The Amulsar Project is a high-sulphidation epithermal deposit, but its close association with syn-depositional deformation adds a signature characteristic of orogenic gold systems. The deposit also has some characteristics of low temperature variants of IOCG deposits.

The Amulsar deposit is hosted in a thick pile of volcanogenic rocks thought to be related to the Tethyan magmatic arc/back-arc system. High-sulphidation epithermal deposits are associated normally with alteration grading from a central zone, dominated by silica-alunite alteration minerals, to an outer zone of argillic-kaolinite alteration mineral assemblages. At Amulsar, a similar sequence of alteration is observed, but the silica-alunite zone appears to be restricted to the mineralized vokanidastic and breccia rocks of the UV zone, and the argilic-kaolinite alteration is dominantly restricted to rocks of the LV zone. Both rock types are now strongly structurally interleaved, and mineralization is associated with subsequent deformation of this interleaved package.

The background alteration is characteristic of high.sulphidation epithermal systems, in which, fluids rich in magmatic volatiles cool and migrate to elevated crustal settings. The fluids arc commonly highly oxidized. Mineralization at Amulsar is associated with iron oxides. Iron sulphides have not been observed in significant quantities within the mineralized structures. The lack of micaceous alteration minerals associated with the gold mineralization indicates that fluid temperatures were likely less than 300'C, and within the range of temperatures associated with epithermal deposits. These oxidized fluids were injected into faults, fractures, and distant structures during an orogenic deformation that overprints the high¬sulphidation alteration. HOWever, the general absence of veining, and in particular, quartz veins, is atypical of most orogenic gold systems.

The Amulsar deposit was likely developed within a volcanic edifice with a protracted high-sulphidation fluid history that gradually developed into an epithermal level orogenic gold system that was perhaps still being fed by highly oxidized magmatic fluids.

Gold and silver mineralization at Amulsar is hosted predominately in UV rocks. Some mineralization occurs in LV rocks but usually in the vicinity of UV-LV contacts. The main gold mineralization is recognized as a hematite-gold event where mineralizing fluids deposited hematite, gold, probably silver, and traces of other metals. The hematite-gold event is thought to be a late event in the development of the Amulsar deposit.

Gold mineralization is controlled by the following features:

- Complex structural zones, particularly areas with variably oriented accommodation faults and fractures that link them;
- Porous and permeable lithological units, including hydrothermal breccias, volcaniclastic breccias systems; and
- Leached vuggy volcanics — allowing lateral migration of fluids away from structurally controlled conduits.

Silver mineralization is present at the Amulsar Project, but the genesis and distribution is not well understood. Silver mineralization does not correlate with gold mineralization. Average silver grades range from 2 g/t to 5 g/t and locally can occur in the 100 g/t to 200 g/t range.

The Amulsar deposit will be developed by open pit mining by mining 10 m benches using 22 cubic meter front shovels, and 180-t trucks. This configuration works well to maximize equipment utilization and productivity. Approximately half of the mining equipment has already been purchased and delivered to site.

Over the life of mine (LOM), three deposits will be mined and will be split into seven mining phases. The Tigranes and Artavasdes deposits are mined first, having higher value (combination of higher grades and a lower strip ratio) than the Erato deposit. Ore will be processed at a nominal production rate of 27,400 tpd (10 Mtpa). Ore material is either sent directly to the primary crusher, located several kilometers down-hill to the North of the open pits, or to stockpiles located close to the primary crusher. Waste material will initially be placed in the BRSF also located several kilometers down-hill to the North of the open pits. Over time, placement of the waste material will transition to being placed in- pit within the mined-out portions of the TAA open pits.

The primary haulage roads are required between the various open pit deposits and the primary ore crusher, and waste rock facilities. Roads are planned to be constructed using cut-and-fill techniques, utilizing waste rock sourced from the open pits, to achieve the designed alignment and grade. Roads within the waste rock storage facilities are designed to be all-fill construction.

The main in-pit haul roads and ramps are designed to have an overall road width allowance of 30 m. The selected road allowance is adequate for accommodating three times the width of the largest haul truck (180 tonne), with additional room for drainage ditches and safety berms.

In-Pit Haulage Road Design Parameters:
- Truck (180 tonne) operating width - 7.0 m;
- Running surface - 3x truck width - 21.0 m;
- Berm height (3/4 tire height) - 2.6 m;
- Berm width - 6.0 m;
- Ditch width - 3.0 m;
- Total Road Allowance - 30.0 m.

Most ramps are designed with a maximum grade of 10% but were steepened to 12% for final access to lower portions of the open pits. External roads are designed to allow access to roads connecting the various pits to the crusher and waste dumps and are also planned to be a maximum of 30 m wide.

- subscription is required.

The Amulsar processing facility will receive ROM ore by haul trucks at an average LOM nominal rate of 10 Mtpa or 27,400 tpd. Ore is processed through two stages of crushing to a target crush size P94 19 mm. The crusher unit operations include a primary jaw crusher, and a secondary screening and
crushing system. The crushed ore storage bin, secondary crushing feed bin, and crushed ore stockpile provides crushing surge capacity for the facility. The ore is fed from the screening plant to an overland conveyor to the fine ore stockpile and truck loadout bin. From there, crushed ore will be transported via trucks to the leach pad for heap leaching. Pregnant leach solution (PLS) from the heap will be treated in a CIC circuit. Gold will be recovered by an adsorption- desorption-recovery (ADR) circuit where the final product will be doré.

Amulsar processing facility consists of the following unit operations:
- Primary Crushing;
- Screening Facility;
- Secondary Crushing;
- Overland Conveying;
- Crushed Ore Stockpile;
- Heap Leach Facility;
- Carbon-In-Leach;
- Carbon Adsorption, Desorption and Recovery;
- Carbon Handling;
- Refining;
- Reagents;
- Utility Facilities.

The heap leach process consists of stacking crushed ore on the leach pad in lifts and leaching each individual lift to extract the gold and silver. Barren Leach Solution (BLS) containing dilute sodium cyanide will be applied to the ore heap surface using a combination of drip emitters and sprinklers at a design application rate of 6 L/hr/m2. The design leaching cycle of the ore heap is 60 days.

The solution will percolate through the ore to the drainage system above the pad liner, where it will be collected in a network of perforated drain pipes embedded within a 0.6-m minimum thickness granular cover drain fill layer above the liner. The solution will gravity flow to the process pond. PLS collected in the process pond will be pumped to the process plant to extract the gold and silver.

The process plant consists of an Adsorption, Desorption, Recovery (ADR) plant, refining, and reagent makeup and delivery systems. The ADR plant will be located to the southeast of the HLF collection ponds, and the plant area will be lined to contain spills and any overflow from the plant will be routed to the process pond.

The plant extracts precious metals from the PLS onto activated coconut carbon. The ADR circuit adorbs metals from the PLS in carbon columns and moves the carbon from the columns into strip vessel where the metal is eluted into solution at higher tenors. This new PLS is treated with zinc which causes gold and silver to precipitate from solution. Once the precious metals are precipitated, the solution is filtered and the cake is dried, mixed with flux and smelted to produce dore bars. The dore bars are then shipped to a refinery for further refining. The ADR circuit also regenerates the carbon through acid washing and a regeneration kiln to maintain the carbon's ability to adsorb metals in the carbon columns. Once regenerated the carbon is returned as fresh carbon to the carbon columns.

Metals are desorbed from the carbon using the Anglo-American Research Laboratories (AARL) method.

Pregnant solution from the elution column flows through heat exchangers where heat is recovered and used to preheat the incoming elution stream. The eluted solution is collected in the pregnant strip solution tank.

Smelting operations are performed in a secure refinery. Access to the refinery is limited to specific personnel, controlled by electronic and physical barriers, and is actively monitored.

The pregnant strip tank is designed for a capacity of 3 days or 6 elution cycle of pregnant eluate solution. Pregnant strip solution is pumped from the pregnant strip solution tank to the precipitation filters. Zinc powder is added to the solution after the filter feed pump and before the in-line zinc mixer. The precipitation of gold and silver is rapid and will have occurred before the solution reaches the precipitation filter.

The filter cake is collected into retort pans and transferred by cart to the mercury retort area. The mercury retort system is installed to capture any trace mercury that may be present during the life of the mine.

Dry cake removed from the mercury retort is fluxed and smelted into doré bars using a direct fired furnace. Off-gases are captured in a baghouse dust collection system where precious metal dust is captured and returned to the system. The slag produced from smelting is crushed and screened to recover any metal prill that may have become entrained with the slag. This prill is then collected and saved for the next pour. The crushed slag is stored in the slag bin before shipping to off-site smelter. The doré is packaged and stored in a safe for off-site shipment.