2017 Black Fox MUX Purchase Price US$35 million What did we buy? • Prime real estate along the Destor-Porcupine Fault • Underground mine producing 50,000 oz gold / year • 2,400 tpd mill and tailings pond with excess capacity amenable to Lexam ore. • Gold Resources1: M&I 1.2 million oz & inferred 231,000 oz • Multiple exploration properties • US$150 million in tax pools