February 27th 2016 TSX.V – GQC Mining: Gold

GoldQuest Mining Corporation Mining & Exploration

Mark Lackey – Chief Strategist 416.775.3575 • [email protected] Brennan Eatough – Analyst 416.775.3575 • [email protected]

Robust Economics even at lower Gold prices COMPANY PROFILE GoldQuest Mining Corporation (“GQC” or “the Company”) is a Canadian based exploration and development company focused on gold and copper in the Dominican Republic (DR). Led by a management team that have previously developed an operating mine in the DR, the company is focused on developing its 100% owned Romero deposit, and further exploring the surrounding Tireo Property.

Corporate Data

INVESTMENT THESIS

Share Price: CDN $0.20

Market Capitalization: CDN $35.54M Valuation: CDN $0.50 – $0.60

GoldQuest is in the process of permitting and completing its fully funded Prefeasibility study (PFS) for their Romero gold mining project in the Dominican Republic, due in Q2, 2016. The project has reasonable local infrastructure, high grade deposits and excellent brownfield and blue sky growth potential. Combined with a veteran team, this strong mining project, with a 34% after tax Internal Rate of Return (IRR), provides investors with a ripe opportunity to capitalize on the increased market demand for gold and copper we project for the future, specifically relating to the ‘net buying’ activity we have recently seen from central banks around the world. Highlights 

GQC’s management’s track record in the mining sector, and more importantly in the Dominican Republic, is second to none.

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The team discovered Romero in 2012, one of the largest gold discoveries globally in recent years.

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Company comparables show GQC trading at a discount to its peers.

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Superior economics make the project profitable at lower gold prices.

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Only 34% of the indicated resources are currently in the mine plan, leaving plenty of opportunities for resource expansion.

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Significant potential fornew discoveries along the 50km under-explored Tireo belt.

VALUATION We believe that the fair market value of GQC is between $0.50 and $0.60 with a fair market value of 0.56 cents per share. This would imply a fully diluted market cap of $99.5 million CAD.

Last Price 52-week Range BETA EPS Shares O/S Vol / Avg 50 days

C$0.20 C$0.07 - C$0.23 -7.45 $-0.03 177.68M 230,325.00

GoldQuest Corporation: (GQC - TSX.V) February 27th 2016

INVESTMENT THESIS Mining companies will always be evaluated first and foremost on whether the management team has a strong track record and the ability to execute on corporate milestones. Enter GoldQuest: The management team led by Bill Fisher and Julio Espaillat has significant experience in the Dominican mining space and regulatory environment, especially relating to the production of gold and copper. Both executives were involved in the development of the DR’s greenfield Cerro de Maimon Copper/Gold mine which was commissioned in 2008 and is still a producing mine owned by Australian company Perilya, who purchased the project for $186 million 1. GoldQuest also has a significant history operating in this region. The Company has been exploring in the DR since 2001, and members of their technical team since the mid 1990s. GQC’s potential gold mining properties are in the west of the DR, specifically the Romero project consisting of the Romero and Romero South deposits which the Company discovered in 2012. The two deposits are separated by one kilometre highly prospective ground in the central area of the wholly owned Tireo property (Figure1 pg5). GQC’s Romero project presents a ripe opportunity for investors to profit given the potential low operating costs of their Romero gold project and modest capital requirements. AISC 2 for the Romero project come in at $572 USD per oz/AuEq 3, leaving a margin of $653 USD on a $1,225.00 gold price. With the optimized 2 nd PEA completed in May 2015 4 by JDS energy and mining (“the revised PEA”), Management is now advancing the Pre-feasibility study to de-risking the high yielding Romero project projected to be completed in Q2, 2016.

Gold Market Prices Our group’s outlook on gold prices places a target of USD $1,225/oz by the end of this year, our end of year price in 2017 of USD $1,350/oz and USD $1,450/oz at the end of 2018. While the United States’ economy has improved it still carries a large budget deficit and significant trade deficit, incentivizing central banks and sovereign funds to become net buyers of gold as a substitute for the USD. Since 2010 central banks have become net buyers of gold after a previous decade in which they had sold more gold than they had purchased, and this trend is continuing. Many analysts and newsletter writers continue to project that gold prices will not rise unless we have much higher rates of inflation. While this was the case between late 1977 and 1980 it was not the case in the 2000 to 2011. During the later and more recent rise in gold prices inflation in the US averaged +2.2 percent, German inflation averaged +1.8 percent, UK’s inflation rate averaged +2.2 percent, and Japanese inflation averaged -0.3 percent.

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Cerro De Maimon – Mining-Technology.com All in sustaining costs (presented less corporate G&A) 3 Gold Equivalent Ounces are calculated as follows: (Au oz. Payable + ((Cu lbs. payable * $2.90/lb) + (Ag oz. payable * $17/oz))/$1,225 oz) 4 JDS completed the revised PEA 2

Mark Lackey – Chief Strategist | 416-775-3575 | [email protected] Brennan Eatough – Analyst | 416-775-3575 | [email protected]

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GoldQuest Corporation: (GQC - TSX.V) February 27th 2016

The price of gold increased from a year average of $279 USD in 2000 to $1,571 USD in 2011year average and peaked at $1,921.50 USD on Sept 6 th, 2011. The U.S. dollar will have a modest appreciation versus the Euro and the Japanese Yen over this year but will be flat versus the other trade weighted currencies; investors should expect the U.S. dollar to depreciate modestly in the next 5 years versus most currencies. After further analysis our group also predicts the Federal Reserve will raise rates only 2 times in the next 2 years as we do not believe that the U.S. and the world economies are strong enough to warrant a multitude of rate hikes. We believe that those 2 rate hikes are currently baked in to the value of the U.S. dollar versus the other currencies at this point in time and as a result we project that the large appreciation of the U.S. dollar over the past 7 years is completed. It is also noted that the selling pressure from gold based exchange traded funds decreased last year and that trend has continued this year.

The Gold Market – Demand & Supply Demand We expect the demand for gold jewelry will rebound in China and India over the next 5 years after a decline in sales in 2014 and the first half of 2015. When we combine demand volumes in China and India they grew by 71 percent over the past 10 years. We believe that the decline in the 18 month time period was a pause in an upward growth trend in jewellery demand. In China increasing affluence has resulted in new opportunities for individuals to acquire more gold jewelry, the Chinese millennials have become a dominant force in the gold and luxury goods market and we expect them to be a major factor in driving the gold market in the future. Likewise in India we estimate about 15 million weddings per year over the next decade where more than half the population is 25 years of age and under. In the last 10 years 150 million people have come out of poverty into the rising middle class and this trend will continue; which will act as another driver to increase the demand for gold.

Supply Our outlook for gold supply over the next three to 5 years is lower than some of the other gold industry forecasts. We continue to see labour shortages, power shortages, permitting problems, and rising economic nationalism in some jurisdictions which have resulted in the delay of some projects that were to begin in the next three years. In addition, the large decrease in the price of gold in the last four years which has triggered announcements from major gold companies indicating that capital expenditures over the next 3 to 5 years are being reduced significantly. Grade degradation of gold also continues to be an issue as it is becoming more difficult to find new mines with high grades and the average grade of new discoveries continues to decline. This results in the marginal cost of producing gold increasing which will limit new supply opportunities.

Mark Lackey – Chief Strategist | 416-775-3575 | [email protected] Brennan Eatough – Analyst | 416-775-3575 | [email protected]

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GoldQuest Corporation: (GQC - TSX.V) February 27th 2016

Valuation The Romero Project compares very well to the peer group within the small cap gold market when we compare capital efficiency (capex vs annual production) among the peer group; GoldQuest is in the top quartile of these comparables. When we compare the internal rate of return (after-tax) GoldQuest is in the top 10% of their peer group.

Romero is a very robust project with an IRR (after-tax) of 34 percent. When we compare the capital payback period (after tax) GoldQuest also has less than a 3year payback on this project and is in the top one third of their peer group as well. In addition, Romero also has the advantage of having paid back all capital before peak production. GoldQuest currently trades at 0.16 x NAV as opposed to other gold companies in the development stage that trade between 0.25 and 0.70 x NAV. Depending upon which companies you choose in the developers group, the companies average between 0.50 and 0.60 x NAV (consensus estimates). Most of the junior gold producers trade between 0.90x NAV and par. Since GoldQuest is moving towards completing its Pre-feasibility study we believe that the company should trade more closely to other premium gold developers and producing companies. GQC’s shares should re-rate as the company de-risks the project. This justifies our valuation range between 50 and 60 cents for the share price, with fair value (FMV) per share of 56 cents. The 56 cent valuation is based upon a 0.70 x NAVPS multiple to the 0.80 cent per NAVPS.

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Graphs & Tables - Company Sources

Mark Lackey – Chief Strategist | 416-775-3575 | [email protected] Brennan Eatough – Analyst | 416-775-3575 | [email protected]

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GoldQuest Corporation: (GQC - TSX.V) February 27th 2016

Tireo Project The under explored and highly prospective Tireo project consists of a 100% owned group of concessions covering a 50 km long land position of highly prospective ground for gold and base metal deposits. Contained within the project is a window into the upper Cretaceous volcanic sequences which host the Romero deposit and has the best potential to host additional gold-copper deposits. Due to the extensive length of the project and the interest to fast track exploration targeting, the company flew a helicopterborne electro-magnetic (ZTEM) 6 survey coupled with a magnetic survey. The entire length of the Tireo project (Figure 2 pg6) was covered and a series of prominent magnetic low trends emerged, which represent prospective ground to host gold and copper deposits. , The magnetic low trend is currently being mapped and sampled to generate the next drill targets. In late February (2016), the Company is beginning a high-resolution and deep-penetrating induced polarization (IP) ground geophyical program to refine drill targets within the Tireo Belt. An IP program led to the discovery of the Romero deposit in 2012 by identifying a large chargeability anomaly. When tested, the anomaly was found to be a gold hosting copper and iron sulphide body. Within the 1 kilometre by 500 metre mineralized deposit, there are high grade gold and copper zones. The high grade zones correspond with high silicification zones, where there is significant quartz content and quartz veining within the host rock. Predicting the areas of high silicification within the larger sulphide bodies is a key method for zeroing in on the high grade gold and copper zones. The ground IP survey being utilized can identify zones of silicification by detecting areas of high resistivity, which is a physical property of quartz. This should allow the Company to optimize their drill targets to hit high grade zones with less overall drilling meterage (Figure 3 pg8). Mapping and sampling have revealed promising targets, and with the upcoming ground IP program, the Company is confident that new arget areas will continue to emerge. By the end of Q2, the Company anticipates that it will be in the position to start an exploration drilling campaign with a series of priority targets.

Figure 1

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Z-Tipper Axis Electromagnetic System Source GoldQuest Corporation

Mark Lackey – Chief Strategist | 416-775-3575 | [email protected] Brennan Eatough – Analyst | 416-775-3575 | [email protected]

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GoldQuest Corporation: (GQC - TSX.V) February 27th 2016

Figure 2

Romero Project

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The Dominican Republic Real GDP grew by +7.0 percent in the DR last year as the country recorded the most robust growth in the Latin America and the Caribbean 9. It is an especially remarkable growth rate when one considers that the region as a whole recorded a decline in an annual GDP of -1.0 percent in 2015. In fact, the DR has averaged +5.4 percent average annual real GDP growth rate between 1992 and 2015 making it one of the fastest growing economies in the world, over that time period. The IMF recently concluded that the DR is one of the most dynamic economies in Latin America. The current account deficit is the lowest in 10 years, and the public debt as a percentage of GDP stands at only 35.1% (100.5% in the US, 98% in Spain, and 132% in Italy) 10.

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Source GoldQuest Corporation Royal Bank 10 The IMF (International Monetary Fund) 9

Mark Lackey – Chief Strategist | 416-775-3575 | [email protected] Brennan Eatough – Analyst | 416-775-3575 | [email protected]

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GoldQuest Corporation: (GQC - TSX.V) February 27th 2016

Mining in the Dominican Republic The mining industry is one of the key engines of economic growth in the DR and has had a long history of project successes and because of this, job creation as well. The DR is also the home of the Pueblo Viejo gold deposit, one the largest gold mines in the world 11, owned by Barrick and Goldcorp Mining, who provide much of the country’s foreign exchange. The DR can be described as a relatively pro-mining jurisdiction, as the country has no royalties, competitive corporate taxes, and an overall positive business environment. Other jurisdictions where gold has been discovered recently continue to have labour shortages, power shortages, permitting problems, transportation deficiencies, and rising economic nationalism (higher taxes & higher royalties.) Based on these factors the DR presents a superior position compared to other jurisdictions in the region that have gold exploration and production 12.

The Romero Project Accessibility The Romero project is located within the La Escandalosa concession of GQC’s Tireo Property, in the central cordillera of the DR. The project is 40 kms north of the provincial capital San Juan de La Maguana, and 160 kms west of the country’s capital, Santo Domingo.

Infrastructure Infrastructure in the area is palatable to mining with a well paved road to within 22 kms of the Romero site which is accessible by 4 wheel drive vehicles throughout the year. The Romero deposit is adjacent to the Hondo Valle village. The national power grid is located at the sealed road-head. The company’s PFS makes provision for upgrading the road and installation of a powerline alongside. Hydro-electric options are being considered, but are likely to be funded from cash flow once the mine is up and running, with a goal of lowering the already low operating costs. Water is available 12 months of the year, and it is anticipated that most (if not all) of the process water will be supplied by re-cycling and from the underground mine. Suitable areas for tailings dams and the flotation plant have been identified adjacent to the mineral deposits. The nearest town of Sabaneta (10,000 people), where most of the labour force may be based, is 22 kms away. The nearest city, San Juan (150,000 people), is 50 kms away. The area is mountainous and is used for subsistence farming only.

Geological Setting The Romero hydrothermal gold/copper deposit is located within the central cordillera of the island of Hispaniola and is hosted by the upper Cretaceous-age Tireo Formation of volcanic rocks and limestones. The deposit is hosted within a relatively flat lying sequence of intercalated subaqueous intermediate to felsic volcanic and volcaniclastic rocks and limestones which formed in an island arc environment. These formations exhibit rhyolite domes (Figure 4 pg8). Mineralization is also stratabound and flat lying hosted mainly by a dacite breccia tuff, and is associated with argillic alteration and de-magnetization of the surrounding country rocks during the hydrothermal event.

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Pueblo Viejo gold deposit, 60% owned by Barrick Gold, 40% owned by Goldcorp – mining.com Fraser Institute annual survey of mining companies: 2014

Mark Lackey – Chief Strategist | 416-775-3575 | [email protected] Brennan Eatough – Analyst | 416-775-3575 | [email protected]

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GoldQuest Corporation: (GQC - TSX.V) February 27th 2016

Proposed Romero project profile The initial Romero project is planned to be a 10 year, underground bulk mining operation, with a 2.500 tonnes per day processing plant, producing up to 150,000 ounces of gold equivalent per year, for a capital expenditure of under $150 million. The initial product is a 20% copper, 75 g/t gold concentrate with remarkably low arsenic, for shipping to overseas smelters. Increasing of the daily throughput and installation of a second flotation circuit after capital recovery from year 3 onwards may result in extending mine life. Conclusion GoldQuest offers a low cost entry into a successful gold/copper development project in a good jurisdiction with a large surrounding district of outstanding potential, as Romero type deposits rarely, if ever, occur alone.

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Figure 4

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Source GoldQuest Corporation

Mark Lackey – Chief Strategist | 416-775-3575 | [email protected] Brennan Eatough – Analyst | 416-775-3575 | [email protected]

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GoldQuest Corporation: (GQC - TSX.V) February 27th 2016

APPENDIX A – MANAGEMENT AND BOARD OF DIRECTORS MANAGEMENT TEAM Bill Fisher, Executive Chairman P.Geo.| Mr. Fisher graduated in the UK as a geologist in 1979. He has extensive industry experience including a number of residential posts in Africa, Australia, Europe, and Canada in both exploration and mining positions. Under his leadership Karmin Exploration discovered the Aripuana base metal massive sulphide deposits in Brazil. From 1997 to 2001 Mr. Fisher was Vice President, Exploration for Boliden AB, a major European mining and smelting company where he was responsible for thirty five projects in nine countries. From 2001 to 2008 Mr. Fisher led GlobeStar Mining Corp. from an exploration company to an emerging precious and base metal producer in the Dominican Republic, developing and operating the Cerro de Maimon copper/gold mine until it was sold to Perilya for $186 million. Mr. Fisher was also Chairman of Aurelian Resources which was sold to Kinross Gold in 2008 for $1.2 Billion after the discovery of the Fruta del Norte gold deposit in Ecuador. Mr. Fisher currently servs as an independent director of Horizonte Minerals (AIM: HZM), and Treasury Metals (TSX: TML) and the London (UK) based Andiamo Exploration and RAME Energy (LSE: RAME). Julio Espaillat, President & CEO, Director| Mr. Espaillat has over 25 years of experience in the mining industry. From 2000 to 2011, Mr. Espaillat served as Vice President of Exploration at GlobeStar Mining Corporation, where he was responsible for all technical and financial administration of the company's properties in the Dominican Republic, including the acquisition, development and construction of the Cerro de Maimón massive sulphide deposit, where production commenced in October 2008. Prior to GlobeStar, Mr. Espaillat spent 12 years at Falconbridge Limited in various roles in the Dominican Republic and Timmins, Ontario. Prior to leaving Falconbridge, he was Senior Geologist in charge of exploration activities in the Dominican Republic. Mr. Espaillat received his degree in Mining Engineering from Pontificia Universidad Católica Madre y Maestra, Santiago, Dominican Republic, in 1978. In 1982 Mr. Espaillat completed a degree in Mining Geology ( Economic Geology) Magna Cum Laude, at the University of Wales, Cardiff, UK. More recently he received a Master Degree in Financial Management from the Universidad Tecnológica del Cibao , La Vega, Dominican Republic in 1999, and a Post Graduate Degree in Environmental Economics, Universidad de Chile -- Global Development in 2000. He has also served as a Professor of Geology at the Pontificia Universidad Católica Madre y Maestra, Dominican Republic from 1981 to 1988.

Paul Robertson, Chief Financial Officer| Mr. Robertson is a Chartered Accountant with extensive experience in the mining sector, including assisting junior resource companies with their financial reporting and regulatory requirements. He has over sixteen years of accounting, auditing, and tax experience including working with Ernst & Young from 1999 to 2005. Currently, he is the managing partner of Quantum Advisory Partners LLP, a professional services firm dedicated to assisting publicly listed companies with their financial reporting, taxation and regulatory requirements. He was previously the CFO of Grayd Resource Corporation that was acquired by Agnico Eagle in 2011. Mr. Robertson holds a BA from the University of Western Ontario (1993) and obtained his Chartered Accountant designation from the British Columbian Institute of Chartered Accountants in 1997.

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Source: GoldQuest Corporation

Mark Lackey – Chief Strategist | 416-775-3575 | [email protected] Brennan Eatough – Analyst | 416-775-3575 | [email protected]

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GoldQuest Corporation: (GQC - TSX.V) February 27th 2016

Jeremy Niemi, VP Exploration| Mr. Niemi is a geologist with 20 years experience in the mining/resource industry, both at corporate and operational levels. Mr. Niemi is currently the Vice President, Exploration for GoldQuest Corporation. Prior to joining GoldQuest which he served as Vice President, Geology with Noront Resources. Before joining Noront he was Manager, Technical Services, for Kinross Gold Corporation. He started his career with Inco Technical Services Ltd. in 1996, working on the Victor Deep project in the Sudbury basin. Mr. Niemi is a technical advisor of Gowest Gold (TSX.V GWA). Mr. Niemi is a member of the Association of Professional Geoscientists of Ontario and holds a BSc Honours degree in Earth Sciences from Laurentian University. Felix Mercedes, Country Manager (Dominican Republic)| Felix is a Dominican geologist with more than 20 years of experience in the Dominican Republic mining and exploration sector. Felix has worked for several companies as project and general manager and was previously the Caribbean representative for Energold International Drilling. Felix has a Degree in Geology and a Masters Degree in Business Administration and is currently a director of the Mining and Petroleum Chamber of the Dominican Republic.

BOARD OF DIRECTORS Patrick Michaels, Director Patrick Michaels is Executive Vice President of Precious Capital AG and a portfolio manager with Asty Capital AG and Zuri-Invest AG in Zurich, Switzerland. Mr. Michaels has been involved in numerous financings of gold mines in North America and is a well-respected financial adviser and fund manager throughout Europe. Mr. Michaels has extensive experience in the fields of mining finance, fund management and asset allocation. Mr. Michaels has a background in law and economics, and did his training in the areas of private banking and investment research at UBS in Zurich. Additionally, he attended post-graduate courses at the Colorado School of Mines in Denver, Colorado. Mr. Michaels also served as a director and on the audit committee of Romarco Minerals Inc. Florian Siegfried, Director Florian Siegfried heads the precious metals and mining investments at AgaNola Ltd., an asset management boutique based in Switzerland. Previously he was the Chief Executive Officer (“CEO”) of Precious Capital AG, a Zurich-based fund specializing in global mining investments. Prior to this Mr. Siegfried was CEO of shaPE Capital Ltd., a SIX Swiss Exchange-listed private equity company which was founded by Bank Julius Baer & Co. Ltd. and where he was instrumental in raising more than CHF 50 million in equity capital. Mr. Siegfried holds a masters degree in finance and economics from the University of Zurich. Frank Balint, Director Frank Balint is a seasoned mining executive with over 35 years of broad ranging experience in the mining industry. Mr. Balint has been involved in all aspects of the mining life cycle from exploration, discovery, delineation and estimation of reserves, feasibility, financing, acquisition, development and closure. Mr. Balint possesses strong technical skills backed up by solid financial experience that has resulted in a strong exploration and acquisition track record. As a senior member of the executive team at Inmet for nearly 20 years, he has had significant involvement with shaping, communicating, winning board support and executing a successful corporate strategy that saw Inmet grow from a market cap of less than $200 million to over $5 billion when it was purchased by First Quantum in March of 2013. Mr. Balint was also a former director of Wolfden Resources Inc., a TSX listed company which was sold to Zinifex in 2007 for $363 million. Mr. Balint is a licensed professional geologist (P. Geo) in Ontario, British Columbia and NWT.

Mark Lackey – Chief Strategist | 416-775-3575 | [email protected] Brennan Eatough – Analyst | 416-775-3575 | [email protected]

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GoldQuest Corporation: (GQC - TSX.V) February 27th 2016

APPENDIX B – THE DOMINICAN REPUBLIC

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APPENDIX C – MINERAL RESOURCE TABLE

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Source: GoldQuest Corporation

Mark Lackey – Chief Strategist | 416-775-3575 | [email protected] Brennan Eatough – Analyst | 416-775-3575 | [email protected]

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GoldQuest Corporation: (GQC - TSX.V) February 27th 2016

Disclaimers & Disclosures Presmont Intellectual Property All information used in the publication of this report has been compiled from publicly available sources that Presmont Group believes to be reliable. The opinions, estimates, and projections contained in this report are those of Presmont Group Inc. (“PRESMONT”) as of the date hereof and are subject to change without notice. PRESMONT makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; however, PRESMONT makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents. Information may be available to PRESMONT that is not herein. This report is provided, for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction. Its research is not an offer to sell or solicitation to buy any securities at any time now, or in the future. Neither PRESMONT nor any person employed by Presmont Group accepts any liability whatsoever for any direct or indirect loss resulting from any use of its research or information it contains. This report may not be reproduced, distributed, or published without any the written expressed permission of Presmont group Inc. and/or its principals.

Investment rating criteria There is no investment rating applied to any company/equity outside of a price range valuation, there is no technical ‘target price’ as these can prove to be problematic and inaccurate. Presmont Group also does not and will not provide any ‘buy’ or ‘sell’ ratings on any particular equity as we are not an institution or regulated by “IIROC”. Presmont Group has not provided investment banking services or received investment banking related compensation from GQC. The Presmont Group will also not be receiving any commissions via trading/sales of any shares or financial instruments of GQC. The strategist, Mark Lackey, responsible for this research report does not have, either directly or indirectly, a long or short position in the shares or options of GQC as of the date of publishing of this report; this is subject to change without notice. The associate and strategist responsible for this report also, have not visited the material operations of GQC.

Potential conflicts of interest The original author of this report is compensated based in part on the overall revenues of PRESMONT GROUP INC., a portion of which are generated by consulting activities. PRESMONT GROUP INC. has a consulting relationship with the company mentioned in this report. PRESMONT GROUP INC. and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentio ned herein as principal but never as an agent. Although PRESMONT GROUP INC. makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies. An investor should always consult with his/her investment advisor(s) prior to making any investment decision.

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Mineral Resource for Romero & Romero South Estimated by Micon International Limited. *Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that the mineral resources will be categorized as mineral reserves.

Mark Lackey – Chief Strategist | 416-775-3575 | [email protected] Brennan Eatough – Analyst | 416-775-3575 | [email protected]

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