North American Tungsten Corporation Ltd (NATUF)

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The Northern Abandoned Mine Reclamation Program
Budget 2019 invested $49.9 million over 15 years ($2.2 billion on a cash basis), starting in 2020–21 to create the Northern
Abandoned Mine Reclamation Program. The program will exclusively address the largest and highest-risk abandoned
mines in the Yukon and the Northwest Territories.

At the end of the 15-year program, active remediation is expected to be complete at seven of the eight mine sites.
However, all sites will likely require ongoing care and monitoring to ensure the remediation measures continue working
as planned.

The remediation of the other smaller mines or contaminated sites in the North under the responsibility of Crown-Indigenous
Relations and Northern Affairs Canada will continue to be funded through Environment and Climate Change Canada's
Federal Contaminated Sites Action Plan.
Further information about the eight mine sites can be found below:

Cantung Mine
The Cantung tungsten mine is located in the south-west corner of the Northwest Territories, approximately 720 km west
of Yellowknife. The mine is located 390 km from Whitehorse, with year-round access via Watson Lake.

North American
Tungsten Corporation Ltd (NATC) is the owner of Cantung mine and is responsible for the site under the water licence
issued by the Mackenzie Valley Land and Water Board.

The company, while legally responsible for the site, has been under creditor protection since June 2015.

A Court-appointed
Monitor, Alvarez & Marsal, oversees site operations, which are funded by the Government of Canada through the
Companies' Creditors Arrangement Act court process.

Under direction from the Court-appointed Monitor, NATC continues
to undertake care and maintenance activities at the Cantung mine in order to meet its regulatory requirements.

It is also
advancing environmental site investigations to assess and determine potential closure options for existing environmental liabilities at the mine site. This work is being carried out in conjunction with federal officials and in consultation with Indigenous groups with asserted rights in the area.

In 2019, a Memorandum of Agreement for the joint sale and marketing process of the Cantung mine and Mactung deposit
was signed by the Government of Canada and the Government of the Northwest Territories. There are viable tungsten and copper reserves remaining at the Cantung mine, and as such it is possible that the Government of Canada could find a new operator to resume mining activities before the
site is remediated and eventually close

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.esaa.org/wp-content/uploads/2019/08/EWN082319.pdf&ved=2ahUKEwiRxabi9YDnAhUaQ80KHXBGD54QFjAAegQIBRAB&usg=AOvVaw1uIt4zd_UWHnXj0dyO7LYJ