Mining Through Uncertainty

In-Migration by State California to Nevada 60,000 50,000 40,000 30,000 20,000 10,000 Total In-Migration 40% 30% 20% 10% 0% -10% Annual Change וי T 0 -20% '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Source: United States Census Bureau NEVADA Mining Association MINING THROUGH UNCERTAINTY 127 APPLIED ANALYSIS

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