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UPDATED RESOURCE AND RESERVE SUMMARY
Current Pit-Constrained Mineral Resource Estimate for the West Zone (1)
Mineral Resource Category²
Measured
Indicated
Measured + Indicated
Inferred4
1.
2.
3.
4.
5.
56
Tonnage (Mt) 5,6
Current Resource (May 20, 2022) 7
Grade (% Cg)³
Contained Graphite (Mt)
28.5
4.28
1.22
101.8
4.26
4.33
130.3
4.26
5.55
23.0
4.28
0.98
The Mineral Resources provided in this table were estimated using current Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and Reserves,
Definitions and Guidelines.
Mineral Resources that are not Mineral Reserves have not demonstrated economic viability. Additional trenching and/or drilling will be required to convert Inferred and Indicated Mineral
Resources to Measured Mineral Resources. There is no certainty that any part of a Mineral Resource will ever be converted into Reserves.
All analyses used for the Resource Estimates were performed by ALS Minerals Laboratories and delivered as % Cg, internal analytical code C-IR18.
Inferred Mineral Resources represent material that is considered too speculative to be included in economic evaluations. Additional trenching and/or drilling will be required to convert
Inferred Mineral Resources to Indicated or Measured Mineral Resources. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource
category.
Current Resource effective May 20, 2022.
6. Mineral Resources are stated at a cut-off grade of 1.78% Cg.
7.
Standards used for this resource update are the same standards produced over the course of the Feasibility Study (results published December 10, 2018) and the Resource Update (results
published March 19, 2020). The difference comes mainly from a newly accessible land package along the Hydro-Québec power line.
Open-Pit Mineral Reserves Estimate for the West Zone
Category
Proven
Probable
Proven & Probable
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Tonnage (Mt)
Grade (% Cg)
Contained
Graphite (Mt)
17.3
4.16
0.7
44.3
4.26
1.9
61.7
4.23
2.6
The Qualified Person for the Mineral Reserve Estimate is Jeffrey Cassoff, P. Eng., of BBA Inc. The effective date of the estimate is July 6,
2022.
Mineral reserves were estimated using a graphite concentrate selling price of C$2,137/tonne, and consider a 2% royalty, and selling
costs of C$47.92/tonne. An average grade of 97% was considered for the graphite concentrate. A metallurgical recovery of 93% was
used. A cut-off grade of 2.20% Cg was used. The strip ratio for the open pit is 1.16 to 1.
The Mineral Reserves are inclusive of mining dilution and ore loss. The reference point for the mineral reserves is the primary crusher.
Totals may not add due to rounding.
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