Condor Overview

Summary

  • 90%* owned by Lumina 10% owned by the Instituto de Seguridad Social de las Fuerzas Armadas ("ISSFA"), which is the pension fund for Ecuador's armed forces personnel
  • Located 31 km south of the 9.5 million oz Au Fruta del Norte project and 55 km south of Ecuacorriente's 4 million oz Au Mirador Project.
  • 43-101 Gold Resource:
    - Indicated Resource of 1.4 Moz of gold1
    - Inferred resource of 2.5 Moz of gold1
  • 43-101 Silver Resource:
    - Indicated resource of 9.2 Moz of silver1
    - Inferred resource of 7.9 Moz of silver1
  • 43-101 Copper Resource:
    - Indicated resource of 43 Mlbs of copper1
  • - Inferred resource of 260 Mlbs of copper1

*Lumina’s level of ownership on the Condor concessions varies between 90% and 100%; 6,900 ha of the 10,101 ha are 90% owned by Lumina

Location & Access

The Condor Project is located within Zamora-Chinchipe province in SW Ecuador. The region is serviced by air from the City of Loja, which is a three hour drive from the property. Access is by paved highways via provincial capital of Zamora and 30 km east to the village of Zumbi. From Zumbi approximately 35 km of gravel road passes through several villages with a variety of services before arriving to the property. The property and surrounding area can be accessed by vehicle via a number of maintained dirt and gravel roads.

Region

The Cordillera del Condor region in southeast Ecuador where the Condor Project is located, has received considerable attention following the discovery and definition of both the Fruta del Norte gold deposit by Kinross/Aurelian Resources, now owned by Lundin Gold, and the Mirador copper-gold deposits of Ecuacorriente. Fruta del Norte is located approximately 30 km north of the Condor. Mirador lies 55 km north of the project. The Condor Project concessions surround the Jerusalem project of Dynasty Metals and Mining.

Mineralization

Three distinct mineralization types are recognized at the Condor Project:

  • An intermediate sulphidation narrow-vein epithermal system in the historical Chinapintza area;
  • Intermediate sulphidation epithermal gold bearing diatremes, volcanoclastic and breccia bodies at Los Cuyes, Enma and Soledad; and
  • Gold-copper porphyry mineralization at Santa Barbara and copper-molybdenum porphyry mineralization at El Hito.

The Northern Area consists of intermediate sulphidation epithermal gold and silver mineralization hosted by several breccia bodies and their associated altered and mineralized felsic intrusions, collectively referred to as the Condor Sector, and by systems of narrow mineralized veins exemplified by the Chinapintza mineralization. The area has untested porphyry potential. Los Cuyes, Soledad and Enma have a reported resource. Chinapintza is classified as an exploration target, but has been extensively drilled.

The Southern Area contains two significant porphyry-style occurrences, the Au-Cu mineralization at Santa Barbara and the Cu-Mo system at El Hito. Recent prospecting suggests the possibility of structurally controlled higher grade gold and silver mineralization in the Southern Area.

Resources

TONNAGE

GRADE

CONTAINED METAL

(Mt)

Au (g/t)

Ag (g/t)

Cu (%)

Au (Moz )

Ag (Moz)

Cu (Mlbs)

DEPOSIT

INDICATED

Santa Barbara

13.3

0.63

0.7

0.09

0.3

0.3

27

Soledad

11.6

0.72

5.3

0.01

0.3

2.0

3

Los Cuyes

38.6

0.68

5.5

0.02 0.8

6.9

13

Enma

0.4

0.76

11.9

0.01

0.01

0.1

0.1

Total Indicated

63.8

0.68

4.5

0.03

1.4

9.2

43

INFERRED

Santa Barbara

119.0

0.52

0.9

0.10

2.0

3.5

255

Soledad

2.8

0.54

3.1

0.01

0.0

0.3

1

Los Cuyes

22.7

0.65

5.7

0.01

0.5

4.1

4

Enma

0.03

1.12

10.4

0.01

0.001

0.01

0.01

Total Inferred

144.5

0.54

1.7

0.08

2.5

7.9

260

Notes:

(1) The mineral resource estimate has an effective date of April 5, 2018. (2) There are no known issues related to environmental, permitting, legal, taxation, socio-economic, marketing, or political issues that could materially affect the mineral resource. (3) The quantity and grade of reported Inferred mineral resources in this estimation are conceptual in nature and there has been insufficient exploration to define these Inferred mineral resources as an Indicated or Measured mineral resource. It is reasonable to expect that the majority of Inferred mineral resources could be upgraded to Indicated or Measured mineral resources with continued exploration. (4) The mineral resources in this estimate were calculated with 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. (5) Gold equivalent values were calculated using the following prices: for gold a price of US$1,400 per ounce, for copper a price of US$3.25 per pound and for silver a price of US$17 per ounce. Gold equivalent values can be calculated using the following formula: AuEq = Au g/t+(Ag g/t*0.0122)+(Cu%*1.592). (6) The base case cut-off grade for the estimate of mineral resources is 0.35g/t AuEq. (7) The Indicated and Inferred mineral resources are contained within a limiting pit shell and comprise a coherent body.

Qualified Person

Leo Hathaway, P.Geo, a "qualified person" within the definition of that term in NI 43-101, has reviewed and approved the scientific and technical information contained on this page.