Mining Industry Issues and Opportunities

-22.5% Investment Attractiveness Index Growth United States Wyoming California NEVADA Mining Association -16.2% -2.3% -4.5% -3.9% -7.4% -7.1% -11.5% -13.8% Idaho New Mexico MINING INDUSTRY ISSUES AND OPPORTUNITIES Montana Minnesota Arizona Utah Nevada Alaska 2.7% 3.7% 1.7% 0.6% Michigan Washington Colorado Source: Fraser Institute Survey of Mining Companies (2016 vs 2017) and Applied Analysis APPLIED ANALYSIS

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