The Hope Bay Property is located within the Hope Bay volcanic belt which is part of a massive structural-geological complex called the Slave Structural Province.

The Hope Bay deposits (Doris, Madrid, and Boston), as well as a large number of other prospects, are considered to be typical of orogenic-type mesothermal lode gold deposits, greenstone-hosted quartz carbonate vein deposits.

• The Doris gold deposit is a typical Archean lode deposit which occurs within an over 3 km long, steeply dipping quartz vein system, in folded and metamorphosed pillow basaltic rocks.
• The Madrid deposit area lies within a north-south striking package of mafic volcanic rocks, comprising a sequence of Fe-Ti tholeiitics, Mg tholeiitics, komatiitic basaltic, synvolcanic to late gabbroic, and ultramafic rocks.
• The geology in the area of the Boston deposit is a bimodal assemblage of mafic and felsic volcanic rocks in contact with sedimentary rocks, all of which are complexly folded about a large-scale synformal-anticline. The core of the anticline is occupied by mafic volcanic rocks that host the Boston deposit and these are in turn overlain by sedimentary rocks.

THE DORIS AREA
The Doris Deposit is located at the north end of the north-south trending Hope Bay greenstone belt of Archean age near Cambridge Bay in Nunavut. Gold mineralization is contained within predominantly sub vertical quartz veins hosted within mafic volcanic rocks.

The ........

All mines were scheduled independently, with the sequences beginning as soon as possible. Start
dates were then adjusted for each mine in order to optimize the throughput over the mine life.
Based on these results, further optimization work could be performed, using consolidated
resource leveling and an overall production target. The start dates selected for each deposit are
as follows:
- Doris: Currently in production;
- Naartok: Development in progress (begun December 2019);
- Suluk: Development begins January 2027;
- Madrid South: Development begins January 2027;
- Boston: Development begins July 2025.

The development start dates assume any supporting infrastructure work is complete prior to that date, including construction of the Boston haul road.

Of the 16.8 Mt of ore produced during the LOM (2020-2034), the distribution by mine will include Doris at 7%, Naartok at 46%, Suluk at 22%, Madrid South at 5%, and Boston at 20%.

Current ore mining is ongoing at the Doris deposit and a small crown pillar recovery surface operation at the Madrid North deposit and advances to the Madrid North underground operation, Madrid South, Suluk and Boston deposits will occur sequentially over the defined Life of Mine (LOM).

Production for the Doris Plant LOM period (2020-2023) is on average 1,963 t/d from two mines including Doris and Madrid North (Naartok).

Production for the Madrid Pla ........

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Production for the Doris Plant LOM period (2020-2023) is on average 1,963 t/d from two mines including Doris and Madrid North (Naartok).

Production for the Madrid Plant LOM period (2024-2034) is up to 4,000 t/d from three mines including the Madrid North (Naartok, Suluk, Rand zones) the Madrid South (Patch 14 and Wolverine zones) and Boston.

DORIS PLANT (the currently operating processing facility)
The following is a summary of the proposed Doris Plant operation from 2020 to 2023. Ore will be sourced from the Doris and Madrid North (Naartok) deposits. The annual tonnage of ore processed is expected to be up to 730,000 t/a.

The plant recovers gold from the ore using a combination of gravity concentration and flotation. Flotation tailings, devoid of sulphides are sent to the TIA at a relatively coarse grind of 80% passing (P80) 150 µm. Gravity concentrates recovered by batch continuous centrifugal concentration are treated by intensive cyanidation ........