Mining Through Uncertainty

Price Change Over the Past Year OVER THE PAST YEAR (ACTUAL) PROJECTED IN NEXT 12 MONTHS COMMODITY AUGUST 2018 AUGUST 2019 INCREASE DECREASE Gold (per Troy Oz.) $1,180 $1,515 63.8% 4.3% Silver (per Troy Oz.) $14.61 $16.93 56.5% 4.3% Copper (per Pound) $2.72 $2.59 48.9% 10.6% NEVADA Mining Association MINING THROUGH UNCERTAINTY 19 Source: NVMA 2019 Survey APPLIED ANALYSIS

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