SRK Consulting (U.S.), Inc. (“SRK”) completed an independent National Instrument 43-101 (“NI 43-101”) compliant mineral resource estimate (Table 1) on the Carlin Gold-Vanadium deposit, reported in the Technical Report titled “NI 43-101 Technical Report, Carlin Gold-Vanadium Project, Carlin, Nevada” dated April 9, 2019. A 0.3% V₂O₅ Cut-off grade was chosen for resource reporting based on the reasonable potential for economic extraction under a conceptual open pit mining and milling scenario.

Table 1.  Carlin Gold-Vanadium Mineral Resource Statement at 0.3% V₂O₅ Cut-off grade (CoG) (Effective Jan. 31, 2019)

Classification	CoG (% V2O5)	Grade (% V2O5 )	Tons (in millions)	V2O5 lb (in millions)
Indicated	0.3	0.615	24.64	303
Inferred	0.3	0.520	7.19	75

1. Mineral Resources are not Mineral Reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. There has been insufficient exploration to define the Inferred Resources tabulated above as an Indicated or Measured Mineral Resource. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future.
2. The Mineral Resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
3. The mineral resources listed in Table 1 are confined within a Whittle Pit Shell with a 45⁰ pit slope and a strip ratio of 2.6:1 waste to ore including all categories. The following parameters were used to construct the Whittle pit shell and to derive the mineral resource cut-off grade of 0.3% V₂O₅: Metal prices: US$12.50/lb V₂O₅ flake, Mining: US$2.50/t, Processing: US$52.50/t, G&A: US$1.50/t, Product Transport: $2.00/t, Process Recovery:  85%.
4. Contained pounds may not add due to rounding.

SRK stated that the mineral resource estimate contained on the current land package is of sufficient size and quality to continue development to prefeasibility level. Acquisition of adjacent property may have upside potential for exploration of V2O5 mineralization.

In the Technical Report a Sensitivity analysis of the Carlin Gold-Vanadium Project’s NI 43-101 mineral resource estimate was also provided for V₂O₅ at various cutoff grades:

Classification	CoG (% V2O5)	Grade (% V2O5)	Tons (in millions)	V2O5 lb (in millions)
Indicated*1	0.2	0.539	31.26	337
	0.3*2	0.615	24.64	303
	0.4	0.702	18.64	262
	0.5	0.776	14.44	224
	0.6	0.849	10.92	185
	0.7	0.929	7.80	145
	0.8	1.012	5.32	108
Inferred*1	0.2	0.450	9.72	87
	0.3*2	0.520	7.19	75
	0.4	0.596	4.94	59
	0.5	0.677	3.18	43
	0.6	0.745	2.08	31
	0.7	0.847	1.05	18
	0.8	0.959	0.53	10

*¹ Mineral Resources are not Mineral Reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. There has been insufficient exploration to define the Inferred Resources tabulated above as an Indicated or Measured Mineral Resource.  There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future.

*² The Base Case reported resources are highlighted in bold and have been constrained within a US$12.50/lb V₂O₅ optimized pit shell described above.