{"id":398715,"date":"2020-12-14T06:03:47","date_gmt":"2020-12-14T11:03:47","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=398715"},"modified":"2020-12-14T06:03:47","modified_gmt":"2020-12-14T11:03:47","slug":"o3-mining-delivers-positive-pea-for-garrison-project","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/o3-mining-delivers-positive-pea-for-garrison-project\/","title":{"rendered":"O3 Mining Delivers Positive PEA for Garrison Project"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <b><br \/>\n          <i>After-Tax NPV of <span class=\"xn-money\">C$321M<\/span>, 33.0% IRR at <span class=\"xn-money\">US$1,450<\/span>\/oz Gold<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>TSXV:OIII &#8211; O3 Mining <\/b>\n      <\/p>\n<p>\n        <span class=\"xn-location\">TORONTO<\/span>, <span class=\"xn-chron\">Dec. 14, 2020<\/span> \/PRNewswire\/ &#8211; <b>O3 Mining Inc. <\/b>(TSXV: OIII)\u00a0(&#8220;O3 Mining&#8221; or the &#8220;Corporation&#8221;) is pleased to announce positive results from the independent Preliminary Economic Assessment (&#8220;PEA&#8221;) on its 100 percent owned Garrison project in the <span class=\"xn-location\">Kirkland Lake<\/span> region in <span class=\"xn-location\">Ontario, Canada<\/span>. The PEA has been prepared by Ausenco Engineering Canada Inc. (&#8220;Ausenco&#8221;) in accordance with National Instrument 43-101 \u2013 Standards of Disclosure for Mineral Projects (&#8220;NI 43-101&#8221;).<\/p>\n<p>The press release is available on the Corporation&#8217;s website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3011414-1&amp;h=2024817470&amp;u=https%3A%2F%2Fo3mining.com%2Fnews%2F&amp;a=https%3A%2F%2Fo3mining.com%2Fnews%2F\" rel=\"nofollow noopener noreferrer\">https:\/\/o3mining.com\/news\/<\/a><\/p>\n<p>\n        <b>Highlights of the PEA*<br \/><\/b><br \/>\n        <i>(All figures are stated in Canadian dollars unless otherwise stated)<\/i>\n      <\/p>\n<ul type=\"disc\">\n<li>\n          <b>Long-term gold price: <span class=\"xn-money\">US$1,450<\/span>\/oz<\/b>\n        <\/li>\n<li>\n          <b>Exchange rate: <span class=\"xn-money\">C$1.00<\/span> = <span class=\"xn-money\">US$0.75<\/span><\/b>\n        <\/li>\n<li>\n          <b>After-tax net present value (&#8220;NPV&#8221;) at 5% discount rate: <span class=\"xn-money\">$321 million<\/span><\/b>\n        <\/li>\n<li>\n          <b>After-tax internal rate of return (&#8220;IRR&#8221;): 33.0%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b>\n        <\/li>\n<li>\n          <b>After-tax payback period: 2.3 years<\/b>\n        <\/li>\n<li>\n          <b>Initial capital (&#8220;CAPEX&#8221;): <span class=\"xn-money\">$267 million<\/span> for a 4.0 million tonne per year processing plant including mine preproduction, infrastructure (roads, power line relocation, tailings facility, ancillary buildings, and water management)<\/b>\n        <\/li>\n<li>\n          <b>Life of mine (<\/b><br \/>\n          <b>&#8220;<\/b><br \/>\n          <b>LOM<\/b><br \/>\n          <b>&#8220;<\/b><br \/>\n          <b>): 12 years<\/b>\n        <\/li>\n<li>\n          <b>Average LOM strip ratio (waste: mined resource): 2.7<\/b>\n        <\/li>\n<li>\n          <b>Total mill feed of 47.3 million tonnes resulting in LOM gold production of 1.1 Million oz<\/b>\n        <\/li>\n<li>\n          <b>LOM Plan: 82% of total mill feed was sourced from mineral resources classified in the Measured and Indicated category<\/b>\n        <\/li>\n<li>\n          <b>Average annual gold production of 121,000 oz in years 1 to 8 (94,000 oz for LOM)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b>\n        <\/li>\n<li>\n          <b>Average mill head grade of 1.04 g\/t gold in years 1 to 8 (0.82 g\/t for LOM) <\/b>\n        <\/li>\n<li>\n          <b>Average mill recovery: 89.8%<\/b>\n        <\/li>\n<li>\n          <b>Measured and Indicated Mineral Resource of 66.3 Mt at 0.86 g\/t Au grade<\/b>\n        <\/li>\n<li>\n          <b>Cash Cost: <span class=\"xn-money\">US$721<\/span>\/oz<\/b>\n        <\/li>\n<li>\n          <b>All-in Sustaining Cost (<\/b><br \/>\n          <b>&#8220;AISC<\/b><br \/>\n          <b>&#8220;): <span class=\"xn-money\">US$818<\/span>\/oz<\/b>\n        <\/li>\n<\/ul>\n<div class=\"prntal\">\n<table id=\"convertedTablea0c7\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prnsbtb0 prnrbrb0 prnvat prnsbtb0 prntal prnpl6 prnsblb0 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>* Cautionary Statement: The reader is advised that the PEA summarized in this news release is intended to provide only an initial, high-level review of the project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of inferred mineral resources. Inferred mineral resources are considered to be too speculative to be used in an economic analysis except as allowed for by NI 43-101 for PEA studies. There is no guarantee that inferred mineral resources can be converted to indicated or measured mineral resources, and as such, there is no guarantee the project economics described herein will be achieved.<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>O3 Mining is pleased to present the results of a PEA on its Garrison Project for an 11,000 tonnes per day open pit mining and <span class=\"xn-location\">Carbon<\/span> in Leach processing operation with production spanning 12 years clearly demonstrating the potential for the company to become a major North American gold producer. The PEA delivers robust economics with an after-tax IRR of 33.0% and after-tax NPV of <span class=\"xn-money\">$321M<\/span> at a <span class=\"xn-money\">US$1,450<\/span>\/oz gold price, with very attractive cash costs and AISC, low CAPEX and low capital intensity. The project will target production in excess of 121,000 ounces gold per year during years 1 to 8, while peaking at more than 155,000 ounces in Year 2.<\/p>\n<p>\n        <i>&#8220;Garrison has been in the shadow of our Marban and Alpha properties in Qu\u00e9bec but as this PEA shows, it is an integral part of the value proposition of O3 Mining. Garrison came from Osisko Mining Inc., which completed first-class exploration work that defined the initial resource. We have worked with Ausenco to produce a high-quality PEA that focuses on capital efficiency and demonstrates the value of Garrison to O3 Mining. Today, Garrison is a 2.9-million-ounce deposit in the heart of one of the most recognised mining districts in <span class=\"xn-location\">Canada<\/span>. We are thrilled that the PEA has shown a production profile of 121,000 ounces per year during the first eight years at very attractive economics. The Corporation is ready to maximize Garrison&#8217;s value by advancing the studies to further de-risk the project,&#8221; <\/i><br \/>\n        <b>said <span class=\"xn-person\">Jose Vizquerra<\/span>, President, CEO and Director of O3 Mining.<\/b>\n      <\/p>\n<p>\n        <i>&#8220;The Garrison PEA demonstrates an NPV of <span class=\"xn-money\">$321 million<\/span> which follows hot on the heels of our Marban PEA (<\/i><br \/>\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3011414-1&amp;h=1497852116&amp;u=https%3A%2F%2Fo3mining.com%2Fnews%2Fo3-mining-delivers-positive-pea-for-marban-project%2F&amp;a=See+Press+Release+September+8%2C+2020\" rel=\"nofollow noopener noreferrer\"><br \/>\n          <i>See Press Release <span class=\"xn-chron\">September 8, 2020<\/span><\/i><br \/>\n        <\/a><br \/>\n        <i>) in Qu\u00e9bec which also demonstrated compelling project economics with an after-tax NPV of <span class=\"xn-money\">$423 million<\/span>, an IRR of 25.2% with a 15 year mine life and an average annual gold production of 115,000 oz. Together these PEAs mark the transition of O3 Mining from an explorer to an up-and-coming gold developer with a total NPV of <span class=\"xn-money\">$744 million<\/span> of fundamental value,&#8221; <\/i><br \/>\n        <b>added Mr. Vizquerra<i>.<\/i><\/b>\n      <\/p>\n<p>The Corporation looks forward to working with its partners in the <span class=\"xn-location\">Timmins<\/span>&#8211;<span class=\"xn-location\">Kirkland Lake<\/span> area including the <span class=\"xn-location\">Matheson<\/span> municipalities and the Wahgoshig First Nation community (Wahgoshig) as well with the support of the <span class=\"xn-location\">Ontario<\/span> and federal governments, to advance the Garrison Project.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder7625\">\n<p title=\"O3 Mining's CEO Jose Vizquerra shared results of its Preliminary Economic Assessment on its Garrison Project located in the heart of Kirkland Lake, Ontario, one of the most recognized mining districts in Canada.\">\n          \u00a0\n        <\/p>\n<\/p><\/div>\n<p>\n        <b>Overview<\/b>\n      <\/p>\n<p>Ausenco was appointed as lead consultant on <span class=\"xn-chron\">September 16, 2020<\/span> to prepare the PEA in accordance with NI 43-101, and was assisted by Moose Mountain Technical Services.<\/p>\n<p>The Garrison Project is located in <span class=\"xn-location\">Timmins<\/span>&#8211;<span class=\"xn-location\">Kirkland Lake<\/span> area of northeastern <span class=\"xn-location\">Ontario<\/span> along the Highway 101 corridor, approximately 40 km east of <span class=\"xn-location\">Matheson<\/span>, 40 km north of town of <span class=\"xn-location\">Kirkland Lake<\/span>, and 100 km east of the city of <span class=\"xn-location\">Timmins<\/span>). Geologically, the project is situated along the Porcupine-<span class=\"xn-location\">Destor<\/span> break in the Abitibi Greenstone Belt (AGB) and contains the Garrcon, JonPol, and 903 Deposits.<\/p>\n<p>\n        <b>Financial Analysis<\/b>\n      <\/p>\n<p>The economic analysis was performed assuming a 5% discount rate. On a pre-tax basis, the NPV<sub>5%<\/sub> is <span class=\"xn-money\">$470 million<\/span>, the IRR is 41.1% and the payback period is 2.0 years. On an after-tax basis, the NPV<sub>5%<\/sub> is <span class=\"xn-money\">$321 million<\/span>, the IRR is 33.0% and the payback period is 2.3 years. A summary of project economics is listed in (Table 1) and shown graphically in the figures below. <b><br \/><\/b><\/p>\n<p>\n        <b>Table 1: Summary of project economics<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td colspan=\"2\" class=\"prnsbtb0 prnrbrb0 prnvat prnsbbd prntal prnpl6 prnsblb0 prnpr14\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0\u00a0\u00a0 GENERAL<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>LOM TOTAL \/ AVG. <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Gold Price (US$\/oz)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1,450<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Exchange Rate ($US:$CAD)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.75<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Mine Life (years)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12.0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Total Waste Tonnes Mined (kt)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">128,260<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Total Mill Feed Tonnes (kt)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">47,343<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Strip Ratio<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0\u00a0\u00a0 PRODUCTION<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>LOM TOTAL \/ AVG. <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Mill Head Grade (g\/t) (Average gold mill head grade of 1.04 g\/t in years 1 to 8)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.82<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Mill Recovery Rate (%)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">89.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Total Mill Ounces Recovered (koz)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,126<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Total Average Annual Production (koz)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">94<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0\u00a0\u00a0 OPERATING COSTS <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>LOM TOTAL \/ AVG. <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Mining Cost ($\/t Mined)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$2.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Mining Cost ($\/t Milled)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$9.9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Processing Cost ($\/t Milled)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$11.2<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0G&amp;A Cost ($\/t Milled)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1.0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Total Operating Costs ($\/t Milled)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$22.1<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Refining &amp; Transport Cost ($\/oz)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$2.5<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Royalty NSR<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Cash Costs (US$\/oz Au)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$721<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0AISC (US$\/oz Au)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$818<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0\u00a0\u00a0 CAPITAL COSTS<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>LOM TOTAL \/ AVG. <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Initial Capital ($M)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$267<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Sustaining Capital ($M)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$126<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Closure Costs ($M)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$30<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Salvage Value ($M)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$11<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0\u00a0\u00a0 FINANCIALS &#8211; PRE TAX<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>LOM TOTAL \/ AVG. <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0NPV (5%) ($M)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$470<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0IRR (%)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Payback (years)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0\u00a0\u00a0 FINANCIALS &#8211; POST TAX<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0LOM TOTAL \/ AVG. <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0NPV (5%) ($M)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$321<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0IRR (%)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Payback (years)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.3<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0NPV\/ Initial CAPEX<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.2<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b><br \/>\n          <i>Notes<br \/><\/i><br \/>\n        <\/b><br \/>\n        <i>* Cash costs consist of mining costs, processing costs, mine-level general &amp; administrative expenses and refining charges and royalties.<br \/><\/i><br \/>\n        <i>** AISC includes cash costs plus sustaining capital, closure cost and salvage value.<\/i>\n      <\/p>\n<p>\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3011414-1&amp;h=3296664862&amp;u=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F1384532%2FO3_Mining_Inc__O3_Mining_Delivers_Positive_PEA_for_Garrison_Proj_2.jpg%3Fp%3Doriginal&amp;a=Figure+1%3A+Projected+Annual+and+Cumulative+LOM+Post-Tax+Unlevered+Free+Cash+Flow\" rel=\"nofollow noopener noreferrer\">Figure 1: Projected Annual and Cumulative LOM Post-Tax Unlevered Free Cash Flow<\/a>\n      <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1370\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1384532\/O3_Mining_Inc__Figure1.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1384532\/O3_Mining_Inc__Figure1.jpg\" title=\"Figure 1: Projected Annual and Cumulative LOM Post-Tax Unlevered Free Cash Flow (CNW Group\/O3 Mining Inc.)\" alt=\"Figure 1: Projected Annual and Cumulative LOM Post-Tax Unlevered Free Cash Flow (CNW Group\/O3 Mining Inc.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\n        <b>Sensitivity<\/b>\n      <\/p>\n<p>A sensitivity analysis was conducted on the base case pre-tax and after-tax NPV and IRR of the project, using the following variables: metal price, total CAPEX (initial + sustaining), total operating cost and exchange rate. The tables below provide a summary of the sensitivity analysis.<\/p>\n<p>\n        <b>Table 2a: Post-Tax NPV (5%) Sensitivity<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td colspan=\"8\" class=\"prnsbtb0 prnrbrb0 prnvam prnsbbd prntac prnpl6 prnsblb0 prnpr8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>GOLD<br \/>PRICE<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>US$\/Oz<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>BASE CASE<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>INITIAL<br \/>CAPEX<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(-25%)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>INITIAL<br \/>CAPEX<br \/>(+25%)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>OPEX<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(-25%)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>OPEX<br \/>(+25%)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>FX<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(-25%)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>FX <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(+25%)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1,100<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$47<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$111<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($16)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$186<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($112)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$333<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($162)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1,250<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$167<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$230<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$103<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$301<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$25<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$484<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($38)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1,450<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$321<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$384<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$257<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$452<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$185<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$686<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$96<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1,750<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$547<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$611<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$484<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$679<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$415<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$989<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$283<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$2,000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$737<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$801<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$673<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$868<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$605<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1,242<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$434<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Table <span class=\"xn-money\">2b<\/span>: Post-Tax IRR Sensitivity<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td colspan=\"8\" class=\"prnsbtb0 prnrbrb0 prnvam prnsbbd prntac prnpl6 prnsblb0 prnpr14\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>GOLD<br \/>PRICE<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>US$\/Oz<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>BASE CASE<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>INITIAL<br \/>CAPEX<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(-25%)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>INITIAL<br \/>CAPEX<br \/>(+25%)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>OPEX<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(-25%)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>OPEX<br \/>(+25%)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>FX<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(-25%)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>FX <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(+25%)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1,100<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10.2%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20.4%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.5%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1,250<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21.2%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33.5%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13.3%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30.8%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8.2%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">44.6%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1,450<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">48.3%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23.6%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41.5%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23.5%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">58.2%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1,750<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">49.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">68.7%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">36.9%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">56.7%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">40.8%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">77.2%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbtb0 prnrbrb0 prnvab prnsbbd prntac prnpl6 prnsblb0 prnpr14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$2,000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61.5%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">84.8%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">47.3%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">68.7%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">53.9%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">92.5%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Mineral Resource<\/b>\n      <\/p>\n<p>The Mineral Resource is estimated from a drill hole database containing 1,378 drill holes within the model boundaries, including 257,889 assay intervals for a total assayed length of 258,223 metres.\u00a0 Interpolations are done using multiple indicator kriging (MIK) within four domains defined by lithology and faulting.\u00a0 Classification to Indicated is based on the average distance to two drill holes of less than 25-50 metre spacing depending on the domain.<\/p>\n<p>Classification is then adjusted to ensure continuity of blocks with Inferred adjusted to minimize extrapolation of grades. The base case cut-off grade is 0.30 g\/t Au based on metallurgical recoveries, Processing + G&amp;A costs of <span class=\"xn-money\">$14.50<\/span>\/tonnes and a <span class=\"xn-money\">US$1,400<\/span>\/oz Au price, with smelter terms as detailed in the notes below. The Measured and Indicated mineral resource is estimated at 66.3 Mt at 0.86 g\/t Au for a total of 1.8Moz, and the Inferred Mineral resource is 45.3Mt at 0.73 g\/t Au for a total of 1.1Moz. Table 3 summarizes the Resource Estimate at a 0.3g\/t cut-off.<\/p>\n<p>\n        <b>Table 3: Mineral Resource Estimate (effective date <span class=\"xn-chron\">November 25, 2020<\/span>)<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td colspan=\"5\" class=\"prngen23\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>CLASS<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>SOURCE<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>TONNAGE (Kt)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>AU<br \/>(G\/T)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>AU METAL (kOz)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"4\" nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Indicated<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">903<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,558<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.843<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">747<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Jonpol<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,786<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.914<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">523<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Garrcon<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,923<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.821<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">552<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>All Indicated <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>66,268<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>0.855<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,822<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"4\" nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Inferred<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">903<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,760<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.690<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">682<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Jonpol<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,521<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.756<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">183<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Garrcon<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,056<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.866<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">197<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>All Inferred<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>45,337<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>0.729<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,062<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <i><br \/>\n          <u>Notes:<\/u><br \/>\n        <\/i>\n      <\/p>\n<ol type=\"1\">\n<li>\n          <i>The Mineral Resource estimate has been prepared by <span class=\"xn-person\">Sue Bird<\/span>, P.Eng., an independent Qualified Person,\u00a0from Moose Mountain Technical Services.<\/i>\n        <\/li>\n<li>\n          <i>Resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines.<\/i>\n        <\/li>\n<li>\n          <i>Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.<\/i>\n        <\/li>\n<li>\n          <i>The open-pit Mineral Resource has been confined by a &#8220;reasonable prospects of eventual economic extraction&#8221; pit shell generated using the following assumptions: <span class=\"xn-money\">US$1,800<\/span>\/oz. Au at a currency exchange rate of <span class=\"xn-money\">0.75 US$<\/span> per C$; 99.95% payable Au; <span class=\"xn-money\">$4.30<\/span>\/oz Au offsite costs (refining, transport and insurance); a 2% NSR royalty; <span class=\"xn-money\">$14.50<\/span>\/t process and G&amp;A costs; <span class=\"xn-money\">$2.40<\/span>\/t mining costs and pit slopes of 25 degrees in the overburden and 40 degrees below the overburden. Metallurgical recovery is 90.5% at 903, 95.5% at Garrcon, 92.45% at JonPol-non-refractory and 56.2% in JonPol-refractory.<\/i>\n        <\/li>\n<li>\n          <i>The specific gravity of the deposit has been determined by lithology as being between 2.74 and 3.32.<\/i>\n        <\/li>\n<li>\n          <i>Numbers may not add due to rounding.<\/i>\n        <\/li>\n<\/ol>\n<p>There are no other known factors or issues that materially affect the Mineral Resource estimate other than normal risks faced by mining projects in the province in terms of environmental, permitting, taxation, socio-economic, marketing, and political factors and additional risk factors as listed in the &#8220;Cautionary Note Regarding Forward-Looking Information&#8221; section below.<\/p>\n<p>\n        <b>Mining<\/b>\n      <\/p>\n<p>The mine plan includes 47 Mt of mill feed and <span class=\"xn-chron\">128 Mt<\/span> of waste over the 12-year mine life coming from three deposits: 903, Jonpol, and Garrcon. Mine planning is based on conventional open-pit methods suited for the project location and local site requirements. Owner-operated and managed open pit operations are anticipated to begin one year prior to mill start-up, run for nine years to pit exhaustion, followed by three years of low-grade stockpile reclamation to the mill. The subset of Mineral Resources contained within the targeted open pit shells, summarized in Table 4 with a 0.30 g\/t Au cut-off grade, forms the basis of the PEA mine plan and production schedule.<\/p>\n<p>\n        <b>Ta<\/b><br \/>\n        <b>ble 4: PEA Mine Plan Production Summary<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>CATEGORY<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>VALUE<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>PEA Mill Feed<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">47,343 kt<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Average Mill Feed Gold Head Grade<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.82 g\/t Au<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Waste Overburden and Rock<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">128,260 kt<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Strip Ratio<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Mill Feed Gold Grade (Years 1-5)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.11 g\/t Au<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>PEA Mill Feed<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">47,343 kt<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <i><br \/>\n          <u>Notes:<\/u><br \/>\n        <\/i>\n      <\/p>\n<ol type=\"1\">\n<li>\n          <i>The PEA Mine Plan and Mill Feed estimates are a subset of the <span class=\"xn-chron\">December 10, 2020<\/span> Mineral Resource estimate and are based on open-pit mine engineering and technical information developed at a Scoping level for the 903, JonPol, and Garrcon deposits.<\/i>\n        <\/li>\n<li>\n          <i>PEA <span class=\"xn-person\">Mine Plan<\/span> and Mill Feed estimates are mined tonnes and grade, the reference point is the primary crusher.<\/i>\n        <\/li>\n<li>\n          <i>Cut-off grade 0.30 g\/t Au assumes <span class=\"xn-money\">US$1,400<\/span>\/oz. <\/i><br \/>\n          <i>Au at a currency exchange rate of <span class=\"xn-money\">0.75 US$<\/span> per C$; 99.95% payable gold; <span class=\"xn-money\">$4.30<\/span>\/oz offsite costs (refining, transport, and insurance); a 2.0% NSR royalty; and a 90% metallurgical recovery.<\/i>\n        <\/li>\n<li>\n          <i>The cut-off grade covers processing costs of <span class=\"xn-money\">$12.00<\/span>\/t, administrative (G&amp;A) costs of <span class=\"xn-money\">$1.00<\/span>\/t, and low-grade stockpile Rehandle costs of <span class=\"xn-money\">$1.50<\/span>\/t.<\/i>\n        <\/li>\n<li>\n          <i>Mining dilution of 20% at 0.10 g\/t is applied to the in-situ Mineral Resources. Mining Recovery of 96% of diluted tonnages is assumed.<\/i>\n        <\/li>\n<li>\n          <i>Estimates have been rounded and may result in summation differences.<\/i>\n        <\/li>\n<\/ol>\n<p>The economic pit limits are determined using the Pseudoflow algorithm. The 903 deposit is planned as one pit split into three phases or pushbacks. The Jonpol deposit is planned as one pit split into two phases.\u00a0 The Garrcon deposit is planned as five pits with the largest (western) pit split into 2 phases.\u00a0 Pit shells are generated with 40-degree overall slope angles in bedrock and 25-degree slope angles in the overburden. <\/p>\n<p>Detailed pit configurations with benching and ramps have not been carried out. Chosen phase shell targets have room for these details to be added in future planning and modifications to pit contents are not expected to be materially altered. General pit sequencing is shown in Table 5 below.<\/p>\n<p>\n        <b>Table 5: PEA Mine Plan Pit Sequencing<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbts prnrbrs prnvat prnsbbs prntal prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>PHASES MINED<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Y-1<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Y01<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Y02<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Y03<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Y04<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Y05<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Y06<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Y07<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Y08<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prnsbts prnrbrs prnvab prnsbbs prntac prnpl6 prnsblb0 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Y09<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">903 Phase 1<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">903 Phase 2<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">903 Phase 3<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Jonpol Phase 1<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Jonpol Phase 2<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Garrcon Phase 1<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Garrcon Phase 2<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Garrcon Phase 3 <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">X<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>The mill will be fed with material from the pit at an average rate of 4.0 Mtpa (11ktpd). Cut-off grade optimization is employed, which feeds a low-grade stockpile north of the primary crusher, which is planned for reclamation to the mill in the later years of the mine life. Overburden will be placed in various stockpiles throughout the project. Waste rock will be placed in two main stockpiles adjacent to all pits. The mine plan includes backfill of waste rock into the smaller mined out Garrcon pits.<\/p>\n<p>Mining operations will be based on 365 operating days per year with two 12-hour shifts per day.\u00a0 An allowance of 10 days of no mine production has been built into the mine schedule to allow for adverse weather conditions. The mining fleet will include diesel-powered down the hole (DTH) drills with 165mm bit size for production drilling, diesel-powered RC (reverse circulation) drills for bench-scale grade control drilling, 12\u00a0m<sup>3<\/sup> bucket size diesel hydraulic excavators, and 13\u00a0m<sup>3 <\/sup>bucket-sized wheel loaders for production loading, and 91\u00a0t payload rigid-frame haul trucks and 36\u00a0t articulated trucks for production hauling, plus ancillary and service equipment to support the mining operations. In-pit dewatering systems will be established for each pit. All surface water and precipitation in the pits will be handled by submersible pumps.<\/p>\n<p>The mine equipment fleet is planned to be purchased via a lease financing arrangement. Owner-managed maintenance on mine equipment will be performed in the field with major repairs in the shops located near the primary crusher.<\/p>\n<p>\n        <b>Milling<\/b>\n      <\/p>\n<p>The Garrison Process Plant employs standard <span class=\"xn-location\">Carbon<\/span>-In-Leach (CIL) technology along with gravity concentration for gold recovery. The plant includes crushing, grinding, gravity concentration, classification, leach and CIL, and detoxification before deposition into a Tailings Storage Facility. The plant will treat 4.0 Mt of ore per year at an average throughput of 11,000 tonnes per day. <\/p>\n<p>The mill design availability is 8,059 hours per year or 92%. The plant has been designed to realize an average recovery of 89.8% (92.3% Au during initial high-grade production) of the gold over the life of the project\u00a0based on metallurgical test work completed at various laboratories in <span class=\"xn-location\">Canada<\/span> and the <span class=\"xn-location\">USA<\/span> between 2011 and 2018. Of this, 24.5% of the gold will be extracted by the gravity circuit and a further 65.3% by the leach\/CIL process.<\/p>\n<p>\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3011414-1&amp;h=3500571614&amp;u=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F1384530%2FO3_Mining_Inc__O3_Mining_Delivers_Positive_PEA_for_Garrison_Proj_3.jpg%3Fp%3Doriginal&amp;a=Figure+2%3A+Site+Plan\" rel=\"nofollow noopener noreferrer\">Figure 2: Site Plan<\/a>\n      <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder5540\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1384530\/O3_Mining_Inc__Figure2.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1384530\/O3_Mining_Inc__Figure2.jpg\" title=\"Figure 2: Site Plan (CNW Group\/O3 Mining Inc.)\" alt=\"Figure 2: Site Plan (CNW Group\/O3 Mining Inc.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>Tailings storage capacity has been identified to safely accommodate the life of mine production as described in this PEA. Tailings produced over the first eight years of mine operation will be accommodated in a new tailings storage facility to be constructed south of the open pits The tailings storage facility perimeter containment dams will be constructed with waste rock and overburden from open pit mine development and will utilize the downstream construction method to ensure safe tailings storage over the long-term. <\/p>\n<p>Runoff from the tailings storage facility will be collected in an adjacent water management pond. In order to allow mining of the Garrcon Pit \u2013 Phase #3 in Year 4, the adjacent highway will be diverted to the North. <\/p>\n<p>\n        <b>Capital and Operating Costs<\/b>\n      <\/p>\n<p>The total pre-production capital cost for the Garrison Project is estimated to be <span class=\"xn-money\">$267M<\/span> including allowances for indirect costs and contingency of <span class=\"xn-money\">$29M<\/span> and <span class=\"xn-money\">$38M<\/span> respectively. Sustaining capital costs are estimated at <span class=\"xn-money\">$126M<\/span>, including closure costs (Table 6). Operating costs are estimated at <span class=\"xn-money\">$22.1<\/span> per tonne milled (Table 7).<\/p>\n<p>\n        <b>Table 6: Total Capital and Operating Costs<\/b>\n      <\/p>\n<div class=\"prntal\">\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td colspan=\"4\" class=\"prngen23\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>COST AREA DESCRIPTION<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>INITIAL CAPITAL COST <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>($M)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>SUSTAINING CAPITAL<br \/>COST ($M)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>TOTAL CAPITAL COST<br \/>($M)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Mining<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$40<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$113<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$153<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Processing<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$115<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8212;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$115<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Infrastructure (and Tailings)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$35<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$13<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$48<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Indirect Costs<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$29<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8212;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$29<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Owner&#8217;s Project Costs<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$9<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8212;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Contingency<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$38<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8212;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$38<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$267<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$126<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$393<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Table 7: Total Life of Mine Operating Costs<\/b>\n      <\/p>\n<div class=\"prntal\">\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td colspan=\"7\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>COST AREA<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>LOM<br \/><\/b><br \/>\n                  <b>($M)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>ANNUAL<br \/>AVG. COST<br \/><\/b><br \/>\n                  <b>($M)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>AVG. LOM <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>($\/T MINED)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>AVG.LOM <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>($\/T<br \/>MILLED)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>AVG. LOM<br \/><\/b><br \/>\n                  <b>(US$\/OZ)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>OPEX<br \/>(%)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Mine Operating<br \/>Costs Including<br \/>Reclaiming Costs<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$469<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$39<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$2.7<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$9.9<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$313<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">45%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Mill Processing<br \/>Including Water<br \/>Treatment Costs<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$532<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$44<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$3.0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$11.2<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$355<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">51%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total G&amp;A Costs<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$45<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$4<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$0.3<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1.0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$30<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1,047<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$87<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$6.0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$22.1<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$698<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Gold Production<\/b>\n      <\/p>\n<p>Projected gold production\u00a0averages 121,000 ounces per year over years 1 to 8, peaking at 155,000 ounces in year two. The LOM production averages 94,000 ounces per year.<\/p>\n<p>\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3011414-1&amp;h=2218415416&amp;u=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F1384531%2FO3_Mining_Inc__O3_Mining_Delivers_Positive_PEA_for_Garrison_Proj_4.jpg%3Fp%3Doriginal&amp;a=Figure+3%3A+Projected+LOM+Production+(koz)\" rel=\"nofollow noopener noreferrer\">Figure 3: Projected LOM Production (koz)<\/a>\n      <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder3282\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1384531\/O3_Mining_Inc__Figure3.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1384531\/O3_Mining_Inc__Figure3.jpg\" title=\"Figure 3: Projected LOM Production (koz) (CNW Group\/O3 Mining Inc.)\" alt=\"Figure 3: Projected LOM Production (koz) (CNW Group\/O3 Mining Inc.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\n        <b>Opportunities to further increase NPV <\/b>\n      <\/p>\n<p>Database refinement and additional QAQC work along with infill drilling could upgrade the classification from Inferred to Indicated or Measured.\u00a0 Additional structural and geologic studies as well as step-out drilling along strike of the mineralization could extend the resource both laterally and at depth.\u00a0 <\/p>\n<p>The PEA mine plan does not exploit the entire Mineral Resource. There is project expansion opportunity to be further investigated during the next study phase, which could include more, or all, of the additional Mineral Resource.<\/p>\n<p>Additional metallurgical test work will be targeted at increasing the leach feed grind size, and assessing a wider variability of resource hardness, to in turn reduce mill equipment sizing. Additional testing of JonPol samples to improve recoveries should also be completed.<\/p>\n<p>\n        <b>Next Steps<\/b>\n      <\/p>\n<p>The results of the PEA indicate that the proposed Project has technical and financial merit using the base case assumptions. It has also identified additional field work, metallurgical test work, trade-off studies and analysis required to support more advanced mining studies. <\/p>\n<p>The Qualified Persons (&#8220;QP&#8221;) consider the PEA results sufficiently reliable and recommend that the Garrison Project be advanced to the next stage of development through the initiation of a pre-feasibility study and working towards completion of an Environmental Impact Study for the Project while exploring the geological potential of the Garrison project.<\/p>\n<p>\n        <b>PEA Details<\/b>\n      <\/p>\n<p>The independent PEA was prepared through the collaboration of the following firms: Ausenco, and Moose Mountain Technical Services. These firms provided mineral resource estimates, design parameter and cost estimates for mine operations, process facilities, major equipment selection, waste and tailings storage, reclamation, permitting, and operating and capital expenditures. Table 8 summarizes the contributors and their area of responsibility.<\/p>\n<p>\n        <b>Table 8: Consulting Firm and Area of Responsibility<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbts prnrbrb0 prnvam prnsbbs prntal prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>CONSULTING<br \/>FIRM<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbts prnrbrs prnvam prnsbbs prntal prnpl6 prnsblb0 prnpr6\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>AREA OF RESPONSIBILITY<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbtb0 prnrbrb0 prnvam prnsbbs prntal prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Ausenco<br \/>Engineering<br \/>Canada <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbtb0 prnrbrs prnvam prnsbbs prntal prnpl6 prnsblb0 prnpr6\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\" \/>\u00a0<\/p>\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Metallurgical test work development and analysis;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Mass balance;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Process plant design;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Process plant capital costs and operating costs;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Electrical and IT infrastructure design and costs;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Design and costs of utilities and infrastructure including on-site roads;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Material transport and General and administration operating costs;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Financial Analysis and overall NI 43-101 integration;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Water treatment plant design, capital and operating costs;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Tailings, ore and waste rock management facility designs and costs;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Surface water management infrastructure design and costs;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Site wide water balance;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Rock mass characterization and rock mechanics input to pit design;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Hydrogeology;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Geotechnical input for surface infrastructure design;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Waste rock, tailings, and ore geochemical characterization;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Groundwater quality input to environmental studies;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Environmental studies, permitting and closure costs;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Regulatory context, social considerations, and anticipated environmental issues.<\/span>\n                <\/li>\n<\/ul>\n<p class=\"prnml20\">\n                <span class=\"prnews_span\" \/>\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbt1 prnsbr1 prnvam prnsbbs prntal prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Moose Mountain<br \/>Technical Services <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbt1 prnrbrs prnvam prnsbbs prntal prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\" \/>\u00a0<\/p>\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Historical data review;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Current and historical geology, exploration, drilling;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Sample preparation and QAQC, and data verification;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Mineral resource estimate (O3 completed geological modelling of ore bodies);<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Geotechnical input for pit design;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Mine and mine infrastructure design;<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Mine production scheduling; and<\/span>\n                <\/li>\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">Mine capital costs and operating costs.<\/span>\n                <\/li>\n<\/ul>\n<p class=\"prnml20\">\n                <span class=\"prnews_span\" \/>\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Qualified Person<\/b>\n      <\/p>\n<p>All technical information, not pertaining to the PEA, in this news release has been reviewed and approved by Mr. Louis Gariepy, Eng. (OIQ #107538), VP Exploration, who is a &#8220;qualified person&#8221; as defined by NI 43-101).<\/p>\n<p>The PEA has been prepared by Ausenco. The contributors to the report are QPs under NI 43-101 and are independent of O3 Mining for the purposes of the NI 43-101. The technical content of the PEA and this press release has been reviewed and approved by:<\/p>\n<p>\n        <span class=\"xn-person\">Tommaso Roberto Raponi<\/span>, P.Eng, Process and Infrastructure<br \/>Scott Elfen, P.E., Tailings and Water Management<br \/><span class=\"xn-person\">Mike Petrina<\/span>, P.Eng, Mining<br \/><span class=\"xn-person\">Sue Bird<\/span>, P.Eng, Resource Estimate<br \/><span class=\"xn-person\">Scott Weston<\/span>, P.Eng, Environment<\/p>\n<p>\n        <b>Quality Control and Reporting Protocols<\/b>\n      <\/p>\n<p>The primary lab for O3 Mining is SGS in <span class=\"xn-location\">Cochrane, Ontario<\/span> is an independent accredited laboratory.\u00a0 The core samples shipped to SGS are crushed to 75% passing -2 mm (10 mesh), a 250 g split of this material is pulverized to 85% passing 75 microns (200 mesh) and 30 g is analyzed by Fire Assay (FA) with an inductively coupled plasma atomic emission spectroscopy (ICP-AES) finish. For samples with visible gold or metallic minerals, or initial fire assay values greater than 3g\/t, the metallic screen lead fire assay is used. A sample of certified standard material, a duplicate and a blank are inserted by O3 Mining&#8217;s geologists into each set of 20 submitted samples as part of the Quality Assurance, Quality Control (&#8220;QAQC&#8221;) program. Duplicate pulps are submitted to the secondary laboratory, Bureau Veritas, as part of the check assay program. <\/p>\n<p>For drilling in the 2000s, prior to ownership by O3 Mining, the assaying and QAQC program was similar to that employed by the Corporation and has been reviewed. Some samples of historic core have been re-assayed during the modern era assay program. To the extent historic core logs exist for the historic drilling, they have been reviewed. The drill program design, QAQC and interpretation of results are performed by qualified persons employing a QAQC program consistent with NI 43-101 and industry best practices.<\/p>\n<p>\n        <b>Non-IFRS Financial Measures<\/b>\n      <\/p>\n<p>The Corporation has included certain non-IFRS financial measures in this news release, such as Initial Capital Cost, Cash Operating Costs, Total Cash Cost, All-In Sustaining Cost, Expansion Capital and Capital Intensity, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other corporations. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.<\/p>\n<p>Non-IFRS financial measures used in this news release and common to the gold mining industry are defined below.<\/p>\n<p>\n        <i>Total Cash Costs and Total Cash Costs per Ounce<\/i>\n      <\/p>\n<p>Total Cash Costs are reflective of the cost of production. Total Cash Costs reported in the PEA include mining costs, processing &amp; water treatment costs, general and administrative costs of the mine, off-site costs, refining costs, transportation costs and royalties. Total Cash Costs per Ounce is calculated as Total Cash Costs divided by payable gold ounces. <\/p>\n<p>\n        <i>All-in Sustaining Costs (&#8220;AISC&#8221;) and AISC per Ounce<\/i>\n      <\/p>\n<p>AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PEAS includes total cash costs, sustaining capital, closure costs and salvage, but excludes corporate general and administrative costs. AISC per Ounce is calculated as AISC divided by payable gold ounces.<\/p>\n<p>\n        <b>About O3 Mining Inc.<\/b>\n      <\/p>\n<p>O3 Mining, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in <span class=\"xn-location\">Canada<\/span> &#8211; focused on projects in Qu\u00e9bec and <span class=\"xn-location\">Ontario<\/span> \u2013 with a goal of becoming a multi-million ounce, high-growth company.<\/p>\n<p>O3 Mining is well-capitalized and holds a 100% interest in properties in Qu\u00e9bec (133,557 hectares) and <span class=\"xn-location\">Ontario<\/span> (25,000 hectares). O3 Mining controls 66,064 hectares in <span class=\"xn-location\">Val-d&#8217;Or<\/span> and over 50 kilometres of strike length of the Cadillac-Larder Lake Fault. O3 Mining also has a portfolio of assets in the <span class=\"xn-location\">Chibougamau<\/span> region of Qu\u00e9bec.<\/p>\n<p>\n        <b>About Ausenco<\/b>\n      <\/p>\n<p>Ausenco is a global company redefining what&#8217;s possible. Our team is based across 26 offices in 14 countries, with projects in over 80 locations worldwide. Combining our deep technical expertise with a 30-year track record, we deliver innovative, value-add consulting studies, project delivery, asset operations and maintenance solutions to the mining &amp; metals, oil &amp; gas and industrial sectors. We find a better way.<\/p>\n<p>\n        <b>Cautionary Note Regarding Forward-Looking Information<\/b>\n      <\/p>\n<p>This news release contains &#8220;forward-looking information&#8221; within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the transaction; and any other information herein that is not a historical fact may be &#8220;forward-looking information&#8221;. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as &#8220;expects&#8221;, or &#8220;does not expect&#8221;, &#8220;is expected&#8221;, &#8220;interpreted&#8221;, &#8220;management&#8217;s view&#8221;, &#8220;anticipates&#8221; or &#8220;does not anticipate&#8221;, &#8220;plans&#8221;, &#8220;budget&#8221;, &#8220;scheduled&#8221;, &#8220;forecasts&#8221;, &#8220;estimates&#8221;, &#8220;believes&#8221; or &#8220;intends&#8221; or variations of such words and phrases or stating that certain actions, events or results &#8220;may&#8221; or &#8220;could&#8221;, &#8220;would&#8221;, &#8220;might&#8221; or &#8220;will&#8221; be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the restart of operations; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID-19 related disruptions in relation to the Corporation&#8217;s business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.<\/p>\n<p>\n        <b>Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.<\/b>\n      <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder0\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1384529\/O3_Mining_Inc__Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1384529\/O3_Mining_Inc__Logo.jpg\" title=\"O3 Mining Inc. Logo (CNW Group\/O3 Mining Inc.)\" alt=\"O3 Mining Inc. Logo (CNW Group\/O3 Mining Inc.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=TO22398&amp;sd=2020-12-14\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/o3-mining-delivers-positive-pea-for-garrison-project-301191953.html\">http:\/\/www.prnewswire.com\/news-releases\/o3-mining-delivers-positive-pea-for-garrison-project-301191953.html<\/a><\/p>\n<p>SOURCE  O3 Mining Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=TO22398&amp;Transmission_Id=202012140600PR_NEWS_USPR_____TO22398&amp;DateId=20201214\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire After-Tax NPV of C$321M, 33.0% IRR at US$1,450\/oz Gold TSXV:OIII &#8211; O3 Mining TORONTO, Dec. 14, 2020 \/PRNewswire\/ &#8211; O3 Mining Inc. (TSXV: OIII)\u00a0(&#8220;O3 Mining&#8221; or the &#8220;Corporation&#8221;) is pleased to announce positive results from the independent Preliminary Economic Assessment (&#8220;PEA&#8221;) on its 100 percent owned Garrison project in the Kirkland Lake region in Ontario, Canada. The PEA has been prepared by Ausenco Engineering Canada Inc. (&#8220;Ausenco&#8221;) in accordance with National Instrument 43-101 \u2013 Standards of Disclosure for Mineral Projects (&#8220;NI 43-101&#8221;). The press release is available on the Corporation&#8217;s website at https:\/\/o3mining.com\/news\/ Highlights of the PEA* (All figures are stated in Canadian dollars unless otherwise stated) Long-term gold price: US$1,450\/oz Exchange rate: C$1.00 = US$0.75 After-tax net &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/o3-mining-delivers-positive-pea-for-garrison-project\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;O3 Mining Delivers Positive PEA for Garrison Project&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-398715","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>O3 Mining Delivers Positive PEA for Garrison Project - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/o3-mining-delivers-positive-pea-for-garrison-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"O3 Mining Delivers Positive PEA for Garrison Project - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire After-Tax NPV of C$321M, 33.0% IRR at US$1,450\/oz Gold TSXV:OIII &#8211; O3 Mining TORONTO, Dec. 14, 2020 \/PRNewswire\/ &#8211; O3 Mining Inc. (TSXV: OIII)\u00a0(&#8220;O3 Mining&#8221; or the &#8220;Corporation&#8221;) is pleased to announce positive results from the independent Preliminary Economic Assessment (&#8220;PEA&#8221;) on its 100 percent owned Garrison project in the Kirkland Lake region in Ontario, Canada. The PEA has been prepared by Ausenco Engineering Canada Inc. (&#8220;Ausenco&#8221;) in accordance with National Instrument 43-101 \u2013 Standards of Disclosure for Mineral Projects (&#8220;NI 43-101&#8221;). The press release is available on the Corporation&#8217;s website at https:\/\/o3mining.com\/news\/ Highlights of the PEA* (All figures are stated in Canadian dollars unless otherwise stated) Long-term gold price: US$1,450\/oz Exchange rate: C$1.00 = US$0.75 After-tax net &hellip; Continue reading &quot;O3 Mining Delivers Positive PEA for Garrison Project&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/o3-mining-delivers-positive-pea-for-garrison-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-14T11:03:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1384532\/O3_Mining_Inc__Figure1.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"22 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/o3-mining-delivers-positive-pea-for-garrison-project\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/o3-mining-delivers-positive-pea-for-garrison-project\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"O3 Mining Delivers Positive PEA for Garrison Project\",\"datePublished\":\"2020-12-14T11:03:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/o3-mining-delivers-positive-pea-for-garrison-project\\\/\"},\"wordCount\":4383,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/o3-mining-delivers-positive-pea-for-garrison-project\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/1384532\\\/O3_Mining_Inc__Figure1.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/o3-mining-delivers-positive-pea-for-garrison-project\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/o3-mining-delivers-positive-pea-for-garrison-project\\\/\",\"name\":\"O3 Mining Delivers Positive PEA for Garrison Project - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/o3-mining-delivers-positive-pea-for-garrison-project\/","og_locale":"en_US","og_type":"article","og_title":"O3 Mining Delivers Positive PEA for Garrison Project - Market Newsdesk","og_description":"PR Newswire After-Tax NPV of C$321M, 33.0% IRR at US$1,450\/oz Gold TSXV:OIII &#8211; O3 Mining TORONTO, Dec. 14, 2020 \/PRNewswire\/ &#8211; O3 Mining Inc. (TSXV: OIII)\u00a0(&#8220;O3 Mining&#8221; or the &#8220;Corporation&#8221;) is pleased to announce positive results from the independent Preliminary Economic Assessment (&#8220;PEA&#8221;) on its 100 percent owned Garrison project in the Kirkland Lake region in Ontario, Canada. The PEA has been prepared by Ausenco Engineering Canada Inc. (&#8220;Ausenco&#8221;) in accordance with National Instrument 43-101 \u2013 Standards of Disclosure for Mineral Projects (&#8220;NI 43-101&#8221;). The press release is available on the Corporation&#8217;s website at https:\/\/o3mining.com\/news\/ Highlights of the PEA* (All figures are stated in Canadian dollars unless otherwise stated) Long-term gold price: US$1,450\/oz Exchange rate: C$1.00 = US$0.75 After-tax net &hellip; Continue reading \"O3 Mining Delivers Positive PEA for Garrison Project\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/o3-mining-delivers-positive-pea-for-garrison-project\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-14T11:03:47+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/1384532\/O3_Mining_Inc__Figure1.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"22 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/o3-mining-delivers-positive-pea-for-garrison-project\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/o3-mining-delivers-positive-pea-for-garrison-project\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"O3 Mining Delivers Positive PEA for Garrison Project","datePublished":"2020-12-14T11:03:47+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/o3-mining-delivers-positive-pea-for-garrison-project\/"},"wordCount":4383,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/o3-mining-delivers-positive-pea-for-garrison-project\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/1384532\/O3_Mining_Inc__Figure1.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/o3-mining-delivers-positive-pea-for-garrison-project\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/o3-mining-delivers-positive-pea-for-garrison-project\/","name":"O3 Mining Delivers Positive PEA for Garrison Project - 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