Item 8.01 Other Events. Domestic Issuer Status
Technical Report Summary
In connection with the Company's transition to
The TRS summarizes, in accordance with the mining property disclosure
rules specified in Subpart 1300, the Company's 2020 Feasibility Study Technical
Report, effective date
· The TRS Mineral Resource estimates were developed based on a gold price of
$1,500 /oz versus the$1,250 /oz gold price assumed for the 2020 FS. The change in gold price results from higher trailing average gold prices at the date of preparation for the respective reports.
· The Measured Mineral Resources in the 2020 FS were reclassified to Indicated
Mineral Resources in the TRS due to differences in Subpart 1300 versus NI 43-101 Mineral Resources classification guidelines.
· The Proven Mineral Reserves from the 2020 FS were reclassified as Probable
Mineral Reserves for the TRS resulting from the reclassification of the Measured Mineral Resources to Indicated Mineral Resources due to differences in Subpart 1300 versus NI 43-101 Mineral Resources classification guidelines.
· The TRS is classified as a Preliminary Feasibility level study whereas the 2020
FS was classified as a Feasibility level study. This change was driven by the Subpart 1300 requirement that a compliant Feasibility level TRS include a capital cost contingency allowance no greater than 10%, whereas the initial capital cost estimate for the 2020 FS included a more conservative allowance at approximately 15%.
All other technical analyses, design information, capital and operating cost information, economic analyses, permitting and legal assumptions, conclusions and recommendations are consistent between the TRS and the 2020 FS.
The foregoing description of the TRS does not purport to be complete and is
subject to, and qualified in its entirety by, the full text of the TRS attached
hereto as Exhibit 96.1. The foregoing description of the 2020 FS does not
purport to be complete and is subject to, and qualified in its entirety by, the
full text of the 2020 FS, which was filed electronically on
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 23.1 Consent ofM3 Engineering & Technology Corporation . 23.2 Consent ofBlue Coast Metallurgy, Ltd. 23.3 Consent ofValue Consulting, Inc. 23.4 Consent ofTierra Group International, Ltd. 23.5 Consent ofGrenvil Marquis Dunn ,C.Eng . 23.6 Consent ofGarth D. Kirkham ,P.Geo . 96.1 Technical Report Summary, datedDecember 31, 2021 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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