Groundhog/Panorama Anthracite Project

The Groundhog and Panorama Anthracite Projects are located in northern British Columbia, Canada. The massive Groundhog project (100% Atrum) has been the subject of multi-decade historical exploration work and contains an existing JORC Resource estimate of over 1 Bt (156 Mt Measured, 453 Mt Indicated and 407 Mt Inferred).

These resources are comprised of premium, high-grade anthracite with low product ash. The Groundhog Project offers several large potential development areas suitable for multiple joint venture and/or partnership development opportunities.

The Panorama North Project (65% Atrum) is held in joint venture with project partner, Japan Oil, Gas and Metals National Corporation (JOGMEC).  JOGMEC earned its 35% interest in Panorama North in 2019 following sole exploration expenditure of C$5M on the project over the preceding three years.

A maiden JORC Resource estimate for Panorama North was declared in April 2019 and totals 174 Mt (Inferred classification). Approximately 50% of this resource estimate is contained at less than 100 metres depth.  Coal quality testwork conducted to date at Panorama North evidences characteristics consistent with a high-grade anthracite.  A high-level development study is currently being completed by the joint venture.

The Company is not aware of any new information or data that materially affects the information included in the website.

In the case of estimates of Mineral Resources, the company confirms that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

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