Mining Through Uncertainty

Price of Gold USD per Troy Ounce $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 NEVADA Mining Association MINING THROUGH UNCERTAINTY 64% 32% 4% '19 Source: London Bullion Market Association; NVMA 2019 Survey APPLIED 21 ANALYSIS

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