holders of Common Shares should ensure that instructions respecting the voting of their Common Shares are communicated to the appropriate person. Applicable regulatory policy requires intermediaries/brokers to seek voting instructions from Beneficial Holders of Common Shares in order to ensure that their Common Shares are voted at the Meeting. The purpose of the Instrument of Proxy or other form of proxy supplied to a Beneficial Holder of Common Shares by its broker (or agent of the broker) is limited to instructing the registered holder of common Shares (the broker or agent of the broker) how to vote on behalf of the Beneficial Holder of common Shares. The majority of brokers now delegate responsibility for obtaining instructions from clients to Independent Investor Communications Corporation ("IICC"). IICC typically mails a special proxy form to the Beneficial Holders of common Shares and asks Beneficial Holders of Common Shares to return such proxy forms to IICC. IICC then tabulates the results of all instructions received and provides appropriate instructions respecting the voting of Common Shares to be represented at the Meeting. A Beneficial Holder of Common Shares receiving a proxy form from IICC cannot use that proxy to vote Common Shares directly at the Meeting - the proxy must be returned to IICC well in advance of the Meeting in order to have the Common Shares voted at the meeting. 4 Although a Beneficial Holder of Common Shares may not be recognized directly at the Meeting for the purposes of voting Common Shares registered in the name of his or her broker (or agent of the broker), a Beneficial Holder of Common Shares may attend at the Meeting as proxy holder for the registered holder of Common shares and vote the common Shares in that capacity. Beneficial Holders of common shares who wish to attend at the Meeting and indirectly vote their Common Shares as proxy holder for the registered holder of Common Shares should enter their own names in the blank space on the Instrument of Proxy provided to them and return the same to their broker (or the broker's agent) in accordance with the instructions provided by such broker (or agent), well in advance of the Meeting. PRINCIPAL HOLDERS OF SECURITIES To the knowledge of the directors and senior officers of the Corporation, the only persons who beneficially own, directly or indirectly, or exercise control or direction over shares carrying more than 10% of the voting rights attached to the outstanding Common Shares of the Corporation, the approximate number of common shares so owned, controlled or directed and the percentage of voting shares of the Corporation represented by such shares and the share ownership by the current directors and senior officers of the Company as a group are:
NAME AND ADDRESS NUMBER OF SHARES OWNED, PERCENTAGE OF CONTROLLED OR DIRECTED SHARES OUTSTANDING - -------------------------------- ------------------------------- --------------------- Robert M. Friedland Hong Kong 100,758,334 44.44% - -------------------------------- ------------------------------- --------------------- Directors and Officers as a group(1) 101,671,406(2) 44.85% - -------------------------------- ------------------------------- ---------------------
(1) The directors and senior officers, as a group, hold 5,408,500 common shares issuable upon exercise of incentive stock options. (2) Includes 100,758,334 shares held directly and indirectly by Robert M. Friedland. ELECTION OF DIRECTORS The Articles of the Corporation provide that the number of directors of the Corporation will be a minimum of 3 and a maximum of 9. The term of office of each of the current directors will end at the conclusion of the Meeting. Unless a director's office is earlier vacated in accordance with the provisions of the YBCA, each director elected will hold office until the conclusion of the next annual meeting of the corporation or, if no director is then elected, until a successor is elected. The following table sets out the names of management's nominees for election as directors, all major offices and positions with the Corporation and any of its significant affiliates each now holds, each nominee's principal occupation, business or employment, the period of time during which each has been a director of the Corporation and the number of shares of the Corporation beneficially owned by each, directly or indirectly, or over which each exercised control or direction, as at April 15, 2003. 5
Period as a Shares Beneficially Name and Position Principal Occupation, Business or Director of the owned, controlled Employment(1) Corporation or directed(1)(2) - ------------------------------------------ -------------------------------------- ------------------ --------------------- ROBERT M. FRIEDLAND Chairman, Ivanhoe Mines Ltd. (March March, 1994 100,758,334 Chairman, Chief Executive Officer, 1994 - present); Chairman and President and Director President, Ivanhoe Capital Corporation - ------------------------------------------ -------------------------------------- ------------------ --------------------- R. EDWARD FLOOD(4) Deputy Chairman of the Corporation March, 1994 147,450 Deputy Chairman and Director (May 1999 - present); Senior Analyst, Haywood Securities (May 2000 - November 2001) - ------------------------------------------ -------------------------------------- ------------------ --------------------- GORDON L. TOLL Senior Vice-President, Ivanhoe March, 1996 322,500 Deputy Chairman and Director Capital Corporation (December 1995 - present) - ------------------------------------------ -------------------------------------- ------------------ --------------------- JOHN WEATHERALL(3)(5) President, Scarthingmoor Assets June, 1996 50,500 Director Management Inc. (January, 1996-present) - ------------------------------------------ -------------------------------------- ------------------ --------------------- KJELD THYGESEN(3)(4)(5) Managing Director of Lion Resource February, 2001 NIL Director Management (1989 - present) - ------------------------------------------ -------------------------------------- ------------------ --------------------- ROBERT HANSON(4)(5) Chairman of Hanson Capital Limited February, 2001 NIL Director (February 1998 - present);Chairman of Hanson Transport Group (1996 to present); Chairman of Hanson Pacific Limited (March 1994 - 1997); Director, Hanson PLC (1990-1997) - ------------------------------------------ -------------------------------------- ------------------ --------------------- MARKUS FABER(3) Managing Director, Marc Faber Ltd. February, 2002 NIL Director (1990 to present) - ------------------------------------------ -------------------------------------- ------------------ ---------------------
(1) The information as to principal occupation, business or employment and shares beneficially owned, controlled or directed by a nominee is not within the knowledge of the management of the Corporation and has been furnished by the nominee. (2) Does not include unissued common shares issuable upon the exercise of incentive stock options. See "Voting Shares". (3) Indicates members of the Audit Committee. (4) Indicates members of the Compensation and Benefits Committee. (5) Indicates members of Nominating and Corporate Governance Committee. 6 EXECUTIVE COMMITTEE The Corporation does not have an Executive Committee of the Board of Directors. INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON No person who has been a director or officer of the Corporation at any time since the beginning of its last completed financial year, any proposed nominee for director of the Corporation or any associate or affiliate of the foregoing has any material interest, direct or indirect, in any matter to be acted upon at the Meeting, except as disclosed in this Information Circular. PARTICULARS OF MATTERS TO BE ACTED UPON SHARE ISSUE RESOLUTION At the Meeting, Shareholders will be asked to consider and, if deemed advisable, pass a resolution authorizing the issue by the Corporation of up to 50 million Equity Securities (in addition to any other securities issuable in compliance with the Australian Stock Exchange ("ASX") Listing Rules) to such allottees and at such issue price(s) determined by the directors as set out in this Management Proxy Circular, such issue(s) to take place, subject to any applicable ASX waiver, during the period between December 9, 2003 and the date of the Corporation's annual general meeting in 2004. This resolution is to be effective if the Corporation is not exempt from ASX listing rule 7.1 (or its successor provisions) during such period by virtue of the grant by the ASX of an extension of the ASX waiver of listing rule 7.1 dated December 9, 2002 (the "Waiver") or otherwise. For purposes of this resolution, an "Equity Security" is a Common Share or a security or other right convertible into or exchangeable for a Common Share including a Common Share Purchase Warrant or a Special Warrant. BACKGROUND TORONTO STOCK EXCHANGE REQUIREMENTS IN RESPECT OF SHARE ISSUANCES The Corporation's Common Shares have been listed on the TSX since June 1996, and, accordingly, the Corporation is subject to regulation under the rules and policies of the TSX Company Manual (the "TSX Code"), including TSX Code restrictions on the number of equity securities that may be issued pursuant to private placement transactions. The TSX Code provides that the aggregate number of listed securities which are issued (or made subject to issuance) pursuant to a "private placement" transaction during any six month period may not exceed 25% of the number of securities of the issuer which are outstanding (on a non-diluted basis) prior to giving effect to such transaction without both TSX and shareholder approval. A "private placement" transaction is the issuance of treasury securities of a listed class (or convertible into a listed class) without Canadian prospectus disclosure or reliance on the exempting provisions of Canadian provincial securities legislation. Public offerings of securities by prospectus are not limited by any percentage restriction under the TSX Code. The applicable provisions of the TSX Code referred to above are set out on Schedule A to this Management Proxy Circular. 7 AUSTRALIAN STOCK EXCHANGE REQUIREMENTS IN RESPECT OF SHARE ISSUANCES The Common Shares of the Corporation have been listed on the ASX since September 1996 as a Foreign Exempt Listing. On July 1, 2002, as the result of a change in the policy of the ASX in respect of the listing of foreign companies on the ASX, the Corporation changed its listing category from an exempt listing to a full listing in order for the Corporation's Common Shares to remain listed on the ASX. Accordingly since July 1, 2002, the Corporation has been subject to the ASX Listing Rules applicable to all non-exempt listed companies, including a specific limitation on the ability of listed companies to raise equity capital without ongoing shareholder approvals. ASX listing rule 7.1 restricts the ability of the Corporation to issue certain equity securities during any twelve month period to 15% of the outstanding Common Shares at the beginning of such period (subject to certain adjustments). This restriction will not apply to an issue of Equity Securities if the Corporation has received shareholder approval of the transaction or a specific exemption or waiver is applicable. Shareholder approval can be either prospective or, provided an issuance of shares is in compliance with the 15% limitation, in the form of a subsequent ratification. Unlike the TSX Code, the ASX listing rule restrictions include all issuances of "equity securities" of the Corporation, including public offerings by prospectus, unless a specific exemption is available under listing rule 7.2 or a waiver is received from the ASX. The principal exemption relevant to capital raising under the listing rule is a rights issue whereby new equity securities to be issued must first be offered pre-emptively to existing shareholders on a pro-rata basis. The text of listing rules 7.1 through 7.5 is set out in Schedule B to the Management Proxy Circular. WAIVER OF ASX LISTING RULE 7.1 Following July 1, 2002 the Corporation sought a number of waivers from the ASX in order to harmonise, as far as possible, the requirements of the ASX Listing Rules with the regulatory framework of the TSX and other Canadian regulators. One of the principal waivers sought by the Corporation was a conditional waiver from listing rule 7.1. It is the Corporation's position that strict compliance with listing rule 7.1 restricts the Corporation's ability to raise capital in North American and other markets. Because North American capital raising practices do not typically involve pre-emptive offers to existing shareholders, but rely instead on rapid financing techniques designed to accelerate the completion of offerings to third parties, the effect of listing rule 7.1 is to oblige the Corporation to obtain ongoing shareholder approvals of specifiable tranches or specific transactional exemptions or waivers from the ASX in order to take advantage of market windows to raise equity capital. Given North American capital market dynamics, the Corporation cannot rely on rights offerings to complete large equity offerings. This technique may be appropriate for companies based and principally operating in certain jurisdictions such as Australia, but North America capital raising practices rarely rely on this financing technique, the only significant capital raising exemption to the restrictions under ASX listing rule 7.1, absent a shareholders' meeting. 8 The Corporation is actively involved in ongoing exploration activities in Mongolia and elsewhere which require ongoing funding in order to continue development of such properties. Over the longer term, the Corporation will need to obtain additional funding for, or third party participation in, its undeveloped or partially developed properties to bring them into production. Accordingly the Corporation continually monitors the opportunity to raise additional equity capital as a method of funding its activities, provided market conditions are favourable. It is important for the Corporation and its shareholders for the Corporation to be in a position to respond to such market opportunities. On December 9, 2002 following application and appeal procedures, the ASX granted the Corporation the Waiver from listing rule 7.1 for the period ending December 9, 2003. As a result of this Waiver, the Corporation is not required to obtain shareholder approval for issues of Equity Securities exceeding the 15% limit in listing rule 7.1 during this period. The Corporation is not seeking shareholder approval at the Meeting for issues of Equity Securities during the period ending December 9, 2003. During the period from July 1, 2002 to the date of this Circular the Company has raised Cdn.$134,536,280 through the issue of 41,296,000 Common Shares issued directly or issued or issuable upon exercise of a right of conversion of Equity Securities. REASONS FOR SEEKING SHAREHOLDER APPROVAL AT THE MEETING When the Waiver expires on December 9, 2003, the Corporation will again be subject to the restriction under listing rule 7.1 on issuing Equity Securities unless the Corporation receives a grant from the ASX of a further extension of the Waiver or is otherwise exempted from the provisions of listing rule 7.1. Management of the Corporation believe that it is important for the Corporation to have flexibility in its ability to raise capital, particularly since the Corporation is currently and expects to continue to be, engaged in capital-intensive exploration and development projects in Mongolia and elsewhere. Accordingly, it is management's current intention to apply to the ASX for an extension of the Waiver prior to its expiry or a new waiver, to further exempt the Corporation from listing rule 7.1 during the period from December 9, 2003 until the date of the Corporation's annual general meeting in 2004 (expected to be in June 2004). The Corporation is proposing that at the Meeting the shareholders prospectively approve the issue of up to 50 million Equity Securities during the period from December 9, 2003 until the Corporation's annual general meeting in 2004. Such approval will not at this time satisfy the ASX listing rule requirements for shareholder approval of an issue of equity securities. Listing rule 7.3 requires the notice of the meeting at which approval will be sought to specify a date for issue of the securities, which must be a date within 3 months following the date of the shareholders meeting authorizing the issue of securities. Accordingly, even if the Share Issue Resolution is passed and effective in accordance with its terms, it will not at this time constitute effective prospective approval for the issue of specifiable tranches of securities for ASX listing rule purposes and a waiver from the requirements of listing rule 7.1 and/or 7.3 will be required. However management feels it is prudent to obtain shareholders approval for the Share Issue Resolution to support the Corporation's application for a waiver if this becomes necessary or advisable to avoid the necessity and expense of holding another shareholders meeting to authorize the issue of Equity Securities during the period between December 9, 2003 and the Corporation's annual general meeting in 2004. This proposed shareholder resolution is intended to be effective if the Corporation is not otherwise fully exempt from ASX listing rule 7.1 (or its successor provisions) during the period from December 9, 2003 until the Corporation's annual general meeting in 2004. 9 The Corporation will during such period continue to be subject to the TSX Code restrictions in respect of private placements of Equity Securities. The contents of this Management Proxy Circular have not been endorsed by ASX at this time. PARTICULARS IN RESPECT OF PROPOSED RESOLUTION The following particulars relate to the proposed resolutions: (i) The maximum number of Common Shares issuable either directly by the Corporation or upon exercise of a right of conversion of Equity Securities will be 50 million Common Shares; (ii) Any Equity Securities issued pursuant to this Resolution will be issued between December 9, 2003 and the date of the Corporation's annual general meeting in 2004, expected to be in June, 2004; (iii)The minimum issue price for each whole Common Share or underlying Common Share will be Cdn.$2 per Common Share or underlying Common Share. As a practical matter, Equity Securities issued by way of a private placement will not be issued for less than a 15% discount to market price in accordance with applicable TSX Code. Equity Securities issued by public offering would be determined by the Corporation based on prevailing market conditions and, if applicable, negotiation with underwriters; (iv) Equity Securities issued under a private placement will be issued primarily to institutional or sophisticated investors in accordance with applicable North American or other securities laws. Equity Securities may also be issued to investors under an underwritten or best efforts public offering. Equity Securities may also be issued in connection with an acquisition by the Corporation to a vendor of assets. The persons to whom securities will be issued will be determined by the Directors of the Corporation. The names of the allottees are not known, with the Directors of the Corporation to use their absolute discretion in respect of any allotment. It is not anticipated that any director or their associates would participate in any such allotment in the absence of appropriate approvals; (v) Equity Securities issuable with the specifiable tranche(s) if ASX grants either of the waivers contemplated by these resolutions would be Common Shares, or a security or other right convertible into, or exchangeable for, Common Shares including Common Share Purchase Warrants or Special Warrants. o Any Common Shares issued would be fully paid Common Shares ranking in parity to the other outstanding Common Shares of the Corporation. o A Common Share Purchase Warrant is a right exercisable by the holder to acquire a Common Share upon payment of minimum exercise price of Cdn.$2, and may be issued for no additional consideration at the time of issue. o Pursuant to applicable rules of the TSX, any Common Share Purchase Warrant issued in a private placement transaction will not be exercisable for an exercise price less than the closing market price of the underlying 10 Common Share on the trading day preceding the date of stock exchange notification of the issue and may only be exercisable for five years from the date of issuance. A purchaser of Common Share Purchase Warrants would be entitled upon exercise to no more than one Common Share per Common Share Purchase Warrant, subject to adjustment provisions which would entitle the purchaser to adjust the number of Common Shares issuable in order to account for the effect of a stock dividend, share split or consolidation or other capital structure change affecting the Common Shares of the Corporation; o Special Warrants would be issued by private placement and subject to a minimum Cdn. $2 issue price per underlying Common Share. Special Warrants grant the holder (of Special Warrants) Common Shares upon exercise or deemed exercise of the Special Warrants, upon clearance of a prospectus with respect to the distribution of securities, without payment of additional consideration by the holders of the Special Warrants; o The Equity Securities may be issued in one or more transactions. The Corporation may, at the request of a purchaser or as required by applicable securities laws, prepare and file in British Columbia and other applicable jurisdictions a prospectus in connection with an issuance of Equity Securities; o The Equity Securities, or some of them, may be sold through underwriters or licensed brokers and the Corporation may pay negotiated underwriting or brokers commissions or finder's fees in accordance with applicable laws; (vi) The intended use of proceeds raised is to fund drilling and exploration expenditures in respect of the Corporation's properties in Mongolia, to fund exploration activities in respect of the Corporation's other existing properties and properties acquired in the future, to fund the acquisition of additional properties or assets and for working capital and general corporate and administrative purposes. (vii) Allotments of Equity Securities would occur progressively. TEXT OF RESOLUTION At the Meeting, the Shareholders will be asked to approve the Share Issue Resolution, the text of which is as follows: "RESOLVED that the Corporation is authorized to issue up to 50 million Equity Securities (in addition to any other securities issuable in compliance with Australian Stock Exchange ("ASX") Listing Rules) to such allottees and at such issue price(s) determined by the directors as set out in this Management Proxy Circular, such issue(s) to take place, subject to any applicable ASX waiver, during the period between December 9, 2003 and the date of the Corporation's annual general meeting in 2004. This resolution is to be effective if the Corporation is not exempt from ASX listing rule 7.1 (or its successor provisions) during such period by virtue of the grant by the ASX of an extension of the ASX waiver of listing rule 7.1 dated December 9, 2002 or otherwise. For purposes of this resolution, an "Equity Security" is a Common Share or a security or other right convertible into 11 or exchangeable for a Common Share, including a Common Share Purchase Warrant or a Special Warrant". VOTING EXCLUSION - The Corporation will disregard any votes cast on this resolution by (i) persons who may participate in the proposed issue and (ii) persons who might obtain a benefit if this resolution is passed, except a benefit solely in the capacity of a holder of Common Shares, and (iii) any associates of those persons. However, the Corporation need not disregard a vote if: it is cast by the person as proxy for a person who is entitled to vote, in accordance with the directions on the proxy form; or it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides. APPOINTMENT OF AUDITORS Deloitte & Touche, Chartered Accountants, will be nominated at the Meeting for re-appointment as auditors of the Corporation at a remuneration to be fixed by the directors. Deloitte & Touche have been auditors of the Corporation since January 1995. INTEREST OF INSIDERS IN MATERIAL TRANSACTIONS Other than as disclosed below or elsewhere in this Management Proxy Circular, no insider and no associate or affiliate of any such insider, has any material interest, direct or indirect, in any material transaction since the commencement of the Corporation's last financial year or in any proposed transaction, which, in either case, has materially affected or would materially affect the Corporation, other than as set out below. The Corporation is a party to cost sharing agreements with other companies in which Robert M. Friedland has a material direct or indirect beneficial interest. Through these agreements, we share office space, furnishings, equipment and communications facilities in Vancouver, Singapore and London and an aircraft on a cost recovery basis. The Corporation also shares the costs of employing administrative and non-executive management personnel in these offices. During the year ended December 31, 2002, our share of these costs was US$5,143,000. The companies with which the Corporation is a party to the cost sharing agreements, and Mr. Friedland's ownership interest in each of them, are as follows:
R.M. FRIEDLAND COMPANY NAME OWNERSHIP INTEREST - ------------ ------------------ Ivanhoe Energy Inc. 32.17% Ivanhoe Capital Corporation 100.00% African Minerals Ltd. 54.58%
EXECUTIVE COMPENSATION In accordance with the requirements of applicable securities legislation in Canada, the following executive compensation disclosure is provided in respect of the Company's Chief Executive Officer as at December 31, 2002, and each of the four most highly compensated executive officers ("Named Executive Officers") whose annual compensation exceeded $100,000 in the year ended December 31, 2002. During the year ended December 31, 2002, the aggregate compensation paid to all officers of the Company who received more than $40,000 in aggregate compensation during such period was US$1,120,730. 12 SUMMARY COMPENSATION TABLE The following table sets forth a summary of all compensation paid during the years ending December 31, 2000, 2001 and 2002 to each of the Named Executive Officers of the Corporation.
Annual Compensation Long Term Compensation -------------------------------- -------------------------------- Awards Payouts ----------------------- ------- Securities Restricted Other Under Shares or Annual Options/ Restricted All Other Compen- SARs Share LTIP Compen- Name and Salary Bonus sation Granted Units Payout sation Principal Position Year (US$) (US$) (US$)(1) (#) (US$) (US$) (US$)(2) - ------------------ ---- ------ ----- -------- ---------- ---------- ------ -------- DANIEL KUNZ 2002 200,000 - - - - - 9,740 President 2001 250,000 - - 1,578,000 - - 9,740(7) 2000 200,000 35,000 - - - - 9,740(7) - ------------------------------------------------------------------------------------------------------------------------------------ GORDON TOLL 2002 201,267 - - - - - 3,330 Deputy Chairman 2001 202,593 - - - - - 3,330(7) 2000 N/A - ------------------------------------------------------------------------------------------------------------------------------------ EDWARD C. ROCHETTE 2002 160,102 - 17,092(3) - - - 3,300 Senior Vice-President 2001 156,619 - 15,471(3)(7) 682,500 - - 3,300(7) Legal and Administration 2000 143,628 - 38,365(3)(7) - - - 3,300(7) - ------------------------------------------------------------------------------------------------------------------------------------ DOUGLAS KIRWIN 2002 150,000 65,000(4) 44,877(5) - - - 6,718 Senior Vice-President 2001 150,000 - 39,773(5)(7) 182,500 - - 4,750(7) Exploration 2000 109,200 - 38,597(5)(7) - - - 4,750(7) - ------------------------------------------------------------------------------------------------------------------------------------ JAIME TRONCOSO 2002 150,000 - 70,847(6) - - - - Vice-President, 2001 150,000 - 73,103(6)(7) 176,667 - - -(7) Kazakhstan 2000 150,000 - 89,580(6)(7) - - - - - ------------------------------------------------------------------------------------------------------------------------------------
(1) Perquisites and benefits do not exceed the lesser of $50,000 and 10% of the total of the annual salary and bonus for any of the Named Executive Officers except where numbers are disclosed in this column. (2) Includes share purchase plan contributions and life insurance premiums. (3) Mr. Rochette's other annual compensation included medical and dental premiums of $13,096 (2002), $11,388 (2001) and $34,948 (2000). (4) Mr. Kirwin received a bonus in 2002 of $65,000 which was applied to repay a loan from the Company to pay the mortgage on his home. The loan was forgiven in 2002 although for accounting purposes the amount was booked in 2001. (5) Mr. Kirwin's other annual compensation includes a housing allowance of $36,000 in each of 2002, 2001 and 2000. (6) Mr. Troncoso's other annual compensation includes a housing allowance of $27,750 (2002), $27,375 (2001) and $27,450 (2000), and tax gross up allowance of $40,407 (2002), $42,328 (2001) and $60,173 (2000). (7) Reflects adjustment from previous disclosure. 13 LONG TERM INCENTIVE PLAN The Corporation does not presently have a long-term incentive plan for its executive officers. OPTIONS/SAR GRANTS DURING THE MOST RECENTLY COMPLETED FINANCIAL YEAR There were no options or stock appreciation rights granted to any of the Named Executive Officers in the financial year ended December 31, 2002. AGGREGATED OPTION EXERCISES Other than as described below, no options or stock appreciation rights were exercised during the year ended December 31, 2002 by the Named Executive Officers.
Value of Unexercised in the Securities Aggregate Unexercised Options at Money Options at Acquired on Value December 31, 2002 December 31, 2002 Name Exercise Realized (Exercisable/Unexercisable) (Exercisable/Unexercisable) - ---- ----------- --------- --------------------------- ----------------------------- Daniel Kunz 872,000 $1,370,080 0/578,000 0/$1,173,340 Edward Rochette 100,000 $181,625 310,375/239,625 $605,061/$486,439
OPTION AND SAR REPRICING No options or stock appreciation rights were repriced during the year ended December 31, 2002. DEFINED BENEFIT AND PENSION PLANS The Corporation does not presently provide any defined benefit or pension plan for its directors, executive officers or employees. EMPLOYMENT CONTRACTS The Company does not have an employment contract with any of the Named Executive Officers. COMPENSATION COMMITTEE During the year ended December 31, 2002, the Compensation and Benefits Committee was comprised of Messrs R. Edward Flood, Kjeld Thygesen and Robert Hanson. Mr. Flood, as Deputy Chairman of the Company is an officer and employee of the Company. Messrs Thygesen and Hanson are both independent directors of the Company. Directors who were officers or employees of the Company during the financial year ended December 31, 2002, were: Mr. Robert Friedland - Chairman, Mr. R. Edward Flood - Deputy Chairman, Mr. Gordon L. Toll - Deputy Chairman, Mr. Daniel Kunz - President. REPORT ON EXECUTIVE COMPENSATION The Corporation's executive compensation program is administered by the Compensation and Benefits Committee. The basic philosophy underlying the Corporation's executive compensation program is that the interests of the Corporation's executive officers should be aligned as closely as possible with the interests of Ivanhoe 14 and its shareholders as a whole. Compensation for the Corporation's senior executive officers is, accordingly, designed to reflect the following considerations: to provide a strong incentive to management to achieve the Corporation's corporate goals each year; to ensure that the interests of management and of the Corporation's shareholders are aligned; and to enable the Corporation to attract, retain and motivate executives of the calibre necessary to successfully develop and operate the Corporation's business. The compensation that the Corporation's executive officers receive generally consists of cash, equity and equity incentives. Typically, base salary comprises the entire cash component of each senior executive officer's compensation. The Corporation does not maintain a pension plan or other long term compensation plan for its executive officers and, generally, does not pay cash bonuses. Compensation over and above base salary usually takes the form of incentive stock options but can also include bonus awards of fully paid common shares of the Corporation. The relative emphasis on the various compensation components is variable and tends not to be comparable year over year. Although the cash component of overall compensation tends to remain relatively consistent, the equity and equity incentive component, being entirely within the discretion of the board of directors, can fluctuate significantly from one year to another. Factors influencing the nature and scope of equity compensation and equity incentives awarded in a given year include: awards made in previous years and, particularly in the case of equity incentives, the number of stock options that remain outstanding and exercisable from grants in previous years and the exercise price and the remaining exercise term of those outstanding stock options. During 2002, the Corporation did not grant any incentive stock options to its executive officers. Accordingly, the relative emphasis in 2002 was entirely on cash compensation. The Corporation's compensation policy is based on the proposition that some element of the compensation for the Corporation's executive officers should be tied to the risks and rewards of owning the Corporation's common shares and that stock options can create a strong incentive to build shareholder value. The Compensation and Benefits Committee oversees and sets the general guidelines and principles for the compensation packages for senior management. As well, the Compensation and Benefits Committee assesses the individual performance of the Corporation's senior executive officers and makes recommendations to the board of directors. Based on these recommendations, the board of directors makes decisions concerning the nature and scope of the compensation to be paid to the Corporation's senior executive officers over and above their base salaries. Although the base salaries of executive officers may be reviewed from time to time on an ad hoc basis, the Compensation and Benefits Committee does not, as a matter of course, review base salaries on an annual basis. The specific relationship of corporate performance to executive compensation under the Corporation's executive compensation program is created exclusively through equity compensation mechanisms. Incentive stock options, which vest and become exercisable with the passage of time, link the bulk of the Corporation's equity-based executive compensation to shareholder return, measured by increases in the market price of the Corporation's common shares. From time to time, the Board of Directors also makes discretionary bonus awards of common shares to the Corporation's employees, including the Corporation's executive officers. Such awards are intended to recognize extraordinary contributions to the achievement of corporate objectives or the fulfillment of defined business development goals and milestones tied to pre-determined equity incentives. 15 The compensation paid to the Corporation's Chief Executive Officer for the fiscal year ended December 31, 2002 was based on the same basic factors and criteria used to determine executive compensation generally. The Corporation's former Chief Executive Officer left the Corporation in early 2003 to become the chief executive officer of an associated mining company in which the Corporation holds a significant interest. The cash compensation paid to the Corporation's former Chief Executive Officer reflected the Compensation and Benefits Committee's views as to what constituted a fair and reasonable base salary for an executive with his skills, expertise and experience having due regard to the nature and stage of development of the Corporation's business. In assessing the cash compensation paid to the Chief Executive Officer, the members of the Compensation Committee drew primarily upon their collective experience in the mining and mining finance industries industry experience. As a source of comparison, the Compensation and Benefits Committee reviewed the rates of publicly reported cash compensation paid to other chief executive officers of intermediate mining development and exploration companies considered by the Compensation and Benefits Committee to be the Corporation's industry peers. These companies included Bema Gold Corporation, Breakwater Resources Ltd., First Quantum Minerals Ltd. and Southernera Resources Limited. The cash compensation paid to our former Chief Executive Officer was in the median range of cash compensation paid to chief executive officers among the members of the Corporation's industry peer group. The Compensation and Benefits Committee did not use a peer comparison in assessing equity compensation. The Corporation's current Chief Executive Officer, who is also the Corporation's largest shareholder, does not receive a salary or any other cash compensation for acting as such. He is, however, eligible to receive equity compensation and equity incentives. The former Chief Executive Officer's compensation during 2002 consisted solely of base salary and standard employee benefits. He did not receive any cash or equity bonus nor any additional incentive stock options. Accordingly, there was no measurable relationship between the Corporation's performance, as reflected in the Corporation's share price, the Corporation's financial results or the development of the Corporation's business, and the former Chief Executive Officer's compensation. The value of the equity component of the Chief Executive Officer's compensation, consisting solely of incentive stock options granted before 2002, was exclusively determined with reference to the Corporation's performance as measured by the appreciation or decline in the market price of the Corporation's common shares. Submitted on behalf of the Compensation and Benefits Committee: R. Edward Flood Robert Hanson Kjeld Thygesen PERFORMANCE GRAPH The following graph compares the cumulative shareholder return on a $100 investment in Common Shares of the Corporation to a similar investment in companies comprising the S&P/TSX Total Return Index, including dividend reinvestment, for the period December 31, 1997 to December 31, 2002. 16 (LINE GRAPH) COMPENSATION OF DIRECTORS Currently no fixed compensation is paid to directors of the Corporation for acting as such, although all directors have been granted stock options. The directors may be reimbursed for actual expenses reasonably incurred in connection with the performance of their duties as directors. INDEBTEDNESS OF DIRECTORS AND OFFICERS Other than "routine indebtedness" as that term is defined in applicable securities legislation, no director or senior officer of the Corporation, or associate or affiliate of any such director or senior officer, is or has been indebted to the Corporation since the beginning of the last completed financial year of the Corporation. CORPORATE GOVERNANCE The Board considers good corporate governance practices as an important factor in the continued and long term success of the Corporation by helping to maximize shareholder value over time. The rules and policies of the TSX require corporations listed on the TSX to disclose their corporate governance practices with reference to a series of guidelines for effective corporate governance (the "TSX Guidelines") adopted by the TSX. 17 RECENT DEVELOPMENTS Canadian securities regulators and the TSX are currently engaged in a review of corporate governance standards applicable to Canadian public companies. In April of 2002, the TSX published for public comment proposed changes to its corporate governance standards. Following the enactment in the United States of the Sarbanes-Oxley Act of 2002, the TSX initiated a review of its proposed standards in light of new U.S. legislation. While the review continues, TSX-listed companies have been advised by the TSX to disclose their corporate governance practices against current TSX guidelines, although they may, at their discretion, provide additional disclosure in reference to the proposed amendments. The Canadian Securities Administrators have also undertaken a review of corporate governance requirements. The Ontario Securities Act has been amended effective April 7, 2003, granting the Ontario Securities Commission rule-making authority with respect to the functioning and responsibilities of audit committees and other certain corporate governance matters. The form of such rules has not yet been released. The ASX Corporate Governance Council has also recently released best practice recommendations for corporations listed on the ASX which will apply in respect of the Corporation's financial year commencing January 1, 2004. The Corporation has commenced reviewing its corporate governance practices against these recommendations. Although the introduction by the TSX of certain corporate governance listing standards (the "Proposed TSX Listing Standards") and certain amendments to its corporate governance guidelines (the "Proposed TSX Amendments") have not yet advanced past the proposal stage, the Corporation has begun the process of conforming its governance standards to those being proposed. The Corporation has recently undertaken a comprehensive review of its corporate governance practices in light of the developing TSX standards as well as the corporate governance and best practice standards in Canada, the U.S. and Australia. Consequently, the Board has recently; i. approved and adopted a new mandate for the Board; ii. created the position of "lead director" with specific responsibility for maintaining the independence of the Board and ensuring the Board carries out its responsibilities contemplated by the Proposed TSX Amendments; iii. appointed a Nominating and Corporate Governance Committee consisting solely of outside and unrelated directors (as such terms are defined in the TSX Guidelines and Proposed TSX Amendments); iv. determined to make a change to the directors appointed to the Compensation and Benefits Committee to consist solely of outside unrelated directors, such change to be made upon the election or appointment of an additional outside independent director to the Board; v. commissioned each of the Corporation's board committees, being the Audit Committee, the Compensation and Benefits Committee and the Nominating and Corporate Governance Committee, to formalize their mandates in charters for approval by the Board; vi. formalized the Company's existing management committee responsible for disclosure matters as the Corporation's Disclosure Committee, with the mandate to oversee the Corporation's disclosure practices; and 18 vii. determined to adopt a formal Code of Business Conduct and Ethics and for the Corporation that governs the behavior of directors, officers and employees. BOARD COMPOSITION The TSX Guidelines recommend that a majority of the directors of a corporation be "unrelated" directors. An "unrelated" director is a director who is independent of management and is free from any interest and any business or other relationship which could, or could reasonably be perceived to, materially interfere with the director's ability to act with a view to the best interests of the corporation, other than interests and relationships arising from shareholding. The Proposed TSX Amendments provide that an unrelated director is an outside director (being a director that is not a member of management) and is free from any interest and any business, family or other relationship which could reasonably be perceived to materially interfere with the director's ability to act with a view to the best interests of the issuer other than interests and relationships arising solely from holdings in the issuer; and who (a) is not currently, or has not been within the last three years, an officer, employee of or material service provider to the issuer or any of its material subsidiaries or affiliates; and (b) is not an officer, employee or controlling shareholder of an entity that has a material business relationship with the issuer. A total of seven persons have been nominated for election as directors at the Meeting. The Board has determined that if all such nominees are elected, the Board will consist of four unrelated directors in John Weatherall, Markus Faber, Robert Hanson and Kjeld Thygesen and three related directors in Robert Friedland, Ed Flood and Gordon Toll, applying the definitions in both the TSX Guidelines and the Proposed TSX Amendments. Each of Messrs. Friedland, Flood and Toll are related directors in their capacities as senior officers of the Corporation and/or one or more of its subsidiaries and members of management. The TSX Guidelines provide that if an issuer has a significant shareholder which the TSX Guidelines define as "a shareholder with the ability to exercise a majority of the votes for the election of the Board of Directors", in addition to a majority of unrelated directors, the Board should include a number of directors who do not have interests in or relationships with either the Corporation or the significant shareholder and which fairly reflects the investment in the Corporation by shareholders other than the significant shareholder. The Corporation does not have a "significant shareholder", as defined in the TSX Guidelines. However, the Chairman and Chief Executive Officer of the Corporation holds approximately 44.44% of the Corporation's voting securities as of the date of this Circular. The Board has determined that the Corporation currently has four of seven directors in John Weatherall, Markus Faber, Robert Hanson and Kjeld Thygesen, who are unrelated as such term is defined under the TSX Guidelines and the Proposed TSX Amendments to both the Corporation and its Chairman and Chief Executive Officer. Accordingly, if the shareholders elect the individuals proposed for election in the Circular, four of the seven members of the Board shall be unrelated. The directors of the Corporation are satisfied with the size and composition of the Board and believe that the current Board composition results in a balanced representation on the Board of Directors among management, unrelated directors, the Corporation's major shareholder. While the board functions effectively given the Corporation's stage of 19 development and the size and complexity of its business, the Board, through its Nominating and Corporate Governance Committee, will continue to seek qualified candidates to augment its experience and expertise and to enhance the Corporation's ability to effectively develop its business interests. MANDATE OF THE BOARD Under the Business Corporations Act (Yukon), the directors of the Corporation are required to manage the Corporation's business and affairs, and in doing so to act honestly and in good faith with a view to the best interests of the Corporation. In addition, each director must exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. The Board of Directors is responsible for supervising the conduct of the Corporation's affairs and the management of its business. The Board's mandate includes setting long term goals and objectives for the Corporation, to formulate the plans and strategies necessary to achieve those objectives and to supervise senior management in their implementation. Although the Board delegates the responsibility for managing the day to day affairs of the Corporation to senior management personnel, the Board retains a supervisory role in respect of, and ultimate responsibility for, all matters relating to the Corporation and its business. The Board's mandate requires that the Board be satisfied that the Corporation's senior management will manage the affairs of the Corporation in the best interest of the shareholders, in accordance with the Corporation's principles, and that the arrangements made for the management of the Corporation's business and affairs are consistent with their duty described above. The Board is responsible for protecting shareholder interests and ensuring that the incentives of the shareholders and of management are aligned. The obligation of the Board must be performed continuously, and not merely from time to time, and in times of crisis or emergency the Board may have to assume a more direct role in managing the affairs of the Corporation. In discharging this responsibility, the Board's mandate provides that the Board oversees and monitors significant corporate plans and strategic initiatives. The Board's strategic planning process includes annual and quarterly budget reviews and approvals, and discussions with management relating to strategic and budgetary issues. The Board also devotes at least one meeting per year to be devoted substantially to review of strategic plans proposed by management. The Board reviews the principal risks inherent in the Corporation's business, including financial risks through periodic reports from management of such risks, in conjunction with its review of operations and risk issues at each Board meeting, at which time the Board assesses the systems established to manage those risks. Directly and through the Audit Committee, the Board also assesses the integrity of the internal financial control and management information systems. In addition to those matters that must, by law, be approved by the Board, the Board is required under its mandate to approve annual operating and capital budgets, any material dispositions, acquisitions and investments outside of the ordinary course of business or not provided for in the approved budgets, long-term strategy, organizational development plans and the appointment of senior executive officers. Management is authorized to act, without Board approval, on all ordinary course matters relating to the Corporation's business. 20 The mandate provides that the Board also expects management to provide the directors on a timely basis with information concerning the business and affairs of the Corporation, including financial and operating information and information concerning industry developments as they occur, all with a view to enabling the Board to discharge its stewardship obligations effectively. The Board expects management to efficiently implement its strategic plans for the Corporation, to keep the Board fully apprised of its progress in doing so and to be fully accountable to the Board in respect to all matters for which it has been assigned responsibility. The Board has instructed management to maintain procedures to monitor and promptly address shareholder concerns and has directed and will continue to direct management to apprise the Board of any major concerns expressed by shareholders. Each Committee of the Board is empowered to engage external advisors as it sees fit. Any individual director is entitled to engage an outsider advisor at the expense of the Corporation provided such director has obtained the approval of the Nominating and Corporate Governance Committee to do so. MEETINGS OF THE BOARD The Board holds regular annual and quarterly meetings. Between the quarterly meetings, the board meets as required, generally by means of telephone conferencing facilities. As part of the annual and quarterly meetings, the independent directors also have the opportunity to meet separate from management. Management also communicates informally with members of the Board on a regular basis, and solicits the advice of the Board members on matters falling within their special knowledge or experience. BOARD COMMITTEES The Corporation has an Audit Committee, a Compensation and Benefits Committee and a Nominating and Corporate Governance Committee. AUDIT COMMITTEE The mandate of the Audit Committee is to oversee the Corporation's financial reporting obligations, systems and disclosure, including monitoring the integrity of the Corporation's financial statements, monitoring the independence and performance of the Corporation's external auditors and acting as a liaison between the Board and the Corporation's auditors. The activities of the Audit Committee typically include reviewing interim financial statements and annual financial statements, ensuring that internal controls over accounting and financial systems are maintained and that accurate financial information is disseminated to shareholders, reviewing the results of internal and external audits and any change in accounting procedures or policies, and evaluating the performance of the Corporation's auditors. The Audit Committee communicates directly with the Corporation's external auditors in order to discuss audit and related matters whenever appropriate. The Audit Committee currently consists of Messrs. Faber, Weatherall and Thygesen, all of whom are outside directors, as required by the TSX Guidelines and unrelated directors, as contemplated by the Proposed TSX Listing Standards and the Proposed TSX Amendments. 21 COMPENSATION AND BENEFIT COMMITTEE The role of the Compensation Committee is primarily to review the adequacy and form of compensation of senior management and the directors with such compensation realistically reflecting the responsibilities and risks of such positions, to administer the Corporation's Employees' and Directors' Equity Incentive Plan, to determine the recipients of, and the nature and size of share compensation awards granted from time to time and to determine the remuneration of executive officers and to determine any bonuses to be awarded. The Compensation and Benefits Committee currently consists of Messrs. Thygesen, Hanson and Flood, of which Messrs. Thygesen and Hanson are unrelated directors, and Mr. Flood is a related director. The Board has determined to appoint a new unrelated director in the place of Mr. Flood on this committee, such change to be made once an additional outside independent director is elected or appointed to the Board. Once this occurs, the composition of the Compensation and Benefits Committee will align with the Proposed TSX Amendments. NOMINATING AND CORPORATE GOVERNANCE COMMITTEE The Corporate Governance Committee is responsible for making recommendations to the Board with respect to developments in the area of corporate governance and the practices of the Board. Consistent with the Proposed TSX Guidelines, the Nominating and Corporate Governance Committee has expressly assumed responsibility for developing the Corporation's approach to governance issues. The Committee is also responsible for reporting to the Board with respect to appropriate candidates for nominations to the Board, for overseeing the execution of an assessment process appropriate for the Board and its committees for evaluating the performance and effectiveness of the Board. The Nominating and Corporate Governance Committee of the Board currently consists of Messrs. Weatherall, Hanson, and Thygesen of which Messrs. Thygesen is chairman of the committee, in addition to being the Corporation's lead director. All of such directors are outside unrelated directors. ALIGNMENT WITH THE EXCHANGE GUIDELINES OF THE TSX The Corporation's statement of corporate governance practices is set out in Schedule "C" to this Circular. In addition to indicating how the Corporation's governance practices align with the TSX Corporate Governance Guidelines ("TSX Guidelines"), the statement describes those governance practices with reference to the Proposed TSX Listing Standards and the Proposed TSX Amendments. OTHER BUSINESS Management of the Corporation is not aware of any matter to come before the Meeting other than the matters referred to in the Notice of the Meeting. 22 DIRECTORS' APPROVAL The contents of this Management Proxy Circular and its distribution to shareholders have been approved by the Board of Directors of the Corporation. DATED at Vancouver, British Columbia, as of the 15th day of April, 2003. BY ORDER OF THE BOARD "BEVERLY A. BARTLETT" CORPORATE SECRETARY 23 SCHEDULE "A" TSX CODE PROVISIONS SCOPE OF THE PRIVATE PLACEMENT REQUIREMENTS SEC. 618. The Exchange defines the term "private placement" as an issuance of treasury securities without prospectus disclosure, in reliance on the exempting provisions of clause (b) of section 72(1) of the Ontario Securities Act, or section 2.3 of Ontario Securities Commission Rule 45-501, Exempt Distributions, or equivalent legislation of another jurisdiction. In certain circumstances, however, the Exchange may consider it appropriate to apply the rules set out in Sections 619 to 622 to other types of transactions. Sections 619 to 621 are not applicable to private placements of securities which are neither of a class listed on the Exchange nor convertible into securities of a class listed on the Exchange. Sections 619, 620 and 622 are not necessarily applicable to private placement transactions which, in the opinion of the Exchange, have not been negotiated at arm's length. Each non-arm's length transaction is considered on its own merits. SIZE OF TRANSACTION SEC. 620. (a) Subject to paragraphs (b) and (c), the aggregate number of securities of a listed issue which are issued or made subject to issuance pursuant to private placement transactions during any six-month period must not exceed 25% of the number of securities of the issue which are outstanding (on a non-diluted basis) prior to giving effect to such transactions. (b) The Exchange will give consideration to requests by listed companies to exceed the 25% limit referred to in paragraph (a), but only on condition that approval of the shareholders be obtained. (c) If the listed company has more than one outstanding class of participating securities, the Exchange may, in appropriate circumstances, regard the separate classes as a single class for the purposes of paragraph (a). (d) In the case of a private placement of convertible securities, or where warrants are issued to a private placement purchaser, the underlying securities will be regarded as being "subject to issuance", for the purposes of paragraph (a), at the time of the closing of the private placement transaction, regardless of when the right of conversion or exercise commences. (e) Where the number of securities of a listed issue which would be issued or made subject to issuance pursuant to a proposed private placement transaction (or series of related transactions) would exceed 100% of the number of securities of the issue which are outstanding (on a non-diluted basis) prior to giving effect to the transaction, reference should be made to Sections 699.10 to 699.15 respecting "backdoor listings". 24 SCHEDULE "B" SECTION 7.1 TO 7.5 OF ASX RULES ISSUES EXCEEDING 15% OF CAPITAL 7.1 Without the approval of holders of ordinary securities, an entity must not issue or agree to issue more equity securities than the number calculated according to the following formula. (A x B) - C A = The number of fully paid ordinary securities on issue 12 months before the date of issue or agreement, o plus the number of fully paid ordinary securities issued in the 12 months under an exception in rule 7.2, o plus the number of partly paid ordinary securities that became fully paid in 12 months, o plus the number of fully paid ordinary securities issued in the 12 months with approval of holders of ordinary securities under this rule, o less the number of fully paid ordinary securities cancelled in the 12 months. B = 15% C = The number of equity securities issued or agreed to be issued in the 12 months before the date of issue or agreement to issue but not under an exception in rule 7.2 or with approval under this rule. 7.1.1 - 7.1.3 [REPEALED] 7.1.4 In working out the number of equity securities that an entity may issue or agree to issue, and the number of equity securities in "C", the following rules apply. (a) If the equity securities are fully paid ordinary securities, each security is counted as one. (b) If the equity securities are convertible into ordinary securities or are partly paid securities, each security is counted as the maximum number of fully paid ordinary securities into which it can be converted or paid up. (c) In any other case, each security is counted as ASX decides. 7.1.5 The following rules apply regarding issues of equity securities or agreements to issue equity securities. (a) An agreement to issue equity securities that is conditional on holders of ordinary securities approving the issue before the issue is made is not 25 treated as an agreement. If an entity relies on this rule it must not issue the equity securities without approval. (b) In working out if there is an issue of equity securities the sale or reissue of forfeited equity securities is treated as an issue of equity securities. 7.1.6 In working out the number of fully paid ordinary securities on issue 12 months before the date of issue or agreement in "A", if first quotation of the entity's securities occurred less than 12 months before the date of issue or agreement, the number of securities is the number of fully paid ordinary securities on issue on the date of first quotation. EXCEPTIONS TO RULE 7.1 7.2 Rule 7.1 does not apply in any of the following cases. Exception 1 An issue to holders of ordinary securities made under a pro rata issue and to holders of other equity securities to the extent that the terms of issue of the equity securities permit participation in the pro rata issue. Exception 2 An issue under an underwriting agreement to an underwriter of a pro rata issue to holders of ordinary securities if the underwriter receives the securities within 15 business days after the close of the offer. Exception 3 An issue to make up the shortfall on a pro rata issue to holders of ordinary securities. The entity must make the issue within 3 months after the close of the offer, and the directors of the entity (in the case of a trust, the responsible entity or management company) must have stated as part of the offer that they reserve the right to issue the shortfall at their discretion. The issue price must not be less than the price at which the securities were offered under the pro rata issue. Exception 4 An issue on the conversion of convertible securities. The entity must have issued the convertible securities before it was listed or complied with the listing rules when it issued the convertible securities. Exception 5 An issue under an off-market bid that is required to comply with the Corporations Act or under a merger by way of scheme of arrangement under Part 5.1 of the Corporations Act. Exception 6 An issue to fund the cash consideration in any of the following circumstances if the terms of the issue are disclosed in the takeover or scheme documents. o An off-market bid that is required to comply with the Corporations Act, when the offer becomes unconditional. o A market bid that is required to comply with the Corporations Act, when the market bid is announced under section 635 of the Corporations Act. o A merger by way of scheme of arrangement under Part 5.1 of the Corporations Act, when the arrangement is approved by the court under section 411(4) of the Corporations Act. 26 Exception 7 An issue under a dividend or distribution plan, excluding an issue to the plan's underwriters. Exception 7 is only available in the following cases. (a) In the case of a plan that was established before the entity was listed - a summary of the plan's terms was set out in the prospectus or information memorandum. (b) In the case of a plan that was established after the entity was listed - the plan's terms were approved by holders of ordinary securities. Exception 8 [REPEALED] Exception 9 An issue under an employee incentive scheme if within 3 years before the date of issue one of the following occurred. (a) In the case of a scheme established before the entity was listed - a summary of the terms of the scheme were set out in the prospectus, Product Disclosure Statement or information memorandum. (b) Holders of ordinary securities have approved the issue of securities under the scheme as an exception to this rule. The notice of meeting must have included each of the following. o A summary of the terms of the scheme. o The number of securities issued under the scheme since the date of the last approval. o A voting exclusion statement. (c) The scheme was approved by holders or ordinary securities under rule 7.37 or 7.38. Exception 10 An issue of preference shares which do not have any rights of conversion into another class of equity security. The preference shares must comply with chapter 6. Exception 11 The reissue or sale of forfeited shares within 6 weeks after the day on which the call was due and payable. Exception 12 An issue on the exercise of options to an underwriter of the exercise. Exception 12 is only available if each of the following applies. (a) The entity complied with the listing rules when it issued the options. (b) The underwriter receives the underlying securities within 10 business days after expiry of the options. (c) The underwriting agreement was disclosed under rule 3.11.3. Exception 13 An issue under an agreement to issue securities. The entity must have complied with the listing rules when it entered into the agreement to issue the securities. 27 Exception 14 An issue made with the approval of holders of ordinary securities under listing rule 10.11. The notice of meeting must state that if approval is given under listing rule 10.11, approval is not required under listing rule 7.1. NOTICE REQUIREMENTS FOR APPROVAL UNDER RULE 7.1 AND 7.1.5(a) 7.3 For the holders of ordinary securities to approve an issue or agreement to issue, the notice of meeting must include each of the following. 7.3.1 The maximum number of securities the entity is to issue (if known) or the formula for calculating the number of securities the entity is to issue. 7.3.2 The date by which the entity will issue the securities. The date must be no later than 3 months after the date of the meeting. However, if court approval of a reorganization of capital (in the case of a trust, interests) is required before the issue, the date must be no later than 3 months after the date of court approval. 7.3.3 The issue price of the securities, which must be either: o A fixed price; or o A minimum price. The minimum price may be fixed or a stated percentage that is at least 80% of the average market price for securities in that class. The average is calculated over the last 5 days on which sales in the securities were recorded before the day on which the issue was made or, if there is a prospectus, Product Disclosure Statement or offer information statement relating to the issue, over the last 5 days on which sales in the securities were recorded before the date the prospectus, Product Disclosure Statement or offer information statement is signed. 7.3.4 The names of the allottees (if known) or the basis upon which allottees will be identified or selected. 7.3.5 The terms of the securities. 7.3.6 The intended use of the funds raised. 7.3.7 The dates of allotment or a statement that allotment will occur progressively. 7.3.8 A voting exclusion statement. This does not apply if the issue is part of a public offer of equity securities and the notice of meeting states each of the following. (a) The entity will offer securities to all holders of ordinary securities in priority to anyone else, and will issue them in a fair and equitable manner. (b) Apart from an agreement for the allotment of securities, the entity will limit the number of securities it issues to a holder of ordinary securities to the higher of 5% of all the securities being offered 28 and the number the holder would be entitled to under a pro rata issue of all those securities. 7.3.9 In the case of an agreement for the allotment of securities which is part of a public offer, a voting exclusion statement in relation to a party to the agreement, and an adequate summary of the agreement. SUBSEQUENT APPROVAL OF AN ISSUE OF SECURITIES 7.4 An issue of securities made without approval under rule 7.1 is treated as having been made with approval for the purpose of rule 7.1 if each of the following apply. 7.4.1 The issue did not breach rule 7.1. 7.4.2 Holders of ordinary securities subsequently approve it. 7.5 For the holders to approve the issue subsequently, the notice of meeting must include each of the following. 7.5.1 The number of securities allotted. 7.5.2 The price at which the securities were issued. 7.5.3 The terms of the securities. 7.5.4 The names of the allottees or the basis on which allottees were determined. 7.5.5 The use (or intended use) of the funds raised. 7.5.6 A voting exclusion statement. 29 SCHEDULE "C" STATEMENT OF CORPORATE GOVERNANCE PRACTICES The Corporation's Statement of Corporate Governance Practices is set out below. In addition to indicating how the Corporation's governance practices align with the TSX Corporate Governance Guidelines ("TSX Guidelines"), the statement describes those governance practices with reference to the Proposed TSX Listing Standards and the Proposed TSX Amendments.
DOES THE CORPORATION TSX CORPORATE GOVERNANCE GUIDELINE ALIGN? COMMENTS ----------------------------------- ------------ --------------------------------------- 1. Mandate of the Board The board of directors of every Yes The Board of Directors has assumed corporation should explicitly assume responsibility for the stewardship of responsibility for stewardship of the the Corporation and has adopted a corporation. formal mandate (as described above) setting out its stewardship responsibilities, as contemplated by the Proposed TSX Amendments. As part of the overall stewardship responsibility, the Board should assume responsibility for the following matters: (a) adoption of a strategic Yes In April 2003, the Board adopted a planning process; strategic planning process which involves, among other things, the following: (a) at least one meeting per year will be devoted substantially to review of strategic plans that are proposed by management; (b) meetings of the Board, at least quarterly, to discuss strategic planning issues, with and without members of management; (c) the Board reviews and assists management in forming short and long term objectives of the Corporation on an ongoing basis; (d) the Board also maintains
30
DOES THE CORPORATION TSX CORPORATE GOVERNANCE GUIDELINE ALIGN? COMMENTS ----------------------------------- ------------ --------------------------------------- oversight of management's strategic planning initiatives through annual and quarterly budget reviews and approvals. The strategic planning process adopted by the Board takes into account, among other things, the opportunities and risks of the business. (b) the identification of the principal Yes In order to ensure that the principal risks of the Corporation's business business risks borne by the and ensuring the implementation of Corporation are identified and appropriate systems to manage these appropriately managed, the Board risks; receives periodic reports from management of the Corporation's assessment and management of such risks. In conjunction with its review of operations which takes place at each Board meeting, the Board considers risk issues and approves corporate policies addressing the management of the risk of the Corporation's business. (c) succession planning, including Yes The Board takes ultimate appointing, training and monitoring responsibility for the appointment and senior management; monitoring of the Corporation's senior management. The Board approves the appointment of senior management and reviews their performance on an ongoing basis. (d) a communication policy for the Yes The Corporation has a disclosure corporation; policy addressing, among other things, how the Corporation interacts with analysts and the public, and contains measures for the Corporation to avoid selective disclosure. Effective April 9, 2003, the Board has established a Disclosure Committee responsible for overseeing the Corporation's disclosure practices. This committee consists of the Chief
31
DOES THE CORPORATION TSX CORPORATE GOVERNANCE GUIDELINE ALIGN? COMMENTS ----------------------------------- ------------ --------------------------------------- Executive Officer, the Chief Financial Officer, the Corporate Secretary and senior Corporate Communications and Investor Relations Department personnel, and receives advice from the Corporation's outside legal counsel. The Disclosure Committee will establish benchmarks for a preliminary assessment of materiality and determines when developments justify public disclosure. The committee will review the disclosure policy annually and as otherwise needed to ensure compliance with regulatory requirements. The Board reviews and approves the Corporation's material disclosure documents, including its annual report, annual information form and management proxy circular. The Corporation's annual and quarterly financial statements, Management's Discussion and Analysis and other financial disclosure is reviewed by the Audit Committee and recommended to the Board prior to its release. (e) the integrity of the corporation's Yes The Audit Committee has the internal control and management responsibility to monitor and assess information systems. the integrity of the Corporation's internal controls and management information systems, review them with management and the Corporation's external auditors, and report to the Board with respect thereto. 2/3. Composition of the Board The board of directors of every of Yes At the date of this Circular, four of corporation should be constituted the seven members of the Board
32
DOES THE CORPORATION TSX CORPORATE GOVERNANCE GUIDELINE ALIGN? COMMENTS ----------------------------------- ------------ --------------------------------------- with a majority of individuals who of Directors are "unrelated", both as qualify as unrelated directors. that term is defined in the existing TSX Guidelines and as it is defined in the Proposed TSX Amendments, as more particularly described below. At least two directors are unrelated, as contemplated by the Proposed TSX Listing Standards. The definitions are as follows: (TSX Guidelines) - a director who is independent of management and is free from any interest and any business or other relationship which could, or reasonably be perceived to, materially interfere with the directors ability to act with a view to the best interest of the company, other than interests and relationships arising from shareholding. (Proposed TSX Amendments) - an outside director who is not a member of management and is free from any interest and any business, family or other relationship which could reasonably be perceived to materially interfere with the director's ability to act with a view to the best interests of the issuer, other than interests and relationships arising solely from holdings in the issuer; and who (a) is not currently, or has not been within the last three years, an officer, employee of or material service provider to the issuer or any of its subsidiaries or affiliates; and (b) is not an officer, employee or controlling shareholder of an entity that has a material business relationship with the issuer.
33
DOES THE CORPORATION TSX CORPORATE GOVERNANCE GUIDELINE ALIGN? COMMENTS ----------------------------------- ------------ --------------------------------------- A "related director" is a director who is not an unrelated director or is a member of management. If the corporation has a significant Yes The TSX Guidelines define "significant shareholder, in addition to a majority of shareholder" to mean a shareholder unrelated directors, the board should with the ability to exercise a include a number of directors who do not majority of the votes for the election have interests in or relationships with of the board of directors. The either the corporation or the significant Corporation does not have a shareholder and which fairly reflects the "significant shareholder" as so investment in the corporation by defined. However, the Chairman and the shareholders other than the significant Chief Executive Officer of the shareholder. Corporation holds approximately 44.44% of the Corporation's voting securities as at the date of this Circular. The Corporation has four of seven directors who are "unrelated" (as defined under the existing TSX Guidelines under the Proposed TSX Amendments) to both the Corporation and its Chairman and Chief Executive Officer. Disclose for each director whether he or she Messrs. Friedland, Flood and Toll, as is related, and how that conclusion was senior officers of the Corporation reached. and/or one or more of its subsidiaries and members of management, are considered to be related directors. Messrs. Weatherall, Faber, Hanson and Thygesen are considered to be unrelated directors, both as defined in the TSX Guidelines and in the proposed TSX Amendments, as set forth above. The Board has determined that they are not members of and independent of management, and are free from any interest and any business, family or other relationship which could, or could reasonably be perceived to, materially interfere with their ability to act with a view to the best interests of the Corporation, other than interests
34
DOES THE CORPORATION TSX CORPORATE GOVERNANCE GUIDELINE ALIGN? COMMENTS ----------------------------------- ------------ --------------------------------------- and relationships arising solely from shareholdings in the Corporation, and who are not currently and have not been within the last three years, officers, employees or material service providers to the Corporation or any of its subsidiaries or affiliates, or officers, employees or controlling shareholders of an entity that has a material business relationship with the Corporation. 4. Nominating/Corporate Governance Committee The board of directors of every corporation Yes The Board has appointed a Nominating should appoint a committee of directors and Corporate Governance Committee, composed exclusively of outside (i.e. effective April 9 2003, consisting of non-management) directors, with the Messrs. Hanson, Weatherall and responsibility of proposing to the full Thygesen, all of whom are outside board new nominees to the board and for unrelated directors. The full Board assessing directors on an ongoing basis. will determine, in light of the opportunities and risks facing the Corporation, what competencies, skills and personal qualities it should seek in new Board members in order to add value to the Corporation. Based on this framework, the Nominating and Corporate Governance Committee has responsibility for approaching and proposing to the full Board new nominees to the Board, and for assessing directors on an ongoing basis. 5. Board Assessment Every board of directors should implement a Yes The Nominating and Corporate process to be carried out by the nominating Governance Committee is charged with committee or other appropriate committee for the responsibility for developing and assessing the effectiveness of the board, as recommending to the Board, and a whole, the committees of the board and the overseeing the execution of, a process contribution of individual directors. for assessing the effectiveness of the Board as a whole, the committees of the Board and the
35
DOES THE CORPORATION TSX CORPORATE GOVERNANCE GUIDELINE ALIGN? COMMENTS ----------------------------------- ------------ --------------------------------------- contribution of individual directors, on an annual basis. The Nominating and Corporate Governance Committee is currently developing an assessment process appropriate for the Board and each of its committees. 6. Orientation and Education Every corporation, as an integral element of Yes The Corporation takes steps to ensure the process of appointing new directors, that prospective directors fully should provide an orientation and education understand the role of the Board and program for new recruits to the board. its committees and the contribution individual directors are expected to make, including in particular the commitment of time and energy that the Corporation expects of its directors. New directors are provided with a comprehensive information package, including pertinent corporate documents and a director's manual containing information on the duties, responsibilities and liabilities of directors. New directors are also briefed by management as to the status of the Corporation's business. Directors are provided with the opportunity to make site visits to the Corporation's properties. Management and outside advisors provide information and education sessions to the Board and its committees on s continuing basis as necessary to keep the directors up-to-date with the Corporation, its business and the environment in which it operates as well as with developments in the responsibilities of directors, as contemplated by the Proposed TSX Amendments.
36
DOES THE CORPORATION TSX CORPORATE GOVERNANCE GUIDELINE ALIGN? COMMENTS ----------------------------------- ------------ --------------------------------------- 7. Size and Composition of the Board Every board of directors should examine its Yes The directors of the Corporation have size and undertake, where appropriate, a reviewed the size of the Board and program to establish a board size which believe that the current Board facilitates effective decision-making. composition results in a balanced representation on the Board of Directors among management, unrelated directors and the Corporation's major shareholder. While the Board functions effectively, given the Corporation's stage of development and the size and complexity of its business, the Board, through its Nominating and Corporate Governance Committee, will continue to seek additional qualified candidates to augment its experience and expertise and to enhance the Corporation's ability to effectively develop its business interests. The Nominating and Corporate Governance Committee will continue to examine the size and composition of the Board and recommend adjustments from time to time to ensure that the Board continue to be of a size that facilitates effective decision-making. 8. Compensation The board of directors should review the Yes The Corporation's directors receive no adequacy and form of compensation of cash compensation for acting as directors and ensure the compensation directors. Directors of the realistically reflects the responsibilities Corporation are compensated primarily and risk involved in being an effective through the grant of stock options. director.
37
DOES THE CORPORATION TSX CORPORATE GOVERNANCE GUIDELINE ALIGN? COMMENTS ----------------------------------- ------------ --------------------------------------- The Board acts through its Compensation and Benefits Committee to review the adequacy and form of compensation of the directors and ensure that such compensation realistically reflects the responsibilities and risk involved in being an effective director. The members of the Compensation Committee are Messrs. Flood, Thygesen and Hanson. Messrs. Thygesen and Hanson are unrelated directors and Mr. Flood is an inside director. At the date of this Circular, the Compensation and Benefits Committee does not consist solely of unrelated directors and accordingly, does not align with the Proposed TSX Amendments. However, the Board has determined to appoint a new unrelated director in the place of Mr. Flood on this committee, such change to be made once an additional outside independent director is elected or appointed to the Board. Once this occurs, the composition of the Compensation and Benefits Committee will align with the Proposed TSX Amendments. 9. Composition of Committees Committees of the board of directors Yes The Board of Directors has established should generally be composed of outside three standing committees of directors (i.e. non-management) directors, the (the Audit Committee, the Compensation majority of whom are unrelated and Benefits Committee and the directors, although some board Nominating and Corporate Governance committees may include one or more Committee), each of which is comprised inside directors. entirely of outside unrelated directors, with the exception of the Compensation and Benefits Committee, which currently has one inside director as described under Item 8 above.
38
DOES THE CORPORATION TSX CORPORATE GOVERNANCE GUIDELINE ALIGN? COMMENTS ----------------------------------- ------------ --------------------------------------- 10. Governance Committee Every board of directors should assume Yes The Nominating and Corporate responsibility for, or assign to a Governance Committee is responsible committee of directors, the general for making recommendations to the responsibility for, developing the Board relating to the Corporation's corporation's approach to governance approach to corporate governance and issues. This committee would, among the Corporation's response to the TSX other things, be responsible for the Guidelines. corporation's response to the TSX Guidelines. 11. Position Descriptions Yes The Board of Directors has adopted a formal mandate for the Board, as The board of directors, together with stated in Item 1, and is developing a the CEO, should develop position formal position description for the descriptions for the Board and for the CEO. The Board of Directors requires CEO, including the definition of limits management to obtain the Board of to management's responsibilities. Directors' approval for all significant decisions, including major financings, acquisitions, dispositions, budgets and capital expenditures. The Board of Directors expects management to keep it aware of the Corporation's performance and events affecting the Corporation's business, including opportunities in the marketplace and adverse or positive developments. The Board of Directors retains responsibility for any matter that has not been delegated to senior management or to a committee of directors. In addition, the board should approve Yes The Board of Directors is developing or develop the corporate objectives, specific financial and business which the CEO is responsible for objectives for the Corporation, which meeting. will be used as a basis for measuring the performance of the CEO. 12. Procedures to Ensure Independence Every board of directors should Yes Mr. Friedland, the Corporation's implement structures and procedures President and Chief Executive Officer, which ensure that the currently serves as
39
DOES THE CORPORATION TSX CORPORATE GOVERNANCE GUIDELINE ALIGN? COMMENTS ----------------------------------- ------------ --------------------------------------- Chairman of the Board of board can function independently of Directors. The Board of management. An appropriate structure would Directors is of the view that be to (i) appoint a chair of the board who appropriate structures and procedures is not a member of management with are in place to allow the Board to responsibility to ensure the board function independently of management discharges its responsibilities or (ii) while continuing to provide the assign this responsibility to an Corporation with the benefit of having outside director, sometimes referred to a Chairman of the Board with extensive as the "lead director". The chair or experience and knowledge of the lead director should ensure that the Corporation's business. board carries out its responsibilities effectively which will involve the The Board has created the position of board meeting on a regular basis lead director effective April 9, 2003 without management present and may with specific responsibility for involve assigning the responsibility maintaining the independence of the for administering the board's Board and ensuring that the Board relationship to management to a carries out its responsibilities as committee of the board. contemplated by the Proposed TSX Amendments. Mr. Thygesen, who also serves as chair of the Nominating and Corporate Governance Committee, has been appointed as lead director. The Nominating and Corporate Governance Committee also provides a forum without management being present to receive any expression of concern from a director, including a concern regarding the independence of the Board from management. The Board sets aside a portion of each regularly scheduled meeting to discuss any issues without management directors being present. In addition, all committees meet without management or related directors being present at the request of any directors.
40
DOES THE CORPORATION TSX CORPORATE GOVERNANCE GUIDELINE ALIGN? COMMENTS ----------------------------------- ------------ --------------------------------------- 13. Composition of the Audit Committee The audit committee of every board of Yes The Audit Committee is composed only directors should be composed only of of outside directors (as required by outside directors. the TSX Guidelines), all of whom are also unrelated directors, as contemplated by the Proposed TSX Listing Standards and the Proposed TSX Amendments. The Board has determined that all members of the Audit Committee are financially literate, as contemplated by the Proposed TSX Amendments, since each member has the ability to read and understand a balance sheet, an income statement, a cash flow statement and the notes attached thereto. The Board has determined that at least one member of the Audit Committee has accounting or related financial expertise, as contemplated by the Proposed TSX Amendments, being the ability to analyse and interpret a full set of financial statements, including the notes thereto, in accordance with Canadian generally accepted accounting principles. The roles and responsibilities of the audit Yes The mandate of the Audit Committee committee should be specifically defined includes the overseeing of the so as to provide appropriate guidance to Corporation's financial reporting audit members as to their duties. obligations, systems and disclosure, including monitoring the integrity of the Corporation's financial statements, monitoring the independence and performance of the Corporation's external auditors and acting as a liaison between the Board and the Corporation's auditors. The activities of the Audit Committee
41
DOES THE CORPORATION TSX CORPORATE GOVERNANCE GUIDELINE ALIGN? COMMENTS ----------------------------------- ------------ --------------------------------------- include reviewing the Corporation's interim financial statements and annual financial statements and Management's Discussion and Analysis, ensuring that internal controls over accounting and financial systems are maintained and that accurate financial information is disseminated to shareholders, reviewing the results of audits and any change in accounting procedures or policies, and evaluating the performance of the Corporation's auditors. An Audit Committee charter is in the process of preparation for the approval of the Board which will codify the existing mandate of the Audit Committee to, and specifically define its relationship with, and expectations of, the external auditors, including the establishment of the independence of the external auditor and the approval of any non-audit mandates of the external auditor; the engagement, evaluation, remuneration and termination of the external auditor; its relationship with, and expectations of, the internal auditor function and its oversight of internal control; and the disclosure of financial and related information. The Board will review and reassess the adequacy of the Audit Committee charter on an annual basis, all as contemplated by the Proposed TSX Listing Standards and the Proposed TSX Amendments. The audit committee should have direct Yes The Audit Committee has regular access communication channels with the to the Chief Financial Officer of the internal and the external auditors to Corporation. The external auditors discuss and review specific issues as regularly attend all meetings of the appropriate. Audit Committee. At each meeting of
42
DOES THE CORPORATION TSX CORPORATE GOVERNANCE GUIDELINE ALIGN? COMMENTS ----------------------------------- ------------ --------------------------------------- the Audit Committee, a portion of the meeting is set aside to discuss matters with the external auditors without management being present. In addition, the Audit Committee has the authority to call a meeting with the external auditors without management being present, at the Committee's discretion. Audit Committee duties should include Yes The Audit Committee oversees oversight responsibility for management management reporting on the reporting on internal control. While it Corporation's internal controls and is management's responsibility to annually reviews management's system design and implement an effective of internal control to ensure that it system of internal control, it is the is effective. responsibility of the Audit Committee to ensure that management has done so. 15. External Advisors The board of directors should implement Yes Each committee is empowered to engage a system which enables individual external advisors as it sees fit. Any directors to engage an outside advisor, individual director is entitled to at the expense of the company in engage an outside advisor at the appropriate circumstances. The expense of the Corporation provided engagement of the outside advisor that such director has obtained the should be subject to the approval of an approval of the Nominating and appropriate committee of the board. Corporate Governance Committee to do so.
43 NOTICE OF ANNUAL MEETING OF THE SHAREHOLDERS AND MANAGEMENT PROXY CIRCULAR OF IVANHOE MINES LTD. DATED: APRIL 15, 2003 EX-20.4 41 o11180exv20w4.txt LETTER TO SHAREHOLDERS DATED MAY 8, 2002 EXHIBIT 20.4 [IVANHOE MINES LOGO] LETTER TO THE SHAREHOLDERS OF IVANHOE MINES LTD. May 8, 2002 DISCOVERING OUR FUTURE IN MONGOLIA The past year has seen a significant transformation of our corporate priorities, and of the investment community's enthusiasm over our exploration program. This transformation was sparked by our discovery of an important new, high-grade, gold and copper porphyry deposit at Turquoise Hill (Oyu Tolgoi), in Mongolia's South Gobi region. The Turquoise Hill discovery represents the culmination of more than five years of diligent, geologic analysis by our exploration team, led by Douglas Kirwin. We applaud the team's professionalism and perseverance. During the year, Ivanhoe's operating mines, along with those run by our peers, were saddled with low commodity prices, which had an impact on our earnings. Market conditions for copper and iron ore pellets remain dependent on the strength of the economic recovery. While this situation may limit price increases for those commodities, at least in the short term, the projects driving our growth have profound potential. The commencement of gold and silver production at our Eunsan Mine is consistent with our long-term strategy of delivering strong, diversified earnings. We are pleased by the overwhelmingly positive response by investors to the success of our exploration programs. Ivanhoe's shares have rebounded from a low of CDN60 cents in late-2000, to a recent high of CDN$3.65, and the company has raised more than CDN$1 15 million (US$72.7 million) in equity financing since last summer. Our balance sheet now is stronger than it has been for several years and we are well positioned to build a steady increase in value for our shareholders during the years ahead. [IVANHOE MINES LOGO] TURQUOISE HILL GOLD AND COPPER DISCOVERY LIGHTS THE WAY IN MONGOLIA The Turquoise Hill discovery has opened the world's eyes to the promise of a major new gold and copper mineral province in Mongolia's southern Gobi Desert region. A preliminary, independent resource estimate by AMEC E&C Services Limited, of Toronto, Canada, in early March, 2002, found that just one portion of the Southwest Oyu Discovery Zone at Turquoise Hill contains an estimated, inferred resource, based on a cut-off grade above a 0.30% copper equivalent, of 588 million tonnes, grading 0.53 grams per tonne of gold and 0.41 % copper - containing 10 million ounces of gold and 5.3 billion pounds of copper. This estimate did not include four nearby, related mineralized zones within the 12-square-kilometre core of the Turquoise Hill project area, which are being drilled as part of Ivanhoe's ongoing exploration program. Considering that the area covered by the AMEC resource estimate is a small fraction of the overall project area, we're confident that we've just scratched the surface of this outstanding project and of the potential of this belt of rocks in the Gobi. We now hold a 100% interest in the Turquoise Hill project, subject to BHP Billiton's 2% royalty. BHP Billiton holds certain back-in rights in the project that become exercisable if copper mineralization meeting certain contractually defined parameters is identified on or before June 7, 2002. If copper mineralization meeting these parameters is not identified by June 7, 2002, BHP Billiton's back-in rights will expire on that date. Mongolia has a stable, democratic government and progressive mining laws. The national government is encouraging new investment and we have reason to believe that a more competitive taxation framework will be introduced soon. Mongolia and Canada are preparing to sign a limited tax treaty, dealing with the issue of double taxation, by the middle of this year. The proposed construction of a new rail link between Mongolia's South Gobi region and China is being studied in a joint undertaking involving the governments of Mongolia and China, and Ivanhoe Mines. Given that China is the world's largest importer of copper, the location of the Turquoise Hill deposit on China's doorstep means that Mongolian copper could be quickly and efficiently delivered to markets in China and to export terminals serving major Asian consuming nations, such as South Korea and Japan. 2 [IVANHOE MINES LOGO] Our success at Turquoise Hill has launched a staking rush in southern Mongolia by many mining and exploration companies. The good news for Ivanhoe shareholders is that we had a headstart on competitors in assessing the area's top prospects. We have moved quickly to gain maximum advantage from the opportunity provided by our exploration team. Believing that Turquoise Hill is only the first of several significant mineral discoveries that will be made in Mongolia over the next few years, we have acquired exploration tenements covering more than 50,000 square kilometres (19,300 square miles) of what we consider to be the most strategic ground along the South Gobi porphyry belt. We already have a large team of geologists and geophysicists conducting a detailed regional exploration program on high-priority targets that we have identified within our massive land assembly in the South Gobi, beginning with high-priority prospects that include Kharmagtai, Shuteen, Oyut Ulaan, Chandman Uul and Oyut Ovoo. The geology and tectonic setting of the South Gobi region compare favourably to gold-rich, porphyry copper deposits that have been discovered in other countries, and our ability to focus on specific deposit models and exploration philosophies gives us a distinct advantage in looking for the next Turquoise Hill. IVANHOE NOW A DIVERSIFIED PRODUCER OF GOLD, SILVER, COPPER AND IRON ORE EUNSAN GOLD AND SILVER MINE, SOUTH KOREA The recent start of production at our new, high-grade Eunsan Gold and Silver Mine in South Korea has expanded the diversification of our investment locations and increased our exposure to gold and silver. The Eunsan Mine initially is processing stockpiled, high-grade, open-pit ore as it scales up toward commercial production. The mine will follow an orderly ramp-up schedule, blending the stockpiled ore with increased proportions of higher-grade underground ore later in the year. In 2002, we expect to produce approximately 9,000 ounces of gold and 350,000 ounces of silver. When commercial underground production from high-grade ore begins later this year, Eunsan is expected to produce up to 50,000 ounces of gold and 1 18,000 ounces of silver on an annual basis for at least two years. Drilling is continuing at other targets to define the grades and the extent of the gold and silver mineralization. The current development concept is to mine three or more nearby deposits and feed the ore to the Eunsan mill. 3 [IVANHOE MINES LOGO] MONYWA COPPER PROJECT, MYANMAR Our 50%-owned S&K Copper Mine in Myanmar produced 25,900 tonnes of copper cathode in 2001 and recorded a profit of US$2.5 million, which was applied against the mine's project loan. Including the reserve payment held in escrow, the balance owing on the project's original US$90 million loan now has been reduced to US$45 million. The mine recently reached another international benchmark with the receipt of London Metal Exchange (LME) registration for its cathode copper effective December 13, 2001. The registration certifies that Monywa S&K copper has a purity level exceeding 99.999%, the LME Grade A standard, and that, among other things, the copper conforms to the specifications covering shape and weight as defined by the LME's special contract rules. The certification adds a premium of approximately US$30 to each tonne of copper sold, or 1.4 cents a pound. The planned, phase-two development of the Letpadaung deposit, located six kilometres south of the S&K Mine, will include a designed production rate of 125,000 tonnes (275 million pounds) of copper a year, and a flow sheet, metallurgy and process design very similar to the S&K Mine's. The estimated capital cost to develop the Letpadaung deposit is US$390 million. Ivanhoe is continuing detailed negotiations with potential Japanese, Korean and Chinese institutions that have expressed intense interest in participating in the Letpadaung project. With the recent completion of a viable plan for the supply of electricity to Letpadaung, we expect financing activities leading to construction to proceed in the near future. SAVAGE RIVER IRON ORE MINE, AUSTRALIA The Savage River iron ore interests experienced a difficult year in 2001, affected by a global slowdown in the steel industry that severely reduced demand for iron ore pellets. The first signs of softening markets came in mid-2001 when steel mills limited the annual increase in pellet prices to 1.75%, which was well below the expected 5%. At the Savage River Mine in Tasmania, Australia, pellet production in 2001 was 2.02 million tonnes, 2% below the 2000 production. However, total pellet tonnage sold in 2001 was 14% below the previous year, due in part to weakened demand for iron ore pellets from steel producers. When we acquired Goldamere Pty. Ltd.'s Savage River iron ore mine and pellet plant, 4 [IVANHOE MINES LOGO] we assumed that the iron ore cycle would act like other cycles, and that strong demand and prices for Goldamere's iron products would continue for several more years. Unfortunately, this cycle was different; the downturn in mid-2001 was faster and sharper than expected, which severely impaired the viability of Goldamere's Australian iron ore operations in the second half of 2001. With weakness in the iron ore pellet market now expected for the next few years, the Savage River assets were written-down by $53.8 million, and future income tax assets, associated with the mine's cumulative net operating loss balance at September 30, 2001, also were written off. The total loss for the operation in the past year was US$66.2 million, including a foreign exchange loss of US$7.9 million. Operations have been in accordance with the mine plan during the first several months of 2002. BJORNEVATN IRON ORE MINE, NORWAY The Bjornevatn mine in Norway remained on care and maintenance throughout 2001. The company was not successful in securing additional financing from potential investors to complete necessary work to reinstate the operation. Ivanhoe plans to relinquish its interest in the Norwegian project in 2002. BAKYRCHIK GOLD MINE, KAZAKHSTAN Production recommenced at the Bakyrchik Gold Mine, in northeastern Kazakhstan, in late 2001. The first gold dore bar was poured in October, marking the first gold produced at the Bakyrchik Mine since 1996, when Ivanhoe acquired its initial interest in the project. The economics of the open-pit project are being tested on oxidized ore material stockpiled on surface from previous operations. We continue to hold the asset in anticipation of higher gold prices and are investigating alternatives to economically mine and process the large underground, sulphide gold deposits. RISING METALS CYCLE RENEWS INTEREST IN THE MINING SECTOR Recent months have seen a welcome shift in investment interest back to base metals, precious metals and the activities of the mining sector. Most analysts and fund 5 [IVANHOE MINES LOGO] managers are bullish on the gold price, so they're getting back into gold stocks and, in particular, gold companies. The price of gold has risen briskly this year, and industry experts are predicting that it will remain in a long-term cyclical climb. Base metal and gold mining companies are returning to favour because of basic supply and demand fundamentals. Global gold production, which amounted to 83.4 million ounces last year, has been flat-to-declining during the past few years, while costs have been rising. The need to find new, high-quality projects will become critical during the next three to four years, given that it typically takes about six years to develop a gold prospect from an exploration project to a producing mine. PUTTING PEOPLE FIRST Ivanhoe benefits from the efforts of a team of talented people who are deeply committed to their work. One result is the quality of the discoveries made by our exploration team in Mongolia, South Korea and Myanmar. We also salute the determination of our colleagues at the mines in Myanmar, Kazakhstan and Australia who have persevered during difficult market conditions. During the year, Ivanhoe was privileged to welcome Ed Flood and Hugo Dummett to the executive management team, and Dr. Marc Faber to the Board of Directors. We look forward to tapping their industry experience to help guide the company's continuing growth. While our paramount obligations are to Ivanhoe shareholders, we regard our participation in projects in Central and Southeast Asia as long-term investments that are contributing in a most positive, non-political way to regional economic advancement and, in the process, to the betterment of those employees and their families whose incomes are directly and indirectly tied to the projects. In Myanmar, Ivanhoe has dedicated a continuing portion of its revenues from the S&K Mine to help pay for specific health care and education services to communities in the vicinity of the mine. The charitable foundation supported by Ivanhoe Mines' Chairman Robert Friedland has donated medical equipment to area hospitals and improved water and sewer services in the mine community. The Ivanhoe Board of Directors welcomed the recent decision by the Myanmar 6 [IVANHOE MINES LOGO] government to lift restrictions on public activities by Aung San Suu Kyi, the leader of Myanmar's National League for Democracy. The Board noted that Razali Ismail, the United Nations' special envoy who has been instrumental in the success of reconciliation talks between the government and Ms. Suu Kyi, believes that the government's action demonstrates its commitment to the objective of democracy for Myanmar. The Ivanhoe Board said in a public statement that it supported this objective and commended the government for its decision. ENVIRONMENTAL STEWARDSHIP Our environmental stewardship and site reclamation work continued during the year. Our employees everywhere are aware of Ivanhoe's unwavering commitment to environmental, social and operational excellence. It's gratifying to see successes receive the recognition they deserve, and the Ivanhoe board of directors commends all employees who contributed to the environmental programs at all of our operating mines and exploration projects. The Savage River mine received the Tasmanian Environment Minister's 2001 Environmental Excellence Award for the Mining and Mineral Processing Sector, a well-deserved recognition of the mine employees' innovative environmental management practices. In 2001, the S&K Copper Mine in Myanmar obtained ISO 14001 certification, the internationally recognized, independent standard for environmental management and protection, and one of the most exacting, impartial benchmarks used to evaluate environmental management systems. ISO 14001 certification assures our customers and business partners that we employ practices and programs that maximize our environmental efforts. WE'RE MORE THAN PLEASED WITH OUR PROSPECTS Ivanhoe Mines has completed the most productive year in its history. From exploration successes to the output of copper, iron ore products, gold and silver, we are pleased with our achievements during a year in which international markets were roiled by powerful economic forces and tragic events in the U.S. 7 [IVANHOE MINES LOGO] History has shown that a great mineral discovery can rapidly and dramatically lift the fortunes of a company and its shareholders. Given the demand for metals to build modern economies throughout Asia, and especially China, we are more than pleased with our prospects. /s/ Robert M. Friedland /s/ R. Edward Flood Robert M. Friedland R. Edward Flood Chairman Deputy Chairman Forward-looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Ivanhoe Mines' periodic filings with Canadian Securities Regulators. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Douglas Kirwin, Ivanhoe Mines' Senior Vice-President, Exploration, and a "Qualified Person" as defined by National Instrument 43-101 of the Canadian Securities Administrators, oversees the company's exploration programs and has reviewed the technical information contained within this release. 8 EX-20.5 42 o11180exv20w5.txt LETTER TO SHAREHOLDERS DATED MAY 29, 2002 Exhibit 20.5 [IVANHOE MINES LOGO] [PICTURE] DRILLING AT IVANHOE'S TURQUOISE HILL GOLD AND COPPER PROJECT. LETTER TO SHAREHOLDERS - FIRST QUARTER, 2002 QUARTERLY HIGHLIGHTS AND RECENT DEVELOPMENTS IN MONGOLIA - Ivanhoe announced in late May that ongoing exploration drilling at the Turquoise Hill gold and copper discovery in Mongolia had added approximately 233 million tonnes to the overall Inferred Mineral Resource of the Southwest Oyu Discovery Zone that was announced on March 11th. The results, from six new holes, brought the estimated Inferred Resource to 821 million tonnes grading 0.52 grams of gold per tonne and 0.38% copper, based on a cut-off grade of 0.30% copper equivalent. This is an increase of approximately 40% in the overall Inferred Resource tonnage for the Southwest Oyu Discovery Zone since March 11th. The zone now includes 13.8 million ounces of gold, and increase of 37% since March 11th, and 6.9 billion pounds of copper, an increase of 29%. - At a cut-off grade of 0.50% copper equivalent, there is now estimated to be 469 million tonnes grading 0.70 grams of gold per tonne and 0.48% copper, containing 10.6 million ounces of gold and almost 5.0 billion pounds of copper. This represents an increase of 34% in the Inferred Resource tonnage at the 0.50% cut-off that Ivanhoe reported on March 11th, an increase of 29% in the estimated amount of gold and an increase of 24% in the estimated amount of copper. - Deep drilling has successfully expanded the high-grade core to depth and along strike. At a cut-off grade of 0.70% copper equivalent, the estimated high-grade Inferred Resource now stands at 199 million tonnes, an increase of 7.7% from the March 11th estimate. This resource has grades of 1.12 grams of gold per tonne and 0.63% copper, and contains an estimated 7.2 million ounces gold, an increase of 16.3%, and 2.8 billion pounds of copper, an increase of 8.3%. The total Inferred Mineral Resource at this cut-off grade includes a geologically discrete, inferred high-grade resource of 120 million tonnes, known as Zone 2, grading 1.55 grams of gold per tonne and .70% copper. AMEC has estimated that this zone contains 6.0 million ounces of gold and 1.8 billion pounds of copper. The majority of this mineralization is contained within the presently known limits of the high-grade core at Southwest Oyu, which remains open to depth and along strike. - Step-out drilling has demonstrated that thick intercepts of primary gold and copper mineralization continue far into the Southwest Oyu Zone, more than 500 metres on strike from the Southwest Oyu Discovery Zone. - New holes drilled in and adjacent to the Discovery Zone have significantly extended the gold and copper sulphide mineralization to true depth of more than 900 metres. - At the nearby Central Zone, drilling encountered gold-rich, chalcopyrite mineralization similar to that in the Southwest Discovery Zone, adjacent to and beneath a thick blanket of strong, secondary chalcocite and covellite mineralization. - Drilling has started at the Kharmagtai gold and copper prospect, 120 kilometres north of Turquoise Hill. - A new, 50,000-metre contract was signed with Major Pontil Drilling to employ another seven drill rigs in Mongolia, including high-capacity deep rigs with directional capability. IN MYANMAR - Ivanhoe's share of copper production from the Monywa Copper Project totalled 7.2 million pounds (3,243 tonnes), producing revenues of US$4.7 million. IN AUSTRALIA - Iron pellet production from ABM's Savage River Mine was 533,495 tonnes. Sales revenue was US$17.1 million. IN SOUTH KOREA - Gold and silver production began from Ivanhoe's new mine in South Korea. EXPLORATION AND DEVELOPMENT UPDATE: TURQUOISE HILL (OYU TOLGOI) PROJECT, MONGOLIA Exploration drilling at the Turquoise Hill Project in the first and second quarters was focused on the continued delineation of the known zones of primary and secondary gold and copper mineralization, primarily at the Southwest Discovery Zone and nearby Central Zone. Drilling in the Discovery Zone significantly extended the high-grade gold and copper sulphide mineralization to a true depth of more than 900 metres. In addition, the drilling intersected significant widths of gold and copper mineralization to the southwest and to the east across a prominent northeast-trending fault that was earlier thought to cut off the mineralization in that direction. On May 29th, Ivanhoe issued an updated resource estimate for the Discovery Zone. The inferred resource estimate of 821 million tonnes, grading 0.52 grams of gold per tonne and 38% copper, and containing 13.8 million ounces of gold and 6.9 billion pounds of copper, is based on a cut-off grade of 0.30% copper equivalent, and incorporates all holes drilled in the zone to May 24, 2002. Within the inferred resource is a higher-grade core of approximately 199 million tonnes, grading 1.12 grams of gold per tonne and 0.63%% copper. UPDATE OF PRELIMINARY MINERAL RESOURCE ESTIMATE -- SOUTHWEST OYU DISCOVERY ZONE
IN SITU IN SITU CUT-OFF GRADE COPPER GOLD COPPER GOLD COPPER EQ. GRADE GRADE (BILLIONS OF (MILLIONS OF (%)1 TONNES (%) (G/T) POUNDS) OUNCES) - ------------------------------------------------------------------------------ 0.70 199,300,000 0.63 1.12 2.76 7.20 - ------------------------------------------------------------------------------ 0.65 247,800,000 0.59 0.99 3.22 7.89 - ------------------------------------------------------------------------------ 0.60 309,000,000 0.55 0.88 3.75 8.69 - ------------------------------------------------------------------------------ 0.55 382,900,000 0.51 0.78 4.34 9.60 - ------------------------------------------------------------------------------ 0.50 468,500,000 0.48 0.70 4.95 10.60 - ------------------------------------------------------------------------------ 0.45 561,500,000 0.45 0.64 5.55 11.59 - ------------------------------------------------------------------------------ 0.40 654,400,000 0.42 0.59 6.06 12.50 - ------------------------------------------------------------------------------ 0.35 746,800,000 0.40 0.55 6.54 13.25 - ------------------------------------------------------------------------------ 0.30 820,700,000 0.38 0.52 6.85 13.77 - ------------------------------------------------------------------------------ 0.25 882,000,000 0.36 0.50 7.08 14.15 - ------------------------------------------------------------------------------ 0.20 940,800,000 0.35 0.48 7.26 14.43 - ------------------------------------------------------------------------------
(1) Equivalence calculated using only assumed metal prices (US$0.80/lb. for copper and US$300/oz. for gold); %cu eq. = %cu + Au (g/t) x (9.65/17.64). The resource estimate was prepared by AMEC E&C Services Limited of Vancouver, Canada, in accordance with Canadian regulatory requirements set out in National Instrument 43-101. All drill holes, together with updated drill plans and sections, will be posted on the Turquoise Hill Project section of the company's website at www.ivanhoemines.com. Charles Forster, P.Geo., Ivanhoe Mines' Turquoise Hill Manager, a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators, supervises the exploration program at Turquoise Hill. Douglas Kirwin, Ivanhoe Mines' Senior Vice-President, Exploration, and a Qualified Person, oversees the company's exploration programs. Based on the updated Inferred Resource estimate for the Southwest Oyu Discovery Zone, together with the recently announced drilling results for the Central Zone, Ivanhoe has significantly expanded its internal scoping study to evaluate possible production and cost scenarios, review metallurgical processing alternatives, test ore types for making concentrates, review SX-EW and heap leaching, crushing and milling, and guide current exploration. A review of the ore types encountered in the Central Zone has led to a study that is underway to develop a pilot plant SX-EW heap leach operation. The full scope of the study, planned to be completed by the end of the year, will include development of potential mining scenarios that could utilize a large open pit encompassing the currently defined resource, as well as adjacent mineralization in the Far Southwest and Central zones. An example of an open pit of the depth that would be required to develop the deeper portions of the Southwest Oyu Discovery Zone is Batu Hijau in Indonesia, which is currently designed to extract ore to 900 metres below surface. Other mines with deep open pits include the Palabora Mine in South Africa, which has a current pit depth of 640 metres, and is designed for a total depth of 830 metres. In Chile, the open pit at the Chuquicamata Mine is currently at a depth of 660 metres, and the open pits at the Andina and Zaldivar mines are designed for depths of 900 to 1000 metres, respectively. Some of the resource in the Southwest Oyu Discovery Zone may prove too deep to recover by the open-pit mining method at current metals prices. An internal review by Ivanhoe's engineering staff of the current Inferred Resource block model indicates that open-pit mining would recover approximately two-thirds of the current resource, using a 0.50% cut-off copper equivalent, by mining down to depths of approximately 500 metres below surface. At depths lower than approximately 500 metres below surface, the high-grade core appears amenable to high-volume underground mining methods. Potential underground development schemes are being investigated to determine the possibility of underground mining of the deep portions of the Southwest Oyu Discovery Zone's high-grade core in combination with open-pit operations. Two Australian mines, North Parkes and Cadia Ridgeway, currently run underground mining operations in conjunction with an open-pit. North Parkes operates on a mining grade of approximately 1.2% copper, whereas the Ridgeway underground operation was initiated on a resource base of approximately 50 million tonnes grading 2.46 g/t of gold and 0.75% copper. The large Grasberg copper-gold mine in Indonesia also operates with a large open pit to mine the near-surface ore and an underground operation to mine the deep-lying ore. Recent drilling at the Central Zone, approximately 1,000 metres north of the Southwest Discovery Zone, has encountered intrusive and volcanic-hosted hypogene, gold-rich, chalcopyrite mineralization similar to that in the Southwest Discovery Zone, adjacent to and beneath a thick blanket of strong, secondary chalcocite and covellite mineralization. These contiguous zones of mineralization offer the potential for a second open pit that ultimately could merge into a super-pit encompassing the Southwest Discovery Zone. Preliminary metallurgical test work conducted by Lakefield Research Limited of Canada, indicated that potential exists to make a high-grade flotation concentrate from the secondary copper mineralization. The ability to make a commercial-grade concentrate from the shallow secondary mineralization would allow for the use of a single concentrator facility, designed for the long-term treatment of the deeper, hypogene chalcopyrite-hosted gold/copper mineralization. The net effect would be to significantly lower the overall strip ratio within the Central Zone and increase the probability for development of the deposit early in the life of the project. Ivanhoe has signed a contract to employ seven additional drill rigs, that will increase to 14 the number of rigs that Ivanhoe has working around the clock in Mongolia. Several of the new rigs will have directional-drilling capability, that will allow Ivanhoe to delineate the deeper sections of the high-grade core at the Southwest Discovery Zone. The additional rigs also will allow Ivanhoe to test other high-priority targets on the property, including the North Oyu Zone. Ivanhoe believes that, based on the increasing grade and extent of the gold and copper mineralization with depth in the Southwest Oyu Discovery Zone's core, the possibility exists to significantly extend the high-grade core mineralization to depth. The strongest gold and copper grades recorded to date at the project are from the deeper intercepts in the Southwest Oyu Discovery Zone's core. The project is proceeding with additional in-fill and step-out drilling of the Southwest Oyu and Central Oyu zones to obtain a suitable resource base to permit an evaluation of the economic viability of the resource. Ivanhoe holds a 100% interest in the gold and copper project, subject to BHP Billiton's 2% royalty. BHP Billiton holds certain back-in rights in the project that become exercisable if copper mineralization meeting certain contractually defined parameters is identified on, or before, June 7, 2002. If copper mineralization meeting these parameters is not identified by June 7, 2002, BHP Billiton's back-in rights will expire on that date. KHARMAGTAI PROJECT, MONGOLIA Ivanhoe has commenced exploration drilling at the Kharmagtai gold and copper project, located 120 kilometres north of the Turquoise Hill Project. Kharmagtai, which has similar geological characteristics and is within the same copper-rich belt of Devonian-age rocks that encompasses Turquoise Hill, is the first in a series of priority porphyry-related targets in Mongolia's South Gobi region that Ivanhoe plans to drill-test this year. The Kharmagtai exploration licence covers a 67-square-kilometre (26-square-miles) block that lies within a group of exploration tenements that, in total, cover more than 50,000 square kilometres (19,300 square miles) in the South Gobi region. Ivanhoe's drilling program at Kharmagtai initially will focus on an area approximately six kilometres by four kilometres that has been covered by a detailed Induced Polarization (IP) and magnetic survey. This work has identified a number of high-priority anomalies, including one specific target where a scout hole drilled by the previous licence holder reportedly assayed 3.08 g/t gold and 1.89% copper over 72 metres. The core samples from this hole indicate that the mineralization is in an altered, intrusive rock with similar characteristics to the Discovery Zone at Turquoise Hill. The geophysical anomalies delineated at Kharmagtai also are similar in intensity and relative relationship to alteration patterns found at Turquoise Hill. The scout drilling was part of a US$5 million exploration program carried out by a private company in the mid-to-late 1990s. The program included 18 widely-spaced diamond holes, totalling 3,730 metres, 9,000 rock samples, 4,000 soil samples, 19 kilometres of trenching and 240 kilometres of magnetic surveying. In March, Ivanhoe acquired all of the exploration data by giving the private company a 10% interest in the Kharmagtai exploration licence. Ivanhoe has a 90% interest in the licence. The previous drilling also intersected significant near-surface, gold-copper mineralization in quartz stockwork zones, with a probable strike length in excess of 200 metres. Reported drill results ranged in value from 0.71 to 2.01 g/t gold over intersections of 34 metres to 64 metres. On surface, sub-cropping mineralization was cut by two trenches (31 metres at 1.25 g/t gold and 16 metres at 2.74 g/t gold). The mineralized stockwork is situated on the northern edge of a coincident magnetic and IP anomaly delineated in the recent survey. Copper assays are not known at this time. The best trench intercept reported was an average of 2.7 g/t gold over 70 metres. Other high-priority targets that Ivanhoe plans to test this year in its reconnaissance exploration program include Shuteen, Turquoise Ridges, Oyut Ovoo, Saran Uul, Oyut Ulaan and Chandman Uul. Ivanhoe selected the projects for follow-up exploration after completing extensive helicopter-supported field investigations of more than 350 mineral occurrences throughout Mongolia during the past five years. MODI TAUNG GOLD PROJECT, BLOCK 10, MYANMAR Underground development work is continuing at Ivanhoe's high-grade gold discovery on the Modi Taung Project, in Central Myanmar. The Modi Taung Project, approximately 150 kilometres southeast of Mandalay, is located in a mesothermal slate belt setting similar to the one supporting the multi-million-ounce Bendigo goldfield in Australia. The project includes five known parallel zones of mineralized vein structures, each between 500 and 800 metres long. Ivanhoe is investigating options to develop a small-scale mining operation at Modi Taung, along the lines of the company's new 150-tonne-per-day Eunsan gold and silver mine in South Korea. METALS PRODUCTION MONYWA COPPER PROJECT, MYANMAR Copper production attributable to Ivanhoe from the S&K Mine in Myanmar was 3,243 tonnes (7.2 million pounds) in the first quarter of 2002, compared to 3,536 tonnes (7.8 million pounds) in 2001. Ivanhoe's share of copper sales from S&K in the first quarter of 2002 totalled US$4.7 million, compared to US$5.2 million in the same period in 2001. The average selling price for copper in the first quarter of 2002 (after royalties and commissions on sales) was US$0.69 per pound. Copper production at the mine has improved steadily since last fall as a result of operational improvements at the mine, including, tighter ore control in the pit, construction of a screening and washing plant to remove clay fines from the ore, re-mining of poorly-leached cells and increased leaching of run-of-mine ore. In March, copper production reached a rate of more than 30,000 tonnes a year. In February, the S&K Mine made another installment payment against its project loan. Including the reserve payment held in escrow, the balance owing on the project's original US$90 million loan now has been reduced to US$45 million. Ivanhoe is continuing detailed negotiations with potential Japanese, Korean and Chinese institutions that have expressed intense interest in participating in the planned, phase-two development of the Letpadaung deposit. Letpadaung, located six kilometres south of the S&K Mine, has a planned production rate of 125,000 tonnes (275 million pounds) of copper a year, and a flow sheet, metallurgy and process design similar to those at the S&K Mine. Ivanhoe welcomed the recent decision by the Myanmar government to lift restrictions on public activities by Aung San Suu Kyi, the leader of Myanmar's National League for Democracy. Razali Ismail, the United Nations' special envoy who has been instrumental in the success of reconciliation talks between the government and Ms. Suu Kyi, stated that he believes that the government's action demonstrates its commitment to the objective of democracy for Myanmar. EUNSAN GOLD-SILVER MINE, SOUTH KOREA The Eunsan Mine began production in March and is processing stockpiled, high-grade, open-pit ore as it scales up toward commercial production. When commercial underground production from high-grade ore begins later this year, Eunsan is expected to produce up to 50,000 ounces of gold and 118,000 ounces of silver on an annual basis for at least two years. Drilling is continuing at other targets to define the grades and the extent of the gold and silver mineralization. The current development concept is to mine three or more nearby deposits and feed the ore to the Eunsan mill. During April, the mill treated approximately 3,000 tonnes of stockpiled ore grading 10.1 grams per tonne (gpt) gold and 542 gpt silver, and produced approximately 1.25 tonnes of dore containing 788 ounces of gold and 38,585 ounces of silver. A dore sales agreement was recently signed with KOEXGO, a consortium of Korean jewellery wholesalers. The underground development is proceeding as planned. An underground diamond drill is scheduled to arrive on site in early June to begin the reserve-definition program. Exploration activities are currently focused on the nearby Kunsan and Gasado Island prospects, with an emphasis on delineating resources to be milled in the Eunsan mill. SAVAGE RIVER IRON ORE MINE, AUSTRALIA Operations at the Savage River iron ore mine have been in accordance with the mine plan during the first quarter of 2002. Sales of all iron-ore products during the first three months of 2002 totalled approximately 600,500 tonnes, generating sales revenue of US$17.1 million. This compares to sales of iron-ore products in the first quarter of 2001 totalling 434,000 tonnes, and sales revenue of US$12.8 million. The iron ore products are sold to customers in Australia and Asia. Goldamere Pty. Ltd., a subsidiary of Ivanhoe's wholly-owned subsidiary, ABM Mining Limited, owns the Savage River assets. Goldamere operates an open pit mine and a crusher/concentrator facility at Savage River and a pellet plant at Port Latta, approximately 83 kilometres north of the mine. BAKYRCHIK GOLD MINE, KAZAKHSTAN Production recommenced at the Bakyrchik Gold Mine, in northeastern Kazakhstan, in late 2001. The economics of the open-pit project are being tested on oxidized ore material stockpiled on surface from previous operations. Ivanhoe has a 70% interest in Bakyrchik Mining Venture, the company that owns the mine; the government of Kazakhstan holds the other 30%. Ivanhoe is entitled to 100% of all operating cash flows from the mine until all of the company's previously invested capital in the project is recovered. OUTLOOK We aim to grow our gold and copper business, and we believe that profitable, low-cost production is the best way to grow -- that's why we're so excited about the potential of our Turquoise Hill discovery, the Kharmagtai prospect and other high-priority targets in Mongolia's South Gobi region. History has shown that a great mineral discovery can rapidly and dramatically lift the fortunes of a company and its shareholders. While we have made impressive progress to date in Mongolia, we are optimistic that the best drill hole is yet to come. Given the demand for metals to build modern economies throughout Asia, and especially China, we remain more than pleased with our prospects. ROBERT M. FRIEDLAND R. EDWARD FLOOD Chairman Deputy Chairman May 29, 2002 Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Ivanhoe Mines' periodic filings with Canadian Securities Regulators. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. EX-20.6 43 o11180exv20w6.txt LETTER TO SHAREHOLDERS DATED AUGUST 29, 2002 Exhibit 20.6 Letter to Shareholders [IVANHOE MINES LOGO] Second Quarter, 2002 QUARTERLY HIGHLIGHTS AND RECENT DEVELOPMENTS IN MONGOLIA - DRILLING OF PRIORITY HIGH-GRADE TARGETS IN THE SOUTHWEST AND CENTRAL ZONES AT TURQUOISE HILL CONTINUES TO EXPAND TONNAGE AND PROVIDE VITAL DATA FOR ENGINEERING STUDIES THAT WILL BE USED TO EVALUATE OPTIMAL PRODUCTION SCENARIOS. - DELINEATION DRILLING AT TURQUOISE HILL HAS INTERSECTED THICK INTERCEPTS OF CHALCOPYRITE MINERALIZATION AT THE FAR NORTH OYU ZONE, APPROXIMATELY FOUR KILOMETRES NORTH OF THE PROJECT'S HIGH-GRADE GOLD AND COPPER DISCOVERY ZONE AT SOUTHWEST OYU, AND APPROXIMATELY TWO KILOMETRES NORTH OF THE CENTRAL ZONE. - BHP BILLITON'S BACK-IN RIGHTS TO THE TURQUOISE HILL PROJECT EXPIRED IN JUNE. IVANHOE NOW HOLDS A 100% INTEREST IN THE PROJECT, SUBJECT ONLY TO BHP BILLITON'S 2% NET SMELTER ROYALTY. - IVANHOE'S EXPLORATION DRILLING AT THE KHARMAGTAI PROJECT, 120 KILOMETRES NORTH OF TURQUOISE HILL, INTERCEPTED NEAR-SURFACE, HIGH-GRADE GOLD AND COPPER PORPHYRY MINERALIZATION, SIMILAR TO THE HIGH-GRADE PORPHYRY MINERALIZATION AT TURQUOISE HILL'S SOUTHWEST OYU DISCOVERY ZONE. - IVANHOE DISCOVERED A SIGNIFICANT, SEDIMENT-HOSTED GOLD MINERALIZED SYSTEM AT OV3, APPROXIMATELY 15 KILOMETRES WEST OF THE KHARMAGTAI PROSPECT. THE SYSTEM IS 3.0 KILOMETRES LONG AND 1.5 KILOMETRES WIDE, AND IS COINCIDENT WITH A MAJOR NE-SW-STRIKING FAULT SYSTEM AND A MAJOR INDUCED POLARIZATION (IP) ANOMALY. THE SYSTEM IS CHARACTERIZED BY INTENSE ALTERATION AND VISIBLE GOLD HAS BEEN OBSERVED IN TRENCHES. DRILLING AND TRENCHING ARE ONGOING. - IVANHOE RECENTLY INCREASED THE SIZE OF ITS PORTFOLIO OF MINERAL RIGHTS BY APPROXIMATELY 60%. IVANHOE NOW HAS APPROVAL FOR MINERAL EXPLORATION LICENCES COVERING 82,770 SQUARE KILOMETRES (31,950 SQUARE MILES) IN MONGOLIA. HIGH-PRIORITY TARGETS WITHIN IVANHOE'S MINERAL PROVINCE THAT THE COMPANY PLANS TO TEST THIS YEAR INCLUDE CENTRAL KHARMAGTAI, OV3, OYUT HYAR, CHUN, SHUTEEN, OYUT ULAAN, CHANDMAN UUL, OYUT OVOO AND SARAN UUL. ADDITIONAL DRILL RIGS ARE BEING SOURCED FROM AUSTRALIA AND CANADA. BY THE END OF SEPTEMBER, IVANHOE EXPECTS TO HAVE 18 RIGS DRILLING YEAR-ROUND IN MONGOLIA. IN SOUTH KOREA - THE SILVER HILL (EUNSAN) GOLD AND SILVER MINE SUCCESSFULLY COMPLETED ITS START-UP PHASE AND NOW IS IN COMMERCIAL PRODUCTION. AS OF MID-AUGUST, THE MINE HAD SOLD 2,851 OUNCES OF GOLD AND 128,444 OUNCES OF SILVER, FOR SALES REVENUE OF APPROXIMATELY US$1.5 MILLION. THE CAPITAL INVESTMENT FOR PLANT AND EQUIPMENT TO DEVELOP THE MINE WAS APPROXIMATELY US$1.3 MILLION, DUE TO VERY LOW FABRICATION COSTS IN SOUTH KOREA. [IVANHOE'S SILVER HILL MINE PICTURE] IVANHOE'S SILVER HILL MINE IN SOUTH KOREA IS NOW IN COMMERCIAL PRODUCTION OF GOLD AND SILVER DORE BARS. IN MYANMAR - COPPER PRODUCTION ATTRIBUTABLE TO IVANHOE FROM THE S&K MINE WAS 6,814 TONNES (15.0 MILLION POUNDS) IN THE FIRST HALF OF 2002. IVANHOE'S SHARE OF COPPER SALES FROM S&K IN THE FIRST HALF OF 2002 TOTALLED US$10.1 MILLION. IVANHOE'S SHARE OF THE MINE'S OPERATING PROFIT DURING THE PERIOD WAS US$2.9 MILLION. - UNDERGROUND EXPLORATION AT MODI TAUNG (BLOCK 10) CONTINUED TO INTERCEPT HIGH-GRADE PRIMARY GOLD MINERALIZATION IN NARROW QUARTZ VEINS. IVANHOE IS INVESTIGATING OPTIONS TO DEVELOP A SMALL-SCALE MINE AT MODI TAUNG, SIMILAR TO THE COMPANY'S NEW SILVER HILL MINE IN SOUTH KOREA. IN AUSTRALIA - A TOTAL OF 1,194,460 TONNES OF SAVAGE RIVER IRON ORE PELLETS WAS SOLD DURING THE FIRST SIX MONTHS OF 2002, GENERATING US$36.5 MILLION IN SALES REVENUE. THE OPERATING PROFIT DURING THE PERIOD WAS US$7.1 MILLION. - IN MAY, IVANHOE ACQUIRED EXCLUSIVE RIGHTS TO USE INTEC LTD.'S PROPRIETARY, HYDROMETALLURGICAL COPPER/GOLD PROCESS IN MONGOLIA, WESTERN CHINA AND MYANMAR UNDER A ROYALTY-BASED LICENCE. ARRANGEMENTS ARE BEING MADE TO TEST TURQUOISE HILL GOLD/COPPER CONCENTRATES AT INTEC'S LABORATORY IN SYDNEY. IVANHOE ALSO ACQUIRED WORLDWIDE ROYALTY-BASED LICENCES TO USE INTEC'S VARIOUS COPPER, ZINC AND NICKEL PROCESSING TECHNOLOGIES THAT HAVE THE POTENTIAL TO REVOLUTIONIZE THE REFINING PROCESS FOR BASE-METAL CONCENTRATES. IN CHINA - IN JUNE, IVANHOE ACQUIRED AN OPTION TO EARN A MAJORITY INTEREST IN PACIFIC MINERALS' 217 GOLD PROJECT IN CHINA'S INNER MONGOLIA REGION, SOUTH OF THE MONGOLIA BORDER, AND THE JBS PLATINUM-PALLADIUM PROJECT IN YUNNAN PROVINCE, CHINA. EXPLORATION AND DEVELOPMENT MONGOLIA UPDATE: TURQUOISE HILL (OYU TOLGOI) PROJECT Exploration drilling at Turquoise Hill during the second quarter was focused on expanding the zones of high-grade, primary gold- and copper-rich chalcopyrite mineralization and secondary covellite and chalcocite mineralization in the Central Oyu Zone. The Central Zone is outlined by a large, 1,000-metre by 500-metre induced polarization (IP) anomaly north of the Southwest and South zones. Drilling indicates that the gold/copper mineralization in Central Oyu has the following three components, analogous to a "plume:" - Component 1 is an extensive near-surface, copper-rich, supergene-enriched chalcocite blanket that is potentially amenable to heap-leaching using solvent-extraction and electrowinning technology (SX-EW). - Component 2 is a large, tabular zone of covellite and hypogene chalcocite copper mineralization trending approximately east-west, which lies immediately below the supergene-enriched chalcocite blanket. - This zone of covellite and chalcocite, in turn, grades into the third component, a high-grade core of primary gold and copper porphyry mineralization, which presently appears to have mineralogical characteristics similar to the Southwest Oyu Discovery Zone. Ivanhoe's geological model indicates that the previously identified covellite/chalcocite mineralization at Central Oyu is a shallow overprinting and replacement of the primary chalcopyrite mineralization. As such, the covellite/chalcocite mineralization appears to grade outward and at depth into the zone of gold- and copper-rich chalcopyrite mineralization, similar to the adjacent Southwest Oyu Discovery Zone. Future drilling in this area will concentrate on defining the scope and grade of the three mineralized components that comprise Central Oyu. At the same time, these holes also will provide large-diameter core for metallurgical and geotechnical test work. Chalcocite and covellite are two of the world's most important sources of copper because of their high copper content. Chalcocite contains approximately 80% copper by weight; covellite contains approximately 66% copper by weight. Chalcopyrite, the world's leading source of copper, is a common mineral and is found in almost all sulfide deposits. It contains approximately 35% copper by weight. On May 29, 2002, Ivanhoe announced that Southwest Oyu alone hosts a porphyry gold-copper deposit containing some 13.8 million ounces of gold and 6.9 billion pounds of copper within an estimated inferred mineral resource of 821 million tonnes grading 0.52 g/t gold and 0.38% copper, based on a cut-off grade of 0.30% copper equivalent. Southwest Oyu hosts a higher-grade core zone of 120 million tonnes grading 1.55 g/t gold and 0.70% copper, containing 6.0 million ounces of gold and 1.8 billion pounds of copper. The higher-grade zone is contained in a sub-vertical, pipe-like body that is at least 300 metres in diameter and has a vertical extent of at least 1,000 metres below surface. Based on preliminary engineering work, Ivanhoe believes that deeper portions of this high-grade, pipe-like porphyry body are potentially amenable to low-cost, sub-level caving or block-caving mining techniques, similar to the techniques that have been successfully employed at comparable gold and copper deposits at the Ridgeway and North mines in Australia. FIVE NEARBY, RELATED, MINERALIZED ZONES -- CENTRAL, NORTH, SOUTH, FAR SOUTHWEST AND FAR NORTH -- WERE NOT INCLUDED IN THE RESOURCE ESTIMATE. GIVEN THE NEWLY DISCOVERED MINERALIZATION IN THE CENTRAL AND FAR NORTH ZONES, IVANHOE IS WORKING WITH AMEC TO PREPARE AN UPDATED RESOURCE ESTIMATE FOR RELEASE IN THE THIRD QUARTER. Scoping work is continuing, with the drilling of large-diameter metallurgical core holes for copper SX-EW leach tests and gold-copper concentrate test work. Preliminary mineralogical studies indicate that a significant portion of the gold content of the Southwest Oyu Discovery Zone may be amenable to gravity recovery similar to the processing flow sheets currently employed at the Ridgeway Mine in Australia. Large-diameter drilling also is planned to measure the quantity of groundwater in proximity to the project site. Drilling currently is focused on expanding the mineralization and providing information for engineering studies that will be used to evaluate various production scenarios, ranging from open-pit to underground mining methods. Several rigs are conducting infill definition drilling at Southwest Oyu to better delineate the grade and extent of the deposit and to upgrade a portion of the inferred resources to the higher measured-and-indicated resources category. In July, drilling intersected wide intercepts of chalcopyrite mineralization at the Far North Oyu Zone, approximately four kilometres north of the project's high-grade gold and copper discovery zone at Southwest Oyu. Far North Oyu is on the northern portion of a large circular structure indicated by induced-polarization geophysical surveys, with Central Oyu on the southern limb of the same structure. Drilling is continuing to determine the tonnage and grade of the chalcopyrite mineralization in this zone. Drilling between the Central and Southwest zones also has located strong chalcopyrite, covellite and chalcocite mineralization along the footwall of a major northeast-trending structure that extends northeast from the Southwest Discovery area. Drilling is planned to delineate the mineralization discovered in this area. MONGOLIA: KHARMAGTAI AND OV3 PROJECTS Ivanhoe's exploration drilling has intercepted strong gold and copper porphyry mineralization at the Kharmagtai project, 120 kilometres north of Turquoise Hill. Drilling has confirmed the discovery of high-grade, porphyry-hosted, gold and copper mineralization, similar in style to the high-grade zones at Turquoise Hill, but with the additional benefit of having the mineralization extend essentially to surface. IVANHOE'S SECOND DIAMOND-DRILL HOLE AT KHARMAGTAI, KH002, REACHED A DEPTH OF 182.4 METRES. THE HOLE INTERSECTED 64 METRES GRADING 2.49 G/T GOLD AND 1.21% COPPER AT DOWN-HOLE DEPTHS OF BETWEEN 76 AND 140 METRES, INCLUDING 12 METRES GRADING 4.41 G/T GOLD AND 1.62% COPPER. A THIRD HOLE, KH003, INTERSECTED 102 METRES GRADING 2.09 G/T GOLD AND 1.05% COPPER BETWEEN DOWN-HOLE DEPTHS OF 40 AND 142 METRES, INCLUDING 46 METRES GRADING 3.98 G/T GOLD AND 1.59% COPPER. KH003 ALSO INTERSECTED ANOTHER ZONE OF 26 METRES, GRADING 1.49 G/T GOLD AND 0.94% COPPER, BETWEEN DOWN-HOLE DEPTHS OF 166 AND 192 METRES. DRILLING IS CONTINUING AND RESULTS WILL BE ANNOUNCED AS THEY BECOME AVAILABLE. Kharmagtai is part of a highly mineralized area that includes the Ovoot Hyar licence. Within these licences, four copper-gold porphyry targets -- Kharmagtai, Stockwork Hill, Chun and Ovoot Hyar -- and a sediment-hosted gold target -- OV3 - -- have been defined. Recent trench sampling has encountered visible gold in altered sediments and jasperoid mineralization at the OV3 prospect. Visible gold also has been observed within quartz stockwork mineralization at the Stockwork Hill and Chun prospects. Sediment-hosted gold mineralization is coincident with a major NE-SW-striking fault system measuring approximately 3.0 kilometres by 1.5 kilometres and is associated with a large, induced polarization anomaly at OV3, approximately 15 kilometres west of the current drilling at the Kharmagtai prospect. This system is characterized by intense alteration and visible gold has been observed in the trenches. Mechanical trenching and reverse-circulation drilling at OV3 are underway. MONGOLIA: MAJOR RECONNAISSANCE EXPLORATION PROGRAM UNDERWAY IVANHOE RECENTLY INCREASED THE SIZE OF ITS PORTFOLIO OF MINERAL RIGHTS BY APPROXIMATELY 60%. IVANHOE NOW HAS APPROVAL FOR 82,770 SQUARE KILOMETRES (31,950 SQUARE MILES) OF MINERAL EXPLORATION LICENCES IN MONGOLIA. Other high-priority targets within the belt that Ivanhoe plans to test this year include CENTRAL KHARMAGTAI, OV3, OYUT HYAR, CHUN, SHUTEEN, OYUT ULAAN, CHANDMAN UUL, OYUT OVOO AND SARAN UUL. Additional drilling rigs are being sourced from Australia and Canada. Ivanhoe expects to have 18 rigs drilling on its Mongolian exploration program by the end of September. Charles Forster, P.Geo., Ivanhoe Mines' Turquoise Hill Manager, a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators, supervises the exploration and development program at Turquoise Hill. The resource estimate at Turquoise Hill was prepared by AMEC E&C Services Limited in accordance with Canadian regulatory requirements set out in National Instrument 43-101. Douglas Kirwin, Ivanhoe Mines' Senior Vice-President, Exploration, and a Qualified Person, oversees the company's exploration programs. All assays, drill plans and sections are posted on the Mongolia Exploration section of the company's website at www.ivanhoemines.com. MYANMAR: MODI TAUNG GOLD PROJECT, BLOCK 10 Underground development work is continuing at Ivanhoe's high-grade gold discovery on the Modi Taung Project in Central Myanmar, approximately 150 kilometres southeast of Mandalay. The project is located in a mesothermal slate-belt setting and includes five known parallel zones of mineralized vein structures, each between 500 and 800 metres long. Ivanhoe is investigating options to develop a small-scale mining operation at Modi Taung, modelled on the company's new, 150-tonne-per-day Silver Hill Gold Mine in South Korea. CHINA: JOINT VENTURE TO EXPLORE FOR GOLD AND PLATINUM In June, Ivanhoe entered into an option agreement with Pacific Minerals Inc., a company listed on the TSX Venture Exchange, which gives Ivanhoe the right to acquire a majority interest in Pacific's 217 Gold Project in Inner Mongolia and its JBS platinum-palladium project in Yunnan Province. Ivanhoe also holds a right of first refusal to acquire a majority interest in any new project in China (excluding Anhui Province) undertaken by Pacific during the next 10 years. As part of the option agreement, Ivanhoe invested US$3 million in Pacific by way of a private placement of 5.1 million units at a price of CDN$0.90 per unit. Each unit comprised one common share and one share purchase warrant exercisable for a period of two years at CDN$1.00 per share. AUSTRALIA: EXCLUSIVE RIGHTS ACQUIRED FOR INTEC'S COPPER/GOLD PROCESS In May, Ivanhoe acquired exclusive rights to use Australia-based Intec Ltd.'s hydrometallurgical copper/gold process in Mongolia, western China and Myanmar under a royalty-based licence. Ivanhoe also acquired worldwide, royalty-based licences to use Intec's various copper, zinc and nickel processing technologies. Intec, an Australian public company, is the owner of the "Intec Process", a proprietary, patented hydrometallurgical process which has been demonstrated to produce high-purity base and precious metals from concentrates of sulfide ores. As part of its metallurgical testing program, Ivanhoe plans to test gold and copper concentrates from its Turquoise Hill project at Intec's laboratories in Sydney, Australia. In May, Ivanhoe became a major shareholder in Intec by acquiring 29 million shares (approximately 19.9%) at A$0.20 (US$0.11) in the company's initial public offering on the Australian Stock Exchange. METALS PRODUCTION S&K COPPER MINE, MYANMAR Copper production attributable to Ivanhoe from the S&K Mine in Myanmar was 6,814 tonnes (15.0 million pounds) in the first half of 2002, compared to 6,858 tonnes (15.1 million pounds) in the first half of 2001. Ivanhoe's share of copper sales from S&K in the first half of 2002 totalled US$10.1 million, compared to US$11.3 million in the same period in 2001. Ivanhoe's share of the mine's operating profit during the period was US$2.9 million. The average selling price for copper in the first half of 2002 (after royalties and commissions on sales) was US$0.71 per pound, compared to US$0.75 per pound in the same period in 2001. The cash cost of production for the first half of 2002 was approximately US$0.36 per pound of copper. Necessary capital expenditures, including new haul trucks and expanded leach-pads, are being funded from the cash flow from operations. On August 28th, the mine reduced its bank loan by a further US$7.5 million. The balance owing on the original US$90 million project loan now has been reduced to US$45 million. The S&K Mine, the first phase of the Monywa Copper Project, is a 50/50 joint venture between Ivanhoe and Myanmar's Mining Enterprise No. 1. Negotiations are continuing over the financing and development of the large Letpadaung deposit, which is the second phase of the Monywa Project. Development of Letpadaung is contingent upon securing a reliable supply of electrical power. SILVER HILL GOLD-SILVER MINE, SOUTH KOREA The Silver Hill (Eunsan) gold and silver mine in South Korea has successfully completed its start-up phase and now is in commercial production. As of August 16th, the mine had sold dore containing 2,851 ounces of gold and 128,444 ounces of silver that it had produced from development ore mined from the initial open-pit, and generated approximately US$1.5 million in sales revenue. The mine's output is scheduled to gradually increase during the next five months to an annual rate of up to 50,000 ounces of gold and 118,000 ounces of silver as development of the underground mining progresses to full production. As of July 31st, the mine had processed 9,800 tonnes of open-pit development ore with an average gold grade of 11.5 grams per tonne (gpt), or 0.37 ounces per tonne (opt), and a silver grade of 586 gpt (18.8 opt). The mine's gold and silver dore bars are being sold to a consortium of Korean precious-metals wholesalers. Ivanhoe expects that the Silver Hill mill will provide a processing base for other nearby epithermal gold and silver prospects under development within Ivanhoe's Seongsan project area in southwestern Chollanam-Do Province. Vein systems currently being evaluated are Kunsan, Moisan, Moisan Extended and Gasado Island. SAVAGE RIVER IRON ORE MINE, AUSTRALIA A total of 1,194,460 tonnes of Savage River iron ore pellets was sold during the first six months of 2002, generating US$36.5 million in sales revenue. The operating profit during the period was US$7.1 million. The Savage River mine and pellet plant are operated by Goldamere Pty. Ltd., an indirect, wholly-owned Ivanhoe subsidiary. Goldamere's current project debt obligations to UBS Australia Ltd. total approximately A$76 million (US$41 million) and consist of a project loan and a foreign-currency contract obligation secured by the Savage River assets. These obligations are non-recourse to Ivanhoe Mines. BAKYRCHIK GOLD MINE, KAZAKHSTAN Limited production recommenced at the Bakyrchik Gold Mine, in northeastern Kazakhstan, in late 2001 to test the economics of an open-pit pilot project to mine and to process near-surface oxidized ore. The Bakyrchik oxide project has struggled to meet objectives to date due to sulfide ore mixed with the existing oxide-ore stockpile and operating difficulties resulting from new government regulations regarding the importation and use of certain re-agents needed to extract the gold from the oxide ore. Through the first six months of 2002, the mine produced 1,814 ounces of gold for sales revenue of US$546,000. Discussions relating to potential joint-venture development of the Bakyrchik deposit are continuing. Ivanhoe has a 70% interest in Bakyrchik Mining Venture, the company that owns the mine. Ivanhoe is entitled to 100% of all operating cash flows from the mine until all of the company's previously invested capital in the project is recovered. OUTLOOK Our optimism continues to be buoyed by the outstanding results being reported from our gold and copper exploration program in the South Gobi region of Mongolia. The Ivanhoe team's successes at Turquoise Hill, Kharmagtai and OV3 suggest that the South Gobi region is developing into a major mineral province. With its large portfolio of mineral-lease holdings and its five-year head start, Ivanhoe is the leading international mining company in gold and copper exploration in Mongolia. We believe that our advantageous position will produce significant benefits for our shareholders and the people of Mongolia. The early success of our Silver Hill Mine in South Korea also has been noted by industry professionals and analysts. Our value-driven engineering and cost-effective sourcing of equipment within South Korea helped keep start-up costs to a minimum, and now we are gaining the maximum benefits of the smooth progression to commercial production of silver and gold. Silver Hill will be a model for the planned development of our Modi Taung high-grade gold discovery in Myanmar. Ivanhoe is strategically placed to grow and benefit from the interest and demand being generated by rebounding Asian economies, whose industries are major consumers of the metals being produced and targeted by Ivanhoe. Ivanhoe reached an important milestone on June 21, 2002, when it was chosen to be included in the select group of companies that comprise the benchmark Standard & Poor's/Toronto Stock Exchange (S&P/TSX) Composite Index. As a direct result of encouragement from our Australian shareholders and investors, Ivanhoe recently converted to a full listing on the Australian Stock Exchange. Ivanhoe Mines has a strong balance sheet, with approximately US$62 million in cash at June 30, 2002, and no parent-company debt. ROBERT M. FRIEDLAND R. EDWARD FLOOD Chairman Deputy Chairman August 29, 2002 This letter should be read in conjunction with the Consolidated Financial Statements and Notes of Ivanhoe Mines Ltd. for the three and six months ended June 30, 2002. Statements in this report that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Ivanhoe Mines' periodic filings with Canadian Securities Regulators. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. EX-20.7 44 o11180exv20w7.txt LETTER TO SHAREHOLDERS DATED NOVEMBER 28, 2002 EXHIBIT 20.7 [IVANHOE MINES LOGO] Letter to Shareholders Third Quarter, 2002 QUARTERLY HIGHLIGHTS AND RECENT DEVELOPMENTS IN MONGOLIA - - Ivanhoe Mines has discovered an extensive zone of copper-rich mineralization with gold at the Far North Zone of the Turquoise Hill (Oyu Tolgoi) gold and copper project in southern Mongolia. The new drilling results from the Far North Zone contain the most impressive mineral intercepts that the company has encountered to date at Turquoise Hill. - - Resource-definition drilling at the three other principal discovery zones at Turquoise Hill -- Southwest, South and Central -- continued to intersect thick intercepts of gold and copper mineralization. An updated, independent resource calculation for the entire project, based on year-end results, will be prepared in January, 2003. - - Ivanhoe's initial exploration drilling at the Kharmagtai project, 120 kilometres north of Turquoise Hill, intercepted near-surface, high-grade gold and copper porphyry mineralization, similar to the high-grade porphyry mineralization at Turquoise Hill's Southwest Oyu Discovery Zone. Exploration drilling and trenching on seven gold and copper prospects is ongoing. IN MYANMAR - - Copper production attributable to Ivanhoe from the S&K Mine was 3,587 tonnes (7.9 million pounds) in the third quarter of 2002. Ivanhoe's share of copper sales from S&K in the third quarter totalled US$5.12 million, and Ivanhoe's share of the mine's operating profit was US$1.48 million. - - Exploration drilling commenced at the Modi Taung (Block 10) gold project in Central Myanmar. Ivanhoe is preparing options to develop a small-scale, underground gold mine at Modi Taung. [PICTURE] Ivanhoe's geologists examine high-grade drill core from the Turquoise Hill discovery in southern Mongolia. IN AUSTRALIA - - Sales of pellets from the Savage River iron ore mine during the quarter totalled approximately 508,000 tonnes, an improvement of 25% over the same quarter of 2001. Net revenue from the higher sales during this year's third quarter was approximately US$14.1 million, an improvement of 18.5% over the total sales revenue recorded during the third quarter of 2001. - - In September, an Ivanhoe subsidiary paid a third-party financial institution US$8.1 million (A$15 million) to acquire project debt totalling US$41 million (A$75 million) - an 80% discount to face value. The transaction simultaneously eliminated a very unfavourable currency hedge and removed virtually all of the iron ore project debt. IN SOUTH KOREA - - The Silver Hill (Eunsan) gold and silver mine successfully completed its start-up, open-pit phase. Milling of low-grade open-pit ore is continuing while underground pre-production development work proceeds. During the quarter, the mine produced and sold 3,248 ounces of gold and 125,039 ounces of silver contained in dore. IN CHINA - - Ivanhoe announced in September that it had agreed to acquire an additional 8.6 million shares in Pacific Minerals, a Canadian company that is exploring important precious and base metals projects in China. Ivanhoe now owns 38.4% of the issued and outstanding shares of Pacific Minerals, and 42.2% on a fully-diluted basis. - - Ivanhoe has the right to earn 80% in all of Pacific Minerals' present and future mineral-concession interests in China, including the 217 Gold Project in Inner Mongolia, the JBS Platinum Palladium Project in Yunnan Province, and the newly acquired gold/silver and polymetallic prospects in Liaoning, Yunnan and Guizhou provinces. EXPLORATION AND DEVELOPMENT MONGOLIA UPDATE: TURQUOISE HILL (OYU TOLGOI) PROJECT The past six months have seen a rapid transformation of the Turquoise Hill Project from a gold and copper exploration play to a large-scale development project focused on mine planning, scoping and infrastructure studies. Ivanhoe now has identified four principal zones of porphyry-related, gold-copper mineralization at Turquoise Hill. The zones, South Oyu, Southwest Oyu, Central Oyu and Far North Oyu, are along a 3.5-kilometre, northerly-trending structural corridor within the 12-square-kilometre core target area at Turquoise Hill. Given the company's recent successes in outlining new areas of high-grade gold and copper mineralization at Turquoise Hill, Ivanhoe's engineering group has begun preliminary economic and operational studies that will evaluate a range of development scenarios, including initial production rates of between 50,000 and 100,000 tonnes per day, utilizing various mining methods and capital scheduling combinations to optimize returns. SOUTH OYU AND SOUTHWEST OYU Recent work at Southwest Oyu has consisted primarily of infill drilling of the high-grade core within the existing Southwest Oyu pit boundaries, as presently modelled, to confirm the zone's grade and continuity. The drilling also is intended to upgrade the Southwest Zone's existing high-grade core from an "inferred" resource classification to the higher "indicated" and "measured" classifications, which can be used for feasibility studies. The new results will be incorporated into an updated, independent resource estimate for the entire project, expected to be released in January, 2003. The most recent independent resource calculation, prepared May 29,2002, estimated that the Southwest Zone alone had an inferred resource of 821 million tonnes grading 0.52 grams of gold per tonne (g/t) and 0.38% copper, based on a cutoff grade of 0.30% copper equivalent. At a 0.50% copper cut-off, the inferred resource was estimated to be 469 million tonnes grading 0.70 grams of gold per tonne and 0.48% copper. The May 29 estimate, by AMEC, was based on 32 core holes (totalling approximately 15,000 metres) covering an area of approximately 1,200 metres in strike length, 300 metres wide and 950 metres below surface. By mid-November, an additional 22 holes at the Southwest Zone had been completed since the May resource estimate was prepared. CENTRAL OYU The Central Zone is approximately mid-way between the original discovery at the Southwest Zone and the new high-grade discovery at the Far North Zone. Recent drilling has defined excellent continuity within the covellite-chalcocite-dominated core of the Central Zone, and also expanded the gold-rich chalcopyrite (copper) mineralization to the north side of this massive zone. Ivanhoe's Turquoise Hill Discovery...so far [MAP] The Central Zone is outlined by a large, 1,000-metre by 500-metre induced-polarization (IP) anomaly. Drilling to date has delineated an ovoid body of hypogene covellite and chalcocite mineralization that overprints a surrounding body of gold-rich chalcopyrite mineralization. The gold grades appear to be increasing with depth in the Central Zone, a phenomenon that also is evident in the Southwest Zone. The primary mineralization is still open laterally to the north, to the east and to depth. The zone is approximately 600 metres long and between 400 metres to 400 metres wide; it is currently known to extend to a minimum depth of 400 to 500 metres, which remains open. The mineralized zone dips gently to the north toward the Far North Zone. Ivanhoe has drilled more than 40 holes, totalling approximately 16,000 metres, in the Central Zone in the past nine months to delineate the grade and scope of the deposit. The results significantly expand the known dimensions of the Central mineralized zone that now has become a key component in the overall development concept for the Turquoise Hill Project. This plan, in its current form, envisions open-pit development of the Southwest and Central zones in conjunction with large-scale, open-pit or possible underground development of the Far North Zone. FAR NORTH OYU The Far North Zone is distinguished by the highest continuous copper grades encountered on the Turquoise Hill project to date. It is approximately one kilometre north of the northeastern edge of the Central Zone gold and copper discovery, and 2.5 kilometres north of the original gold and copper discovery at the Southwest Oyu Zone. Results from recent Far North drill holes have revealed very long intercepts that averaged in excess of 3% copper and up to 0.84 grams per tonne gold (g/t) gold. Drilling has expanded the known size of the southwest/northeast-trending Far North Zone to a length of at least 650 metres and a width of 250 to 400 metres. The mineralization has been confirmed to approximately 750 metres below surface and is still open to depth. The high-grade core, consisting of mineralization containing greater than 1% copper, is still open in all directions. The drilling now has defined a large, greater than 1%-copper grade shell encompassing a higher-grade core and illustrates the open-ended nature of the deposit. It is important to note that drilling has not yet encountered quartz monzodiorite intrusive rocks that host higher-grade gold/copper mineralization at the nearby Southwest and Central zones. The underlying significance of this expanding discovery at the Far North Zone is that it opens the door to a number of development options that could see the Far North being developed concurrently with the gold-rich Southwest Zone. The potential scope of the Far North Discovery was of particular interest to Hugo Dummett, Ivanhoe's former Executive Vice-President, Project Development, who recently passed away following a car accident in South Africa. In recognition of Hugo's considerable contributions to Ivanhoe's exploration successes in Mongolia, Ivanhoe has initiated discussions with Mongolian authorities to rename the Far North discovery the Hugo Dummett Zone. Mr. Dummett was widely admired and respected by his many colleagues and friends. The renaming of this important discovery will be one more acknowledgement of the contributions by a professional who was one of Ivanhoe's most able executives and a giant in the field of international mining geology. [PICTURE] KHARMAGTAI PROJECT, MONGOLIA Ongoing exploration drilling at the Copper Hill (Zesen Uul) Prospect at Kharmagtai has outlined a significant copper-gold porphyry system that is geologically similar to the gold-rich copper porphyry zones at Turquoise Hill, 120 kilometres to the southeast. Copper Hill is one of several copper-gold porphyry targets identified within the 100-square-kilometre Kharmagtai/Ovoot Hyar licence. Other targets include Gold Hill (Altan Tolgoi), Duck (Galuu), White Vein (Tsagan Sudal), Wolf (Chun) and OV3. Results from Copper Hill holes announced recently by Ivanhoe included 82 metres grading 1.48 grams of gold per tonne and 0.85% copper, another 82 metres grading 1.23 grams of gold per tonne and 0.74% copper and 58 metres grading 0.98 grams of gold per tonne and 0.67% copper. The holes have defined an east-west-trending zone of gold and copper mineralization longer than 250 metres and up to 120 metres wide. Drilling indicates that high-grade mineralization occurs within 30 metres of the surface, extends at least 250 metres below surface and remains open in all directions. Initial geological modelling suggests that fingers of a monzodiorite stock are intruded into a volcanoclastic, siltstone package, and appear to represent the top of the system. An intense stockwork of quartz-chalcopyrite veins is developed within the monzodiorite and locally within the siltstone. Native copper and chalcocite are present within stockworks in the upper 50 metres of several holes. Mineralization does not outcrop at surface and a trenching and reverse-circulation (RC) drilling program has commenced to define the zone's strike extension. Results from an initial petrological study of high-grade core from Copper Hill indicate that the gold occurs along fractures and voids within chalcopyrite grains and is similar to the gold found at Southwest Oyu high-grade deposit at Turquoise Hill. [PICTURE] Ivanhoe drill in action beside earlier exploration trench at Kharmagtai discovery, Mongolia. GOLD HILL PROSPECT The Gold Hill Prospect is approximately two kilometres due north of Copper Hill. Quincunx Gold Exploration Ltd. (now QGX Ltd.), the former Kharmagtai licence holder, drilled several holes at the prospect in 1997. Quincunx reported intercepts of 40 metres at 2.01 g/t gold and 0.60% copper from 87 metres in hole DDH97-01, and 50.5 metres at 1.65 g/t gold and 0.67% copper from 126.5 metres in hole DDH97-07. The two diamond-drill holes completed to date by Ivanhoe at Gold Hill intersected well-developed chalcopyrite, mineralized quartz stockworks and breccias. Assays are pending. DUCK PROSPECT The Duck (Galuu) Prospect, located two kilometres west of Copper Hill, is defined by a large chargeability anomaly that has a strike length of almost two kilometres and a width of up to 500 metres. It has a varied field magnetic response. Trenching on the eastern margin of the anomaly opened up a broad zone of copper and gold mineralization. Preliminary drill testing of this zone is underway. Ivanhoe holds a 90% interest in the Kharmagtai exploration licence; QGX holds the remaining 10%. MONGOLIA RECONNAISSANCE Other high-priority targets that Ivanhoe is testing in its reconnaissance exploration program include Saran Uul, Oyut Ulaan, Shuteen, Oyut Ovoo and Chandman Uul. General field sampling and mapping activities were completed at Shuteen during the quarter. Charles Forster and Chris Wilson, Qualified Persons as defined by National Instrument 43-101 of the Canadian Securities Administrators, supervised the Turquoise Hill and Kharmagtai exploration programs, respectively. MYANMAR: MODI TAUNG GOLD PROJECT, BLOCK 10 Core drilling has begun at the company's Modi Taung gold project in central Myanmar, where previous exploration identified five parallel vein systems with numerous high-grade gold shoots that appeared to be amenable to underground development. Ivanhoe plans to drill up to 4,000 metres in this initial campaign, which is designed to extend the gold-bearing structures of the Shwesin vein to depth and provide additional geologic and engineering information. Drilling also will be used to confirm the vertical continuity of the high-grade gold that was intersected in underground workings and surface trenches during earlier exploration. The joint-venture project is in the southern part of the Block 10 concession, approximately 150 kilometres southeast of Mandalay, in Central Myanmar. Ivanhoe acquired the concession and began reconnaissance exploration in mid-1996. Underground exploration provides a cost-effective and superior method of evaluating the economics of this unusually high-grade gold prospect due to the uneven nature of gold distribution within the mesothermal vein system and Ivanhoe now has completed 4,220 metres of adits on the five vein systems. Independent laboratories in Australia and Canada have conducted preliminary laboratory testing of the oxide and non-oxide mineralization. The testing has determined that the mineralization, which has yielded gold recoveries of more than 96% during testing, responded well to gravity concentration, followed by flotation. It also responded very well to cyanidation. Andrew Mitchell, Ivanhoe Mines' Modi Project Manager, oversees the exploration work at Modi Taung. Douglas Kirwin is the Qualified Person reviewing the technical information from the project. CHINA: JOINT VENTURE TO EXPLORE FOR GOLD, SILVER, PLATINUM AND COPPER Ivanhoe Mines is exploring for gold and platinum in China through a joint venture with Pacific Minerals Inc. Ivanhoe has the right to earn 80% of Pacific Minerals' interests in all new mineral concessions that the company obtains in China, including recently-acquired prospects in Liaoning, Yunnan and Guizhou provinces. In addition, Ivanhoe has the right to earn 80% of Pacific Minerals' interest in existing projects in China. Under the joint venture, Ivanhoe will be able to earn 76.5% of the 217 Gold Project in Inner Mongolia, where the Pacific has just completed 5,000 metres of diamond drilling. The 217 Gold Project is 160 kilometres south of Ivanhoe's Turquoise Hill Project. Ivanhoe also has the right to earn 75% of the JBS Platinum Palladium Project in Yunnan Province, where Pacific has started underground drilling. The JBS Project is approximately 200 kilometres west of the capital city of Kunming. Pacific Minerals recently entered into an agreement with a provincial government exploration agency in Liaoning Province, northeastern China, to earn up to 90% interest in a 790-square-kilometre area of a gold/silver/ polymetallic district. The concession contains two advanced gold prospects and several other targets have been identified. Pacific Minerals also has letter agreements to earn interests of 70% and 75% over areas totalling approximately 4,500 square kilometres in Yunnan and Guizhou provinces that will be explored for native copper/silver/platinum deposits. METALS PRODUCTION S&K COPPER MINE, MYANMAR In the three months ended September, 2002, the mine produced an average of 2,390 tonnes of cathode per month, equivalent to an annualized production of 28,700 tonnes. This reflects increased production from the ongoing expansion program at the S&K Mine. Electrowinning capacity is being expanded in stages to a planned capacity of 33,000 tonnes per annum by April, 2003.
- ------------------------------------------------------------------- S&K COPPER MINE (IVANHOE QUARTER ENDED SEPTEMBER MINES - 50%) 30, 2002 - ------------------------------------------------------------------- Tonnes of ore to heap (OOO's) 2,859 - ------------------------------------------------------------------- Total tonnes mined (OOO's) 4,496 - ------------------------------------------------------------------- Grade (Cu CN%) 0.46% - ------------------------------------------------------------------- Strip Ratio 0.57 - ------------------------------------------------------------------- Cathode Production (tonnes) 7,173 - ------------------------------------------------------------------- Cathode Sold (tonnes) 6,869 - ------------------------------------------------------------------- Revenue (US$ OOOs) $ 10,246 - ------------------------------------------------------------------- Price of Copper (US$ per Ib.) $ 0.72 - -------------------------------------------------------------------
For the quarter, the average minegate cash cost of production was US$0.37 per pound. The total cost of production, including interest, depreciation and royalties, was $0.54 per pound. Mining operations at the Sabetaung open pit now have been expanded to include the adjacent Sabetaung South pit. Lower-grade ore from the Sabetaung Stage 2 pit will be augmented with higher-grade ore from the Sabetaung Stage 3 area. Prestripping at Sabetaung South and Sabetaung Stage 3 has increased the mine's overall strip ratio. However, operational efficiencies in mining operations and reduced truck fleet maintenance costs have resulted in operating costs below those incurred during the previous quarter. SAVAGE RIVER IRON ORE MINE, AUSTRALIA In September, an Ivanhoe subsidiary company purchased 100% of the bank debt obligations that were outstanding against the Savage River iron ore project in Australia, which sells its products to customers in Australia and Asia. The subsidiary paid a third-party financial institution US$8.1 million (A$15 million) to acquire project debt totalling US$41 million (A$75 million) -- an 80% discount to face value. The debt -- owed by Goldamere Pty. Ltd., the operator of the Savage River mine and Port Latta pellet plant -- had arisen from project financing and a related requirement to hedge the Australian dollar at an exchange rate of 68 Australian cents to the U.S. dollar. Goldamere committed to the financing and hedge before Ivanhoe acquired the iron ore project approximately 22 months ago. The accumulated burden of project debt and the unfavourable currency hedge had been a considerable drag on the financial performance of the iron ore operations. Acquisition of the debt will save the project approximately US$15 million (A$27.7 million) in annual currency-exchange losses; it also will remove an additional US$1.8 million (A$3.3 million) per year in related interest charges. The transaction allowed Ivanhoe Mines to shed more than US$41 million (A$75 million) of liabilities from its consolidated balance sheet. Ivanhoe's third-quarter results reflect an extraordinary pre-tax gain of approximately US$32.5 million (A$55 million) arising from the transaction. The Savage River assets secure Goldamere's project debt obligations. With the purchase of the debt, Ivanhoe's subsidiary now has a priority claim on the project's assets.
- --------------------------------------------------------------------------------------------------- SAVAGE RIVER MINE 2002 FULL-YEAR FORECAST 2001 ACTUAL - --------------------------------------------------------------------------------------------------- Tonnes Milled (wet) 4,811,481 4,865,440 - --------------------------------------------------------------------------------------------------- Concentrate Production 2,208,016 2,063,925 - --------------------------------------------------------------------------------------------------- Grade (DTR) 48.3% 44.7% - --------------------------------------------------------------------------------------------------- Pellet Production (tonnes) 2,146,387 2,024,285 - --------------------------------------------------------------------------------------------------- Pellet Sales (tonnes) 2,224,365 1,820,699 - ---------------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------------------------- 2002 THIRD 2001 THIRD QUARTER QUARTER - --------------------------------------------------------------------------------------------------- Pellets Sold (tonnes) 507,984 405,942 - --------------------------------------------------------------------------------------------------- Sales Revenue (US$ million) $ 14.1 $ 11.9 - --------------------------------------------------------------------------------------------------
Sales of pellets from the Savage River Mine during the quarter ended September 30, 2002, totalled approximately 508,000 tonnes, generating net sales revenue of approximately US$14.1 million. This is a significant improvement over third quarter 2001 sales of 406,000 tonnes and sales revenue of approximately US$11.9 million. SILVER HILL GOLD AND SILVER MINE, SOUTH KOREA During the quarter, the Silver Hill (Eunsan) mine produced and sold 3,248 ounces of gold and 125,039 ounces of silver contained in dore. Production in the fourth quarter will be reduced while the mill processes low-grade, open-pit ore during the completion of underground pre-production development and resource-definition drilling. Exploration activities are currently focused on the nearby Kansan and Gasado Island prospects, with an emphasis on delineating resources that can be milled in the Silver Hill mill. OUTLOOK Mongolia now has the attention of most major mining companies, thanks to the discoveries that have been made by the Ivanhoe team in Mongolia's South Gobi region. Ivanhoe's exploration successes have spread well beyond the initial discovery at Turquoise Hill. We have confirmed four significant discoveries within the Turquoise Hill area during the past 16 months. In addition, excellent results are being received from our second gold and copper discovery more than 100 kilometres to the north, in the Kharmagtai area, and from our third discovery area, which will be discussed in coming months as details become available. Many independent investment analysts and major mining companies now agree that Ivanhoe has succeeded in advancing its gold and copper discovery at Turquoise Hill to the point of critical mass. The way is clear for the eventual establishment of a world-scale mining complex. This is all taking place right on China's doorstep, at a time when the western world is realizing that China is emerging as a manufacturer of such scale and competence that even the Wall Street Journal has declared China to be the "The World's Factory." We are a witnessing a seismic global business phenomenon -- nothing less than a re-alignment of international competitive manufacturing capacity to China. Ivanhoe Mines is strategically positioned to become the lowest-cost supplier of copper and gold to the Chinese market for generations to come. We appreciate the confidence and support that we continue to receive from our shareholders and from our stakeholders, in particular representatives of the government of Mongolia and the people of Mongolia who directly and indirectly are assisting Ivanhoe's initiatives that are creating new opportunities in economic development for their country. ROBERT M. FRIEDLAND R. EDWARD FLOOD Chairman Deputy Chairman November 28,2002 This letter should be read in conjunction with the Consolidated Financial Statements and Notes of Ivanhoe Mines Ltd. for the three and nine months ended September 30, 2002. Statements in this report that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Ivanhoe Mines' periodic filings with Canadian Securities Regulators. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. EX-23.1 45 o11180exv23w1.txt CONSENT OF DELOITTE & TOUCHE LLP EXHIBIT 23.1 Consent of Deloitte & Touche LLP We consent to the use of our report dated March 14, 2003 and our report dated April 18, 2002 (except as to Note 25(f) which is as of April 22, 2002) appearing in this Registration Statement on Form 40-F of Ivanhoe Mines Ltd. dated November 17, 2003. (Signed) Deloitte & Touche LLP Vancouver, British Columbia Canada November 17, 2003 EX-23.2 46 o11180exv23w2.txt CONSENT OF ROSCOE POSTLE ASSOC. INC. EXHIBIT 23.2 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. We hereby consent to: (i) the use of and reference to our name and our Technical Report dated January 11, 2002 prepared for the Company in respect of the Oyu Tolgoi Exploration Project; (ii) the use of and reference to our name and our Addendum Report dated March 19, 2002 prepared for the Company in respect of the Oyu Tolgoi Exploration Project; and (iii) the use of and reference to our name and our Second Addendum to the Technical Report dated June 5, 2002 prepared for the Company in respect of the Oyu Tolgoi Project, each as incorporated by reference into the Registration Statement. Sincerely, ROSCOE POSTLE ASSOCIATES INC. By: ____________________________ Name: Title: Date: November 17, 2003 EX-23.3 47 o11180exv23w3.txt CONSENT OF AMEC E&C SERVICES LTD. EXHIBIT 23.3 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. We hereby consent to: (i) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the heading "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project" in the Company's Final Short Form Prospectus dated March 25, 2002, relating to the issuance by the Company of approximately 17.5 million of its common shares; (ii) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the heading "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project" in the Company's Final Short Form Prospectus dated March 25, 2002, relating to the issuance by the Company of approximately 9.3 million of its common shares; (iii) the use of and reference to our name and our reports under the heading "Summary Description of Business - Recent Developments - Oyu Tolgoi Gold and Copper Exploration Project - Updated Southwest Oyu Resource Estimate" in the Company's Final Short Form Prospectus dated June 6, 2002, relating to the issuance by the Company of approximately 2.5 million of its common shares; (iv) the use of and reference to our name and our reports under the heading "Summary Description of the Business - Recent Developments - Oyu Tolgoi Project, Mongolia" in the Company's Final Short Form Prospectus dated January 31, 2003, relating to the issuance by the Company of 20 million of its common shares; (v) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, related to resource estimates for the Southwest zone of the Company's Oyu Tolgoi Project in Mongolia, as included in the Company's Letter to Shareholders dated May 8, 2002; (vi) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, related to resource estimates for the Southwest Oyu Discovery Zone of the Company's Oyu Tolgoi Project in Mongolia, as included in the Company's Letter to Shareholders dated May 29, 2002; (vii) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, related to the resource estimates for the Company's Oyu Tolgoi Project in Mongolia, as included in the Company's Letter to Shareholders dated August 29, 2002; (viii) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, related to the resource estimates for the Company's Oyu Tolgoi Project in Mongolia, as included in the Company's Quarterly Technical Report for the three months ended June 30, 2003, as filed with the Australian Stock Exchange; and (ix) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, in the Second Addendum to the Technical Report dated June 5, 2002, prepared for the Company by Roscoe Postle Associates Inc. in respect of the Oyu Tolgoi Project in Mongolia; Sincerely, AMEC E & C SERVICES LIMITED By: __________________________ Name: Title: Date: November 17, 2003 EX-23.4 48 o11180exv23w4.txt CONSENT OF JAMES A. CURRIE EXHIBIT 23.4 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to (i) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the heading "Item 4 - Narrative Description of Business", in relation to the scientific and technical disclosures regarding the Company's Monywa Copper Project, the Bakyrchik Gold Project and the Company's mining properties in Myanmar, South Korea, Mongolia and Vietnam in the Company's Annual Information Form for the year ended December 31, 2000, dated May 15, 2001; and (ii) the use of and reference to our name and our reports, and the inclusion of information derived from our reports under the heading "Item 4 - Narrative Description of Business", in relation to the Company's Monywa Copper Project, the Bakyrchik Gold Project and the Company's mining properties in Myanmar, South Korea and Vietnam in the Company's Annual Information Form for the year ended December 31, 2001, dated May 16, 2002, each as incorporated by reference into the Registration Statement. Sincerely, _____________________________ Name: James A. Currie Title: P. Eng. Date: November 17, 2003 EX-23.5 49 o11180exv23w5.txt CONSENT OF DUNDEE SECURITIES CORP. EXHIBIT 23.5 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. We hereby consent to the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the heading "Item 3: General Development of the Business - History" of the Company's Annual Information Form for the year ended December 31, 2000, dated May 15, 2001, as incorporated by reference into the Registration Statement. Sincerely, DUNDEE SECURITIES CORPORATION ______________________________ Name: Title: Date: November 17, 2003 EX-23.6 50 o11180exv23w6.txt CONSENT OF GRANT THORNTON Exhibit 23.6 CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS We have issued our report on ABM Mining Ltd.'s consolidated financial statements dated April 2, 2001, incorporated by reference in the Registration Statement of Ivanhoe Mines Ltd. We consent to the incorporation by reference of the aforementioned report in the Registration Statement, and to the use of our name as it appears under the caption "Experts." /s/ Grant Thornton LLP Vancouver, British Columbia November 17, 2003 EX-23.7 51 o11180exv23w7.txt CONSENT OF GRD MINPROC LTD. EXHIBIT 23.7 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. We hereby consent to the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the heading "Item 4: Narrative Description of Business - Monywa Copper Project, Myanmar - Mineral Resources and Reserves" in the Company's Annual Information Form for the year ended December 31, 2000, dated May 15, 2001, as incorporated by reference into the Registration Statement. Sincerely, MINPROC LTD. By: __________________________ Name: Title: Date: November 17, 2003 EX-23.8 52 o11180exv23w8.txt CONSENT OF RSG GLOBAL PTY. LTD. EXHIBIT 23.8 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the heading "Item 4: Narrative Description of Business - Monywa Copper Project, Myanmar - Mineral Resources and Reserves" in the Company's Annual Information Form for the year ended December 31, 2000, dated May 15, 2001, as incorporated by reference into the Registration Statement. Sincerely, RSG GLOBAL By: ________________________ Name: Title: Date: November 17, 2003 EX-23.9 53 o11180exv23w9.txt CONSENT OF CHRIS WILSON EXHIBIT 23.9 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to (i) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the headings "Item 4 - Narrative Description of Business - Qualified Persons" and "Item 4 - Narrative Description of Business - Other Projects - Mongolia" in the Company's Annual Information Form for the year ended December 31, 2002, dated May 20, 2003; and (ii) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the headings "Summary Description of the Business - Qualified Persons" and "Summary Description of the Business - Recent Developments - Other Mongolian Projects" in the Company's Final Short Form Prospectus dated January 31, 2003 relating to the issuance by the Company of approximately 20 million of its common shares, each as incorporated by reference into the Registration Statement. Sincerely, __________________________________ Name: Chris Wilson, Ph.D. Title: MAusIMM Date: November 17, 2003 EX-23.10 54 o11180exv23w10.txt CONSENT OF INDO ASSAY LABS EXHIBIT 23.10 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. We hereby consent to the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the heading "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project - Resource Estimate - Central Oyu" in the Company's Final Short Form Prospectus dated March 25, 2002 relating to the issuance by the Company of approximately 9.3 million of its common shares, as incorporated by reference into the Registration Statement. Sincerely, INDO ASSAY LABS By: ________________________ Name: Title: Date: November 17, 2003 EX-23.11 55 o11180exv23w11.txt CONSENT OF GORDON TOLL EXHIBIT 23.11 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the headings "Item 4 - Narrative Description of Business - Qualified Persons" and "Item 4 - Narrative Description of Business - Other Projects - Kazakhstan" in the Company's Annual Information Form for the year ended December 31, 2002, dated May 20, 2003, as incorporated by reference into the Registration Statement. Sincerely, ___________________________ Name: Gordon Toll Title: Date: November 17, 2003 EX-23.12 56 o11180exv23w12.txt CONSENT OF LAKEFIELD RESEARCH EXHIBIT 23.12 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. We hereby consent to (i) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the heading "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project - Sampling and Analysis" in the Company's Final Short Form Prospectus dated March 25, 2002 relating to the issuance by the Company of approximately 9.3 million of its common shares; and (ii) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the heading "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project - Sampling and Analysis" in the Company's Final Short Form Prospectus dated March 25, 2002 relating to the issuance by the Company of approximately 17.5 million of its common shares, each as incorporated by reference into the Registration Statement. Sincerely, LAKEFIELD RESEARCH By: ________________________ Name: Title: Date: November 17, 2003 EX-23.13 57 o11180exv23w13.txt CONSENT OF DEREK RANCE EXHIBIT 23.13 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the headings "Item 4: Narrative Description of Business - Qualified Persons" and "Item 4: Narrative Description of Business - Bjornevatn Iron Ore Project, Norway" in the Company's Annual Information Form for the year ended December 31, 2000, dated May 15, 2001, as incorporated by reference into the Registration Statement. Sincerely, _______________________________ Name: Derek Rance Title: P. Eng. Date: November 17, 2003 EX-23.14 58 o11180exv23w14.txt CONSENT OF STEPHEN JURAS EXHIBIT 23.14 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to (i) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the headings "Item 4 - Narrative Description of Business - Qualified Persons" and "Item 4 - Narrative Description of Business - Oyu Tolgoi Gold and Copper Project, Mongolia" in the Company's Annual Information Form for the year ended December 31, 2002, dated May 20, 2003; and (ii) the use my report entitled "Technical Report Oyu Tolgoi Mongolia" dated February 23, 2003; (iii) the use of my report entitled "Technical Report Far North Deposit - Oyu Tolgoi, Mongolia" dated July 21, 2003; (iv) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, in the section entitled "Full Description of Material Change" in the Company's Material Change Report dated July 31, 2003; and (v) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, in the section entitled "Full Description of Material Change" in the Company's Material Change Report dated August 18, 2003, each as incorporated by reference into the Registration Statement. Sincerely, ________________________________ Name: Dr. Stephen Juras Title: P. Geo. Date: November 17, 2003 EX-23.15 59 o11180exv23w15.txt CONSENT OF CHEMEX LABS EXHIBIT 23.15 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. We hereby consent to (i) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the heading "Item 4 - Narrative Description of Business - Oyu Tolgoi Gold and Copper Project, Mongolia - Sampling & Analysis" in the Company's Annual Information Form for the year ended December 31, 2001, dated May 16, 2002; (ii) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the heading "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project - Sampling and Analysis" in the Company's Final Short Form Prospectus dated March 25, 2002 relating to the issuance by the Company of approximately 9.3 million of its common shares; and (iii) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the heading "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project - Sampling and Analysis" in the Company's Final Short Form Prospectus dated March 25, 2002 relating to the issuance by the Company of 17.5 million of its common shares, each incorporated by reference into the Registration Statement. Sincerely, CHEMEX LABS By: ________________________ Name: Title: Date: November 17, 2003 EX-23.16 60 o11180exv23w16.txt CONSENT OF MALCOLM HANCOCK EXHIBIT 23.16 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the headings "Item 4: Narrative Description of Business - Qualified Persons" and "Item 4: Narrative Description of Business - Savage River Iron Ore Project, Australia" in the Company's Annual Information Form for the year ended December 31, 2000, dated May 15, 2001, as incorporated by reference into the Registration Statement. Sincerely, ________________________________ Name: Malcolm Hancock Title: Date: November 17, 2003 EX-23.17 61 o11180exv23w17.txt CONSENT OF IAN WHITE EXHIBIT 23.17 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the headings "Item 4: Narrative Description of Business - Qualified Persons" and "Item 4: Narrative Description of Business - Savage River Iron Ore Project, Australia" in the Company's Annual Information Form for the year ended December 31, 2000, dated May 15, 2001, as incorporated by reference into the Registration Statement. Sincerely, ______________________________ Name: Ian White Title: Date: November 17, 2003 EX-23.18 62 o11180exv23w18.txt CONSENT OF ANALABS CO. LTD. EXHIBIT 23.18 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. We hereby consent to: (i) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the headings "Item 4 - Narrative Description of Business - Oyu Tolgoi Gold and Copper Project, Mongolia - Mineral Resources and Reserves - Cerntal Oyu Resource Estimate," "Item 4 - Narrative Description of Business - Oyu Tolgoi Gold and Copper Project, Mongolia - Sampling and Analysis" and "Item 4 - Narrative Description of Business - Other Projects - Mongolia" in the Company's Annual Information Form for the year ended December 31, 2001, dated May 16, 2002; (ii) the use of our name in the section entitled "Full Description of Material Change" in the Company's Material Change Report dated March 7, 2003; (iii) the use of our name in the section entitled "Full Description of Material Change" in the Company's Material Change Report dated July 31, 2003; (iv) the use of our name in the section entitled "Full Description of Material Change" in the Company's Material Change Report dated August 18, 2003; (v) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the headings "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project - Resource Estimate - Central Oyu," "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project - Sampling and Analysis" and "Summary Description of Business - Recent Developments - Additional Mongolian Exploration Projects" in the Company's Final Short Form Prospectus dated March 25, 2002 relating to the issuance by the Company of approximately 9.3 million of its common shares; and (vi) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the headings "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project - Resource Estimate - Central Oyu," "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project - Sampling and Analysis" and "Summary Description of Business - Recent Developments - Additional Mongolian Exploration Projects" in the Company's Final Short Form Prospectus dated March 25, 2002, relating to the issuance by the Company of approximately 17.5 million of its common shares. Sincerely, SGS ANALABS PTY LTD By: ________________________ Name: Title: Date: November 17, 2003 EX-23.19 63 o11180exv23w19.txt CONSENT OF DALE SKETCHLEY EXHIBIT 23.19 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to (i) the use of my name in the section entitled "Full Description of Material Change" in the Company's Material Change Report dated July 31, 2003; and (ii) the use of my name in the section entitled "Full Description of Material Change" in the Company's Material Change Report dated August 18, 2003, each as incorporated by reference into the Registration Statement. Sincerely, ________________________________ Name: Dale Sketchley, M.Sc. Title: P.Geo. Date: November 17, 2003 EX-23.20 64 o11180exv23w20.txt CONSENT OF CHARLES FORSTER EXHIBIT 23.20 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to (i) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the heading "Item 4 - Narrative Description of Business - Qualified Persons" and such information presented in relation to the Company's Mongolian properties, in the Company's Annual Information Form for the year ended December 31, 2001, dated May 16, 2002; (ii) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the heading "Item 4 - - Narrative Description of Business - Qualified Persons" and "Item 4: Narrative Description of Business - Oyu Tolgoi Gold and Copper Project, Mongolia" in the Company's Annual Information Form for the year ended December 31, 2002, dated May 20, 2003; (iii) the use of my name in the section entitled "Full Description of Material Change" in the Company's Material Change Report dated March 7, 2003; (iv) the use of my name under the heading entitled "Summary Description of Business - Recent Developments - Oyu Tolgoi Gold and Copper Exploration Project" in the Company's Final Short Form Prospectus dated June 6, 2002 relating to the issuance by the Company of approximately 2.5 million of its common shares; and (v) the use of my name under the heading entitled "Exploration and Development - Mongolia: major reconnaissance exploration program underway" in the Company's Letter to Shareholders dated August 29, 2002, each as incorporated by reference into the Registration Statement. Sincerely, ________________________________ Name: Mr. Charles P.N. Forster Title: P. Geo. Date: November 17, 2003 EX-23.21 65 o11180exv23w21.txt CONSENT OF D. GEORGE CARGILL EXHIBIT 23.21 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to (i) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the headings "Item 4 - Narrative Description of Business - Qualified Persons" and "Item 4 - Narrative Description of Business - Oyu Tolgoi Gold and Copper Project, Mongolia" in the Company's Annual Information Form for the year ended December 31, 2001, dated May 16, 2002; (ii) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the heading entitled "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project" in the Company's Final Short Form Prospectus dated March 25, 2002 relating to the issuance by the Company of approximately 9.3 million of its common shares; and (iii) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the headings entitled "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project" in the Company's Final Short Form Prospectus dated March 25, 2002 relating to the issuance by the Company of approximately 17.5 million of its common shares, each as incorporated by reference into the Registration Statement. Sincerely, ________________________________ Name: D. George Cargill, Ph.D. Title: P. Eng. Date: November 17, 2003 EX-23.22 66 o11180exv23w22.txt CONSENT OF JOHN MCINTYRE EXHIBIT 23.22 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the headings "Item 4: Narrative Description of Business - Qualified Persons" and "Item 4: Narrative Description of Business - Savage River Iron Ore Project, Australia" in the Company's Annual Information Form for the year ended December 31, 2000, dated May 15, 2001, as incorporated by reference into the Registration Statement. Sincerely, _____________________________ Name: John McIntyre Title: Date: November 17, 2003 EX-23.23 67 o11180exv23w23.txt CONSENT OF GILDAR ARSENEAU EXHIBIT 23.23 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to: (i) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the headings "Item 4 - - Narrative Description of Business - Qualified Persons" and "Item 4 - Narrative Description of Business - Oyu Tolgoi Gold and Copper Project, Mongolia" in the Company's Annual Information Form for the year ended December 31, 2001, dated May 16, 2002; (ii) the use of my name in the sections entitled "Summary of Material Change" and "Full Description of Material Change" in the Company's Material Change Report dated March 21, 2002, relating to the resource estimates for the northern portion of the Southwest Oyu zone for the Company's Oyu Tolgoi Project in Mongolia; (iii) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the heading entitled "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project" in the Company's Final Short Form Prospectus dated March 25, 2002 relating to the issuance by the Company of approximately 9.3 million of its common shares; (iv) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the heading entitled "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project" in the Company's Final Short Form Prospectus dated March 25, 2002 relating to the issuance by the Company of approximately 17.5 million of its common shares; (v) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the heading entitled "Summary Description of Business - Recent Developments - Oyu Tolgoi Gold and Copper Exploration Project" in the Company's Final Short Form Prospectus dated June 6, 2002 relating to the issuance by the Company of approximately 2.5 million of its common shares; and (vi) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the headings "Summary Description of the Business - Qualified Persons" and "Summary Description of the Business - Recent Developments -- Oyu Tolgoi Project, Mongolia" in the Company's Final Short Form Prospectus dated January 31, 2003 relating to the issuance by the Company of approximately 20 million of its common shares, each as incorporated by reference into the Registration Statement. Sincerely, ___________________________________ Name: Gildar J. Arseneau, Ph.D. Title: P. Geo. Date: November 17, 2003 EX-23.24 68 o11180exv23w24.txt CONSENT OF BARRY SMEE EXHIBIT 23.24 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to (i) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the heading "Item 4 - Narrative Description of Business - Oyu Tolgoi Gold and Copper Project, Mongolia - Sampling & Analysis" in the Company's Annual Information Form for the year ended December 31, 2001, dated May 16, 2002; (ii) the use of my name in the section entitled "Full Description of Material Change" in the Company's Material Change Report dated March 7, 2003; (iii) the use of my name in the section entitled "Full Description of Material Change" in the Company's Material Change Report dated July 31, 2003; and (iv) the use of my name in the section entitled "Full Description of Material Change" in the Company's Material Change Report dated August 18, 2003, each as incorporated by reference into the Registration Statement. Sincerely, _______________________________ Name: Dr. Barry W. Smee, Ph.D. Title: P. Geo. Date: November 17, 2003 EX-23.25 69 o11180exv23w25.txt CONSENT OF ALS CHEMEX (FORMERLY BONDAR CLEGG) EXHIBIT 23.25 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to (i) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the heading "Item 4 - Narrative Description of Business - Oyu Tolgoi Gold and Copper Project, Mongolia - Sampling & Analysis" in the Company's Annual Information Form for the year ended December 31, 2001, dated May 16, 2002; (ii) the use of my name in the section entitled "Full Description of Material Change" in the Company's Material Change Report dated March 7, 2003; (iii) the use of my name in the section entitled "Full Description of Material Change" in the Company's Material Change Report dated July 31, 2003; and (iv) the use of my name in the section entitled "Full Description of Material Change" in the Company's Material Change Report dated August 18, 2003, each as incorporated by reference into the Registration Statement. Sincerely, BONDAR CLEGG _______________________________ Name: Title: Date: November 17, 2003 EX-23.26 70 o11180exv23w26.txt CONSENT OF ANSON GRIFFITH EXHIBIT 23.26 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to (i) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the headings "Item 4 - Narrative Description of Business - Qualified Persons" and "Item 4: Narrative Description of Business - Savage River Iron Ore Project, Tasmania" in the Company's Annual Information Form for the year ended December 31, 2001, dated May 16, 2002; (ii) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the headings "Item 4 - Narrative Description of Business - Qualified Persons" and "Item 4: Narrative Description of Business - Savage River Iron Ore Project, Tasmania, Australia" in the Company's Annual Information Form for the year ended December 31, 2002, dated May 20, 2003; and (iii) the use of my name under the heading entitled "Summary Description of the Business - Qualified Persons" and "Summary Description of the Business - Recent Developments - Savage River Iron Ore Project, Tasmania" in the Company's Final Short Form Prospectus dated January 31, 2003, relating to the issuance by the Company of approximately 20 million of its common shares, each as incorporated by reference into the Registration Statement. Sincerely, _____________________________ Name: Mr. Anson Griffith Title: MAusIMM Date: November 17, 2003 EX-23.27 71 o11180exv23w27.txt CONSENT OF PAUL CHARE EXHIBIT 23.27 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to (i) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the headings "Item 4 - Narrative Description of Business - Qualified Persons" and "Item 4 - Narrative Description of Business - Monywa Copper Project, Myanmar" in the Company's Annual Information Form for the year ended December 31, 2002, dated May 20, 2003; and (ii) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the heading entitled "Summary Description of the Business - Qualified Persons", "Summary Description of Business - Recent Developments - Monywa Copper Project, Myanmar", "Summary Description of Business - Recent Developments - Silver Hill Gold and Silver Project, South Korea", "Summary Description of Business - Recent Developments - China Projects", "Summary Description of Business - Recent Developments - South Korean Exploration Projects", "Summary Description of Business - Recent Developments - Bakyrchik Gold Project" and "Summary Description of Business - Recent Developments - Modi Taung Gold Project, Block 10, Myanmar" in the Company's Final Short Form Prospectus dated January 31, 2003 relating to the issuance by the Company of approximately 20 million of its common shares, each as incorporated by reference into the Registration Statement. Sincerely, _____________________________ Name: Paul Chare Title: MAusIMM Date: November 17, 2003 EX-23.28 72 o11180exv23w28.txt CONSENT OF MINNOVEX TECHNOLOGIES INC. EXHIBIT 23.28 [MINNOVEX TECHNOLOGIES INC. LOGO] CONSENT OF EXPERT Reference is made to the registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filled with the United States Securities and Exchange Commission pursuant to the Securities Act of 1993, as amended. We hereby consent to (i) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the heading "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project - Sampling and Analysis" in the Company's Final Short Form Prospectus dated March 25, 2002 relating to the issuance by the Company of approximately 9.3 million of its common shares; and (ii) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the heading "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project - Sampling and Analysis" in the Company's Final Short Form Prospectus dated March 25, 2002 relating to the issuance by the Company of approximately 17.5 million of its common shares, each as incorporated by reference into the Registration Statement. Sincerely MINNOVEX TECHNOLOGIES INC BY -s- Chris Bennett -------------------------- Name: Chris Bennett Title: Director Date: November 17, 2003 1140 SHEPPARD AVE., W. #6. TORONTO, CANADA M3K 2A2 TEL: (416) 633-9400 FAX: (416) 633-2695 EX-23.29 73 o11180exv23w29.txt CONSENT OF SGS MINERAL SERVICES (FORMERLY XRAL) EXHIBIT 23.29 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. We hereby consent to (i) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the headings "Item 4 - Narrative Description of Business - Oyu Tolgoi Gold and Copper Project, Mongolia - Sampling & Analysis" and heading "Item 4 - Narrative Description of Business - Oyu Tolgoi Gold and Copper Project, Mongolia - - Mineral Resources and Reserves - Cerntal Oyu Resource Estimate" in the Company's Annual Information Form for the year ended December 31, 2001, dated May 16, 2002; and (ii) the use of and reference to our name and our reports, and the inclusion of information derived from our reports, under the heading "Summary Description of Business - Recent Developments - Oyu Tolgoi Exploration Project - Sampling and Analysis" in the Company's Final Short Form Prospectus dated March 25, 2002 relating to the issuance by the Company of approximately 9.3 million common shares of the Company, each as incorporated by reference into the Registration Statement. Sincerely, XRAL LABORATORIES By: __________________________ Name: Title: Date: November 17, 2003 EX-23.30 74 o11180exv23w30.txt CONSENT OF GOODMANS EXHIBIT 23.30 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. We hereby consent to the use of our name under the heading "Eligibility for Investment" in the Company's Final Short Form Prospectus dated March 25, 2002 relating to the issuance by the Company of approximately 17.5 million of its common shares, as incorporated by reference into the Registration Statement. Sincerely, GOODMANS By: ________________________ Name: Title: Date: November 17, 2003 EX-23.31 75 o11180exv23w31.txt CONSENT OF DOUGLAS KIRWIN EXHIBIT 23.31 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to the use of and reference to my name and my reports, and the inclusion of information derived from my reports, under the headings "Item 4 - Narrative Description of Business - Qualified Persons" and "Item 4 - Narrative Description of Business - Other Projects - China" in the Company's Annual Information Form for the year ended December 31, 2002, dated May 20, 2003, as incorporated by reference into the Registration Statement. Sincerely, _________________________ Name: Douglas Kirwin Title: Executive Vice President, Exploration Date: November 17, 2003 EX-23.32 76 o11180exv23w32.txt CONSENT OF HARRY PARKER EXHIBIT 23.32 CONSENT OF EXPERT Reference is made to the Registration Statement on Form 40-F (the "Registration Statement") of Ivanhoe Mines Ltd. (the "Company") to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended. I hereby consent to (i) the use of and reference to my name and my reports, and the inclusion of information derived from my reports under the headings "Item 4 - Narrative Description of Business - Qualified Persons" and "Item 4 - Narrative Description of Business - Oyu Tolgoi Gold and Copper Project, Mongolia" in the Company's Annual Information Form for the year ended December 31, 2002, dated May 20, 2003; and (ii) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, in the sections entitled "Summary of Material Change" and "Full Description of Material Change" in the Company's Material Change Report dated March 21, 2002; (iii) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, in the section entitled "Full Description of Material Change" in the Company's Material Change Report dated July 31, 2003; and (iv) the use of and reference to my name and my reports, and the inclusion of information derived from my reports, in the section entitled "Full Description of Material Change" in the Company's Material Change Report dated August 18, 2003, each as incorporated by reference into the Registration Statement. Sincerely, ___________________________ Name: Dr. Harry Parker Title: Ch. P. Geol. Date: November 17, 2003 EX-99.1 77 o11180exv99w1.txt SHORT FORM PROSPECTUS DATED MARCH 25, 2002 Exhibit 99.1 No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws. Accordingly, the securities may not be offered or sold in the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This short form prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby within the United States. See "Plan of Distribution". INFORMATION HAS BEEN INCORPORATED BY REFERENCE IN THIS SHORT FORM PROSPECTUS FROM DOCUMENTS FILED WITH SECURITIES REGULATORY AUTHORITIES IN CANADA. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Secretary of Ivanhoe Mines Ltd. at Suite 654 - 999 Canada Place, Vancouver, British Columbia V6C 3E1 (telephone (604) 688-5755). Short Form Prospectus New Issue March 25, 2002 IVANHOE MINES LTD. $56,712,500 17,450,000 COMMON SHARES This short form prospectus qualifies for distribution (the "Offering") 17,450,000 common shares ("Common Shares") of Ivanhoe Mines Ltd. ("Ivanhoe" or the "Corporation") at a price of $3.25 per Common Share pursuant to an underwriting agreement (the "Underwriting Agreement") dated March 13, 2002 between Ivanhoe and Griffiths McBurney & Partners, HSBC Securities (Canada) Inc. and Haywood Securities Inc. (collectively, the "Underwriters"). The offering price of the Common Shares was determined by negotiation between Ivanhoe and the Underwriters. The Common Shares are traded on The Toronto Stock Exchange (the "TSE") and the Australian Stock Exchange under the symbol "IVN". The price of the Common Shares as reported by the TSE at the close of business on March 22, 2002 was $3.21 (approximately US$2.04) per Common Share. ------------------------------ PRICE: $3.25 PER COMMON SHARE ------------------------------
Net Proceeds to Price to the Public Underwriters' Fee the Company (1) ------------------- ----------------- ----------------- ~~Per Common Share $ 3.25 $ 0.1625 $ 3.0875 Total .......... $ 56,712,500 $ 2,835,625 $ 53,876,875~~
Note: (1) Before deducting expenses of this Offering, estimated to be approximately $200,000 which will be paid from the net proceeds of the Offering. Unless otherwise stated all references to currency in this short form prospectus are to Canadian dollars, while references to "A$" refer to lawful currency of Australia and references to "US$" refer to the lawful currency of the United States of America. The Underwriters, as principals, conditionally offer the Common Shares, subject to prior sale, if, as and when issued by Ivanhoe and accepted by the Underwriters in accordance with the conditions contained in the Underwriting Agreement referred to under "Plan of Distribution" and subject to the approval of certain legal matters on behalf of Ivanhoe by Goodmans, Vancouver and on behalf of the Underwriters by DuMoulin Black, Vancouver. Subscriptions for the Common Shares will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. Certificates representing the Common Shares will be available for delivery at the closing of this Offering, which is expected to occur on or about April 3, 2002 (the "Closing Date") but in any event no later than 42 days following the date of a final receipt for this short form prospectus. In accordance with applicable laws and policies, the Underwriters may effect transactions that stabilize or maintain the market price of the Common Shares. See "Plan of Distribution". 2 TABLE OF CONTENTS
PAGE ---- DOCUMENTS INCORPORATED BY REFERENCE .... 3 ELIGIBILITY FOR INVESTMENT ............. 5 NAME AND INCORPORATION ................. 5 SUMMARY DESCRIPTION OF BUSINESS ........ 7 CONSOLIDATED CAPITALIZATION ............ 21 DESCRIPTION OF SHARE CAPITAL ........... 22 PLAN OF DISTRIBUTION ................... 23 USE OF PROCEEDS ........................ 24 RISK FACTORS ........................... 25 SIGNIFICANT ACQUISITIONS ............... 26 OTHER MATERIAL FACTS ................... 27 AUDITORS, TRANSFER AGENT AND REGISTRAR . 27 LEGAL MATTERS .......................... 27 PURCHASERS' STATUTORY RIGHTS ........... 27 INDEX TO FINANCIAL STATEMENTS .......... 28 INDEX TO PRO FORMA FINANCIAL INFORMATION 28 CERTIFICATE OF IVANHOE MINES LTD. ...... C-1 CERTIFICATE OF THE UNDERWRITERS ........ C-2
DOCUMENTS INCORPORATED BY REFERENCE The following documents of Ivanhoe, filed with the various securities commissions or similar authorities in all of the provinces and territories of Canada, are specifically incorporated by reference into, and form an integral part of, this short form prospectus: 1. Revised Initial Annual Information Form dated May 15, 2001, including the management's discussion and analysis of financial condition and results of operations for the financial year ended December 31, 2000 incorporated therein (the "AIF"); 3 2. Comparative consolidated financial statements of Ivanhoe for the years ended December 31, 2000 and 1999, together with the notes thereto and the auditors' report thereon; 3. Comparative unaudited consolidated interim financial statements of Ivanhoe for the nine month periods ended September 30, 2001 and 2000, together with management's discussion and analysis of financial condition and results of operation for such periods; 4. Management Information Circular dated April 28, 2001 prepared in connection with Ivanhoe's annual meeting of shareholders held June 15, 2001 (excluding the report on executive compensation, the performance graph and the statement of corporate governance practices); 5. Material Change Report dated August 8, 2001, as amended September 13, 2001, respecting a proposed operational and financial restructuring at the Savage River iron ore mine in Tasmania; 6. Material Change Report dated January 7, 2002 respecting the conversion of loans owed by Ivanhoe's subsidiary, ABM Mining Limited, to entities controlled by Robert M. Friedland, the Chairman of Ivanhoe, into Common Shares of Ivanhoe; 7. Material Change Report dated February 12, 2002 respecting Ivanhoe's completion of its earn-in obligations to acquire a 100% interest in the Oyu Tolgoi exploration project in Mongolia; 8. Material Change Report dated March 21, 2002 respecting the completion of a resource estimate at the Southwest Oyu zone of the Oyu Tolgoi exploration project; and 9. Material Change Report dated March 22, 2002 respecting this prospectus offering. Any documents of the type referred to in the preceding paragraph, interim financial statements and any material change reports (excluding confidential reports) filed by Ivanhoe with the securities commissions or similar authorities in Canada subsequent to the date of this short form prospectus and prior to the termination of the Offering shall be deemed to be incorporated by reference in this short form prospectus. ANY STATEMENT CONTAINED IN A DOCUMENT INCORPORATED OR DEEMED TO BE INCORPORATED BY REFERENCE HEREIN SHALL BE DEEMED TO BE MODIFIED OR SUPERSEDED FOR PURPOSES OF THIS SHORT FORM PROSPECTUS, TO THE EXTENT THAT A STATEMENT CONTAINED HEREIN OR IN ANY SUBSEQUENTLY FILED DOCUMENT THAT ALSO IS OR IS DEEMED TO BE INCORPORATED BY REFERENCE HEREIN MODIFIES OR REPLACES SUCH STATEMENT. THE MODIFYING OR SUPERSEDING STATEMENT NEED NOT STATE THAT IT HAS MODIFIED OR SUPERSEDED A PRIOR STATEMENT OR INCLUDE ANY OTHER INFORMATION SET FORTH IN THE DOCUMENT THAT IT MODIFIES OR SUPERSEDES. THE MAKING OF A MODIFYING OR SUPERSEDING STATEMENT SHALL NOT BE DEEMED AN ADMISSION FOR ANY PURPOSES THAT THE MODIFIED OR SUPERSEDED STATEMENT WHEN MADE, CONSTITUTED A MISREPRESENTATION, AN UNTRUE STATEMENT OF A MATERIAL FACT OR AN OMISSION TO STATE A MATERIAL FACT THAT IS REQUIRED TO BE STATED OR THAT IS NECESSARY TO MAKE A STATEMENT NOT MISLEADING IN LIGHT OF THE CIRCUMSTANCES IN WHICH IT WAS MADE. ANY STATEMENT SO MODIFIED OR SUPERSEDED SHALL NOT BE DEEMED IN ITS UNMODIFIED OR SUPERSEDED FORM TO CONSTITUTE A PART OF THIS SHORT FORM PROSPECTUS. INFORMATION HAS BEEN INCORPORATED BY REFERENCE IN THIS SHORT FORM PROSPECTUS FROM DOCUMENTS FILED WITH SECURITIES COMMISSIONS OR SIMILAR AUTHORITIES IN ALL OF THE PROVINCES OF CANADA. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Secretary of Ivanhoe, Suite 654, 999 Canada Place, Vancouver, B.C. V6C 3E1. (telephone (604) 688-5755). 4 ELIGIBILITY FOR INVESTMENT In the opinion of Goodmans, counsel to the Corporation, provided the Common Shares offered hereby are listed on a prescribed stock exchange (which currently includes the TSE), based on the law of the date hereof, the Common Shares will be qualified investments under the Income Tax Act (Canada) and the regulations thereunder for trusts governed by registered retirement savings plans, registered retirement income funds, registered education savings plans and deferred profit sharing plans. In the opinion of such counsel, the Common Shares would not as of the date hereof be considered foreign property under the Income Tax Act (Canada) for trusts governed by registered retirement savings plans, registered retirement income funds and deferred profit sharing plans. NAME AND INCORPORATION Ivanhoe was incorporated under the Company Act (British Columbia) on January 25, 1994 under the name 463212 B.C. Ltd. In February 1994, Ivanhoe changed its name to Indochina Goldfields Ltd. In March 1994, Ivanhoe increased its authorized capital from 10,000 common shares without par value to 100,000,000 common shares without par value and created 100,000,000 preferred shares without par value. In February 1995, Ivanhoe was continued under the Business Corporations Act (Yukon). In July 1997, Ivanhoe increased its authorized capital to an unlimited number of common shares without par value and an unlimited number of preferred shares without par value. In June 1999, Ivanhoe changed its name to Ivanhoe Mines Ltd. Ivanhoe's North American headquarters are located at Suite 654, 999 Canada Place, Vancouver, B.C. V6C 3E1. Ivanhoe's Asian headquarters are located at 37th Floor #2, Millenia Tower, 1 Temasek Avenue, Singapore 039192. The Corporation's registered office is located at Suite 300, 204 Black Street, Whitehorse, Yukon, Canada, Y1A 2M9. SUBSIDIARIES AND MANAGEMENT STRUCTURE The corporate structure of Ivanhoe, its material subsidiaries, the percentage ownership in subsidiaries which are not wholly-owned by Ivanhoe and the jurisdiction of incorporation of such corporations as at December 31, 2001 are set out in the following chart. 5 IVANHOE MINES LTD. -- CORPORATE STRUCTURE (FLOW CHART) Note: All subsidiaries are wholly-owned unless otherwise indicated "BVI" means British Virgin Islands 6 SUMMARY DESCRIPTION OF BUSINESS GENERAL Ivanhoe is an international mineral exploration and development company. Ivanhoe holds interests in mineral resource properties in Myanmar, Australia, Kazakhstan, Mongolia, Norway, South Korea and Vietnam. For the purposes of Form 44-101F3 under National Instrument 44-101 the Monywa copper project in Myanmar, the Savage River iron ore mine in Tasmania, Australia and the Oyu Tolgoi gold and copper exploration project in Mongolia have been identified as the mineral resource properties material to Ivanhoe. For a description of the Monywa copper project and the Savage River iron ore mine, see "Item 3 -- General Development of the Business" and "Item 4 -- Narrative Description of Business" on pages 9 through 29 of Ivanhoe's AIF, which is incorporated by reference in this short form prospectus. For a description of the Oyu Tolgoi project, see "Recent Developments" below. Ivanhoe's interests in Kazakhstan, Mongolia (other than the Oyu Tolgoi project), Myanmar (other than the Monywa copper project), Norway, South Korea and Vietnam are not considered material for the purposes of Form 44-101F3 under National Instrument 44-101. RECENT DEVELOPMENTS OYU TOLGOI EXPLORATION PROJECT Except as noted below, all disclosure of a scientific or technical nature in this short form prospectus respecting the Oyu Tolgoi gold and copper exploration project has been summarized from a technical report dated January 11, 2002 prepared by D. George Cargill, Ph.D., P. Eng., of Roscoe Postle Associates Inc. ("RPA") of Toronto, Ontario. Dr. Cargill is an independent qualified person for the purposes of National Instrument 43-101 of the Canadian Securities Administrators. RPA's inferred mineral resource estimate on the Southwest Oyu zone of the Oyu Tolgoi gold and copper exploration project was prepared by Dr. Gildar J. Arseneau, P. Geo., and was based on a review and analysis of a resource estimate prepared by AMEC E&C Services Limited ("AMEC") of Toronto. Project Description and Location Ivanhoe is currently conducting a series of exploration programs at Oyu Tolgoi (the "Oyu Tolgoi Property") in the south Gobi Region, Mongolia. The objective of these programs is to define the nature and scope of a recently discovered copper and gold porphyry zone containing an, as yet, indeterminate amount of gold, copper and molybdenum mineralization. Mineralization has been identified in four areas of the Oyu Tolgoi Property, within an area of 3 kilometres north-south by 2 kilometres east-west, designated by Ivanhoe as the Central Oyu, North Oyu, South Oyu and Southwest Oyu zones. The right to explore for minerals in these zones is held through four non-contiguous mineral licences encompassing approximately 24,000 hectares of surface area. In May 2000, Ivanhoe entered into an earn-in agreement (the "Earn-in Agreement") with BHP Minerals International Exploration Inc. ("BHP") to earn a 100% interest in the Oyu Tolgoi Property. Ivanhoe earned its 100% interest in February, 2002 by incurring US$3,000,000 in exploration expenditures and by paying to BHP US$5,000,000. The Earn-in Agreement also requires Ivanhoe to incur additional exploration expenditures of US$3,000,000 by February, 2006. BHP retains a 2% net smelter returns royalty and certain back-in rights. BHP's back-in rights become exercisable if and when a "significant mineral occurrence" is identified on the property consisting of not less than 250,000,000 tonnes of 1% copper extractable by heap leaching and solvent extraction-electrowinning ("SX-EW"). In that event, BHP has the right to re-purchase a 40% interest in the significant mineral occurrence. If the significant mineral occurrence consists of not less than 300,000,000 tonnes of ore grading 1% copper recoverable by conventional means of extraction, BHP has the right to repurchase a 60% interest in the significant mineral occurrence. In either case, BHP will be required to relinquish its royalty and pay to Ivanhoe an amount equal to three times the amount of exploration expenditures incurred and, if the significant mineral occurrence lies within the "Central Oyu" zone, BHP must also repay to Ivanhoe 7 the US$5,000,000 paid by Ivanhoe to BHP to exercise the option. If BHP were to exercise its back-in rights, BHP and Ivanhoe would form a joint venture in which the party with the larger participating interest would be entitled to be the operator. Ongoing expenditure obligations for exploration and development would be in proportion to each party's participation in the joint venture. The original exploration licence for the Oyu Tolgoi Property was granted to BHP in 1997 as Mineral Exploration Licence ("MEL") 210, which was later re-designated as MEL 66X when new mining legislation was enacted in Mongolia in 1997. Certain areas originally covered by MEL 66X were relinquished in September, 2000, and MEL 66X was converted into four separate licences, MELs 66X, 66X1, 66X2 and 66X3. The licences, which expire on February 17, 2004, permit Ivanhoe to conduct drilling and other exploration work on the property. Ivanhoe must pay a yearly per hectare fee to the Mongolian government in order to maintain the licences in good standing. If Ivanhoe intends to commence mining activity on the property, it must apply to the Mongolian government for a mining licence prior to the expiry of the corresponding MEL. Mining licences are typically granted for a term of 60 years, and are renewable for up to an additional 40 years. The Mongolian government also imposes a royalty of 2.5% on the sale value of all minerals mined in the country. Ivanhoe also recently acquired MEL 3677, which covers an additional 109,145 hectares of land located in the same geological province that hosts the Oyu Tolgoi Property. MEL 3677 has an initial term of three years, and is renewable for up to an additional four years. 59,743 hectares of MEL 3677 overlap areas originally covered by MEL 66X. Accessibility, Climate, Local Resources and Physiography The Oyu Tolgoi Property is located in the south Gobi Region of Mongolia, approximately 560 kilometres south of the capital city, Ulaanbaatar. Road access to the property follows a well-defined track directly south from Ulaanbaatar requiring 12 hours travel time in a four-wheel drive vehicle. Ivanhoe has also constructed a 1,400 metre airstrip which allows the property to be reached by small aircraft. Mongolian rail service and a large electric power line lie 350 kilometres east of the property at the main rail line between Ulaanbaatar and China. The China-Mongolia border sits approximately 80 kilometres south of Oyu Tolgoi and the Trans-China Rail line following the Yellow River is approximately 160 kilometres south of the border. A small diesel power station is located 60 kilometres east in Handbogd. The nearest significant population centre is the regional provincial capital at Dalandzadgad, located 240 kilometres west northwest of Oyu Tolgoi with a population of approximately 12,500 people. Dalandzadgad is accessible by unpaved road. Although the climate at Oyu Tolgoi is relatively severe, including frequent strong wind conditions and cold winters with temperatures ranging between -2 degrees to -30 degrees Celsius, Ivanhoe believes that it is possible to conduct exploration and mining operations on a year round basis. The property has an average elevation of 1,160 metres above sea level, and has a relatively flat, undulating topography with less than 50 metres of relief. The surface area is a semi-desert steppe, with minimal rainfall and vegetation cover of approximately 20 to 25% of the ground surface. Ivanhoe's surface rights on the Oyu Tolgoi Property are governed by the Minerals Law and the Land Law. Water rights are governed by the Water Law and the Minerals Law. These laws permit Ivanhoe to use the land and water in connection with exploration operations, subject to the discretionary authority of Mongolian national, provincial and regional governmental authorities. Ivanhoe expects that it will have to negotiate with all three levels of government to ensure access to appropriate land and water rights prior to the commencement of any mining operations. Power and water sources are currently sufficient for exploration activities. However, additional power and water sources will need to be developed prior to the commencement of mining operations. The nearest power 8 line is 350 kilometres away. Water is typically drawn from underground aquifers in the area. Ivanhoe has not analyzed the sufficiency of such water sources for mining purposes. The area is relatively flat, and should be amenable to the construction of the necessary infrastructure for a mining operation, including tailings storage sites, heap leach pads, waste disposal and processing plant sites. History Old diggings and small amounts of slag found in the area indicate that the Oyu Tolgoi area was subject to small scale mining activity in ancient times. However, modern mineral exploration did not commence in the area until 1995, when the Magma Copper Company Ltd. ("Magma") began a reconnaissance program which examined more than 60 copper occurrences in various parts of Mongolia. In 1996, after BHP acquired Magma, BHP continued the reconnaissance program in western and southern Mongolia. BHP first visited the Oyu Tolgoi Property in September, 1996 as part of its regional reconnaissance program of the south Gobi region. BHP subsequently applied for, and was granted, an exploration concession covering 1,350 square kilometres. After geological mapping, stream and soil sediment surveys and magnetic and induced polarization ("IP") surveys, BHP completed 6 diamond core holes totalling 1,000 metres during September and October, 1997. With encouraging results from two of the holes, a second phase of drilling was undertaken in 1998, consisting of an additional 13 core holes totalling 2,000 metres. Positive results were obtained in four of the holes prompting a third phase of drilling in August and September 1998 consisting of 4 holes totalling 800 metres. These holes failed to return significant mineralization and BHP suspended the project pending economic review. In 1999, following a review of past results, additional drilling and continued exploration on the property was planned but never carried out. In 2000, after entering into the Earn-in Agreement with BHP, Ivanhoe carried out a reverse circulation ("RC") drill program to delineate a chalcocite blanket intersected in one of BHP's diamond drill holes. This program consisted of 109 RC holes totalling 8,828 metres. The holes were targeted to define supergene mineralization that might be amenable to a heap leaching SX-EW process similar to the one used at Ivanhoe's Monywa copper mine in Myanmar. Ivanhoe reviewed the results and decided that the chalcocite blanket at Central Oyu was neither large enough nor high grade enough to be economic as a stand-alone deposit. In 2001, Ivanhoe began its current drilling program. Geology and Mineralization The Oyu Tolgoi Property lies near the boundary of the South Mongolian and the South Gobi tectonic units, in the Kazakh Mongol Belt. The area contains a mixture of arc and back arc rocks that accreted to southern Mongolia during the Paleozoic age. Within the Oyu Tolgoi Property area, the geology is dominated by a Siluro-Carboniferous sequence of basalts, basaltic andesites and sedimentary sequences. Overlying these sequences are Cretaceous-age, flat-lying sediments consisting of pebbly gravel, sandy silt, sand and clay, with an average thickness of between 15 to 20 metres. The volcanic rocks are intruded by a complex variety of feldspar porphyry, feldspar-hornblende porphyry and quartz-feldspar porphyry stocks and dykes. Ivanhoe has gathered the most comprehensive understanding of the property geology from its detailed mapping and extensive drilling of the Southwest Oyu zone. Ivanhoe believes that the mineralized areas consist of mafic volcanic rocks intruded by quartz monzodiorite intrusions. Copper and gold mineralization appears to lie in both the basaltic volcanic country rocks and the intrusions. There are also barren quartz monzonite porphyries, hornblende, biotite andesite and rhyolite dykes that regularly cut the quartz monzodiorite intrusions. 9 The Oyu Tolgoi Property contains both hypogene and supergene copper mineralization. The hypogene deposits appear to belong to a porphyry copper-gold system of the potassic-calcalkaline type. Ivanhoe has discovered evidence of hypogene deposits in all four zones. At South Oyu and Southwest Oyu, copper and gold mineralization is found primarily in intensely veined (stockwork and sheeted) magnetite-rich, pyrite-poor assemblages dominated by quartz and chalcopyrite, with minor amounts of bornite and traces of molybdenum in basaltic volcanics and quartz monzodiorite intrusives. Ivanhoe suspects that South Oyu and Southwest Oyu belong to the same zone offset by a northeast trending fault. The correlation between gold and copper grades suggest that the gold distribution is in the form of attachments to or inclusions in copper sulphides. Molybdenum grades are erratic and Ivanhoe has not determined the nature of its distribution. Ivanhoe's preliminary metallurgical work indicates that at least some of the molybdenum is enriched in rhenium. High values of rhenium in molybdenum is a feature of some gold-rich porphyry copper deposits. In North Oyu, copper mineralization occurs in breccias at depths greater than 100 metres below the surface. There appears to be some supergene chalcocite and covellite, but the higher grade intercepts are associated with veins containing pyrite, chalcopyrite and traces of covellite and chalcocite, which appear to be hypogene. Gold values are usually low but sometimes higher in copper-rich zones. Molybdenum values are usually low. The principal supergene deposit at Oyu Tolgoi is located at Central Oyu. It consists of a chalcocite blanket beneath a leached cap. Rock chip samples across the leached cap contain anomalous concentrations of copper and gold. Meanwhile, supergene mineralization occurs between 40 to 80 metres below the surface. The upper 20 to 40 metres of the enrichment blanket is made up of chalcocite with minor covellite and digenite as coatings on pyrite. The lower parts of the blanket which have lower copper grades are dominated by covellite. The upper chalcocite and lower covellite zones are a standard feature of enrichment blankets. Distribution of gold is not well known. Most of the system contains less than 30 parts per billion of gold but there are erratic values of 0.1 parts per million ("ppm") of gold to 1 ppm of gold. The best gold values are in the west side of Central Oyu, in both the chalcocite blanket and the underlying basaltic volcanics. There is also hypogene mineralization beneath the enrichment blanket. 2001/2002 Drilling Program Ivanhoe commenced its drilling program in 2001 by drilling RC holes at South Oyu, to test its supergene and the hypogene potential. Ivanhoe then expanded the exploration project to encompass all four zones, and by February 27, 2002 had completed 23 RC holes, 3 combined RC and diamond drill ("RCD") holes and 30 diamond drill ("D") holes. In July, 2001 Ivanhoe encountered a long intersection of high grade hypogene copper and gold mineralization at OTRCD-150 (508 metres averaging 0.81% copper and 1.17 grams per tonne ("g/t") gold) at Southwest Oyu. Following this discovery, Ivanhoe undertook a surface program of magnetic and IP surveys over an area of roughly 4 kilometres by 3 kilometres. Two magnetic surveys were performed, each covering an area of 2 kilometres by 3 kilometres. The southern part of the area was surveyed on north-south lines, 25 metres apart with stations 5 metres apart. The northern area was surveyed on east-west lines, 50 metres apart with stations at 5 metre intervals. The surveys identified target areas at Southwest Oyu, South Oyu, Central Oyu, North Oyu, the Airstrip and anomalies in the far northern end of the Oyu Tolgoi Property. Ivanhoe has used the preliminary maps from the IP survey as the basis for its ongoing drilling program. The results indicate that the most promising exploration target in the area is a zone of high-grade mineralization around hole OTRCD-150 at the Southwest Oyu zone. Accordingly, Ivanhoe changed its focus from testing for supergene mineralization at Central Oyu to drilling activity on Southwest Oyu in order to further define the hypogene zone of mineralization. 10 By the end of January, 2002, Ivanhoe had completed 24 holes at Southwest Oyu. The drilling indicates that there is a wide zone of mineralization encompassing a narrow high grade zone. Exploration to date indicates that a zone of mineralization grading at least 0.3% copper equivalent (a combination of copper and gold expressed as a copper equivalent and based on 100% recovery for both metals, as metallurgical studies are still too preliminary to predict recoveries in a commercial process) is contained within a shell which extends approximately 1,200 metres in a northeast-southwest direction and 350 metres in a northwest-southeast direction. The zone extends to at least a vertical depth of approximately 750 metres, commencing at a depth of approximately 50 metres. OTRCD-180, 183 and 185 returned encouraging mineralization at lower depths. OTRCD-180 graded 2.37 g/t gold and 1.05% copper for 208 metres beginning at a down-hole depth of 618 metres. OTRCD-185 intersected 1.31 g/t gold and 0.45% copper for 400 metres beginning at a down-hole depth of 498 metres. Ivanhoe drilled holes OTD-184, 185 and 190 as cross-holes (125 degree azimuth) across the general northeasterly trend of drill holes OTRCD-150 and OTD-160 through 173, which established the horizontal dimensions of the steeply to vertically plunging mineralized body. The drill results from the 035 degree azimuth holes OTRCD-150 and 169 indicate the longitudinal width of the high grade core zone (grading in excess of 0.7% copper and 0.7 g/t gold) is up to 315 metres in length at a depth of 250 metres below surface. Hole OTD-177's (125 degree azimuth) drill results suggest that the thickness of this zone is approximately 230 metres at the same depth. OTD-185, drilled steeply below OTD-177, indicates a thickness of 250 metres approximately 500 metres below surface narrowing to 180 metres thickness in OTD-190, 80 metres to the southwest. Surrounding the high grade core is lower grade mineralization, generally in the 0.3% to 0.5% copper and 0.3 to 0.5 g/t gold range extending 100 metres to 200 metres laterally and northwest, 700 metres southeast to the collar of OTD-167 and approximately 600 metres northeast to OTD-12. On the southeast margin of Southwest Oyu, the high grade core is cut off by a post mineral fault and on the northeast margin it is cut off by late mineral dykes. The results of significant intercepts from the recent drilling at Southwest Oyu's discovery zone are summarized below. 11 SOUTHWEST OYU "DISCOVERY ZONE" SUMMARY OF SIGNIFICANT INTERCEPTS
HOLE NO. FINAL DEPTH CORE LENGTH (m) GOLD ("AU") COPPER ("CU") METRES ("M") G/T % - -------- ------------ --------------- ----------- -------------- 150 590 508 1.17 0.81 160 460.7 288 1.68 0.80 161 472 358 1.70 0.71 162 360.5 190 1.76 0.75 166 601.9 478 1.38 0.74 171 614.3 100 1.29 0.67 172 772 116 2.35 0.88 173 692 24 1.32 0.82 174 554 74 0.45 0.58 175 461 138 0.35 0.45 176 674 146 1.49 0.76 177 591 192 1.10 0.56 178 449 128 1.01 0.59 179 490.4 14 0.32 0.57 180 895 208 2.37 1.05 183 853 454 1.71 0.92 184 705 216 1.87 0.97 185 1015 400 1.31 0.56 189 322 200 1.9 0.77 190 913 178 1.55 0.46
The southern extension of Southwest Oyu was also drilled to test the continuation of mineralization to the southwest as inferred by IP survey results and to follow up on previous drilling by BHP which intersected 142 metres of 0.93 g/t gold and 0.53% copper. The results of this drilling are summarized below. SOUTHWESTERN OYU -- SOUTHERN EXTENSION
HOLE NO. CORE LENGTH AU CU (m) G/T % - -------- ----------- --- ---- 165 466 0.31 0.41 167 318 0.52 0.49 168 382 0.30 0.21
Ivanhoe has also conducted recent drilling on the South Oyu zone. The drilling is designed to test adjacent magnetic and IP chargeability anomalies that underlie outcroppings of copper oxide mineralization. Previous drilling by Ivanhoe identified areas of significant copper and gold mineralization in a series of shallow holes. OTRCD-149 drilled to a depth of 405 metres averaged 1.08% copper and 0.31 g/t gold in a 63 metre supergene blanket, underlain by 52 metres at 1.73% copper and 0.23 g/t gold, followed by 82 metres at 0.57% copper and 0.27 g/t gold and then 76 metres at 0.49% copper and 0.38 g/t gold. OTD-164 was drilled under OTRCD-149 to a down-hole depth of 516.9 metres to test the depth of mineralization. OTD-164 returned similar results to the lower-grade intervals of OTRCD-149, indicating that mineralization continues to a depth of at least 500 metres. Hole OTD-170 drilled between Southwest Oyu and South Oyu returned weaker levels of gold and copper. Ivanhoe believes a major northeast trending fault cuts off mineralization on the southeast side of Southwest Oyu, and that South Oyu may be an offset of this mineralization. Ivanhoe drilled OTD-186 to the west of OTRCD-149 in order to test an anomaly identified from the magnetic survey, but did not intercept significant mineralization. 12 Central Oyu is a separate system with different mineralogy and geochemistry. At Central Oyu, BHP's hole OTD-3 intersected a thirty metre thick, supergene-enriched, chalcocite blanket. Ivanhoe's RC drill program in 2000 outlined an area of 1,100 metres by 600 metres that is underlain by the chalcocite blanket and copper oxide mineralization averaging 20 metres to 35 metres in thickness at depths varying from 20 metres below the surface to 100 metres below the surface. Primary covellite and chalcopyrite occurs below the chalcocite blanket at Central Oyu, indicating the potential for hypogene mineralization. Ivanhoe drilled hole OTD-159 in this area to test for hypogene potential. OTD-159 intersected 301 metres (from 47 to 348 metres) of chalcocite-covellite mineralization averaging 0.71% copper, within a broader intercept of 375 metres, from 47 to 422 metres, grading 0.69% copper. This includes 30 metres of dominantly chalcocite mineralization from 47 to 77 metres, grading 1.50% copper and 0.22 g/t gold. The hole was a twin, and a deeper re-drill, of a 130-metre-deep, RC hole, OTRC-94, and extends significant copper grades to a depth of at least 422 metres below surface. The PQ-sized drill core in the top 130 metres also indicates a general increase in copper grades compared to the earlier RC chip samples. Ivanhoe received further evidence of hypogene mineralization at Central Oyu from its IP survey, which identified an IP chargeability anomaly covering the northwest flank of Central and Northern Oyu. The anomaly has a strike length of 1,600 metres with a width of 400 metres. Ivanhoe recently completed hole OTD-187 to test the hypogene potential of the IP chargeability anomaly in Central Oyu. OTD-187 was drilled to a depth of 532.6 metres grading 1.40 g/t gold and 0.84% copper for 102 metres between 334 and 436 metres. Ivanhoe drilled OTD-188 385 metres northwest of OTD-187 to test the extent of the zone of copper mineralization, but intercepted only weak mineralization. Ivanhoe is currently drilling additional D holes at Central Oyu to further define the zone of hypogene mineralization. In North Oyu, BHP's hole OTO-02 intersected narrow zones of chalcopyrite-rich stockwork mineralization grading up to 1% copper in volcanic rocks sandwiched between post-mineral, syenite dykes. Ivanhoe plans to drill more than 20,000 metres to test the hypogene potential of the Southwest, Central, North and South Oyu zones and explore for additional high-grade zones based on the IP and magnetic survey. Ivanhoe has recently focussed on drilling the Southwest Oyu zone in order to gather sufficient data to calculate a resource estimate on the discovery zone at Southwest Oyu. Starting in early 2002, Ivanhoe began to drill in other areas with potential significant mineralization as indicated by the IP and magnetic surveys. Resource Estimate -- Central Oyu In November, 2000 Ivanhoe prepared an internal copper resource estimate of the Central Oyu zone based on its 2000 drill program. This estimate was verified and adopted by RPA in RPA's technical report on the Oyu Tolgoi Property dated January 11, 2002. RPA reported an inferred mineral resource at the Central Oyu zone as follows: CENTRAL OYU INFERRED MINERAL RESOURCE ESTIMATE IVANHOE -- NOVEMBER, 2000
CATEGORY TONNES GRADE % CU - -------- ---------- ----------- ~~Inferred 39,200,000 0.73~~
Key assumptions, parameters, methods, and other information RPA considered relevant to the estimate are as follows: o The database used for the estimate was in keeping with industry standards. 13 o D. George Cargill, Ph. D., P.Eng., reviewed and verified the estimate for RPA. o Original assays for total copper were done at Analabs Pty. Ltd. ("Analabs") in Ulaanbaatar. No acid soluble or cyanide soluble copper assays were done but may be warranted in the future. Total coppe r check assays were done at Indo Assay lab in Indonesia, and results were reported to be acceptable. Checks on assay values over 1% Cu were within 5% to 10% of the original assays and for assay values less than 1% were within 10% to 20%. RPA had check assays carried out at XRAL laboratory in Canada on nine samples from the Central Oyu zone. The check assays gave reasonable correlation with the original assays. o Vertical RC holes were used for the estimate. Although a few D holes were within the resource area, they were not used. The RC holes were spaced 100 m to 200 m apart along east-west section lines 100 m to 200 m apart. The Central Oyu zone consists of an essentially continuous blanket of supergene copper mineralization which covers an area approximately 1,100 m north-south by 600 m east-west. In places the supergene zone consists of two layers (main and upper zones) separated by waste material. The deeper main zone predominates and extends to a depth of 40 m to 80 m in most places. It has been drilled to a maximum depth of about 120 m. o For the estimate, Ivanhoe used a cut-off grade of 0.2% Cu. In RPA's view, this is an appropriate cut-off grade for this type of resource estimate. o Ivanhoe used a polygonal estimation method, whereby drill hole intercepts on plan were assigned an area of influence midway to adjacent drill holes up to a maximum of 100 m. Polygon areas were measured by planimeter and multiplied by drill hole intersection length and by a density factor of 2.3 tonnes per cubic metre to derive tonnage. This density factor is appropriate. Tonnages were summed and the grades for each intersection were weighted by tonnage to determine the average grade of the mineral resource. o The Oyu Tolgoi Property is still at the exploration stage and it is too early to assess the possible effect on the resource estimate of factors such as environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other potential issues. At this time, however, RPA has no reason to belie ve that any of these potential issues will be an impediment to development of the project. o The geometry of the Central Oyu supergene zone lends itself readily to open pit mining with a low strip ratio. o Metallurgical testwork was carried out recently on three samples from Central Oyu. The copper minerals reported to be in the samples are enargite, covellite and digenite. Flotation tests produced good copper recoveries (82%) for sample S4 ("chalcocite zone") and sample S6 ("covellite zone"). Column leach and bottle roll tests on sample S4 gave 62% to 82% copper recovery and on sample S5 gave 5% to 7% copper recovery. o Infrastructure is sparse in the area of the Oyu Tolgoi Property and any mining operation would need suitable infrastructure to be developed. o In RPA's opinion, the Central Oyu supergene zone estimate should be classified as an inferred mineral resource. It should be considered a preliminary estimate at this time. It has been done by a manual method and may be done in future as a computerized block model. o Although Ivanhoe considers the Central Oyu zone to be uneconomic for a stand-alone mining operation, RPA considers that it has reasonable prospects for economic extraction in combination with or as a satellite deposit to other mineral deposits. 14 Resource Estimate -- Southwest Oyu On March 11, 2002, Ivanhoe announced that AMEC completed a preliminary copper and gold resource estimate for the northern portion of the Southwest Oyu zone. AMEC reported an inferred mineral resource at the Southwest Oyu zone as follows: SOUTHWEST OYU INFERRED MINERAL RESOURCE ESTIMATE AMEC -- MARCH 2002
CUTOFF GRADE TONNAGE IN SITU GRADE CU AU COPPER (TONNES) ---------------------- (BILLIONS OF (OUNCES) EQUIVALENT(1) CU AU POUNDS) (%) (%) (G/T) - ------------- ----------- ---- ----- ------------ --------- 0.70 185,100,000 0.63 1.04 2.57 6,189,000 0.60 259,700,000 0.57 0.86 3.26 7,181,000 0.50 349,100,000 0.52 0.73 4.00 8,193,000 0.40 457,800,000 0.46 0.62 4.64 9,126,000 0.30 587,700,000 0.41 0.53 5.31 10,014,000 0.20 703,000,000 0.37 0.47 5.73 10,623,000
Note: (1) Based on US$300 per ounce gold and US$0.80 per pound copper at 100% metal recovery. RPA prepared an addendum to its technical report describing RPA's review and verification of the AMEC mineral resource estimate of the Southwest Oyu zone. RPA's review and verification of AMEC's resource estimate was undertaken by, or under the supervision of, Dr. Gildar J. Arseneau, P.Geo., of RPA. Dr. Arseneau is an independent qualified person for the purposes of NI 43-101. The Southwest Oyu mineral resource was estimated by AMEC with a 3-dimensional block model utilizing MineSight(R) a commercial mine planning software. To carry out its review of the Southwest Oyu mineral resource estimate, RPA converted the 3-dimensional database to Gemcom(R), another commercially available mine planning software. RPA re-estimated the Southwest Oyu mineral resource using the same and different interpolation parameters as utilized by AMEC. The Southwest Oyu database consists of assay data for 32 diamond drill holes totalling 16,991 metres. The drill core was logged at the site and geological information was transferred to digital files containing drill hole survey locations, down hole survey data, geological, geophysical and assay data. RPA carried out checks and validations for both copper and gold assays. RPA believes that the analytical reproducibility of the data is better for copper than gold. The quality of the assay database is adequate for the estimation of an inferred mineral resource but, until better reproducibility can be demonstrated for gold assays, the resource must remain at an inferred level of classification. The digital drill hole database is adequate for resource estimation and the information collected is in keeping with standard industry practices for this type of exploration target. The Southwest Oyu block model was organized on an orthogonal grid with a 20 metre by 20 metre block size and a 15 metre bench height. Copper and gold grades were composited to 15 metres before grade interpolation. Each block in the model is comprised of six separate models: rock code, density, copper grade, gold grade, copper equivalent grade and percent ore. Rock codes were assigned to the block model by first constructing 3- 15 dimensional solids of the high grade portion of the deposit, the three major post-mineral dikes, the Southwest fault zone and the top of the hypogene mineralization. Because the bulk of the mineralization is within basaltic andesite, a bulk density of 2.80 was selected for the resource estimation. RPA recommends that the bulk density determination program be continued and expanded to include both mineralized and unmineralized samples. Copper and gold values were interpolated into the model by ordinary kriging. RPA has reviewed the variography study undertaken by AMEC and concurs with its conclusions. Interpolation was restricted within zone boundaries. As such, samples from zone 1 were not used to interpolate grades into blocks of zone 2 and vice-versa. A maximum of 15 composites were used to estimate a block grade. The minimum number of composites required to estimate a block was set at 4 for zone 2 and 3 for zone 1. A maximum of 3 composites (zone 2) and 2 composites (zone 1) were allowed per drill hole. RPA re-estimated the mineral resource using the same interpolation parameters as defined by AMEC. RPA also estimated the mineral resource using inverse distance weighting to the second power to interpolate the grades. RPA also re-composited the assay data to 5 metre lengths within the geological domains and re-estimated the mineral resource using ordinary kriging and inverse distance to the second power. Based on the data reviewed, RPA concluded that the mineral resource at the Southwest Oyu zone was estimated by AMEC in a manner consistent with standard industry practice for this type of deposit. The mineral resource for the Southwest Oyu zone is classified as an inferred mineral resource in accordance with CIM Standards. The mineral resource was reported at CuEQ ($0.80) copper equivalent cut-off grades. The copper equivalent was calculated, after copper and gold grades were estimated into the block model, using the following formula: CuEQ ($0.80) = % Cu + (Au g/t * 9.65)/17.64 The equivalent grade was calculated to reflect a price of US$0.80 per pound of copper and US$300 per ounce of gold and 100% metal recovery. RPA believes that it is premature at this stage to use an equivalent copper grade as cut-off because inadequate metallurgical testing has been performed. RPA also believes that some of the mineral resource at the Southwest Oyu zone could be re-classified as indicated under CIM Standards if better reproducibility could be achieved with the gold assays. RPA recommends that all assays that returned copper grades in excess of 0.5% copper should be re-assayed for gold and the mineral resource be re-estimated using the new assay data. RPA validated the resource model by inspection of plans and sections. The plots included drill hole composite values to allow direct comparison of composite grades to kriged block values. The checks showed good agreement between drill hole composite values and kriged model cell values. The Oyu Tolgoi project is still at the exploration stage and it is too early to assess the possible effect on the resource estimate of factors such as environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other potential issues. At this time, however, RPA has no reason to believe that any of these potential issues will be an impediment to development of the project. Insofar as the inferred mineral resources identified to date in the Central Oyu and Southwest Oyu zones of the Oyu Tolgoi Property are not mineral reserves, they do not have demonstrated economic viability. 16 Sampling and Analysis Ivanhoe's sampling procedure consists of drilling D holes on 80 metre to 120 metre centres at -55 degrees on parallel sections spaced from 80 metres to 100 metres apart. The diameter of the drill core obtained from Ivanhoe's diamond drill holes varies between 42.0 millimetres (BTW size) and 85.0 millimetres (PQ size), with the majority being 47.5 millimetres (NQ size) and 63.5 millimetres (HQ size). Ivanhoe has generally been able to recover greater than 95% of the core, which is carefully pieced together and cut along the core axis with a diamond saw. Ivanhoe places one half of all BTW, NQ and HQ core samples in boxes for future reference and the other half is placed into numbered bags for shipment to the laboratory for sample preparation and assay. PQ core is quartered with one quarter of the core shipped for assay. Typically the core is composited in two metre lengths to make an assay sample, although RC holes are typically one metre long. The drill holes are generally oriented on an azimuth of 35 degrees because it is roughly perpendicular to the observed quartz veins in weathered bedrock at the surface. Given the intensity of the stockwork vein system (up to 30% over broad mineralized intervals), Ivanhoe does not anticipate that there will be a significant bias on the vein set by the drill holes. To verify this assumption, Ivanhoe has drilled seven holes perpendicular to 35 degrees. Ivanhoe uses a standard two-metre sampling interval on its drill holes, regardless of the rock type and internal vein structure. This minimizes the possibility of improper data entry into the sampling database and will be compatible with the expected future uses of the sampling database, as pre-feasibility and feasibility studies will likely rely on between six to twelve metre intervals. In addition, mining operations will likely employ large capacity bulk mining equipment that negates detailed analytical mining data. Barren dykes are assayed with the mineralized zones and included in average grade intervals unless they are wider than ten metres, which would make them amenable to selective waste mining. Samples of previously assayed core are inserted into the sample stream at the project site on a 1 in 40 basis to provide a check on the sample preparation and analytical results. Similarly, barren, unmineralized core samples are added into the sample stream on an alternate 1 in 40 basis to provide an assay blank in the analytical process. This helps monitor the sample integrity during transport to the lab in Ulaanbaatar and for contamination in the system. Analabs Pty. Ltd. ("Analabs"), of Ulaanbaatar, Mongolia, has performed the assays of the Ivanhoe drill holes. Chemex Labs and Bondar Clegg, both of Vancouver, British Columbia, previously performed check assays on 79 of those samples selected on a 1-in-10 basis from hole OTRCD-149 and holes OTD-150. The results of these check analyses indicate that Analabs' gold fire-assays and copper assays are statistically similar to both Chemex and Bondar Clegg. However, Analabs reported gold samples systematically higher than Chemex Lab and Bondar Clegg. A subsequent check assay on 81 samples by Bondar Clegg resulted in a satisfactory correlation of both copper and gold compared to Analabs' results. Analabs' molybdenum assays are consistently running higher than those of both Chemex Labs and Bondar Clegg, and Ivanhoe intends to retain the services of an independent geochemist in order to determine the appropriate corrective measures. Ivanhoe had independent check assays performed on a 1-in-20 basis on all assayed holes until February, 2002, when certified standards were inserted into the sample stream at the project site on a 1 in 20 basis. Ivanhoe shipped six 50 kilogram core samples from OTRCD-149 (South Oyu zone), OTD-150 (Southwest Oyu zone) and OTD-159 (Central Oyu zone) to Lakefield Research in Canada for preliminary metallurgical testing of typical intercepts of high-grade and intermediate grade supergene and hypogene mineralization. Lakefield conducted preliminary froth flotation tests and column leach tests on the samples. All samples with the exception of the sample of chalcocite mineralization, responded well to copper mineral concentration by flotation. Commercial grade copper mineral concentrates, containing 26-30% copper, were achieved at metal recoveries between 81-91% of the copper in the feed sample. Gold recoveries were approximately 76-77% of the metal in the feed. 17 The sample from the chalcocite blanket at Central Oyu did not respond well to the recovery of copper by flotation but did respond well to bacterial leaching in a column. The column leach is designed to test the amenability of the sample to a low cost bacterial heap leaching method of copper extraction. Projected copper extraction from the chalcocite sample is in the 65-82% range after approximately 3 months. The tests are still in progress. Seven samples of core were shipped to Minnovex Technologies in Toronto, Ontario for comminution testing. In general, the results of the tests indicated that the rock could be classified as "hard". However, the program was performed on a limited number of samples and significantly more testing is required before final conclusions can be drawn. Finally, RPA collected seven samples of drill core from OTRCD-149 and 150 and OTD-159. RPA engaged XRAL Laboratories of Toronto to perform specific gravity testing on the samples. RPA reported that XRAL Laboratories' testing returned a satisfactory degree of correlation between their results and those of Analabs' original assays. ADDITIONAL MONGOLIAN EXPLORATION PROJECTS In October 2001 Ivanhoe acquired four new copper-gold porphyry-related exploration projects in Mongolia. The Oyut Ulaan and Chandman Uul prospects are located in southeastern Mongolia and the Oyut Ovoo and Saran Uul prospects are located in central Mongolia. The Oyut Ulaan prospect consists of two targets, Oyut Ulaan and Stariy. The Oyut Ulaan target, a mineralized tourmaline breccia pipe complex situated in the southwest part of the licence area, has a surface area of 2.5 square kilometres. Intense, secondary copper staining occurs within and at the south margin of the most prominent pipe. Peripheral sheeted quartz-tourmaline chalcopyrite veins occur northeast and southwest of the pipe and are hosted in Carboniferous granodiorite. Assays for sixteen reconnaissance rock-chip samples were highly anomalous in copper (fourteen samples contained more than 5% copper), molybdenum (30-87 ppm) and gold (up to 0.30 g/t). The Stariy target is a low-relief area with abundant copper-stained colluvium and subcrops within a five-square-kilometre zone in the north-central part of the licence area. Widespread vein quartz (+/-magnetite) and gossanous, magnetite-bearing, hydrothermal breccias imply underlying porphyry-type copper-gold systems. Assays for 35 reconnaissance rock-chip samples reported high copper (18 samples ranging between 1-10%), gold (seven samples ranging between 0.25-16.8 g/t) and molybdenum (three samples ranging between 200-709 ppm). The Chandman Uul prospect consists of a large, copper-bearing, magnetite skarn. The skarn is massive and outcrops extensively as a prominent line of hills over a distance of approximately three kilometres. The skarn is associated with the contact of Proterozoic limestones and Devonian granodioritic intrusions. Assays for 55 reconnaissance rock-chip samples reported high copper (26 samples ranging between 1-8%) and anomalous gold (a maximum of 2.3 g/t). No molybdenum assays were done. The Saran Uul prospect is a porphyry copper system hosted in upper Carboniferous diorites and syenites. A stockwork quartz-vein zone target has surface dimensions of 1.5 kilometres by 700 metres. The terrain is flat to undulating and much of the area is weathered and leached. Assays from 54 reconnaissance rock-chip samples were highly anomalous in copper (22 samples ranging between 0.1-0.5% and 11 samples ranging between 0.5-5%), gold (six samples ranging between 0.5-4.9 g/t) and molybdenum (14 samples ranging between 100-2000 ppm). The Oyut Ovoo prospect is centred on a group of prominent hills comprising copper-bearing magnetite skarns and hydrothermal breccia pipes hosted in Permian granitoid stocks. The mineralized zone has a surface area of approximately four square kilometres and is surrounded by recent alluvium. Assays from 43 reconnaissance 18 rock-chip samples reported anomalous values for copper (17 samples ranging between 1-10%), gold (nine samples ranging between 0.3-0.7 g/t) and molybdenum (16 samples ranging between 100ppm and 1%). Analabs performed the sample preparation and (for consistency) analysis of the rock-chip samples at its regional laboratory in Ulaanbaatar. Ivanhoe recently acquired an interest in three new exploration licences in the South Gobi region: the Kharmagtai Property, the Shuteen Property and the Ovoot Hyar Property. Ivanhoe holds an MEL over the Kharmagtai Property, but has agreed to convey a 10% interest to an arm's length private company in exchange for exploration data owned by that company in respect of the property. Ivanhoe has the right to earn an 80% interest in both the Shuteen Property and the Ovoot Hyar Property upon completion of a US$1,500,000 work program over three years on the Shuteen Property and a US$500,000 work program over one year on the Ovoot Hyar Property, with the remaining 20% interest to be held by an arm's length private company. Ivanhoe acquired exploration data from the previous owner of the respective properties in connection with the transactions. Ivanhoe intends to review this data and based on that review integrate the properties into its exploration program in Mongolia. MYANMAR In December 2001, the London Metals Exchange ("LME") registered cathode copper produced from the S & K mine at Ivanhoe's Monywa copper project. LME registration certifies that copper produced by the mine meets LME standards for purity, shape and weight as specified by its special contract rules. LME registration allows Ivanhoe to sell its copper cathode at premium prices. Ivanhoe is continuing discussions with potential project lenders in order to commence development of the Letpadaung deposit as the second phase of the Monywa copper project. No agreement has, to date, been reached for financing the development of the Letpadaung deposit. At Ivanhoe's principal exploration project in Myanmar, Modi Taung, Ivanhoe has identified a series of five parallel running, gold-bearing mesothermal veins. The veins are steeply dipping and trend northwest. The veins are traceable on the surface for a distance of approximately 1.5 kilometres and range in thickness from 0.3 to 2.7 metres wide. Gold contained in the vein occurs as free gold, in vugs and associated with pyrite. Since discovering the gold vein system in late 2000, Ivanhoe has explored the project area with a series of trenches, adits and crosscuts. Preliminary metallurgical work indicates gold recoveries of 97% are attainable with conventional processing. New veins with visible gold were uncovered at four locations in the south and east of the area. The new veins, and the four vein systems with adits, demonstrate that the mineralized structures at Modi Taung lie within a 1,100-metre by 3,000-metre, north-northwest trending zone. The zone is potentially open to the southeast and vein outcrops to the northwest have visible gold. Mineralized veins in adits occur over a 360-metre vertical interval without systematic change in style or grade. The camp capacity at Modi Taung is being doubled, to accommodate up to 12 aditing teams that use mine explosives below the softer, oxidized zone. Commencing in mid-2002, Ivanhoe intends to drill holes at Modi Taung to a depth of 500 metres below adit 1to test the down-dip continuity of the vein structure. SOUTH KOREA Ivanhoe has begun pre-production mining operations from a small, high-grade open pit at the Eunsan deposit in South Korea and expects to commence milling gold and silver ores some time during the first half of 2002. Milling and surface facilities are being constructed. Open pit mining operations will be followed by an 19 underground development program designed to provide additional feed for the mill and further define specific ore zones. The Eunsan deposit is the most advanced of several prospects identified by Ivanhoe within the Seongsan gold/silver project in Chollanam-Do Province. Drilling is ongoing at the other prospects to define the grades and extent of the gold and silver mineralization. The current development concept is to mine three or more deposits, using a central milling facility. Pre-production work and infrastructure development, including a 3,300-tonne per month mill, site facilities, open-pit and portal, is expected to cost approximately US$1,000,000. Ivanhoe plans to recover gold and silver using gravity concentration and a flotation circuit to produce gold and silver concentrate. The concentrate will be smelted on site to produce gold bullion and dore bars. Gold recoveries are expected to be approximately 85% from the oxidized surface ore and approximately 95% from the unoxidized underground ore. The Seongsan project area contains outcropping, low-sulphidation, epithermal gold-silver mineralized systems occurring as veins, breccias, stockworks and zones of silification along a cumulative strike length of at least 3.2 kilometres. The veins lie along a structural zone adjacent to a large, operating clay mine and, as a result, the area has established infrastructure to support mining. KAZAKHSTAN Ivanhoe has recommenced gold production from oxide ore at the Bakyrchik gold mine in northeastern Kazakhstan. The initial gold dore bar, weighing 4.2 kilograms (135 ounces), was poured in October, 2001. It was the first gold produced at the Bakyrchik gold mine since 1996, when Ivanhoe first acquired an interest in the project. The mine, at which Ivanhoe plans to gradually build up production to approximately 20,000 ounces of gold per year, is currently processing oxide ore stockpiled from previous mining operations at a rate of 500 tonnes per day. The gold is recovered using the carbon-in-leach recovery method. Open-pit mining of near-surface oxide ore is scheduled to start in the second quarter of 2002. Initial recoveries of gold from oxide ore were expected to be in the order of 90% but the uneven nature of the stockpiled material has resulted in a recovery rate for the last three months of 2001 of approximately 70%. In general the initial performance was disappointing due to the extreme winter conditions and variable stockpile conditions. The mining venture plans to engage a local mining contractor to mine and deliver new ore to the crusher. The mining venture also plans to expand the crusher facility to accommodate more throughput. At this time, management is uncertain as to the ultimate viability of the oxide project. The gold deposits at Bakyrchik consist of a series of mineralized lenses, or lodes, lying within a large shear zone that is 11.5 kilometres in length. Gold mineralization is hosted within sheared, carbonaceous sediments of the fault zones, and is contained within oxide and sulphide mineralization occurring in association with quartz stockworks. The sulphide and carbon in the deposits may be variably oxidized to depths of 20 to 40 metres. Ivanhoe has a 70% interest in Bakyrchik Mining Venture, the Kazakhstani entity that owns the mine. The government of Kazakhstan holds the remaining 30%. Ivanhoe is entitled to 100% of all operating cash flows from the mine until it has recovered all of its previously invested capital in the project. TASMANIA The operating and financial results for the fourth quarter of 2001 at the Savage River iron ore mine in Australia continued the third quarter trend, with total material shipped during the fourth quarter dropping by 28% from the amount shipped during the third quarter. The mine's owner, Goldamere Pty. Ltd., an indirect wholly-owned subsidiary of Ivanhoe, continued its pursuit of a restructuring of its business plan and financing package with its major lenders and other stakeholders. 20 Goldamere operates an open pit mine and a crusher/concentrator facility at Savage River and a pellet plant at Port Latta, approximately 83 kilometres north of the mine. Goldamere's products are sold to customers in Australia and Asia. Goldamere continues to convert the out-of-the-money portion of a currency-hedge obligation to its major creditor, UBS Australia Limited ("UBS"), into project debt, pending the conclusion of negotiations with UBS and other major stakeholders to achieve a satisfactory restructuring of Goldamere's finances. The UBS credit facility at December 31, 2001, consisted of a project loan for the Savage River operation of approximately A$42.391 million (US$21.594 million at a year-end exchange rate of $1 Australian = US$0.50945), excluding accrued interest of A$1.370 million (US$697,735), plus an obligation to deliver approximately US$5.0 million per month until February, 2003 under the foreign currency hedge. On a marked-to-market basis, the hedge results in an accrued loss of approximately A$35.83 million (US$18.032 million). The loan and hedge are non-recourse to Ivanhoe. Against a background of significant softening in demand from the world's steel industry, with the major iron-ore pellet producers reducing output in some cases by as much as 25%, sales of iron-ore products during 2001 totalled approximately 1,900,000 tonnes, 460,000 tonnes below plan. Goldamere's customers maintained contracted shipments during the fourth quarter and BHP-Billiton, Goldamere's largest customer, agreed to increase its purchases of iron-ore pellets by 25% for the current contract year (which ends in June, 2002). NORWAY The Bj0rnevatn iron ore mine, closed since 1997, remains on care and maintenance. Although Ivanhoe had planned, in the medium term, to refurbish the existing pellet producing facilities and re-open the mine, Ivanhoe management has since decided that, insofar as Bj0rnevatn is a non-core asset, its other projects elsewhere in the world should take priority in the Corporation's capital expenditure budget and that no further expenditures of a material nature should be made by the Corporation in respect of the Bj0rnevatn iron ore mine. Management of Arctic Bulk Minerals AS ("Arctic"), a wholly-owned subsidiary of Ivanhoe and the owner of the Bj0rnevatn iron ore mine, has proposed to Ivanhoe that Arctic seek its own source of equity financing in order to continue its efforts to re-start the mine. The proposal would involve Arctic issuing new shares to a number of arm's length investors, primarily in Norway. The Corporation supports the efforts of Arctic's management to raise financing for the ongoing efforts to reopen the Bj0rnevatn iron ore mine but is not prepared to commit any significant additional financial resources of its own to advance or maintain the project. Therefore, the Company is prepared to have its equity interest in Arctic diluted in order to allow Arctic to raise additional equity capital in the future. There can be no assurance that Arctic will be successful in its efforts to independently raise the capital necessary to restart the Bj0rnevatn iron ore mine. To date, Arctic has not been successful in its efforts to raise financing. If Arctic fails to obtain, at a minimum, the funding necessary to retain the Bj0rnevatn iron ore mine on care and maintenance, Arctic may be forced to relinquish its entire interest in the project. CONSOLIDATED CAPITALIZATION The following table sets forth the consolidated capitalization of Ivanhoe as of the dates indicated and reflects material changes in Ivanhoe's capitalization since the date of its most recent audited consolidated annual financial statements, which are incorporated by reference in this short form prospectus. The following table should be read in conjunction with those financial statements and the notes that accompany them. 21
As at As at December 31, 2000 February 28, 2002(2) ----------------- -------------------- (in US$000's) Loans Payable to Related Parties (1) ..... $ 21,588 $ 4,764 Long-term Debt (including current portion) 66,403 62,604 Shareholders' Equity Share Capital Common Shares(3) ......................... 414,489 460,837 Special Warrants(4) ...................... -- 14,997 Additional Paid-in Capital ............... 10,375 1,750 Accumulated Deficit ...................... (246,917) (281,000)(5) --------- --------- Total Consolidated Capitalization ........ $ 265,938 $ 263,952 ========= =========
(1) Changes to Loans Payable to Related Parties reflect the conversion into 30,625,000 Common Shares on December 31, 2001 of US$23,075,474 face value of loans plus accrued interest owed by Ivanhoe's wholly-owned subsidiary, ABM Mining Limited, and its subsidiaries to related parties of Ivanhoe. For more information, see Ivanhoe's material change report dated January 7, 2002, which is incorporated herein by reference. (2) With the exception of Common Shares, Special Warrants and Additional Paid-in Capital, the figures reported for February 28, 2002 represent an estimate. (3) Changes to Common Share equity reflect the issuance by Ivanhoe of an aggregate of 15,220,889 Common Shares in private placements and public offerings during the year ended December 31, 2001, the deemed issue price for the 30,625,000 Common Shares issued on the conversion of related party loans as described in Note (1) above and 1,048,975 Common Shares issued pursuant to incentive stock options and other rights to purchase Common Shares exercised between December 31, 2000 and February 28, 2002. (4) Proceeds from the special warrants issued on January 25, 2002. (5) Reflects a write down of approximately US$5,500,000 in the carrying value of the Bjornevatn iron ore mine as at December 31, 2001 but does not reflect an anticipated but as yet unquantified write down in the carrying value of the Savage River iron ore mine as at December 31, 2001. DESCRIPTION OF SHARE CAPITAL The authorized share capital of Ivanhoe consists of an unlimited number of Common Shares without par value and an unlimited number of preferred shares without par value ("Preferred Shares"). As of the date of this prospectus, there are 171,880,884 Common Shares and no Preferred Shares issued and outstanding. Rights and restrictions in respect of the Common Shares and the Preferred Shares are set out in Ivanhoe's articles of continuance and in the Yukon Business Corporations Act, and its regulations, Ivanhoe's governing statute. The holders of Common Shares are entitled to one vote per Common Share at all meetings of shareholders, to receive dividends as and when declared by the directors, and to receive a pro rata share of the remaining property and assets of the Corporation in the event of liquidation, dissolution or winding up of the Corporation. The Common Shares have no pre-emptive, redemption, purchase or conversion rights. There are no sinking 22 fund provisions in relation to the Common Shares and they are not liable to further calls or to assessment by the Corporation. The Yukon Business Corporations Act provides that the rights and provisions attached to any class of shares may not be modified, amended or varied unless consented to by special resolution passed by a majority of not less than two-thirds of the votes cast in person or by proxy by holders of shares of that class. The Preferred Shares as a class rank senior to the Common Shares as to the payment of dividends and the distribution of property and assets on the liquidation, dissolution or winding-up of the Corporation. Holders of Preferred Shares are not entitled to any voting rights as a class except as may be provided under the Yukon Business Corporations Act and except that the directors of the Corporation are empowered to attach to any series voting rights relating to the election of directors on a default in payment of dividends. The Preferred Shares are issuable in one or more series, each consisting of such number of Preferred Shares as may be fixed by the Corporation's directors. The Corporation's directors may from time to time, by resolution passed before the issue of any Preferred Shares of any particular series, alter the constating documents of the Corporation to determine the designation of the Preferred Shares of that series and to fix the number of Preferred Shares therein and alter the constating documents to create, define and attach special rights and restrictions to the shares of that series, including, without limitation, the following: (i) the nature, rate or amount of dividends and the dates, places and currencies of payment thereof; (ii) the consideration for, and the terms and conditions of, any purchase of the Preferred Shares for cancellation or redemption; (iii) conversion or exchange rights; (iv) the terms and conditions of any share purchase plan or sinking fund; and (v) voting rights and restrictions. PLAN OF DISTRIBUTION Pursuant to an agreement dated as of March 13, 2002 (the "Underwriting Agreement"), among Ivanhoe and each of the Underwriters, Ivanhoe has agreed to sell and the Underwriters have severally agreed to purchase, subject to compliance with all necessary legal requirements and with the terms and conditions of the Underwriting Agreement, on April 3, 2002 or on such other date as Ivanhoe and the Underwriters may mutually agree (provided such date is not more than 42 days after the date of the receipt for this short form prospectus), all but not less than all of the 17,450,000 Common Shares offered hereby, at a price of $3.25 per Common Share for total consideration of $56,712,500 payable in cash against delivery of a share certificate or share certificates representing such Common Shares. The offering price was determined by negotiation between Ivanhoe and the Underwriters. The Company has agreed to pay to the Underwriters a fee equal to $0.1625 per Common Share (5% of the issue price) in consideration of services rendered by them in connection with the Offering. The obligations of the Underwriters under the Underwriting Agreement are several and not joint and may be terminated upon the occurrence of certain stated events. The Underwriters are, however, obligated to take up and pay for all of the Offered Shares offered hereby if any are purchased under the Underwriting Agreement. The Company has agreed to indemnify the Underwriters and their broker/dealer affiliates against certain liabilities, including liabilities under the United States securities laws and under Canadian securities legislation, and to contribute to payments that the Underwriters may be required to make in respect thereof. Ivanhoe has agreed not to issue or enter into an agreement to issue any common shares or any securities convertible into or exchangeable for common shares without the prior consent of the Underwriters, such consent not to be unreasonably withheld, until the date which is 90 days after the closing of the offering, except pursuant to: (i) the grant or exercise of stock options and other similar issuances pursuant to Ivanhoe's share incentive plan and other compensation arrangements; (ii) the exercise or conversion of outstanding warrants and special warrants; (iii) obligations in respect of existing mineral property agreements, and (iv) the issuance of securities in connection with property or share acquisitions in the normal course of business. The Corporation has applied to the TSE to list the Common Shares to be distributed hereunder. Listing of the Common Shares on the TSE will be subject to the Company fulfilling all listing requirements of the TSE. 23 Pursuant to policies of the Ontario Securities Commission, the Underwriters may not, throughout the period of distribution under this short form prospectus, bid for or purchase Common Shares. The foregoing restriction is subject to certain exceptions, on the condition that the bid or purchase not be engaged in for the purpose of creating actual or apparent active trading in or raising the price of the Common Shares. These exceptions include a bid or purchase permitted under the by-laws and rules of the TSE relating to market stablization and passive market marking activities and a bid or purchase made for or on behalf of a customer where the order was not solicited during the period of distribution. The Company has been advised that, in connection with the offering and subject to the foregoing, the Underwriters may over-allot or effect transactions which stabilize or maintain the market price of the Common Shares at levels above that which would otherwise prevail in the open market. Such transactions, if commenced, may be discontinued at any time. The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and, subject to certain exceptions, may not be offered or sold within the United States or to United States persons. Each Underwriter has agreed that it will not offer or sell the Common Shares within the United States except in accordance with exemptions from the registration requirements under the 1933 Act. The Underwriting Agreement provides that the Underwriters will offer and sell the Common Shares outside the United States only in accordance with Regulation S under the U.S. Securities Act. Each Underwriter has agreed that, except as permitted by the Underwriting Agreement, it will not offer to sell the Common Shares within the United States or to U.S. Persons. In addition, until 40 days after the commencement of this offering, an offer or sale of the Common Shares within the United States by any dealer (whether or not participating in this offering) may violate the registration requirements of the 1933 Act if such offer or sale is made otherwise than in accordance with an exemption from such registration requirements. USE OF PROCEEDS In January 2002, Ivanhoe completed a private placement of special warrants (the "Special Warrant Private Placement"). See "Other Material Facts". The aggregate net proceeds of the Special Warrant Private Placement were approximately US$15,200,000 (Cdn$24,120,000). The aggregate net proceeds received by Ivanhoe from the sale of the Common Shares pursuant to this Offering, after deducting the Underwriters' fee and payment of expenses of the Offering, including preparation of this short form prospectus, estimated to be US$130,000 (Cdn$200,000), will be approximately US$34,000,000 (Cdn$53,677,000). Ivanhoe intends to allocate the combined net proceeds of this Offering and the Special Warrant Private Placement as follows:
(i) to fund a two phase delineation and exploration drilling program in the Southwest Oyu zone of the Oyu Tolgoi Property -- US$ 8,000,000 (ii) to fund an exploration drilling program in the South Oyu, Central Oyu, Airstrip and North Oyu zones of the Oyu Tolgoi Property -- US$11,200,000 (iii) to fund a metallurgical testing, scoping and pre-feasibility and related engineering studies on the Oyu Tolgoi Property -- US$ 3,400,000 (iv) to fund a field reconnaisance and geochemical sampling program to identify drilling targets on Ivanhoe's other Mongolian mineral exploration properties -- US$ 3,500,000
24
(v) to fund one or more exploration drilling programs on Ivanhoe's other Mongolian mineral exploration properties -- US$ 3,600,000 (vi) to fund net holding, care and maintenance and operating costs of the Bakyrchik gold mine in Kazakhstan -- US$ 3,750,000 (vii) to fund general and administrative costs -- US$10,000,000 (viii) for working capital -- US$ 5,750,000 ------------- Total: US$49,200,000 =============
Ivanhoe expects to incur the planned expenditures outlined above over a period of twelve to eighteen months. Drilling and other exploration expenditures will be contingent upon receipt of results which justify continued exploration of the target properties. In the absence of exploration results justifying ongoing expenditures on a particular property, Ivanhoe may re-allocate funds previously allocated for expenditure on that property to other properties now owned or acquired in the future. The expenditures planned for the Bakyrchik gold mine represent the estimated cost to Ivanhoe of retaining its interest in the project, net of revenue generated from mining operations, over the next eighteen months. These net holding costs may be higher or lower depending on fluctuations in the price of gold and recovery rates from mining operations which, to date, have been lower than expected. RISK FACTORS Investment in securities of Ivanhoe involves a significant degree of risk and should be considered speculative due to the nature of Ivanhoe's business and the present stage of its development. Investors should give careful consideration to the risk factors described in "Item 4 -- Narrative Description of Business -- Risk Factors" on pages 38 through 45 of Ivanhoe's AIF, which is incorporated by reference in this short form prospectus, and the following additional risk factors relating to Ivanhoe's Oyu Tolgoi exploration project: OUR BUSINESS IN MONGOLIA MAY BE HARMED IF THE COUNTRY FAILS TO COMPLETE ITS TRANSITION FROM STATE SOCIALISM AND A PLANNED ECONOMY TO POLITICAL DEMOCRACY AND A FREE MARKET ECONOMY. Since 1990, Mongolia has been in transition from state socialism and a planned economy to a political democracy and a free market economy. Much progress has been made in this transition but much progress remains to be made, particularly with respect to the rule of law. Many laws have been enacted, but in many instances they are neither understood nor enforced. For decades Mongolians have looked to politicians and bureaucrats as the sources of the "law". This has changed in theory, but often not in practice. With respect to most day-to-day activities in Mongolia government civil servants interpret, and often effectively make, the law. This situation is gradually changing but at a relatively slow pace. Laws may be applied in an inconsistent, arbitrary and unfair manner and legal remedies may be uncertain, delayed or unavailable. FUTURE AMENDMENTS TO MONGOLIAN LAWS COULD WEAKEN, SHORTEN OR CURTAIL OUR MINERAL EXPLORATION RIGHTS OR MAKE IT MORE DIFFICULT OR EXPENSIVE TO OBTAIN MINING RIGHTS AND CARRY OUT MINING. Mongolia's Minerals Law was drafted with the assistance of Western legal experts and is regarded as one of the most logical, internally consistent and effective pieces of mining legislation among all of the developing countries of Asia. However, future amendments to the Minerals Law or new legislation covering ostensibly unrelated matters could affect the existing tenure regime under the Minerals Law and harm Ivanhoe's ability to carry on business in Mongolia. Mongolian government civil servants have, in the past, unsuccessfully attempted 25 to introduce amendments to the Minerals Law which would, from the perspective of the international mining industry, be regarded as counterproductive. Future amendments to the Minerals Law or new legislation, if implemented, could vary or abrogate key provisions of the Minerals Law in a manner that impairs Ivanhoe's ability to conduct exploration and mining in Mongolia. THE MINERAL RESOURCES IDENTIFIED ON THE OYU TOLGOI PROPERTY DO NOT HAVE DEMONSTRATED ECONOMIC VIABILITY AND THE FEASIBILITY OF MINING HAS NOT BEEN ESTABLISHED. The mineral resources identified to date on the Oyu Tolgoi Property are not mineral reserves and do not have demonstrated economic viability. There can be no assurance that mineral reserves will be identified on the property. The feasibility of mining on the Oyu Tolgoi Property has not been, and may never be, established. LACK OF INFRASTRUCTURE IN PROXIMITY TO THE OYU TOLGOI PROPERTY COULD ADVERSELY AFFECT MINING FEASIBILITY. The Oyu Tolgoi Property is located in an extremely remote area which lacks basic infrastructure, including sources of power, water, housing, food and transport. While Ivanhoe has established the limited infrastructure necessary to conduct exploration activities, it would need to establish substantially greater sources of power, water, physical plant and transport infrastructure in the area before it could conduct mining operations. The availability of such sources may adversely affect mining feasibility and will, in any event, require Ivanhoe to arrange significant financing, locate adequate supplies and obtain necessary approvals from national, provincial and regional governments, none of which can be assured. IVANHOE'S EXPLORATION LICENCES COULD EXPIRE BEFORE IVANHOE IS READY OR ABLE TO OBTAIN A MINING LICENCE. The exploration licences for the Oyu Tolgoi Property expire in less than two years, and renewals of those licences are unavailable under the Minerals Law. Prior to such expiry, Ivanhoe will have to convert the exploration licences to mining licences or risk losing its rights to the Oyu Tolgoi Property. Ivanhoe may not be ready to commence mining activities when the exploration licences expire. Early in 2002, a law on Licences for Business Activities was enacted which has been interpreted by Mongolian bureaucrats as requiring aimag (provincial) government level approval as a condition to the grant of exploration and mining licences. There can be no assurance that Ivanhoe will be able to obtain such approval on acceptable terms or at all when applying for mining licences and exploration licences in the future. SIGNIFICANT ACQUISITIONS On December 31, 2000, Ivanhoe acquired all of the issued and outstanding common shares of ABM Mining Limited ("ABM"). The acquisition of ABM was a "significant acquisition" for the purposes of National Instrument 44-101 of the Canadian Securities Administrators ("NI 44-101"). See page 10 of Ivanhoe's AIF, which is incorporated by reference in this short form prospectus, for particulars of the terms of Ivanhoe's acquisition of ABM, the consideration paid, the effect of the transaction on Ivanhoe's financial position and the valuation opinion obtained in respect of the transaction pursuant to Ontario Securities Commission Rule 61-501 and Policy Q-27 of the Commission des valeurs mobilieres du Quebec. Ivanhoe acquired ABM from Robert M. Friedland, the Chairman of Ivanhoe's board of directors and Ivanhoe's largest shareholder. The financial statements required under Part 4 of NI 44-101 are included in, and form a part of, this short form prospectus. See "Index to Financial Statements" and "Index to Pro Forma Financial Information". 26 OTHER MATERIAL FACTS On March 25, 2002, Ivanhoe filed with the securities commissions in each of British Columbia and Ontario a short form prospectus relating to the issuance of 9,385,164 Common Shares issuable upon the exercise or deemed exercise of 9,385,164 previously issued special warrants sold by way of private placement to two institutional investors. 6,452,800 special warrants were sold at a price of Cdn$2.50 per special warrant and 2,932,364 special warrants were sold at a price of Cdn$2.75 per special warrant. AUDITORS, TRANSFER AGENT AND REGISTRAR The auditors of Ivanhoe are Deloitte & Touche LLP, Chartered Accountants, Vancouver, British Columbia. The registrar and transfer agent for the Common Shares in Canada is CIBC Mellon Trust Company at its principal offices in Vancouver. LEGAL MATTERS Certain Canadian legal matters in connection with this Offering will be passed upon by Goodmans on behalf of Ivanhoe and by DuMoulin Black on behalf of the Underwriters. As at the date hereof, the partners and associates of Goodmans, as a group, beneficially own directly or indirectly less than one percent of the outstanding Common Shares. PURCHASERS' STATUTORY RIGHTS Securities legislation in certain provinces of Canada provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within two business days after receipt or deemed receipt of a prospectus and any amendment thereto. The securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, damages where the prospectus and any amendment contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province. Purchasers should refer to any applicable provisions of the securities legislation of the purchaser's province for the particulars of these rights or consult with a legal adviser. 27 INDEX TO FINANCIAL STATEMENTS ABM MINING LIMITED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999
Page ---- Auditors' Report ............................................................ A-1 Consolidated Balance Sheet .................................................. A-2 Consolidated Statement of Earnings and Deficit .............................. A-3 Consolidated Statement of Cash Flows ........................................ A-4 Notes to the Consolidated Financial Statements .............................. A-6
INDEX TO PRO FORMA FINANCIAL INFORMATION PRO FORMA CONSOLIDATED STATEMENT OF LOSS FOR THE YEAR ENDED DECEMBER 31, 2000
Page ---- Compilation Report .......................................................... B-1 Pro Forma Consolidated Statement of Loss .................................... B-2 Notes to the Pro Forma Consolidated Financial Information ................... B-3
28 GRANT THORNTON LLP [GRANT THORNTON LOGO] CHARTERED ACCOUNTANTS MANAGEMENT CONSULTANTS Canadian Member Firm of Grant Thornton International ABM MINING LIMITED CONSOLIDATED FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS) DECEMBER 31, 2000 CONTENTS
PAGE ----- Auditors' Report ........................................................................ 1 Consolidated Balance Sheet .............................................................. 2 Consolidated Statements of Earnings and Deficit ......................................... 3 Consolidated Statement of Cash Flows .................................................... 4-5 Notes to the Consolidated Financial Statements .......................................... 6-20
[GRANT THORNTON LOGO] GRANT THORNTON LLP [GRANT THORNTON LOGO] CHARTERED ACCOUNTANTS MANAGEMENT CONSULTANTS Canadian Member Firm of Grant Thornton International AUDITORS' REPORT To the Shareholders of ABM Mining Limited We have audited the consolidated balance sheet of ABM Mining Limited as at December 31, 2000 and the consolidated statements of earnings and deficit and cash flows for the year then ended. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the company as at December 31, 2000 and the results of its operations and its cash flows for the year then ended in accordance with Canadian generally accepted accounting principles. GRANT THORNTON LLP Vancouver, Canada April 2, 2001 Chartered Accountants P.O. Box 11177, Royal Centre Suite 2800 1055 West Georgia Street Vancouver, British Columbia V6E 4N3 Tel: (604) 687-2711 Fax: (604) 685-6569 A-1
ABM MINING LIMITED CONSOLIDATED BALANCE SHEET (expressed in U.S. dollars) December 31 2000 1999 - ------------------------------------------------------------------------------------------------------- ASSETS Current Cash ....................................... $ 3,209,228 $ 1,869,208 Receivables (Note 3) ....................... 3,356,435 3,832,086 Inventories (Note 4) ....................... 10,146,989 11,803,747 Prepayments ................................ 161,829 691,375 ------------- ------------- 16,874,481 18,196,416 Mining property, plant and equipment (Note 5) . 63,872,385 57,270,886 Deferred start-up costs ....................... 2,239,787 2,355,713 Deferred foreign exchange loss ................ -- 331,436 ------------- ------------- $ 82,986,653 $ 78,154,451 ============= ============= LIABILITIES Current Payables and accruals ...................... $ 9,255,335 $ 8,695,315 Related parties Ivanhoe Mines Ltd. (Note 6) ............. 1,156,937 -- Goldamere Holdings (L) Limited (Note 7) . -- 2,101,583 Australian Bulk Minerals Limited (Note 8) -- 14,590,187 A beneficial shareholder (Note 9) ....... -- 55,970,280 Current portion of term debt (Note 12) ..... 4,764,878 2,279,239 ------------- ------------- 15,177,150 83,636,604 Related parties Goldamere Holdings (L) Limited (Note 7) .... 2,874,018 -- Australian Bulk Minerals Limited (Note 8) .. 7,222,207 -- A former beneficial shareholder (Note 9) ... 5,470,349 -- Ivanhoe Capital Finance Limited (Note 10) .. 9,976,611 -- Term debt (Note 12) ........................... 27,773,416 38,704,755 Deferred foreign exchange gain ................ 3,008,578 -- ------------- ------------- 71,502,329 122,341,359 ------------- ------------- SHAREHOLDER'S EQUITY (DEFICIENCY) Share capital (Note 13) ....................... 56,609,203 1,652,128 Deficit ....................................... (45,124,879) (45,839,036) ------------- ------------- 11,484,324 (44,186,908) ------------- ------------- $ 82,986,653 $ 78,154,451 ============= =============
Commitments (Note 18) On behalf of the Board "GORDON TOLL" Director "IAN ROSS" Director See accompanying notes to the consolidated financial statements. A-2
ABM MINING LIMITED CONSOLIDATED STATEMENTS OF EARNINGS AND DEFICIT (expressed in U.S. dollars) Year Ended December 31 2000 1999 - --------------------------------------------------------------------------------------------------------- Revenue Iron ore sales ................................ $ 62,382,381 $ 59,373,916 ------------ ------------ Costs and expenses Costs of production (including depreciation and depletion) ................................ 52,603,019 51,759,328 Selling and marketing ......................... 1,648,400 1,448,689 Accounting .................................... 36,963 41,827 Consulting .................................... 1,201,090 1,413,576 Depreciation .................................. 79,659 71,202 Interest on term debt ......................... 1,774,792 1,661,777 Other interest ................................ 3,043,653 7,266,515 Legal and regulatory .......................... 73,235 170,453 Office ........................................ 2,531,156 2,379,693 Salaries ...................................... 1,308,996 1,128,447 Travel ........................................ 393,743 349,465 ------------ ------------ 64,694,706 67,690,972 ------------ ------------ Loss before undernoted ........................... (2,312,325) (8,317,056) ------------ ------------ Other income (expense) Gain on forgiveness of interest (Note 9) ...... 11,539,200 -- Foreign exchange .............................. (9,253,578) (2,754,293) Interest ...................................... 171,251 98,370 Other ......................................... 569,609 592,332 ------------ ------------ 3,026,482 (2,063,591) ------------ ------------ Net earnings (loss) .............................. 714,157 (10,380,647) Deficit, beginning of year ....................... (45,839,036) (35,458,389) ------------ ------------ Deficit, end of year ............................. $(45,124,879) $(45,839,036) ============ ============
See accompanying notes to the consolidated financial statements. A-3
ABM MINING LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (expressed in U.S. dollars) Year Ended December 31 2000 1999 - --------------------------------------------------------------------------------------------------------------- Cash derived from (applied to) OPERATING Net earnings (loss) ............................... $ 714,157 $(10,380,647) Depreciation and depletion ........................ 12,929,719 6,842,626 Accrued interest capitalized on debt .............. 3,850,690 7,821,313 Interest forgiven on amounts due to a beneficial shareholder ..................................... (11,539,200) -- Foreign exchange translation adjustment on non-U.S. dollar debt ............................ (1,485,463) 782,354 Changes in non-cash operating working capital (Note 16) ....................................... 2,356,349 (86,304) ------------ ------------ 6,826,252 4,979,342 ------------ ------------ FOREIGN CURRENCY Deferred foreign exchange ......................... (248,544) (64,884) ------------ ------------ INVESTING Acquisition of mining property, plant and equipment (6,238,604) (6,067,886) Prestrip expenses capitalized ..................... (12,311,062) (8,439,943) ------------ ------------ (18,549,666) (14,507,829) ------------ ------------ FINANCING Due to Ivanhoe Mines Ltd. ......................... 1,156,937 -- Due to Australian Bulk Minerals Limited ........... 1,237,250 4,047,567 Advances by a former beneficial shareholder ....... 5,000,000 1,915,900 Advances from Ivanhoe Capital Finance Limited ..... 9,500,000 -- Term debt advances ................................ 191,844 7,830,133 Term debt payments ................................ (3,774,053) (4,794,379) Capital stock issued for cash ..................... -- 124,921 ------------ ------------ 13,311,978 9,124,142 Net increase (decrease) in cash ...................... 1,340,020 (469,229) Cash, beginning of year .............................. 1,869,208 2,338,437 ------------ ------------ Cash, end of year .................................... $ 3,209,228 $ 1,869,208 ============ ============
See accompanying notes to the consolidated financial statements. A-4
ABM MINING LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (Continued) (expressed in U.S. dollars) Year Ended September 30 2000 1999 - -------------------------------------------------------------------------------------------------------- NON-CASH INVESTING AND FINANCING TRANSACTIONS Capital assets financed by capital leases ...... $ -- $ 290,279 Capital asset acquisitions financed with payables $ 865,626 $ 418,078 Accrued interest capitalized on debt ............ $ 3,850,690 $7,821,313 Deferred payment obligations issued to acquire mining facilities ............................ $ -- $5,430,533 Loans from related parties converted to shares (Note 13) .................................... $54,957,075 $1,520,567 SUPPLEMENTAL CASH FLOW INFORMATION Interest paid .................................. $ 1,981,153 $3,144,297 - ----------------------------------------------------------------------------------------------------------
See accompanying notes to the consolidated financial statements. A-5 - -------------------------------------------------------------------------------- ABM MINING LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (expressed in U.S. dollars) December 31, 2000 - -------------------------------------------------------------------------------- 1. OPERATIONS OPERATIONS The company ("ABM") was incorporated under the laws of the Yukon Territory, Canada, on May 1, 1997 as 15425 Yukon Inc. and changed its name to ABM Mining Limited on January 31, 2000. The company, through its subsidiaries, is engaged in the operation of an iron ore mine in Tasmania, Australia and in the development of an open pit mine leading to the production and sale of iron ore pellets in Kirkenes, Norway. The company's principal asset is the Savage River Project, an existing iron ore (magnetite) mining operation in Tasmania, Australia. ABM, through its wholly-owned subsidiary Goldamere Pty. Ltd. (doing business in Australia as Australian Bulk Minerals), acquired the Savage River Project from the Tasmanian Government in March 1997, subject to an Act of the Tasmanian Parliament which indemnified the company in respect of all environmental liabilities arising out of past operations of the Savage River Project. The company also owns the production assets of the Bj0rnevatn iron ore mine and production facilities in Kirkenes in Northern Norway. The Bj0rnevatn property was acquired by ABM through its wholly-owned subsidiary Arctic Bulk Minerals AS in 1997. The Bj0rnevatn mine is currently not in operation. On February 28, 2000, the company entered into a business combination with ABM Norway Holdings Limited and Goldamere Holdings Limited, two companies wholly-owned by the same shareholder as ABM. Because the business combination was among related parties, no substantial change in beneficial ownership occurred, and the combination has therefore been accounted for in a manner similar to that of a pooling of interests. - -------------------------------------------------------------------------------- 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in Canada. The significant accounting policies used in these consolidated financial statements are as described below: CURRENCY The United States dollar is the company's functional currency; accordingly, these financial statements are expressed in U.S. dollars. A-6 - -------------------------------------------------------------------------------- ABM MINING LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (expressed in U.S. dollars) December 31, 2000 - -------------------------------------------------------------------------------- 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) PRINCIPLES OF CONSOLIDATION These consolidated financial statements include the accounts of the company and all of its wholly-owned subsidiaries: Goldamere Holdings (Canada) Limited - A company incorporated in Yukon, Canada. Beviron Pty. Ltd. - A company incorporated in Australia and a wholly-owned subsidiary of Goldamere Holdings (Canada) Limited. Goldamere Pty. Ltd. - A company incorporated in Australia and a wholly-owned subsidiary of Beviron Pty.Ltd. ABM Norway Holdings Limited - A company incorporated in Yukon, Canada. Arctic Bulk Minerals AS - A company incorporated in Norway and a wholly-owned subsidiary of ABM Norway Holdings Limited. Because the company acquired the subsidiaries through a business combination with related parties, the consolidation has been effected on a basis similar to a pooling of interests. The consolidated results of operations, cash flows, and financial position of these companies are presented as if they had been combined throughout the periods presented in these financial statements. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in Canada requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. TRANSLATION OF FOREIGN CURRENCIES The company translates monetary assets and liabilities denominated in foreign currencies into U.S. dollars at the exchange rate in effect at the balance sheet date and non-monetary assets and liabilities at the exchange rates in effect at the time of acquisition or issue. Revenues and expenses are translated at rates approximating the exchange rates in effect at the time of the transactions. All exchange gains or losses arising on translation are included in operations, except for unrealized foreign currency gains and losses on term debt denominated in currencies other than the U.S. dollar, which are deferred. Such deferred amounts are amortized over the remaining term of the underlying debt. CASH Cash includes short term money market instruments with terms to maturity, at the date of acquisition, not exceeding ninety days. A-7 - -------------------------------------------------------------------------------- ABM MINING LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (expressed in U.S. dollars) December 31, 2000 - -------------------------------------------------------------------------------- 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) INVENTORIES Iron ore inventories are valued at the lower of the weighted average cost of production and net realizable value. Mine stores and supplies are valued at the lower of the weighted average cost, less allowances for obsolescence, and replacement cost. MINING PROPERTY, PLANT AND EQUIPMENT Mining property, plant and equipment are carried at cost, including development and preproduction costs, net of cost recoveries and incidental revenues and less accumulated depreciation and depletion. On the commencement of commercial production, depletion of each mining property is provided on the unit-of-production method based on proven and probable reserves. The plant and equipment are depreciated, following the commencement of commercial production, over their expected economic lives using either the unit-of-production method or the straight line method at rates ranging from 6.88% to 33.3% per annum. Mining costs associated with waste rock removal are deferred, and charged to operations on the basis of the average stripping ratio for each mine. The average stripping ratio is calculated as the ratio of the tonnes of waste material estimated to be mined to the estimated recoverable tonnes of iron ore. The company reviews the carrying values of its mining property, plant and equipment on a regular basis, primarily by reference to estimated future operating results and net cash flows. When the carrying values of these assets exceed their estimated net recoverable amounts, an impairment provision is made for the other than temporary decline in value. CAPITAL PROJECTS IN PROGRESS Capital projects in progress are not depreciated until the capital asset has been put into operation. DEFERRED START-UP COSTS Prior to acquisition of the Savage River Project the company incurred substantial costs to investigate the feasibility of the Project. Those costs were capitalized and are being amortized over the expected life of the mine. STOCK OPTION PLAN The company has an Employees' and Directors' Equity Incentive Plan which is disclosed in Note 13. No compensation expense is recognized for this plan when shares or share options are issued to employees and directors. Any consideration paid by employees and directors on exercise of share options or purchase of shares is credited to share capital. If shares or share options are repurchased from employees and directors, the excess of the consideration paid over the carrying amount of the shares or share options cancelled is charged to the deficit. A-8 - -------------------------------------------------------------------------------- ABM MINING LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (expressed in U.S. dollars) December 31, 2000 - -------------------------------------------------------------------------------- 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) ENVIRONMENTAL PROTECTION PRACTICES The company is subject to the laws and regulations relating to environmental matters in the jurisdictions in which it operates including provisions relating to property reclamation, discharge of hazardous material and other matters. Environmental obligations for the mining activities at Savage River have been specifically addressed in the Goldamere Act, passed by the Tasmanian Parliament. Under this Act, the Tasmanian Government covenants to indemnify the company from any environmental claims arising out of operations of the Savage River Project prior to acquisition by the company. FUTURE MINE RECLAMATION COSTS The company reviews, from time to time, the anticipated costs associated with the reclamation of mine sites. These costs are accrued and charged to operations over the estimated life of each mine using the unit-of-production method based on proven and probable reserves. REVENUE RECOGNITION Revenue from the sale of iron ore is recognized, net of related royalties, when the risks and rewards of ownership pass to the purchaser, the selling price is fixed or determinable and collectibility is reasonably assured. Settlement adjustments, if any, are reflected in revenue when the amounts are known. COMMODITY CONTRACTS The company uses forward sales contracts to effectively provide a minimum sales price for a portion of inventories and future production. FOREIGN EXCHANGE CONTRACTS The company enters into derivative financial instruments (forward foreign exchange contracts) to reduce the risk associated with the price volatility of the U.S. dollar in relation to the Australian dollar ("hedging transactions"). The company does not hold or issue derivative financial instruments for trading purposes. Hedging transactions are matched to anticipated future cash flows from iron ore sales and are designated in the accounting records as hedges. The company regularly monitors its currency exposures and ensures that contracted amounts approximate its anticipated future U.S. dollar cash flows from iron ore sales. DEFERRED INCOME TAXES Deferred income taxes are provided for significant carryforwards and temporary differences between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future periods. Deferred tax assets or liabilities are determined by applying the presently enacted tax rates and laws. A valuation allowance is required when it is more likely than not that some portion or all of the deferred tax asset will not be realized. A-9 - -------------------------------------------------------------------------------- ABM MINING LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (expressed in U.S. dollars) December 31, 2000 - --------------------------------------------------------------------------------
3. RECEIVABLES 2000 1999 - ------------------------------------------------------------------------------------------------------ Iron ore pellet sales ........................... $ 2,603,873 $ 3,071,357 Concentrate sales ............................... -- 45,974 Shipping agents ................................. 94,698 89,567 Other ........................................... 657,864 625,188 ----------- ----------- $ 3,356,435 $ 3,832,086 =========== =========== 4. INVENTORIES 2000 1999 - ------------------------------------------------------------------------------------------------------ Iron ore pellets ................................ $ 2,175,085 $ 3,188,387 Concentrate ..................................... 584,263 468,169 Work in process (including Run of Mine stockpile) 2,624,310 3,377,296 Stores and supplies ............................. 4,763,331 4,769,895 ----------- ----------- $10,146,989 $11,803,747 =========== ===========

5. MINING PROPERTY, PLANT AND EQUIPMENT 2000 1999 - ------------------------------------------------------------------------------------------------------------------------ Accumulated Depreciation and Depletion, including NET Net Cost Write-downs BOOK VALUE Book Value ----------- -------------- ----------- ------------ Mining property $28,337,806 $17,483,142 $10,854,664 $ 7,814,702 Buildings ...... 6,519,576 813,523 5,706,053 5,379,548 Plant and equipment ... 53,778,743 8,078,613 45,700,130 43,402,783 Leased plant and equipment ... 292,516 86,701 205,815 261,333 Capital projects in progress . 1,405,723 -- 1,405,723 412,520 ----------- ----------- ----------- ----------- $90,334,364 $26,461,979 $63,872,385 $57,270,886 =========== =========== =========== ===========
6. DUE TO IVANHOE MINES LIMITED The amount advanced from the company's parent (Note 19) is repay able in U.S. dollars. The loan is non-interest bearing and unsecured. A-10 - -------------------------------------------------------------------------------- ABM MINING LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (expressed in U.S. dollars) December 31, 2000 - -------------------------------------------------------------------------------- 7. DUE TO GOLDAMERE HOLDINGS (L) LIMITED This loan from a Labuan-incorporated company with directors in common is unsecured and repayable in U.S. dollars. The loan bears a fixed interest rate of 11.50% per annum. The balance outstanding at December 31, 2000, includes interest accrued in the amount of $966,865. Effective December 31, 2000, this loan became subject to the Related Party Debt Amending Agreement (Note 11). Under the terms of this agreement, repayment of amounts advanced under this facility are postponed in accordance with the Amending Agreement and this loan is convertible as disclosed in Note 11. - -------------------------------------------------------------------------------- 8. DUE TO AUSTRALIAN BULK MINERALS LIMITED The amounts due to this Bermuda-incorporated company with directors in common were received under the following facilities:
2000 1999 ----------- ------------ Due on demand, non-interest bearing, unsecured loan, repayable in Australian dollars. The balance of this loan at December 31, 1999 was AUD $15,000,000 ...... $ -- $ 9,768,169 Unsecured loan, bearing interest at 3.0% over Citibank prime for U.S. dollars, payable in U.S. dollars. The balance outstanding at December 31, 2000 includes interest accrued in the amount of $1,854,756. The balance of this loan at year end was NOK 61,865,996 (1999: NOK 38,774,809) ............................. 7,222,207 4,822,018 ----------- ----------- $ 7,222,207 $14,590,187 =========== ===========
On February 28, 2000, the lender agreed to convert AUD $15,000,000 (U.S. $9,477,475) of the Australian dollar loan into common shares (Note 13). Effective December 31, 2000, this loan became subject to the Related Party Debt Amending Agreement (Note 11). Under the terms of this agreement, repayment of amounts advanced under this facility are postponed in accordance with the Amending Agreement and this loan is convertible as disclosed in Note 11. A-11 - -------------------------------------------------------------------------------- ABM MINING LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (expressed in U.S. dollars) December 31, 2000 - -------------------------------------------------------------------------------- 9. DUE TO A FORMER BENEFICIAL SHAREHOLDER The amounts advanced have been provided under the following facilities:
2000 1999 ------------ ------------ Loan payable in U.S. dollars, due on demand and bears interest at the Bank of Montreal U.S. prime rate plus 2.50%. The balance outstanding at December 31, 1999 included accrued interest of $10,490,680 .......................................... $ -- $55,970,280 Loan facility with a maximum amount of U.S. $5,000,000. This loan is unsecured, payable in U.S. dollars, due on demand and bears interest at the Bank of Montreal U.S. prime rate plus 2.50%. The balance outstanding at December 31, 2000 includes interest accrued in the amount of U.S. $470,349 ...... 5,470,349 -- ----------- ----------- $ 5,470,349 $55,970,280 =========== ===========
On February 28, 2000, U.S. $45,479,600 of the loan was converted into common shares (Note 13) and interest accrued on the loan in the amount of U.S. $11,539,200 was forgiven. Effective December 31, 2000, the loan facility became subject to the Related Party Debt Amending Agreement (Note 11). Under the terms of this agreement, repayment of amounts advanced under this facility are postponed in accordance with the Amending Agreement and this loan is convertible as disclosed in Note 11. 10. DUE TO IVANHOE CAPITAL FINANCE LIMITED The amounts due to this Singapore-incorporated company, formerly under common control are unsecured and repayable in U.S. dollars. This loan has an aggregate limit of U.S. $9,500,000 and bears interest at the Bank of Montreal U.S. prime rate plus 3.00%. The balance outstanding at December 31, 2000 includes interest accrued in the amount of $476,611. Effective December 31, 2000, this loan became subject to the Related Party Debt Amending Agreement (Note 11). Under the terms of this agreement, repayment of amounts advanced under this facility are postponed in accordance with the Amending Agreement and this loan is convertible as disclosed in Note 11. A-12 - -------------------------------------------------------------------------------- ABM MINING LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (expressed in U.S. dollars) December 31, 2000 - -------------------------------------------------------------------------------- 11. RELATED PART DEBT AMENDING AGREEMENT Pursuant to an agreement entered into on November 6, 2000 ("the Amending Agreement"), and effective December 31, 2000 (Note 18), the company, Ivanhoe Mines Ltd., and the related party creditors under the facilities disclosed in Notes 7, 8, 9, and 10 ("the loans") agreed to amend the terms of the collective agreements. Under the Amending Agreement, Goldamere Holdings (L) Ltd. (Note 7), Australian Bulk Minerals Limited (Note 8), a former beneficial shareholder (Note 9), and Ivanhoe Capital Finance Limited (Note 10), agreed to, amongst other things, postponement of the repayment of their loans and accrued interest until ABM and its subsidiaries begin to generate positive cash flow (as defined in the Amending Agreement). As it is unlikely that the company or its subsidiaries will achieve positive cash flow as defined in the Amending Agreement in advance of January 1, 2002, these loans have been presented as non-current obligations. All or any part of the loans may be converted at the option of the lenders into common shares of Ivanhoe Mines Ltd. at a conversion rate of the U.S. dollar equivalent of $1.20 Cdn. per share at the conversion date. The maximum number of common shares of Ivanhoe Mines Ltd. issuable under this Amending Agreement is limited to 30,625,000 common shares.
12. TERM DEBT 2000 1999 ------------ ------------ Bank loan The company has a senior secured credit facility with UBS Australia Limited in the aggregate amount of AUD $41,750,000. This facility includes a project finance facility of AUD $37,750,000, an environmental letter of credit facility of AUD $1,500,000 and a working capital facility of AUD $2,500,000. The maturity date of the senior secured credit facility is December 31, 2004. The balance owing under this facility at year end was AUD $35,545,007 (1999: AUD $38,415,149) ........................................ $19,876,422 $25,511,881 ----------- ----------- (carried forward) ................................................................. 19,876,422 25,511,881 =========== ===========
A-13 - -------------------------------------------------------------------------------- ABM MINING LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (expressed in U.S. dollars) December 31, 2000 - --------------------------------------------------------------------------------
12. TERM DEBT (Continued) 2000 1999 -------------- -------------- (brought forward) ................................................................. $19,876,422 $25,511,881 Deferred purchase obligation The company's subsidiary has an agreement with the Tasmanian Parliament to defer the payment for the purchase of the assets of the Savage River Project. This deferred payment is secured by an AUD $13,000,000 second mortgage over the assets of Goldamere Pty. Ltd. and provides for repayment by December 24, 2014 primarily by carrying out remediation work for the purpose of rehabilitating areas disturbed by operations prior to the company acquiring an interest in the site (Note 18). Until December 31, 2001, interest is accrued on the principal balance on a basis agreed with the Tasmanian government and is payable at agreed dates. After December 31, 2001, the balance will not bear interest but will increase annually by the change in the Australian All Groups Consumer Price Index. The balance owing at year end was AUD $13,719,450 (1999: AUD $14,808,755) ............................................................... 7,671,783 9,643,628 Loan from Statens Naerings - og Distriktsutviklingsfond This loan is unsecured and bears interest at a variable rate. At December 31, 2000 that rate was 9.9% per annum, payable in instalments of NOK 484,000 every six months. These instalments commence on January 1, 2002. The balance owing under this facility at year end was NOK 4,840,000 (1999: NOK 3,200,000) .......................................................... 551,429 397,952 Loan from Sydvaranger ASA This equipment purchase loan has been secured by receivables and capital assets and bears interest at 6% per annum. This loan is repayable at the rate of NOK 2,639,000 quarterly, including interest. The balance owing under this facility at year end was NOK 38,959,000 (1999: NOK 43,668,000) .......................... 4,438,659 5,430,533 ----------- ----------- 32,538,293 40,983,994 Less: current portion ............................................................. 4,764,878 2,279,239 ----------- ----------- $27,773,415 $38,704,755 =========== ===========
A-14 - -------------------------------------------------------------------------------- ABM MINING LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (expressed in U.S. dollars) December 31, 2000 - -------------------------------------------------------------------------------- 12. TERM DEBT (Continued) The company is required to make principal repayments during the years ended:
December 31, 2001 ............................ $ 4,764,878 December 31, 2002 ............................ 6,097,157 December 31, 2003 ............................ 6,312,445 December 31, 2004 ............................ 6,152,675 December 31, 2005 ............................ 141,379 Thereafter ................................... 1,397,976 Deferred purchase settlement repayable through remediation work to be performed (Note 18) 7,671,783 ----------- $32,538,293 ===========
SECURITY AND COVENANTS The senior secured credit facility contains a number of restrictive covenants that impose limitations on the company, with respect to, among other things, (i) the creation of liens, (ii) dispositions of assets, (iii) incurring indebtedness, (iv) transactions with affiliates, (v) sale-leaseback transactions, and (vi) dividends and other payments. The project finance facility bears interest at a rate equal to the rate displayed on the Reuters screen BBSY page on the first day of each period plus 2%. The company also has outstanding an AUD $1,500,000 obligation secured by a bond issued pursuant to the environmental letter of credit facility to partially pay for implementation of an environmental rehabilitation plan in the event of cessation of operations at the Savage River Project. The obligations of the credit facility are secured by a first lien in favour of UBS over the company's assets, including the mining lease over the mineral rights to the Savage River Project. The loans disclosed in Notes 7, 8, 9 and 10 are subordinated to the senior secured credit facility. - -------------------------------------------------------------------------------- 13. SHARE CAPITAL AUTHORIZED: The company is authorized to issue an unlimited amount of common shares without nominal or par value. A-15 - -------------------------------------------------------------------------------- ABM MINING LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (expressed in U.S. dollars) December 31, 2000 - -------------------------------------------------------------------------------- 13. SHARE CAPITAL (Continued) ISSUED:
Number of Shares Amount --------- ----------- Balance, December 31, 1998 ......................... 5,000,050 $ 6,640 Shares issued for cash ............................. 950 124,921 Loan from Australian Bulk Minerals Limited converted into shares ..................................... 1,800 1,520,567 ---------- ----------- Balance, December 31, 1999 ......................... 5,002,800 1,652,128 Loan from Australian Bulk Minerals Limited converted into shares (Note 8) ............................ 15,000,000 9,477,475 Loan from a beneficial shareholder converted into shares (Note 9) ................................. 30,319,733 45,479,600 ---------- ----------- Balance, December 31, 2000 ......................... 50,322,533 $56,609,203 ========== ===========
STOCK OPTIONS The company has an Employees' and Directors' Option Plan ("The Plan"). Under The Plan, the company's Board of Directors has the authority to grant options, which vest evenly over a period of five years. Options were granted to directors, executive officers and employees of ABM to purchase ABM common shares at a price of U.S. $1.35 per common share. These options were to expire unless exercised on March 1, 2006. Pursuant to the terms of the ABM Stock Option Exchange Agreement, the foregoing optionees have agreed to convert their options on ABM shares into options on Ivanhoe Mining Ltd. shares at Cdn. $1.20 per share exercisable until November 6, 2010. No options were issued in the year ended December 31, 1999. Options issued in the year ended December 31, 2000 were as follows:
Options Outstanding ------------------------------------------------------------------------ Average Weighted Remaining Options Number of Average Contractual Available Common Exercise Life For Grants Shares Price (in years) ---------- ---------- ---------- ----------- Balances, December 31, 1999 ... -- -- $ -- Options authorized ............ 4,475,344 -- -- Options granted ............... (4,475,344) 4,475,344 1.35 U.S. Options on ABM shares converted -- (4,475,344) (1.35) U.S. Options on Ivanhoe Mining Ltd. shares issued .............. -- 4,475,344 1.20 Cdn. ----------- ----------- -------- Balances, December 31,2000 .... Nil 4,475,344 $ 1.20 Cdn. 9.84 ----------- ----------- -------- -----------
A-16 - -------------------------------------------------------------------------------- ABM MINING LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (expressed in U.S. dollars) December 31, 2000 - -------------------------------------------------------------------------------- 13. SHARE CAPITAL (Continued) RECAPITALIZATION The company's Norwegian subsidiary (Arctic Bulk Minerals AS) has a shareholder's deficiency of approximately U.S. $6,300,000 at December 31, 2000. Under the Norwegian Company's Act, this subsidiary is required to undergo a recapitalization to reduce this shareholder's deficiency. It is management's intention to reduce this shareholder's deficiency through an additional equity investment in the Norwegian subsidiary subsequent to the date of these consolidated financial statements. CONVERTIBLE LOANS As disclosed in Note 11, the company has granted certain creditors options to acquire common shares. - -------------------------------------------------------------------------------- 14. INCOME TAXES These consolidated financial statements do not reflect the tax benefits that may be realized in future years related to losses incurred by ABM due to the uncertainty of their realization. The company has tax loss carryforwards at December 31, 2000 of approximately U.S. $59,000,000. The majority of these losses have been incurred in Australia where the Australian operating subsidiaries can carry these losses forward indefinitely subject to continuity of ownership and business tests. In the determination of these losses, the company has claimed depreciation for tax purposes in excess of depreciation taken for accounting purposes in the amount of approximately U.S. $18,000,000. - -------------------------------------------------------------------------------- 15. RELATED PARTY TRANSACTIONS In addition to the related party transactions and balances disclosed in Notes 6, 7, 8, 9 and 10, the company incurred administrative fees paid to a company with directors in common in the amount of $947,535 during the year ended December 31, 2000; (1999; $1,139,330). Included in payables and accruals at December 31, 2000 is $432,606 owed to a company with directors in common in connection with these administrative fees incurred, but unpaid at year end (1999: $331,031). A-17 - -------------------------------------------------------------------------------- ABM MINING LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (expressed in U.S. dollars) December 31, 2000 - --------------------------------------------------------------------------------
16. CHANGES IN NON-CASH OPERATING WORKING CAPITAL 2000 1999 ------------ ------------ Receivables ........................................... $ 475,651 $ (1,974,641) Inventories ........................................... 1,656,758 456,118 Prepayments ........................................... 529,546 (691,375) Payables and accruals ................................. (305,606) 2,123,594 ------------ ------------ $ 2,356,349 $ (86,304) ============ ============ 17. SEGMENT DISCLOSURES The company operates in one operating segment (Note 1) 2000 1999 Revenue from iron ore sales Australia .......................................... $ 62,382,381 $ 59,373,916 ============ ============ Earnings (loss) Australia .......................................... $ 1,567,178 $ (2,740,144) Norway ............................................. (3,007,375) (4,361,666) ------------ ------------ Segment operating losses .............................. (1,440,197) (7,101,810) Gain on forgiveness of debt ........................... 11,539,200 -- Foreign exchange loss ................................. (9,253,578) (2,754,293) Interest income ....................................... 171,251 98,370 Corporate expenses .................................... (872,128) (1,215,246) Other income .......................................... 569,609 592,332 ------------ ------------ Net earnings (loss) ................................... $ 714,157 $(10,380,647) ============ ============ CAPITAL ASSETS AT THE END OF THE YEAR Australia .......................................... $ 55,026,611 $ 48,396,081 Norway ............................................. 8,845,774 8,874,805 ------------ ------------ $ 63,872,385 $ 57,270,886 ============ ============
A-18 - -------------------------------------------------------------------------------- ABM MINING LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (expressed in U.S. dollars) December 31, 2000 - -------------------------------------------------------------------------------- 18. COMMITMENTS OPERATING COMMITMENTS In the normal course of its business, the company enters into various long term contracts which include commitments for future payments under contracts for power, port operations, equipment rentals and other arrangements as follows: ~~2001 $ 13,120,000 2002 213,000 2003 46,000 2004 46,000 2005 46,000~~

COMMITMENTS UNDER DEFERRED PURCHASE OBLIGATION Under the deferred purchase obligation (Note 12), the company has committed to co-manage the remediation of environmental exposures created by prior operations on the Savage River site with the Tasmanian Government. The cost of the remediation work will be offset against U.S. $7,014,000 of the deferred purchase price over the term of the agreement with the balance to be paid in cash over the 15 year term of the deferred purchase obligation. Remediation work may be carried out by the company in conjunction with normal mining operations. SALES CONTRACTS The company has entered into contracts for the sale of a guaranteed quantity of iron ore with three of its major customers. The sale price of iron ore specified in these agreements is renegotiated annually. FORWARD FOREIGN CURRENCY CONTRACT A subsidiary has agreed to deliver U.S. $5,000,000 each month to UBS AG, Singapore branch until February 2003, at U.S. $0.6817 per AUD $. As at December 31, 2000, the remaining principal to be delivered under this contract was U.S. $130,000,000. As the Australian dollar has depreciated since this contract was entered into, the company is exposed to a potential loss that could total approximately U.S. $23,000,000 based on the exchange rate at year end of U.S. $0.559 should it be unable to generate sufficient U.S. dollars from operations. ROYALTIES The company has royalty obligations in both Australia and Norway. In Australia, the company is subject to an ad valorem royalty of 1.6% of net sales plus an annual profit royalty of a maximum of 40% of the annual profit margin. The sum of both royalty payments is limited to a maximum of 5% of net sales. In Norway, the company must pay a royalty of NOK 0.75 per sales tonne in the years 2002 and 2003. In subsequent years, the company must pay a royalty of NOK 1.50 per sales tonne. A-19 - -------------------------------------------------------------------------------- ABM MINING LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (expressed in U.S. dollars) December 31, 2000 - -------------------------------------------------------------------------------- 19. SUBSEQUENT EVENTS MERGER WITH IVANHOE MINES LTD. With effect as of December 31, 2000, the shareholders of ABM and Ivanhoe Mines Ltd. (an international mineral and exploration development company) agreed to merge the companies. Shareholders of ABM will receive one Ivanhoe Mines Ltd. share for each ABM share held. After this merger is complete, former ABM shareholders will hold approximately 40% of the issued and outstanding shares of Ivanhoe Mines Ltd. 20. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT FAIR VALUE The company's financial instruments include cash, receivables, payables and accruals and debts owed to related and unrelated parties. It was not practicable to estimate the fair value of the amounts due to related parties and the deferred purchase obligation. The fair value of all other financial instruments approximates their recorded amounts. INTEREST RATE RISK The company is exposed to interest rate risk as most of its term debts and related party advances bear variable interest rates. The company does not enter into derivatives to mitigate its interest rate risk. CREDIT RISK The company is subject to credit risk. To mitigate this risk, the company obtains letters of credit in advance of shipping iron ore. Bad debt experience has not been significant. FOREIGN EXCHANGE RISK The company incurs expenses in currencies other than the U.S. dollar and earns its revenues in U.S. dollars. As such it is subject to risk due to fluctuations in exchange rates. The company enters into forward foreign exchange contracts to mitigate its exposure to foreign currency risk. MARKET RISK The company is exposed to market risk as it earns its revenue through the sale of iron ore, which is subject to price fluctuations beyond the company's control. Management attempts to reduce the company's risk in this regard through the use of sales contracts designed to fix iron ore sales prices on an annual basis. A-20 Unaudited Pro Forma Consolidated Financial Information IVANHOE MINES LTD. December 31, 2000 COMPILATION REPORT ON UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION To the Directors of Ivanhoe Mines Ltd. We have reviewed, as to compilation only, the accompanying unaudited pro forma consolidated statement of loss of Ivanhoe Mines Ltd. for the year ended December 31, 2000 which has been prepared for inclusion in the short form prospectus of the Company dated March 25, 2002 in connection with the issue of Common Shares. In our opinion, the unaudited pro forma consolidated statement of loss has been properly compiled to give effect to the assumptions described in the notes thereto. The audited consolidated statement of earnings of ABM Mining Limited for the year ended December 31, 2000, which is included in the compilation, was examined and reported on by other auditors. (SIGNED) DELOITTE & TOUCHE LLP Chartered Accountants Vancouver, British Columbia March 25, 2002 B-1 IVANHOE MINES LTD. UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF LOSS YEAR ENDED DECEMBER 31, 2000 (STATED IN U.S. DOLLARS)
ABM Ivanhoe Mining Mines Ltd. Limited Note Adjustments Pro Forma ------------ ------------ -------- -------------- ----------- REVENUE Copper sales .................. $ 22,470,090 $ -- $ -- $ 22,470,090 Iron ore sales ................ -- 62,382,381 -- 62,382,381 - --------------------------------------------------------------------------------------------------------------------------- 22,470,090 62,382,381 -- 84,852,471 - --------------------------------------------------------------------------------------------------------------------------- COSTS AND EXPENSES Production costs (including depreciation and depletion) . 12,505,509 52,603,019 3(b)(i) 2,762,000 67,870,528 Write-down of work in progress inventory ................... 2,208,528 -- -- 2,208,528 Selling and marketing expenses 528,751 1,648,400 -- 2,177,151 Exploration ................... 5,338,711 -- -- 5,338,711 Accounting .................... 182,040 36,963 -- 219,003 Consulting .................... 275,647 1,201,090 -- 1,476,737 Depreciation .................. 182,269 79,659 -- 261,928 Interest on long-term debt .... 4,533,728 1,774,792 3(b)(iii) 1,195,00 7,503,520 Other interest ................ -- 3,043,653 -- 3,043,653 Investor relations ............ 279,588 -- -- 279,588 Legal and regulatory .......... 272,547 73,235 -- 345,782 Office ........................ 1,695,051 2,531,154 -- 4,226,205 Salaries ...................... 1,492,125 1,308,996 -- 2,801,121 Travel ........................ 1,188,099 393,743 -- 1,581,842 - --------------------------------------------------------------------------------------------------------------------------- 30,682,593 64,694,704 3,957,000 99,334,297 - --------------------------------------------------------------------------------------------------------------------------- OTHER INCOME (EXPENSES) Write-down of carrying values of assets, net of recoveries (11,010,553) -- -- (11,010,553) Gain on forgiveness of interest -- 11,539,200 -- 11,539,200 Mining property shut-down costs (2,530,644) -- -- (2,530,644) Interest income ............... 2,639,006 171,251 -- 2,810,257 Foreign exchange .............. (725,976) (9,253,578) 3(b)(ii) (14,000,000) (23,979,554) Other ......................... 1,218,457 569,609 -- 1,788,066 - --------------------------------------------------------------------------------------------------------------------------- (10,409,710) 3,026,482 (14,000,000) (21,383,228) - --------------------------------------------------------------------------------------------------------------------------- LOSS (INCOME) BEFORE INCOME AND CAPITAL TAXES ............. 18,622,213 (714,159) 17,957,000 35,865,054 PROVISION FOR (RECOVERY OF) INCOME AND CAPITAL TAXES ...... (762,585) -- 3(b)(iv) (5,387,000) (6,149,585) - --------------------------------------------------------------------------------------------------------------------------- NET LOSS (INCOME) ................ $ 17,859,628 $ (714,159) $ 12,570,000 $ 29,715,469 - --------------------------------------------------------------------------------------------------------------------------- LOSS PER SHARE ................... $ 0.24 N/A 3(b)(iv) N/A $ 0.24 ========================================================================================================================== WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (in 000's) . 74,491 N/A 124,814 ==========================================================================================================================
See accompanying Notes to the Unaudited Pro Forma Consolidated Financial Information. B-2 IVANHOE MINES LTD. NOTES TO THE UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION DECEMBER 31, 2000 (STATED IN U.S. DOLLARS) - -------------------------------------------------------------------------------- 1. BASIS OF PRESENTATION The accompanying unaudited pro forma consolidated financial information has been prepared for inclusion in the preliminary short form prospectus (the "Prospectus") of Ivanhoe Mines Ltd. ("Ivanhoe") dated March 25, 2002 in connection with the issue of Common Shares. The unaudited pro forma consolidated financial information consists of an unaudited pro forma consolidated statement of loss combining the audited consolidated statement of loss of Ivanhoe with the audited consolidated statement of earnings of ABM Mining Ltd. ("ABM"), for the year ended December 31, 2000, adjusted for the assumptions made giving effect to the acquisition of ABM by Ivanhoe as described in Note 3. The unaudited pro forma consolidated statement of loss for the year ended December 31, 2000 assumes that the acquisition of ABM by Ivanhoe had occurred on January 1, 2000. The unaudited pro forma consolidated statement of loss is not necessarily indicative of the results of operations that would have occurred if Ivanhoe and ABM had previously operated as a single entity. The unaudited pro forma consolidated financial information should be read in conjunction with the annual consolidated financial statements of Ivanhoe and ABM included or incorporated by reference in the Prospectus. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The unaudited pro forma consolidated financial information has been compiled using the significant accounting policies as set out in the annual consolidated financial statements of Ivanhoe for the year ended December 31, 2000. The significant accounting policies of ABM conform, where applicable, in all material respects to those of Ivanhoe. 3. PRO FORMA ASSUMPTIONS (a) Acquisition The acquisition of ABM by Ivanhoe has been accounted for in the accompanying unaudited pro forma consolidated financial information using the purchase method of accounting as set out in Note 4 to the consolidated financial statements of Ivanhoe for the year ended December 31, 2000. B-3 IVANHOE MINES LTD. NOTES TO THE UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION DECEMBER 31, 2000 (STATED IN U.S. DOLLARS) - -------------------------------------------------------------------------------- 3. PRO FORMA ASSUOMPTIONS (CONTINUED) (b) Assumptions for the unaudited pro forma consolidated statement of loss for the year ended December 31, 2000 (i) Additional depreciation and depletion of $2,762,000 has been recorded to reflect the amortization of mine property, plant and equipment resulting from the allocation of the purchase price on the acquisition of ABM, over 14 years. (ii) A provision of $14,000,000 has been recorded for the unrealized loss on ABM's forward currency contract. (iii) Additional interest expense of $1,195,000 has been recorded for the amortization of the discounts arising from the loans payable to related parties and other long-term debt assumed on the acquisition of ABM. (iv) A decrease in income and capital tax expense of $5,387,000 has been recorded to reflect the tax effect of items (i, ii and iii). (v) The pro forma loss per share has been calculated using the pro forma weighted average number of Ivanhoe common shares outstanding. B-4 CERTIFICATE OF IVANHOE MINES LTD. Dated: March 25, 2002 This short form prospectus, together with the documents incorporated herein by reference, constitutes full, true and plain disclosure of all material facts relating to the securities being offered by this short form prospectus as required by the securities laws of each of the provinces of Canada except Quebec. (Signed) Daniel Kunz (Signed) Pierre Masse President Chief Financial Officer On behalf of the Board of Directors (Signed) R. Edward Flood (Signed) Eric V. Friedland Director Director C-1 CERTIFICATE OF THE UNDERWRITERS Dated: March 25, 2002 To the best of our knowledge, information and belief, this short form prospectus, together with the documents incorporated herein by reference, constitutes full, true and plain disclosure of all material facts relating to the securities offered by this short form prospectus as required by the securities laws of each of the provinces of Canada except Quebec. GRIFFITHS MCBURNEY & PARTNERS HSBC SECURITIES (CANADA) INC. (signed) Mark Wellings (signed) P.E. Kavanagh HAYWOOD SECURITIES INC. (signed) John Willett C-2 EX-99.2 78 o11180exv99w2.txt SHORT FORM PROSPECTUS DATED MARCH 25, 2002 EXHIBIT 99.2 No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws. Accordingly, the securities may not be offered or sold in the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This short form prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby within the United States. See "Private Placement and Plan of Distribution". INFORMATION HAS BEEN INCORPORATED BY REFERENCE IN THIS SHORT FORM PROSPECTUS FROM DOCUMENTS FILED WITH SECURITIES REGULATORY AUTHORITIES IN CANADA. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Secretary of Ivanhoe Mines Ltd. at Suite 654, 999 Canada Place, Vancouver, B.C. V6C 3E1 (telephone (604) 688-5755). Short Form Prospectus New Issue March 25, 2002 IVANHOE MINES LTD. $24,196,000 9,385,164 COMMON SHARES TO BE ISSUED UPON THE EXERCISE OF 9,385,164 SPECIAL WARRANTS This short form prospectus qualifies for distribution 9,385,164 common shares ("Common Shares") of Ivanhoe Mines Ltd. ("Ivanhoe" or the "Corporation") to be issued upon the exercise of 9,385,164 special warrants (the "Special Warrants") of Ivanhoe. The Special Warrants were issued on January 25, 2002 pursuant to subscription agreements (the "Subscription Agreements") between Ivanhoe and two institutional investors (the "Purchasers"). The price of the Special Warrants was determined by negotiation between Ivanhoe and each Purchaser, and was based on the closing price for Common Shares on the Toronto Stock Exchange (the "TSE") on the date immediately preceding the date that Ivanhoe and each Purchaser entered into a Subscription Agreement. 6,452,800 Special Warrants were issued to the first purchaser at a price of Cdn.$2.50 per Special Warrant (the "First Subscription") and 2,932,364 Special Warrants were issued to the second purchaser at a price of Cdn.$2.75 per Special Warrant (the "Second Subscription"). Ivanhoe sold the Special Warrants directly to the Purchasers without use of an agent or underwriter pursuant to registration and prospectus exemptions under applicable securities legislation. See "Private Placement and Plan of Distribution". No underwriter has been involved in the preparation of, or has reviewed the contents of, this short form prospectus. Subject to adjustment, each Special Warrant entitles the holder thereof to acquire one Common Share, at no additional cost, at any time until 5:00 p.m. (Vancouver time) on the fifth business day after the earlier of (i) the date of issuance of a receipt for this prospectus by the securities commissions in each of the provinces of British Columbia and Ontario (the "Filing Provinces"); and (ii) May 25, 2002 (the "Expiry Time"). Any Special Warrants not exercised prior to the Expiry Time will be deemed to have been exercised immediately prior to the Expiry Time without any further action on the part of the holder. Ivanhoe paid no fees or commissions in connection with the First Subscription or the Second Subscription (the "Offering"), nor will any fees or commissions be payable by Ivanhoe in connection with the issuance of the Common Shares on the exercise of the Special Warrants. The expenses of the Offering, including the cost of preparation of this prospectus, will be borne by Ivanhoe. See "Private Placement and Plan of Distribution". Each Purchaser has represented and warranted in its Subscription Agreement that it is acquiring the Special Warrants and the underlying Common Shares to be held for investment only and not with a view to immediate resale or distribution. Ivanhoe has no reason to believe that any of the Purchasers have any different investment intent in respect of the Special Warrants and their underlying Common Shares than that represented in respect of the Special Warrants. The Common Shares are traded on the TSE and the Australian Stock Exchange under the symbol "IVN". The price of the Common Shares as reported by the TSE at the close of business on March 22, 2002 was Cdn.$3.21 (approximately US$2.04) per Common Share. All references to "Cdn.$" in this short form prospectus are to Canadian dollars and all references to "US$" are to United States dollars. TABLE OF CONTENTS
PAGE DOCUMENTS INCORPORATED BY REFERENCE................................ 3 NAME AND INCORPORATION............................................. 5 SUMMARY DESCRIPTION OF BUSINESS.................................... 7 CONSOLIDATED CAPITALIZATION........................................ 22 DESCRIPTION OF SHARE CAPITAL....................................... 22 PRIVATE PLACEMENT AND PLAN OF DISTRIBUTION......................... 23 USE OF PROCEEDS.................................................... 24 RISK FACTORS....................................................... 25 SIGNIFICANT ACQUISITIONS........................................... 26 AUDITORS, TRANSFER AGENT AND REGISTRAR............................. 27 LEGAL MATTERS...................................................... 27 PURCHASERS' STATUTORY RIGHTS....................................... 27 CONTRACTUAL RIGHTS OF ACTION FOR RESCISSION........................ 27 INDEX TO FINANCIAL STATEMENTS...................................... 28 INDEX TO PRO FORMA FINANCIAL INFORMATION........................... 28 CERTIFICATE OF IVANHOE MINES LTD................................... C-1
DOCUMENTS INCORPORATED BY REFERENCE The following documents of Ivanhoe, filed with the various securities commissions or similar authorities in all of the provinces and territories of Canada, are specifically incorporated by reference into, and form an integral part of, this short form prospectus: 1 Revised Initial Annual Information Form dated May 15, 2001, including the management's discussion and analysis of financial condition and results of operations for the financial year ended December 31, 2000 incorporated therein (the "AIF"); 2. Comparative consolidated financial statements of Ivanhoe for the years ended December 31, 2000 and 1999, together with the notes thereto and the auditors' report thereon; 3. Comparative unaudited consolidated interim financial statements of Ivanhoe for the nine month periods ended September 30, 2001 and 2000, together with management's discussion and analysis of financial condition and results of operation for such periods; 3 4. Management Information Circular dated April 28, 2001 prepared in connection with Ivanhoe's annual meeting of shareholders held June 15, 2001 (excluding the report on executive compensation, the performance graph and the statement of corporate governance practices); 5. Material Change Report dated August 8, 2001, as amended September 13, 2001, respecting a proposed operational and financial restructuring at the Savage River iron ore mine in Tasmania; 6. Material Change Report dated January 7, 2002 respecting the conversion of loans owed by Ivanhoe's subsidiary, ABM Mining Limited, to entities controlled by Robert M. Friedland, the Chairman of Ivanhoe, into Common Shares of Ivanhoe; 7. Material Change Report dated February 12, 2002 respecting Ivanhoe's completion of its earn-in obligations to acquire a 100% interest in the Oyu Tolgoi exploration project in Mongolia; 8. Material Change Report dated March 21, 2002 respecting the completion of a resource estimate at the Southwest Oyu zone of the Oyu Tolgoi exploration project; and 9. Material Change Report dated March 22, 2002 respecting a short form prospectus offering of Ivanhoe at a price of Cdn. $3.25 per Common Share pursuant to an underwriting syndicate consisting of Griffiths McBurney & Partners, HSBC Securities (Canada) Inc. and Haywood Securities Inc. Any documents of the type referred to in the preceding paragraph, interim financial statements and any material change reports (excluding confidential reports) filed by Ivanhoe with the securities commissions or similar authorities in the provinces of British Columbia and Ontario subsequent to the date of this short form prospectus and prior to the termination of the Offering shall be deemed to be incorporated by reference in this short form prospectus. ANY STATEMENT CONTAINED IN A DOCUMENT INCORPORATED OR DEEMED TO BE INCORPORATED BY REFERENCE HEREIN SHALL BE DEEMED TO BE MODIFIED OR SUPERSEDED FOR PURPOSES OF THIS SHORT FORM PROSPECTUS, TO THE EXTENT THAT A STATEMENT CONTAINED HEREIN OR IN ANY SUBSEQUENTLY FILED DOCUMENT THAT ALSO IS OR IS DEEMED TO BE INCORPORATED BY REFERENCE HEREIN MODIFIES OR REPLACES SUCH STATEMENT. THE MODIFYING OR SUPERSEDING STATEMENT NEED NOT STATE THAT IT HAS MODIFIED OR SUPERSEDED A PRIOR STATEMENT OR INCLUDE ANY OTHER INFORMATION SET FORTH IN THE DOCUMENT THAT IT MODIFIES OR SUPERSEDES. THE MAKING OF A MODIFYING OR SUPERSEDING STATEMENT SHALL NOT BE DEEMED AN ADMISSION FOR ANY PURPOSES THAT THE MODIFIED OR SUPERSEDED STATEMENT WHEN MADE, CONSTITUTED A MISREPRESENTATION, AN UNTRUE STATEMENT OF A MATERIAL FACT OR AN OMISSION TO STATE A MATERIAL FACT THAT IS REQUIRED TO BE STATED OR THAT IS NECESSARY TO MAKE A STATEMENT NOT MISLEADING IN LIGHT OF THE CIRCUMSTANCES IN WHICH IT WAS MADE. ANY STATEMENT SO MODIFIED OR SUPERSEDED SHALL NOT BE DEEMED IN ITS UNMODIFIED OR SUPERSEDED FORM TO CONSTITUTE A PART OF THIS SHORT FORM PROSPECTUS. INFORMATION HAS BEEN INCORPORATED BY REFERENCE IN THIS SHORT FORM PROSPECTUS FROM DOCUMENTS FILED WITH SECURITIES COMMISSIONS OR SIMILAR AUTHORITIES IN THE PROVINCES OF BRITISH COLUMBIA AND ONTARIO. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Secretary of Ivanhoe, Suite 654, 999 Canada Place, Vancouver, B.C. V6C 3E1. (telephone (604) 688-5755). 4 NAME AND INCORPORATION Ivanhoe was incorporated under the Company Act (British Columbia) on January 25, 1994 under the name 463212 B.C. Ltd. In February 1994, Ivanhoe changed its name to Indochina Goldfields Ltd. In March 1994, Ivanhoe increased its authorized capital from 10,000 common shares without par value to 100,000,000 common shares without par value and created 100,000,000 preferred shares without par value. In February 1995, Ivanhoe was continued under the Business Corporations Act (Yukon). In July 1997, Ivanhoe increased its authorized capital to an unlimited number of common shares without par value and an unlimited number of preferred shares without par value. In June 1999, Ivanhoe changed its name to Ivanhoe Mines Ltd. Ivanhoe's North American headquarters are located at Suite 654, 999 Canada Place, Vancouver, B.C. V6C 3E1. Ivanhoe's Asian headquarters are located at 37th Floor #2, Millenia Tower, 1 Temasek Avenue, Singapore 039192. The Corporation's registered office is located at Suite 300, 204 Black Street, Whitehorse, Yukon, Canada, Y1A 2M9. SUBSIDIARIES AND MANAGEMENT STRUCTURE The corporate structure of Ivanhoe, its material subsidiaries, the percentage ownership in subsidiaries which are not wholly-owned by Ivanhoe and the jurisdiction of incorporation of such corporations as at December 31, 2001 are set out in the following chart. 5 IVANHOE MINES LTD. - CORPORATE STRUCTURE [IVANHOE MINES LTD. - CORPORATE STRUCTURE FLOW CHART] Note: All subsidiaries are wholly-owned unless otherwise indicated "BVI" means British Virgin Islands 6 SUMMARY DESCRIPTION OF BUSINESS GENERAL Ivanhoe is an international mineral exploration and development company. Ivanhoe holds interests in mineral resource properties in Myanmar, Australia, Kazakhstan, Mongolia, Norway, South Korea and Vietnam. For the purposes of Form 44-101F3 under National Instrument 44-101 the Monywa copper project in Myanmar, the Savage River iron ore mine in Tasmania, Australia and the Oyu Tolgoi gold and copper exploration project in Mongolia have been identified as the mineral resource properties material to Ivanhoe. For a description of the Monywa copper project and the Savage River iron ore mine, see "Item 3 - General Development of the Business" and "Item 4 - Narrative Description of Business" on pages 9 through 29 of Ivanhoe's AIF, which is incorporated by reference in this short form prospectus. For a description of the Oyu Tolgoi project, see "Recent Developments" below. Ivanhoe's interests in Kazakhstan, Mongolia (other than the Oyu Tolgoi project), Myanmar (other than the Monywa copper project), Norway, South Korea and Vietnam are not considered material for the purposes of Form 44-101F3 under National Instrument 44-101. RECENT DEVELOPMENTS OYU TOLGOI EXPLORATION PROJECT Except as noted below, all disclosure of a scientific or technical nature in this short form prospectus respecting the Oyu Tolgoi gold and copper exploration project has been summarized from a technical report dated January 11, 2002 prepared by D. George Cargill, Ph.D., P. Eng., of Roscoe Postle Associates Inc. ("RPA") of Toronto, Ontario. Dr. Cargill is an independent qualified person for the purposes of National Instrument 43-101 of the Canadian Securities Administrators. RPA's inferred mineral resource estimate on the Southwest Oyu zone of the Oyu Tolgoi gold and copper exploration project was prepared by Dr. Gildar J. Arseneau, P.Geo., and was based on a review and analysis of a resource estimate prepared by AMEC E&C Services Limited ("AMEC") of Toronto. Project Description and Location Ivanhoe is currently conducting a series of exploration programs at Oyu Tolgoi (the "Oyu Tolgoi Property") in the south Gobi Region, Mongolia. The objective of these programs is to define the nature and scope of a recently discovered copper and gold porphyry zone containing an, as yet, indeterminate amount of gold, copper and molybdenum mineralization. Mineralization has been identified in four areas of the Oyu Tolgoi Property, within an area of 3 kilometres north-south by 2 kilometres east-west, designated by Ivanhoe as the Central Oyu, North Oyu, South Oyu and Southwest Oyu zones. The right to explore for minerals in these zones is held through four non-contiguous mineral licences encompassing approximately 24,000 hectares of surface area. In May 2000, Ivanhoe entered into an earn-in agreement (the "Earn-in Agreement") with BHP Minerals International Exploration Inc. ("BHP") to earn a 100% interest in the Oyu Tolgoi Property. Ivanhoe earned its 100% interest in February, 2002 by incurring US$3,000,000 in exploration expenditures and by paying to BHP US$5,000,000. The Earn-in Agreement also requires Ivanhoe to incur additional exploration expenditures of US$3,000,000 by February, 2006. BHP retains a 2% net smelter returns royalty and certain back-in rights. BHP's back-in rights become exercisable if and when a "significant mineral occurrence" is identified on the property consisting of not less than 250,000,000 tonnes of 1% copper extractable by heap leaching and solvent extraction-electrowinning ("SX-EW"). In that event, BHP has the right to re-purchase a 40% interest in the significant mineral occurrence. If the significant mineral occurrence consists of not less than 300,000,000 tonnes of ore grading 1% copper recoverable by conventional means of extraction, BHP has the right to re-purchase a 60% interest in the significant mineral occurrence. In either case, BHP will be required to relinquish its royalty and pay to Ivanhoe an amount equal to three times the amount of exploration expenditures incurred and, if the significant mineral occurrence lies within the "Central Oyu" zone, BHP must also repay to Ivanhoe 7 the US$5,000,000 paid by Ivanhoe to BHP to exercise the option. If BHP were to exercise its back-in rights, BHP and Ivanhoe would form a joint venture in which the party with the larger participating interest would be entitled to be the operator. Ongoing expenditure obligations for exploration and development would be in proportion to each party's participation in the joint venture. The original exploration licence for the Oyu Tolgoi Property was granted to BHP in 1997 as Mineral Exploration Licence ("MEL") 210, which was later re-designated as MEL 66X when new mining legislation was enacted in Mongolia in 1997. Certain areas originally covered by MEL 66X were relinquished in September, 2000, and MEL 66X was converted into four separate licences: MELs 66X, 66X1, 66X2 and 66X3. The licences, which expire on February 17, 2004, permit Ivanhoe to conduct drilling and other exploration work on the property. Ivanhoe must pay a yearly per hectare fee to the Mongolian government in order to maintain the licences in good standing. If Ivanhoe intends to commence mining activity on the property, it must apply to the Mongolian government for a mining licence prior to the expiry of the corresponding MEL. Mining licences are typically granted for a term of 60 years, and are renewable for up to an additional 40 years. The Mongolian government also imposes a royalty of 2.5% on the sale value of all minerals mined in the country. Ivanhoe also recently acquired MEL 3677, which covers an additional 109,145 hectares of land located in the same geological province that hosts the Oyu Tolgoi Property. MEL 3677 has an initial term of three years, and is renewable for up to an additional four years. 59,743 hectares of MEL 3677 overlap areas originally covered by MEL 66X. Accessibility, Climate, Local Resources and Physiography The Oyu Tolgoi Property is located in the south Gobi Region of Mongolia, approximately 560 kilometres south of the capital city, Ulaanbaatar. Road access to the property follows a well-defined track directly south from Ulaanbaatar requiring 12 hours travel time in a four-wheel drive vehicle. Ivanhoe has also constructed a 1,400 metre airstrip which allows the property to be reached by small aircraft. Mongolian rail service and a large electric power line lie 350 kilometres east of the property at the main rail line between Ulaanbaatar and China. The China-Mongolia border sits approximately 80 kilometres south of Oyu Tolgoi and the Trans-China Rail line following the Yellow River is approximately 160 kilometres south of the border. A small diesel power station is located 60 kilometres east in Handbogd. The nearest significant population centre is the regional provincial capital at Dalandzadgad, located 240 kilometres west northwest of Oyu Tolgoi with a population of approximately 12,500 people. Dalandzadgad is accessible by unpaved road. Although the climate at Oyu Tolgoi is relatively severe, including frequent strong wind conditions and cold winters with temperatures ranging between -2 degrees to -30 degrees Celsius, Ivanhoe believes that it is possible to conduct exploration and mining operations on a year round basis. The property has an average elevation of 1,160 metres above sea level, and has a relatively flat, undulating topography with less than 50 metres of relief. The surface area is a semi-desert steppe, with minimal rainfall and vegetation cover of approximately 20 to 25% of the ground surface. Ivanhoe's surface rights on the Oyu Tolgoi Property are governed by the Minerals Law and the Land Law. Water rights are governed by the Water Law and the Minerals Law. These laws permit Ivanhoe to use the land and water in connection with exploration operations, subject to the discretionary authority of Mongolian national, provincial and regional governmental authorities. Ivanhoe expects that it will have to negotiate with all three levels of government to ensure access to appropriate land and water rights prior to the commencement of any mining operations. Power and water sources are currently sufficient for exploration activities. However, additional power and water sources will need to be developed prior to the commencement of mining operations. The nearest power 8 line is 350 kilometres away. Water is typically drawn from underground aquifers in the area. Ivanhoe has not analyzed the sufficiency of such water sources for mining purposes. The area is relatively flat, and should be amenable to the construction of the necessary infrastructure for a mining operation, including tailings storage sites, heap leach pads, waste disposal and processing plant sites. History Old diggings and small amounts of slag found in the area indicate that the Oyu Tolgoi area was subject to small scale mining activity in ancient times. However, modern mineral exploration did not commence in the area until 1995, when the Magma Copper Company Ltd. ("Magma") began a reconnaissance program which examined more than 60 copper occurrences in various parts of Mongolia. In 1996, after BHP acquired Magma, BHP continued the reconnaissance program in western and southern Mongolia. BHP first visited the Oyu Tolgoi Property in September, 1996 as part of its regional reconnaissance program of the south Gobi region. BHP subsequently applied for, and was granted, an exploration concession covering 1,350 square kilometres. After geological mapping, stream and soil sediment surveys and magnetic and induced polarization ("IP") surveys, BHP completed 6 diamond core holes totalling 1,000 metres during September and October, 1997. With encouraging results from two of the holes, a second phase of drilling was undertaken in 1998, consisting of an additional 13 core holes totalling 2,000 metres. Positive results were obtained in four of the holes prompting a third phase of drilling in August and September 1998 consisting of 4 holes totalling 800 metres. These holes failed to return significant mineralization and BHP suspended the project pending economic review. In 1999, following a review of past results, additional drilling and continued exploration on the property was planned but never carried out. In 2000, after entering into the Earn-in Agreement with BHP, Ivanhoe carried out a reverse circulation ("RC") drill program to delineate a chalcocite blanket intersected in one of BHP's diamond drill holes. This program consisted of 109 RC holes totalling 8,828 metres. The holes were targeted to define supergene mineralization that might be amenable to a heap leaching SX-EW process similar to the one used at Ivanhoe's Monywa copper mine in Myanmar. Ivanhoe reviewed the results and decided that the chalcocite blanket at Central Oyu was neither large enough nor high grade enough to be economic as a stand-alone deposit. In 2001, Ivanhoe began its current drilling program. Geology and Mineralization The Oyu Tolgoi Property lies near the boundary of the South Mongolian and the South Gobi tectonic units, in the Kazakh Mongol Belt. The area contains a mixture of arc and back arc rocks that accreted to southern Mongolia during the Paleozoic age. Within the Oyu Tolgoi Property area, the geology is dominated by a Siluro-Carboniferous sequence of basalts, basaltic andesites and sedimentary sequences. Overlying these sequences are Cretaceous-age, flat-lying sediments consisting of pebbly gravel, sandy silt, sand and clay, with an average thickness of between 15 to 20 metres. The volcanic rocks are intruded by a complex variety of feldspar porphyry, feldspar-hornblende porphyry and quartz-feldspar porphyry stocks and dykes. Ivanhoe has gathered the most comprehensive understanding of the property geology from its detailed mapping and extensive drilling of the Southwest Oyu zone. Ivanhoe believes that the mineralized areas consist of mafic volcanic rocks intruded by quartz monzodiorite intrusions. Copper and gold mineralization appears to lie in both the basaltic volcanic country rocks and the intrusions. There are also barren quartz monzonite porphyries, hornblende, biotite andesite and rhyolite dykes that regularly cut the quartz monzodiorite intrusions. 9 The Oyu Tolgoi Property contains both hypogene and supergene copper mineralization. The hypogene deposits appear to belong to a porphyry copper-gold system of the potassic-calcalkaline type. Ivanhoe has discovered evidence of hypogene deposits in all four zones. At South Oyu and Southwest Oyu, copper and gold mineralization is found primarily in intensely veined (stockwork and sheeted) magnetite-rich, pyrite-poor assemblages dominated by quartz and chalcopyrite, with minor amounts of bornite and traces of molybdenum in basaltic volcanics and quartz monzodiorite intrusives. Ivanhoe suspects that South Oyu and Southwest Oyu belong to the same zone offset by a northeast trending fault. The correlation between gold and copper grades suggest that the gold distribution is in the form of attachments to or inclusions in copper sulphides. Molybdenum grades are erratic and Ivanhoe has not determined the nature of its distribution. Ivanhoe's preliminary metallurgical work indicates that at least some of the molybdenum is enriched in rhenium. High values of rhenium in molybdenum is a feature of some gold-rich porphyry copper deposits. In North Oyu, copper mineralization occurs in breccias at depths greater than 100 metres below the surface. There appears to be some supergene chalcocite and covellite, but the higher grade intercepts are associated with veins containing pyrite, chalcopyrite and traces of covellite and chalcocite, which appear to be hypogene. Gold values are usually low but sometimes higher in copper-rich zones. Molybdenum values are usually low. The principal supergene deposit at Oyu Tolgoi is located at Central Oyu. It consists of a chalcocite blanket beneath a leached cap. Rock chip samples across the leached cap contain anomalous concentrations of copper and gold. Meanwhile, supergene mineralization occurs between 40 to 80 metres below the surface. The upper 20 to 40 metres of the enrichment blanket is made up of chalcocite with minor covellite and digenite as coatings on pyrite. The lower parts of the blanket which have lower copper grades are dominated by covellite. The upper chalcocite and lower covellite zones are a standard feature of enrichment blankets. Distribution of gold is not well known. Most of the system contains less than 30 parts per billion of gold but there are erratic values of 0.1 parts per million ("ppm") of gold to 1 ppm of gold. The best gold values are in the west side of Central Oyu, in both the chalcocite blanket and the underlying basaltic volcanics. There is also hypogene mineralization beneath the enrichment blanket. 2001/2002 Drilling Program Ivanhoe commenced its drilling program in 2001 by drilling RC holes at South Oyu, to test its supergene and the hypogene potential. Ivanhoe then expanded the exploration project to encompass all four zones, and by February 27, 2002 had completed 23 RC holes, 3 combined RC and diamond drill ("RCD") holes and 30 diamond drill ("D") holes. In July, 2001 Ivanhoe encountered a long intersection of high grade hypogene copper and gold mineralization at OTRCD-150 (508 metres averaging 0.81% copper and 1.17 grams per tonne ("g/t") gold) at Southwest Oyu. Following this discovery, Ivanhoe undertook a surface program of magnetic and IP surveys over an area of roughly 4 kilometres by 3 kilometres. Two magnetic surveys were performed, each covering an area of 2 kilometres by 3 kilometres. The southern part of the area was surveyed on north-south lines, 25 metres apart with stations 5 metres apart. The northern area was surveyed on east-west lines, 50 metres apart with stations at 5 metre intervals. The surveys identified target areas at Southwest Oyu, South Oyu, Central Oyu, North Oyu, the Airstrip and anomalies in the far northern end of the Oyu Tolgoi Property. Ivanhoe has used the preliminary maps from the IP survey as the basis for its ongoing drilling program. The results indicate that the most promising exploration target in the area is a zone of high-grade mineralization around hole OTRCD-150 at the Southwest Oyu zone. Accordingly, Ivanhoe changed its focus from testing for supergene mineralization at Central Oyu to drilling activity on Southwest Oyu in order to further define the hypogene zone of mineralization. 10 By the end of January, 2002, Ivanhoe had completed 24 holes at Southwest Oyu. The drilling indicates that there is a wide zone of mineralization encompassing a narrow high grade zone. Exploration to date indicates that a zone of mineralization grading at least 0.3 copper equivalent (a combination of copper and gold expressed as a copper equivalent and based on 100% recovery for both metals, as metallurgical studies are still too preliminary to predict recoveries in a commercial process) is contained within a shell which extends approximately 1,200 metres in a northeast-southwest direction and 350 metres in a northwest-southeast direction. The zone extends to at least a vertical depth of approximately 750 metres, commencing at a depth of approximately 50 metres. OTRCD-180, 183 and 185 returned encouraging mineralization at lower depths. OTRCD-180 graded 2.37 g/t gold and 1.05% copper for 208 metres beginning at a down-hole depth of 618 metres. OTRCD-185 intersected 1.31 g/t gold and 0.45% copper for 400 metres beginning at a down-hole depth of 498 metres. Ivanhoe drilled holes OTD-184, 185 and 190 as cross-holes (125 degree azimuth) across the general northeasterly trend of drill holes OTRCD-150 and OTD-160 through 173, which established the horizontal dimensions of the steeply to vertically plunging mineralized body. The drill results from the 035 degree azimuth holes OTRCD-150 and 169 indicate the longitudinal width of the high grade core zone (grading in excess of 0.7% copper and 0.7 g/t gold) is up to 315 metres in length at a depth of 250 metres below surface. Hole OTD-177's (125 degree azimuth) drill results suggest that the thickness of this zone is approximately 230 metres at the same depth. OTD-185, drilled steeply below OTD-177, indicates a thickness of 250 metres approximately 500 metres below surface narrowing to 180 metres thickness in OTD-190, 80 metres to the southwest. Surrounding the high grade core is lower grade mineralization, generally in the 0.3% to 0.5% copper and 0.3 to 0.5 g/t gold range extending 100 metres to 200 metres laterally and northwest, 700 metres southeast to the collar of OTD-167 and approximately 600 metres northeast to OTD-12. On the southeast margin of Southwest Oyu, the high grade core is cut off by a post mineral fault and on the northeast margin it is cut off by late mineral dykes. The results of significant intercepts from the recent drilling at Southwest Oyu's discovery zone are summarized below. 11 SOUTHWEST OYU "DISCOVERY ZONE" SUMMARY OF SIGNIFICANT INTERCEPTS
FINAL DEPTH GOLD ("Au") COPPER ("Cu") HOLE NO. METRES ("m") CORE LENGTH (m) g/t % - -------- ------------ --------------- ----------- ------------- 150 590 508 1.17 0.81 160 460.7 288 1.68 0.80 161 472 358 1.70 0.71 162 360.5 190 1.76 0.75 166 601.9 478 1.38 0.74 171 614.3 100 1.29 0.67 172 772 116 2.35 0.88 173 692 24 1.32 0.82 174 554 74 0.45 0.58 175 461 138 0.35 0.45 176 674 146 1.49 0.76 177 591 192 1.10 0.56 178 449 128 1.01 0.59 179 490.4 14 0.32 0.57 180 895 208 2.37 1.05 183 853 454 1.71 0.92 184 705 216 1.87 0.97 185 1015 400 1.31 0.56 189 322 200 1.9 0.77 190 913 178 1.55 0.46
The southern extension of Southwest Oyu was also drilled to test the continuation of mineralization to the southwest as inferred by IP survey results and to follow up on previous drilling by BHP which intersected 142 metres of 0.93 g/t gold and 0.53% copper. The results of this drilling are summarized below. SOUTHWESTERN OYU - SOUTHERN EXTENSION
CORE LENGTH Au Cu HOLE NO. (m) g/t % - ----------------------------------------------------------- ~~165 466 0.31 0.41 167 318 0.52 0.49 168 382 0.30 0.21~~
Ivanhoe has also conducted recent drilling on the South Oyu zone. The drilling is designed to test adjacent magnetic and IP chargeability anomalies that underlie outcroppings of copper oxide mineralization. Previous drilling by Ivanhoe identified areas of significant copper and gold mineralization in a series of shallow holes. OTRCD-149 drilled to a depth of 405 metres averaged 1.08% copper and 0.31 g/t gold in a 63 metre supergene blanket, underlain by 52 metres at 1.73% copper and 0.23 g/t gold, followed by 82 metres at 0.57% copper and 0.27 g/t gold and then 76 metres at 0.49% copper and 0.38 g/t gold. OTD-164 was drilled under OTRCD-149 to a down-hole depth of 516.9 metres to test the depth of mineralization. OTD-164 returned similar results to the lower-grade intervals of OTRCD-149, indicating that mineralization continues to a depth of at least 500 metres. Hole OTD-170 drilled between Southwest Oyu and South Oyu returned weaker levels of gold and copper. Ivanhoe believes a major northeast trending fault cuts off mineralization on the southeast side of Southwest Oyu, and that South Oyu may be an offset of this mineralization. Ivanhoe drilled OTD-186 to the west of OTRCD-149 in order to test an anomaly identified from the magnetic survey, but did not intercept significant mineralization. 12 Central Oyu is a separate system with different mineralogy and geochemistry. At Central Oyu, BHP's hole OTD-3 intersected a thirty metre thick, supergene-enriched, chalcocite blanket. Ivanhoe's RC drill program in 2000 outlined an area of 1,100 metres by 600 metres that is underlain by the chalcocite blanket and copper oxide mineralization averaging 20 metres to 35 metres in thickness at depths varying from 20 metres below the surface to 100 metres below the surface. Primary covellite and chalcopyrite occurs below the chalcocite blanket at Central Oyu, indicating the potential for hypogene mineralization. Ivanhoe drilled hole OTD-159 in this area to test for hypogene potential. OTD-159 intersected 301 metres (from 47 to 348 metres) of chalcocite-covellite mineralization averaging 0.71% copper, within a broader intercept of 375 metres, from 47 to 422 metres, grading 0.69% copper. This includes 30 metres of dominantly chalcocite mineralization from 47 to 77 metres, grading 1.50% copper and 0.22 g/t gold. The hole was a twin, and a deeper re-drill, of a 130-metre-deep, RC hole, OTRC-94, and extends significant copper grades to a depth of at least 422 metres below surface. The PQ-sized drill core in the top 130 metres also indicates a general increase in copper grades compared to the earlier RC chip samples. Ivanhoe received further evidence of hypogene mineralization at Central Oyu from its IP survey, which identified an IP chargeability anomaly covering the northwest flank of Central and Northern Oyu. The anomaly has a strike length of 1,600 metres with a width of 400 metres. Ivanhoe recently completed hole OTD-187 to test the hypogene potential of the IP chargeability anomaly in Central Oyu. OTD-187 was drilled to a depth of 532.6 metres grading 1.40 g/t gold and 0.84% copper for 102 metres between 334 and 436 metres. Ivanhoe drilled OTD-188 385 metres northwest of OTD-187 to test the extent of the zone of copper mineralization, but intercepted only weak mineralization. Ivanhoe is currently drilling additional D holes at Central Oyu to further define the zone of hypogene mineralization. In North Oyu, BHP's hole OTO-02 intersected narrow zones of chalcopyrite-rich stockwork mineralization grading up to 1% copper in volcanic rocks sandwiched between post-mineral, syenite dykes. Ivanhoe plans to drill more than 20,000 metres to test the hypogene potential of the Southwest, Central, North and South Oyu zones and explore for additional high-grade zones based on the IP and magnetic survey. Ivanhoe has recently focussed on drilling the Southwest Oyu zone in order to gather sufficient data to calculate a resource estimate on the discovery zone at Southwest Oyu. Starting in early 2002, Ivanhoe began to drill in other areas with potential significant mineralization as indicated by the IP and magnetic surveys. Resource Estimate - Central Oyu In November, 2000 Ivanhoe prepared an internal copper resource estimate of the Central Oyu zone based on its 2000 drill program. This estimate was verified and adopted by RPA in RPA's technical report on the Oyu Tolgoi Property dated January 11, 2002. RPA reported an inferred mineral resource at the Central Oyu zone as follows: CENTRAL OYU INFERRED MINERAL RESOURCE ESTIMATE IVANHOE - NOVEMBER, 2000
CATEGORY TONNES GRADE % Cu - -------- ------ ---------- ~~Inferred 39,200,000 0.73~~
Key assumptions, parameters, methods, and other information RPA considered relevant to the estimate are as follows: - The database used for the estimate was in keeping with industry standards. 13 - D. George Cargill, Ph.D., P.Eng., reviewed and verified the estimate for RPA. - Original assays for total copper were done at Analabs Pty. Ltd. ("Analabs") in Ulaanbaatar. No acid soluble or cyanide soluble copper assays were done but may be warranted in the future. Total copper check assays were done at Indo Assay lab in Indonesia, and results were reported to be acceptable. Checks on assay values over 1% Cu were within 5% to 10% of the original assays and for assay values less than 1% were within 10% to 20%. RPA had check assays carried out at XRAL laboratory in Canada on nine samples from the Central Oyu zone. The check assays gave reasonable correlation with the original assays. - Vertical RC holes were used for the estimate. Although a few D holes were within the resource area, they were not used. The RC holes were spaced 100 m to 200 m apart along east-west section lines 100 m to 200 m apart. The Central Oyu zone consists of an essentially continuous blanket of supergene copper mineralization which covers an area approximately 1,100 m north-south by 600 m east-west. In places the supergene zone consists of two layers (main and upper zones) separated by waste material. The deeper main zone predominates and extends to a depth of 40 m to 80 m in most places. It has been drilled to a maximum depth of about 120 m. - For the estimate, Ivanhoe used a cut-off grade of 0.2% Cu. In RPA's view, this is an appropriate cut-off grade for this type of resource estimate. - Ivanhoe used a polygonal estimation method, whereby drill hole intercepts on plan were assigned an area of influence midway to adjacent drill holes up to a maximum of 100 m. Polygon areas were measured by planimeter and multiplied by drill hole intersection length and by a density factor of 2.3 tonnes per cubic metre to derive tonnage. This density factor is appropriate. Tonnages were summed and the grades for each intersection were weighted by tonnage to determine the average grade of the mineral resource. - The Oyu Tolgoi Property is still at the exploration stage and it is too early to assess the possible effect on the resource estimate of factors such as environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other potential issues. At this time, however, RPA has no reason to believe that any of these potential issues will be an impediment to development of the project. - The geometry of the Central Oyu supergene zone lends itself readily to open pit mining with a low strip ratio. - Metallurgical testwork was carried out recently on three samples from Central Oyu. The copper minerals reported to be in the samples are enargite, covellite and digenite. Flotation tests produced good copper recoveries (82%) for sample S4 ("chalcocite zone") and sample S6 ("covellite zone"). Column leach and bottle roll tests on sample S4 gave 62% to 82% copper recovery and on sample S5 gave 5% to 7% copper recovery. - Infrastructure is sparse in the area of the Oyu Tolgoi Property and any mining operation would need suitable infrastructure to be developed. - In RPA's opinion, the Central Oyu supergene zone estimate should be classified as an inferred mineral resource. It should be considered a preliminary estimate at this time. It has been done by a manual method and may be done in future as a computerized block model. - Although Ivanhoe considers the Central Oyu zone to be uneconomic for a stand-alone mining operation, RPA considers that it has reasonable prospects for economic extraction in combination with or as a satellite deposit to other mineral deposits. 14 Resource Estimate - Southwest Oyu On March 11, 2002, Ivanhoe announced that AMEC completed a preliminary copper and gold resource estimate for the northern portion of the Southwest Oyu zone. AMEC reported an inferred mineral resource at the Southwest Oyu zone as follows: SOUTHWEST OYU INFERRED MINERAL RESOURCE ESTIMATE AMEC - MARCH 2002
CUTOFF GRADE IN SITU GRADE COPPER ------------- Cu EQUIVALENT(1) TONNAGE Cu Au (BILLIONS OF Au (%) (TONNES) (%) (g/t) POUNDS) (OUNCES) - ------------- ----------- ---- ----- ------------ ---------- 0.70 185,100,000 0.63 1.04 2.57 6,189,000 0.60 259,700,000 0.57 0.86 3.26 7,181,000 0.50 349,100,000 0.52 0.73 4.00 8,193,000 0.40 457,800,000 0.46 0.62 4.64 9,126,000 0.30 587,700,000 0.41 0.53 5.31 10,014,000 0.20 703,000,000 0.37 0.47 5.73 10,623,000
Note: (1) Based on US$300 per ounce gold and US$0.80 per pound copper at 100% metal recovery RPA prepared an addendum to its technical report describing RPA's review and verification of the AMEC mineral resource estimate of the Southwest Oyu zone. RPA's review and verification of AMEC's resource estimate was undertaken by, or under the supervision of, Dr. Gildar J. Arseneau, P.Geo., of RPA. Dr. Arseneau is an independent qualified person for the purposes of NI 43-101. The Southwest Oyu mineral resource was estimated by AMEC with a 3-dimensional block model utilizing MineSight(R) a commercial mine planning software. To carry out its review of the Southwest Oyu mineral resource estimate, RPA converted the 3-dimensional database to Gemcom(R), another commercially available mine planning software. RPA re-estimated the Southwest Oyu mineral resource using the same and different interpolation parameters as utilized by AMEC. The Southwest Oyu database consists of assay data for 32 diamond drill holes totalling 16,991 metres. The drill core was logged at the site and geological information was transferred to digital files containing drill hole survey locations, down hole survey data, geological, geophysical and assay data. RPA carried out checks and validations for both copper and gold assays. RPA believes that the analytical reproducibility of the data is better for copper than gold. The quality of the assay database is adequate for the estimation of an inferred mineral resource but, until better reproducibility can be demonstrated for gold assays, the resource must remain at an inferred level of classification. The digital drill hole database is adequate for resource estimation and the information collected is in keeping with standard industry practices for this type of exploration target. The Southwest Oyu block model was organized on an orthogonal grid with a 20 metre by 20 metre block size and a 15 metre bench height. Copper and gold grades were composited to 15 metres before grade interpolation. Each block in the model is comprised of six separate models: rock code, density, copper grade, gold grade, copper equivalent grade and percent ore. Rock codes were assigned to the block model by first constructing 3-dimensional solids of the high grade portion of the deposit, the three major post-mineral dikes, the Southwest 15 fault zone and the top of the hypogene mineralization. Because the bulk of the mineralization is within basaltic andesite, a bulk density of 2.80 was selected for the resource estimation. RPA recommends that the bulk density determination program be continued and expanded to include both mineralized and unmineralized samples. Copper and gold values were interpolated into the model by ordinary kriging. RPA has reviewed the variography study undertaken by AMEC and concurs with its conclusions. Interpolation was restricted within zone boundaries. As such, samples from zone 1 were not used to interpolate grades into blocks of zone 2 and vice-versa. A maximum of 15 composites were used to estimate a block grade. The minimum number of composites required to estimate a block was set at 4 for zone 2 and 3 for zone 1. A maximum of 3 composites (zone 2) and 2 composites (zone 1) were allowed per drill hole. RPA re-estimated the mineral resource using the same interpolation parameters as defined by AMEC. RPA also estimated the mineral resource using inverse distance weighting to the second power to interpolate the grades. RPA also re-composited the assay data to 5 metre lengths within the geological domains and re-estimated the mineral resource using ordinary kriging and inverse distance to the second power. Based on the data reviewed, RPA concluded that the mineral resource at the Southwest Oyu zone was estimated by AMEC in a manner consistent with standard industry practice for this type of deposit. The mineral resource for the Southwest Oyu zone is classified as an inferred mineral resource in accordance with CIM Standards. The mineral resource was reported at CuEQ ($0.80) copper equivalent cut-off grades. The copper equivalent was calculated, after copper and gold grades were estimated into the block model, using the following formula: CuEQ ($0.80) = % Cu + (Au g/t * 9.65)/17.64 The equivalent grade was calculated to reflect a price of US$0.80 per pound of copper and US$300 per ounce of gold and 100% metal recovery. RPA believes that it is premature at this stage to use an equivalent copper grade as cut-off because inadequate metallurgical testing has been performed. RPA also believes that some of the mineral resource at the Southwest Oyu zone could be re-classified as indicated under CIM Standards if better reproducibility could be achieved with the gold assays. RPA recommends that all assays that returned copper grades in excess of 0.5% copper should be re-assayed for gold and the mineral resource be re-estimated using the new assay data. RPA validated the resource model by inspection of plans and sections. The plots included drill hole composite values to allow direct comparison of composite grades to kriged block values. The checks showed good agreement between drill hole composite values and kriged model cell values. The Oyu Tolgoi project is still at the exploration stage and it is too early to assess the possible effect on the resource estimate of factors such as environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other potential issues. At this time, however, RPA has no reason to believe that any of these potential issues will be an impediment to development of the project. Insofar as the inferred mineral resources identified to date in the Central Oyu and Southwest Oyu zones of the Oyu Tolgoi Property are not mineral reserves, they do not have demonstrated economic viability. 16 Sampling and Analysis Ivanhoe's sampling procedure consists of drilling core holes on 80 metre to 120 metre centres at -55 degrees on parallel sections spaced from 80 metres to 100 metres apart. The diameter of the drill core obtained from Ivanhoe's diamond drill holes varies between 42.0 millimetres (BTW size) and 85.0 millimetres (PQ size), with the majority being 47.5 millimetres (NQ size) and 63.5 millimetres (HQ size). Ivanhoe has generally been able to recover greater than 95% of the core, which is carefully pieced together and cut along the core axis with a diamond saw. Ivanhoe places one half of all BTW, NQ and HQ core samples in boxes for future reference and the other half is placed into numbered bags for shipment to the laboratory for sample preparation and assay. PQ core is quartered with one quarter of the core shipped for assay. Typically the core is composited in two metre lengths to make an assay sample, although RC holes are typically one metre long. The drill holes are generally oriented on an azimuth of 35 degrees because it is roughly perpendicular to the observed quartz veins in weathered bedrock at the surface. Given the intensity of the stockwork vein system (up to 30% over broad mineralized intervals), Ivanhoe does not anticipate that there will be a significant bias on the vein set by the drill holes. To verify this assumption, Ivanhoe has drilled seven holes perpendicular to 35 degrees. Ivanhoe uses a standard two-metre sampling interval on its drill holes, regardless of the rock type and internal vein structure. This minimizes the possibility of improper data entry into the sampling database and will be compatible with the expected future uses of the sampling database, as pre-feasibility and feasibility studies will likely rely on between six to twelve metre intervals. In addition, mining operations will likely employ large capacity bulk mining equipment that negates detailed analytical mining data. Barren dykes are assayed with the mineralized zones and included in average grade intervals unless they are wider than ten metres, which would make them amenable to selective waste mining. Samples of previously assayed core are inserted into the sample stream at the project site on a 1 in 40 basis to provide a check on the sample preparation and analytical results. Similarly, barren, unmineralized core samples are added into the sample stream on an alternate 1 in 40 basis to provide an assay blank in the analytical process. This helps monitor the sample integrity during transport to the lab in Ulaanbaatar and for contamination in the system. Analabs Pty. Ltd. ("Analabs"), of Ulaanbaatar, Mongolia, has performed the assays of the Ivanhoe drill holes. Chemex Labs and Bondar Clegg, both of Vancouver, British Columbia, previously performed check assays on 79 of those samples selected on a 1-in-10 basis from hole OTRCD-149 and holes OTD-150. The results of these check analyses indicate that Analabs' gold fire-assays and copper assays are statistically similar to both Chemex and Bondar Clegg. However, Analabs reported gold samples systematically higher than Chemex Lab and Bondar Clegg. A subsequent check assay on 81 samples by Bondar Clegg resulted in a satisfactory correlation of both copper and gold compared to Analabs' results. Analabs' molybdenum assays are consistently running higher than those of both Chemex Labs and Bondar Clegg, and Ivanhoe intends to retain the services of an independent geochemist in order to determine the appropriate corrective measures. Ivanhoe had independent check assays performed on a 1-in-20 basis on all assayed holes until February, 2002, when certified standards were inserted into the sample stream at the project site on a 1 in 20 basis. Ivanhoe shipped six 50 kilogram core samples from OTRCD-149 (South Oyu zone), OTD-150 (Southwest Oyu zone) and OTD-159 (Central Oyu zone) to Lakefield Research in Canada for preliminary metallurgical testing of typical intercepts of high-grade and intermediate grade supergene and hypogene mineralization. Lakefield conducted preliminary froth flotation tests and column leach tests on the samples. All samples with the exception of the sample of chalcocite mineralization, responded well to copper mineral concentration by flotation. Commercial grade copper mineral concentrates, containing 26 - 30% copper, were achieved at metal recoveries between 81 - 91% of the copper in the feed sample. Gold recoveries were approximately 76 - 77% of the metal in the feed. 17 The sample from the chalcocite blanket at Central Oyu did not respond well to the recovery of copper by flotation but did respond well to bacterial leaching in a column. The column leach is designed to test the amenability of the sample to a low cost bacterial heap leaching method of copper extraction. Projected copper extraction from the chalcocite sample is in the 65-82% range after approximately 3 months. The tests are still in progress. Seven samples of core were shipped to Minnovex Technologies in Toronto, Ontario for comminution testing. In general, the results of the tests indicated that the rock could be classified as "hard". However, the program was performed on a limited number of samples and significantly more testing is required before final conclusions can be drawn. Finally, RPA collected seven samples of drill core from OTRCD-149 and 150 and OTD-159. RPA engaged XRAL Laboratories of Toronto to perform specific gravity testing on the samples. RPA reported that XRAL Laboratories' testing returned a satisfactory degree of correlation between their results and those of Analabs' original assays. ADDITIONAL MONGOLIAN EXPLORATION PROJECTS In October 2001 Ivanhoe acquired four new copper-gold porphyry-related exploration projects in Mongolia. The Oyut Ulaan and Chandman Uul prospects are located in southeastern Mongolia and the Oyut Ovoo and Saran Uul prospects are located in central Mongolia. The Oyut Ulaan prospect consists of two targets, Oyut Ulaan and Stariy. The Oyut Ulaan target, a mineralized tourmaline breccia pipe complex situated in the southwest part of the licence area, has a surface area of 2.5 square kilometres. Intense, secondary copper staining occurs within and at the south margin of the most prominent pipe. Peripheral sheeted quartz-tourmaline chalcopyrite veins occur northeast and southwest of the pipe and are hosted in Carboniferous granodiorite. Assays for sixteen reconnaissance rock-chip samples were highly anomalous in copper (fourteen samples contained more than 5% copper), molybdenum (30-87 ppm) and gold (up to 0.30 g/t). The Stariy target is a low-relief area with abundant copper-stained colluvium and subcrops within a five-square-kilometre zone in the north-central part of the licence area. Widespread vein quartz (+/-magnetite) and gossanous, magnetite-bearing, hydrothermal breccias imply underlying porphyry-type copper-gold systems. Assays for 35 reconnaissance rock-chip samples reported high copper (18 samples ranging between 1-10%), gold (seven samples ranging between 0.25-16.8 g/t) and molybdenum (three samples ranging between 200-709 ppm). The Chandman Uul prospect consists of a large, copper-bearing, magnetite skarn. The skarn is massive and outcrops extensively as a prominent line of hills over a distance of approximately three kilometres. The skarn is associated with the contact of Proterozoic limestones and Devonian granodioritic intrusions. Assays for 55 reconnaissance rock-chip samples reported high copper (26 samples ranging between 1-8%) and anomalous gold (a maximum of 2.3 g/t). No molybdenum assays were done. The Saran Uul prospect is a porphyry copper system hosted in upper Carboniferous diorites and syenites. A stockwork quartz-vein zone target has surface dimensions of 1.5 kilometres by 700 metres. The terrain is flat to undulating and much of the area is weathered and leached. Assays from 54 reconnaissance rock-chip samples were highly anomalous in copper (22 samples ranging between 0.1-0.5% and 11 samples ranging between 0.5-5%), gold (six samples ranging between 0.5-4.9 g/t) and molybdenum (14 samples ranging between 100-2000 ppm). The Oyut Ovoo prospect is centred on a group of prominent hills comprising copper-bearing magnetite skarns and hydrothermal breccia pipes hosted in Permian granitoid stocks. The mineralized zone has a surface area of approximately four square kilometres and is surrounded by recent alluvium. Assays from 43 reconnaissance 18 rock-chip samples reported anomalous values for copper (17 samples ranging between 1-10%), gold (nine samples ranging between 0.3-0.7 g/t) and molybdenum (16 samples ranging between 100ppm and 1%). Analabs performed the sample preparation and (for consistency) analysis of the rock-chip samples at its regional laboratory in Ulaanbaatar. Ivanhoe recently acquired an interest in three new exploration licences in the South Gobi region: the Kharmagtai Property, the Shuteen Property and the Ovoot Hyar Property. Ivanhoe holds an MEL over the Kharmagtai Property, but has agreed to convey a 10% interest to an arm's length private company in exchange for exploration data owned by that company in respect of the property. Ivanhoe has the right to earn an 80% interest in both the Shuteen Property and the Ovoot Hyar Property upon completion of a US$1,500,000 work program over three years on the Shuteen Property and a US$500,000 work program over one year on the Ovoot Hyar Property, with the remaining 20% interest to be held by an arm's length private company. Ivanhoe acquired exploration data from the previous owner of the respective properties in connection with the transactions. Ivanhoe intends to review this data and, based on that review, integrate the properties into its exploration program in Mongolia. MYANMAR In December 2001, the London Metals Exchange ("LME") registered cathode copper produced from the S & K mine at Ivanhoe's Monywa copper project. LME registration certifies that copper produced by the mine meets LME standards for purity, shape and weight as specified by its special contract rules. LME registration allows Ivanhoe to sell its copper cathode at premium prices. Ivanhoe is continuing discussions with potential project lenders in order to commence development of the Letpadaung deposit as the second phase of the Monywa copper project. No agreement has, to date, been reached for financing the development of the Letpadaung deposit. At Ivanhoe's principal exploration project in Myanmar, Modi Taung, Ivanhoe has identified a series of five parallel running, gold-bearing mesothermal veins. The veins are steeply dipping and trend northwest. The veins are traceable on the surface for a distance of approximately 1.5 kilometres and range in thickness from 0.3 to 2.7 metres wide. Gold contained in the vein occurs as free gold, in vugs and associated with pyrite. Since discovering the gold vein system in late 2000, Ivanhoe has explored the project area with a series of trenches, adits and crosscuts. Preliminary metallurgical work indicates gold recoveries of 97% are attainable with conventional processing. New veins with visible gold were uncovered at four locations in the south and east of the area. The new veins, and the four vein systems with adits, demonstrate that the mineralized structures at Modi Taung lie within a 1,100-metre by 3,000-metre, north-northwest trending zone. The zone is potentially open to the southeast and vein outcrops to the northwest have visible gold. Mineralized veins in adits occur over a 360-metre vertical interval without systematic change in style or grade. The camp capacity at Modi Taung is being doubled, to accommodate up to 12 aditing teams that use mine explosives below the softer, oxidized zone. Commencing in mid-2002, Ivanhoe intends to drill holes at Modi Taung to a depth of 500 metres below adit 1 to test the down-dip continuity of the vein structure. SOUTH KOREA Ivanhoe has begun pre-production mining operations from a small, high-grade open pit at the Eunsan deposit in South Korea and expects to commence milling gold and silver ores some time during the first half of 2002. Milling and surface facilities are being constructed. Open pit mining operations will be followed by an 19 underground development program designed to provide additional feed for the mill and further define specific ore zones. The Eunsan deposit is the most advanced of several prospects identified by Ivanhoe within the Seongsan gold/silver project in Chollanam-Do Province. Drilling is ongoing at the other prospects to define the grades and extent of the gold and silver mineralization. The current development concept is to mine three or more deposits, using a central milling facility. Pre-production work and infrastructure development, including a 3,300-tonne per month mill, site facilities, open-pit and portal, is expected to cost approximately US$1,000,000. Ivanhoe plans to recover gold and silver using gravity concentration and a flotation circuit to produce gold and silver concentrate. The concentrate will be smelted on site to produce gold bullion and dore bars. Gold recoveries are expected to be approximately 85% from the oxidized surface ore and approximately 95% from the unoxidized underground ore. The Seongsan project area contains outcropping, low-sulphidation, epithermal gold-silver mineralized systems occurring as veins, breccias, stockworks and zones of silification along a cumulative strike length of at least 3.2 kilometres. The veins lie along a structural zone adjacent to a large, operating clay mine and, as a result, the area has established infrastructure to support mining. KAZAKHSTAN Ivanhoe has recommenced gold production from oxide ore at the Bakyrchik gold mine in northeastern Kazakhstan. The initial gold dore bar, weighing 4.2 kilograms (135 ounces), was poured in October, 2001. It was the first gold produced at the Bakyrchik gold mine since 1996, when Ivanhoe first acquired an interest in the project. The mine, at which Ivanhoe plans to gradually build up production to approximately 20,000 ounces of gold per year, is currently processing oxide ore stockpiled from previous mining operations at a rate of 500 tonnes per day. The gold is recovered using the carbon-in-leach recovery method. Open-pit mining of near-surface oxide ore is scheduled to start in the second quarter of 2002. Initial recoveries of gold from oxide ore were expected to be in the order of 90% but the uneven nature of the stockpiled material has resulted in a recovery rate for the last three months of 2001 of approximately 70%. In general, the initial performance was disappointing due to the extreme winter conditions and variable stockpile conditions. The mining venture plans to engage a local mining contractor to mine and deliver new ore to the crusher. The mining venture also plans to expand the crusher facility to accommodate more throughput. At this time, management is uncertain as to the ultimate viability of the oxide project. The gold deposits at Bakyrchik consist of a series of mineralized lenses, or lodes, lying within a large shear zone that is 11.5 kilometres in length. Gold mineralization is hosted within sheared, carbonaceous sediments of the fault zones, and is contained within oxide and sulphide mineralization occurring in association with quartz stockworks. The sulphide and carbon in the deposits may be variably oxidized to depths of 20 to 40 metres. Ivanhoe has a 70% interest in Bakyrchik Mining Venture, the Kazakhstani entity that owns the mine. The government of Kazakhstan holds the remaining 30%. Ivanhoe is entitled to 100% of all operating cash flows from the mine until it has recovered all of its previously invested capital in the project. TASMANIA The operating and financial results for the fourth quarter of 2001 at the Savage River iron ore mine in Australia continued the third quarter trend, with total material shipped during the fourth quarter dropping by 28% from the amount shipped during the third quarter. The mine's owner, Goldamere Pty. Ltd., an indirect wholly-owned subsidiary of Ivanhoe, continued its pursuit of a restructuring of its business plan and financing package with its major lenders and other stakeholders. 20 Goldamere operates an open pit mine and a crusher/concentrator facility at Savage River and a pellet plant at Port Latta, approximately 83 kilometres north of the mine. Goldamere's products are sold to customers in Australia and Asia. Goldamere continues to convert the out-of-the-money portion of a currency-hedge obligation to its major creditor, UBS Australia Limited ("UBS"), into project debt, pending the conclusion of negotiations with UBS and other major stakeholders to achieve a satisfactory restructuring of Goldamere's finances. The UBS credit facility at December 31, 2001, consisted of a project loan for the Savage River operation of approximately A$42.391 million (US$21.594 million at a year-end exchange rate of $1 Australian = US$0.50945), excluding accrued interest of A$1.370 million (US$697,735), plus an obligation to deliver approximately US$5.0 million per month until February, 2003 under the foreign currency hedge. On a marked-to-market basis, the hedge results in an accrued loss of approximately A$35.83 million (US$18.032 million). The loan and hedge are non-recourse to Ivanhoe. Against a background of significant softening in demand from the world's steel industry, with the major iron-ore pellet producers reducing output in some cases by as much as 25%, sales of iron-ore products during 2001 totalled approximately 1,900,000 tonnes, 460,000 tonnes below plan. Goldamere's customers maintained contracted shipments during the fourth quarter and BHP-Billiton, Goldamere's largest customer, agreed to increase its purchases of iron-ore pellets by 25% for the current contract year (which ends in June, 2002). NORWAY The Bj0rnevatn iron ore mine, closed since 1997, remains on care and maintenance. Although Ivanhoe had planned, in the medium term, to refurbish the existing pellet producing facilities and re-open the mine, Ivanhoe management has since decided that, insofar as Bj0rnevatn is a non-core asset, its other projects elsewhere in the world should take priority in the Corporation's capital expenditure budget and that no further expenditures of a material nature should be made by the Corporation in respect of the Bj0rnevatn iron ore mine. Management of Arctic Bulk Minerals AS ("Arctic"), a wholly-owned subsidiary of Ivanhoe and the owner of the Bj0rnevatn iron ore mine, has proposed to Ivanhoe that Arctic seek its own source of equity financing in order to continue its efforts to re-start the mine. The proposal would involve Arctic issuing new shares to a number of arm's length investors, primarily in Norway. The Corporation supports the efforts of Arctic's management to raise financing for the ongoing efforts to re-open the Bj0rnevatn iron ore mine but is not prepared to commit any significant additional financial resources of its own to advance or maintain the project. Therefore, the Company is prepared to have its equity interest in Arctic diluted in order to allow Arctic to raise additional equity capital in the future. There can be no assurance that Arctic will be successful in its efforts to independently raise the capital necessary to restart the Bj0rnevatn iron ore mine. To date, Arctic has not been successful in its efforts to raise financing. If Arctic fails to obtain, at a minimum, the funding necessary to retain the Bj0rnevatn iron ore mine on care and maintenance, Arctic may be forced to relinquish its entire interest in the project. 21 CONSOLIDATED CAPITALIZATION The following table sets forth the consolidated capitalization of Ivanhoe as of the dates indicated and reflects material changes in Ivanhoe's capitalization since the date of its most recent audited consolidated annual financial statements, which are incorporated by reference in this short form prospectus. The following table should be read in conjunction with those financial statements and the notes that accompany them.
As at As at December 31, 2000 February 28, 2002(2) ----------------- ------------------- (in US$000's) Loans Payable to Related Parties (1) $ 21,588 $ 4,764 Long-term Debt (including current portion) 66,403 62,604 Shareholders' Equity Share Capital Common Shares(3) 414,489 460,837 Special Warrants(4) - 14,997 Additional Paid-in Capital 10,375 1,750 Accumulated Deficit (246,917) (281,000)(5) --------- --------- Total Consolidated Capitalization $ 265,938 $ 263,952 ========= =========
(1) Changes to Loans Payable to Related Parties reflect the conversion into 30,625,000 Common Shares on December 31, 2001 of US$23,075,474 face value of loans plus accrued interest owed by Ivanhoe's wholly-owned subsidiary, ABM Mining Limited, and its subsidiaries to related parties of Ivanhoe. For more information, see Ivanhoe's material change report dated January 7, 2002, which is incorporated herein by reference. (2) With the exception of Common Shares, Special Warrants and Additional Paid-in Capital, the figures reported for February 28, 2002 represent an estimate. (3) Changes to Common Share equity reflect the issuance by Ivanhoe of an aggregate of 15,220,889 Common Shares in private placements and public offerings during the year ended December 31, 2001, the deemed issue price for the 30,625,000 Common Shares issued on the conversion of related party loans as described in Note (1) above and 1,048,975 Common Shares issued pursuant to incentive stock options and other rights to purchase Common Shares exercised between December 31, 2000 and February 28, 2002. (4) Proceeds from the Special Warrants issued pursuant to the First Subscription and Second Subscription. (5) Reflects a write down of approximately US$5,500,000 in the carrying value of the Bjornevatn iron ore mine as at December 31, 2001 but does not reflect an anticipated but as yet unquantified write down in the carrying value of the Savage River iron ore mine as at December 31, 2001. DESCRIPTION OF SHARE CAPITAL The authorized share capital of Ivanhoe consists of an unlimited number of Common Shares without par value and an unlimited number of preferred shares without par value ("Preferred Shares"). As of the date of this prospectus, there are 171,880,884 Common Shares and no Preferred Shares issued and outstanding. Rights and 22 restrictions in respect of the Common Shares and the Preferred Shares are set out in Ivanhoe's articles of continuance and in the Yukon Business Corporations Act, and its regulations, Ivanhoe's governing statute. The holders of Common Shares are entitled to one vote per Common Share at all meetings of shareholders, to receive dividends as and when declared by the directors, and to receive a pro rata share of the remaining property and assets of the Corporation in the event of liquidation, dissolution or winding up of the Corporation. The Common Shares have no pre-emptive, redemption, purchase or conversion rights. There are no sinking fund provisions in relation to the Common Shares and they are not liable to further calls or to assessment by the Corporation. The Yukon Business Corporations Act provides that the rights and provisions attached to any class of shares may not be modified, amended or varied unless consented to by special resolution passed by a majority of not less than two-thirds of the votes cast in person or by proxy by holders of shares of that class. The Preferred Shares as a class rank senior to the Common Shares as to the payment of dividends and the distribution of property and assets on the liquidation, dissolution or winding-up of the Corporation. Holders of Preferred Shares are not entitled to any voting rights as a class except as may be provided under the Yukon Business Corporations Act and except that the directors of the Corporation are empowered to attach to any series voting rights relating to the election of directors on a default in payment of dividends. The Preferred Shares are issuable in one or more series, each consisting of such number of Preferred Shares as may be fixed by the Corporation's directors. The Corporation's directors may from time to time, by resolution passed before the issue of any Preferred Shares of any particular series, alter the constating documents of the Corporation to determine the designation of the Preferred Shares of that series and to fix the number of Preferred Shares therein and alter the constating documents to create, define and attach special rights and restrictions to the shares of that series, including, without limitation, the following: (i) the nature, rate or amount of dividends and the dates, places and currencies of payment thereof; (ii) the consideration for, and the terms and conditions of, any purchase of the Preferred Shares for cancellation or redemption; (iii) conversion or exchange rights; (iv) the terms and conditions of any share purchase plan or sinking fund; and (v) voting rights and restrictions. PRIVATE PLACEMENT AND PLAN OF DISTRIBUTION Special Warrants were issued pursuant to the First Subscription at a price of Cdn.$2.50 per Special Warrant and pursuant to the Second Subscription at a price of Cdn.$2.75 per Special Warrant. Both transactions closed on January 25, 2002. The prices of the Special Warrants were determined by negotiation between Ivanhoe and each of the Purchasers based on the closing market price of the Common Shares on the TSE on the day prior to Ivanhoe and each such Purchaser entering into a Subscription Agreement. Ivanhoe sold the Special Warrants directly to the Purchasers without use of an agent or underwriter pursuant to registration and prospectus exemptions under applicable securities legislation and paid no fees or commissions in connection therewith. No fees or commissions will be payable by Ivanhoe in connection with the issuance of the Common Shares on the exercise of the Special Warrants. The expenses of the Offering, including the cost of preparation of this prospectus, will be borne by Ivanhoe. Each Special Warrant allows the holder to acquire, without any additional payment, one Common Share. The Special Warrants may be exchanged or exercised at any time after their issuance, subject to the terms and conditions of the special warrant indenture dated January 25, 2002 (the "Special Warrant Indenture") between Ivanhoe and CIBC Mellon Trust Company, and will be deemed to be exercised on the fifth business day following the earlier of: (i) the date on which a receipt has been issued for a final prospectus qualifying the issuance of the Common Shares issuable upon exercise of the Special Warrants by the last of the securities commissions to do so in the Filing Provinces; and (ii) May 25, 2002. Each Purchaser has represented and warranted in its Subscription Agreement that it was acquiring the Special Warrants and the underlying Common Shares to be held for investment only and not with a view to immediate resale or distribution. Ivanhoe has no reason to believe that any of the Purchasers has any different investment 23 intent in respect of the Special Warrants and the underlying Common Shares than that represented in the Subscription Agreements. This prospectus is being filed in the Filing Provinces to qualify the distribution of the Common Shares to be issued upon the exercise of the Special Warrants. Common Shares issued to holders of the Special Warrants in any province in which a receipt for this prospectus has not been issued may be subject to resale restrictions under applicable securities legislation. The TSE has approved for listing the Common Shares issuable upon the exercise of the Special Warrants. The Special Warrants and the Common Shares issuable upon exercise of the Special Warrants have not been registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold or otherwise transferred in the United States to any U.S. Person (as defined in Regulation S under the U.S. Securities Act) and may not be sold in the United States or to U.S. Persons except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. Ivanhoe has no plans to register the Common Shares issuable upon the exercise of the Special Warrants under the U.S. Securities Act. USE OF PROCEEDS Pursuant to an agreement dated as of March 13, 2002, Ivanhoe agreed to sell, and an underwriting syndicate agreed to buy, 17,450,000 Common Shares (the "Underwritten Equity Financing"). See "Other Material Facts". The aggregate net proceeds of the Underwritten Equity Financing were approximately US$34,000,000 (Cdn$53,677,000). The aggregate net proceeds received by Ivanhoe from the sale of the Special Warrants pursuant to this Offering, after payment of expenses of the Offering, including preparation of this short form prospectus, estimated to be US$50,000 (Cdn$75,000), were approximately US$15,200,000 (Cdn$24,120,000). Ivanhoe intends to allocate the combined net proceeds of this Offering and the Underwritten Equity Financing as follows: (i) to fund a two phase delineation and exploration drilling program in the Southwest Oyu zone of the Oyu Tolgoi Property - US$ 8,000,000 (ii) to fund an exploration drilling program in the South Oyu, Central Oyu, Airstrip and North Oyu zones of the Oyu Tolgoi Property - US$11,200,000 (iii) to fund a metallurgical testing, scoping and pre-feasibility and related engineering studies on the Oyu Tolgoi Property - US$ 3,400,000 (iv) to fund a field reconnaisance and geochemical sampling program to identify drilling targets on Ivanhoe's other Mongolian mineral exploration properties - US$ 3,500,000 (v) to fund one or more exploration drilling programs on Ivanhoe's other Mongolian mineral exploration properties - US$ 3,600,000

24 (vi) to fund net holding, care and maintenance and operating costs of the Bakyrchik gold mine in Kazakhstan - US$ 3,750,000 (vii) to fund general and administrative costs - US$10,000,000 (viii) for working capital - US$ 5,750,000 ------------- Total: US$49,200,000 =============

Ivanhoe expects to incur the planned expenditures outlined above over a period of twelve to eighteen months. Drilling and other exploration expenditures will be contingent upon receipt of results which justify continued exploration of the target properties. In the absence of exploration results justifying ongoing expenditures on a particular property, Ivanhoe may re-allocate funds previously allocated for expenditure on that property to other properties now owned or acquired in the future. The expenditures planned for the Bakyrchik gold mine represent the estimated cost to Ivanhoe of retaining its interest in the project, net of revenue generated from mining operations, over the next eighteen months. These net holding costs may be higher or lower depending on fluctuations in the price of gold and recovery rates from mining operations which, to date, have been lower than expected. RISK FACTORS Investment in securities of Ivanhoe involves a significant degree of risk and should be considered speculative due to the nature of Ivanhoe's business and the present stage of its development. Investors should give careful consideration to the risk factors described in "Item 4 - Narrative Description of Business - Risk Factors" on pages 38 through 45 of Ivanhoe's AIF, which is incorporated by reference in this short form prospectus, and the following additional risk factors relating to Ivanhoe's Oyu Tolgoi exploration project: OUR BUSINESS IN MONGOLIA MAY BE HARMED IF THE COUNTRY FAILS TO COMPLETE ITS TRANSITION FROM STATE SOCIALISM AND A PLANNED ECONOMY TO POLITICAL DEMOCRACY AND A FREE MARKET ECONOMY. Since 1990, Mongolia has been in transition from state socialism and a planned economy to a political democracy and a free market economy. Much progress has been made in this transition but much progress remains to be made, particularly with respect to the rule of law. Many laws have been enacted, but in many instances they are neither understood nor enforced. For decades Mongolians have looked to politicians and bureaucrats as the sources of the "law". This has changed in theory, but often not in practice. With respect to most day-to-day activities in Mongolia government civil servants interpret, and often effectively make, the law. This situation is gradually changing but at a relatively slow pace. Laws may be applied in an inconsistent, arbitrary and unfair manner and legal remedies may be uncertain, delayed or unavailable. FUTURE AMENDMENTS TO MONGOLIAN LAWS COULD WEAKEN, SHORTEN OR CURTAIL OUR MINERAL EXPLORATION RIGHTS OR MAKE IT MORE DIFFICULT OR EXPENSIVE TO OBTAIN MINING RIGHTS AND CARRY OUT MINING. Mongolia's Minerals Law was drafted with the assistance of Western legal experts and is regarded as one of the most logical, internally consistent and effective pieces of mining legislation among all of the developing countries of Asia. However, future amendments to the Minerals Law or new legislation covering ostensibly unrelated matters could affect the existing tenure regime under the Minerals Law and harm Ivanhoe's ability to carry on business in Mongolia. Mongolian government civil servants have, in the past, unsuccessfully attempted to introduce amendments to the Minerals Law which would, from the perspective of the international mining industry, be regarded as counterproductive. Future amendments to the Minerals Law or new legislation, if 25 implemented, could vary or abrogate key provisions of the Minerals Law in a manner that impairs Ivanhoe's ability to conduct exploration and mining in Mongolia. THE MINERAL RESOURCES IDENTIFIED ON THE OYU TOLGOI PROPERTY DO NOT HAVE DEMONSTRATED ECONOMIC VIABILITY AND THE FEASIBILITY OF MINING HAS NOT BEEN ESTABLISHED. The mineral resources identified to date on the Oyu Tolgoi Property are not mineral reserves and do not have demonstrated economic viability. There can be no assurance that mineral reserves will be identified on the property. The feasibility of mining on the Oyu Tolgoi Property has not been, and may never be, established. LACK OF INFRASTRUCTURE IN PROXIMITY TO THE OYU TOLGOI PROPERTY COULD ADVERSELY AFFECT MINING FEASIBILITY. The Oyu Tolgoi Property is located in an extremely remote area which lacks basic infrastructure, including sources of power, water, housing, food and transport. While Ivanhoe has established the limited infrastructure necessary to conduct exploration activities, it would need to establish substantially greater sources of power, water, physical plant and transport infrastructure in the area before it could conduct mining operations. The availability of such sources may adversely affect mining feasibility and will, in any event, require Ivanhoe to arrange significant financing, locate adequate supplies and obtain necessary approvals from national, provincial and regional governments, none of which can be assured. IVANHOE'S EXPLORATION LICENCES COULD EXPIRE BEFORE IVANHOE IS READY OR ABLE TO OBTAIN A MINING LICENCE. The exploration licences for the Oyu Tolgoi Property expire in less than two years, and renewals of those licences are unavailable under the Minerals Law. Prior to such expiry, Ivanhoe will have to convert the exploration licences to mining licences or risk losing its rights to the Oyu Tolgoi Property. Ivanhoe may not be ready to commence mining activities when the exploration licences expire. Early in 2002, a law on Licences for Business Activities was enacted which has been interpreted by Mongolian bureaucrats as requiring aimag (provincial) government level approval as a condition to the grant of exploration and mining licences. There can be no assurance that Ivanhoe will be able to obtain such approval on acceptable terms or at all when applying for mining licences and exploration licences in the future. SIGNIFICANT ACQUISITIONS On December 31, 2000, Ivanhoe acquired all of the issued and outstanding common shares of ABM Mining Limited ("ABM"). The acquisition of ABM was a "significant acquisition" for the purposes of National Instrument 44-101 of the Canadian Securities Administrators ("NI 44-101"). See page 10 of Ivanhoe's AIF, which is incorporated by reference in this short form prospectus, for particulars of the terms of Ivanhoe's acquisition of ABM, the consideration paid, the effect of the transaction on Ivanhoe's financial position and the valuation opinion obtained in respect of the transaction pursuant to Ontario Securities Commission Rule 61-501 and Policy Q-27 of the Commission des valeurs mobilieres du Quebec. Ivanhoe acquired ABM from Robert M. Friedland, the Chairman of Ivanhoe's board of directors and Ivanhoe's largest shareholder. The financial statements required under Part 4 of NI 44-101 are included in, and form a part of, this short form prospectus. See "Index to Financial Statements" and "Index to Pro Forma Financial Information". OTHER MATERIAL FACTS On March 25, 2002, Ivanhoe filed with the securities commissions in each of provinces of Canada, other than Quebec, a short form prospectus relating to the issuance of 17,450,000 Common Shares at a price of Cdn.$3.25 26 per Common Share to an underwriting syndicate consisting of Griffiths McBurney & Partners, HSBC Securities (Canada) Inc. and Haywood Securities Inc. (the "Underwriters") pursuant to an underwriting agreement dated as of March 13, 2002. The Underwriters will receive an underwriting fee in the aggregate amount of Cdn.$2,835,625. AUDITORS, TRANSFER AGENT AND REGISTRAR The auditors of Ivanhoe are Deloitte & Touche LLP, Chartered Accountants, Vancouver, British Columbia. The registrar and transfer agent for the Common Shares in Canada is CIBC Mellon Trust Company at its principal offices in Vancouver. LEGAL MATTERS Certain Canadian legal matters in connection with this Offering will be passed upon by Goodmans on behalf of Ivanhoe. As at the date hereof, the partners and associates of Goodmans, as a group, beneficially own directly or indirectly less than one percent of the outstanding Common Shares. PURCHASERS' STATUTORY RIGHTS Securities legislation in British Columbia and Ontario provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within two business days after receipt or deemed receipt of a prospectus and any amendment thereto. In British Columbia and Ontario, securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, damages where the prospectus and any amendment contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province. Purchasers should refer to any applicable provisions of the securities legislation of the purchaser's province for the particulars of these rights or consult with a legal adviser. CONTRACTUAL RIGHTS OF ACTION FOR RESCISSION In the event that a holder of a Special Warrant who acquires a Common Share upon the exercise of the Special Warrant as provided for in this prospectus, is or becomes entitled under applicable legislation to the remedy of rescission by reason of this prospectus or any amendment thereto containing a misrepresentation, the holder will be entitled to rescission not only of the holder's exercise of their Special Warrant but also of the private placement transaction pursuant to which the Special Warrant was initially acquired and shall be entitled, in connection with such rescission, to a full refund of all consideration paid on the acquisition of the Special Warrant. In the event the holder is a permitted assignee of the interest of the original Special Warrant subscriber, that permitted assignee shall be entitled to exercise the rights of rescission and refund granted hereunder as if the permitted assignee was the original subscriber. The foregoing is in addition to any other right or remedy available to a holder of a Special Warrant under section 131 of the Securities Act (British Columbia), equivalent provisions of the securities laws of the other Filing Province or otherwise at law. 27 INDEX TO FINANCIAL STATEMENTS ABM MINING LIMITED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999
Page ---- Auditors' Report............................................... A-1 Consolidated Balance Sheet..................................... A-2 Consolidated Statement of Earnings and Deficit................. A-3 Consolidated Statement of Cash Flows........................... A-4 Notes to the Consolidated Financial Statements................. A-6
INDEX TO PRO FORMA FINANCIAL INFORMATION PRO FORMA CONSOLIDATED STATEMENT OF LOSS FOR THE YEAR ENDED DECEMBER 31, 2000
Page ---- Compilation Report............................................. B-1 Pro Forma Consolidated Statement of Loss....................... B-2 Notes to the Pro Forma Consolidated Financial Information...... B-3
28 C-1 EX-99.3 79 o11180exv99w3.txt EARN-IN AGREEMENT DATED MAY 5, 2000 EXHIBIT 99.3 EARN-IN AGREEMENT (OYU TOLGOI PROJECT, MONGOLIA) THIS AGREEMENT (the "AGREEMENT") is made effective as of the 5th day of may 2000 (the "EFFECTIVE DATE"), between: IVANHOE MINES LTD., a corporation incorporated under the laws of the Yukon Territory, Canada ("IVANHOE") and BHP MINERALS INTERNATIONAL EXPLORATION INC. a company incorporated under the laws of Delaware, USA ("BHP") INTRODUCTION A. BHP is the holder of the exploration license (the "LICENSE") for the area described in the License (the "LICENSED AREA") associated with the exploration project commonly referred to as the Oyu Tolgoi Project (the "PROJECT"). A copy of the License and a description of the Licensed Area are attached as Exhibit A. B. Ivanhoe desires to evaluate the Project and determine whether to acquire an ownership interest in the License and enter into a joint venture agreement, as provided in this Agreement. NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises, covenants and agreements herein set forth, the parties covenant and agree with each other as follows: GENERAL PROVISIONS PART I INTERPRETATION DEFINITIONS 1.1 As used in this Agreement, the following terms shall have the meanings ascribed thereto; "Additional Earn-In Obligations" has the meaning assigned to it in Section 3.4; 1 "Back-in Right" has the meaning assigned to it in Section 4.1; "BHP Royalty" has the meaning assigned to it in Section 3.6; "Business Day" means a day on which the commercial banks are generally open for business in Melbourne, Australia and Vancouver, Canada; "Defaulting Party" has the meaning assigned to it in Section 7.1; "Dollar" and "$" mean U.S, dollars; "Earn-in Date" means the last day of the Earn-in Period; "Earn-in Obligations" means, collectively, the Initial Earn-in Obligations and the Additional Earn-in Obligations; "Earn-in Period" means a period of three (3) years commencing from the Effective Date; "Existing Data" means maps, drill logs and other drilling data, core tests, pulps, reports, surveys, assays, analyses, production reports, operations, technical, accounting and financial records, and other material information developed by BHP in respect of the Project prior to the date of this Agreement; "Expenditures" means any costs incurred by Ivanhoe in connection with the Licensed Area, whether direct or indirect, and for purposes of: (i) prospecting, exploration, and evaluation of the Licensed Area; (ii) payments of fees, duties, or other charges or deductions to acquire or maintain any license, permit, or other documents issued by governmental bodies or other persons granting the right to use mineral resources and surface lands in the Licensed Area, and (iii) other expenses incurred in connection with exploration of the Licensed Area, or License, including environmental and other studies, charges incurred for site preparation, engineering, surveying, permits, equipment rental, third-party contractor services, construction of roads, costs of equipment and supplies, labor costs, fees under consulting agreements, and all direct salary and field expenses of exploration personnel, and transportation costs. "First Phase Exploration Program" has the meaning assigned to it in Section 3.1; "Initial Earn-in Obligations" has the meaning assigned to it in Section 3.1; "Joint Venture" has the meaning assigned to it in Section 5.1 ; 2 "Joint Venture Agreement" has the meaning assigned to it in Section 5,2; "License" means the exploration license in respect of the Licensed Area, as more particularly described in Exhibit "A" together with any upgraded mineral tenure in respect thereof (including, but not limited to, any mining licenses) granted pursuant to the provisions of the applicable mining laws of Mongolia; "Licensed Area" means, at any particular time, the geographical area which is then subject to the License or other upgraded mineral tenure in respect thereof granted pursuant to the provisions of the applicable mining laws of Mongolia; the current area subject to the License is described by the co-ordinates set forth in Exhibit "A"; "Net smelter return" means the amount received by Ivanhoe from a purchaser in payment for first saleable product mined from the Licensed Area less costs of transportation from the mine to the point where payment from the purchaser is received and less sampling, weighing, treatment, processing, and refining charges borne by Ivanhoe in connection with the sale of such product. In the event the first saleable products are shipped to a treatment facility owned or operated by Ivanhoe, the net smelter returns shall be no less favorable to BHP than if such products had been shipped to a non-affiliated purchaser. "Non-Defaulting Party" has the meaning assigned to it in Section 7.1; "Offer" has the meaning assigned to it in Section 6.1; "Offeror" has the meaning assigned to it in Section 6.1; "Offeree" has the meaning assigned to it in Section 6.1; "Operator" has the meaning assigned to it in Section 5.2(a); "Outside Areas" has the meaning assigned to it in Section 3.1; "Second Phase Exploration Program" has the meaning assigned to it in Section 3.5; "Significant Mineralized Occurrence" means a potential resource or concentration of copper mineralization in such quantity and quality that extraction of the mineralization at a profit is reasonably and commercially feasible in the opinion of both BHP and Ivanhoe, acting in a commercially reasonable manner; "Standard Terms" has the meaning assigned to it in Section 5.2; and "Subject Interest" has the meaning assigned to it in Section 6.1. INTERPRETATION 1.2 FOR THE purposes of this Agreement, except as otherwise expressly provided: 3 (a) "this Agreement" means this Agreement, including the exhibits and schedules hereto, and not any particular part, section or other portion hereof, and includes any agreement, document or instrument entered into, made or delivered pursuant to the terms hereof, as the same may, from time to time, be supplemented or amended and in effect; (b) all references in this Agreement to a designated "part", "section", "subsection" or other subdivision or to a schedule are references to the designated part, section, subsection or other subdivision of, or schedule to, this Agreement; (c) the words "hereof", "herein", "hereto" and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular part, section, subsection or other subdivision or schedule unless the context or subject matter otherwise requires; (d) the division of this Agreement into parts, sections and other portions and the insertion of headings are for convenience of reference only and are not intended to interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof; (e) unless otherwise provided herein, all references to currency in this Agreement are to lawful money of the United States of America and all amounts to be calculated or paid pursuant to this Agreement are to be calculated in lawful money of the United States of America; (f) a reference to a statute in this Agreement includes all regulations made thereunder, all amendments to the statute or regulations in force from time to time, and any statute or regulation that supplements or supersedes such statute or regulations; (g) the singular of any term includes the plural, and vice versa, and the use of any term is generally applicable to any gender and, where applicable, a body corporate, firm or other entity, and the word "or" is not exclusive and the word "including" is not limiting whether or not non-limiting language (such as "without limitation" or "but not limited to" or words of similar import) is used with reference thereto; and (h) all references to "approval", "authorization" or "consent" in this Agreement means written approval, authorization or consent. EXHIBITS 1.3 Attached to and forming part of this Agreement is the following Exhibit: Exhibit "A" - Copy of the License and description of the Licensed Area Exhibit "B" - List of Vehicles and Field Equipment PART 2 EARN-IN RIGHTS 4 EARN-IN RIGHTS 2.1 BHP hereby grants to Ivanhoe the right to earn a one hundred (100%) participating interest in the License by performing the Earn-in Obligations within the Earn-in Period. Provided that Ivanhoe performs all of the Earn-in Obligations within the Earn-in Period and is not in material breach of this Agreement, Ivanhoe will be deemed to have earned a one hundred percent (100%) participating interest in the License as of the Earn-in Date. LICENSE REGISTRATION 2.2 BHP will use commercially reasonable efforts to cause the License to be legally transferred and registered in the name of Ivanhoe as soon as practicable after Ivanhoe has earned its participating interest in the License in accordance with Section 2.1. LICENSE RELINQUISHMENT 2.3 Provided that Ivanhoe is not in default under any terms of this Agreement, until such time as BHP has complied with its obligation under Section 2.2 or this Agreement is terminated, whichever is earlier, BHP will not: (a) voluntarily relinquish any portion of the Licensed Area without first consulting with Ivanhoe; or (b) voluntarily surrender the License without first allowing Ivanhoe to exercise its right of first refusal under Section 6.1 hereof. PART 3 EARN-IN OBLIGATIONS INITIAL EARN-IN OBLIGATIONS 3.1 During the Earn-in Period, Ivanhoe will conduct an exploration program in the Licensed Area involving reconnaissance, diamond drilling and reverse circulation drilling (the "FIRST PHASE EXPLORATION PROGRAM") to examine the chalcocite blanket and test copper-gold mineralization in the North, South, and Central Oyu and other sections of the Licensed Area, Ivanhoe agrees to incur the following minimum Expenditures in connection with its exploration, prospecting, and evaluation of the Licensed Area within each 12 month work period described below:
Work Period Minimum Expenditures ----------- -------------------- #1. Effective Date to First Anniversary of Effective Date $ 500,000 #2. First Anniversary of Effective Date to Second Anniversary of Effective Date $1,000,000 #3. Second Anniversary of Effective
5 Date to Third Anniversary of Effective Date $ 1,500,000 ----------- TOTAL $ 3,000,000

At least one million five hundred thousand dollars ($1,500,000) of such Expenditures will be allocated to funding exploration in areas outside the Central Oyu chalcocite resource area but within the Licensed Area (the "Outside Areas"), unless the parties agree, based on initial results obtained during this Program, that the prospectivity of the Outside Areas does not justify allocating that level of funds to the Outside Areas. The obligations in this section 3.1 are collectively referred to as the "INITIAL EARN-IN OBLIGATIONS". EXPENDITURES DURING FIRST PHASE EXPLORATION PROGRAM 3.2 (a) Expenditures incurred by or on behalf of Ivanhoe prior to the end of any designated work period in excess of the minimum required Expenditures for that work period shall be credited against minimum Expenditure requirements for the following period. Under no circumstances shall BHP be obligated to reimburse Ivanhoe for any Expenditures incurred by Ivanhoe pursuant to this Agreement. (b) Upon Ivanhoe's failure to make such Expenditures required during any designated work period, BHP may, by written notice to Ivanhoe, terminate this Agreement effective upon the end of such designated work period, and Ivanhoe shall retain no interest under this Agreement or to the License, but Ivanhoe shall be obligated to pay BHP the unpaid balance of Expenditures for such work period and shall remain liable for its obligations described in this Part 3 (Earn-in Obligations) (except sections 3.4 and 3.5) and Part 7 (Default and Termination) and all other obligations and liabilities that expressly survive the termination of the Agreement. LICENSE 3.3 During the Earn-in Period, Ivanhoe will, at its sole cost, keep and maintain title to the License in good standing (including, but not limited to, paying in a timely manner all required license fees of any nature and promptly providing copies of all such payments to BHP) and comply with all work programs required to keep the License in good standing. Ivanhoe will manage all exploration programs using sound business judgement and in accordance with generally accepted international mining industry practice. Any necessary expenditures incurred by Ivanhoe to comply with the laws in Mongolia for the purpose of maintaining the License will be considered an Expenditure and credited towards its Initial Earn-in Obligations. ADDITIONAL EARN-IN OBLIGATIONS 3.4 After fulfilling the Initial Earn-in Obligations, Ivanhoe shall fulfil each of the following additional obligations on the Earn-in Date (collectively, the "ADDITIONAL EARN- 6 IN OBLIGATIONS") before it will be vested with a one hundred percent (100%) participating interest in the License, in accordance with section 2.1: (a) pay to BHP the sum of five million dollars ($5,000,000) by wire transfer; and (b) deliver to BHP a letter of credit, bank guarantee, or performance bond in a form and substance and from a bank or other financial or bonding institution acceptable to BHP to secure the performance by Ivanhoe of the minimum Expenditures of the Second Phase Exploration Program. Ivanhoe shall have the option of fulfilling the payment obligation under clause (a) of this section 3.4 by paying BHP one million dollars ($1,000,000) by wire transfer on the Earn-in Date and contemporaneously providing BHP with a promissory note, in form and substance satisfactory to BHP, in the amount of four million dollars ($4,000,000) payable in full 12 months after the Earn-in Date, together with an irrevocable letter of credit or bank guarantee in favor of BHP and in a form and substance and from a bank or other financial institution acceptable to BHP. The security provided under clause (b) of this section 3.4 shall be in the amount of three million dollars ($3,000,000), which amount may, at the request of Ivanhoe, be reduced each year during the Second Phase Exploration Program by the amount of Expenditures incurred by Ivanhoe under such Program during the preceding year. SECOND PHASE EXPLORATION PROGRAM 3.5 (a) Upon completion of the Earn-in Obligations but subject to the transfer of the License from BHP to Ivanhoe pursuant to Section 2.2, Ivanhoe will incur additional Expenditures in the aggregate amount of three million dollars ($3,000,000) to conduct further exploration in the Licensed Area (the "Second Phase Exploration Program") over a period of four (4) years, of which one million five hundred thousand dollars ($1,500,000) will be allocated to funding exploration in the Outside Areas, unless the parties agree, based on initial results obtained during this Program, that the prospectivity of the Outside Areas does not justify allocating that level of funds to the Outside Areas. (b) If Ivanhoe fails to incur all of the Expenditures required under Section 3.5 (a) in a timely manner, the unexpended balance of such minimum Expenditure requirement shall be paid to BHP from the security posted under clause (b) of section 3.4 and BHP shall be entitled to conduct (or contract with a third party to conduct) exploration in the Licensed Area to the extent of costs equal to such unexpended balance. BHP'S ROYALTY INTEREST 3.6 Upon Ivanhoe's deemed earn-in of a one hundred percent (100%) participating interest pursuant to Section 2.1, BHP will be deemed to have conveyed its entire beneficial interest in the License to Ivanhoe save and except a non-participating two percent (2%) net smelter returns royalty (the "BHP Royalty") and the Back-in Rights described in Part 4. 7 STAFFING AND EQUIPMENT 3.7 Ivanhoe may, but will not be obliged to (a) offer to employ or contract one or more of those individuals that are or remain under contract to BHP in Mongolia and (b) purchase BHP's vehicles and field equipment associated with the Project described in Exhibit B at fair market value. DATA AND REPORTS 3.8 (a) BHP will furnish or make available to Ivanhoe copies of all Existing Data in its possession or control, and copies of all licenses or contracts relating to the Licensed Area. (b) Ivanhoe will deliver to BHP, within 45 days after the end of each work period referred to in section 3.1 and after each year of the Second Phase Exploration Program, a report in reasonable detail of all operations, technical data, and Expenditures of Ivanhoe in the Licensed Area. Ivanhoe will provide BHP with a general written and oral review of all operations on or before the first day of March, June, September, and December of each year during the term of this Agreement. Ivanhoe will timely deliver to BHP copies of all Ivanhoe internal geological reports in connection with the Project, including such information that is non-factual or interpretive, together with all reports submitted by Ivanhoe to the Government of Mongolia and any security regulators to which Ivanhoe provides reports. Ivanhoe will also promptly notify BHP of significant new discoveries promptly after such information becomes available. (c) During the term of this Agreement, Ivanhoe grants to BHP full right and access to geological reports, evaluations, information and other technical and geological data, and other data and information obtained through all operations within the Licensed Area and agrees to forward to BHP all technical data on a timely basis; subject, however, to subsection 3.8(d). (d) Any technical information, geological information, or studies, reports, mining models, drill hole data, or other geological, or concerning any property within the Licensed Area and the existence, location, quantity, or quality of minerals located therein, provided or made available by one Party to the other under this Agreement or prior to the Effective Date hereof, is made without warranty and at the sole risk of the receiving Party, and no warranty, express or implied, is made with respect to such information, all of which is provided "AS IS". Each Party shall make its own determinations with respect to the reliability of such information, and shall have no claim or action against the other with respect to such information. AUDIT 3.9 Ivanhoe and BHP shall each be entitled to an independent audit of the matters covered by any statement of Expenditures, at the expense of the Party requesting the audit, provided that the audit is conducted by an international accounting firm of recognized standing. Such accounting firm shall have access, during normal business hours and upon 3 days prior notice to the other Party, to all books and records necessary 8 or useful to perform its audit. The statement of Expenditures shall be presumed true and correct after the expiration of 90 days after the date furnished, unless within the 90 day period the Party requests an audit, specifying with particularity the items to which exception is taken and the ground for each exception. If the Party requesting the audit in good faith takes written exception as provided herein, then the 90 day period shall be suspended until the objection has been resolved. INSURANCE 3.10 During the Earn-in Period, Ivanhoe will provide investigation, defense, and indemnification for BHP against any and all claims and liability of any nature including for damage, loss, or expense arising from damage to property or injury or death of any person arising in any way out of, in connection with, or resulting from the activities, errors or omissions of Ivanhoe, its directors, officers, employees, contractors, agents, representatives and invitees in connection with this Agreement. Ivanhoe will obtain and keep in force comprehensive general liability insurance, including contractual liability and coverage for the indemnity in this Agreement, with a limit of liability of not less than $5,000,000 combined, single limit, written on an occurrence basis, automobile liability insurance of not less than $5,000,000 per accident, and workers compensation insurance including voluntary workers compensation insurance and employer's liability coverages. Each insurance policy shall be endorsed so as to name BHP as an "additional insured". Within ten (10) days after the Effective Date, Ivanhoe will deliver a certificate of such insurance evidencing the naming BHP as an additional insured. The certificate shall provide for a thirty (30) day prior notice to BHP of the non-renewal, cancellation or modification of such insurance. SAFETY 3.11 Ivanhoe and its authorized representatives will carry out all operations in the Licensed Area with the highest regard for the safety of all persons and property and in accordance with generally accepted international mining industry safely policies and procedures and the requirements of the laws of Mongolia, including, without limitation, the Labour Law, the Minerals Law, and laws with respect to protection of the environment, and Ivanhoe will indemnify and hold harmless BHP, its directors, officers, employees, agents, and attorneys from and against all losses, liabilities, claims, demands, damages, expenses, suits, injury or death arising out of such operations. Failure to do so will be considered a material breach of this Agreement for which BHP may terminate this Agreement during the Earn-in Period without penalty to BHP, and Ivanhoe will have no further rights or interests in the Licensed Area or the License, and Ivanhoe will remain liable for all liabilities which it has incurred or which have accrued prior to termination of this Agreement. ENVIRONMENTAL 3.12 Ivanhoe and its authorized representatives will carry out all operations in the Licensed area with the highest regard for the protection of the environment and in accordance with generally accepted international mining industry environmental policies and procedures and the requirements of the laws of Mongolia, and Ivanhoe will 9 indemnify and hold harmless BHP, its directors, officers, employees, agents, and attorneys from and against all losses, liabilities, claims, demands, damages, expenses, suits, injury or death arising out of such operations. Failure to do so will be considered a material breach of this Agreement for which BHP may terminate this Agreement during the Earn-in Period without penalty to BHP, and Ivanhoe will have no further right or interest in the Licensed Area or the License, and Ivanhoe will remain liable for all liabilities which it has incurred or which have accrued prior to termination of this Agreement. INDEMNIFICATION 3.13 Ivanhoe will indemnify and save BHP, its directors, officers, employees, agents, and attorneys harmless from and against all losses, liabilities, claims, demands, damages, expenses, suits, injury or death arising out of its performance under this Agreement. This indemnification will survive termination of this Agreement. NO THIRD PARTY BENEFICIARY RIGHTS 3.14 This Agreement is for the benefit of the Parties and their respective successors and assigns only, and is not intended to create third party beneficiary rights in any other Party or in any Government, governmental organization or agency. RECLAMATION 3.15 Ivanhoe will be solely responsible for any reclamation which may be required by the Government of Mongolia for work done by Ivanhoe under this Agreement. Prior to commencing any exploration work in the Licensed Area, Ivanhoe will provide to BHP a bond or other form of security in a form and substance and from an institution acceptable to BHP to cover the first $2 million of any costs for such reclamation. PART 4 BHP BACK-IN RIGHTS BACK-IN RIGHTS 4.1 If, at any time prior to the completion of the Second Phase Exploration Program by Ivanhoe pursuant to section 3.5(a) or by BHP pursuant to section 3.5(b), Ivanhoe or BHP in good faith believes that, based on exploration results obtained, one or more Significant Mineralized Occurrences have been identified in the Licensed Area, that party will promptly notify the other in writing. BHP will have the right (the "Back-in Right"), exercisable within 60 days after such notice, to re-purchase a participating interest in that portion of the Licensed Area hosting any Significant Mineralized Occurrence and any extensions of such Significant Mineralized Occurrence based on the nature and scope of the Significant Mineralized Occurrence as follows: (a) if, the Significant Mineralized Occurrence contains a potential resource of copper mineralization of at least 250 million tonnes grading 1.0% copper or more, which can be processed using the solvent extraction-electrowinning leaching recovery 10 method, BHP will have a right to re-purchase a participating interest therein equal to forty percent (40%); b) if the Significant Mineralized Occurrence contains a potential resource of copper mineralization of at least 300 million tonnes grading 1.0% copper or more, which can be processed using conventional extraction methods with or without also using the SX-EW leaching recovery method, BHP will have a right to re-purchase a participating interest therein which will result in BHP having a participating interest in all such Significant Mineralized Occurrences equal to sixty percent (60%). BACK-IN PURCHASE PRICE 4.2 If BHP exercises its Back-in Right: (a) pursuant to section 4.1 (a), BHP will, upon execution by both parties of a Joint Venture Agreement, pay to Ivanhoe a cash sum equal to three times the total amount of Expenditures incurred by Ivanhoe in respect of the Licensed Area to such date under both Exploration Programs, and if the Back-in Right is exercised with respect to a Significant Mineralized Occurrence which lies within the Central Oyu Mineralized portion of the Licensed Area identified by BHP prior to the effective date, BHP will also repay all amounts paid by Ivanhoe to fulfil the Earn in Obligations under clause (a) of Section 3.4; (b) pursuant to section 4.1 (b) BHP will, upon execution by both parties of a Joint Venture Agreement, pay to Ivanhoe a cash sum equal to three times the total amount of Expenditures in respect of the Licensed Area under both Exploration Programs to such date, and if the Back-in Right is exercised with respect to a Significant Mineralized Occurrence which lies within the Central Oyu Mineralized portion of the Licensed Area identified by BHP prior to the effective date, BHP will also repay all amounts paid by Ivanhoe to fulfil the Earn-in Obligations under clause (a) of Section 3.4. For purposes of clarification, even if there exists more than one Significant Mineralized Occurrence, BHP will only have to pay such amount one time in order to acquire the participating interest in all such Significant Mineralized Occurrences. (c) the following rights or obligations will be terminated: (i) any further Earn-in Obligations of Ivanhoe; and (ii) BHP's right to the BHP Royalty; And Ivanhoe and BHP will be deemed to have formed the Joint Venture pursuant to Section 5.1. PART 5 JOINT VENTURE FORMATION OF JOINT VENTURE 5.1 If BHP exercises its Back-in Right pursuant to Section 4.1 and re-purchases a participating interest in a Significant Mineralized Occurrence, Ivanhoe and BHP will be 11 deemed to have formed a joint venture (which may, to comply with Mongolian law, need to be a Mongolian legal entity jointly owned by the Parties) to explore and, if warranted, develop and operate one or more mines in, respectively, the Licensed Area or on that portion of the Licensed Area hosting the Significant Mineralized Occurrence and any extensions (the "Joint Venture"), For purposes of clarification, if there is more than one Significant Mineralized Occurrence, then the parties contemplate a separate Joint Venture for each such Significant Mineralized Occurrence. JOINT VENTURE AGREEMENT 5.2 Ivanhoe and BHP will, upon the Formation of the Joint Venture pursuant to Section 5.1, execute in agreement (the "JOINT VENTURE AGREEMENT") having such terms as are customary in the mining industry ("Standard Terms") for joint ventures of similar nature and size and which will, in any event, include the following terms: (a) the party with the larger participating interest will be the operator of the Joint Venture (the "Operator") provided that if the participating interests of the parties are equal, BHP will be the Operator; (b) subject to applicable law, all licenses necessary to operate the Joint Venture will be registered from time to time in the name of the Joint Venture (c) each party to the Joint Venture will contribute, from time to time, its pro rata. share of any expenditures required to operate the Joint Venture; (d) any party that fails to contribute its pro rata share of required expenditures of the Joint Venture will have its participating interest in the Joint Venture diluted in accordance with a specified dilution formula; (e) the net proceeds from any commercial production from the Joint Venture will be: (i) firstly, used to repay any project financing incurred by both parties to develop the Significant Mineralized Occurrence and establish commercial production; and (ii) secondly, distributed to the parties to the Joint Venture pro rata to their respective participating interests therein; and (f) if, at any time during the Joint Venture, either party receives an offer to purchase, in whole or in part, directly or indirectly, its participating interest in the Joint Venture, which the recipient intends to accept, or if either party intends to sell, in whole or in part, directly or indirectly, its participating interest in the Joint Venture, such party shall give the other party a right of first refusal in respect of the sale of such interest. (g) if the parties agree to jointly develop a mine in the Licensed Area, BHP will allow Ivanhoe a reasonable time to obtain project financing for Ivanhoe's share of the costs of such development. (h) If, because of Mongolian law, the Parties are required to form a Mongolian legal entity to pursue exploitation of an Significant Mineralized Occurrence, they will incorporate, to the extent possible, the above-mentioned terms into an agreement at the time of formation of such an entity 12 Unless the parties otherwise agree, and subject to the foregoing, the Standard Terms will be those set out in Form 5A Model Form Exploration, Development and Mine Operating Agreement, 1996 published by the Rocky Mountain Mineral Law Foundation. PART 6 RIGHTS OF FIRST REFUSAL RIGHTS OF FIRST REFUSAL 6.1 (a) If, before the end of the Earn-in Period, either BHP or Ivanhoe receives an offer to purchase , in whole or in part, directly or indirectly, its interest in the License (the "SUBJECT INTEREST") from a third party who is not an affiliate, which offer the recipient intends to accept or if either BHP or Ivanhoe intends to and can sell, in whole or in part, directly or indirectly, a Subject Interest to a third party who is not an affiliate, such party ("OFFERER") shall first offer the Subjet Interest (the "OFFER") to the other party ("OFFEREE") on terms no less favourable than those in any offer received or intended to be made. (b) If, following the end of the Earn-in Period, BHP receives an offer to purchase, or if it intends to sell, the BHP Royalty, in whole or in part, to a third party who is not an affiliate, BHP shall first offer such interest to Ivanhoe on the same terms and conditions as the offer or the proposed sale, provided however, that in the case of an offer from a third party, Ivanhoe's costs to exercise this right of first refusal shall be ten per cent (10%) higher than the offered price including the cash equivalent of any non-cash consideration. OFFER 6.2 Any Offer Pursuant to Section 6.1 shall: (a) set out fully and clearly all of the terms and conditions of any transaction; (b) if it is made as the result of an offer from a third party, include a true copy of the offer received and the identity of the offering party; and (c) contemplate cash consideration and if the Offer is based on an offer from a third party which includes non-cash consideration, in whole or in part the Offer shall be made on the basis of the cash equivalent of such non-cash consideration, determined on the basis of a bona fide arm's length valuation by a qualified valuator, and a copy of such valuation shall accompany the Offer. If the Offeree, acting reasonably, disputes such valuation, the valuation shall be reviewed by an independent third party acceptable to both BHP and Ivanhoe, and such third party's determination (which shall be delivered within ten (10) Business Days of submission to the valuator for review) shall be final and binding upon both parties. TIME FOR ACCEPTANCE 6.3 Any Offer made as contemplated in Section 6.2 shall be open for acceptance by the Offeree for a period of 60 days from the date of receipt of the Offer by the Offeree. If 13 a valuation is being disputed pursuant to Section 6.2(c), the period set forth herein shall not commence until the third party's determination has been made. ACCEPTANCE 6.4 If the Offeree accepts the Offer within the time provided in Section. 6.3 by notice in writing to the Offeror in the manner set forth in Section 10.1, then such acceptance shall constitute a binding agreement between the Offeror and the Offeree on terms and conditions as described in Section 6.1, and such transaction shall be completed within 45 days of the date of such acceptance with each party acting in good faith in finalizing the documentation related thereto. NON-ACCEPTANCE 6.5 If the Offeree docs not accept the Offer within the sixty (60) day period provided in Section 6.3, the Offeror may complete or proceed with the transaction regarding the Subject Interest on terms and conditions as described in Section 6.1 and, where applicable, only to the party making the original offer to the Offeror as contemplated in Section 6.1 hereof, and in any event such transaction shall be completed within ninety (90) days from the expiration of the rights of the Offeree in accept such offer, failing which the Offeror must again comply with the provisions of this Section 6. PART 7 DEFAULT AND TERMINATION DEFAULT 7.1. If any party (a "DEFAULTING PARTY") is in default of any requirement herein set forth, the other party may give written notice to the Defaulting Party specifying the default. The Defaulting Party shall not lose any rights under this Agreement unless, within thirty (30) days after the giving of notice of default by the non-defaulting party (the "NON-DEFAULTING PARTY"), the Defaulting Party has failed to cure the default by the appropriate performance. Upon such failure, the Non-Defaulting Party shall be entitled to seek any remedy it may have on account of such default or as may otherwise be provided in this Agreement. If BHP terminates this Agreement under the provisions of Section 3.2 (b) or 3.5 (b), Ivanhoe will be released and discharged from all of its liabilities and obligations hereunder except those liabilities and obligations existing on the date of termination of the Agreement and except those liabilities and obligations stated herein to survive termination, including, without limitation, its obligation to complete all reclamation required by law or Governmental authorities in connection with its activities in the Licensed Area or otherwise pursuant to this Agreement. TERMINATION 7.2. If Ivanhoe elects to terminate this Agreement prior to completing the Earn-in Obligations, Ivanhoe will forfeit any right to earn an interest in the License. In the event that Ivanhoe or BHP elects to terminate this Agreement during the Earn-in Period, Ivanhoe will ensure that the License fees have been paid until the next anniversary date of 14 the License and will remain liable for reclamation of all exploration work undertaken by it or under its direction in the Licensed Area or otherwise pursuant to this Agreement. PART 8 REPRESENTATIONS AND WARRANTIES REPRESENTATIONS AND WARRANTIES OF BOTH PARTIES 8.1 Each party warrants and represents to the other that: (a) it is a corporation duly organized and in good standing in its jurisdiction of incorporation and is qualified to do business and is in good standing in those jurisdictions where necessary in order let carry out the purposes of this Agreement; (b) it has the capacity to enter into and perform this Agreement and all transactions contemplated herein and that all actions required to authorize it to enter into and perform this Agreement have been properly taken; (c) it will not breach any other agreement or arrangement by entering into or performing this Agreement; and (d) this Agreement has been duly executed and delivered by it and is valid and binding upon it in accordance with its terms. REPRESENTATIONS OF BHP 8.2 BHP hereby represents and warrants to Ivanhoe that as of the Effective Date: (a) with respect to the Licensed Area, (i) BHP is in exclusive possession of the exploration rights for copper thereof; (ii) BHP has not received any notice of default of any of the terms or provisions of the License; (iii) BHP has the authority under the License to perform fully its obligations under this Agreement; (iv) to BHP's knowledge, the License is valid and is in good standing; and (v) BHP has no knowledge of any act or omission or any condition on the Licensed Area which could be considered or construed as a default under the License; (b) BHP has delivered to or made available for inspection by Ivanhoe all Existing Data in its possession or control, and true and correct copies of all licenses or other contracts relating to the Licensed Area; (c) to BHP's knowledge, there are no ongoing, pending or threatened actions, suits, claims or proceedings, affecting, or which could reasonably be expected to affect, directly or indirectly, the License or the Licensed Area. PART 9 CONFIDENTIALITY CONFIDENTIALITY 9.1 All communications between the parties, and all information and other materials supplied to or received by any of them from the others which is either marked 15 "confidential" or is by its nature intended to be for the knowledge of the recipient alone, and all information concerning the business transactions and the financial arrangements of the parties with any person with whom any of them is in a confidential relationship with regard to the matter in question coming to the knowledge of the recipient shall be kept confidential by the recipient unless or until the recipient party can reasonably demonstrate that any such communication, information and material (i) is, or part of it is, in the public domain through no fault of its own, whereupon to the extent that is in the public domain or (ii) is required to be disclosed by law regulation or stock exchange rules or in pursuance of employment duties, in any of which circumstances this obligation shall cease in relation thereto. The parties shall take all reasonable steps to minimize the risk of disclosure of confidential information, by ensuring that only they themselves and such of their employees, directors and advisers whose functions will require them to possess any of such information or any potential purchaser of an interest of a party shall have access thereto, and that the latter will be instructed to treat the same as confidential. The obligations contained in this Section 9.1 shall endure, even after the termination of this Agreement, without limit in point of time except and until such confidential information enters the public domain as set out above. PART 10 DISPUTE RESOLUTION EXPENDITURES IN THE OUTSIDE AREAS 10.1 If there is a difference of opinion between BHP and Ivanhoe as to the prospectivity of the Other Areas after analysis of prior results as provided in section 3.1 or 3.5, the parties agree to submit those results to a mutually acceptable, qualified, independent exploration geologist to make the determination of such prospectivity and to be bound by the determination of that independent expert. SIGNIFICANT MINERALIZED OCCURRENCE 10.2 If there is a difference of opinion between BHP and Ivanhoe as to the size and/or grade of a Significant Mineralized Occurrence for purposes of section 4.1, the parties agree to submit all relevant exploration results to a mutually acceptable, qualified, independent mining engineer to make the determination of such grade and/or size and to be bound by the determination of that independent expert. In such case, BHP's Back-in Right shall be exercisable within 60 days of the experts determination. PART II GENERAL 16 NOTICES 11.1 All notices, requests and other communications required or permitted to be given under the terms of this agreement shall be in writing and shall be sufficiently given to the party to whom it is addressed if delivered or forwarded by telecopier addressed as follows: TO Ivanhoe: 9th Floor, 200 Burrard Street Vancouver. British Columbia Canada V6C 3L6 Fax No: (604)682-2060 Attention: President To BHP: BHP Minerals 1360 Post Oak Blvd., Suite 500 Houston, Texas 77056-3020 Attn.: Legal Department Fax No.: (713)961-8507 Any notice, request, demand or other communication aforesaid shall, if delivered or seat by telecopier, be deemed to have been given and received on the day on which it was so received, and if not a Business Day, then on the Business Day next following the day of delivery. Any party may change its address for notice in the manner aforesaid. GOVERNING LAW 11.2 This Agreement shall be governed by and construed in accordance with the laws of British Columbia. Canada. HEADINGS 11.3 The headings contained in this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement. ENTIRE AGREEMENT 11.4 This Agreement constitutes the entire agreement between the parties relating to the subject matter of this Agreement and supersedes any and all prior agreements, understandings, negotiations and discussions, whether oral or written, between the parties with respect thereto. AMENDMENT 11.5 No amendment or modification of this Agreement shall be binding unless in writing and signed by the parties hereto. TIME OF THE ESSENCE 11.6 Time shall be of the essence of this Agreement. 17 ENFORCEABILITY 11.7 In the event that any of the provisions of this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality or enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. FURTHER ASSURANCES 11.8 The parties shall do, or cause to be done, all such further acts and things and shall execute, or cause to be executed, all such further deeds, documents and instruments as may be reasonably necessary for the purpose of completing the transactions contemplated by this Agreement. BINDING EFFECT 11.9 This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors and assigns. FORCE MAJEURE 11.10 If either party because of Force Majeure is unable to perform its obligations under this Agreement, that party's obligation to perform which is affected by the Force Majeure shall be suspended to the extent so affected, provided that: (a) the non-performing party, within 10 days after the commencement of the Force Majeure, gives the other party written notice describing the particulars of the occurrence; (b) the suspension of performance is of no greater scope than is required by the Force Majeure; and (c) the non-performing party uses its best efforts to remedy its inability to perform. When the non-performing Party is able to resume performance of its obligations under this Agreement, that Party shall give the other Party written notice to that effect. "Force Majeure" means any cause or condition beyond the reasonable control of and without the fault or negligence of the Party claiming Force Majeure which causes the Party to be unable to perform its obligations, which by exercise of due foresight such party could not reasonably have been expected to avoid and which the Party is unable to overcome by the exercise of due diligence. Such an occurrence may include, but is not limited to: acts of God; labor disputes; sudden actions of elements, earthquake, fire; actions or inaction by governmental agencies, inability after diligent effort to obtain workmen or material; or any other similar cause. Insufficiency of funds does not constitute Force Majeure. 18 IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date and year first above written. IVANHOE MINES LTD. Per: /s/ DAN KUNZ ----------------------------------- Authorized Signatory DAN KUNZ, COO BHP MINERALS INTERNATIONAL EXPLORATION INC. Per: /s/ DONALD J. SCHISSEL --------------------- Authorized Signatory DONALD J. SCHISSEL VICE - PRESIDENT 19 ["MONGOLIAN EXPLORATION LICENSES"] OYU TOLGOI EXHIBIT "A" DESCRIPTION OF LICENSE AREA
OYU TOLGOI LICENSE COORDINATES - ------------------------------------- EAST NORTH BHP LICENSE - ----------------- ----------------- AREA (HA) DEGREES MINUTES DEGREES MINUTES MRAM - ------- ------- ------- ------- ----------- ~~106 30 43 8 135,987.0 107 0 43 8 107 0 42 50 106 30 42 50~~
[MAP OF OYU TOLGOI] BHP Minerals International Exploration Inc. 20-Apr-00 London UK FIXED ASSETS/ RESERVE LEDGER AS OF 31-MAY-99 BRANCH: 0757 LONDON
- ------------------------------------------------------------------------------------------------------------- COST BASIS RENT DEPRECIAT ID ACQRD -------------------- LIFE ---------------- X # ITEM ASSET DESCRIPTION INSTL Pds US$ Ms Pds US$ Ms - ------------------------------------------------------------------------------------------------------------- 0757-N. EUROPE & RUSSIA - ------------------------------------------------------------------------------------------------------------- 0.00 0.00 0 - ------------------------------------------------------------------------------------------------------------- MONGOLIA ASSETS - ------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT Apr-97 18,937.50 30,300.00 36 526.04 841.67 26 Vendor: Special International Inc. PIMA-II Spectrometer Package with HP200LX Palmtop Comp. SPECIMIN Mineral Identification System - ------------------------------------------------------------------------------------------------------------- E98.07 SATTELITE PHONE Jun-97 2,970.82 4,872.14 36 82.52 135.34 24 57.315 Vendor: World Wide Satellite Rescue 0.0 Nere World Phone Office (Voice, Fax and Data Capable) - ------------------------------------------------------------------------------------------------------------- COMMERCIAL VEHICLE Aug-97 27,967.09 47,264.38 36 776.86 1,312.90 22 Vendor: Khet Ltd Toyota Landcruiser 80 VX - ------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT Oct-97 1,727.95 2,782.00 36 48.00 77.28 20 Vendor: Entex Compaq Dpro 2000 5200/MT -$US 1,775.00 Compaq P50 1024/768.28 -$US 392.00 HP Deskjet 692c Photo Quality -$US 297.00 Scanner Keyboard- $US 252.00 2xHP Colour Cartridge F/DJ/DW 660C-$US 56.00 Belkin Cable-$US 10.00 - ------------------------------------------------------------------------------------------------------------- FIELD EQUIPMENT Feb-98 1,994.00 3,250.22 36 55.39 90.28 16 Vendor: Earth Science Systems Ltd. 2xGeo-instrumental Model GSM-2 Magnetic Susceptibility Meter - ------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT Jun-98 4,031.60 6,571.51 36 111.99 182.54 12 Vendor: Technology Direct (TDT) Toshiba Tecra 780DVD/8 PII 266 64/8.IGB DVD 13.3" TFT 56K & Toshiba Lithium ION Battery Pack for Tecra 750CDT - ------------------------------------------------------------------------------------------------------------- COMMERCIAL VEHICLE Jun-98 25,384.62 42,900.00 36 705.13 1,191.67 12 Vendor: Mongolia Cashbook Toyota Land Cruiser Jeep GX-80 - ------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------------ CCUMULATED RESER NET BOOK VALUE ID -------------------- ------------------- # ITEM ASSET DESCRIPTION Pds US$ Pds US$ COMMENTS - ------------------------------------------------------------------------------------------------------------------------------------ 0757-N. EUROPE & RUSSIA - ------------------------------------------------------------------------------------------------------------------------------------ 0.00 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------------------------------------ MONGOLIA ASSETS - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT 13,677.04 21,883.42 5,260.46 8,416.58 S. Diatchkov-Delivered in Tuscon Vendor: Special International Inc. PIMA-II Spectrometer Package with HP200LX Palmtop Comp. SPECIMIN Mineral Identification System - ------------------------------------------------------------------------------------------------------------------------------------ E98.07 SATTELITE PHONE 1,980.48 3,248.16 990.34 1,623.98 57.315 Vendor: World Wide Satellite Rescue 0.0 Nere World Phone Office (Voice, Fax and Data Capable) - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL VEHICLE 17,090.92 28,883.80 10,876.17 18,380.58 Vendor: Khet Ltd Toyota Landcruiser 80 VX - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT 960.00 1,545.60 767.95 1,236.40 D. Hishigsuren, Ulaanbaataar Mongolia Vendor: Entex Compaq Dpro 2000 5200/MT -$US 1,775.00 Compaq P50 1024/768.28 -$US 392.00 HP Deskjet 692c Photo Quality -$US 297.00 Scanner Keyboard- $US 252.00 2xHP Colour Cartridge F/DJ/DW 660C-$US 56.00 Belkin Cable-$US 10.00 - ------------------------------------------------------------------------------------------------------------------------------------ FIELD EQUIPMENT 886.24 1,444.48 1,107.76 1,805.74 Vendor: Earth Science Systems Ltd. 2xGeo-instrumental Model GSM-2 Magnetic Susceptibility Meter - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT 1,343.88 2,190.48 2,687.72 4,381.03 Serguei Diatchkov-Tuscon Vendor: Technology Direct (TDT) Toshiba Tecra 780DVD/8 PII 266 64/8.IGB DVD 13.3" TFT 56K & Toshiba Lithium ION Battery Pack for Tecra 750CDT - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL VEHICLE 8,461.56 14,300.04 16,923.06 28,599.96 Barrie Bolton- Ulaanbaataar Vendor: Mongolia Cashbook Toyota Land Cruiser Jeep GX-80 - ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT Jul-98 3,028.01 4,935.66 36 84.11 137.10 11 Vendor: Cravenplan Computers Ltd Compaq Armada 7380 DMT 32 MB/ 4GB-L2,330.58 Compaq Armada Station-L594.03 Compaq Armada 7300-32MB RAM Upgrade-L103.40 - ------------------------------------------------------------------------------------------------------------------------------------ FIELD EQUIPMENT Aug-98 6,508.88 11,000.00 36 180.80 305.56 10 Vendor: Mongolia Cashbook Camp - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL VEHICLE Sep-98 887.57 1,500.00 36 24.65 41.67 9 Vendor: Mongolia Cashbook Bull Bar for Toyota LC GX-80 - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT Oct-98 1,028.40 1,738.00 36 28.57 48.28 8 Vendor: Mongolia - ------------------------------------------------------------------------------------------------------------------------------------ Acer Power 3200, P233 MMX 32 Mb printer and I-14 Monitor - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT Oct-98 1,440.83 2,435.00 36 40.02 67.64 8 Vendor: Mongolian Cashbook Acer Power 6000, PII-266 MNz 64Mb Printer - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT Oct-98 1,272.19 2,150.00 36 35.34 59.72 8 Vendor: Mongolia Cashbook I-21 Philips Monitor - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT Nov-98 1,837.28 3,105.00 36 51.04 86.25 7 Vendor : Mongolia Cashbook Canon 3020 - ------------------------------------------------------------------------------------------------------------------------------------ SATELLITE PHONE Nov-98 2,840.24 4,800.00 36 78.90 133.33 7 Vendor: Mongolian Cashbook Nera World Satellite Phone - ------------------------------------------------------------------------------------------------------------------------------------ MAP CABINETS Nov-98 2,230.08 3,657.41 52 42.89 70.33 7 Vendor: Capital Links Limited 2 Graphitheque Cabinets AC 1300B - ------------------------------------------------------------------------------------------------------------------------------------ MAP CABINET Nov-98 990.00 1,692.90 60 16.50 28.22 7 Vendor: GB Office Supplies Limited Metalico Excel Vertical Planfile Cabinet- MXLL/ AO170 A/T - ------------------------------------------------------------------------------------------------------------------------------------ FIXTURES & FITTINGS Aug-98 890.00 1,450.70 60 14.83 24.18 10 Vendor: Animagination Ltd. 2 Layout tables - ------------------------------------------------------------------------------------------------------------------------------------ FIELD EQUIPMENT Dec-98 807.10 1,364.00 36 22.42 37.89 6 Vendor: Mongolia Cashbook Explorer Field Refridgerator - ------------------------------------------------------------------------------------------------------------------------------------ COMPUTER EQUIPMENT 925.21 1,508.10 2,102.80 3,427.56 Barrie Bolton- Ulaanbaataar Vendor: Cravenplan Computers Ltd Compaq Armada 7380 DMT 32 MB/ 4GB-L2,330.58 Compaq Armada Station-L594.03 Compaq Armada 7300-32MB RAM Upgrade-L103.40 - ----------------------------------------------------------------------------------------------------------------------------------- FIELD EQUIPMENT 1,808.00 3,055.60 4,700.88 7,944.40 Vendor: Mongolia Cashbook Camp - ----------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL VEHICLE 221.85 375.03 665.72 1,124.97 Vendor: Mongolia Cashbook Bull Bar for Toyota LC GX-80 - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT 228.56 386.24 799.84 1,351.76 Vendor: Mongolia - ----------------------------------------------------------------------------------------------------------------------------------- Acer Power 3200, P233 MMX 32 Mb printer and I-14 Monitor - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT 320.16 541.12 1,120.67 1.893.88 Vendor: Mongolian Cashbook Acer Power 6000, PII-266 MNz 64Mb Printer - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT 282.72 477.76 989.47 1,672.24 Vendor: Mongolia Cashbook I-21 Philips Monitor - ----------------------------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT 357.28 603.75 1,480.00 2,501.25 Vendor : Mongolia Cashbook Canon 3020 - ----------------------------------------------------------------------------------------------------------------------------------- SATELLITE PHONE 552.30 933.31 2,287.94 3,866.69 Vendor: Mongolian Cashbook Nera World Satellite Phone - ----------------------------------------------------------------------------------------------------------------------------------- MAP CABINETS 300.23 492.31 1,929.85 3,165.10 Barrie Bolton-Ulaanbaataar Vendor: Capital Links Limited (was London ref: Kirby 2 Graphitheque Cabinets AC 1300B Johnson) - ----------------------------------------------------------------------------------------------------------------------------------- MAP CABINET 115.50 197.54 874.50 1,495.36 Vendor: GB Office Supplies Limited Metalico Excel Vertical Planfile Cabinet- MXLL/ AO170 A/T - ----------------------------------------------------------------------------------------------------------------------------------- FIXTURES & FITTINGS 148.30 241.80 741.70 1,208.90 Vendor: Animagination Ltd. 2 Layout tables - ----------------------------------------------------------------------------------------------------------------------------------- FIELD EQUIPMENT 134.52 227.34 672.58 1,136.66 Vendor: Mongolia Cashbook Explorer Field Refridgerator - -----------------------------------------------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------------------------------------- FIELD EQUIPMENT Dec-98 807.10 1,1364.00 36 22.42 37.89 6 Vendor: Mongolia Cashbook Explorer Field Refridgerator - ---------------------------------------------------------------------------------------------------------------------------- COMMERCIAL VEHICLE Mar-99 920.25 1,500.00 36 25.56 41.67 3 Vendor: Mongolia Cashbook Bull Bar for Toyota LC VX-80 - ---------------------------------------------------------------------------------------------------------------------------- SUB TOTAL 07573150 108,501.51 180,632.92 4,951.41 50,005.95 82,888.23 - ---------------------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT May-98 2,840.24 4,800.00 36.00 78.90 133.33 13 Vendor: Mongolia Cashbook Satellite Phone - ---------------------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT May-98 2,840.24 4,800.00 36.00 78.90 133.33 13 Vendor: Mongolia Cashbook Satellite Phone - ---------------------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT Oct-98 7,769.62 13,052.96 36 215.82 362.58 8 Vendor: Cravenplan Computers Ltd HP Designjet 755CM AO Plotter- L5,686.50 - ---------------------------------------------------------------------------------------------------------------------------- HP Superstore 24E External Dat Drive-L857.33 Microtek Scanman 6400XL A3 Scanner-L956.24 Plasmon CDR 480E External SCSI CD Writer-L249.55 Carriage-L20.00 - ---------------------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT Jan-99 2,831.42 4,785.10 36 78.65 132.92 5 Vendor: Cravenplan Computers Ltd. Toshiba Tecra 8000 PII 300/64MB/ 6GB/13.3 TFT-L2,475.90 3 com 10/100 Etherlink PC Card 3CCFE 575-BT-L93.51 2x3 Com 56K Global Modem PC Card 3CCM 156-UK-L242.01 Carriage-L20.00 - ---------------------------------------------------------------------------------------------------------------------------- SUB TOTAL 0757 3155 16,281.52 27,438.06 452.27 762.16 - ---------------------------------------------------------------------------------------------------------------------------- 0.00 0.00 0 0.00 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL N EUROPE & RUSSIA #REF! #REF! #REF! #REF! #REF! - ---------------------------------------------------------------------------------------------------------------------------- 0.00 0.00 0 0.00 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL N EUROPE & RUSSIA #REF! #REF! #REF! #REF! #REF! - ---------------------------------------------------------------------------------------------------------------------------- GRAND TOTAL #REF! #REF! #REF! #REF! #REF! - ---------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------- FIELD EQUIPMENT 134.52 227.34 672.58 1,136.66 Vendor: Mongolia Cashbook Explorer Field Refridgerator - ------------------------------------------------------------------------------------------------------------- COMMERCIAL VEHICLE 76.68 125.01 843.57 1,374.99 Vendor: Mongolia Cashbook Bull Bar for Toyota LC VX-80 - ------------------------------------------------------------------------------------------------------------- SUB TOTAL 07573150 58,495.56 97,744.69 - ------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT 1,025.70 1,733.29 1,814.54 3,066.71 Jamsrandorj Vendor: Mongolia Cashbook Satellite Phone - ------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT 1,025.70 1,733.29 1,814.54 3,066.71 Sanjdorj Vendor: Mongolia Cashbook Satellite Phone - ------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT 1,726.56 2,900.64 6,043.06 10,152.32 Vendor: Cravenplan Computers Ltd HP Designjet 755CM AO Plotter- L5,686.50 - ------------------------------------------------------------------------------------------------------------- HP Superstore 24E External Dat Drive-L857.33 Microtek Scanman 6400XL A3 Scanner-L956.24 Plasmon CDR 480E External SCSI CD Writer-L249.55 Carriage-L20.00 - ------------------------------------------------------------------------------------------------------------- COMPUTER EQUIPMENT 393.25 664.60 2,438.17 4,120.50 Vendor: Cravenplan Computers Ltd. Toshiba Tecra 8000 PII 300/64MB/ 6GB/13.3 TFT-L2,475.90 3 com 10/100 Etherlink PC Card 3CCFE 575-BT-L93.51 2x3 Com 56K Global Modem PC Card 3CCM 156-UK-L242.01 Carriage-L20.00 - ------------------------------------------------------------------------------------------------------------- SUB TOTAL 0757 3155 4,171.21 7,031.82 12,110.31 20,406.24 - ------------------------------------------------------------------------------------------------------------- 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------------- TOTAL N EUROPE & RUSSIA #REF! #REF! #REF! #REF! - ------------------------------------------------------------------------------------------------------------- 0.00 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------------- TOTAL N EUROPE & RUSSIA #REF! #REF! #REF! #REF! - ------------------------------------------------------------------------------------------------------------- GRAND TOTAL #REF! #REF! #REF! #REF! - -------------------------------------------------------------------------------------------------------------
BHP Minerals International Exploration Inc. London UK 20-Apr-00 EX-99.4 80 o11180exv99w4.txt AMENDMENT 1 TO EARN-IN AGREEMENT EXHIBIT 99.4 AMENDMENT TO EARN-IN AGREEMENT (OYU TOLGOI PROJECT, MONGOLIA) THIS AMENDING AGREEMENT is made and effective the 13th day of March, 2002, by and between: IVANHOE MINES LTD., a corporation incorporated under the laws of the Yukon Territory, Canada ("IVANHOE CANADA"), IVANHOE MINES MONGOLIA INC. LTD., ("XXK"), a company incorporated under the laws of Mongolia ("IVANHOE MONGOLIA") (collectively referred to as "IVANHOE") and BHP MINERALS INTERNATIONAL EXPLORATION INC., a company incorporated under the laws of the state of Delaware, USA ("BHP") INTRODUCTION A. BHP and Ivanhoe Canada are parties to an Earn-in Agreement made effective as of the 5th day of May, 2000 (the "Earn-in Agreement"); and B. BHP and Ivanhoe wish to amend the Earn-in Agreement on the terms set forth in this amending agreement (the "Amendment") including making Ivanhoe Mongolia a party hereto. NOW THEREFORE, in consideration of the covenants and agreements set forth herein, the parties agree to amend the Earn-In Agreement as follows: 1. DEFINITIONS AND INTERPRETATION 1.1 Unless otherwise defined in this Amendment, all terms denoted with initial capital letters in this Amendment have the meanings ascribed to them in the Earn-in Agreement. 1.2 In this Amendment, the following terms will have the meanings ascribed thereto: "Central Oyu Chalcocite Resource Area" means, for purposes of determining the Outside Areas referred to in sections 3.1 and 3.5 and the Central Oyu mineralized portion of the Licensed Area referred to in section 4.2, that portion of the Licensed Area described in Exhibit "D". "Ivanhoe License" means mineral exploration license 3677X issued on September 10, 2001 to Ivanhoe Mongolia pursuant to the applicable mining laws of Mongolia, a copy of which is attached as Exhibit "A". -2- "Original License" means mineral exploration license number 210 issued on February 17, 1997 to a Mongolian branch of BHP and re-registered to a Mongolian branch of BHP as mineral exploration license number 66X on August 8, 1997, all pursuant to the applicable mining laws of Mongolia, a copy of which is attached as Exhibit "A". "Supplemental Licenses" means mineral exploration license numbers 66X-1, 66X-2 and 66X-3 issued on September 18, 2000 to a Mongolian branch of BHP, all pursuant to the applicable mining laws of Mongolia, a copy of which is attached as Exhibit "A". 1.3 The definition of "Licensed Area" in Section 1.1 of the Earn-in Agreement is hereby deleted in its entirety and replaced by the following: " "Licensed Area" means, at any particular time, the geographical areas then subject to, (i) the Original License and the Supplemental Licenses, (ii) the Ivanhoe License but only to the extent that such areas were subject to the Original License on the Effective Date, and (iii) any successor mineral tenure in respect of the area subject to the Original License on the Effective Date, including but not limited to the Supplemental Licenses and, subject to the geographical limitation in subparagraph (ii) above, the Ivanhoe License issued pursuant to the applicable mining laws of Mongolia." BHP and Ivanhoe hereby acknowledge and agree that, as of the date of this Amendment, the Licensed Area is described by the coordinates set forth in Exhibit "C". 1.4 The definition of "Outside Areas" in Section 1.1 of the Earn-in Agreement is hereby deleted in its entirety and replaced by the following: " "Outside Areas" means the Licensed Area excluding the Central Oyu Chalcocite Resource Area." 1.5 Section 1.3 of the Earn-in Agreement is hereby deleted in its entirety and replaced by the following: "EXHIBITS 1.3 Attached to and forming part of this Agreement are the following exhibits: Exhibit "A" - Copies of Original License, Supplemental Licenses and Ivanhoe License. Exhibit "B" - List of Vehicles and Field Equipment. Exhibit "C' - Description of Coordinates of Licensed Area on the effective date of the Amendment. Exhibit "D" - Description of Coordinates of Central Oyu Chalcocite Resource Area. Exhibit "E" - Terms and Conditions of BHP Royalty. -3- Exhibit "F" - Location Map of the Oyu Tolgoi Project Areas" 2. EARN-IN RIGHTS AND OBLIGATIONS 2.1 BHP and Ivanhoe hereby acknowledge and agree that Ivanhoe has fully performed the Earn-in Obligations within the Earn-in Period and has earned a one hundred percent (100%) participating interest in the Original License and the Supplemental Licenses. 2.2 BHP and Ivanhoe hereby acknowledge and agree that, as of December 31, 2001, Ivanhoe has incurred Expenditures in respect of the Second Phase Exploration Program in the aggregate amount of US$1,323,086 (the "Second Phase Expenditure Credit") and that the Second Phase Expenditure Credit is not subject to audit under Section 3.9 of the Earn-in Agreement. 2.3 BHP hereby agrees that Ivanhoe may reduce the amount secured by the letter of credit described in Section 3.4(b) of the Earn-in Agreement by an amount equal to the Second Phase Expenditure Credit BHP hereby covenants to cooperate with Ivanhoe in effecting such reduction in an expeditious and efficient manner. 3. BHP ROYALTY 3.1 BHP and Ivanhoe hereby acknowledge and agree that the terms and conditions governing the calculation and payment of the BHP Royalty are as set out in Exhibit "E". 4. SECOND PHASE EXPLORATION PROGRAM 4.1 Ivanhoe and BHP hereby acknowledge and agree that, notwithstanding anything to the contrary in the Earn-in Agreement, the Second Phase Exploration Program will be deemed to have been completed on the later of the following dates: (a) the sixtieth (60th) day following the date (the "Completion Date") upon which Ivanhoe certifies in writing to BHP that Ivanhoe has incurred Expenditures in respect of the Second Phase Exploration Program equal to or greater than the difference between US$3,000,000 and the Second Phase Expenditure Credit; or (b) the sixtieth (60th) day following the date upon which Ivanhoe certifies in writing to BHP that Ivanhoe has delivered to BHP copies of all geological reports, evaluations, information and other technical and geological data (the "Data") obtained pursuant to all Expenditures made on or before the Completion Date in respect of the Second Phase Exploration Program. The Data shall be delivered to BHP in both a paper format and one of the following digital formats; (i) MicroSoft Word, (ii) MicroSoft Excel, (iii) MicroSoft Access or (iv) CorelDraw. 4.2 Subject to its audit rights under Section 3.9 of the Earn-In Agreement, BHP will, as soon as practicable following the completion of the Second Phase Exploration Program, return to, or to the direction of, Ivanhoe the letter of credit referred to in Section 3.4(b) of the Earn-in Agreement. -4- 5. ADDITION OF IVANHOE MONGOLIA AS A PARTY 5.1 At the request of Ivanhoe Canada, BHP agrees to assign the Original and Supplemental Licenses to Ivanhoe Mongolia, and Ivanhoe Mongolia hereby agrees to be jointly and severally liable with Ivanhoe Canada for all obligations of Ivanhoe Canada pursuant to the Earn-In Agreement, as herein amended, and such assignment. 6. RATIFICATION 6.1 Except as specifically amended and modified by this Amendment, the Earn-in Agreement remains in full force and effect. IN WITNESS WHEREOF the parties have executed this Amendment effective as of the date first above written. IVANHOE MINES LTD. Per: "Daniel Kunz" ____________________________ Name President Title IVANHOE MINES MONGOLIA INC., LTD. Per: "Daniel Kunz" ____________________________ Name Director Title BHP MINERALS INTERNATIONAL EXPLORATION INC. Per: "Earl K. Moore" _____________________________ Name Vice President Title EXHIBIT "A" ORIGINAL LICENSE SUPPLEMENTAL LICENSES IVANHOE LICENSE EXHIBIT "B" VEHICLES AND FIELD EQUIPMENT EXHIBIT "C" DESCRIPTION OF COORDINATES OF LICENSED AREA ON THE EFFECTIVE DATE OF THE AMENDMENT PAGE 1 BOUNDARIES OF THE 66X TENEMENT OYU TOLGOI
- --------------------------------------------------- Longitude Latitude - --------------------------------------------------- 106 degrees 47' 30" 42 degrees 58' 30" - --------------------------------------------------- 106 degrees 55' 00" 43 degrees 03' 00" - --------------------------------------------------- 106 degrees 47' 30" 43 degrees 03' 00" - --------------------------------------------------- 106 degrees 55' 00" 42 degrees 58' 30" - ---------------------------------------------------
BOUNDARIES OF THE 66-1X TENEMENT MANAKHT
- --------------------------------------------------- Longitude Latitude - --------------------------------------------------- 106 degrees 38' 00" 42 degrees 54' 00" - --------------------------------------------------- 106 degrees 44' 00" 42 degrees 57' 00" - --------------------------------------------------- 106 degrees 38' 00" 42 degrees 57' 00" - --------------------------------------------------- 106 degrees 44' 00" 42 degrees 54' 00" - ---------------------------------------------------
BOUNDARIES OF THE 66-2X TENEMENT HOH HAD
- --------------------------------------------------- Longitude Latitude - --------------------------------------------------- 106 degrees 51' 30" 42 degrees 55' 30" - --------------------------------------------------- 106 degrees 55' 00" 42 degrees 57' 30" - --------------------------------------------------- 106 degrees 51' 30" 42 degrees 57' 30" - --------------------------------------------------- 106 degrees 55' 00" 42 degrees 55' 30" - ---------------------------------------------------
BOUNDARIES OF THE 66-3X TENEMENT ULAAN UUL
- ------------------------------------------------- Longitude Latitude - ------------------------------------------------- 106 degrees 30' 00" 42 degrees 54' 00" - ------------------------------------------------- 106 degrees 30' 00" 43 degrees 00' 00" - ------------------------------------------------- 106 degrees 36' 00" 43 degrees 00' 00" - ------------------------------------------------- 106 degrees 36' 00" 42 degrees 54' 00" - -------------------------------------------------
-8- EXHIBIT "C" PAGE 2 BOUNDARIES OF THE 3677X TENEMENT LYING WITHIN THE ORIGINAL TENEMENT 66X (ORIGINAL OYU TOLGOI LICENSED AREA)
- ----------------------------------------------- LONGITUDE LATITUDE - ----------------------------------------------- 106 degrees 30' 00" 42 degrees 54' 00" - ----------------------------------------------- 106 degrees 36' 00" 42 degrees 54' 00" 106 degrees 36' 00" 42 degrees 55' 30" - ----------------------------------------------- 106 degrees 38' 00" 42 degrees 55' 30" - ----------------------------------------------- 106 degrees 38' 00" 42 degrees 54' 00" - ----------------------------------------------- 106 degrees 44' 00" 42 degrees 54' 00" - ----------------------------------------------- 106 degrees 44' 00" 42 degrees 55' 30" - ----------------------------------------------- 107 degrees 00' 00" 42 degrees 55' 30" - ----------------------------------------------- 107 degrees 00' 00" 42 degrees 47' 00" - ----------------------------------------------- 106 degrees 30' 00" 42 degrees 47' 00" - ----------------------------------------------- 106 degrees 30' 00" 42 degrees 54' 00" - -----------------------------------------------
NOTE - Latitudes and longitudes quoted above are based on the "Krasovsky 1942" ellipsoid, and reflect the values on Mongolian mineral tenement licenses. EXHIBIT "D" COORDINATES OF CENTRAL OYU CHALCOCITE RESOURCE AREA
- ------------------------------ UTM ZONE 48 UTM ZONE 48 - ------------------------------ 650526E 4763595N - ------------------------------ 651626E 4763595N - ------------------------------ 651626E 4764395N - ------------------------------ 650526E 4764395N - ------------------------------
EXHIBIT "E' TERMS AND CONDITIONS OF BHP ROYALTY All terms denoted with initial capital letters used but not defined herein shall have the meanings ascribed to them in the Earn-in Agreement made effective as of the 5th day of May, 2000, as amended effective the 13th day of March, 2002. 1. INTERPRETATION 1.1 In this Exhibit: (a) "ANNUAL REPORT" means a report certified by Ivanhoe's chief accounting or financial officer showing, in respect of the Operating Year to which the report relates, all Revenues, Costs, BHP Royalty payments, year-end adjustments affecting the BHP Royalty paid or to be paid and all other matters taken into account in the calculation of the BHP Royalty; (b) "COSTS" means all smelting, refining, marketing and transportation costs incurred in respect of Products including, without duplication, (i) smelting costs, treatment charges and penalties including, without limitation, metal losses, penalties for impurities and charges for refining, selling and transportation from smelter to refinery and from refinery to market, (ii) costs of transporting Products from the Property to a concentrator or other place of treatment, (iii) costs of transporting Products from the concentrator to a smelter or other place of treatment. (c) "NET SMELTER RETURNS" means the amount by which Revenues exceed Costs; (d) "OPERATING QUARTER" means a fiscal quarter of an Operating Year; (e) "OPERATING YEAR" means a fiscal year of Ivanhoe commencing on January 1 and ending on December 31; (f) "PRODUCTS" means all ores, minerals, mineral concentrates, metals, chemical by-products and refinements or partial refinements thereof produced from the Property; (g) "PROPERTY" means the location or locations within the Licensed Area from which Products are extracted; (h) "REVENUES" means the gross amount of money received from the sale of Products (which for greater certainty shall include any insurance proceeds received related to Products that are lost). 1.2 All calculations and computations relating to the BHP Royalty shall be carried out in accordance with Canadian generally accepted accounting principles to the extent that such principles are not inconsistent with the provisions of this Exhibit. 1.3 All Costs shall be at competitive commercial rates and if the Products are treated at a smelter, refinery, mint or other form of processing facility owned, operated or controlled by Ivanhoe or an affiliate of Ivanhoe, all Costs shall be equivalent to the prevailing competitive commercial rates charged by similar smelters, refineries, mints or other processing facilities, as the case may be, in arm's length transactions for the treatment of like quantities and quality of Products. 1.4 The determination of Net Smelter Returns hereunder will take into account all Products and is based on the premise that such Products will be developed solely on the Property. No Products shall be mixed, blended or commingled with ores, minerals, mineral concentrates, metals, chemical by-products, refinements or partial refinements from other mining properties ("Other Products") until such time as BHP and Ivanhoe have agreed in writing, in accordance with recognized industry standards, to the specific procedures and controls, including but not limited to assaying and umpiring methods, to be used to calculate the contents of the Products and the Other Products prior to any mixing, blending or commingling of the Products with Other Products. 2. BHP ROYALTY 2.1 Ivanhoe shall pay to BHP the BHP Royalty, calculated and payable in accordance with this Exhibit. 3. CALCULATION AND PAYMENT OF BHP ROYALTY 3.1 Within 30 days after the end of each Operating Quarter, Ivanhoe will: (a) calculate Net Smelter Returns in respect of the Operating Quarter; (b) calculate the amount payable to BHP on account of the BHP Royalty based upon Net Smelter Returns for the Operating Quarter; and (c) pay to BHP the amount payable on account of the BHP Royalty for that Operating Quarter. Each payment will be accompanied by a statement showing, in reasonable detail, the calculation of Net Smelter Returns and will be subject to adjustment based upon any documented changes to the amounts used in calculating the BHP Royalty in the statement for the previous Operating Quarter and in the Annual Report for the Operating Year. 3.2 Within 90 days after the end of each Operating Year Ivanhoe will calculate cumulative Net Smelter Returns in respect of the entire Operating Year and will deliver to BHP an Annual Report in respect of the Operating Year. Any adjustments to the amounts paid or payable to BHP on account of the BHP Royalty in respect of the Operating Year then ended will be credited to or deducted from the amount payable in respect of the first Operating Quarter of the following Operating Year. 3.3 BHP will have 90 days from the date it receives the Annual Report to question the accuracy thereof by notice in writing to Ivanhoe, failing which the Annual Report will be deemed to be final and correct. 4. AUDITS 4.1 If any quarterly statement or the Annual Report is questioned by BHP, and if such questions cannot be resolved between BHP and Ivanhoe, BHP will have 9 months from the date it receives the quarterly statement or Annual Report in question to have that statement or Annual Report audited. 4.2 The audit will be final and determinative of the calculation of the BHP Royalty for the period covered by such audit and will be binding on BHP and Ivanhoe. Any overpayment of the BHP Royalty will be deducted from future payments and any underpayment will be paid to BHP forthwith. 4.3 The costs of the audit will be borne by BHP if the quarterly statement or Annual Report overstated the BHP Royalty payable or understated the BHP Royalty payable by not more than 2% and will be borne by Ivanhoe if the quarterly statement or Annual Report understated the BHP Royalty payable by greater than 2%. 4.4 BHP will be entitled to examine, on reasonable notice and during normal business hours, such books and records as are reasonably necessary to verify the payment to BHP of the BHP Royalty from time to time, provided however that such examination shall not unreasonably interfere with or hinder Ivanhoe's operations. 5. DISPUTES 5.1 Any matter in dispute under this Exhibit will be determined by a single arbitrator to be appointed by mutual agreement of Ivanhoe and BHP, either of whom may refer any matter in dispute under this Exhibit to arbitration by written notice to the other party and, within 30 days after receipt of such notice, the parties will agree on the appointment of an arbitrator, who shall be capable of commencing the arbitration within 21 days of his appointment. No person will be appointed as an arbitrator hereunder unless such person agrees in writing to act. If the parties cannot agree on a single arbitrator, either party may request the Supreme Court of British Columbia to appoint a single arbitrator in accordance with the Commercial Arbitration Act of the Province of British Columbia (the "Act"). 5.2 Except as otherwise hereafter specifically provided, any arbitration hereunder will be conducted in accordance with the Act. The arbitrator will fix a time and place in Vancouver, British Columbia for the purpose of hearing the evidence and representations of the parties, all of which will be in camera, and he will preside over the arbitration and determine all questions of procedure not provided for under the Act or this Exhibit. After hearing any evidence and representations that the parties may submit, the arbitrator will make an award and reduce the same to writing and deliver one copy hereof to each of the parties. The award will be kept confidential by the parties except as disclosure is required by applicable securities laws. The decision of the arbitrator will be made within 45 days after his appointment, subject to any reasonable delay due to unforeseen circumstances. The expense of the arbitration will be paid as specified in the award. The parties agree that the award of the single arbitrator shall be final and finding upon each of them and will not be subject to appeal. EXHIBIT "F" LOCATION MAP OF THE OYU TOLGOI PROJECT AREAS [OYU TOLGOI PROJECT MAP] EX-99.5 81 o11180exv99w5.txt SHORT FORM PROSPECTUS DATED JUNE 6, 2002 EXHIBIT 99.5 No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws. Accordingly, the securities may not be offered or sold in the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This short form prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby within the United States. See "Private Placement and Plan of Distribution". INFORMATION HAS BEEN INCORPORATED BY REFERENCE IN THIS SHORT FORM PROSPECTUS FROM DOCUMENTS FILED WITH SECURITIES REGULATORY AUTHORITIES IN CANADA. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Secretary of Ivanhoe Mines Ltd. at Suite 654, 999 Canada Place, Vancouver, B.C. V6C 3E1 (telephone (604) 688-5755). Short Form Prospectus New Issue June 6, 2002 IVANHOE MINES LTD. $8,287,500 2,550,000 COMMON SHARES TO BE ISSUED UPON THE EXERCISE OF 2,550,000 SPECIAL WARRANTS This short form prospectus qualifies for distribution 2,550,000 common shares ("Common Shares") of Ivanhoe Mines Ltd. ("Ivanhoe" or the "Corporation") to be issued upon the exercise of 2,550,000 special warrants (the "Special Warrants") of Ivanhoe (the "Offering"). The Special Warrants were issued on April 24, 2002 pursuant to a subscription agreement (the "Subscription Agreement") between Ivanhoe and an institutional investor (the "Purchaser"). The price of the Special Warrants was determined by negotiation between Ivanhoe and the Purchaser. The Special Warrants were issued at a price of $3.25 per Special Warrant. Ivanhoe sold the Special Warrants directly to the Purchaser without the use of an agent or underwriter pursuant to registration and prospectus exemptions under applicable securities legislation. See "Private Placement and Plan of Distribution". No underwriter has been involved in the preparation of, or has reviewed the contents of, this short form prospectus. Subject to adjustment, each Special Warrant entitles the holder thereof to acquire one Common Share, at no additional cost, at any time until 5:00 p.m. (Vancouver time) on the fifth business day after the earlier of (i) the date of issuance of a receipt for this prospectus by the British Columbia Securities Commission; and (ii) August 24, 2002 (the "Expiry Time"). Any Special Warrants not exercised prior to the Expiry Time will be deemed to have been exercised immediately prior to the Expiry Time without any further action on the part of the holder. Other than a fee paid to obtain a waiver of a contractual commitment not to issue additional equity securities for a period of time, Ivanhoe paid no fees or commissions in connection with the Offering, nor will any fees or commissions be payable by Ivanhoe in connection with the issuance of the Common Shares on the exercise of the Special Warrants. The expenses of the Offering, including the cost of preparation of this prospectus, will be borne by Ivanhoe. See "Private Placement and Plan of Distribution". The Purchaser has represented and warranted in the Subscription Agreement that it is acquiring the Special Warrants and the underlying Common Shares to be held for investment only and not with a view to immediate resale or distribution. Ivanhoe has no reason to believe that the Purchaser has any different investment intent in respect of the Special Warrants and the underlying Common Shares than that represented by the Purchaser. The Common Shares are traded on the Toronto Stock Exchange (the "TSX") and the Australian Stock Exchange under the symbol "IVN". The price of the Common Shares as reported by the TSX at the close of business on June 5, 2002 was $3.43 per Common Share. 2 TABLE OF CONTENTS
PAGE DOCUMENTS INCORPORATED BY REFERENCE............................................. 3 NAME AND INCORPORATION.......................................................... 4 SUMMARY DESCRIPTION OF BUSINESS................................................. 6 DESCRIPTION OF SHARE CAPITAL.................................................... 6 PRIVATE PLACEMENT AND PLAN OF DISTRIBUTION...................................... 6 USE OF PROCEEDS................................................................. 13 RISK FACTORS.................................................................... 14 AUDITORS, TRANSFER AGENT AND REGISTRAR.......................................... 14 LEGAL MATTERS................................................................... 14 PURCHASERS' STATUTORY RIGHTS.................................................... 14 CONTRACTUAL RIGHTS OF ACTION FOR RESCISSION..................................... 14 CERTIFICATE OF IVANHOE MINES LTD................................................ 15
DOCUMENTS INCORPORATED BY REFERENCE The following documents of Ivanhoe, filed with the various securities commissions or similar authorities in all of the provinces and territories of Canada, are specifically incorporated by reference into, and form an integral part of, this short form prospectus: 1. Revised Renewal Annual Information Form of Ivanhoe dated May 16, 2002 including the management's discussion and analysis of financial condition and results of operations for the financial year ended December 31, 2001 incorporated therein (the "AIF"); 2. Comparative consolidated financial statements of Ivanhoe for the years ended December 31, 2001 and 2000, together with the notes thereto and the auditors' report thereon; 3. Comparative unaudited consolidated interim financial statements of Ivanhoe for the three month periods ended March 31, 2002 and 2001, together with management's discussion and analysis of financial condition and results of operation for such periods; 4. Management Information Circular dated May 10, 2002 prepared in connection with Ivanhoe's annual meeting of shareholders to be held on June 25, 2002 (excluding the report on executive compensation, the performance graph and the statement of corporate governance practices); 5. Material Change Report dated January 7, 2002 respecting the conversion of loans owed by Ivanhoe's subsidiary, ABM Mining Limited, to entities controlled by Robert M. Friedland, the Chairman of Ivanhoe, into Common Shares of Ivanhoe; 3 6. Material Change Report dated February 12, 2002 respecting Ivanhoe's completion of its earn-in obligations to acquire a 100% interest in the Oyu Tolgoi exploration project in Mongolia; 7. Material Change Report dated March 21, 2002 respecting the completion of a resource estimate at the Southwest Oyu zone of the Oyu Tolgoi exploration project; and 8. Material Change Report dated March 22, 2002 respecting an underwritten offering of 17,450,000 common shares of the Corporation. Any documents of the type referred to in the preceding paragraph, interim financial statements and any material change reports (excluding confidential reports) filed by Ivanhoe with the British Columbia Securities Commission subsequent to the date of this short form prospectus and prior to the termination of the Offering shall be deemed to be incorporated by reference in this short form prospectus. ANY STATEMENT CONTAINED IN A DOCUMENT INCORPORATED OR DEEMED TO BE INCORPORATED BY REFERENCE HEREIN SHALL BE DEEMED TO BE MODIFIED OR SUPERSEDED FOR PURPOSES OF THIS SHORT FORM PROSPECTUS, TO THE EXTENT THAT A STATEMENT CONTAINED HEREIN OR IN ANY SUBSEQUENTLY FILED DOCUMENT THAT ALSO IS OR IS DEEMED TO BE INCORPORATED BY REFERENCE HEREIN MODIFIES OR REPLACES SUCH STATEMENT. THE MODIFYING OR SUPERSEDING STATEMENT NEED NOT STATE THAT IT HAS MODIFIED OR SUPERSEDED A PRIOR STATEMENT OR INCLUDE ANY OTHER INFORMATION SET FORTH IN THE DOCUMENT THAT IT MODIFIES OR SUPERSEDES. THE MAKING OF A MODIFYING OR SUPERSEDING STATEMENT SHALL NOT BE DEEMED AN ADMISSION FOR ANY PURPOSES THAT THE MODIFIED OR SUPERSEDED STATEMENT WHEN MADE, CONSTITUTED A MISREPRESENTATION, AN UNTRUE STATEMENT OF A MATERIAL FACT OR AN OMISSION TO STATE A MATERIAL FACT THAT IS REQUIRED TO BE STATED OR THAT IS NECESSARY TO MAKE A STATEMENT NOT MISLEADING IN LIGHT OF THE CIRCUMSTANCES IN WHICH IT WAS MADE. ANY STATEMENT SO MODIFIED OR SUPERSEDED SHALL NOT BE DEEMED IN ITS UNMODIFIED OR SUPERSEDED FORM TO CONSTITUTE A PART OF THIS SHORT FORM PROSPECTUS. INFORMATION HAS BEEN INCORPORATED BY REFERENCE IN THIS SHORT FORM PROSPECTUS FROM DOCUMENTS FILED WITH SECURITIES COMMISSIONS OR SIMILAR AUTHORITIES IN CANADA. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Secretary of Ivanhoe, Suite 654, 999 Canada Place, Vancouver, B.C. V6C 3E1 (telephone (604) 688-5755). NAME AND INCORPORATION Ivanhoe was incorporated under the Company Act (British Columbia) on January 25, 1994 under the name 463212 B.C. Ltd. In February 1994, Ivanhoe changed its name to Indochina Goldfields Ltd. In March 1994, Ivanhoe increased its authorized capital from 10,000 common shares without par value to 100,000,000 common shares without par value and created 100,000,000 preferred shares without par value. In February 1995, Ivanhoe was continued under the Business Corporations Act (Yukon). In July 1997, Ivanhoe increased its authorized capital to an unlimited number of common shares without par value and an unlimited number of preferred shares without par value. In June 1999, Ivanhoe changed its name to Ivanhoe Mines Ltd. Ivanhoe's North American headquarters are located at Suite 654, 999 Canada Place, Vancouver, B.C. V6C 3E1. Ivanhoe's Asian headquarters are located at 37 - 02 Millenia Tower, 1 Temasek Avenue, Singapore 039192. The Corporation's registered office is located at Suite 300, 204 Black Street, Whitehorse, Yukon, Canada, Y1A 2M9. 4 SUBSIDIARIES AND MANAGEMENT STRUCTURE The corporate structure of Ivanhoe, its material subsidiaries, the percentage ownership in subsidiaries which are not wholly-owned by Ivanhoe and the jurisdiction of incorporation of such corporations as at December 31, 2001 are set out in the following chart. 5 [IVANHOE MINES LTD.-CORPORATE STRUCTURE FLOW CHART] Note: All subsidiaries are wholly-owned unless otherwise indicated "BVI" means British Virgin Islands 6 SUMMARY DESCRIPTION OF BUSINESS GENERAL Ivanhoe is an international mineral exploration and development company. Ivanhoe holds interests in mineral resource properties in Mongolia, Myanmar, Australia, Kazakhstan, Norway, South Korea and Vietnam. For the purposes of Form 44-101F3 under National Instrument 44-101, the Oyu Tolgoi gold and copper exploration project in Mongolia, the Monywa copper project in Myanmar and the Savage River iron ore mine in Tasmania, Australia have been identified as the mineral resource properties material to Ivanhoe. Ivanhoe's interests in Kazakhstan, Mongolia (other than the Oyu Tolgoi project), Myanmar (other than the Monywa copper project), Norway, South Korea and Vietnam are not considered material for the purposes of Form 44-101F3 under National Instrument 44-101. For a description of the properties, see "Item 3 - General Development of the Business" and "Item 4 - Narrative Description of Business" on pages 9 through 47 of Ivanhoe's AIF, which is incorporated by reference in this short form prospectus. RECENT DEVELOPMENTS OYU TOLGOI GOLD AND COPPER EXPLORATION PROJECT Charles Forster, P.Geo., an employee of Ivanhoe and a qualified person as defined by National Instrument 43-101, has supervised the preparation of all of the foregoing scientific and technical information except the Southwest Oyu Resource Estimate. All disclosure of a scientific or technical nature in respect of the Southwest Oyu Resource Estimate has been summarized from a June 5, 2002 addendum (the "Addendum") to a January 11, 2002 technical report (the "Technical Report") of Roscoe Postle Associates Inc. ("RPA"), prepared by Gildar J. Arseneau, Ph.D., P.Geo, of RPA. Mr. Arseneau is an independent qualified person as defined by National Instrument 43-101. Central Oyu Zone - Recent Drill Results On May 21, 2002 the Corporation announced that a series of new holes drilled at the Central Zone of the Oyu Tolgoi project, approximately 1,000 metres north of the Southwest Discovery Zone, encountered intrusive and volcanic-hosted hypogene, gold-rich, chalcopyrite mineralization similar to that in the Southwest Discovery Zone, adjacent to and beneath a thick blanket of strong, secondary chalcocite and covellite mineralization. Holes OTD196, OTD202 and OTD207 are step-out holes that extend the high-grade gold and copper mineralization previously encountered in OTD187, which intersected 102 metres grading 1.40 g/t gold and 0.84% copper in basaltic volcanic rocks, at a down-hole depth of between 334 to 436 metres. Closer to surface, Hole 187 also intersected 138 metres of 0.42 g/t gold and 0.57% copper, from a down-hole depth of 90 to 228 metres. Of the new holes: - - OTD202 intersected 136 metres grading 0.58 g/t gold and 0.89% copper at a down-hole depth of between 280 metres to 416 metres, including 44 metres grading 1.09 g/t gold and 1.22% copper in primary chalcopyrite mineralization. The upper part of the hole contained 82 metres grading 0.05 g/t gold and 0.86% copper in secondary mineralization. - - OTD207 encountered 68 metres grading 0.15 g/t gold and 2.15% copper at a down-hole depth of between 44 metres and 112 metres in secondary enrichment blanket, as well as intersecting 144 metres grading 0.66 g/t gold and 0.79% copper in primary mineralization beginning at a down-hole depth of 238 metres. 7 - - OTD196 intersected 26 metres grading 0.25g/t gold and 2.29% copper at a down-hole depth of 48 metres before encountering 156 metres grading 0.43 g/t gold and 0.84% copper starting at a down-hole depth of 294 metres. The mineralized intercepts are from inclined holes; the true vertical depth from the surface to the currently defined primary gold/copper mineralization is shallower, ranging from approximately 125 metres to 250 metres. Potential exists to project this style of mineralization closer to the surface based on the current geologic interpretation. These new holes are considered important to the overall project because they identify a near-surface, blanket-like, enriched zone of secondary copper mineralization potentially amenable to simple flotation concentration or heap leaching and an underlying gold/copper system of the same style and character as the system at the nearby Southwest Discovery Zone. The Central Zone drilling is designed to test a target, some 800 metres by 600 metres, that was defined by the outline of the IP anomaly. Holes within the target area will be spaced at approximately 100-metre intervals. As the current program progresses, deeper drilling will test for an increase in the gold-to-copper ratios, an overall increase in grade with depth, as was found at the Southwest Discovery Zone, and evidence that the two systems could merge at depth into a parent intrusive. Recent drilling also indicates that the mineralization appears to have been down-dropped on the southeastern flank of the Central Zone, where the IP survey projects the zone below the shallow, reverse-circulation (RC) holes previously drilled in the area -- suggesting that additional primary mineralization also could exist at depth in this location. This concept is supported by holes OTD212 and OTD215, located approximately mid-way between the Central and Southwest Discovery zones. Both holes have encountered primary copper mineralization beneath a thin sequence of gravels adjacent to a projected extension of a northeast-trending structure that has been encountered in deep drilling in the Southwest Discovery Zone. This structural zone appears to have some influence on the distribution of higher grade gold values encountered in that area. Summary results from recent drilling are as follows:
FINAL DEPTH INTERVAL GOLD COPPER HOLE (METRES) FROM TO (METRES) (G/T) (%) - ----------------------------------------------------------------------------------------------------- OTD187 532.6 0 68 68 0.07 0.13 - ----------------------------------------------------------------------------------------------------- Az 180 Dip -60 68 90 22 0.31 0.68 - ----------------------------------------------------------------------------------------------------- 90 228 138 0.42 0.57 - ----------------------------------------------------------------------------------------------------- 228 268 40 0.11 0.37 - ----------------------------------------------------------------------------------------------------- 334 436 102 1.40 0.84 - ----------------------------------------------------------------------------------------------------- 436 448 12 0.25 0.23 - ----------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------- OTD193 576 14 22 8 0.10 0.77 - -----------------------------------------------------------------------------------------------------
8
FINAL DEPTH INTERVAL GOLD COPPER HOLE (METRES) FROM TO (METRES) (G/T) (%) - ----------------------------------------------------------------------------------------------------- Az 180 Dip -60 46 90 44 0.09 0.73 - ----------------------------------------------------------------------------------------------------- 90 208 118 0.07 1.15 - ----------------------------------------------------------------------------------------------------- 124 208 84 0.07 1.43 - ----------------------------------------------------------------------------------------------------- 208 342 134 0.10 0.42 - ----------------------------------------------------------------------------------------------------- 342 402 60 0.05 0.17 - ----------------------------------------------------------------------------------------------------- 402 576 174 0.03 0.13 - ----------------------------------------------------------------------------------------------------- OTD194 481 56 88 32 0.51 0.55 - ----------------------------------------------------------------------------------------------------- Az 180 Dip -60 228 240 12 0.28 0.35 - ----------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------- OTD196 569.4 48 74 26 0.25 2.29 - ----------------------------------------------------------------------------------------------------- Az 180 Dip -60 74 142 68 0.03 0.53 - ----------------------------------------------------------------------------------------------------- 142 194 52 0.16 0.86 - ----------------------------------------------------------------------------------------------------- 194 258 64 0.04 0.29 - ----------------------------------------------------------------------------------------------------- 258 294 36 0.06 0.07 - ----------------------------------------------------------------------------------------------------- 294 412 118 0.47 0.95 - ----------------------------------------------------------------------------------------------------- 424 450 26 0.47 0.70 - ----------------------------------------------------------------------------------------------------- 294 450 156 0.43 0.84 - ----------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------- OTD205 460.5 10 46 36 0.03 0.90 - ----------------------------------------------------------------------------------------------------- Az 360 Dip -60 - -----------------------------------------------------------------------------------------------------
9
FINAL DEPTH INTERVAL GOLD COPPER HOLE (METRES) FROM TO (METRES) (G/T) (%) - ----------------------------------------------------------------------------------------------------- OTD207 599.5 44 112 68 0.15 2.15 - ----------------------------------------------------------------------------------------------------- Az 180 Dip -60 112 160 48 0.04 0.43 - ----------------------------------------------------------------------------------------------------- 238 382 144 0.66 0.79 - ----------------------------------------------------------------------------------------------------- 478 550 72 0.23 0.13 - -----------------------------------------------------------------------------------------------------
Updated Southwest Oyu Resource Estimate On May 31, 2002, the Corporation announced that AMEC E & C Services Ltd. ("AMEC") had completed an updated inferred resource estimate of the Southwest Oyu zone based on six new drill holes. RPA reviewed and verified the resource estimate in the Addendum. The Addendum replaces the disclosure respecting the Southwest Oyu resource estimate in both the Technical Report and in RPA's March, 2002 addendum to the Technical Report. In the Addendum, RPA reported an inferred mineral resource estimate to a depth of 600 metres in the Southwest Oyu zone as follows:
CUTOFF GRADE COPPER EQUIVALENT (1) (%) TONNES CU (%) AU (G/T) 0.70 148,800,000 0.66 1.10 0.60 252,400,000 0.55 0.83 0.50 392,600,000 0.48 0.66 0.40 552,800,000 0.42 0.56 0.30 684,100,000 0.38 0.50 0.20 757,300,000 0.36 0.46
Note (1) Based on US$300 per ounce gold and US$0.80 per pound copper at 100% metal recovery RPA also reported an inferred mineral resource estimate below 600 metres in the Southwest Oyu zone as follows:
CUTOFF GRADE COPPER EQUIVALENT (1) (%) TONNES CU (%) AU (G/T) 2.0 4,000,000 0.80 2.60 1.8 8,000,000 0.76 2.40 1.6 13,000,000 0.72 2.20 1.4 17,000,000 0.68 2.10 1.2 21,000,000 0.65 1.90 1.0 26,000,000 0.61 1.80
Note (1) Based on US$300 per ounce gold and US$0.80 per pound copper at 100% metal recovery 10 RPA believes that additional drilling and evaluation is required before the mineralization below 600 metres can be classified as a mineral resource at cutoff grades of less than 1% copper equivalent. The revised mineral resource estimate is based on the same assumptions, parameters and methods as that disclosed in the description of the Southwest Oyu Resource Estimate in the AIF except that the drill hole database now consists of 37 diamond drill holes totalling 21,050 metres. Southwest Oyu Zone - Recent Drill Results Ivanhoe has recently completed several additional drill holes at Southwest Oyu only one of which (OTD 208) was not included in RPA's inferred mineral resource estimate. Hole OTD200, drilled to a depth of 1,043 metres on the flank of the Southwest Oyu discovery zone, intersected 360 metres of gold and copper mineralization averaging 1.26 g/t gold and 0.43% copper between a depth of 642 and 1002 metres. OTD197, drilled 225 metres south of the surface projection of the high grade intercept of OTD200, intersected 770 metres grading 0.41g/t gold and 0.32% copper starting at 38 metres. Both OTD197 and OTD200 follow the southwesterly trend of a deep IP chargeability anomaly. Finally, OTD195 intersected 678 metres grading 0.37 g/t gold and 0.25% copper between 42 and 720 metres. Summary results from recent drilling at Southwest Oyu are as follows:
FINAL DEPTH INTERVAL GOLD COPPER HOLE (METRES) FROM TO (METRES) (G/T) (%) - ----------------------------------------------------------------------------------------------------- OTD195 786.4 42 720 678 0.37 0.25 - ----------------------------------------------------------------------------------------------------- OTD197 824 38 810 772 0.41 0.32 - ----------------------------------------------------------------------------------------------------- 262 338 76 0.69 0.59 - ----------------------------------------------------------------------------------------------------- OTD200 656.2 642 1002 360 1.26 0.43 - ----------------------------------------------------------------------------------------------------- 642 838 196 1.40 0.51 - ----------------------------------------------------------------------------------------------------- 908 1002 94 1.46 0.46 - ----------------------------------------------------------------------------------------------------- OTD203 754.5 152 184 32 0.84 0.96 - ----------------------------------------------------------------------------------------------------- 228 310 82 0.12 0.42 - ----------------------------------------------------------------------------------------------------- 558 610 52 0.30 0.47 - ----------------------------------------------------------------------------------------------------- OTD204 647.8 46 568 522 0.42 0.29 - ----------------------------------------------------------------------------------------------------- 226 346 120 0.46 0.45 - ----------------------------------------------------------------------------------------------------- 500 568 68 0.76 0.25 - ----------------------------------------------------------------------------------------------------- OTD208 604 244 362 118 0.16 0.44 - -----------------------------------------------------------------------------------------------------
11 Based on the most recent drill results, Ivanhoe believes that gold and copper mineralization continues to thicken at depth and plunge in a southwesterly direction. The deep expression of the Southwest Oyu Discovery Zone has now been extended to at least 400 metres on strike and more than 900 metres below the surface. Ivanhoe's current drilling program is designed to test the relationship between IP signatures from Ivanhoe's IP surveys and geological projections of the high-grade core of the discovery zone. The next phase of drilling will employ drill rigs with directional drilling capacity, which will enable Ivanhoe to target down-plunge extensions of the high-grade zone below the intersections reported in OTD185, 190 and 200. Ivanhoe has contracted with a subsidiary of Major Drilling of Canada to supply an additional seven drill rigs at Oyu Tolgoi, bringing the number of working rigs on the property to 14. DESCRIPTION OF SHARE CAPITAL The authorized share capital of Ivanhoe consists of an unlimited number of Common Shares without par value and an unlimited number of preferred shares without par value ("Preferred Shares"). As of the date of this prospectus, there are 199,161,572 Common Shares and no Preferred Shares issued and outstanding. Rights and restrictions in respect of the Common Shares and the Preferred Shares are set out in Ivanhoe's articles of continuance and in the Yukon Business Corporations Act, and its regulations, Ivanhoe's governing statute. The holders of Common Shares are entitled to one vote per Common Share at all meetings of shareholders, to receive dividends as and when declared by the directors, and to receive a pro rata share of the remaining property and assets of the Corporation in the event of liquidation, dissolution or winding up of the Corporation. The Common Shares have no pre-emptive, redemption, purchase or conversion rights. There are no sinking fund provisions in relation to the Common Shares and they are not liable to further calls or to assessment by the Corporation. The Yukon Business Corporations Act provides that the rights and provisions attached to any class of shares may not be modified, amended or varied unless consented to by special resolution passed by a majority of not less than two-thirds of the votes cast in person or by proxy by holders of shares of that class. The Preferred Shares as a class rank senior to the Common Shares as to the payment of dividends and the distribution of property and assets on the liquidation, dissolution or winding-up of the Corporation. Holders of Preferred Shares are not entitled to any voting rights as a class except as may be provided under the Yukon Business Corporations Act and except that the directors of the Corporation are empowered to attach to any series voting rights relating to the election of directors on a default in payment of dividends. The Preferred Shares are issuable in one or more series, each consisting of such number of Preferred Shares as may be fixed by the Corporation's directors. The Corporation's directors may from time to time, by resolution passed before the issue of any Preferred Shares of any particular series, alter the constating documents of the Corporation to determine the designation of the Preferred Shares of that series and to fix the number of Preferred Shares therein and alter the constating documents to create, define and attach special rights and restrictions to the shares of that series, including, without limitation, the following: (i) the nature, rate or amount of dividends and the dates, places and currencies of payment thereof; (ii) the consideration for, and the terms and conditions of, any purchase of the Preferred Shares for cancellation or redemption; (iii) conversion or exchange rights; (iv) the terms and conditions of any share purchase plan or sinking fund; and (v) voting rights and restrictions. 12 PRIVATE PLACEMENT AND PLAN OF DISTRIBUTION The Special Warrants were issued pursuant to the Subscription Agreement on April 24, 2002 at a price of $3.25 per Special Warrant. The price of the Special Warrants was determined by negotiation between Ivanhoe and the Purchaser. Ivanhoe sold the Special Warrants directly to the Purchaser without use of an agent or underwriter pursuant to registration and prospectus exemptions under applicable securities legislation and, except as disclosed below, paid no fees or commissions in connection therewith. No fees or commissions will be payable by Ivanhoe in connection with the issuance of the Common Shares on the exercise of the Special Warrants. The expenses of the Offering, including the cost of preparation of this prospectus, will be borne by Ivanhoe. On April 3, 2002, the Corporation issued 17,450,000 Common Shares to an underwriting group consisting of Griffiths McBurney & Partners, HSBC Securities (Canada) Inc. and Haywood Securities Inc. (collectively, the "Underwriters"). Under the terms of the underwriting agreement between the Corporation and the Underwriters, the Corporation agreed not to issue any additional equity securities, except in certain limited circumstances, until July 3, 2002 without the prior written consent of the Underwriters. In order to obtain the Underwriters' consent to carry out this Offering, the Corporation agreed to pay the Underwriters a waiver fee equal to 1% of the gross proceeds of this Offering. Each Special Warrant allows the holder to acquire, without any additional payment, one Common Share. The Special Warrants may be exchanged or exercised at any time after their issuance, subject to the terms and conditions of the special warrant indenture dated April 23, 2002 (the "Special Warrant Indenture") between Ivanhoe and CIBC Mellon Trust Company, and will be deemed to be exercised on the fifth business day following the earlier of: (i) the date on which a receipt has been issued for a final prospectus qualifying the issuance of the Common Shares issuable upon exercise of the Special Warrants by the British Columbia Securities Commission; and (ii) August 24, 2002. The Purchaser has represented and warranted in the Subscription Agreement that it is acquiring the Special Warrants and the underlying Common Shares to be held for investment only and not with a view to immediate resale or distribution. Ivanhoe has no reason to believe that the Purchaser has any different investment intent in respect of the Special Warrants and the underlying Common Shares than that represented in the Subscription Agreement. This prospectus is being filed in British Columbia to qualify the distribution of the Common Shares to be issued upon the exercise of the Special Warrants. Common Shares issued to holders of the Special Warrants in any province in which a receipt for this prospectus has not been issued may be subject to resale restrictions under applicable securities legislation. The TSX has approved for listing the Common Shares issuable upon the exercise of the Special Warrants. The Special Warrants and the Common Shares issuable upon exercise of the Special Warrants have not been registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold or otherwise transferred in the United States to any U.S. Person (as defined in Regulation S under the U.S. Securities Act) and may not be sold in the United States or to U.S. Persons except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. Ivanhoe has no plans to register the Common Shares issuable upon the exercise of the Special Warrants under the U.S. Securities Act. USE OF PROCEEDS The aggregate net proceeds received by Ivanhoe from the sale of the Special Warrants was $8,129,625 after payment of expenses of the Offering, including preparation of this short form prospectus, estimated to be 13 $157,875. Ivanhoe has allocated the net proceeds to working capital pending the results of a sampling and geophysics reconnaissance program of all of the Corporation's Mongolian properties except Oyu Tolgoi. RISK FACTORS Investment in securities of Ivanhoe involves a significant degree of risk and should be considered speculative due to the nature of Ivanhoe's business and the present stage of its development. Investors should give careful consideration to the risk factors described in "Item 4 - Narrative Description of Business - Risk Factors" on pages 48 through 56 of Ivanhoe's AIF, which is incorporated by reference in this short form prospectus. AUDITORS, TRANSFER AGENT AND REGISTRAR The auditors of Ivanhoe are Deloitte & Touche LLP, Chartered Accountants, Vancouver, British Columbia. The registrar and transfer agent for the Common Shares in Canada is CIBC Mellon Trust Company at its principal offices in Vancouver. LEGAL MATTERS Certain Canadian legal matters in connection with this Offering will be passed upon by Goodmans on behalf of Ivanhoe. As at the date hereof, the partners and associates of Goodmans, as a group, beneficially own directly or indirectly less than one percent of the outstanding Common Shares. PURCHASERS' STATUTORY RIGHTS Securities legislation in British Columbia provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within two business days after receipt or deemed receipt of a prospectus and any amendment thereto. In British Columbia, securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, damages where the prospectus and any amendment contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province. Purchasers should refer to any applicable provisions of the securities legislation of the purchaser's province for the particulars of these rights or consult with a legal adviser. CONTRACTUAL RIGHTS OF ACTION FOR RESCISSION In the event that a holder of a Special Warrant who acquires a Common Share upon the exercise of the Special Warrant as provided for in this prospectus, is or becomes entitled under applicable legislation to the remedy of rescission by reason of this prospectus or any amendment thereto containing a misrepresentation, the holder will be entitled to rescission not only of the holder's exercise of their Special Warrant but also of the private placement transaction pursuant to which the Special Warrant was initially acquired and shall be entitled, in connection with such rescission, to a full refund of all consideration paid on the acquisition of the Special Warrant. In the event the holder is a permitted assignee of the interest of the original Special Warrant subscriber, that permitted assignee shall be entitled to exercise the rights of rescission and refund granted hereunder as if the permitted assignee was the original subscriber. The foregoing is in addition to any other right or remedy available to a holder of a Special Warrant under section 131 of the Securities Act (British Columbia), or otherwise at law. 14 CERTIFICATE OF IVANHOE MINES LTD. Dated: June 6, 2002 This short form prospectus, together with the documents incorporated herein by reference, constitutes full, true and plain disclosure of all material facts relating to the securities being offered by this short form prospectus as required by the securities laws of the provinces of British Columbia. (Signed) Daniel Kunz (Signed) Pierre Masse President Chief Financial Officer On behalf of the Board of Directors (Signed) R. Edward Flood (Signed) Eric V. Friedland Director Director 15 EX-99.6 82 o11180exv99w6.txt SHORT FORM PROSPECTUS DATED JANUARY 31, 2003 EXHIBIT 99.6 No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws. Accordingly, the securities may not be offered or sold in the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This short form prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby within the United States. See "Private Placement and Plan of Distribution". INFORMATION HAS BEEN INCORPORATED BY REFERENCE IN THIS SHORT FORM PROSPECTUS FROM DOCUMENTS FILED WITH SECURITIES REGULATORY AUTHORITIES IN CANADA. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Secretary of Ivanhoe Mines Ltd. at Suite 654, 999 Canada Place, Vancouver, B.C. V6C 3E1 (telephone (604) 688-5755). Short Form Prospectus New Issue January 31, 2003 IVANHOE MINES LTD. $60,000,000 20,000,000 COMMON SHARES TO BE ISSUED UPON THE EXERCISE OF 20,000,000 SPECIAL WARRANTS This short form prospectus qualifies for distribution 20,000,000 common shares ("Common Shares") of Ivanhoe Mines Ltd. ("Ivanhoe" or the "Corporation") to be issued upon the exercise of special warrants (the "Special Warrants") of Ivanhoe (the "Offering"). The Special Warrants were issued between December 13, 2002 and January 21, 2003 pursuant to subscription agreements (the "Subscription Agreements") between Ivanhoe and a number of institutional investors (the "Purchasers") at a price of Cdn$3.00 per Special Warrant. The price of the Special Warrants was determined by negotiation between Ivanhoe and the Purchasers. Ivanhoe sold the Special Warrants directly to the Purchasers pursuant to registration and prospectus exemptions under applicable securities legislation. See "Private Placement and Plan of Distribution". NO UNDERWRITER HAS BEEN INVOLVED IN THE PREPARATION OF, OR HAS REVIEWED THE CONTENTS OF, THIS SHORT FORM PROSPECTUS - 2 - Subject to adjustment, each Special Warrant entitles the holder thereof to acquire one Common Share, at no additional cost, at any time commencing upon the later of (a) the date upon which a final receipt for this prospectus has been issued by the British Columbia Securities Commission and, with respect to Purchasers resident in Ontario, the Ontario Securities Commission; and (b) the date upon which a prospectus (the "Australian Prospectus") under Chapter 6D of the Corporations Act 2001 (Commonwealth of Australia) has been lodged with the Australian Securities and Investments Commission (the "Qualification Date") and ending at 5:00 p.m. (Vancouver time) on the fifth business day after the earlier of: (i) the Qualification Date; and (ii) the four month anniversary of the date of issuance of the Special Warrants (the "Expiry Time"). Any Special Warrants not exercised prior to the Expiry Time will be deemed to have been exercised immediately prior to the Expiry Time without any further action on the part of the holder. Ivanhoe will pay no fees or commissions in connection with the issuance of the Common Shares distributed pursuant to this prospectus. Ivanhoe paid a fee equal to 4% of the gross proceeds of the Offering derived from Purchasers resident in Australia to Auzeq Securities Limited ACN 064 721 311 ("Auzeq"), of Melbourne, Australia in connection with the sale of the Special Warrants. The expenses of the Offering, including the cost of preparation of this prospectus, will be borne by Ivanhoe. See "Private Placement and Plan of Distribution". Each Purchaser has represented and warranted in its Subscription Agreement that it is acquiring the Special Warrants and the underlying Common Shares to be held for investment only and not with a view to immediate resale or distribution. The Common Shares are traded on the Toronto Stock Exchange ("TSX") and the Australian Stock Exchange under the symbol "IVN". The price of the Common Shares as reported by the TSX at the close of business on January 31, 2003 was Cdn$3.19 per Common Share. In this short form prospectus, all references to "Cdn$" refer to Canadian dollars, all references to "US$" refer to United States dollars and all references to "Aus$" refer to Australian dollars. - 3 - TABLE OF CONTENTS
PAGE DOCUMENTS INCORPORATED BY REFERENCE...................................... 3 NAME AND INCORPORATION................................................... 4 SUMMARY DESCRIPTION OF THE BUSINESS...................................... 6 CONSOLIDATED CAPITALIZATION.............................................. 23 DESCRIPTION OF SHARE CAPITAL............................................. 23 PRIVATE PLACEMENT AND PLAN OF DISTRIBUTION............................... 24 USE OF PROCEEDS.......................................................... 25 RISK FACTORS............................................................. 26 AUDITORS, TRANSFER AGENT AND REGISTRAR................................... 26 LEGAL MATTERS............................................................ 26 PURCHASERS' STATUTORY RIGHTS............................................. 27 CONTRACTUAL RIGHTS OF ACTION FOR RESCISSION.............................. 27 CERTIFICATE OF IVANHOE MINES LTD......................................... 28
DOCUMENTS INCORPORATED BY REFERENCE The following documents of Ivanhoe, filed with the various securities commissions or similar authorities in all of the provinces of Canada, are specifically incorporated by reference into, and form an integral part of, this short form prospectus: 1. Renewal Annual Information Form dated May 16, 2002 (the "AIF") including management's discussion and analysis of financial condition and results of operations for the financial year ended December 31, 2001 incorporated therein; 2. Comparative consolidated financial statements of Ivanhoe for the years ended December 31, 2001 and 2000, together with the notes thereto and the auditors' report thereon; 3. Comparative unaudited consolidated interim financial statements of Ivanhoe for the nine month periods ended September 30, 2002 and 2001, together with management's discussion and analysis of financial condition and results of operation for such periods; and 4. Management Information Circular dated May 10, 2002 prepared in connection with Ivanhoe's annual meeting of shareholders held June 25, 2002 (excluding the report on executive compensation, the performance graph and the statement of corporate governance practices). Any documents of the type referred to in the preceding paragraph, interim financial statements and any material change reports (excluding confidential reports) filed by Ivanhoe with the securities commissions or similar authorities in the provinces of British Columbia and Ontario subsequent to the date of this short form prospectus - 4 - and prior to the termination of the Offering shall be deemed to be incorporated by reference in this short form prospectus. ANY STATEMENT CONTAINED IN A DOCUMENT INCORPORATED OR DEEMED TO BE INCORPORATED BY REFERENCE HEREIN SHALL BE DEEMED TO BE MODIFIED OR SUPERSEDED FOR PURPOSES OF THIS SHORT FORM PROSPECTUS, TO THE EXTENT THAT A STATEMENT CONTAINED HEREIN OR IN ANY SUBSEQUENTLY FILED DOCUMENT THAT ALSO IS OR IS DEEMED TO BE INCORPORATED BY REFERENCE HEREIN MODIFIES OR REPLACES SUCH STATEMENT. THE MODIFYING OR SUPERSEDING STATEMENT NEED NOT STATE THAT IT HAS MODIFIED OR SUPERSEDED A PRIOR STATEMENT OR INCLUDE ANY OTHER INFORMATION SET FORTH IN THE DOCUMENT THAT IT MODIFIES OR SUPERSEDES. THE MAKING OF A MODIFYING OR SUPERSEDING STATEMENT SHALL NOT BE DEEMED AN ADMISSION FOR ANY PURPOSES THAT THE MODIFIED OR SUPERSEDED STATEMENT WHEN MADE, CONSTITUTED A MISREPRESENTATION, AN UNTRUE STATEMENT OF A MATERIAL FACT OR AN OMISSION TO STATE A MATERIAL FACT THAT IS REQUIRED TO BE STATED OR THAT IS NECESSARY TO MAKE A STATEMENT NOT MISLEADING IN LIGHT OF THE CIRCUMSTANCES IN WHICH IT WAS MADE. ANY STATEMENT SO MODIFIED OR SUPERSEDED SHALL NOT BE DEEMED IN ITS UNMODIFIED OR SUPERSEDED FORM TO CONSTITUTE A PART OF THIS SHORT FORM PROSPECTUS. INFORMATION HAS BEEN INCORPORATED BY REFERENCE IN THIS SHORT FORM PROSPECTUS FROM DOCUMENTS FILED WITH THE SECURITIES COMMISSIONS OF THE PROVINCES OF BRITISH COLUMBIA AND ONTARIO. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Secretary of Ivanhoe, Suite 654, 999 Canada Place, Vancouver, B.C. V6C 3E1 (telephone (604) 688-5755). This prospectus along with the four above mentioned documents incorporated by reference will also be lodged with the Australian Securities and Investments Commission and will be referred to and included in the Australian Prospectus. NAME AND INCORPORATION Ivanhoe was incorporated under the Company Act (British Columbia) on January 25, 1994 under the name 463212 B.C. Ltd. In February 1994, Ivanhoe changed its name to Indochina Goldfields Ltd. In March 1994, Ivanhoe increased its authorized capital from 10,000 common shares without par value to 100,000,000 common shares without par value and created 100,000,000 preferred shares without par value. In February 1995, Ivanhoe was continued under the Business Corporations Act (Yukon). In July 1997, Ivanhoe increased its authorized capital to an unlimited number of common shares without par value and an unlimited number of preferred shares without par value. In June 1999, Ivanhoe changed its name to Ivanhoe Mines Ltd. The Corporation has been registered as a foreign company in Australia since August 1996. Ivanhoe's North American headquarters are located at Suite 654, 999 Canada Place, Vancouver, B.C. V6C 3E1. Ivanhoe's Asian headquarters are located at 37th Floor #2, Millenia Tower, 1 Temasek Avenue, Singapore 039192. The Corporation's registered office is located at Suite 300, 204 Black Street, Whitehorse, Yukon, Canada, Y1A 2M9. SUBSIDIARIES AND MANAGEMENT STRUCTURE The corporate structure of Ivanhoe, its material subsidiaries, the percentage ownership in subsidiaries which are not wholly-owned by Ivanhoe and the jurisdiction of incorporation of such corporations as at December 31, 2002 are set out in the following chart. - 5 - [IVANHOE MINES LTD. (YUKON) STRUCTURE CHART] Note: All subsidiaries are wholly-owned unless otherwise indicated "BVI" means British Virgin Islands - 6 - SUMMARY DESCRIPTION OF THE BUSINESS GENERAL Ivanhoe is an international mineral exploration and development company. Ivanhoe holds interests in mineral resource properties in Mongolia, Myanmar, Australia, South Korea, China, Kazakhstan and Vietnam. For the purposes of Form 44-101F1 under National Instrument 44-101 Short Form Prospectus Distributions ("NI 44-101"), the Oyu Tolgoi gold and copper exploration project in Mongolia (the "Oyu Tolgoi Project"), the Monywa copper project in Myanmar (the "Monywa Copper Project") and the Savage River iron ore mine in Tasmania, Australia (the "Savage River Project") have been identified as the mineral resource properties material to Ivanhoe. Ivanhoe's interests in Kazakhstan, Mongolia (other than the Oyu Tolgoi Project), South Korea, China, Myanmar (other than the Monywa Copper Project) and Vietnam are not considered material for the purposes of Form 44-101F1 under NI 44-101. For a description of these properties see "Item 3 - General Development of the Business" and "Item 4 - Narrative Description of Business" on pages 9 through 40 of Ivanhoe's AIF, which is incorporated by reference in this short form prospectus, as well as "Recent Developments" below. QUALIFIED PERSONS Charles Forster, P.Geo., an employee of Ivanhoe and a qualified person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), has supervised the preparation of all disclosure of a scientific or technical nature for the Oyu Tolgoi Project other than the Southwest Oyu Resource Estimate. All disclosure of a scientific or technical nature in respect of the Southwest Oyu Resource Estimate has been summarized from a June 5, 2002 supplement (the "RPA Supplement") to a technical report prepared in January 2002 and supplemented in March 2002 (the "RPA Technical Report") of Roscoe Postle Associates Inc. ("RPA"), prepared by Gildar J. Arseneau, Ph.D., P.Geo, an employee of RPA. Mr. Arseneau is an independent qualified person for the purposes of NI 43-101. Chris Wilson, Ph.D, MAusIMM, Ivanhoe's Exploration Manager for Mongolia and a qualified person for the purposes of NI 43-101, has prepared or supervised the preparation of all disclosure of a scientific or technical nature in respect of all of Ivanhoe's Mongolian exploration projects other than the Oyu Tolgoi Project. All disclosure of a scientific or technical nature respecting the Savage River Project was prepared under the supervision of Anson Griffith, MAusIMM, an employee of Ivanhoe's indirect wholly-owned subsidiary Goldamere Pty Ltd. ("Goldamere"). Mr. Griffith is a qualified person for the purposes of NI 43-101. Paul Chare, MAusIMM, an employee of Ivanhoe and a qualified person for the purposes of NI 43-101, prepared or supervised the preparation of all disclosure of a scientific or technical nature in respect of all mineral resource projects other than the Savage River Project, the Oyu Tolgoi Project and Ivanhoe's other Mongolian mineral resource projects. RECENT DEVELOPMENTS OYU TOLGOI PROJECT, MONGOLIA Ivanhoe continues to conduct a substantial exploration program on the Oyu Tolgoi Project. During 2002, Ivanhoe concentrated its drilling on the Central Oyu, Southwest Oyu, South Oyu and Far North Oyu mineralized zones. Ivanhoe contracted with a subsidiary of Major Drilling of Canada to supply drill rigs, and now has 10 drill rigs working on the property. A summary of the results of the drill program in each mineralized zone, including the results of several drill hole intercepts is set out below. In December 2002, Ivanhoe completed an induced polarization ("IP") survey that covered areas in the Southwest Oyu, Central Oyu and the Far North Oyu zones. Results of the IP survey show that a continuous geophysical anomaly that extends approximately 4.5 kilometres in length and encompasses the Southwest, - 7 - Central and Far North Oyu zones and continues north of Far North Oyu for approximately one kilometre. This anomaly supports the proposition that all three zones are geologically connected by a north northeast trending controlling structure. Further exploration work will be required before the connection can be established with a high level of confidence. Ivanhoe has been studying a number of aspects of the Oyu Tolgoi Project with a view to its further development and establishment of infrastructure at the project site, including a conceptual engineering study on design parameters affecting underground mining, geotechnical reconnaissance to assess foundation conditions and local availability of construction materials, a desktop study of potential suppliers, contractors and independent power producers, an archaeological survey and baseline environmental studies. Ivanhoe has shipped metallurgical samples from the Oyu Tolgoi Project to a research laboratory in Canada for metallurgical testing, which began in January 2003. The core samples consist of half PQ core from the Southwest Oyu and Central Oyu zones, and the testing is intended to provide the basis for the process design criteria of a pre-feasibility study. Resource Estimate - Southwest Oyu In May 2002, AMEC E & C Services Ltd. ("AMEC") completed an updated estimate of inferred resources in the Southwest Oyu zone based on six new drill holes. RPA reviewed and verified the resource estimate in the RPA Supplement. The RPA Supplement replaces the disclosure respecting the Southwest Oyu resource estimate in the RPA Technical Report. In the RPA Supplement, RPA reported inferred mineral resources to a depth of 600 metres ("m") in the Southwest Oyu zone as follows:
CUTOFF GRADE COPPER EQUIVALENT (1) (%) TONNES COPPER (%) GOLD (G/T) 0.70 148,800,000 0.66 1.10 0.60 252,400,000 0.55 0.83 0.50 392,600,000 0.48 0.66 0.40 552,800,000 0.42 0.56 0.30 684,100,000 0.38 0.50 0.20 757,300,000 0.36 0.46
Note (1) Based on US$300 per ounce gold and US$0.80 per pound copper at 100% metal recovery RPA also reported inferred mineral resources below 600 m in the Southwest Oyu zone as follows:
CUTOFF GRADE TONNES COPPER (%) GOLD (G/T) COPPER EQUIVALENT (1) (%) 2.0 4,000,000 0.80 2.60 1.8 8,000,000 0.76 2.40 1.6 13,000,000 0.72 2.20 1.4 17,000,000 0.68 2.10 1.2 21,000,000 0.65 1.90 1.0 26,000,000 0.61 1.80
Note (1) Based on US$300 per ounce gold and US$0.80 per pound copper at 100% metal recovery RPA believes that additional drilling and evaluation is required before the mineralization below 600 m can be classified as a mineral resource at cut-off grades of less than 1% copper equivalent. - 8 - The revised Southwest Oyu mineral resource estimate reported in the RPA Supplement is based on the same assumptions, parameters and methods as those disclosed in the AIF, except that the drill hole database now consists of 37 diamond drill holes totalling 21,050 m. Resource Estimate - 2003 Update In January 2003, Ivanhoe engaged AMEC to prepare an independent resource estimate to quantify the size and grade of the Central, Southwest, South and Far North Oyu mineralized zones. Ivanhoe anticipates that the resource estimate will be completed by the end of January 2003. Ivanhoe has completed 55 drill holes at Central Oyu, an additional 38 holes at Southwest Oyu since the last resource estimate in May, 2002 and is awaiting assays from 8 diamond core holes at Far North Oyu. Ivanhoe believes that sufficient data will be available to establish inferred mineral resources at Far North Oyu and Central Oyu and to upgrade some or all of the inferred mineral resources at Southwest Oyu to the indicated category. Central Oyu Zone - Recent Drill Results In 2002, Ivanhoe began drilling at the Central Oyu zone of the Oyu Tolgoi Project to test an 800 m by 600 m anomaly identified by an IP survey. In May 2002 three holes, OTD196, OTD202 and OTD207, drilled in the Central Oyu zone, encountered intrusive and volcanic-hosted hypogene, gold-rich, chalcopyrite mineralization similar to mineralization encountered in the Southwest Oyu zone, adjacent to and beneath a thick blanket of strong, secondary chalcocite and covellite mineralization. These three holes were drilled following two holes, OTD159 and OTD187 that discovered thick covellite mineralization and strong chalcopyrite gold mineralization, respectively, in the Central Oyu zone. Ivanhoe subsequently drilled 39 holes on approximately 100 m intervals over the Central Oyu zone to delineate the underlying mineralization for future resource estimation. The holes were primarily drilled on 100 m spaced, north-south lines, inclined at 60 to 70 degrees south. Several additional holes were drilled on 305-degree and 125-degree azimuths to confirm continuity of the mineralization between drill sections. Other holes were drilled vertically to further delineate a near surface, flat lying zone of secondary enriched copper mineralization. Results of this drilling indicate that there is a main zone of mineralization consisting of a deposit of covellite mineralization and a peripheral deposit of chalcopyrite mineralization. The flat-lying top of the chalcocite blanket ranges from 30 m to 60 m below the surface with a true thickness of approximately 30 m to 60 m. The top of the covellite zone tends to be 100 m to 150 m below the surface, extending down to a maximum depth of 450 m below the surface. The chalcopyrite gold zone lies generally below the covellite zone extending up the southern flank to within 200 m below surface, with a maximum depth of between 450 m to 550 m below surface. Ivanhoe has drilled three cross holes to verify the continuity of mineralization. Assays are pending on these cross holes, and Ivanhoe will not be able to confirm the continuity of mineralization between sections at Central Oyu until the assay results from these holes are received. Ivanhoe has divided the Central Oyu zone into six 100 m spaced, north - south sections, each approximately 600 m wide and 400 to 600 m deep, numbered from west to east. Ivanhoe has encountered gold and copper mineralization in all of the sections. Material results of drilling in each section are discussed below. Section 1: Drill holes OTD187 and 207 encountered 160 m grading 0.59% copper and 0.4 grams per tonne ("g/t") gold and 144 m grading 0.78 % copper and 0.66 g/t gold, respectively. Holes OTD210, 280 and 256 intersected copper and gold mineralization comparable to that of OTD187 and 207. These intersections are a mixture of covellite, chalcopyrite and gold, and form two "bands" of mineralization, each up to 100 m in thickness coalescing into one, 200 m thick band on the northern side of Section 1. The drill intersections indicate that the total width of the mineralized zone is approximately 400 m and that it reaches a maximum below surface depth of 400 m. The zone is open to the north. - 9 - Section 2: Ivanhoe originally drilled OTD196 in Section 2 in early 2002 to test the down dip extent of mineralization, and intersected 118 m grading 0.95% copper and 0.47 g/t gold. Ivanhoe has since drilled three holes in this section of Central Oyu. OTD211 and 262 were drilled as 100 m step outs to the north from OTD196. OTD211 intersected 264 m grading 0.89% copper and 0.08 g/t gold. OTD262 intersected 203 m grading 0.92% copper and 0.31 g/t gold. The third hole, OTD226, intersected 58 m grading 1.90% copper and 0.24 g/t gold in the upper zone and 58 m grading 1.02% copper and 1.32 g/t gold in a lower zone. The results indicate that two mineralized zones converge into one zone 260 m in thickness on OTD211. The zone narrows to approximately 50 m in thickness on OTD226 accounting for the mineralization in the upper intersection of the drill hole. The lower intersection does not appear to be connected to the main zone of mineralization. Mineralization is open to the north and is approximately 500 m in width. Section 3: Ivanhoe drilled five holes in Section 3 to test the covellite and chalcopyrite gold zones underlying the chalcocite blanket of Central Oyu. Ivanhoe also drilled two short vertical holes to provide large diameter core for metallurgical and leach testing on the chalcocite zone. OTD285, the most southerly hole, intersected 200 m of covellite mineralization grading 0.49% copper and 0.06 g/t gold starting at 46 m down hole immediately below the chalcocite blanket. Below the covellite zone, chalcopyrite and covellite mineralization grading 0.62% copper and 0.13 g/t gold over an interval of 158 m was encountered at 246 m down hole. OTD217 intersected 124 m of covellite-rich mineralization grading 1.20% copper and 0.07g/t gold starting at 160m down hole which underlies a 110 m interval of 0.49% copper and 0.05 g/t copper. OTD217 also encountered a 182 m lower zone of chalcopyrite mineralization starting at 312 m grading 0.60% copper and 0.18 g/t gold including a 14 m interval of barren rhyolite dyke. OTD216 encountered the covellite zone starting at 142 m down hole and intercepted 268 m grading 0.70% copper and 0.07 g/t gold. The lower chalcopyrite zone is 94 m grading 0.58% copper and 0.15 g/t gold. OTD258 was drilled to define the northern limit of the mineralization, and encountered significantly stronger covellite mineralization with gold. At 204 m the hole intersected 440 m grading 0.96% copper and 0.21g/t gold. Overlying the zone, a lower grade 58 m interval was encountered averaging 0.51% copper and 0.15 g/t gold. The final and most northerly hole in the section, OTD284, intersected 136 m grading 1.19% copper and 0.49 g/t gold starting at 258 m down hole. Ivanhoe believes that mineralization is open but decreasing in thickness to the north and that the overall dimension of mineralization in the section consists of a horizontal width of approximately 500 m and a thickness of up to 400 m. The maximum depth of mineralization is believed to be 550 m below surface. Section 4: OTD159, drilled vertically, encountered 379 m grading 0.69% copper and 0.14 g/t gold. OTD224, 271, 275, 290 and 302 were subsequently drilled south inclined at approximately minus 65 degrees. Underlying the near surface chalcocite blanket, the drill holes intersected both a covellite zone and a lower zone of chalcopyrite. Ivanhoe believes the covellite zone is approximately 400 m in width and between 275 m to 300 m thick lying approximately 300 m below the surface, while the chalcopyrite zone is approximately 300 m in width and varying in thickness to approximately 100 m, lying up to 600 m below the surface. OTD302 intersected 52 m averaging 0.74% copper and 0.06 g/t gold through the covellite zone, starting at 100 m down hole. OTD275 intersected 206 m of mineralization in the covellite zone grading 0.74% copper and 0.09 g/t gold starting at 104 m and 86 m grading 0.49% copper and 0.97 g/t gold in the chalcopyrite zone starting at 550 m. OTD224 intersected 270 m averaging 0.50% copper and 0.06 g/t gold in the covellite zone starting at 66 m down hole and 0.62% copper and 0.06 g/t gold for 86 m in the chalcopyrite zone starting at 482 m. OTD271 and 290 also intersected comparable levels of copper and gold mineralization in both the covellite zone and chalcopyrite zone. Section 5: Ivanhoe drilled three holes on Section 5 in 100 m intervals at minus 60 degrees. OTD332 is currently in progress and has no assays available but has intersected visible covellite mineralization. OTD247, 100 m north, intersected 132 m of covellite at 48 m depth, averaging 0.66% copper and 0.07 g/t gold, followed by 206 m grading 0.43% copper and 0.06 g/t gold. At 472 m, a 24m interval of chalcopyrite mineralization was intersected averaging 0.86% copper and 0.17 g/t gold. OTD299 is the most northerly hole in the section and intersected 34 m grading 1.04% copper and 0.14 g/t gold at 194 m. At 306 m the hole encountered 94 m of chalcocite and enargite grading 0.48% copper and 0.31 g/t gold. Subject to assay results from hole OTD332, Ivanhoe believes that the mineralized zone is 200 m wide and up to 250 m thick. - 10 - Section 6: Ivanhoe has completed four drill holes on the most easterly section in Central Oyu. All of the holes have been drilled south at minus 60 degrees. Ivanhoe has encountered varying degrees of mineralization in the holes, with intervals ranging from 26 m to 118 m. In general, the intervals encountered strong copper mineralization of between 0.81% to 1.56% copper but weak gold mineralization. Ivanhoe has also drilled two holes east of Central Oyu, OTD198 and 225. OTD198 failed to penetrate the thick sedimentary cover rocks overlying the possible easterly strike extension of the Central Oyu mineralization due to bad ground. OTD225 was collared at the same location and intersected a wide post mineral dyke and clay altered, pyrite-rich rocks carrying only low copper and gold values. Four additional holes have been drilled across Central Oyu to verify continuity of the mineralization between sections and to test for possible vertical, barren dykes lying between the sections. The first hole, OTD249 was collared on Section 2 and drilled west on an azimuth of 270 degrees. The hole intersected 92 m of covellite starting at 36 m. Below 128 m, the hole entered a late quartz monzonite dyke that defines the western limits of the Central Oyu mineralized zone. On the southeast side of Central Oyu, OTD312 was collared on an azimuth of 305 degrees to cross at right angles to the suspected northeasterly controlling structures identified by geophysics. The hole collared in quartz monzodiorite grading 0.45% copper and 0.04 g/t gold from 46 m down hole before encountering the high grade covellite zone at 358 m where a 168 m interval grading 1.24% copper and 0.28 g/t gold was intersected. Ivanhoe encountered one barren zone on OTD312 66 m in length starting at 222 m. OTD321 was collared west of Section 1 and drilled on a 125-degree azimuth as a "scissor" hole 100 m southwest and parallel to OTD312. The hole intersected 190 m of mixed covellite and chalcopyrite mineralization starting at 66 m down hole grading 0.81% copper and 0.49 g/t gold. Finally, OTD335 was drilled at 305-degree azimuth, 100 m northeast of OTD312, but assays are not complete. Southwest Oyu Zone - Recent Drill Results Since the completion of the revised Southwest Oyu zone inferred mineral resource estimate, Ivanhoe has concentrated diamond drilling in Southwest Oyu on infill drilling the inferred resource. Holes were drilled from northwest to southeast on 100 m spaced sections between existing holes to provide 50 m to 100 m spaced holes across the zone. Southeast oriented drill holes were selected to provide the best definition of the barren quartz monzodiorite intrusive rocks that form the hanging wall and footwall to the mineralization. The objective of this drilling is to provide sufficient control on the mineralization to increase the confidence level of some or all of the inferred resource to that of indicated for use in a future pre-feasibility study. A total of 38 drill holes on 650 m of strike length have been completed. The holes drilled to date have encountered intervals of copper and gold mineralization consistent with previous drill results. Based on these drill holes Ivanhoe believes that gold and copper mineralization continues to plunge in a southwesterly direction and has a finite depth extent on the drill sections. The deep extension of the mineralization encountered at Southwest Oyu has now been extended to at least 400 m on strike and more than 900 m below the surface. South Oyu Zone - Recent Drill Results Recent diamond drilling in South Oyu followed up on earlier reverse circulation ("RC") drilling during 2001 undertaken to delineate near surface oxide resources. Ivanhoe also drilled several core holes in 2001, with limited success, to expand the high-grade bornite mineralization first encountered in drill hole OTD004. OTRCD149, drilled to scissor OTD004 intersected 52 m grading 1.73% copper and 0.23 g/t gold underlying a 63 m interval starting at surface of a malachite-rich oxide zone grading 1.08% copper and 0.28 g/t gold. OTD164 drilled 100 m down dip from OTRCD149, encountered lower grade mineralization indicating the bornite-rich quartz sheeted quartz veining did not continue vertically to depth. - 11 - The RC holes drilled by Ivanhoe at South Oyu encountered moderate copper grades, but with generally low gold values, lowering the overall exploration priority of the area. Ivanhoe has resumed drilling at South Oyu with a view to defining a "starter" pit zone of mineralization within 250 m of surface and has drilled four holes on a section 50 m to 100 m southeast of OTRCD149 and OTD164. OTD279, drilled at an azimuth of 215 degrees at -60 degrees intersected 204 m of 0.73% copper and 0.22 g/t gold starting at 42 m down hole. Step back hole OTD266, 100 m northeast intersected 64 m at 0.51% copper and 0.11 g/t gold from 98 m and an interval of 37 m grading 0.67% copper and 0.12 g/t gold starting 208 m through to the bottom of the hole at 245 m. OTD261 was collared 150 m northeast across a 50 m thick rhyolite dyke. The hole intersected 98 m grading 0.55% copper and 0.03 g/t gold starting at 42 m. The hole bottomed in a rhyolite dyke. The final hole, OTD281, stepped back a further 160 m northeast and encountered 246 m of weak mineralization grading 0.26% copper and 0.04 g/t gold starting at 78 m. The bottom of the hole intersected 112 m grading 0.66% copper and 0.16 g/t gold at 394 m. Two additional holes were drilled on a section 100 m southeast of the previously described drill hole grouping. OTD269 intersected 60 m grading 0.59% copper and 0.06 g/t gold starting at 58 m followed by 102 m grading 0.78% copper and 0.14 g/t gold at 130 m depth. The grade decreased to the bottom of the hole at 429 m. Ivanhoe believes that mineralization in excess of 0.7% copper may run continuously east-west across the 150 m interval between OTD279 through OTD269. Additional drilling is required to further delineate this zone. To test the area between the South Oyu zone and Southwest Oyu zone, Ivanhoe drilled two holes, OTD233 and OTD308, to the northwest along a section line following OTD004 and OTRCD149. OTD233 encountered 45 m starting at surface grading 0.82% copper and 0.14 g/t gold, followed 94 m down hole by 46 m grading 0.93% copper and 0.10 g/t gold. A 45 m dyke was then cut followed by an additional 72 m grading 0.81% copper and 0.08 g/t gold. The hole encountered additional dykes and weaker mineralization down hole to 322 m. OTD308, collared 140 m west on a parallel section 100 m southwest intersected 130 m grading 0.60% copper and 0.63 g/t gold starting at 54 m down hole. The mineralization from these holes is high-sulphidation bornite and chalcocite in advanced argillic alteration, and demonstrates that there is probably continuity down dip from two previous RC holes, OTRC105 and OTD136 that intersected chalcocite-rich mineralization near surface. Far North Oyu Zone - Recent Drill Results Ivanhoe initiated drilling in Far North Oyu in mid-2002 to test a broad, north easterly trending IP chargeability high delineated in 2001. Eleven holes were drilled on six, 200 m spaced sections progressing northeast. These holes intersected significant widths of pyrite and lesser amounts of chalcopyrite, enargite and chalcocite. The best grades included 108 m grading 0.73% copper and 0.04 g/t gold starting at 296 m down hole in OTD244 and 136 m grading 0.58% copper and 0.05 g/t gold in OTD246. The final hole, OTD270, was drilled as a final test of the far-east end of the IP target and encountered 638 m of chalcopyrite, bornite-rich mineralization grading 1.61% copper and 0.07 g/t gold starting at 220 m down hole. Ivanhoe performed follow-up drilling by stepping north and south on 100 m intervals followed by a parallel section of three holes 100 m east. Re-interpretation of the geophysics indicates that a possible controlling structure trending north northeast through OTD270 might result in the strike being oblique to the two north-south drilling sections. Subsequent holes were then drilled southeast and scissored northwest to cut perpendicular to the interpreted trend of the body. The body is now interpreted to be north northeasterly trending, generally tabular in nature, dipping moderately to steeply southeast. Ivanhoe has identified a zone of mineralization grading in excess of 1% copper that lies 150 m to 300 m below the surface and reaches depths of 700 m to 800 m below surface. The results of drilling to date indicate that the zone is approximately one kilometre long and 400 m wide, but it is still open in all directions. Ivanhoe has estimated the true thickness of this mineralized zone is between 200 m to 300 m. OTD286, a 100 m step back from OTD270, intersected 532 m grading 1.63% copper and 0.05 g/t gold, including 208 m grading 2.41% copper and 0.07 g/t gold. OTD298 stepped back an additional 100 m intersecting 86 m grading 1.18% copper and 0.02 g/t gold and 102 m grading 1.26% copper and 0.02 g/t gold. One hundred metres north of OTD270, OTD273 intersected 444 m grading 1.37% copper and 0.04 g/t gold and, 100 m north of this hole, OTD282 intersected 304 m grading 1.28% copper and 0.05 g/t gold. These five holes - 12 - define a zone at least 600 m in north-south strike extent and 500m in vertical depth extent. The high-grade, advanced argillic-altered, siliceous core consists of bornite, chalcocite and chalcopyrite grading upward into chalcopyrite and bornite and at the top of the zone, pyrite, chalcopyrite and enargite. The base of the zone is hematite, bornite, chalcopyrite in an intensely chlorite altered basalt. The mineralization is capped by an ignimbritic unit of variable thickness and overlain by siltstone and basalt. The mineralization appears to be structurally controlled within a favourable, porous host rock. Approximately 100 m east of the OTD270 drill hole grouping, Ivanhoe drilled holes OTD305, 303 and 313 from south to north at 100 m intervals. All three holes intersected significant intervals of copper with a marked increase in gold content in the higher grade intervals. OTD305 intersected 280 m grading 1.73% copper and 0.07 g/t gold, OTD303 intersected 344 m grading 1.77% copper and 0.11 g/t gold and OTD313 intersected 490 m grading 1.57% copper and 0.14 g/t gold. The mineralization appears to be continuous from the OTD270 drill hole grouping as a flat lying, tabular body 600 m in strike length and 300 m in thickness. Ivanhoe collared three drill holes on the northwest side of Far North Oyu and drilled south easterly believing the body could be steeply dipping to near vertical in cross section. The first of these holes, OTD289, intersected 367 m grading 1.91% copper and 0.09 g/t gold including 170 m grading 2.41% copper and 0.15 g/t gold. The hole was bottomed in high-grade copper mineralization when abandoned due to bad ground. Two hundred metres southwest, OTD304 was drilled parallel to OTD289 and intersected 432 m grading 1.33% copper and 0.04 g/t gold. One hundred fifty metres northeast of OTD289, OTD310 intersected 368 m grading 2.41% copper and 0.23 g/t gold and included a 172 m zone of 3.43% copper and 0.40 g/t gold. The results of the three southeasterly drill holes indicate that the body is more tabular in shape and dips moderately to steeply easterly, meaning that the holes may have been drilled down the dip of the body. Ivanhoe has now collared holes on the southeast side of Far North Oyu, and is drilling north westerly to trace the down dip of the mineralized zone. Ivanhoe has also recently completed drilling three holes, OTD319, 327 and 344, to test the north northeast strike extent of Far North Oyu and three holes, OTD334, 346 and 338, to test the south southwest extension of Far North Oyu toward the Central Oyu zone. Assays on the north northeast extension drill holes disclosed an interval at OTD319 of 456 m grading 1.58% copper and 0.12 g/t gold starting at 324 m below surface and an interval of 368 m grading 1.50% copper and 0.08 g/t gold starting at 358 m on OTD327, while assays on OTD344 are pending. The results support the extension of the mineralized zone to encompass the drilling area and provide confirmation as to the shape of the mineralized body. Assays on the south southwest extension holes are pending. Drilling Plans for First Quarter of 2003 Ivanhoe plans to continue diamond drilling to test the north-south trending IP chargeability anomaly extending north from Central Oyu. The presence of chalcopyrite, bornite and chalcocite on the eastern margin of the central axis of the IP anomaly opens up a significant strike length of poorly or untested sulphides. Holes will be drilled in approximately 200 m intervals along the strike extent with OTD334, 338 and 341 already in progress. To the south of Central Oyu, the high sulphidation system continues under the sedimentary/volcanic rocks. OTD219 and 240 intersected very similar mineralization to the Far North and east side of Central Oyu, albeit at depths that would likely require underground development to extract. Ivanhoe plans to commence test drill holes over an IP zone of high chargeability and high resistivity that was traced northerly over five 100 m spaced IP sections on the western edge of its recent IP survey. Chip samples from a vein located on this zone returned anomalous base and precious metal values, but the chargeability and resistivity anomaly defined on the vertical IP sections suggests there is the potential for increased thickness at depths below 200 m. MONYWA COPPER PROJECT, MYANMAR During 2002, Myanmar Ivanhoe Copper Company Limited ("MICCL"), the joint venture company operating the Monywa Copper Project, produced copper at an annualized rate of approximately 28,700 tonnes. The rate of production was higher than in 2001, reflecting increased processing capacity from a program to expand - 13 - electrowinning capacity. The expansion program continues, with the ultimate planned capacity expected to be 33,000 tonnes per annum by April 2003. MICCL has increased the leach pad area of the mine to maintain the increased cathode production and has used run of mine dumps to supplement crusher capacity. MICCL has relocated some of its mining and ore production from the Sabetaung deposit to the Sabetaung South deposit and reallocated some of the production at the Sabetaung pit from Stage 2 to the Stage 3 area of the pit. Ore grade from Stage 2 of the Sabetaung pit is declining in line with design. The decline should be offset by higher-grade ore recovered from Sabetaung South and Stage 3 of the Sabetaung pit. MICCL has encountered ore zones with a high proportion of clay. The clay material increases the proportion of fine material in processing, which reduces the efficiency of leach kinetics and copper extraction. During 2002, MICCL constructed and operated a pilot fines material removal plant. Based on the success of the pilot plant, a fines removal plant will be added to the crushing circuit during 2003 and is expected to remove a sufficient amount of fines to permit optimum copper leach extraction. Ivanhoe is still negotiating with potential project finance lenders in respect of the possible future development of the Letpadaung deposit. SAVAGE RIVER PROJECT, TASMANIA Mining Developments Ivanhoe's indirect wholly-owned subsidiary Goldamere has entered into a five-year supply contract with BHP Steel (AIS) Pty. Ltd. to supply between one million and one and a quarter million dry metric tonnes of iron ore pellets and concentrate per year. Goldamere's supply contract with Posco Australia Pty. Ltd. ("POSCO") ends on March 31, 2003. To date, Goldamere has not been able to confirm the requirements of POSCO after expiration of the contract, but based on current discussions anticipates that the contract will be extended at reduced purchases of 700,000 tonnes per year. Goldamere has increased its focus on the Chinese market, and has established a sales target of 300,000 tonnes of pellet and concentrate into the Chinese market for 2003. In 2002 Goldamere temporarily ceased mining operations at Extension 3 of the North Pit deposit because of a slope failure at Extension 2. Accordingly, all mining in recent months has taken place at the South Deposit. This development, combined with poor reconciliation of high grade ore in the upper benches of the South Deposit reduced ore supply and weight recoveries in the mill. Goldamere has been processing low-grade ore stockpiles to compensate for the reduced supply. Recent upgrades to the mill circuit have increased ore throughout, resulting in slightly better than planned concentrate production. During the first quarter of 2003 a majority of the ore feed for the Savage River Project is expected to come from the eastern ore lens of the South Deposit. The eastern ore lens consists primarily of high-grade soft ore, with high nickel impurities. Goldamere has instituted quality improvement measures in order to control the level of nickel impurities until the South Deposit cutback exposes the western ore lens of the South Deposit. Mining at Extension 3 of the North Pit resumed at the end of January 2003 with the establishment of access behind the Extension 2 slope failure. Goldamere expects that mining of Extension 3 combined with continued mining of the South Deposit will enable Goldamere to maintain a continuity of supply to its customers. The Savage River Project's mine plan has now been revised to incorporate slope design changes in the North Pit, and a new mining sequence to reduce the probability and impact of a similar slope failure in Extension 3. In addition, a new design at the southern end of the Center Pit has been included in the schedule, adding a year to the life of mine and taking end of mine life out to May 2008. In January 2003 Goldamere began operating its first gas-powered furnace at the Port Latta pellet plant. Goldamere is in the process of converting all of its oil fired furnaces to gas. - 14 - Financial Developments In 1998, Goldamere entered into a Project Facility Agreement with UBS Australia Limited ("UBS"), pursuant to which UBS granted to Goldamere an Aus$43 million (US$23.6 million) credit facility (the "Credit Facility"). As a condition of the Credit Facility, Goldamere was required to implement a risk management program which involved, among other things, hedging currency risk in respect of the US dollar proceeds of the sale of iron ore from the Savage River Project (the "Hedging Arrangements"). Under the Hedging Arrangements, Goldamere was required to deliver to the hedge counterparty US$5 million of currency per month at an exchange rate of US$0.6817:Aus$1. Pursuant to a December 1996 asset purchase agreement (the "Asset Purchase Agreement"), Goldamere agreed to purchase from the Crown in Right of the State of Tasmania (the "State"), the assets of the Savage River Project in consideration for a deferred payment of Aus$13 million (US$7.1 million) (the "Asset Purchase Price"). Under the terms of the Asset Purchase Agreement, the Asset Purchase Price was to be satisfied by way of expenditures by Goldamere to remediate environmental damage on the Savage River Project property caused by the previous owner. The Asset Purchase Price was originally secured by a bank guarantee and then by the State becoming a beneficiary of charges and mortgages granted over the assets of the Savage River Project and certain other assets. As a result of a significant weakening of the Australian dollar in relation to the U.S. dollar, the Hedging Arrangements required Goldamere to incur substantial ongoing currency exchange losses. As an interim relief measure, commencing in the end of June 2001 UBS agreed to allow Goldamere to make the monthly United States dollar payments required pursuant to the Hedging Arrangements at the then prevailing Aus$:US$ exchange rate rather than at the specified contract rate. An amount equal to the difference between the amount otherwise payable at the specified contract rate and the amount actually paid at the then prevailing exchange rate was then added to the outstanding principal amount of the Credit Facility. Faced with a deteriorating international market for iron ore and continuing weakness in the Australian dollar, the management of Goldamere concluded that the economic viability of the Savage River Project could not be sustained under the burden of the Credit Facility and UBS Hedging Arrangement obligations and, in August 2001, approached UBS to discuss alternatives for restructuring the mine plan and financial arrangements of the Savage River Project. In September 2002, Arbutus Holdings Ltd. ("Arbutus"), a wholly-owned subsidiary of Ivanhoe, acquired all of UBS' rights in respect of the Credit Facility and assumed all of UBS' liabilities and obligations under the Project Facility Agreement. In connection with, and as part of, these transactions, Arbutus replaced UBS as the hedge counterparty under the Hedging Arrangements and all remaining currency exchange transactions and obligations under the Hedging Arrangements were closed out. As consideration for UBS' rights under the Credit Facility and acquiring the residual liabilities resulting from the closing out of the Hedging Arrangement transactions and obligations (the "Close Out Amounts"), Arbutus paid to UBS cash in the amount of Aus$15 million (US$8.2 million). Including the Close Out Amounts, the total Goldamere indebtedness acquired by Arbutus from UBS was approximately Aus$74.9 million (US$41 million). In connection with Arbutus' acquisition from UBS of the Credit Facility indebtedness and related security, the State agreed to relinquish its security in the Savage River Project. As consideration for the relinquishment, Goldamere agreed to lodge with the State a bank guarantee in the amount of Aus$2.8 million (US$1.5 million) as substitute security for Goldamere's obligations under the Asset Purchase Agreement to either pay the deferred Asset Purchase Price in cash or to incur environmental remediation expenditures in respect of the Savage River Project in an aggregate amount equal to the deferred Asset Purchase Price plus accrued interest. Goldamere and the State also agreed upon a variation of the time for, and manner of payment of, interest in respect of the Asset Purchase Price. The transaction reduced current and long-term liabilities on Ivanhoe's consolidated balance sheet by approximately Aus$74.9 million (US$41 million). Goldamere management has advised Ivanhoe that Goldamere will likely need to supplement anticipated cash flow from project operations with additional capital from external sources in order to cover budgeted operating - 15 - costs. The funding shortfall will be largely dependent upon fluctuations in currency exchange rates and Goldamere's ability to attract new customers. Goldamere's management has advised Ivanhoe that a number of options are being considered in order to meet cash flow shortfalls and mitigate currency risks. These include arranging a credit facility with a third party lender and new currency hedging arrangements. Goldamere has advised Ivanhoe that new third party credit facilities may be contingent upon, among other things, Arbutus subordinating its existing loans to and security in the Savage River Project to a new lender. There can be no assurance that Goldamere will be able to make suitable external financing arrangements. A failure to do so will have an adverse impact on Goldamere's ability to continue as a going concern. SILVER HILL GOLD AND SILVER PROJECT, SOUTH KOREA Ivanhoe commenced trial commercial production at the Silver Hill Gold and Silver Project in April 2002. In 2002 Ivanhoe processed 17,648 tonnes of ore and mined, produced and sold 5,532 ounces of gold and 212,232 ounces of silver. Although the open-pit mining project was producing gold and silver at commercially viable rates, information about the property's underground mineral structure sufficient to develop a comprehensive mine plan is not currently available. In October 2002 Ivanhoe suspended mining in order to complete infill drilling of the eastern half of the deposit and develop a mine plan. The infill drill program commenced in July 2002 and was completed in early December 2002. Ivanhoe continued to process oxide ore stockpiled at the Eunsan mill until early December 2002. The mining contractor ceased operations while trial mining was halted except for a small maintenance crew which remained on site preparing for a possible underground trial mining program. Ivanhoe has also been preparing an updated resource block model and is analyzing the infill drilling data in order to develop a mine plan. Ivanhoe recommenced trial mining following completion of the infill drilling program in the eastern half of the defined underground zone in order to compare actual mining results with those of the updated block model. Shortly after trial mining recommenced, Ivanhoe encountered a cavity with an estimated strike length of approximately 50 m filled with mud and other unconsolidated material in the vein system being mined. Ivanhoe has not been able to mine through or bypass this cavity. Accordingly, in the end of January 2003, Ivanhoe halted trial mining operations. Ivanhoe is incorporating these developments into its block model and is examining methods to continue cost-effectively mining the vein system. Until such time as Ivanhoe can devise a method of either bypassing or mining through the cavity all mining operations will remain halted. High-grade oxide ore from the open pit was processed at the Eunsan mill until the high-grade stockpile was depleted in December 2002. Thereafter, low-grade oxide ore from stockpiles was processed until the tailings impoundment was filled. Approximately 2,000 tonnes of sulphide ore remains in the surface stockpile. Although complete information is not yet available, Ivanhoe anticipates that gold and silver production results for the first quarter of 2003 will be significantly lower based on the grades in the surface stockpile now available for processing and because resumption of full production may be delayed indefinitely. Ivanhoe is also running flotation and refining tests on stockpiled sulphide ore and tailings filtration with ultimate disposal by dry stacking. Cyanidation, as a means of retreating high grade oxide tailings currently stored on surface, is currently being investigated. OTHER MONGOLIAN PROJECTS In 2002, Ivanhoe increased its landholding throughout southeastern and southern Mongolia and near Saran Uul in central Mongolia. Ivanhoe now holds eighty exploration licences covering 7,667,545 hectares (76,674.45 square kilometres ("km(2)")) and has applied for another 35 exploration licences totaling 3,472,425 hectares (34,724.25 km(2)). The following is a description of some of Ivanhoe's more significant exploration activities on these properties. - 16 - Kharmagtai/Ovoot Hyar The Kharmagtai and Ovoot Hyar project area comprises three licences. Ivanhoe currently owns 100% of two of the licences, but has agreed to convey a 10% interest in one of the two licences to an arm's length third party in exchange for an exploration dataset owned by the third party in respect of the property. Ivanhoe has the right to earn an 80% interest in the third licence upon completion of a US$500,000 work program over three years. An arm's length third party holds the remaining 20%. Areas covered by these three licences are surrounded by large areas subject to exploration licences 100% owned by Ivanhoe. Detailed geological mapping and rock-chip sampling of the Kharmagtai and Ovoot Hyar project area commenced in April 2002 and is ongoing. As part of the field program, 1,160 line kilometres of gradient array IP, 1,750 line kilometres of field magnetics and 31.2 kilometres of trenching have been completed. A gravity survey was commenced in October 2002 and is still in progress. Diamond drilling of two copper-gold porphyry targets known as Copper Hill (Zesen Uul) and Gold Hill (Altai Tolgoi) commenced in July 2002 and in November 2002, respectively. Other high priority copper-gold porphyry targets that will be drilled in the coming months include Duck (Galau), Eagle (Burgit), Wolf (Chun) and White Vein (Tsagan Sudal). Ivanhoe has also identified a gold target associated with a series of tourmaline breccia pipes and pervasively silicified sediments, known as OV3/Falcon (Hartsaga). Twenty-eight diamond drill holes have been completed at the Copper Hill target. The drill results define a broadly east-west trending zone of gold and copper mineralization greater than 250 m in length and up to 120 m wide. High-grade mineralization occurs within 30 m of surface and extends to a depth greater than 250 m. Initial geologic modelling suggests that mineralization is pipe-like and is associated with fingers of monzodiorite stock that are intruded into a volcanoclastic siltstone package. An intense stockwork of quartz-chalcopyrite veins is developed within the monzodiorite and locally within the siltstone. Highlights of assays for holes for which assays are available include:
- ---------------------------------------------------------------------------------- Hole From To Depth Interval Gold Copper (m) (m) (m) (m) (g/t) (%) - ---------------------------------------------------------------------------------- KHD002 72 140 48 74 2.24 1.16 KHD003 40 142 30 102 2.09 1.05 KHD006 108 290 86 183 0.52 0.47 KHD008 22 100 14 78 0.51 0.61 KHD016 140 198 100 58 0.98 0.67 KHD021 36 118 30 82 1.23 0.74 KHD022 100 182 66 82 1.48 0.85 KHD026 118 220 98 102 0.56 0.38
- 17 - ~~KHD030 104 162 70 58 0.63 0.50 KHD033 168 236 114 70 1.24 0.78~~

- -------------- Note: Depth (m) is the depth from surface to the top of the specified mineralized interval. In the absence of detailed topographical contours it is considered accurate to within five metres. Although broadly pipe-like, the plunge of the mineralization is poorly constrained and it is not possible to give true widths of mineralization. An initial petrological study of core from Copper Hill indicates that gold occurs along fractures and voids within chalcopyrite grains and has a similar habit to the gold in the Southwest Oyu zone at Oyu Tolgoi. Mineralization does not outcrop at Copper Hill and a RC drill program has recently been completed to define the zone's strike extensions. RC holes were drilled off 80 m by 120 m centres at -60 degrees to 100 m in depth. All assay results from the RC drill program are pending. The Gold Hill Prospect is located approximately two kilometres due north of Copper Hill. Mineralization crops out locally as a series of malachite-stained quartz stockwork zones which trend broadly east-west. Trenching has extended this zone eastwards under Quaternary cover. The Gold Hill Prospect has a field magnetic response similar to Copper Hill, characterized by a 1,200 m long east-west trending zone, which hosts localized, intense, elongate magnetic highs up to 200 m long. A moderate chargeability anomaly occurs immediately to the north. Nine diamond holes have been completed at Gold Hill and most have intersected well-developed quartz-chalcopyrite stockworks and chalcopyrite-mineralised breccias. All assays are pending. Mineralization occurs within 50 m of surface, has a vertical extent of over 300 m and is open in all directions. Two diamond rigs are presently drilling at Gold Hill. Ivanhoe has also commenced preliminary exploration work at the Duck and Eagle prospects. Shuteen The Shuteen licence is located within the Southern Mongolian Mineralised Belt that also hosts Oyu Tolgoi and Kharmagtai. It is located in the Omnogovi Aimag (Province) approximately 500 kilometres southeast of Ulaanbataar. The licence is held as a joint venture with an arm's length third party. Ivanhoe has the right to earn an 80% interest in the property upon completion of a US$1,500,000 work program over three years. The Shuteen licence is characterized by an extensive silica-clay lithocap. Ivanhoe has conducted 1,800 line kilometres of field magnetics and 1,000 line kilometres of IP surveying. Oyut Ulaan The Oyut Ulaan licence was granted to Ivanhoe in February 2002 and comprises 12,063 hectares. Ivanhoe owns 100% of the licence with no underlying royalties. The Oyut Ulaan licence comprises a variety of targets which extend over an area of approximately 12 kilometres by 6 kilometres. These targets include a copper mineralized tourmaline-breccia pipe complex (Oyut Ulaan), an extensive area of copper-stained colluvium and quartz vein float (Stariy), several quartz stockwork zones with highly anomalous gold and copper (Stockwork and Southeastern), large chargeability anomalies with peripheral magnetic resistivity highs and occasional gold-copper anomalous porphyry-style veins (Hulan, Hulan East, Hulan Fareast and Camel) and gold and copper anomalous skarns (Nowie). The Stariy area contains abundant copper-stained colluvium and common float and subcrop of quartz magnetite veins with occasional centreline textures, gossan, magnetite-bearing hydrothermal breccias and altered - 18 - monzodiorite and syenitic intrusives, implying underlying porphyry-type copper-gold systems. Assays from 35 rock-chip samples were highly anomalous in copper (18 samples between 1-10%), gold (seven samples between 0.25-16.8 g/t) and molybdenum (three samples between 200-709 ppm). Detailed geological mapping and surface rock-chip sampling was completed on the property in September 2002, which included 890 line kilometres of ground magnetics and approximately 700 line kilometres of gradient array IP. Ivanhoe has identified a drilling target at Oyut Ulaan comprising a series of variably copper-mineralised tourmaline breccia pipes which extend over a strike length of approximately 1.5 kilometres and are hosted in carboniferous monzodiorite and granodiorite. Intense secondary copper staining occurs within and at the southern margin of the most prominent pipe where copper assays in excess of 5% are common. Saran Uul The Saran Uul licence is located in Bayanhongor Aimag and comprises a total of 10,172 hectares. The licence was granted in February 2002 and Ivanhoe owns a 100% interest in the licence with no underlying royalties. Licences to explore the surrounding areas are either held by Ivanhoe or are under application by Ivanhoe. Initial reconnaisance indicates that variably quartz-stockworked, plagioclase phyric monzonite, monzodiorite and diorite, with common quartz-hematite-iron oxide alteration and gossan is present. Assays from 54 rock-chip samples were highly anomalous in copper (11 samples between 0.5-5 %), gold (six samples between 0.5-4.9 g/t) and molybdenum (14 samples between 100-2000 ppm). A more extensive geological mapping and sampling program was conducted during October and November 2002 and included 815 line kilometres of ground magnetics. Assay results from 122 surface rock-chip and float samples define an area measuring approximately 900 m by 450 m averaging 0.40 g/t gold, 0.70 % copper, 90 ppm molybdenum and 1.4 g/t silver. Within this zone is a higher grade core measuring approximately 400 m by 250 m with gold values that average 1.1 g/t. The area from which the high-grade samples were collected occurs within a broad zone containing copper oxides in float and outcrop. Occasional centimetre wide quartz veins containing haematitic and geothitic oxides and rare chalcopyrite veins to 5 millimetres wide are present. Veins occur individually and as stockworks. Mineralization is hosted in a phorphyritic monzonite which has intruded moderately hornfelsed siltstone, sandstone and rhyolite. A zone of sericite silica pyrite alteration is present in sediments to the south of the copper oxide zone. Mineralization is open to the southwest where it is covered by Quaternary gravels. Ivanhoe intends to commence IP and gravity surveys on the property in January 2003 in conjunction with an extensive trenching program. Oyut Ovoo The Oyut Ovoo licence comprises 1,201 hectares and is completely surrounded by large areas subject to Ivanhoe exploration licences. The licence was granted in February 2002 and is 100% owned by Ivanhoe with no underlying royalties. The Oyut Ovoo prospect is centered on a series of prominent hills comprising copper-bearing magnetite skarns and hydrothermal breccia pipes hosted in Permian granitoid stocks. The mineralised zone has a surface area of approximately four square kilometres and is surrounded by Quaternary and recent alluvium. Ivanhoe has collected forty-three surface rock-chip samples, and assays contained anomalous values of copper (17 samples between 1-10%), gold (nine samples between 0.3-0.7 g/t) and molybdenum (16 samples between 100 ppm and 1%). - 19 - Detailed geological mapping and rock-chip sampling, in conjunction with an IP, magnetic and gravity geophysical survey, is planned for early 2003. CHINA PROJECTS Pacific Agreement In May, 2002 Ivanhoe entered into an agreement (the "Pacific Agreement") with Pacific Minerals Inc. ("Pacific") a company listed on the TSX Venture Exchange. Pursuant to the Pacific Agreement, Ivanhoe subscribed for 5,100,000 common shares of Pacific and 5,100,000 share purchase warrants at an aggregate cost of US$3,000,000. Ivanhoe also received options to participate in two mineral exploration and development joint ventures between Pacific and Chinese government controlled agencies, the 217 Gold Project in Inner Mongolia and the JBS Platinum-Nickel-Palladium Project in Yunnan Province. Ivanhoe has the right to obtain an initial 60% interest in the 217 Project and a 35% interest in the JBS Project, increasing to up to 76.5% and 75%, respectively, upon completion of project financing. Ivanhoe has until June 2004 to exercise its option to participate in one or both joint ventures. If Ivanhoe exercises its option, it will be obligated to provide or arrange all exploration and development funding for the project until commencement of commercial production. The Pacific Agreement also gives Ivanhoe the right to participate in any new project identified by Pacific anywhere in China except Anhui Province. To date, Pacific has identified four new projects ("New Projects"): the Huize-Xuanwei Copper Project in Southern Yunnan Province, the Zhaotong Copper Project in Northern Yunnan Province, the Guizhou Copper Project in Guizhou Province and the Dandong Gold Project in Liaoning Province. Ivanhoe has elected to participate in all of the New Projects. Accordingly, Ivanhoe is entitled to an initial 50% interest in each of the New Projects, which may increase to up to 80% if Ivanhoe funds and completes a feasibility study and arranges project financing. For each New Project, Ivanhoe and Pacific will equally fund the first US$1,000,000 of exploration expenses. Thereafter, Ivanhoe will be solely responsible for funding exploration and development expenses, completing a feasibility study and arranging project financing in order to increase its interest in a New Project to 80%. In October 2002, Ivanhoe acquired an additional 8,597,112 common shares of Pacific and 2,000,000 share purchase warrants. Ivanhoe purchased 6,597,112 common shares from five existing shareholders at a price of Cdn$1.17 per common share, and purchased the remaining 2,000,000 common shares and the warrants of Pacific as units consisting of one common share and one warrant at a price of Cdn$1.00 per unit. Ivanhoe now holds approximately 38.4% of Pacific's issued and outstanding share capital on an undiluted basis. 217 Project and the JBS Project The 217 Project is located near the border with Mongolia, near the Oyu Tolgoi Project. The 217 Project hosts a mineralized zone that has been traced along strike by surface trenches over a distance of 4.8 kilometres, ranging in width from 40 m to 150 m and open to the west and to depth. The zone has been tested by ten widely spaced diamond drill holes, all of which intersected gold mineralization. The best hole graded 1.28 g/t gold over 273 m from the surface. The joint venture has also commenced preliminary metallurgical testing of core samples of both an oxide and a sulphide zone on the deposit. The JBS Project is still in the initial stages of exploration and development, with some preliminary underground mapping, sampling and drilling conducted in the second half of 2002. A substantial database of exploration is already available from work conducted by the government of Yunnan Province between 1975 to 2000. Pacific and its Chinese joint venture partner are using this database and the results of its preliminary exploration work to develop an exploration plan for the JBS Project. New Projects - 20 - The Huize-Xuanwei Copper Project and the Zhaotong Copper Project are the most advanced of the four New Projects. In both cases, Pacific is negotiating a co-operative joint venture agreement with the Yunnan Geological and Mining Co. Limited, a geological exploration company owned by the government of Yunnan Province. Exploration activities on each of the New Projects remain in the early stages. Ivanhoe anticipates that a detailed exploration plan will be devised and implemented upon finalization of joint venture negotiations with the applicable Chinese party for each New Project. Framework Agreement Ivanhoe has entered into a Framework Agreement with a Chinese government agency which contemplates the negotiation of definitive joint venture agreements between the parties with respect to several properties in Inner Mongolia. To date, no agreements have been finalized. The most advanced of the properties covered by the Framework Agreement are the Ba Ri Tu Nam property and the Siwmuchange property. In both cases, the Framework Agreement contemplates Ivanhoe earning up to an 80% interest in the property in consideration for conducting an exploration program on the property. Both properties have been subject to reconnaissance level exploration. SOUTH KOREAN EXPLORATION PROJECTS Gasado Detailed mapping, channel and rock-chip sampling program of the Lighthouse-Lighthouse East vein area, carried out between April and May 2002 identified a high-grade shoot zone, at least three metres wide, along the southern Lighthouse vein headland. The vein has been traced 77 m in plan distance over a vertical interval of 37 m up slope. It has a minimum estimated width and calculated composite grade over this strike extent of three m at 7.91 parts per million ("ppm") gold and 278.3 ppm silver. Ivanhoe has identified high grade channel intercepts from the Lighthouse East vein section including 1 m at 5.57 ppm gold and 231.7 ppm silver, 1.4 m at 16.93 ppm gold and 824 ppm silver and 0.6 m at 4.77 ppm gold and 333.2 ppm silver. The results of recent exploration activities coupled with gold and silver intercepts obtained during previous scout drilling indicate that these vein sections have down-dip potential. The current drilling program is aimed at delineating economically exploitable sections of the Lighthouse vein and its Lighthouse East vein extension, where open cut and underground amenable targets are present. Ivanhoe is in the process of drilling ten drill holes totalling 730 m to target 25 to 30 m down-dip of the highest-grade vein sections, and intends to use the drill results to calculate a resource estimate. Ivanhoe is scheduled to complete the drilling program in the first quarter of 2003. Moisan Ivanhoe has completed 28 diamond drill holes, totalling 4,804 m at Moisan. The drilling has identified gold and silver mineralization. The form of mineralization is mixed, and occurs as low sulphidation, high sulphidation and mixed low sulphidation-high sulphidation systems. Ivanhoe is also drilling at the Moisan Extended Prospect, which lies northwest of the Moisan Prospect. The Moisan Extended Prospect shows strong similarities in both the geological setting and mineralization styles to the Moisan Prospect. Ivanhoe has completed nine drill holes totalling 1,381 m. Eight drill holes intersected narrow veins of gold and silver mineralization. Keunsan Prospect - 21 - Ivanhoe has excavated four trenches 50 to 70 m long to expose the bedrock at Keunsan. Ivanhoe has also completed seven diamond drill holes, totalling approximately 1,475 m. Each of the drill holes intercepted local narrow zones of gold and silver mineralization. Two drill holes are currently in progress, and further drilling will be based on the results of these two drill holes. Based on the results of drilling to date, mineralization appears to be confined along intensely silicified zones hosted in dacitic ash to pumiceous lithic tuffs and tuffaceous fine sediments, which are cut by narrow crystalline to chalcedonic quartz veins and veinlets. The geology indicates the potential for possible supergene enrichment. Seongsan Clay Mine Prospect In June 2002, Ivanhoe re-sampled drill cores from previous drill holes within the clay pit area of the Seongsan clay mine. Ivanhoe plans to conduct follow up drilling of shallow mineralized intersections with two drill holes at 150 m depths each, to establish the trend of the mineralized intercepts. Drilling is scheduled to commence following completion of the current Keunsan drill holes. Daesan and Ogmaesan Prospects Ivanhoe has obtained exploration licences over two new properties in the Seongsan area, the Daesan Prospect, which lies about one kilometre west-northwest of the Eunsan Mine, and the Ogmaesan Prospect, which is north of the city of Bongsan. Ivanhoe has commenced initial mapping and rock-chip sampling on these properties. A three hole scout drilling program for each prospect is scheduled for 2003. Chunsan Prospect The Chunsan low-sulphidation epithermal gold-silver prospect is located approximately one kilometre to the northeast of the Seongsan clay mine. Ivanhoe has drilled thirteen diamond drill holes totalling 2,744 m at Chunsan. Generally, narrow but locally high-grade disseminated and fracture-hosted gold and silver mineralization correlates with abundant anhedral pyrite in fractured/sheared zones. There is also fine-grained adularia associated with dessiminated gold-silver mineralization. However, the patchy and deep occurrences of the mineralized zones at Chunsan make it a low-priority prospect, and no further work is planned at this time. BAKYRCHIK GOLD PROJECT In April 2002, the Republic of Kazakhstan (the "Republic"), through the local government authority, the East Kazakhstan Oblast, purported to grant a right of "trust management" in its 30% interest in Bakyrchik Mining Venture ("BMV") to a local Kazakh company, Yubileinoye. Ivanhoe's subsidiary Central Asian Mining Limited ("CAML"), which controls 70% of BMV, objected to this action on the grounds that its own pre-emptive rights with respect to the disposition of the 30% BMV interest had been violated and that Yubileinoye was not in a position to assume the "trust management" and related obligations. CAML has been notified that the purported transfer to Yubileinoye has been rescinded. In 2001, the Republic issued a decree transferring its interest in BMV to the East Kazakhstan Oblast. CAML notified the Republic that the transfer was not compliant with applicable contractual requirements and that CAML did not recognize the transfer as effective. Based on meetings and correspondence with various Kazakh authorities, CAML believes that it was not the Republic's intention to transfer its interest in BMV but instead to appoint the East Kazakhstan Oblast as its agent to represent its interests in BMV. In November 2002, BMV received notice from Kazakh governmental authorities denying the renewal of certain of its exploration rights under a mining licence for the Bakyrchik project. CAML understands that this notice has been rescinded following formal objections by both BMV and CAML. - 22 - Gold production at the Bakyrchik project during 2002 was approximately 2,664 ounces. Production of gold was halted for a substantial period during 2002 because of limited supplies of cyanide required for the leaching process. CAML was unable to import cyanide for a period of 3 months due to new anti-terrorist controls imposed by the Kazakh government on the import of hazardous materials. New procedures on importation are expected to function smoothly in the future. Ivanhoe has completed preparation work for the commencement of oxide ore mining, including the installation of an electrical line to the open pit mining areas and limited pre-production waste rock removal. Confirmation grade control drilling is an ongoing process as is the permitting of each stage of the project. No permitting delays are anticipated. A mining contractor began stripping waste rock in October 2002 in preparation for oxide ore mining. This work was halted in the beginning of January 2003 to allow grade control drilling to catch up so as to allow more accurate mine scheduling. Gold production was also halted at the same time, and will remain suspended until the drilling confirmation program has been completed. Work continued throughout 2002 on process development for the primary sulphide resources at Bakyrchik. Gold recoveries over 85% are possible with proven techniques of whole ore and concentrate roasting. Process design using mainly Russian designed rotary kiln roasters is well advanced. Similarly, work is progressing on bacterial oxidation and other methods of oxidation of Bakyrchik concentrates. MODI TAUNG GOLD PROJECT, BLOCK 10, MYANMAR At the Modi Taung prospect in central Myanmar, exploration adits on the mesothermal quartz-gold veins advanced 536 m, and Ivanhoe began diamond core drilling. The total length of exploration adits is now approximately 4,800 m on five vein systems. From early August 2002, aditing has focused on the Shwesin vein system with advances on adits at the 1000 m and 1050 m reference levels (i.e. m above sea level), site preparation for reference levels 1025 m and 1150 m and the start of a raise from the 1000 m reference level. The best assays were in a 50 m segment of Shwesin level 1050 m, where 96 channel samples had a weighted average assay of 62 ppm gold over a vein width averaging 54 centimetres ("cm"). The increased number of levels and short raises will establish the degree of vertical continuity in higher-grade vein segments of significant widths in the shear-zone hosted Shwesin vein system. The first 3,000 m of a planned 4,000 m programme of drilling on the Shwesin vein were completed. Ivanhoe encountered a 160 cm (apparent width) vein 230 m below Shwesin level 1000 in hole 4 and a 160 cm (apparent width) compound vein intercept with visible gold 25m below the 1000 level in hole 5. The hole 4 intercept is 538m below the highest mineralized outcrop (1,315m elevation) on the Shwesin-Modi Taung vein system. Ivanhoe has also conducted exploration work at Momi Taung, approximately 600 m southwest of the Shwesin vein system. Trenching work and eight holes of diamond drilling have been completed, which has uncovered additional quartz-gold veins. Additional exploration work will be required in order to quantify the extent of mineralization in this area. A preliminary, draft scoping study was completed in December 2002 for an underground and surface operation at Modi Taung that would process between 70 to 100 tonnes of ore per day. Ivanhoe plans to update the scoping study in the first quarter of 2003 to include mine processing details, and then use the study as the basis for an application to enter into a joint venture development and mining agreement with the Government of Myanmar. Ivanhoe intends to submit the application to the government of Myanmar in the second quarter of 2003. EQUITY INVESTMENTS - 23 - In January 2003, Ivanhoe disposed of its entire equity interest in Emperor Mines Ltd. to a third party for cash consideration of approximately Aus$11,500,000 (US$6,700,000). In November 2002, Ivanhoe reached an agreement with Olympus Pacific Minerals Inc. ("Olympus") and Zedex Limited, its joint venture partners in the Phuoc Son project in Vietnam, to sell a 10.18% interest in the joint venture to Olympus in exchange for 8.5 million common shares of Olympus. The closing is subject to regulatory approval and Olympus shareholder approval. Upon completion of the transaction, Ivanhoe will own a direct 22.46% participating interest in the Phuoc Son joint venture and 21% of the outstanding share capital of Olympus. CONSOLIDATED CAPITALIZATION The following table sets forth the consolidated capitalization of Ivanhoe as of the dates indicated and reflects material changes in Ivanhoe's capitalization since December 31, 2001, the date of its most recent audited consolidated annual financial statements, which are incorporated by reference in this short form prospectus. The following table should be read in conjunction with those financial statements and the notes that accompany them.
As at As at December 31, 2001 December 31, 2002 ----------------- ----------------- (US$000's) (US$000's) (unaudited) Loans Payable to Related Parties $ 4,696 $ 5,493 Long-term Debt (including current portion) 61,970 29,488 Shareholders' Equity Share Capital Common Shares 460,389 521,719 Special Warrants - 26,578(1) Additional Paid-in capital 1,697 1,518 Contributed Surplus (arising from stock-based compensation) - 3,521 Accumulated Deficit (331,915) (349,597) ----------------- ----------------- Total Consolidated Capitalization $ 196,837 $ 238,720 ================= =================
(1) THE FIGURES FOR SPECIAL WARRANTS REPRESENTS SPECIAL WARRANTS ISSUED UP TO DECEMBER 31, 2002. AN ADDITIONAL US$10,635,000 WAS RAISED SUBSEQUENT TO DECEMBER 31, 2002 IN CONNECTION WITH THE ISSUE OF SPECIAL WARRANTS PURSUANT TO THE OFFERING. DESCRIPTION OF SHARE CAPITAL The authorized share capital of Ivanhoe consists of an unlimited number of Common Shares without par value and an unlimited number of preferred shares without par value ("Preferred Shares"). As of the date of this prospectus, there are 205,782,748 Common Shares and no Preferred Shares issued and outstanding. Rights and restrictions in respect of the Common Shares and the Preferred Shares are set out in Ivanhoe's articles of continuance, Ivanhoe's by-laws and in the Yukon Business Corporations Act, and its regulations. The holders of Common Shares are entitled to one vote per Common Share, on a show of hands and on the taking of a ballot, at all meetings of shareholders. The holders of Common Shares may appoint a proxy in accordance with Ivanhoe's by-laws. The holders of Common Shares are entitled to receive dividends as and - 24 - when declared by the directors, and to receive a pro rata share of the remaining property and assets of the Corporation in the event of liquidation, dissolution or winding up of the Corporation. The Common Shares have no pre-emptive, redemption, purchase or conversion rights. Neither the Yukon Business Corporations Act nor the constating documents of the Corporation impose restrictions on the transfer of Common Shares on the register of the Corporation, provided that the Corporation receives the certificate representing the Common Shares to be transferred together with a duly endorsed instrument of transfer and payment of any fees and taxes which may be prescribed by the Board of Directors from time to time. There are no sinking fund provisions in relation to the Common Shares and they are not liable to further calls or to assessment by the Corporation. The Yukon Business Corporations Act provides that the rights and provisions attached to any class of shares may not be modified, amended or varied unless consented to by special resolution passed by a majority of not less than two-thirds of the votes cast in person or by proxy by holders of shares of that class. The Preferred Shares as a class rank senior to the Common Shares as to the payment of dividends and the distribution of property and assets on the liquidation, dissolution or winding-up of the Corporation. Holders of Preferred Shares are not entitled to any voting rights as a class except as may be provided under the Yukon Business Corporations Act and except that the directors of the Corporation are empowered to attach to any series voting rights relating to the election of directors on a default in payment of dividends. The Preferred Shares are issuable in one or more series, each consisting of such number of Preferred Shares as may be fixed by the Corporation's directors. The Corporation's directors may from time to time, by resolution passed before the issue of any Preferred Shares of any particular series, alter the constating documents of the Corporation to determine the designation of the Preferred Shares of that series and to fix the number of Preferred Shares therein and alter the constating documents to create, define and attach special rights and restrictions to the shares of that series, including, without limitation, the following: (i) the nature, rate or amount of dividends and the dates, places and currencies of payment thereof; (ii) the consideration for, and the terms and conditions of, any purchase of the Preferred Shares for cancellation or redemption; (iii) conversion or exchange rights; (iv) the terms and conditions of any share purchase plan or sinking fund; (v) voting rights and restrictions; and (vi) restrictions on transfer. Registered holders of both the Preferred Shares and Common Shares are entitled, at their option, to a certificate representing their shares of the Corporation. PRIVATE PLACEMENT AND PLAN OF DISTRIBUTION The Special Warrants were issued pursuant to the Offering at a price of Cdn$3.00 per Special Warrant at a series of closings between December 13, 2002 and January 21, 2003. The price of the Special Warrants was determined by negotiation between Ivanhoe and each of the Purchasers. Ivanhoe sold the Special Warrants directly to the Purchasers pursuant to registration and prospectus exemptions under applicable securities legislation. Ivanhoe paid a fee to Auzeq in connection with the issuance of the Special Warrants. The fee was equal to 4% of gross proceeds of the Offering derived from Purchasers resident in Australia. No fees or commissions will be paid by Ivanhoe in connection with the issuance of the Common Shares on the exercise of the Special Warrants. The expenses of the Offering, including the cost of preparation of this prospectus, will be borne by Ivanhoe. Each Special Warrant allows the holder to acquire, without any additional payment, one Common Share. The Special Warrants may be exchanged or exercised pursuant to the terms and conditions of a special warrant indenture dated December 12, 2002 between Ivanhoe and CIBC Mellon Trust Company, as amended by a Special Warrant Indenture Amendment Agreement between the parties dated January 6, 2003 (the "Special Warrant Indenture"). According to the Special Warrant Indenture, subject to adjustment, each Special Warrant entitles the holder thereof to acquire one Common Share, at no additional cost, at any time after the Qualification Date until the Expiry Time. Any Special Warrants not exercised prior to the Expiry Time will be deemed to have been exercised immediately prior to the Expiry Time without any further action on the part of the holder. - 25 - Each Purchaser has represented and warranted in its Subscription Agreement that it was acquiring the Special Warrants and the underlying Common Shares to be held for investment only and not with a view to immediate resale or distribution. This prospectus is being filed in British Columbia and Ontario to qualify the distribution of the Common Shares to be issued upon the exercise of the Special Warrants. Common Shares issued to holders of the Special Warrants in any province of Canada in which a receipt for this prospectus has not been issued may be subject to resale restrictions under applicable securities legislation. The Corporation also intends to lodge the Australian Prospectus under Chapter 6D of the Corporations Act 2001 (Commonwealth of Australia) to allow the Common Shares to be issued with disclosure to investors under and as referred to in Part 6D.2 of that legislation. The TSX has approved for listing the Common Shares issuable upon the exercise of the Special Warrants. The Special Warrants and the Common Shares issuable upon exercise of the Special Warrants have not been registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold or otherwise transferred in the United States to any U.S. Person (as defined in Regulation S under the U.S. Securities Act) and may not be sold in the United States or to U.S. Persons except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. Ivanhoe has no plans to register the Common Shares issuable upon the exercise of the Special Warrants under the U.S. Securities Act. USE OF PROCEEDS The aggregate net proceeds received by Ivanhoe from the sale of the Special Warrants were approximately US$37.2 million (Cdn$57.8 million), after payment of expenses of the Offering, estimated to be US$195,000 (Cdn$300,000) and payment of fees of US$1.2 million (Cdn$1.9 million) to Auzeq in respect of Special Warrants sold to Australian investors. Ivanhoe plans to allocate the net proceeds received from the sale of the Special Warrants as follows: (i) drilling, assaying, exploration and related activities in respect of the Oyu Tolgoi Project - US$11.2 million (ii) engineering, resource estimation and related pre-feasibility activities in respect of the Oyu Tolgoi Project - US$3.0 million (iii) drilling, assaying, exploration and related activities in respect of Ivanhoe's other exploration projects in Mongolia - US$4.5 million (iv) preliminary reconnaissance, exploration and related activities in respect of Ivanhoe's exploration projects in China - US$2.2 million (v) general and administrative costs - US$4.0 million (vi) working capital - US$12.3 million --------------- Total: US$37.2 million ===============

- 26 - Ivanhoe expects to incur the planned expenditures outlined above over a period of approximately six months. Although an expenditure budget for the second half of 2003 has not been finalized, management expects that the bulk of the funds now allocated to working capital will be used primarily for expenditures on the Oyu Tolgoi Project. Certain other non-core projects held by the Corporation, including the Bakyrchik Gold Project in Kazakhstan, the Modi Taung Gold Project in Myanmar and the Silver Hill Gold and Silver Project in Korea, have been allocated funding in the aggregate amount of approximately US$4.1 million for the first six months of 2003 from the Corporation's existing financial resources. Continued funding of these non-core projects beyond mid-2003 will be contingent upon the availability of financial resources not previously allocated to higher priority expenditures. Ivanhoe may be required to raise additional equity capital or dispose of other non-core assets in order to obtain the additional financial resources necessary to fund ongoing expenditures on these non-core projects through 2003. If Ivanhoe fails or chooses not to do so, its only alternative may be to relinquish its interest in one or more of these non-core projects. There is no assurance that Ivanhoe will recover all or any of its investment in these non-core projects as part of any relinquishment or disposition nor any assurance that Ivanhoe will not retain residual environmental or other liabilities in respect of any such project that it relinquishes. The proposed expenditure allocations outlined above are estimates only and have been prepared by management using assumptions which are based on management's present understanding of the circumstances and prospects of each of Ivanhoe's existing projects. These allocations do not take into account the possibility that an unforeseen positive or negative material change in the circumstances or prospects of a particular project may motivate Ivanhoe to accelerate, delay, increase or decrease certain previously planned expenditures or that the emergence of a significant new project opportunity or exploration discovery may dictate a material change in the Corporation's expenditure priorities. For example, ongoing drilling and other expenditures on exploration projects are contingent upon obtaining results which justify continued exploration of the target properties. In the absence of exploration results justifying ongoing expenditures on a particular property, Ivanhoe may re-allocate funds previously allocated for expenditure on that property to other properties now owned or acquired in the future. RISK FACTORS Investment in securities of Ivanhoe involves a significant degree of risk and should be considered speculative due to the nature of Ivanhoe's business and the present stage of its development. Investors should give careful consideration to the risk factors described in "Item 4 - Narrative Description of Business - Risk Factors" on pages 48 through 56 of Ivanhoe's AIF, which is incorporated by reference in this short form prospectus. AUDITORS, TRANSFER AGENT AND REGISTRAR The auditors of Ivanhoe are Deloitte & Touche LLP, Chartered Accountants, Vancouver, British Columbia. The registrar and transfer agent for the Common Shares in Canada is CIBC Mellon Trust Company at its principal offices in Vancouver. LEGAL MATTERS Certain Canadian legal matters in connection with this Offering will be passed upon by Goodmans on behalf of Ivanhoe. As at the date hereof, the partners and associates of Goodmans, as a group, beneficially own directly or indirectly less than one percent of the outstanding Common Shares. - 27 - PURCHASERS' STATUTORY RIGHTS Securities legislation in British Columbia and Ontario provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within two business days after receipt or deemed receipt of a prospectus and any amendment thereto. In British Columbia and Ontario, securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, damages where the prospectus and any amendment contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province. Purchasers should refer to any applicable provisions of the securities legislation of the purchaser's province for the particulars of these rights or consult with a legal adviser. Purchasers located in Australia may have statutory rights to compensation under the Corporations Act 2001 (Commonwealth of Australia) in relation to the Australian Prospectus. CONTRACTUAL RIGHTS OF ACTION FOR RESCISSION In the event that a holder of a Special Warrant who acquires a Common Share upon the exercise of the Special Warrant as provided for in this prospectus, is or becomes entitled under applicable legislation to the remedy of rescission by reason of this prospectus or any amendment thereto containing a misrepresentation, the holder will be entitled to rescission not only of the holder's exercise of their Special Warrant but also of the private placement transaction pursuant to which the Special Warrant was initially acquired and shall be entitled, in connection with such rescission, to a full refund of all consideration paid on the acquisition of the Special Warrant. In the event the holder is a permitted assignee of the interest of the original Special Warrant subscriber, that permitted assignee shall be entitled to exercise the rights of rescission and refund granted hereunder as if the permitted assignee was the original subscriber. The foregoing is in addition to any other right or remedy available to a holder of a Special Warrant under section 131 of the Securities Act (British Columbia), or otherwise at law. Australian holders who exercise Special Warrants may have statutory rights to compensation under the Corporations Act 2001 (Commonwealth of Australia) in relation to the Australian Prospectus. - 28 - CERTIFICATE OF IVANHOE MINES LTD. Dated: January 31, 2003 This short form prospectus, together with the documents incorporated herein by reference, constitutes full, true and plain disclosure of all material facts relating to the securities being offered by this short form prospectus as required by the securities laws of the provinces of British Columbia and Ontario. "Robert M. Friedland" "Pierre Masse" Chief Executive Officer Chief Financial Officer On behalf of the Board of Directors "R. Edward Flood" "Kjeld Thygesen" Director Director EX-99.7 83 o11180exv99w7.txt SHORT FORM PROSPECTUS DATED JANUARY 31, 2003 EXHIBIT 99.7 No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws. Accordingly, the securities may not be offered or sold in the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This short form prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby within the United States. See "Private Placement and Plan of Distribution". INFORMATION HAS BEEN INCORPORATED BY REFERENCE IN THIS SHORT FORM PROSPECTUS FROM DOCUMENTS FILED WITH SECURITIES REGULATORY AUTHORITIES IN CANADA. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Secretary of Ivanhoe Mines Ltd. at Suite 654, 999 Canada Place, Vancouver, B.C. V6C 3E1 (telephone (604) 688-5755). Short Form Prospectus New Issue January 31, 2003 IVANHOE MINES LTD. $60,000,000 20,000,000 COMMON SHARES TO BE ISSUED UPON THE EXERCISE OF 20,000,000 SPECIAL WARRANTS This short form prospectus qualifies for distribution 20,000,000 common shares ("Common Shares") of Ivanhoe Mines Ltd. ("Ivanhoe" or the "Corporation") to be issued upon the exercise of special warrants (the "Special Warrants") of Ivanhoe (the "Offering"). The Special Warrants were issued between December 13, 2002 and January 21, 2003 pursuant to subscription agreements (the "Subscription Agreements") between Ivanhoe and a number of institutional investors (the "Purchasers") at a price of Cdn$3.00 per Special Warrant. The price of the Special Warrants was determined by negotiation between Ivanhoe and the Purchasers. Ivanhoe sold the Special Warrants directly to the Purchasers pursuant to registration and prospectus exemptions under applicable securities legislation. See "Private Placement and Plan of Distribution". NO UNDERWRITER HAS BEEN INVOLVED IN THE PREPARATION OF, OR HAS REVIEWED THE CONTENTS OF, THIS SHORT FORM PROSPECTUS - 2 - Subject to adjustment, each Special Warrant entitles the holder thereof to acquire one Common Share, at no additional cost, at any time commencing upon the later of (a) the date upon which a final receipt for this prospectus has been issued by the British Columbia Securities Commission and, with respect to Purchasers resident in Ontario, the Ontario Securities Commission; and (b) the date upon which a prospectus (the "Australian Prospectus") under Chapter 6D of the Corporations Act 2001 (Commonwealth of Australia) has been lodged with the Australian Securities and Investments Commission (the "Qualification Date") and ending at 5:00 p.m. (Vancouver time) on the fifth business day after the earlier of: (i) the Qualification Date; and (ii) the four month anniversary of the date of issuance of the Special Warrants (the "Expiry Time"). Any Special Warrants not exercised prior to the Expiry Time will be deemed to have been exercised immediately prior to the Expiry Time without any further action on the part of the holder. Ivanhoe will pay no fees or commissions in connection with the issuance of the Common Shares distributed pursuant to this prospectus. Ivanhoe paid a fee equal to 4% of the gross proceeds of the Offering derived from Purchasers resident in Australia to Auzeq Securities Limited ACN 064 721 311 ("Auzeq"), of Melbourne, Australia in connection with the sale of the Special Warrants. The expenses of the Offering, including the cost of preparation of this prospectus, will be borne by Ivanhoe. See "Private Placement and Plan of Distribution". Each Purchaser has represented and warranted in its Subscription Agreement that it is acquiring the Special Warrants and the underlying Common Shares to be held for investment only and not with a view to immediate resale or distribution. The Common Shares are traded on the Toronto Stock Exchange ("TSX") and the Australian Stock Exchange under the symbol "IVN". The price of the Common Shares as reported by the TSX at the close of business on January 31, 2003 was Cdn$3.19 per Common Share. In this short form prospectus, all references to "Cdn$" refer to Canadian dollars, all references to "US$" refer to United States dollars and all references to "Aus$" refer to Australian dollars. - 3 - TABLE OF CONTENTS
PAGE DOCUMENTS INCORPORATED BY REFERENCE.................................... 3 NAME AND INCORPORATION................................................. 4 SUMMARY DESCRIPTION OF THE BUSINESS.................................... 6 CONSOLIDATED CAPITALIZATION............................................ 23 DESCRIPTION OF SHARE CAPITAL........................................... 23 PRIVATE PLACEMENT AND PLAN OF DISTRIBUTION............................. 24 USE OF PROCEEDS........................................................ 25 RISK FACTORS........................................................... 26 AUDITORS, TRANSFER AGENT AND REGISTRAR................................. 26 LEGAL MATTERS.......................................................... 26 PURCHASERS' STATUTORY RIGHTS........................................... 27 CONTRACTUAL RIGHTS OF ACTION FOR RESCISSION............................ 27 CERTIFICATE OF IVANHOE MINES LTD....................................... 28
DOCUMENTS INCORPORATED BY REFERENCE The following documents of Ivanhoe, filed with the various securities commissions or similar authorities in all of the provinces of Canada, are specifically incorporated by reference into, and form an integral part of, this short form prospectus: 1. Renewal Annual Information Form dated May 16, 2002 (the "AIF") including management's discussion and analysis of financial condition and results of operations for the financial year ended December 31, 2001 incorporated therein; 2. Comparative consolidated financial statements of Ivanhoe for the years ended December 31, 2001 and 2000, together with the notes thereto and the auditors' report thereon; 3. Comparative unaudited consolidated interim financial statements of Ivanhoe for the nine month periods ended September 30, 2002 and 2001, together with management's discussion and analysis of financial condition and results of operation for such periods; and 4. Management Information Circular dated May 10, 2002 prepared in connection with Ivanhoe's annual meeting of shareholders held June 25, 2002 (excluding the report on executive compensation, the performance graph and the statement of corporate governance practices). Any documents of the type referred to in the preceding paragraph, interim financial statements and any material change reports (excluding confidential reports) filed by Ivanhoe with the securities commissions or similar authorities in the provinces of British Columbia and Ontario subsequent to the date of this short form prospectus - 4 - and prior to the termination of the Offering shall be deemed to be incorporated by reference in this short form prospectus. ANY STATEMENT CONTAINED IN A DOCUMENT INCORPORATED OR DEEMED TO BE INCORPORATED BY REFERENCE HEREIN SHALL BE DEEMED TO BE MODIFIED OR SUPERSEDED FOR PURPOSES OF THIS SHORT FORM PROSPECTUS, TO THE EXTENT THAT A STATEMENT CONTAINED HEREIN OR IN ANY SUBSEQUENTLY FILED DOCUMENT THAT ALSO IS OR IS DEEMED TO BE INCORPORATED BY REFERENCE HEREIN MODIFIES OR REPLACES SUCH STATEMENT. THE MODIFYING OR SUPERSEDING STATEMENT NEED NOT STATE THAT IT HAS MODIFIED OR SUPERSEDED A PRIOR STATEMENT OR INCLUDE ANY OTHER INFORMATION SET FORTH IN THE DOCUMENT THAT IT MODIFIES OR SUPERSEDES. THE MAKING OF A MODIFYING OR SUPERSEDING STATEMENT SHALL NOT BE DEEMED AN ADMISSION FOR ANY PURPOSES THAT THE MODIFIED OR SUPERSEDED STATEMENT WHEN MADE, CONSTITUTED A MISREPRESENTATION, AN UNTRUE STATEMENT OF A MATERIAL FACT OR AN OMISSION TO STATE A MATERIAL FACT THAT IS REQUIRED TO BE STATED OR THAT IS NECESSARY TO MAKE A STATEMENT NOT MISLEADING IN LIGHT OF THE CIRCUMSTANCES IN WHICH IT WAS MADE. ANY STATEMENT SO MODIFIED OR SUPERSEDED SHALL NOT BE DEEMED IN ITS UNMODIFIED OR SUPERSEDED FORM TO CONSTITUTE A PART OF THIS SHORT FORM PROSPECTUS. INFORMATION HAS BEEN INCORPORATED BY REFERENCE IN THIS SHORT FORM PROSPECTUS FROM DOCUMENTS FILED WITH THE SECURITIES COMMISSIONS OF THE PROVINCES OF BRITISH COLUMBIA AND ONTARIO. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Secretary of Ivanhoe, Suite 654, 999 Canada Place, Vancouver, B.C. V6C 3E1 (telephone (604) 688-5755). This prospectus along with the four above mentioned documents incorporated by reference will also be lodged with the Australian Securities and Investments Commission and will be referred to and included in the Australian Prospectus. NAME AND INCORPORATION Ivanhoe was incorporated under the Company Act (British Columbia) on January 25, 1994 under the name 463212 B.C. Ltd. In February 1994, Ivanhoe changed its name to Indochina Goldfields Ltd. In March 1994, Ivanhoe increased its authorized capital from 10,000 common shares without par value to 100,000,000 common shares without par value and created 100,000,000 preferred shares without par value. In February 1995, Ivanhoe was continued under the Business Corporations Act (Yukon). In July 1997, Ivanhoe increased its authorized capital to an unlimited number of common shares without par value and an unlimited number of preferred shares without par value. In June 1999, Ivanhoe changed its name to Ivanhoe Mines Ltd. The Corporation has been registered as a foreign company in Australia since August 1996. Ivanhoe's North American headquarters are located at Suite 654, 999 Canada Place, Vancouver, B.C. V6C 3E1. Ivanhoe's Asian headquarters are located at 37th Floor #2, Millenia Tower, 1 Temasek Avenue, Singapore 039192. The Corporation's registered office is located at Suite 300, 204 Black Street, Whitehorse, Yukon, Canada, Y1A 2M9. SUBSIDIARIES AND MANAGEMENT STRUCTURE The corporate structure of Ivanhoe, its material subsidiaries, the percentage ownership in subsidiaries which are not wholly-owned by Ivanhoe and the jurisdiction of incorporation of such corporations as at December 31, 2002 are set out in the following chart. - 5 - [IVANHOE MINES LTD. (YUKON) FLOW CHART] Note: All subsidiaries are wholly-owned unless otherwise indicated "BVI" means British Virgin Islands - 6 - SUMMARY DESCRIPTION OF THE BUSINESS GENERAL Ivanhoe is an international mineral exploration and development company. Ivanhoe holds interests in mineral resource properties in Mongolia, Myanmar, Australia, South Korea, China, Kazakhstan and Vietnam. For the purposes of Form 44-101F1 under National Instrument 44-101 Short Form Prospectus Distributions ("NI 44-101"), the Oyu Tolgoi gold and copper exploration project in Mongolia (the "Oyu Tolgoi Project"), the Monywa copper project in Myanmar (the "Monywa Copper Project") and the Savage River iron ore mine in Tasmania, Australia (the "Savage River Project") have been identified as the mineral resource properties material to Ivanhoe. Ivanhoe's interests in Kazakhstan, Mongolia (other than the Oyu Tolgoi Project), South Korea, China, Myanmar (other than the Monywa Copper Project) and Vietnam are not considered material for the purposes of Form 44-101F1 under NI 44-101. For a description of these properties see "Item 3 - General Development of the Business" and "Item 4 - Narrative Description of Business" on pages 9 through 40 of Ivanhoe's AIF, which is incorporated by reference in this short form prospectus, as well as "Recent Developments" below. QUALIFIED PERSONS Charles Forster, P.Geo., an employee of Ivanhoe and a qualified person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), has supervised the preparation of all disclosure of a scientific or technical nature for the Oyu Tolgoi Project other than the Southwest Oyu Resource Estimate. All disclosure of a scientific or technical nature in respect of the Southwest Oyu Resource Estimate has been summarized from a June 5, 2002 supplement (the "RPA Supplement") to a technical report prepared in January 2002 and supplemented in March 2002 (the "RPA Technical Report") of Roscoe Postle Associates Inc. ("RPA"), prepared by Gildar J. Arseneau, Ph.D., P.Geo, an employee of RPA. Mr. Arseneau is an independent qualified person for the purposes of NI 43-101. Chris Wilson, Ph.D, MAusIMM, Ivanhoe's Exploration Manager for Mongolia and a qualified person for the purposes of NI 43-101, has prepared or supervised the preparation of all disclosure of a scientific or technical nature in respect of all of Ivanhoe's Mongolian exploration projects other than the Oyu Tolgoi Project. All disclosure of a scientific or technical nature respecting the Savage River Project was prepared under the supervision of Anson Griffith, MAusIMM, an employee of Ivanhoe's indirect wholly-owned subsidiary Goldamere Pty Ltd. ("Goldamere"). Mr. Griffith is a qualified person for the purposes of NI 43-101. Paul Chare, MAusIMM, an employee of Ivanhoe and a qualified person for the purposes of NI 43-101, prepared or supervised the preparation of all disclosure of a scientific or technical nature in respect of all mineral resource projects other than the Savage River Project, the Oyu Tolgoi Project and Ivanhoe's other Mongolian mineral resource projects. RECENT DEVELOPMENTS OYU TOLGOI PROJECT, MONGOLIA Ivanhoe continues to conduct a substantial exploration program on the Oyu Tolgoi Project. During 2002, Ivanhoe concentrated its drilling on the Central Oyu, Southwest Oyu, South Oyu and Far North Oyu mineralized zones. Ivanhoe contracted with a subsidiary of Major Drilling of Canada to supply drill rigs, and now has 10 drill rigs working on the property. A summary of the results of the drill program in each mineralized zone, including the results of several drill hole intercepts is set out below. In December 2002, Ivanhoe completed an induced polarization ("IP") survey that covered areas in the Southwest Oyu, Central Oyu and the Far North Oyu zones. Results of the IP survey show that a continuous geophysical anomaly that extends approximately 4.5 kilometres in length and encompasses the Southwest, - 7 - Central and Far North Oyu zones and continues north of Far North Oyu for approximately one kilometre. This anomaly supports the proposition that all three zones are geologically connected by a north northeast trending controlling structure. Further exploration work will be required before the connection can be established with a high level of confidence. Ivanhoe has been studying a number of aspects of the Oyu Tolgoi Project with a view to its further development and establishment of infrastructure at the project site, including a conceptual engineering study on design parameters affecting underground mining, geotechnical reconnaissance to assess foundation conditions and local availability of construction materials, a desktop study of potential suppliers, contractors and independent power producers, an archaeological survey and baseline environmental studies. Ivanhoe has shipped metallurgical samples from the Oyu Tolgoi Project to a research laboratory in Canada for metallurgical testing, which began in January 2003. The core samples consist of half PQ core from the Southwest Oyu and Central Oyu zones, and the testing is intended to provide the basis for the process design criteria of a pre-feasibility study. Resource Estimate - Southwest Oyu In May 2002, AMEC E & C Services Ltd. ("AMEC") completed an updated estimate of inferred resources in the Southwest Oyu zone based on six new drill holes. RPA reviewed and verified the resource estimate in the RPA Supplement. The RPA Supplement replaces the disclosure respecting the Southwest Oyu resource estimate in the RPA Technical Report. In the RPA Supplement, RPA reported inferred mineral resources to a depth of 600 metres ("m") in the Southwest Oyu zone as follows:
CUTOFF GRADE COPPER COPPER EQUIVALENT (1) (%) TONNES (%) GOLD (g/t) 0.70 148,800,000 0.66 1.10 0.60 252,400,000 0.55 0.83 0.50 392,600,000 0.48 0.66 0.40 552,800,000 0.42 0.56 0.30 684,100,000 0.38 0.50 0.20 757,300,000 0.36 0.46
Note (1) Based on US$300 per ounce gold and US$0.80 per pound copper at 100% metal recovery RPA also reported inferred mineral resources below 600 m in the Southwest Oyu zone as follows:
CUTOFF GRADE COPPER COPPER EQUIVALENT (1) (%) TONNES (%) GOLD (g/t) 2.0 4,000,000 0.80 2.60 1.8 8,000,000 0.76 2.40 1.6 13,000,000 0.72 2.20 1.4 17,000,000 0.68 2.10 1.2 21,000,000 0.65 1.90 1.0 26,000,000 0.61 1.80
Note (1) Based on US$300 per ounce gold and US$0.80 per pound copper at 100% metal recovery RPA believes that additional drilling and evaluation is required before the mineralization below 600 m can be classified as a mineral resource at cut-off grades of less than 1% copper equivalent. - 8 - The revised Southwest Oyu mineral resource estimate reported in the RPA Supplement is based on the same assumptions, parameters and methods as those disclosed in the AIF, except that the drill hole database now consists of 37 diamond drill holes totalling 21,050 m. Resource Estimate - 2003 Update In January 2003, Ivanhoe engaged AMEC to prepare an independent resource estimate to quantify the size and grade of the Central, Southwest, South and Far North Oyu mineralized zones. Ivanhoe anticipates that the resource estimate will be completed by the end of January 2003. Ivanhoe has completed 55 drill holes at Central Oyu, an additional 38 holes at Southwest Oyu since the last resource estimate in May, 2002 and is awaiting assays from 8 diamond core holes at Far North Oyu. Ivanhoe believes that sufficient data will be available to establish inferred mineral resources at Far North Oyu and Central Oyu and to upgrade some or all of the inferred mineral resources at Southwest Oyu to the indicated category. Central Oyu Zone - Recent Drill Results In 2002, Ivanhoe began drilling at the Central Oyu zone of the Oyu Tolgoi Project to test an 800 m by 600 m anomaly identified by an IP survey. In May 2002 three holes, OTD196, OTD202 and OTD207, drilled in the Central Oyu zone, encountered intrusive and volcanic-hosted hypogene, gold-rich, chalcopyrite mineralization similar to mineralization encountered in the Southwest Oyu zone, adjacent to and beneath a thick blanket of strong, secondary chalcocite and covellite mineralization. These three holes were drilled following two holes, OTD159 and OTD187 that discovered thick covellite mineralization and strong chalcopyrite gold mineralization, respectively, in the Central Oyu zone. Ivanhoe subsequently drilled 39 holes on approximately 100 m intervals over the Central Oyu zone to delineate the underlying mineralization for future resource estimation. The holes were primarily drilled on 100 m spaced, north-south lines, inclined at 60 to 70 degrees south. Several additional holes were drilled on 305-degree and 125-degree azimuths to confirm continuity of the mineralization between drill sections. Other holes were drilled vertically to further delineate a near surface, flat lying zone of secondary enriched copper mineralization. Results of this drilling indicate that there is a main zone of mineralization consisting of a deposit of covellite mineralization and a peripheral deposit of chalcopyrite mineralization. The flat-lying top of the chalcocite blanket ranges from 30 m to 60 m below the surface with a true thickness of approximately 30 m to 60 m. The top of the covellite zone tends to be 100 m to 150 m below the surface, extending down to a maximum depth of 450 m below the surface. The chalcopyrite gold zone lies generally below the covellite zone extending up the southern flank to within 200 m below surface, with a maximum depth of between 450 m to 550 m below surface. Ivanhoe has drilled three cross holes to verify the continuity of mineralization. Assays are pending on these cross holes, and Ivanhoe will not be able to confirm the continuity of mineralization between sections at Central Oyu until the assay results from these holes are received. Ivanhoe has divided the Central Oyu zone into six 100 m spaced, north - south sections, each approximately 600 m wide and 400 to 600 m deep, numbered from west to east. Ivanhoe has encountered gold and copper mineralization in all of the sections. Material results of drilling in each section are discussed below. Section 1: Drill holes OTD187 and 207 encountered 160 m grading 0.59% copper and 0.4 grams per tonne ("g/t") gold and 144 m grading 0.78 % copper and 0.66 g/t gold, respectively. Holes OTD210, 280 and 256 intersected copper and gold mineralization comparable to that of OTD187 and 207. These intersections are a mixture of covellite, chalcopyrite and gold, and form two "bands" of mineralization, each up to 100 m in thickness coalescing into one, 200 m thick band on the northern side of Section 1. The drill intersections indicate that the total width of the mineralized zone is approximately 400 m and that it reaches a maximum below surface depth of 400 m. The zone is open to the north. - 9 - Section 2: Ivanhoe originally drilled OTD196 in Section 2 in early 2002 to test the down dip extent of mineralization, and intersected 118 m grading 0.95% copper and 0.47 g/t gold. Ivanhoe has since drilled three holes in this section of Central Oyu. OTD211 and 262 were drilled as 100 m step outs to the north from OTD196. OTD211 intersected 264 m grading 0.89% copper and 0.08 g/t gold. OTD262 intersected 203 m grading 0.92% copper and 0.31 g/t gold. The third hole, OTD226, intersected 58 m grading 1.90% copper and 0.24 g/t gold in the upper zone and 58 m grading 1.02% copper and 1.32 g/t gold in a lower zone. The results indicate that two mineralized zones converge into one zone 260 m in thickness on OTD211. The zone narrows to approximately 50 m in thickness on OTD226 accounting for the mineralization in the upper intersection of the drill hole. The lower intersection does not appear to be connected to the main zone of mineralization. Mineralization is open to the north and is approximately 500 m in width. Section 3: Ivanhoe drilled five holes in Section 3 to test the covellite and chalcopyrite gold zones underlying the chalcocite blanket of Central Oyu. Ivanhoe also drilled two short vertical holes to provide large diameter core for metallurgical and leach testing on the chalcocite zone. OTD285, the most southerly hole, intersected 200 m of covellite mineralization grading 0.49% copper and 0.06 g/t gold starting at 46 m down hole immediately below the chalcocite blanket. Below the covellite zone, chalcopyrite and covellite mineralization grading 0.62% copper and 0.13 g/t gold over an interval of 158 m was encountered at 246 m down hole. OTD217 intersected 124 m of covellite-rich mineralization grading 1.20% copper and 0.07g/t gold starting at 160m down hole which underlies a 110 m interval of 0.49% copper and 0.05 g/t copper. OTD217 also encountered a 182 m lower zone of chalcopyrite mineralization starting at 312 m grading 0.60% copper and 0.18 g/t gold including a 14 m interval of barren rhyolite dyke. OTD216 encountered the covellite zone starting at 142 m down hole and intercepted 268 m grading 0.70% copper and 0.07 g/t gold. The lower chalcopyrite zone is 94 m grading 0.58% copper and 0.15 g/t gold. OTD258 was drilled to define the northern limit of the mineralization, and encountered significantly stronger covellite mineralization with gold. At 204 m the hole intersected 440 m grading 0.96% copper and 0.21g/t gold. Overlying the zone, a lower grade 58 m interval was encountered averaging 0.51% copper and 0.15 g/t gold. The final and most northerly hole in the section, OTD284, intersected 136 m grading 1.19% copper and 0.49 g/t gold starting at 258 m down hole. Ivanhoe believes that mineralization is open but decreasing in thickness to the north and that the overall dimension of mineralization in the section consists of a horizontal width of approximately 500 m and a thickness of up to 400 m. The maximum depth of mineralization is believed to be 550 m below surface. Section 4: OTD159, drilled vertically, encountered 379 m grading 0.69% copper and 0.14 g/t gold. OTD224, 271, 275, 290 and 302 were subsequently drilled south inclined at approximately minus 65 degrees. Underlying the near surface chalcocite blanket, the drill holes intersected both a covellite zone and a lower zone of chalcopyrite. Ivanhoe believes the covellite zone is approximately 400 m in width and between 275 m to 300 m thick lying approximately 300 m below the surface, while the chalcopyrite zone is approximately 300 m in width and varying in thickness to approximately 100 m, lying up to 600 m below the surface. OTD302 intersected 52 m averaging 0.74% copper and 0.06 g/t gold through the covellite zone, starting at 100 m down hole. OTD275 intersected 206 m of mineralization in the covellite zone grading 0.74% copper and 0.09 g/t gold starting at 104 m and 86 m grading 0.49% copper and 0.97 g/t gold in the chalcopyrite zone starting at 550 m. OTD224 intersected 270 m averaging 0.50% copper and 0.06 g/t gold in the covellite zone starting at 66 m down hole and 0.62% copper and 0.06 g/t gold for 86 m in the chalcopyrite zone starting at 482 m. OTD271 and 290 also intersected comparable levels of copper and gold mineralization in both the covellite zone and chalcopyrite zone. Section 5: Ivanhoe drilled three holes on Section 5 in 100 m intervals at minus 60 degrees. OTD332 is currently in progress and has no assays available but has intersected visible covellite mineralization. OTD247, 100 m north, intersected 132 m of covellite at 48 m depth, averaging 0.66% copper and 0.07 g/t gold, followed by 206 m grading 0.43% copper and 0.06 g/t gold. At 472 m, a 24m interval of chalcopyrite mineralization was intersected averaging 0.86% copper and 0.17 g/t gold. OTD299 is the most northerly hole in the section and intersected 34 m grading 1.04% copper and 0.14 g/t gold at 194 m. At 306 m the hole encountered 94 m of chalcocite and enargite grading 0.48% copper and 0.31 g/t gold. Subject to assay results from hole OTD332, Ivanhoe believes that the mineralized zone is 200 m wide and up to 250 m thick. - 10 - Section 6: Ivanhoe has completed four drill holes on the most easterly section in Central Oyu. All of the holes have been drilled south at minus 60 degrees. Ivanhoe has encountered varying degrees of mineralization in the holes, with intervals ranging from 26 m to 118 m. In general, the intervals encountered strong copper mineralization of between 0.81% to 1.56% copper but weak gold mineralization. Ivanhoe has also drilled two holes east of Central Oyu, OTD198 and 225. OTD198 failed to penetrate the thick sedimentary cover rocks overlying the possible easterly strike extension of the Central Oyu mineralization due to bad ground. OTD225 was collared at the same location and intersected a wide post mineral dyke and clay altered, pyrite-rich rocks carrying only low copper and gold values. Four additional holes have been drilled across Central Oyu to verify continuity of the mineralization between sections and to test for possible vertical, barren dykes lying between the sections. The first hole, OTD249 was collared on Section 2 and drilled west on an azimuth of 270 degrees. The hole intersected 92 m of covellite starting at 36 m. Below 128 m, the hole entered a late quartz monzonite dyke that defines the western limits of the Central Oyu mineralized zone. On the southeast side of Central Oyu, OTD312 was collared on an azimuth of 305 degrees to cross at right angles to the suspected northeasterly controlling structures identified by geophysics. The hole collared in quartz monzodiorite grading 0.45% copper and 0.04 g/t gold from 46 m down hole before encountering the high grade covellite zone at 358 m where a 168 m interval grading 1.24% copper and 0.28 g/t gold was intersected. Ivanhoe encountered one barren zone on OTD312 66 m in length starting at 222 m. OTD321 was collared west of Section 1 and drilled on a 125-degree azimuth as a "scissor" hole 100 m southwest and parallel to OTD312. The hole intersected 190 m of mixed covellite and chalcopyrite mineralization starting at 66 m down hole grading 0.81% copper and 0.49 g/t gold. Finally, OTD335 was drilled at 305-degree azimuth, 100 m northeast of OTD312, but assays are not complete. Southwest Oyu Zone - Recent Drill Results Since the completion of the revised Southwest Oyu zone inferred mineral resource estimate, Ivanhoe has concentrated diamond drilling in Southwest Oyu on infill drilling the inferred resource. Holes were drilled from northwest to southeast on 100 m spaced sections between existing holes to provide 50 m to 100 m spaced holes across the zone. Southeast oriented drill holes were selected to provide the best definition of the barren quartz monzodiorite intrusive rocks that form the hanging wall and footwall to the mineralization. The objective of this drilling is to provide sufficient control on the mineralization to increase the confidence level of some or all of the inferred resource to that of indicated for use in a future pre-feasibility study. A total of 38 drill holes on 650 m of strike length have been completed. The holes drilled to date have encountered intervals of copper and gold mineralization consistent with previous drill results. Based on these drill holes Ivanhoe believes that gold and copper mineralization continues to plunge in a southwesterly direction and has a finite depth extent on the drill sections. The deep extension of the mineralization encountered at Southwest Oyu has now been extended to at least 400 m on strike and more than 900 m below the surface. South Oyu Zone - Recent Drill Results Recent diamond drilling in South Oyu followed up on earlier reverse circulation ("RC") drilling during 2001 undertaken to delineate near surface oxide resources. Ivanhoe also drilled several core holes in 2001, with limited success, to expand the high-grade bornite mineralization first encountered in drill hole OTD004. OTRCD149, drilled to scissor OTD004 intersected 52 m grading 1.73% copper and 0.23 g/t gold underlying a 63 m interval starting at surface of a malachite-rich oxide zone grading 1.08% copper and 0.28 g/t gold. OTD164 drilled 100 m down dip from OTRCD149, encountered lower grade mineralization indicating the bornite-rich quartz sheeted quartz veining did not continue vertically to depth. - 11 - The RC holes drilled by Ivanhoe at South Oyu encountered moderate copper grades, but with generally low gold values, lowering the overall exploration priority of the area. Ivanhoe has resumed drilling at South Oyu with a view to defining a "starter" pit zone of mineralization within 250 m of surface and has drilled four holes on a section 50 m to 100 m southeast of OTRCD149 and OTD164. OTD279, drilled at an azimuth of 215 degrees at -60 degrees intersected 204 m of 0.73% copper and 0.22 g/t gold starting at 42 m down hole. Step back hole OTD266, 100 m northeast intersected 64 m at 0.51% copper and 0.11 g/t gold from 98 m and an interval of 37 m grading 0.67% copper and 0.12 g/t gold starting 208 m through to the bottom of the hole at 245 m. OTD261 was collared 150 m northeast across a 50 m thick rhyolite dyke. The hole intersected 98 m grading 0.55% copper and 0.03 g/t gold starting at 42 m. The hole bottomed in a rhyolite dyke. The final hole, OTD281, stepped back a further 160 m northeast and encountered 246 m of weak mineralization grading 0.26% copper and 0.04 g/t gold starting at 78 m. The bottom of the hole intersected 112 m grading 0.66% copper and 0.16 g/t gold at 394 m. Two additional holes were drilled on a section 100 m southeast of the previously described drill hole grouping. OTD269 intersected 60 m grading 0.59% copper and 0.06 g/t gold starting at 58 m followed by 102 m grading 0.78% copper and 0.14 g/t gold at 130 m depth. The grade decreased to the bottom of the hole at 429 m. Ivanhoe believes that mineralization in excess of 0.7% copper may run continuously east-west across the 150 m interval between OTD279 through OTD269. Additional drilling is required to further delineate this zone. To test the area between the South Oyu zone and Southwest Oyu zone, Ivanhoe drilled two holes, OTD233 and OTD308, to the northwest along a section line following OTD004 and OTRCD149. OTD233 encountered 45 m starting at surface grading 0.82% copper and 0.14 g/t gold, followed 94 m down hole by 46 m grading 0.93% copper and 0.10 g/t gold. A 45 m dyke was then cut followed by an additional 72 m grading 0.81% copper and 0.08 g/t gold. The hole encountered additional dykes and weaker mineralization down hole to 322 m. OTD308, collared 140 m west on a parallel section 100 m southwest intersected 130 m grading 0.60% copper and 0.63 g/t gold starting at 54 m down hole. The mineralization from these holes is high-sulphidation bornite and chalcocite in advanced argillic alteration, and demonstrates that there is probably continuity down dip from two previous RC holes, OTRC105 and OTD136 that intersected chalcocite-rich mineralization near surface. Far North Oyu Zone - Recent Drill Results Ivanhoe initiated drilling in Far North Oyu in mid-2002 to test a broad, north easterly trending IP chargeability high delineated in 2001. Eleven holes were drilled on six, 200 m spaced sections progressing northeast. These holes intersected significant widths of pyrite and lesser amounts of chalcopyrite, enargite and chalcocite. The best grades included 108 m grading 0.73% copper and 0.04 g/t gold starting at 296 m down hole in OTD244 and 136 m grading 0.58% copper and 0.05 g/t gold in OTD246. The final hole, OTD270, was drilled as a final test of the far-east end of the IP target and encountered 638 m of chalcopyrite, bornite-rich mineralization grading 1.61% copper and 0.07 g/t gold starting at 220 m down hole. Ivanhoe performed follow-up drilling by stepping north and south on 100 m intervals followed by a parallel section of three holes 100 m east. Re-interpretation of the geophysics indicates that a possible controlling structure trending north northeast through OTD270 might result in the strike being oblique to the two north-south drilling sections. Subsequent holes were then drilled southeast and scissored northwest to cut perpendicular to the interpreted trend of the body. The body is now interpreted to be north northeasterly trending, generally tabular in nature, dipping moderately to steeply southeast. Ivanhoe has identified a zone of mineralization grading in excess of 1% copper that lies 150 m to 300 m below the surface and reaches depths of 700 m to 800 m below surface. The results of drilling to date indicate that the zone is approximately one kilometre long and 400 m wide, but it is still open in all directions. Ivanhoe has estimated the true thickness of this mineralized zone is between 200 m to 300 m. OTD286, a 100 m step back from OTD270, intersected 532 m grading 1.63% copper and 0.05 g/t gold, including 208 m grading 2.41% copper and 0.07 g/t gold. OTD298 stepped back an additional 100 m intersecting 86 m grading 1.18% copper and 0.02 g/t gold and 102 m grading 1.26% copper and 0.02 g/t gold. One hundred metres north of OTD270, OTD273 intersected 444 m grading 1.37% copper and 0.04 g/t gold and, 100 m north of this hole, OTD282 intersected 304 m grading 1.28% copper and 0.05 g/t gold. These five holes - 12 - define a zone at least 600 m in north-south strike extent and 500m in vertical depth extent. The high-grade, advanced argillic-altered, siliceous core consists of bornite, chalcocite and chalcopyrite grading upward into chalcopyrite and bornite and at the top of the zone, pyrite, chalcopyrite and enargite. The base of the zone is hematite, bornite, chalcopyrite in an intensely chlorite altered basalt. The mineralization is capped by an ignimbritic unit of variable thickness and overlain by siltstone and basalt. The mineralization appears to be structurally controlled within a favourable, porous host rock. Approximately 100 m east of the OTD270 drill hole grouping, Ivanhoe drilled holes OTD305, 303 and 313 from south to north at 100 m intervals. All three holes intersected significant intervals of copper with a marked increase in gold content in the higher grade intervals. OTD305 intersected 280 m grading 1.73% copper and 0.07 g/t gold, OTD303 intersected 344 m grading 1.77% copper and 0.11 g/t gold and OTD313 intersected 490 m grading 1.57% copper and 0.14 g/t gold. The mineralization appears to be continuous from the OTD270 drill hole grouping as a flat lying, tabular body 600 m in strike length and 300 m in thickness. Ivanhoe collared three drill holes on the northwest side of Far North Oyu and drilled south easterly believing the body could be steeply dipping to near vertical in cross section. The first of these holes, OTD289, intersected 367 m grading 1.91% copper and 0.09 g/t gold including 170 m grading 2.41% copper and 0.15 g/t gold. The hole was bottomed in high-grade copper mineralization when abandoned due to bad ground. Two hundred metres southwest, OTD304 was drilled parallel to OTD289 and intersected 432 m grading 1.33% copper and 0.04 g/t gold. One hundred fifty metres northeast of OTD289, OTD310 intersected 368 m grading 2.41% copper and 0.23 g/t gold and included a 172 m zone of 3.43% copper and 0.40 g/t gold. The results of the three southeasterly drill holes indicate that the body is more tabular in shape and dips moderately to steeply easterly, meaning that the holes may have been drilled down the dip of the body. Ivanhoe has now collared holes on the southeast side of Far North Oyu, and is drilling north westerly to trace the down dip of the mineralized zone. Ivanhoe has also recently completed drilling three holes, OTD319, 327 and 344, to test the north northeast strike extent of Far North Oyu and three holes, OTD334, 346 and 338, to test the south southwest extension of Far North Oyu toward the Central Oyu zone. Assays on the north northeast extension drill holes disclosed an interval at OTD319 of 456 m grading 1.58% copper and 0.12 g/t gold starting at 324 m below surface and an interval of 368 m grading 1.50% copper and 0.08 g/t gold starting at 358 m on OTD327, while assays on OTD344 are pending. The results support the extension of the mineralized zone to encompass the drilling area and provide confirmation as to the shape of the mineralized body. Assays on the south southwest extension holes are pending. Drilling Plans for First Quarter of 2003 Ivanhoe plans to continue diamond drilling to test the north-south trending IP chargeability anomaly extending north from Central Oyu. The presence of chalcopyrite, bornite and chalcocite on the eastern margin of the central axis of the IP anomaly opens up a significant strike length of poorly or untested sulphides. Holes will be drilled in approximately 200 m intervals along the strike extent with OTD334, 338 and 341 already in progress. To the south of Central Oyu, the high sulphidation system continues under the sedimentary/volcanic rocks. OTD219 and 240 intersected very similar mineralization to the Far North and east side of Central Oyu, albeit at depths that would likely require underground development to extract. Ivanhoe plans to commence test drill holes over an IP zone of high chargeability and high resistivity that was traced northerly over five 100 m spaced IP sections on the western edge of its recent IP survey. Chip samples from a vein located on this zone returned anomalous base and precious metal values, but the chargeability and resistivity anomaly defined on the vertical IP sections suggests there is the potential for increased thickness at depths below 200 m. MONYWA COPPER PROJECT, MYANMAR During 2002, Myanmar Ivanhoe Copper Company Limited ("MICCL"), the joint venture company operating the Monywa Copper Project, produced copper at an annualized rate of approximately 28,700 tonnes. The rate of production was higher than in 2001, reflecting increased processing capacity from a program to expand - 13 - electrowinning capacity. The expansion program continues, with the ultimate planned capacity expected to be 33,000 tonnes per annum by April 2003. MICCL has increased the leach pad area of the mine to maintain the increased cathode production and has used run of mine dumps to supplement crusher capacity. MICCL has relocated some of its mining and ore production from the Sabetaung deposit to the Sabetaung South deposit and reallocated some of the production at the Sabetaung pit from Stage 2 to the Stage 3 area of the pit. Ore grade from Stage 2 of the Sabetaung pit is declining in line with design. The decline should be offset by higher-grade ore recovered from Sabetaung South and Stage 3 of the Sabetaung pit. MICCL has encountered ore zones with a high proportion of clay. The clay material increases the proportion of fine material in processing, which reduces the efficiency of leach kinetics and copper extraction. During 2002, MICCL constructed and operated a pilot fines material removal plant. Based on the success of the pilot plant, a fines removal plant will be added to the crushing circuit during 2003 and is expected to remove a sufficient amount of fines to permit optimum copper leach extraction. Ivanhoe is still negotiating with potential project finance lenders in respect of the possible future development of the Letpadaung deposit. SAVAGE RIVER PROJECT, TASMANIA Mining Developments Ivanhoe's indirect wholly-owned subsidiary Goldamere has entered into a five-year supply contract with BHP Steel (AIS) Pty. Ltd. to supply between one million and one and a quarter million dry metric tonnes of iron ore pellets and concentrate per year. Goldamere's supply contract with Posco Australia Pty. Ltd. ("POSCO") ends on March 31, 2003. To date, Goldamere has not been able to confirm the requirements of POSCO after expiration of the contract, but based on current discussions anticipates that the contract will be extended at reduced purchases of 700,000 tonnes per year. Goldamere has increased its focus on the Chinese market, and has established a sales target of 300,000 tonnes of pellet and concentrate into the Chinese market for 2003. In 2002 Goldamere temporarily ceased mining operations at Extension 3 of the North Pit deposit because of a slope failure at Extension 2. Accordingly, all mining in recent months has taken place at the South Deposit. This development, combined with poor reconciliation of high grade ore in the upper benches of the South Deposit reduced ore supply and weight recoveries in the mill. Goldamere has been processing low-grade ore stockpiles to compensate for the reduced supply. Recent upgrades to the mill circuit have increased ore throughout, resulting in slightly better than planned concentrate production. During the first quarter of 2003 a majority of the ore feed for the Savage River Project is expected to come from the eastern ore lens of the South Deposit. The eastern ore lens consists primarily of high-grade soft ore, with high nickel impurities. Goldamere has instituted quality improvement measures in order to control the level of nickel impurities until the South Deposit cutback exposes the western ore lens of the South Deposit. Mining at Extension 3 of the North Pit resumed at the end of January 2003 with the establishment of access behind the Extension 2 slope failure. Goldamere expects that mining of Extension 3 combined with continued mining of the South Deposit will enable Goldamere to maintain a continuity of supply to its customers. The Savage River Project's mine plan has now been revised to incorporate slope design changes in the North Pit, and a new mining sequence to reduce the probability and impact of a similar slope failure in Extension 3. In addition, a new design at the southern end of the Center Pit has been included in the schedule, adding a year to the life of mine and taking end of mine life out to May 2008. In January 2003 Goldamere began operating its first gas-powered furnace at the Port Latta pellet plant. Goldamere is in the process of converting all of its oil fired furnaces to gas. - 14 - Financial Developments In 1998, Goldamere entered into a Project Facility Agreement with UBS Australia Limited ("UBS"), pursuant to which UBS granted to Goldamere an Aus$43 million (US$23.6 million) credit facility (the "Credit Facility"). As a condition of the Credit Facility, Goldamere was required to implement a risk management program which involved, among other things, hedging currency risk in respect of the US dollar proceeds of the sale of iron ore from the Savage River Project (the "Hedging Arrangements"). Under the Hedging Arrangements, Goldamere was required to deliver to the hedge counterparty US$5 million of currency per month at an exchange rate of US$0.6817:Aus$1. Pursuant to a December 1996 asset purchase agreement (the "Asset Purchase Agreement"), Goldamere agreed to purchase from the Crown in Right of the State of Tasmania (the "State"), the assets of the Savage River Project in consideration for a deferred payment of Aus$13 million (US$7.1 million) (the "Asset Purchase Price"). Under the terms of the Asset Purchase Agreement, the Asset Purchase Price was to be satisfied by way of expenditures by Goldamere to remediate environmental damage on the Savage River Project property caused by the previous owner. The Asset Purchase Price was originally secured by a bank guarantee and then by the State becoming a beneficiary of charges and mortgages granted over the assets of the Savage River Project and certain other assets. As a result of a significant weakening of the Australian dollar in relation to the U.S. dollar, the Hedging Arrangements required Goldamere to incur substantial ongoing currency exchange losses. As an interim relief measure, commencing in the end of June 2001 UBS agreed to allow Goldamere to make the monthly United States dollar payments required pursuant to the Hedging Arrangements at the then prevailing Aus$:US$ exchange rate rather than at the specified contract rate. An amount equal to the difference between the amount otherwise payable at the specified contract rate and the amount actually paid at the then prevailing exchange rate was then added to the outstanding principal amount of the Credit Facility. Faced with a deteriorating international market for iron ore and continuing weakness in the Australian dollar, the management of Goldamere concluded that the economic viability of the Savage River Project could not be sustained under the burden of the Credit Facility and UBS Hedging Arrangement obligations and, in August 2001, approached UBS to discuss alternatives for restructuring the mine plan and financial arrangements of the Savage River Project. In September 2002, Arbutus Holdings Ltd. ("Arbutus"), a wholly-owned subsidiary of Ivanhoe, acquired all of UBS' rights in respect of the Credit Facility and assumed all of UBS' liabilities and obligations under the Project Facility Agreement. In connection with, and as part of, these transactions, Arbutus replaced UBS as the hedge counterparty under the Hedging Arrangements and all remaining currency exchange transactions and obligations under the Hedging Arrangements were closed out. As consideration for UBS' rights under the Credit Facility and acquiring the residual liabilities resulting from the closing out of the Hedging Arrangement transactions and obligations (the "Close Out Amounts"), Arbutus paid to UBS cash in the amount of Aus$15 million (US$8.2 million). Including the Close Out Amounts, the total Goldamere indebtedness acquired by Arbutus from UBS was approximately Aus$74.9 million (US$41 million). In connection with Arbutus' acquisition from UBS of the Credit Facility indebtedness and related security, the State agreed to relinquish its security in the Savage River Project. As consideration for the relinquishment, Goldamere agreed to lodge with the State a bank guarantee in the amount of Aus$2.8 million (US$1.5 million) as substitute security for Goldamere's obligations under the Asset Purchase Agreement to either pay the deferred Asset Purchase Price in cash or to incur environmental remediation expenditures in respect of the Savage River Project in an aggregate amount equal to the deferred Asset Purchase Price plus accrued interest. Goldamere and the State also agreed upon a variation of the time for, and manner of payment of, interest in respect of the Asset Purchase Price. The transaction reduced current and long-term liabilities on Ivanhoe's consolidated balance sheet by approximately Aus$74.9 million (US$41 million). Goldamere management has advised Ivanhoe that Goldamere will likely need to supplement anticipated cash flow from project operations with additional capital from external sources in order to cover budgeted operating - 15 - costs. The funding shortfall will be largely dependent upon fluctuations in currency exchange rates and Goldamere's ability to attract new customers. Goldamere's management has advised Ivanhoe that a number of options are being considered in order to meet cash flow shortfalls and mitigate currency risks. These include arranging a credit facility with a third party lender and new currency hedging arrangements. Goldamere has advised Ivanhoe that new third party credit facilities may be contingent upon, among other things, Arbutus subordinating its existing loans to and security in the Savage River Project to a new lender. There can be no assurance that Goldamere will be able to make suitable external financing arrangements. A failure to do so will have an adverse impact on Goldamere's ability to continue as a going concern. SILVER HILL GOLD AND SILVER PROJECT, SOUTH KOREA Ivanhoe commenced trial commercial production at the Silver Hill Gold and Silver Project in April 2002. In 2002 Ivanhoe processed 17,648 tonnes of ore and mined, produced and sold 5,532 ounces of gold and 212,232 ounces of silver. Although the open-pit mining project was producing gold and silver at commercially viable rates, information about the property's underground mineral structure sufficient to develop a comprehensive mine plan is not currently available. In October 2002 Ivanhoe suspended mining in order to complete infill drilling of the eastern half of the deposit and develop a mine plan. The infill drill program commenced in July 2002 and was completed in early December 2002. Ivanhoe continued to process oxide ore stockpiled at the Eunsan mill until early December 2002. The mining contractor ceased operations while trial mining was halted except for a small maintenance crew which remained on site preparing for a possible underground trial mining program. Ivanhoe has also been preparing an updated resource block model and is analyzing the infill drilling data in order to develop a mine plan. Ivanhoe recommenced trial mining following completion of the infill drilling program in the eastern half of the defined underground zone in order to compare actual mining results with those of the updated block model. Shortly after trial mining recommenced, Ivanhoe encountered a cavity with an estimated strike length of approximately 50 m filled with mud and other unconsolidated material in the vein system being mined. Ivanhoe has not been able to mine through or bypass this cavity. Accordingly, in the end of January 2003, Ivanhoe halted trial mining operations. Ivanhoe is incorporating these developments into its block model and is examining methods to continue cost-effectively mining the vein system. Until such time as Ivanhoe can devise a method of either bypassing or mining through the cavity all mining operations will remain halted. High-grade oxide ore from the open pit was processed at the Eunsan mill until the high-grade stockpile was depleted in December 2002. Thereafter, low-grade oxide ore from stockpiles was processed until the tailings impoundment was filled. Approximately 2,000 tonnes of sulphide ore remains in the surface stockpile. Although complete information is not yet available, Ivanhoe anticipates that gold and silver production results for the first quarter of 2003 will be significantly lower based on the grades in the surface stockpile now available for processing and because resumption of full production may be delayed indefinitely. Ivanhoe is also running flotation and refining tests on stockpiled sulphide ore and tailings filtration with ultimate disposal by dry stacking. Cyanidation, as a means of retreating high grade oxide tailings currently stored on surface, is currently being investigated. OTHER MONGOLIAN PROJECTS In 2002, Ivanhoe increased its landholding throughout southeastern and southern Mongolia and near Saran Uul in central Mongolia. Ivanhoe now holds eighty exploration licences covering 7,667,545 hectares (76,674.45 square kilometres ("km2")) and has applied for another 35 exploration licences totaling 3,472,425 hectares (34,724.25 km2). The following is a description of some of Ivanhoe's more significant exploration activities on these properties. - 16 - Kharmagtai/Ovoot Hyar The Kharmagtai and Ovoot Hyar project area comprises three licences. Ivanhoe currently owns 100% of two of the licences, but has agreed to convey a 10% interest in one of the two licences to an arm's length third party in exchange for an exploration dataset owned by the third party in respect of the property. Ivanhoe has the right to earn an 80% interest in the third licence upon completion of a US$500,000 work program over three years. An arm's length third party holds the remaining 20%. Areas covered by these three licences are surrounded by large areas subject to exploration licences 100% owned by Ivanhoe. Detailed geological mapping and rock-chip sampling of the Kharmagtai and Ovoot Hyar project area commenced in April 2002 and is ongoing. As part of the field program, 1,160 line kilometres of gradient array IP, 1,750 line kilometres of field magnetics and 31.2 kilometres of trenching have been completed. A gravity survey was commenced in October 2002 and is still in progress. Diamond drilling of two copper-gold porphyry targets known as Copper Hill (Zesen Uul) and Gold Hill (Altai Tolgoi) commenced in July 2002 and in November 2002, respectively. Other high priority copper-gold porphyry targets that will be drilled in the coming months include Duck (Galau), Eagle (Burgit), Wolf (Chun) and White Vein (Tsagan Sudal). Ivanhoe has also identified a gold target associated with a series of tourmaline breccia pipes and pervasively silicified sediments, known as OV3/Falcon (Hartsaga). Twenty-eight diamond drill holes have been completed at the Copper Hill target. The drill results define a broadly east-west trending zone of gold and copper mineralization greater than 250 m in length and up to 120 m wide. High-grade mineralization occurs within 30 m of surface and extends to a depth greater than 250 m. Initial geologic modelling suggests that mineralization is pipe-like and is associated with fingers of monzodiorite stock that are intruded into a volcanoclastic siltstone package. An intense stockwork of quartz-chalcopyrite veins is developed within the monzodiorite and locally within the siltstone. Highlights of assays for holes for which assays are available include:
- ------------------------------------------------------- From To Depth Interval Gold Copper Hole (m) (m) (m) (m) (g/t) (%) - ------------------------------------------------------- KHD002 72 140 48 74 2.24 1.16 KHD003 40 142 30 102 2.09 1.05 KHD006 108 290 86 183 0.52 0.47 KHD008 22 100 14 78 0.51 0.61 KHD016 140 198 100 58 0.98 0.67 KHD021 36 118 30 82 1.23 0.74 KHD022 100 182 66 82 1.48 0.85 KHD026 118 220 98 102 0.56 0.38
- 17 - ~~KHD030 104 162 70 58 0.63 0.50 KHD033 168 236 114 70 1.24 0.78~~

- ------------------ Note: Depth (m) is the depth from surface to the top of the specified mineralized interval. In the absence of detailed topographical contours it is considered accurate to within five metres. Although broadly pipe-like, the plunge of the mineralization is poorly constrained and it is not possible to give true widths of mineralization. An initial petrological study of core from Copper Hill indicates that gold occurs along fractures and voids within chalcopyrite grains and has a similar habit to the gold in the Southwest Oyu zone at Oyu Tolgoi. Mineralization does not outcrop at Copper Hill and a RC drill program has recently been completed to define the zone's strike extensions. RC holes were drilled off 80 m by 120 m centres at -60 degrees to 100 m in depth. All assay results from the RC drill program are pending. The Gold Hill Prospect is located approximately two kilometres due north of Copper Hill. Mineralization crops out locally as a series of malachite-stained quartz stockwork zones which trend broadly east-west. Trenching has extended this zone eastwards under Quaternary cover. The Gold Hill Prospect has a field magnetic response similar to Copper Hill, characterized by a 1,200 m long east-west trending zone, which hosts localized, intense, elongate magnetic highs up to 200 m long. A moderate chargeability anomaly occurs immediately to the north. Nine diamond holes have been completed at Gold Hill and most have intersected well-developed quartz-chalcopyrite stockworks and chalcopyrite-mineralised breccias. All assays are pending. Mineralization occurs within 50 m of surface, has a vertical extent of over 300 m and is open in all directions. Two diamond rigs are presently drilling at Gold Hill. Ivanhoe has also commenced preliminary exploration work at the Duck and Eagle prospects. Shuteen The Shuteen licence is located within the Southern Mongolian Mineralised Belt that also hosts Oyu Tolgoi and Kharmagtai. It is located in the Omnogovi Aimag (Province) approximately 500 kilometres southeast of Ulaanbataar. The licence is held as a joint venture with an arm's length third party. Ivanhoe has the right to earn an 80% interest in the property upon completion of a US$1,500,000 work program over three years. The Shuteen licence is characterized by an extensive silica-clay lithocap. Ivanhoe has conducted 1,800 line kilometres of field magnetics and 1,000 line kilometres of IP surveying. Oyut Ulaan The Oyut Ulaan licence was granted to Ivanhoe in February 2002 and comprises 12,063 hectares. Ivanhoe owns 100% of the licence with no underlying royalties. The Oyut Ulaan licence comprises a variety of targets which extend over an area of approximately 12 kilometres by 6 kilometres. These targets include a copper mineralized tourmaline-breccia pipe complex (Oyut Ulaan), an extensive area of copper-stained colluvium and quartz vein float (Stariy), several quartz stockwork zones with highly anomalous gold and copper (Stockwork and Southeastern), large chargeability anomalies with peripheral magnetic resistivity highs and occasional gold-copper anomalous porphyry-style veins (Hulan, Hulan East, Hulan Fareast and Camel) and gold and copper anomalous skarns (Nowie). The Stariy area contains abundant copper-stained colluvium and common float and subcrop of quartz magnetite veins with occasional centreline textures, gossan, magnetite-bearing hydrothermal breccias and altered - 18 - monzodiorite and syenitic intrusives, implying underlying porphyry-type copper-gold systems. Assays from 35 rock-chip samples were highly anomalous in copper (18 samples between 1-10%), gold (seven samples between 0.25-16.8 g/t) and molybdenum (three samples between 200-709 ppm). Detailed geological mapping and surface rock-chip sampling was completed on the property in September 2002, which included 890 line kilometres of ground magnetics and approximately 700 line kilometres of gradient array IP. Ivanhoe has identified a drilling target at Oyut Ulaan comprising a series of variably copper-mineralised tourmaline breccia pipes which extend over a strike length of approximately 1.5 kilometres and are hosted in carboniferous monzodiorite and granodiorite. Intense secondary copper staining occurs within and at the southern margin of the most prominent pipe where copper assays in excess of 5% are common. Saran Uul The Saran Uul licence is located in Bayanhongor Aimag and comprises a total of 10,172 hectares. The licence was granted in February 2002 and Ivanhoe owns a 100% interest in the licence with no underlying royalties. Licences to explore the surrounding areas are either held by Ivanhoe or are under application by Ivanhoe. Initial reconnaisance indicates that variably quartz-stockworked, plagioclase phyric monzonite, monzodiorite and diorite, with common quartz-hematite-iron oxide alteration and gossan is present. Assays from 54 rock-chip samples were highly anomalous in copper (11 samples between 0.5-5 %), gold (six samples between 0.5-4.9 g/t) and molybdenum (14 samples between 100-2000 ppm). A more extensive geological mapping and sampling program was conducted during October and November 2002 and included 815 line kilometres of ground magnetics. Assay results from 122 surface rock-chip and float samples define an area measuring approximately 900 m by 450 m averaging 0.40 g/t gold, 0.70 % copper, 90 ppm molybdenum and 1.4 g/t silver. Within this zone is a higher grade core measuring approximately 400 m by 250 m with gold values that average 1.1 g/t. The area from which the high-grade samples were collected occurs within a broad zone containing copper oxides in float and outcrop. Occasional centimetre wide quartz veins containing haematitic and geothitic oxides and rare chalcopyrite veins to 5 millimetres wide are present. Veins occur individually and as stockworks. Mineralization is hosted in a phorphyritic monzonite which has intruded moderately hornfelsed siltstone, sandstone and rhyolite. A zone of sericite silica pyrite alteration is present in sediments to the south of the copper oxide zone. Mineralization is open to the southwest where it is covered by Quaternary gravels. Ivanhoe intends to commence IP and gravity surveys on the property in January 2003 in conjunction with an extensive trenching program. Oyut Ovoo The Oyut Ovoo licence comprises 1,201 hectares and is completely surrounded by large areas subject to Ivanhoe exploration licences. The licence was granted in February 2002 and is 100% owned by Ivanhoe with no underlying royalties. The Oyut Ovoo prospect is centered on a series of prominent hills comprising copper-bearing magnetite skarns and hydrothermal breccia pipes hosted in Permian granitoid stocks. The mineralised zone has a surface area of approximately four square kilometres and is surrounded by Quaternary and recent alluvium. Ivanhoe has collected forty-three surface rock-chip samples, and assays contained anomalous values of copper (17 samples between 1-10%), gold (nine samples between 0.3-0.7 g/t) and molybdenum (16 samples between 100 ppm and 1%). - 19 - Detailed geological mapping and rock-chip sampling, in conjunction with an IP, magnetic and gravity geophysical survey, is planned for early 2003. CHINA PROJECTS Pacific Agreement In May, 2002 Ivanhoe entered into an agreement (the "Pacific Agreement") with Pacific Minerals Inc. ("Pacific") a company listed on the TSX Venture Exchange. Pursuant to the Pacific Agreement, Ivanhoe subscribed for 5,100,000 common shares of Pacific and 5,100,000 share purchase warrants at an aggregate cost of US$3,000,000. Ivanhoe also received options to participate in two mineral exploration and development joint ventures between Pacific and Chinese government controlled agencies, the 217 Gold Project in Inner Mongolia and the JBS Platinum-Nickel-Palladium Project in Yunnan Province. Ivanhoe has the right to obtain an initial 60% interest in the 217 Project and a 35% interest in the JBS Project, increasing to up to 76.5% and 75%, respectively, upon completion of project financing. Ivanhoe has until June 2004 to exercise its option to participate in one or both joint ventures. If Ivanhoe exercises its option, it will be obligated to provide or arrange all exploration and development funding for the project until commencement of commercial production. The Pacific Agreement also gives Ivanhoe the right to participate in any new project identified by Pacific anywhere in China except Anhui Province. To date, Pacific has identified four new projects ("New Projects"): the Huize-Xuanwei Copper Project in Southern Yunnan Province, the Zhaotong Copper Project in Northern Yunnan Province, the Guizhou Copper Project in Guizhou Province and the Dandong Gold Project in Liaoning Province. Ivanhoe has elected to participate in all of the New Projects. Accordingly, Ivanhoe is entitled to an initial 50% interest in each of the New Projects, which may increase to up to 80% if Ivanhoe funds and completes a feasibility study and arranges project financing. For each New Project, Ivanhoe and Pacific will equally fund the first US$1,000,000 of exploration expenses. Thereafter, Ivanhoe will be solely responsible for funding exploration and development expenses, completing a feasibility study and arranging project financing in order to increase its interest in a New Project to 80%. In October 2002, Ivanhoe acquired an additional 8,597,112 common shares of Pacific and 2,000,000 share purchase warrants. Ivanhoe purchased 6,597,112 common shares from five existing shareholders at a price of Cdn$1.17 per common share, and purchased the remaining 2,000,000 common shares and the warrants of Pacific as units consisting of one common share and one warrant at a price of Cdn$1.00 per unit. Ivanhoe now holds approximately 38.4% of Pacific's issued and outstanding share capital on an undiluted basis. 217 Project and the JBS Project The 217 Project is located near the border with Mongolia, near the Oyu Tolgoi Project. The 217 Project hosts a mineralized zone that has been traced along strike by surface trenches over a distance of 4.8 kilometres, ranging in width from 40 m to 150 m and open to the west and to depth. The zone has been tested by ten widely spaced diamond drill holes, all of which intersected gold mineralization. The best hole graded 1.28 g/t gold over 273 m from the surface. The joint venture has also commenced preliminary metallurgical testing of core samples of both an oxide and a sulphide zone on the deposit. The JBS Project is still in the initial stages of exploration and development, with some preliminary underground mapping, sampling and drilling conducted in the second half of 2002. A substantial database of exploration is already available from work conducted by the government of Yunnan Province between 1975 to 2000. Pacific and its Chinese joint venture partner are using this database and the results of its preliminary exploration work to develop an exploration plan for the JBS Project. New Projects - 20 - The Huize-Xuanwei Copper Project and the Zhaotong Copper Project are the most advanced of the four New Projects. In both cases, Pacific is negotiating a co-operative joint venture agreement with the Yunnan Geological and Mining Co. Limited, a geological exploration company owned by the government of Yunnan Province. Exploration activities on each of the New Projects remain in the early stages. Ivanhoe anticipates that a detailed exploration plan will be devised and implemented upon finalization of joint venture negotiations with the applicable Chinese party for each New Project. Framework Agreement Ivanhoe has entered into a Framework Agreement with a Chinese government agency which contemplates the negotiation of definitive joint venture agreements between the parties with respect to several properties in Inner Mongolia. To date, no agreements have been finalized. The most advanced of the properties covered by the Framework Agreement are the Ba Ri Tu Nam property and the Siwmuchange property. In both cases, the Framework Agreement contemplates Ivanhoe earning up to an 80% interest in the property in consideration for conducting an exploration program on the property. Both properties have been subject to reconnaissance level exploration. SOUTH KOREAN EXPLORATION PROJECTS Gasado Detailed mapping, channel and rock-chip sampling program of the Lighthouse-Lighthouse East vein area, carried out between April and May 2002 identified a high-grade shoot zone, at least three metres wide, along the southern Lighthouse vein headland. The vein has been traced 77 m in plan distance over a vertical interval of 37 m up slope. It has a minimum estimated width and calculated composite grade over this strike extent of three m at 7.91 parts per million ("ppm") gold and 278.3 ppm silver. Ivanhoe has identified high grade channel intercepts from the Lighthouse East vein section including 1 m at 5.57 ppm gold and 231.7 ppm silver, 1.4 m at 16.93 ppm gold and 824 ppm silver and 0.6 m at 4.77 ppm gold and 333.2 ppm silver. The results of recent exploration activities coupled with gold and silver intercepts obtained during previous scout drilling indicate that these vein sections have down-dip potential. The current drilling program is aimed at delineating economically exploitable sections of the Lighthouse vein and its Lighthouse East vein extension, where open cut and underground amenable targets are present. Ivanhoe is in the process of drilling ten drill holes totalling 730 m to target 25 to 30 m down-dip of the highest-grade vein sections, and intends to use the drill results to calculate a resource estimate. Ivanhoe is scheduled to complete the drilling program in the first quarter of 2003. Moisan Ivanhoe has completed 28 diamond drill holes, totalling 4,804 m at Moisan. The drilling has identified gold and silver mineralization. The form of mineralization is mixed, and occurs as low sulphidation, high sulphidation and mixed low sulphidation-high sulphidation systems. Ivanhoe is also drilling at the Moisan Extended Prospect, which lies northwest of the Moisan Prospect. The Moisan Extended Prospect shows strong similarities in both the geological setting and mineralization styles to the Moisan Prospect. Ivanhoe has completed nine drill holes totalling 1,381 m. Eight drill holes intersected narrow veins of gold and silver mineralization. Keunsan Prospect - 21 - Ivanhoe has excavated four trenches 50 to 70 m long to expose the bedrock at Keunsan. Ivanhoe has also completed seven diamond drill holes, totalling approximately 1,475 m. Each of the drill holes intercepted local narrow zones of gold and silver mineralization. Two drill holes are currently in progress, and further drilling will be based on the results of these two drill holes. Based on the results of drilling to date, mineralization appears to be confined along intensely silicified zones hosted in dacitic ash to pumiceous lithic tuffs and tuffaceous fine sediments, which are cut by narrow crystalline to chalcedonic quartz veins and veinlets. The geology indicates the potential for possible supergene enrichment. Seongsan Clay Mine Prospect In June 2002, Ivanhoe re-sampled drill cores from previous drill holes within the clay pit area of the Seongsan clay mine. Ivanhoe plans to conduct follow up drilling of shallow mineralized intersections with two drill holes at 150 m depths each, to establish the trend of the mineralized intercepts. Drilling is scheduled to commence following completion of the current Keunsan drill holes. Daesan and Ogmaesan Prospects Ivanhoe has obtained exploration licences over two new properties in the Seongsan area, the Daesan Prospect, which lies about one kilometre west-northwest of the Eunsan Mine, and the Ogmaesan Prospect, which is north of the city of Bongsan. Ivanhoe has commenced initial mapping and rock-chip sampling on these properties. A three hole scout drilling program for each prospect is scheduled for 2003. Chunsan Prospect The Chunsan low-sulphidation epithermal gold-silver prospect is located approximately one kilometre to the northeast of the Seongsan clay mine. Ivanhoe has drilled thirteen diamond drill holes totalling 2,744 m at Chunsan. Generally, narrow but locally high-grade disseminated and fracture-hosted gold and silver mineralization correlates with abundant anhedral pyrite in fractured/sheared zones. There is also fine-grained adularia associated with dessiminated gold-silver mineralization. However, the patchy and deep occurrences of the mineralized zones at Chunsan make it a low-priority prospect, and no further work is planned at this time. BAKYRCHIK GOLD PROJECT In April 2002, the Republic of Kazakhstan (the "Republic"), through the local government authority, the East Kazakhstan Oblast, purported to grant a right of "trust management" in its 30% interest in Bakyrchik Mining Venture ("BMV") to a local Kazakh company, Yubileinoye. Ivanhoe's subsidiary Central Asian Mining Limited ("CAML"), which controls 70% of BMV, objected to this action on the grounds that its own pre-emptive rights with respect to the disposition of the 30% BMV interest had been violated and that Yubileinoye was not in a position to assume the "trust management" and related obligations. CAML has been notified that the purported transfer to Yubileinoye has been rescinded. In 2001, the Republic issued a decree transferring its interest in BMV to the East Kazakhstan Oblast. CAML notified the Republic that the transfer was not compliant with applicable contractual requirements and that CAML did not recognize the transfer as effective. Based on meetings and correspondence with various Kazakh authorities, CAML believes that it was not the Republic's intention to transfer its interest in BMV but instead to appoint the East Kazakhstan Oblast as its agent to represent its interests in BMV. In November 2002, BMV received notice from Kazakh governmental authorities denying the renewal of certain of its exploration rights under a mining licence for the Bakyrchik project. CAML understands that this notice has been rescinded following formal objections by both BMV and CAML. - 22 - Gold production at the Bakyrchik project during 2002 was approximately 2,664 ounces. Production of gold was halted for a substantial period during 2002 because of limited supplies of cyanide required for the leaching process. CAML was unable to import cyanide for a period of 3 months due to new anti-terrorist controls imposed by the Kazakh government on the import of hazardous materials. New procedures on importation are expected to function smoothly in the future. Ivanhoe has completed preparation work for the commencement of oxide ore mining, including the installation of an electrical line to the open pit mining areas and limited pre-production waste rock removal. Confirmation grade control drilling is an ongoing process as is the permitting of each stage of the project. No permitting delays are anticipated. A mining contractor began stripping waste rock in October 2002 in preparation for oxide ore mining. This work was halted in the beginning of January 2003 to allow grade control drilling to catch up so as to allow more accurate mine scheduling. Gold production was also halted at the same time, and will remain suspended until the drilling confirmation program has been completed. Work continued throughout 2002 on process development for the primary sulphide resources at Bakyrchik. Gold recoveries over 85% are possible with proven techniques of whole ore and concentrate roasting. Process design using mainly Russian designed rotary kiln roasters is well advanced. Similarly, work is progressing on bacterial oxidation and other methods of oxidation of Bakyrchik concentrates. MODI TAUNG GOLD PROJECT, BLOCK 10, MYANMAR At the Modi Taung prospect in central Myanmar, exploration adits on the mesothermal quartz-gold veins advanced 536 m, and Ivanhoe began diamond core drilling. The total length of exploration adits is now approximately 4,800 m on five vein systems. From early August 2002, aditing has focused on the Shwesin vein system with advances on adits at the 1000 m and 1050 m reference levels (i.e. m above sea level), site preparation for reference levels 1025 m and 1150 m and the start of a raise from the 1000 m reference level. The best assays were in a 50 m segment of Shwesin level 1050 m, where 96 channel samples had a weighted average assay of 62 ppm gold over a vein width averaging 54 centimetres ("cm"). The increased number of levels and short raises will establish the degree of vertical continuity in higher-grade vein segments of significant widths in the shear-zone hosted Shwesin vein system. The first 3,000 m of a planned 4,000 m programme of drilling on the Shwesin vein were completed. Ivanhoe encountered a 160 cm (apparent width) vein 230 m below Shwesin level 1000 in hole 4 and a 160 cm (apparent width) compound vein intercept with visible gold 25m below the 1000 level in hole 5. The hole 4 intercept is 538m below the highest mineralized outcrop (1,315m elevation) on the Shwesin-Modi Taung vein system. Ivanhoe has also conducted exploration work at Momi Taung, approximately 600 m southwest of the Shwesin vein system. Trenching work and eight holes of diamond drilling have been completed, which has uncovered additional quartz-gold veins. Additional exploration work will be required in order to quantify the extent of mineralization in this area. A preliminary, draft scoping study was completed in December 2002 for an underground and surface operation at Modi Taung that would process between 70 to 100 tonnes of ore per day. Ivanhoe plans to update the scoping study in the first quarter of 2003 to include mine processing details, and then use the study as the basis for an application to enter into a joint venture development and mining agreement with the Government of Myanmar. Ivanhoe intends to submit the application to the government of Myanmar in the second quarter of 2003. EQUITY INVESTMENTS - 23 - In January 2003, Ivanhoe disposed of its entire equity interest in Emperor Mines Ltd. to a third party for cash consideration of approximately Aus$11,500,000 (US$6,700,000). In November 2002, Ivanhoe reached an agreement with Olympus Pacific Minerals Inc. ("Olympus") and Zedex Limited, its joint venture partners in the Phuoc Son project in Vietnam, to sell a 10.18% interest in the joint venture to Olympus in exchange for 8.5 million common shares of Olympus. The closing is subject to regulatory approval and Olympus shareholder approval. Upon completion of the transaction, Ivanhoe will own a direct 22.46% participating interest in the Phuoc Son joint venture and 21% of the outstanding share capital of Olympus. CONSOLIDATED CAPITALIZATION The following table sets forth the consolidated capitalization of Ivanhoe as of the dates indicated and reflects material changes in Ivanhoe's capitalization since December 31, 2001, the date of its most recent audited consolidated annual financial statements, which are incorporated by reference in this short form prospectus. The following table should be read in conjunction with those financial statements and the notes that accompany them.
As at As at December 31, 2001 December 31, 2002 ----------------- ----------------- (US$000's) (US$000's) (unaudited) Loans Payable to Related Parties $ 4,696 $ 5,493 Long-term Debt (including current portion) 61,970 29,488 Shareholders' Equity Share Capital Common Shares 460,389 521,719 Special Warrants - 26,578(1) Additional Paid-in capital 1,697 1,518 Contributed Surplus (arising from stock-based compensation) - 3,521 Accumulated Deficit (331,915) (349,597) ------------ ------------ Total Consolidated Capitalization $ 196,837 $ 238,720 ============ ============
(1) THE FIGURES FOR SPECIAL WARRANTS REPRESENTS SPECIAL WARRANTS ISSUED UP TO DECEMBER 31, 2002. AN ADDITIONAL US$10,635,000 WAS RAISED SUBSEQUENT TO DECEMBER 31, 2002 IN CONNECTION WITH THE ISSUE OF SPECIAL WARRANTS PURSUANT TO THE OFFERING. DESCRIPTION OF SHARE CAPITAL The authorized share capital of Ivanhoe consists of an unlimited number of Common Shares without par value and an unlimited number of preferred shares without par value ("Preferred Shares"). As of the date of this prospectus, there are 205,782,748 Common Shares and no Preferred Shares issued and outstanding. Rights and restrictions in respect of the Common Shares and the Preferred Shares are set out in Ivanhoe's articles of continuance, Ivanhoe's by-laws and in the Yukon Business Corporations Act, and its regulations. The holders of Common Shares are entitled to one vote per Common Share, on a show of hands and on the taking of a ballot, at all meetings of shareholders. The holders of Common Shares may appoint a proxy in accordance with Ivanhoe's by-laws. The holders of Common Shares are entitled to receive dividends as and - 24 - when declared by the directors, and to receive a pro rata share of the remaining property and assets of the Corporation in the event of liquidation, dissolution or winding up of the Corporation. The Common Shares have no pre-emptive, redemption, purchase or conversion rights. Neither the Yukon Business Corporations Act nor the constating documents of the Corporation impose restrictions on the transfer of Common Shares on the register of the Corporation, provided that the Corporation receives the certificate representing the Common Shares to be transferred together with a duly endorsed instrument of transfer and payment of any fees and taxes which may be prescribed by the Board of Directors from time to time. There are no sinking fund provisions in relation to the Common Shares and they are not liable to further calls or to assessment by the Corporation. The Yukon Business Corporations Act provides that the rights and provisions attached to any class of shares may not be modified, amended or varied unless consented to by special resolution passed by a majority of not less than two-thirds of the votes cast in person or by proxy by holders of shares of that class. The Preferred Shares as a class rank senior to the Common Shares as to the payment of dividends and the distribution of property and assets on the liquidation, dissolution or winding-up of the Corporation. Holders of Preferred Shares are not entitled to any voting rights as a class except as may be provided under the Yukon Business Corporations Act and except that the directors of the Corporation are empowered to attach to any series voting rights relating to the election of directors on a default in payment of dividends. The Preferred Shares are issuable in one or more series, each consisting of such number of Preferred Shares as may be fixed by the Corporation's directors. The Corporation's directors may from time to time, by resolution passed before the issue of any Preferred Shares of any particular series, alter the constating documents of the Corporation to determine the designation of the Preferred Shares of that series and to fix the number of Preferred Shares therein and alter the constating documents to create, define and attach special rights and restrictions to the shares of that series, including, without limitation, the following: (i) the nature, rate or amount of dividends and the dates, places and currencies of payment thereof; (ii) the consideration for, and the terms and conditions of, any purchase of the Preferred Shares for cancellation or redemption; (iii) conversion or exchange rights; (iv) the terms and conditions of any share purchase plan or sinking fund; (v) voting rights and restrictions; and (vi) restrictions on transfer. Registered holders of both the Preferred Shares and Common Shares are entitled, at their option, to a certificate representing their shares of the Corporation. PRIVATE PLACEMENT AND PLAN OF DISTRIBUTION The Special Warrants were issued pursuant to the Offering at a price of Cdn$3.00 per Special Warrant at a series of closings between December 13, 2002 and January 21, 2003. The price of the Special Warrants was determined by negotiation between Ivanhoe and each of the Purchasers. Ivanhoe sold the Special Warrants directly to the Purchasers pursuant to registration and prospectus exemptions under applicable securities legislation. Ivanhoe paid a fee to Auzeq in connection with the issuance of the Special Warrants. The fee was equal to 4% of gross proceeds of the Offering derived from Purchasers resident in Australia. No fees or commissions will be paid by Ivanhoe in connection with the issuance of the Common Shares on the exercise of the Special Warrants. The expenses of the Offering, including the cost of preparation of this prospectus, will be borne by Ivanhoe. Each Special Warrant allows the holder to acquire, without any additional payment, one Common Share. The Special Warrants may be exchanged or exercised pursuant to the terms and conditions of a special warrant indenture dated December 12, 2002 between Ivanhoe and CIBC Mellon Trust Company, as amended by a Special Warrant Indenture Amendment Agreement between the parties dated January 6, 2003 (the "Special Warrant Indenture"). According to the Special Warrant Indenture, subject to adjustment, each Special Warrant entitles the holder thereof to acquire one Common Share, at no additional cost, at any time after the Qualification Date until the Expiry Time. Any Special Warrants not exercised prior to the Expiry Time will be deemed to have been exercised immediately prior to the Expiry Time without any further action on the part of the holder. - 25 - Each Purchaser has represented and warranted in its Subscription Agreement that it was acquiring the Special Warrants and the underlying Common Shares to be held for investment only and not with a view to immediate resale or distribution. This prospectus is being filed in British Columbia and Ontario to qualify the distribution of the Common Shares to be issued upon the exercise of the Special Warrants. Common Shares issued to holders of the Special Warrants in any province of Canada in which a receipt for this prospectus has not been issued may be subject to resale restrictions under applicable securities legislation. The Corporation also intends to lodge the Australian Prospectus under Chapter 6D of the Corporations Act 2001 (Commonwealth of Australia) to allow the Common Shares to be issued with disclosure to investors under and as referred to in Part 6D.2 of that legislation. The TSX has approved for listing the Common Shares issuable upon the exercise of the Special Warrants. The Special Warrants and the Common Shares issuable upon exercise of the Special Warrants have not been registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold or otherwise transferred in the United States to any U.S. Person (as defined in Regulation S under the U.S. Securities Act) and may not be sold in the United States or to U.S. Persons except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. Ivanhoe has no plans to register the Common Shares issuable upon the exercise of the Special Warrants under the U.S. Securities Act. USE OF PROCEEDS The aggregate net proceeds received by Ivanhoe from the sale of the Special Warrants were approximately US$37.2 million (Cdn$57.8 million), after payment of expenses of the Offering, estimated to be US$195,000 (Cdn$300,000) and payment of fees of US$1.2 million (Cdn$1.9 million) to Auzeq in respect of Special Warrants sold to Australian investors. Ivanhoe plans to allocate the net proceeds received from the sale of the Special Warrants as follows: (i) drilling, assaying, exploration and related activities in respect of the Oyu Tolgoi Project - US$11.2 million (ii) engineering, resource estimation and related pre-feasibility activities in respect of the Oyu Tolgoi Project - US$3.0 million (iii) drilling, assaying, exploration and related activities in respect of Ivanhoe's other exploration projects in Mongolia - US$4.5 million (iv) preliminary reconnaissance, exploration and related activities in respect of Ivanhoe's exploration projects in China - US$2.2 million (v) general and administrative costs - US$4.0 million (vi) working capital - US$12.3 million --------------- Total: US$37.2 million =============== - 26 - Ivanhoe expects to incur the planned expenditures outlined above over a period of approximately six months. Although an expenditure budget for the second half of 2003 has not been finalized, management expects that the bulk of the funds now allocated to working capital will be used primarily for expenditures on the Oyu Tolgoi Project. Certain other non-core projects held by the Corporation, including the Bakyrchik Gold Project in Kazakhstan, the Modi Taung Gold Project in Myanmar and the Silver Hill Gold and Silver Project in Korea, have been allocated funding in the aggregate amount of approximately US$4.1 million for the first six months of 2003 from the Corporation's existing financial resources. Continued funding of these non-core projects beyond mid-2003 will be contingent upon the availability of financial resources not previously allocated to higher priority expenditures. Ivanhoe may be required to raise additional equity capital or dispose of other non-core assets in order to obtain the additional financial resources necessary to fund ongoing expenditures on these non-core projects through 2003. If Ivanhoe fails or chooses not to do so, its only alternative may be to relinquish its interest in one or more of these non-core projects. There is no assurance that Ivanhoe will recover all or any of its investment in these non-core projects as part of any relinquishment or disposition nor any assurance that Ivanhoe will not retain residual environmental or other liabilities in respect of any such project that it relinquishes. The proposed expenditure allocations outlined above are estimates only and have been prepared by management using assumptions which are based on management's present understanding of the circumstances and prospects of each of Ivanhoe's existing projects. These allocations do not take into account the possibility that an unforeseen positive or negative material change in the circumstances or prospects of a particular project may motivate Ivanhoe to accelerate, delay, increase or decrease certain previously planned expenditures or that the emergence of a significant new project opportunity or exploration discovery may dictate a material change in the Corporation's expenditure priorities. For example, ongoing drilling and other expenditures on exploration projects are contingent upon obtaining results which justify continued exploration of the target properties. In the absence of exploration results justifying ongoing expenditures on a particular property, Ivanhoe may re-allocate funds previously allocated for expenditure on that property to other properties now owned or acquired in the future. RISK FACTORS Investment in securities of Ivanhoe involves a significant degree of risk and should be considered speculative due to the nature of Ivanhoe's business and the present stage of its development. Investors should give careful consideration to the risk factors described in "Item 4 - Narrative Description of Business - Risk Factors" on pages 48 through 56 of Ivanhoe's AIF, which is incorporated by reference in this short form prospectus. AUDITORS, TRANSFER AGENT AND REGISTRAR The auditors of Ivanhoe are Deloitte & Touche LLP, Chartered Accountants, Vancouver, British Columbia. The registrar and transfer agent for the Common Shares in Canada is CIBC Mellon Trust Company at its principal offices in Vancouver. LEGAL MATTERS Certain Canadian legal matters in connection with this Offering will be passed upon by Goodmans on behalf of Ivanhoe. As at the date hereof, the partners and associates of Goodmans, as a group, beneficially own directly or indirectly less than one percent of the outstanding Common Shares. - 27 - PURCHASERS' STATUTORY RIGHTS Securities legislation in British Columbia and Ontario provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within two business days after receipt or deemed receipt of a prospectus and any amendment thereto. In British Columbia and Ontario, securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, damages where the prospectus and any amendment contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province. Purchasers should refer to any applicable provisions of the securities legislation of the purchaser's province for the particulars of these rights or consult with a legal adviser. Purchasers located in Australia may have statutory rights to compensation under the Corporations Act 2001 (Commonwealth of Australia) in relation to the Australian Prospectus. CONTRACTUAL RIGHTS OF ACTION FOR RESCISSION In the event that a holder of a Special Warrant who acquires a Common Share upon the exercise of the Special Warrant as provided for in this prospectus, is or becomes entitled under applicable legislation to the remedy of rescission by reason of this prospectus or any amendment thereto containing a misrepresentation, the holder will be entitled to rescission not only of the holder's exercise of their Special Warrant but also of the private placement transaction pursuant to which the Special Warrant was initially acquired and shall be entitled, in connection with such rescission, to a full refund of all consideration paid on the acquisition of the Special Warrant. In the event the holder is a permitted assignee of the interest of the original Special Warrant subscriber, that permitted assignee shall be entitled to exercise the rights of rescission and refund granted hereunder as if the permitted assignee was the original subscriber. The foregoing is in addition to any other right or remedy available to a holder of a Special Warrant under section 131 of the Securities Act (British Columbia), or otherwise at law. Australian holders who exercise Special Warrants may have statutory rights to compensation under the Corporations Act 2001 (Commonwealth of Australia) in relation to the Australian Prospectus. - 28 - CERTIFICATE OF IVANHOE MINES LTD. Dated: January 31, 2003 This short form prospectus, together with the documents incorporated herein by reference, constitutes full, true and plain disclosure of all material facts relating to the securities being offered by this short form prospectus as required by the securities laws of the provinces of British Columbia and Ontario. "Robert M. Friedland" "Pierre Masse" Chief Executive Officer Chief Financial Officer On behalf of the Board of Directors "R. Edward Flood" "Kjeld Thygesen" Director Director EX-99.8 84 o11180exv99w8.txt SHORT FORM PROSPECTUS DATED JUNE 2, 2003 EXHIBIT 99.8 No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws. Accordingly, the securities may not be offered or sold in the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This short form prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby within the United States. See "Private Placement and Plan of Distribution". INFORMATION HAS BEEN INCORPORATED BY REFERENCE IN THIS SHORT FORM PROSPECTUS FROM DOCUMENTS FILED WITH SECURITIES REGULATORY AUTHORITIES IN CANADA. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Secretary of Ivanhoe Mines Ltd. at Suite 654, 999 Canada Place, Vancouver, B.C. V6C 3E1 (telephone (604) 688-5755). Short Form Prospectus New Issue June 2, 2003 IVANHOE MINES LTD. CDN$69,650,000 19,900,000 COMMON SHARES TO BE ISSUED UPON THE EXERCISE OF 19,900,000 SPECIAL WARRANTS This short form prospectus qualifies for distribution 19,900,000 common shares ("Common Shares") of Ivanhoe Mines Ltd. ("Ivanhoe" or the "Corporation") to be issued upon the exercise of 19,900,000 special warrants (the "Special Warrants") of Ivanhoe (the "Offering"). The Special Warrants were issued on April 8, 2003 pursuant to subscription agreements (the "Subscription Agreements") between Ivanhoe and two institutional investors (the "Purchasers") at a price of Cdn$3.50 per Special Warrant. The price of the Special Warrants was determined by negotiation between Ivanhoe and the Purchasers. Ivanhoe sold the Special Warrants directly to the Purchasers without use of an agent or underwriter pursuant to registration and prospectus exemptions under applicable securities legislation. See "Private Placement and Plan of Distribution". NO UNDERWRITER HAS BEEN INVOLVED IN THE PREPARATION OF, OR HAS REVIEWED THE CONTENTS OF, THIS SHORT FORM PROSPECTUS. Subject to adjustment, each Special Warrant entitles the holder thereof to acquire one Common Share, at no additional cost, at any time until 5:00 p.m. (Vancouver time) on the fifth business day after the earlier of (the "Expiry Time"): (i) the date on which a final receipt for this prospectus has been issued by the British Columbia Securities Commission (the "Qualification Date"); and (ii) the four month anniversary of the date of issuance of the Special Warrants. Any Special Warrants not exercised prior to the Expiry Time will be deemed to have been exercised immediately prior to the Expiry Time without any further action on the part of the holder. - 2 - Ivanhoe will pay no fees or commissions in connection with the issuance of Common Shares distributed pursuant to this prospectus. Ivanhoe paid a fee equal to 2% of gross proceeds of the Offering, amounting to approximately Cdn$1,400,000, to each of CIBC World Markets Plc. ("CIBC") and HSBC Bank Plc. ("HSBC") of London, England in connection with the sale of the Special Warrants. The expenses of the Offering, including the cost of preparation of this prospectus, will be borne by Ivanhoe. See "Private Placement and Plan of Distribution". Each Purchaser has represented and warranted in its Subscription Agreement that it is acquiring the Special Warrants and the underlying Common Shares to be held for investment only and not with a view to immediate resale or distribution. Ivanhoe has no reason to believe that any of the Purchasers have any different investment intent in respect of the Special Warrants and their underlying Common Shares than that represented in the Subscription Agreements. The Common Shares are traded on the Toronto Stock Exchange ("TSX") and the Australian Stock Exchange under the symbol "IVN". The price of the Common Shares as reported by the TSX at the close of business on May 30, 2003 was Cdn$3.15 per Common Share. In this short form prospectus, all references to "Cdn$" refer to Canadian dollars and all references to "US$" refer to United States dollars. - 3 - TABLE OF CONTENTS
PAGE ---- DOCUMENTS INCORPORATED BY REFERENCE............... 3 NAME AND INCORPORATION............................ 4 SUMMARY DESCRIPTION OF THE BUSINESS............... 6 CONSOLIDATED CAPITALIZATION....................... 6 DESCRIPTION OF SHARE CAPITAL...................... 6 PRIVATE PLACEMENT AND PLAN OF DISTRIBUTION........ 7 USE OF PROCEEDS................................... 8 OTHER MATERIAL FACTS.............................. 9 RISK FACTORS...................................... 10 AUDITORS, TRANSFER AGENT AND REGISTRAR............ 10 LEGAL MATTERS..................................... 10 PURCHASERS' STATUTORY RIGHTS...................... 10 CONTRACTUAL RIGHTS OF ACTION FOR RESCISSION....... 10 CERTIFICATE OF IVANHOE MINES LTD.................. 11
DOCUMENTS INCORPORATED BY REFERENCE The following documents of Ivanhoe, filed with the various securities commissions or similar authorities in all of the provinces of Canada, are specifically incorporated by reference into, and form an integral part of, this short form prospectus: 1 Renewal Annual Information Form dated May 20, 2003 (the "AIF"); 2. Comparative consolidated financial statements of Ivanhoe for the years ended December 31, 2002 and 2001, together with the notes thereto and the auditors' report thereon and including the management's discussion and analysis of financial condition and results of operations for such periods; 3. Comparative unaudited consolidated interim financial statements of Ivanhoe for the three month periods ended March 31, 2003 and 2002, together with management's discussion and analysis of financial condition and results of operations for such periods; 4. Management Information Circular dated April 15, 2003 prepared in connection with Ivanhoe's annual meeting of shareholders to be held on June 12, 2003 (excluding the report on executive compensation, the performance graph and the statement of corporate governance practices); and 5. Material Change Report dated February 26, 2003 respecting an updated independent resource estimate for Ivanhoe's Oyu Tolgoi mineral exploration project in Mongolia. - 4 - Any documents of the type referred to in the preceding paragraph, interim financial statements and any material change reports (excluding confidential reports) filed by Ivanhoe with the securities commission or similar authority in the province of British Columbia subsequent to the date of this short form prospectus and prior to the termination of the Offering shall be deemed to be incorporated by reference in this short form prospectus. ANY STATEMENT CONTAINED IN A DOCUMENT INCORPORATED OR DEEMED TO BE INCORPORATED BY REFERENCE HEREIN SHALL BE DEEMED TO BE MODIFIED OR SUPERSEDED FOR PURPOSES OF THIS SHORT FORM PROSPECTUS, TO THE EXTENT THAT A STATEMENT CONTAINED HEREIN OR IN ANY SUBSEQUENTLY FILED DOCUMENT THAT ALSO IS OR IS DEEMED TO BE INCORPORATED BY REFERENCE HEREIN MODIFIES OR REPLACES SUCH STATEMENT. THE MODIFYING OR SUPERSEDING STATEMENT NEED NOT STATE THAT IT HAS MODIFIED OR SUPERSEDED A PRIOR STATEMENT OR INCLUDE ANY OTHER INFORMATION SET FORTH IN THE DOCUMENT THAT IT MODIFIES OR SUPERSEDES. THE MAKING OF A MODIFYING OR SUPERSEDING STATEMENT SHALL NOT BE DEEMED AN ADMISSION FOR ANY PURPOSES THAT THE MODIFIED OR SUPERSEDED STATEMENT WHEN MADE, CONSTITUTED A MISREPRESENTATION, AN UNTRUE STATEMENT OF A MATERIAL FACT OR AN OMISSION TO STATE A MATERIAL FACT THAT IS REQUIRED TO BE STATED OR THAT IS NECESSARY TO MAKE A STATEMENT NOT MISLEADING IN LIGHT OF THE CIRCUMSTANCES IN WHICH IT WAS MADE. ANY STATEMENT SO MODIFIED OR SUPERSEDED SHALL NOT BE DEEMED IN ITS UNMODIFIED OR SUPERSEDED FORM TO CONSTITUTE A PART OF THIS SHORT FORM PROSPECTUS. INFORMATION HAS BEEN INCORPORATED BY REFERENCE IN THIS SHORT FORM PROSPECTUS FROM DOCUMENTS FILED WITH THE SECURITIES COMMISSION OF THE PROVINCE OF BRITISH COLUMBIA. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Secretary of Ivanhoe, Suite 654, 999 Canada Place, Vancouver, B.C. V6C 3E1 (telephone (604) 688-5755). NAME AND INCORPORATION Ivanhoe was incorporated under the Company Act (British Columbia) on January 25, 1994 under the name 463212 B.C. Ltd. In February 1994, Ivanhoe changed its name to Indochina Goldfields Ltd. In March 1994, Ivanhoe increased its authorized capital from 10,000 common shares without par value to 100,000,000 common shares without par value and created 100,000,000 preferred shares without par value. In February 1995, Ivanhoe was continued under the Business Corporations Act (Yukon). In July 1997, Ivanhoe increased its authorized capital to an unlimited number of common shares without par value and an unlimited number of preferred shares without par value. In June 1999, Ivanhoe changed its name to Ivanhoe Mines Ltd. Ivanhoe's North American headquarters are located at Suite 654, 999 Canada Place, Vancouver, B.C. V6C 3E1. Ivanhoe's Asian headquarters are located at 37th Floor #2, Millenia Tower, 1 Temasek Avenue, Singapore 039192. The Corporation's registered office is located at Suite 300, 204 Black Street, Whitehorse, Yukon, Canada, Y1A 2M9. SUBSIDIARIES AND MANAGEMENT STRUCTURE The corporate structure of Ivanhoe, its material subsidiaries, the percentage ownership in subsidiaries which are not wholly-owned by Ivanhoe and the jurisdiction of incorporation of such corporations as at December 31, 2002 and at the date of this short form prospectus are set out in the following chart. - 5 - [IVANHOE MINES LTD. (YUKON) FLOW CHART] Note: All subsidiaries are wholly-owned unless otherwise indicated. "BVI" means British Virgin Islands. - 6 - SUMMARY DESCRIPTION OF THE BUSINESS Ivanhoe is an international mineral exploration and development company. Ivanhoe holds interests in mineral resource properties in Mongolia, Myanmar, Australia, South Korea, China, Kazakhstan and Vietnam. For the purposes of Form 44-101F1 under National Instrument 44-101 Short Form Prospectus Distributions ("NI 44-101"), the Oyu Tolgoi gold and copper exploration project in Mongolia (the "Oyu Tolgoi Project"), the Monywa copper project in Myanmar (the "Monywa Copper Project") and the Savage River iron ore mine in Tasmania, Australia (the "Savage River Project") have been identified as the mineral resource properties material to Ivanhoe. Ivanhoe's interests in Kazakhstan, Mongolia (other than the Oyu Tolgoi Project), South Korea, China, Myanmar (other than the Monywa Copper Project) and Vietnam are not considered material for the purposes of Form 44-101F1 under NI 44-101. For a description of these properties see "Item 3. General Development of the Business" and "Item 4. Narrative Description of Business" on pages 10 through 52 of Ivanhoe's AIF, which is incorporated by reference in this short form prospectus. CONSOLIDATED CAPITALIZATION The following table sets forth the consolidated capitalization of Ivanhoe as of the dates indicated and reflects material changes in Ivanhoe's capitalization since December 31, 2002. The following table should be read in conjunction with Ivanhoe's comparative consolidated financial statements for the years ended December 31, 2002 and December 31, 2001 and the notes that accompany them.
As at As at December 31, 2002 May 15, 2003 ----------------- ----------------- (in US$000's) (unaudited) Loans Payable to Related Parties $ 5,088 $ 5,088 Long-term Debt (including current portion) 29,300 26,245 Shareholders' Equity - - Share Capital Common Shares 522,199 561,758 Special Warrants 26,516 48,513 Additional Paid-in Capital 1,508 1,251 Contributed Surplus (arising from stock-based 3,520 3,272 compensation) Accumulated Deficit (364,751) (379,362)(1) ----------------- ----------------- Total Consolidated Capitalization $ 223,380 $ 266,765 ================= =================
(1) Accumulated Deficit as at May 15, 2003 is an estimate. DESCRIPTION OF SHARE CAPITAL The authorized share capital of Ivanhoe consists of an unlimited number of Common Shares without par value and an unlimited number of preferred shares without par value ("Preferred Shares"). As of the date of this prospectus, there are 226,785,041 Common Shares and no Preferred Shares issued and outstanding. Rights and restrictions in respect of the Common Shares and the Preferred Shares are set out in Ivanhoe's articles of continuance, Ivanhoe's by-laws and in the Yukon Business Corporations Act, and its regulations. - 7 - The holders of Common Shares are entitled to one vote per Common Share, on a show of hands and on the taking of a ballot, at all meetings of shareholders. The holders of Common Shares may appoint a proxy in accordance with Ivanhoe's by-laws. The holders of Common Shares are entitled to receive dividends as and when declared by the directors, and to receive a pro rata share of the remaining property and assets of the Corporation in the event of liquidation, dissolution or winding up of the Corporation. The Common Shares have no pre-emptive, redemption, purchase or conversion rights. Neither the Yukon Business Corporations Act nor the constating documents of the Corporation impose restrictions on the transfer of Common Shares on the register of the Corporation, provided that the Corporation receives the certificate representing the Common Shares to be transferred together with a duly endorsed instrument of transfer and payment of any fees and taxes which may be prescribed by the Board of Directors from time to time. There are no sinking fund provisions in relation to the Common Shares and they are not liable to further calls or to assessment by the Corporation. The Yukon Business Corporations Act provides that the rights and provisions attached to any class of shares may not be modified, amended or varied unless consented to by special resolution passed by a majority of not less than two-thirds of the votes cast in person or by proxy by holders of shares of that class. The Preferred Shares as a class rank senior to the Common Shares as to the payment of dividends and the distribution of property and assets on the liquidation, dissolution or winding-up of the Corporation. Holders of Preferred Shares are not entitled to any voting rights as a class except as may be provided under the Yukon Business Corporations Act and except that the directors of the Corporation are empowered to attach to any series of voting rights relating to the election of directors on a default in payment of dividends. The Preferred Shares are issuable in one or more series, each consisting of such number of Preferred Shares as may be fixed by the Corporation's directors. The Corporation's directors may from time to time, by resolution passed before the issue of any Preferred Shares of any particular series, alter the constating documents of the Corporation to determine the designation of the Preferred Shares of that series and to fix the number of Preferred Shares therein and alter the constating documents to create, define and attach special rights and restrictions to the shares of that series, including, without limitation, the following: (i) the nature, rate or amount of dividends and the dates, places and currencies of payment thereof; (ii) the consideration for, and the terms and conditions of, any purchase of the Preferred Shares for cancellation or redemption; (iii) conversion or exchange rights; (iv) the terms and conditions of any share purchase plan or sinking fund; (v) voting rights and restrictions; and (vi) restrictions on transfer. Registered holders of both the Preferred Shares and Common Shares are entitled, at their option, to a certificate representing their shares of the Corporation. PRIVATE PLACEMENT AND PLAN OF DISTRIBUTION The Special Warrants were issued pursuant to the Offering at a price of Cdn$3.50 per Special Warrant. The Offering closed on April 8, 2003. The price of the Special Warrants was determined by negotiation between Ivanhoe and the Purchasers. Ivanhoe sold the Special Warrants directly to the Purchasers pursuant to registration and prospectus exemptions under applicable securities legislation. No fees or commissions will be payable by Ivanhoe in connection with the issuance of the Common Shares on the exercise of the Special Warrants. Ivanhoe paid a fee to each of HSBC and CIBC of approximately Cdn$1,400,000 in connection with the issuance of the Special Warrants. The fee was equal to 2% of gross proceeds of the Offering. The expenses of the Offering, including the cost of preparation of this prospectus, will be borne by Ivanhoe. Each Special Warrant allows the holder to acquire, without any additional payment, one Common Share. The Special Warrants may be exchanged or exercised at any time after their issuance, subject to the terms and conditions of the special warrant indenture dated April 8, 2003 (the "Special Warrant Indenture") between Ivanhoe and CIBC Mellon Trust Company. According to the Special Warrant Indenture, subject to adjustment, each Special Warrant entitles the holder thereof to acquire one Common Share, at no additional cost, at any time until - 8 - the Expiry Time. Any Special Warrants not exercised prior to the Expiry Time will be deemed to have been exercised immediately prior to the Expiry Time without any further action on the part of the holder. The Corporation has covenanted to use its best efforts to obtain, prior to June 6, 2003, a receipt for a final prospectus to qualify the distribution of the Common Shares in British Columbia upon the exercise of the Special Warrants. Each Purchaser has represented and warranted in its Subscription Agreement that it is acquiring the Special Warrants and the underlying Common Shares to be held for investment only and not with a view to immediate resale or distribution. Ivanhoe has no reason to believe that any of the Purchasers has any different investment intent in respect of the Special Warrants and the underlying Common Shares than that represented in the Subscription Agreements. This prospectus is being filed in British Columbia to qualify the distribution of the Common Shares to be issued upon the exercise of the Special Warrants. Common Shares issued to holders of the Special Warrants in British Columbia prior to issuance of a receipt for the (final) prospectus may be subject to resale restrictions under applicable securities legislation. The TSX has approved for listing the Common Shares issuable upon the exercise of the Special Warrants hereunder. The Special Warrants and the Common Shares issuable upon exercise of the Special Warrants have not been registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within in the United States to U.S. Persons (as defined in Regulation S under the U.S. Securities Act) except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. Ivanhoe has no plans to register the Common Shares issuable upon the exercise of the Special Warrants under the U.S. Securities Act. USE OF PROCEEDS Concurrent with the issue of Special Warrants pursuant to the Offering, Ivanhoe raised an additional Cdn$4,886,280 pursuant to a second private placement of special warrants (the "Second Private Placement"). See "Other Material Facts". After deducting the aggregate expenses of the Offering and the Second Private Placement of approximately Cdn$3,200,000, Ivanhoe realized aggregate net proceeds from the Offering and the Second Private Placement of approximately Cdn$71,300,000 (approximately US$48,500,000 at then prevailing currency exchange rates). In January 2003, Ivanhoe completed an offering of special warrants (the "January Offering") that raised Cdn$60 million (approximately US$37,200,000 at then prevailing currency exchange rates). Approximately two-thirds of the proceeds from the January Offering were earmarked for expenditures on the Oyu Tolgoi Project, exploration expenditures in China and general and administrative expenses to be incurred during the first six months of 2003. The remaining US$12,300,000 was allocated to working capital in the expectation that the bulk of those funds would be used to incur Oyu Tolgoi Project expenditures during the second half of 2003. Those funds have now been used for, or are specifically allocated to, expenditures relating to engineering, a scoping study, other pre-feasibility study activities and infrastructure development in respect of the Oyu Tolgoi Project. Ivanhoe intends to use the combined US$48,500,000 net proceeds of this Offering and the Second Private Placement for additional expenditures expected to be incurred during the second half of 2003 as follows: (i) engineering projects, a scoping study, infrastructure development, drilling, assaying, exploration and administration in respect of the Oyu Tolgoi Project - US$25,600,000 - 9 - (ii) drilling, assaying, exploration, administration and related activities on Ivanhoe's other Mongolian exploration properties - US$7,500,000 (iii)expenses in connection with Ivanhoe's China projects, including its investments and exploration activities in Inner Mongolia - US$4,250,000 (iv) general and administrative expenses - US$4,000,000 (v) working capital - US$7,150,000 ------------- Total: US$48,500,000 ============= Those net proceeds allocated to working capital will be added to the Corporation's existing financial resources (estimated to be approximately US$12,000,000 at the end of the second quarter of 2003) and used for expenditures determined to be necessary or otherwise warranted on existing projects described in the AIF other than those referred to above and for the pursuit of new mineral resource project opportunities if, as and when they arise. For example, the Corporation has agreed to make available to ABM Mining Limited a working capital credit facility of up to US$5,120,000. See "Item 4. Narrative Description of the Business - Savage River Project - Financing" of the AIF. It is currently unknown when or to what extent ABM Mining Limited will draw down this facility. Aggregate expenditures of up to approximately US$8,000,000 may be required in respect of other projects, including China, Kazakhstan and South Korea, depending on a number of contingencies concerning these projects, the outcomes of which are not yet known. Further expenditures in South Korea, for example, will be contingent in part on when or if Ivanhoe's proposed transfer of its South Korea projects proceeds. See "Item 4. Narrative Description of the Business - Other Projects - South Korea". The proposed expenditure allocations outlined above are estimates only and have been prepared by management using assumptions which are based on management's present understanding of the circumstances and prospects of each of Ivanhoe's existing projects. These allocations do not take into account the possibility that an unforeseen positive or negative material change in the circumstances or prospects of a particular project may motivate Ivanhoe to accelerate, delay, increase or decrease certain previously planned expenditures or that the emergence of a significant new project opportunity or exploration discovery may dictate a material change in the Corporation's expenditure priorities. For example, ongoing drilling and other expenditures on exploration projects are contingent upon obtaining results which justify continued exploration of the target properties. In the absence of exploration results justifying ongoing expenditures on a particular property, Ivanhoe may re-allocate funds previously allocated for expenditure on that property to other properties now owned or acquired in the future. The proposed expenditures are dependent on Ivanhoe raising sufficient additional funds to continue operations at comparable rates of expenditure into 2004 and beyond. In particular, if Ivanhoe is not successful in raising additional funds prior to the end of 2003, it will need to amend its budgeted expenditures to conserve its existing capital beyond December 31, 2003. If Ivanhoe does need to reallocate expenditures, it will likely elect to first reduce funding to non-core projects. Ivanhoe may also determine that it is necessary to relinquish its interest in one or more of these non-core projects and to reduce funding to its core projects. OTHER MATERIAL FACTS On June 2, 2003, Ivanhoe filed with the British Columbia Securities Commission a short form prospectus relating to an offering of 1,396,080 common shares of the Corporation issuable upon the exercise or deemed exercise of 1,396,080 previously issued special warrants sold by way of a private placement to an investment manager on behalf of certain Australian institutional investors at a price of Cdn$3.50 per special warrant. - 10 - RISK FACTORS Investment in securities of Ivanhoe involves a significant degree of risk and should be considered speculative due to the nature of Ivanhoe's business and the present stage of its development. Investors should give careful consideration to the risk factors described in "Item 4. Narrative Description of Business - Risk Factors" on pages 52 through 60 of Ivanhoe's AIF, which is incorporated by reference in this short form prospectus. AUDITORS, TRANSFER AGENT AND REGISTRAR The auditors of Ivanhoe are Deloitte & Touche LLP, Chartered Accountants, Vancouver, British Columbia. The registrar and transfer agent for the Common Shares in Canada is CIBC Mellon Trust Company at its principal offices in Vancouver. LEGAL MATTERS Certain Canadian legal matters in connection with this Offering will be passed upon by Goodmans on behalf of Ivanhoe. As at the date hereof, the partners and associates of Goodmans, as a group, beneficially own directly or indirectly less than one percent of the outstanding Common Shares. PURCHASERS' STATUTORY RIGHTS Securities legislation in British Columbia provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within two business days after receipt or deemed receipt of a prospectus and any amendment thereto. The securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, damages where the prospectus and any amendment contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation. Purchasers should refer to any applicable provisions of the securities legislation of British Columbia for the particulars of these rights or consult with a legal adviser. CONTRACTUAL RIGHTS OF ACTION FOR RESCISSION In the event that a holder of a Special Warrant who acquires a Common Share upon the exercise of the Special Warrant as provided for in this prospectus, is or becomes entitled under applicable legislation to the remedy of rescission by reason of this prospectus or any amendment thereto containing a misrepresentation, the holder will be entitled to rescission not only of the holder's exercise of their Special Warrant but also of the private placement transaction pursuant to which the Special Warrant was initially acquired and shall be entitled, in connection with such rescission, to a full refund of all consideration paid on the acquisition of the Special Warrant. In the event the holder is a permitted assignee of the interest of the original Special Warrant subscriber, that permitted assignee shall be entitled to exercise the rights of rescission and refund granted hereunder as if the permitted assignee was the original subscriber. The foregoing is in addition to any other right or remedy available to a holder of a Special Warrant under section 131 of the Securities Act (British Columbia), or otherwise at law. - 11 - CERTIFICATE OF IVANHOE MINES LTD. Dated: June 2, 2003 This short form prospectus, together with the documents incorporated herein by reference, constitutes full, true and plain disclosure of all material facts relating to the securities being offered by this short form prospectus as required by the securities laws of the province of British Columbia. "Robert M. Friedland" "Pierre Masse" Chief Executive Officer Chief Financial Officer On behalf of the Board of Directors "R. Edward Flood" "Kjeld Thygesen" Director Director -----END PRIVACY-ENHANCED MESSAGE-----


COMPLIANCE WITH AUDITOR INDEPENDENCE AND RECONCILIATION REQUIREMENT
UNDERTAKING
CONSENT TO SERVICE OF PROCESS
FORWARD LOOKING STATEMENTS
SIGNATURE
EXHIBIT LIST