Mining Through Uncertainty

Best Practices Mineral Potential Index Growth United States -15.0% Colorado Michigan -12.9% -13.5% -10.2% California Minnesota Washington NEVADA Mining Association 58.2% Arizona Montana MINING THROUGH UNCERTAINTY Alaska Utah 15.6% 8.2% 9.3% 3.8% 5.3% 0.6% 1.3% -0.8% Nevada New Mexico Source: Fraser Institute Survey of Mining Companies (2017 vs. 2018) and Applied Analysis 81 APPLIED ANALYSIS Idaho Wyoming

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