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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Northern Dynasty Minerals Ltd. (the
"Company") is incorporated under the laws of the Province of British Columbia, Canada, and its principal business activity
is the exploration of mineral properties. The Company is listed on the Toronto Stock Exchange ("TSX") under the symbol
"NDM" and on the NYSE American Exchange ("NYSE American") under the symbol "NAK". The Company’s
corporate office is located at 1040 West Georgia Street, 15th floor, Vancouver, British Columbia.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The consolidated financial statements
("Financial Statements") of the Company as at and for the year ended December 31, 2020, include financial information
for the Company and its subsidiaries (together referred to as the "Group" and individually as "Group entities").
The Company is the ultimate parent. The Group’s core mineral property interest is the Pebble Copper-Gold-Molybdenum-Silver-Rhenium
Project (the "Pebble Project") located in Alaska, United States of America ("USA" or "US"). All US
dollar amounts when presented are expressed in thousands, unless otherwise stated.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group is in the process of exploring
and developing the Pebble Project and has not yet determined whether the Pebble Project contains mineral reserves that are economically
recoverable. The Group’s continuing operations and the underlying value and recoverability of the amounts shown for the Group’s
mineral property interests is entirely dependent upon the existence of economically recoverable mineral reserves; the ability of
the Group to obtain financing to complete the exploration and development of the Pebble Project; the Group obtaining the necessary
permits to mine; and future profitable production or proceeds from the disposition of the Pebble Project.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">During the year ended December 31,
2020, the Company raised net cash proceeds of $78,347 from common share issuances and private placements of common shares (note 6(b)),
and $12,441 from the exercise of share purchase options and warrants (notes 6(c) – (d)).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">As of December 31, 2020, the Group had $42,460 (2019 –
$14,038) in cash and cash equivalents for its operating requirements and working capital of $36,526 (2019 – deficit of $233).
These Financial Statements have been prepared on the basis of a going concern, which assumes that the Group will be able to raise
sufficient funds to continue its exploration and development activities and satisfy its obligations as they come due. During the
years ended December 31, 2020 and 2019, the Group incurred a net loss of $63,872 and $69,193, respectively, and had a deficit
of $619,978 as of December 31, 2020. The Group has prioritized the allocation of its financial resources to meet key corporate
and Pebble Project expenditure requirements in the near term, including the funding of the appeal of the Record of Decision (the
"ROD") discussed below. Additional financing will be needed to progress any material expenditures at the Pebble Project
and for working capital. Additional financing may include any of or a combination of debt, equity and/or contributions from possible
new Pebble Project participants. There can be no assurances that the Group will be successful in obtaining additional financing
when required. If the Group is unable to raise the necessary capital resources and generate sufficient cash flows to meet obligations
as they come due, the Group may, at some point, consider reducing or curtailing its operations. As such, there is material uncertainty
that raises substantial doubt about the Group’s ability to continue as a going concern.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">These Financial Statements do not reflect adjustments to
the carrying values and classification of assets and liabilities that might be necessary should the Company be unable to continue
as a going concern, and such adjustments could be material.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group, through the Pebble Limited Partnership ("Pebble
Partnership"), initiated federal and state permitting for the Pebble Project under the National Environmental Protection Act
("NEPA") by filing documentation for a Clean Water Act ("CWA") 404 permit with the US Army Corps of Engineers
("USACE") in December 2017. The USACE published a draft Environmental Impact Statement ("EIS") in February
2019 and completed a 120-day public comment period thereon on July 2, 2019. In late July 2019, the US Environmental Protection
Agency ("EPA") withdrew a Proposed Determination initiated under Section 404(c) of the CWA in 2014, which attempted to
pre-emptively veto the Pebble Project before it received an objective, scientific regulatory review under NEPA. On July 24, 2020,
the USACE published the final EIS. On November 25, 2020, the USACE issued a ROD rejecting the Pebble Partnership’s permit
application, finding concerns with the proposed compensatory mitigation plan and determining the project would be contrary to the
public interest. The ROD rejected the compensatory mitigation plan as "noncompliant" and determined the project would
cause "significant degradation" and was contrary to the public interest. Based on this finding, the USACE rejected Pebble
Partnership’s permit application under the CWA. On January 19, 2021, the Pebble Partnership submitted its request for appeal
of the ROD with the USACE (the "RFA"). On February 24, 2021, the USACE notified the Pebble Partnership that the RFA is
"complete and meets the criteria for appeal" and has assigned a review officer to oversee the administrative appeal process.
While USACE guidelines indicate the appeal process should conclude within 90 days, the USACE has indicated that the review will
likely take additional time due to the complexity of issues and volume of materials associated with the Pebble Project case.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #1F497D"><i>(a)</i></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Statement</i></font><i> <font style="font-size: 8pt; color: #1F497D">of Compliance</font></i></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">These Financial Statements have been
prepared in accordance with International Financial Reporting Standards ("IFRS")<i> </i>as issued by the International
Accounting Standards Board ("IASB") and interpretations issued by the IFRS Interpretations Committee ("IFRIC"s)
that are effective for the Group’s reporting for the year ended December 31, 2020. These Financial Statements were authorized
for issue by the Board of Directors on March 26, 2021.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(b)</i></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Basis of Preparation</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">These Financial Statements have been
prepared on a historical cost basis using the accrual basis of accounting, except for cash flow information and for financial instruments
classified as fair value through other comprehensive income, which are stated at their fair value (refer note 2(e)). The accounting
policies set out below have been applied consistently to all periods presented in these Financial Statements unless otherwise stated.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4">Response to COVID-19</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group maintained its staff and employees when the Pebble
Partnership offices, along with all other non-essential offices in Alaska, were required to be closed during the early part of
the year, and supported the NEPA EIS process remotely. Technical review meetings had been completed prior to this closure. The
USACE published the final EIS in July 2020 and issued the ROD (discussed above) in November 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">As the pandemic continues to progress
and evolve, it is difficult to predict the extent and duration of any resulting operational and economic impacts for the Group,
as quarantine, self-isolation, social distancing, restrictions on travel, restrictions on meetings and work from home requirements
continue. The extent to which the pandemic impacts the Group’s operations will depend on future developments, which are highly
uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information that may emerge concerning
the severity of the coronavirus and the actions taken to contain the coronavirus or treat its impact, among others. The adverse
effects on the economy, the stock market and the Company’s share price could adversely impact our ability to raise capital,
with the result that our ability to pursue development of the Pebble Project could be adversely impacted, both through delays and
through increased costs. Any of these developments, and others, could have a material adverse effect on our business and results
of operations and could delay our plans for development of the Pebble Project.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(c)</i></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Basis of Consolidation</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">These Financial Statements incorporate the financial statements
of the Company, the Company’s subsidiaries, and entities controlled by the Company and its subsidiaries listed below:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; width: 23%"><font style="font-size: 8pt; color: #1A171B"><b>Name of Subsidiary</b></font></td>
<td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; width: 21%; text-align: right"><font style="font-size: 8pt; color: #1A171B"><b>Place of Incorporation</b></font></td>
<td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; width: 43%; text-align: right"><font style="font-size: 8pt; color: #1A171B"><b>Principal Activity</b></font></td>
<td style="border: #0070C0 1pt solid; width: 13%; text-align: right"><font style="font-size: 8pt; color: #1A171B"><b>Percent
Owned</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">3537137 Canada Inc. 1</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Canada</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Wholly-owned subsidiary of the Company.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble Services Inc.</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Nevada, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Management and services company. Wholly-owned subsidiary of the Company.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Northern Dynasty Partnership</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holds 99.9% interest in the Pebble Partnership and 100% of Pebble Mines.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble Limited Partnership(</font><font style="font-size: 8pt">"<font style="color: #1A171B">Pebble Partnership</font>"<font style="color: #1A171B">)</font></font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Limited Partnership. Ownership and Exploration of the Pebble Project.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble Mines Corp.(</font><font style="font-size: 8pt">"<font style="color: #1A171B">Pebble Mines</font>"<font style="color: #1A171B">)</font></font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Delaware, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">General Partner. Holds 0.1% interest in the Pebble Partnership.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble West Claims Corporation 2</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Subsidiary of the Pebble Partnership.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble East Claims Corporation 2</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Subsidiary of the Pebble Partnership.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble Pipeline Corporation</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Subsidiary of the Pebble Partnership.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble Performance Dividend LLC</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Subsidiary of the Pebble Partnership.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">U5 Resources Inc.</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Nevada, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Wholly-owned subsidiary of the Company.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Cannon Point Resources Ltd.</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">British Columbia, Canada</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Not active. Wholly-owned subsidiary of the Company.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">MGL Subco Ltd. (</font><font style="font-size: 8pt">"MGL")</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">British Columbia, Canada</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Not active. Wholly-owned subsidiary of the Company.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Delta Minerals Inc.(</font><font style="font-size: 8pt">"Delta")</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">British Columbia, Canada</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Not active. Wholly-owned subsidiary of MGL.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Imperial Gold Corporation(</font><font style="font-size: 8pt">"<font style="color: #1A171B">Imperial Gold</font>"<font style="color: #1A171B">)</font></font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">British Columbia, Canada</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Not active. Wholly-owned subsidiary of Delta.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Yuma Gold Inc.</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Nevada, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Not active. Wholly-owned subsidiary of Imperial Gold.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">Notes:</td><td></td></tr></table>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Holds a 20% interest in the Northern Dynasty Partnership. The Company holds the remaining 80% interest.</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">2.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Both entities together hold 2,402 claims comprising the Pebble Project.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Control is achieved when the Group
is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns
through its power over the investee. Specifically, the Group controls an investee if, and only if, the Company has power over the
investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); exposure, or
rights, to variable returns from its involvement with the investee; and the ability to use its power over the investee to affect
its returns.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Intra-Group balances and transactions, including any unrealized
income and expenses arising from intra-Group transactions, are eliminated in preparing the Financial Statements. Unrealized gains
arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group’s
interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there
is no evidence of impairment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(d)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Foreign Currencies</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The functional currency is the currency
of the primary economic environment in which the entity operates and has been determined for each entity within the Group. The
functional currency of U5 Resources Inc., Pebble Services Inc., Pebble Mines Corp., the Pebble Partnership and its subsidiaries,
and Yuma Gold Inc. is the US dollar and for all other entities within the Group, the functional currency is the Canadian dollar.
The functional currency determinations were conducted through an analysis of the factors for consideration identified in IAS 21,
<i>The Effects of Changes in Foreign Exchange Rates</i>.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #1A171B">Transactions in currencies other than the
functional currency are recorded at the rates of exchange prevailing on the dates of transactions. At the end of each reporting
period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that
date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at rates
prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in
a foreign currency are not retranslated.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The results and financial position
of entities within the Group which have a functional currency that differs from that of the Group are translated into Canadian
dollars as follows: (i) assets and liabilities for each statement of financial position are translated at the closing exchange
rate at that date; (ii) income and expenses for each income statement are translated at average exchange rates for the period;
and (iii) the resulting exchange differences are included in the foreign currency translation reserve within equity.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(e)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Financial Instruments</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On initial recognition, a financial
asset is classified as measured at amortized cost; fair value through other comprehensive income ("FVTOCI") (debt / equity
investment); or fair value through profit or loss ("FVTPL"). A financial asset (unless it is a trade receivable without
a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus,
for an item not at FVTPL, transaction costs that are directly attributable to its acquisition.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The classification of financial assets
is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>Classification
of financial assets</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4">Amortized cost</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">For a financial asset to be measured
at amortized cost, it needs to meet both of the following conditions and <u>not</u> be designated as at FVTPL:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 96px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">it is held within a business model whose objective is to hold assets to collect contractual cash flows; and</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 96px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group’s financial assets
at amortized cost comprise of restricted cash, amounts receivable, and cash and cash equivalents.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4">Fair value through
other comprehensive income ("FVTOCI")</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">For a debt investment to be measured
at FVTOCI, it needs to meet both of the following conditions and <u>not</u> be designated as at FVTPL:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 96px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 96px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4">Equity instruments
at FVTOCI</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On initial recognition, the Group
may irrevocably elect to present subsequent changes in the instrument’s fair value in other comprehensive income ("OCI")
provided it is not held for trading. This election is made on an investment-by-investment basis.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4">Fair Value through
profit or loss ("FVTPL")</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">All financial assets not classified
as measured at amortised cost or FVTOCI are measured at FVTPL. This includes all derivative financial assets. On initial recognition,
the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or
at FVTOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The following accounting policies
apply to the subsequent measurement of financial assets:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 28%"><font style="font-size: 8pt; color: #0054A4">Financial assets at FVTPL</font></td>
<td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 72%; text-align: justify"><font style="font-size: 8pt">These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss.</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt; color: #0054A4">Financial assets at amortized cost</font></td>
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt">These assets are subsequently measured at amortised cost using the effective interest method. The amortized cost is reduced by impairment losses (see below). Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt; color: #0054A4">Debt investments at FVTOCI</font></td>
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt">These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt; color: #0054A4">Equity investments at FVTOCI</font></td>
<td style="border-bottom: black 1.5pt double; text-align: justify"><font style="font-size: 8pt">These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #1A171B">Financial assets are impaired when there
is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial assets,
the estimated future cash flows of the investments have been impacted. For marketable securities classified as FVTOCI, a significant
or prolonged decline in the fair value of the securities below their cost is considered to be objective evidence of impairment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>Financial liabilities</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4">Non-derivative financial liabilities:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group’s non-derivative financial liabilities
consist of trade and other payables <font style="color: #1A171B">and payables to related parties.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><font style="color: #1A171B">A</font>ll financial liabilities
that are not held for trading or designated as at FVTPL <font style="color: #1A171B">are recognized initially at fair value net
of any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized
cost using the effective interest method.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4">Derivative financial assets and liabilities:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><font style="color: #1A171B">The Group’s warrant
liabilities, which warrants were fully exercised during the year, were derivative financial liabilities and had been designated
as at FVTPL (note 7).</font> On date of issue, the warrant liabilities were recognized at fair value as a financing cost with
the subsequent change in fair value recognized in loss<font style="color: #1A171B">.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(f)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Exploration and Evaluation Expenditure</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #1A171B">Exploration and evaluation expenditures
include the costs of acquiring licenses, costs associated with exploration and evaluation activity, and the acquisition date fair
value of exploration and evaluation assets acquired in a business combination or an asset acquisition. Exploration and evaluation
expenditures are expensed as incurred except for expenditures associated with the acquisition of exploration and evaluation assets
through a business combination or an asset acquisition. Costs incurred before the Group has obtained the legal rights to explore
an area are expensed.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Acquisition costs, including general and administrative
costs, are only capitalized to the extent that these costs can be related directly to operational activities in the relevant area
of interest where it is considered likely to be recoverable by future exploitation or sale or where the activities have not reached
a stage which permits a reasonable assessment of the existence of reserves.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Exploration and evaluation ("E&E") assets
are assessed for impairment only when facts and circumstances suggest that the carrying amount of an E&E asset may exceed its
recoverable amount or when the Group has sufficient information to reach a conclusion about technical feasibility and commercial
viability.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Industry-specific indicators for an impairment review arise
typically when one of the following circumstances applies:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Substantive expenditure on further exploration and evaluation activities is neither budgeted nor planned;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">title to the asset is compromised;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">adverse changes in the taxation and regulatory environment;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">adverse changes in variations in commodity prices and markets; and</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">variations in the exchange rate for the currency of operation.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Once the technical feasibility and commercial viability
of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable
to that area of interest are first tested for impairment and then reclassified to mining property and development assets within
property, plant and equipment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Recoverability of the carrying amount of any exploration
and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective
assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(g)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Mineral property, plant and equipment</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Mineral property, plant and equipment are carried at cost,
less accumulated depreciation and accumulated impairment losses.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The cost of mineral property, plant and equipment consists
of the acquisition costs transferred from E&E assets, any costs directly attributable to bringing the asset to the location
and condition necessary for its intended use, including costs to further delineate the ore body, development and construction costs,
removal of overburden to initially expose the ore body, an initial estimate of the costs of dismantling, removing the item and
restoring the site on which it is located and, if applicable, borrowing costs.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Mineral property acquisition and development costs are
not currently depreciated as the Pebble Project is still in the development stage and no saleable minerals are being produced.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #1A171B">The cost of an item of plant and equipment
consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for
its intended use, and an initial estimate of the costs of dismantling and removing the item and restoring the site on which it
is located.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #1A171B">Depreciation is provided at rates calculated
to write off the cost of plant and equipment, less their estimated residual value, using the declining balance method at various
rates ranging from 20% to 30% per annum.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #1A171B">An item of equipment is derecognized upon
disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising
on disposal of the asset, determined as the difference between the net disposal proceeds and the carrying amount of the asset,
is recognized in profit or loss.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #1A171B">Where an item of equipment consists of
major components with different useful lives, the components are accounted for as separate items of equipment. Expenditures incurred
to replace a component of an item of equipment that is accounted for separately, including major inspection and overhaul expenditures,
are capitalized.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #1A171B">Residual values and estimated useful lives
are reviewed at least annually.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(h)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Impairment of Non-Financial Assets</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">At the end of each reporting period the carrying amounts
of the Group’s non-financial assets are reviewed to determine whether there is any indication that these assets are impaired.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment
loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable
amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs of
disposal and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s
length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the
risks specific to the asset. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying
amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in loss for the period. For an asset
that does not generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which
the asset belongs.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #1A171B">Where an impairment
loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of
its recoverable amount. This increase in the carrying amount is limited to the carrying amount that would have been determined
had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss
is recognized immediately in profit or loss.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #1A171B">The Group has not
recorded any impairment charges in the years presented.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(i)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Leases</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">At inception of a contract, the Group
assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to
control the use of an identified asset for a period of time in exchange for consideration. The Group has elected not to recognize
right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less, and leases of low-value
assets. For these leases, the Group recognizes the lease payments as an expense in loss on a straight-line basis over the term
of the lease.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group recognizes a lease liability
and a right-of-use asset ("ROU Asset") at the lease commencement date.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The lease liability is initially measured
as the present value of future lease payments discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, using the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing
rate as the discount rate. The incremental borrowing rate is the rate which the Group would have to pay to borrow, over a similar
term and with a similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar
economic environment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Lease payments included in the measurement
of the lease liability comprise the following:</p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">fixed payments, including in-substance fixed payments, less any lease incentives receivable;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">amounts expected to be payable by the Group under residual value guarantees;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">payments of penalties for terminating the lease, if the Group expects to exercise an option to terminate the lease.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The lease liability is subsequently
measured by:</p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">increasing the carrying amount to reflect interest on the lease liability;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">reducing the carrying amount to reflect the lease payments made; and</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">remeasuring the carrying amount to reflect any reassessment or lease modifications.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The lease liability is remeasured
when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s
estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether
it will exercise a purchase, extension or termination option.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The ROU Asset is initially measured
at cost, which comprises the following:</p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">the amount of the initial measurement of the lease liability;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">any lease payments made at or before the commencement date, less any lease incentives received;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">any initial direct costs incurred by the Group; and</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The ROU Asset is subsequently measured
at cost, less any accumulated depreciation and any accumulated impairment losses, and adjusted for any remeasurement of the lease
liability. It is depreciated from the commencement date to the earlier of the end of its useful life or the end of the lease term
using either the straight-line or units-of-production method depending on which method more accurately reflects the expected pattern
of consumption of the future economic benefits.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Each lease payment is allocated between
the lease liability and finance cost. The finance cost is charged to loss over the lease period so as to produce a constant periodic
rate of interest on the remaining balance of the liability for each period.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">On the balance sheet, the ROU Assets are presented in "<i>Mineral
property, plant and equipment</i>" (note 3) and the lease liabilities are presented in "<i>Trade and other payables</i>"
(note 10).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(j)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Share Capital, Special Warrants, Warrants and Subscriptions for Shares</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Common shares ("shares"),
special warrants, warrants and subscriptions received for shares are classified as equity. Transaction costs directly attributable
to the issue of these instruments are recognized as a deduction from equity, net of any tax effects. Where units comprising of
shares and warrants are issued the proceeds and any transaction costs are apportioned between the shares and warrants according
to their relative fair values.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Upon conversion of special warrants
and warrants into shares and the issue of shares for subscriptions received, the carrying amount, net of a pro rata share of the
transaction costs, is transferred to share capital.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(k)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Share-based Payment Transactions</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4"><i>Equity-settled share-based Option Plan</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group operates an equity-settled
share-based option plan for its employees and service providers (note 6(d)). The fair value of share purchase options granted
is recognized as an employee or consultant expense with a corresponding increase in the <i>equity-settled share-based payments
reserve</i> in equity (the "Equity Reserve"). An individual is classified as an employee when the individual is an employee
for legal or tax purposes ("direct employee") or provides services similar to those performed by a direct employee.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The fair value is measured at grant
date for each tranche, which is expensed on a straight-line basis over the vesting period, with a corresponding increase in the
Equity Reserve. The fair value of share purchase options granted is measured using the Black-Scholes option pricing model, taking
into account the terms and conditions upon which the share purchase options were granted and forfeiture rates as appropriate. At
the end of each reporting period, the amount recognized as an expense is adjusted to reflect the actual number of share purchase
options that are expected to vest.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><i>Deferred Share
Unit ("DSU") Plan</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group has a DSU plan for its non-executive
directors. The Group determines whether to account for DSUs as equity-settled or cash-settled based on the terms of the contractual
arrangement. The fair value of DSUs granted is recognized as an employee expense with a corresponding increase in the Equity Reserve
if deemed equity-settled or a liability if cash-settled at grant date.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The fair value is estimated using
the TSX quoted market price of the Company’s common shares at grant date and expensed over the vesting period as share-based
compensation in loss until they are fully vested. If the DSUs are cash-settled, the expense and liability are adjusted each reporting
period for changes in the TSX quoted market price of the Company’s common shares.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4"><i>Restricted Share Unit ("RSU")
Plan</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group has a RSU plan for its employees,
executive directors and eligible consultants of the Group. The Group determines whether to account for the RSUs as equity-settled
or cash-settled based on the terms of the contractual arrangement. The fair value of RSUs is recognized as an employee expense
with a corresponding increase in the Equity Reserve if deemed equity–settled or a liability if deemed cash-settled at grant
date.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The fair value is estimated using
the number of RSUs and the quoted market price of the Company’s common shares at the grant date. It is then expensed over
the vesting period with the credit recognized in equity in the Equity Reserve. If cash-settled, the expense and liability are adjusted
each reporting period for changes in the quoted market value of the Company’s common shares.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(l)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Income Taxes</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Income tax on the profit or loss for
the years presented consists of current and deferred tax. Income tax is recognized in profit or loss except to the extent that
it relates to items recognized in other comprehensive income or loss or directly in equity, in which case it is recognized in other
comprehensive income or loss or equity.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Current tax expense is the expected
tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments
to tax payable with regard to previous years.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Deferred tax is provided using the
balance sheet liability method, providing for unused tax loss carry forwards and temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary
differences are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that
affect neither accounting nor taxable profit; and differences relating to investments in subsidiaries, associates, and joint ventures
to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the
expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively
enacted at the end of the reporting period applicable to the period of expected realization or settlement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">A deferred tax asset is recognized
only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Additional income taxes that arise
from the distribution of dividends are recognized at the same time as the liability to pay the related dividend.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Deferred tax assets and liabilities
are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they
relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities
on a net basis.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(m)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Restoration, Rehabilitation, and Environmental Obligations</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">An obligation to incur restoration,
rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration or development of a mineral
property interest. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net
present value, are provided for and capitalized at the start of each project to the carrying amount of the asset, along with a
corresponding liability as soon as the obligation to incur such costs arises. The timing of the actual rehabilitation expenditure
is dependent on a number of factors such as the life and nature of the asset, the operating license conditions and, when applicable,
the environment in which the mine operates.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Discount rates using a pre-tax rate
that reflects the time value of money are used to calculate the net present value. These costs are charged against profit or loss
over the economic life of the related asset, through amortization using either the unit-of-production or the straight line method.
The corresponding liability is progressively increased as the effect of discounting unwinds, creating an expense recognized in
loss.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Decommissioning costs are also adjusted
for changes in estimates. Those adjustments are accounted for as a change in the corresponding capitalized cost, except where a
reduction in costs is greater than the unamortized capitalized cost of the related assets, in which case the capitalized cost is
reduced to nil and the remaining adjustment is recognized in profit or loss.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The operations of the Group have been,
and may in the future be, affected from time to time in varying degree by changes in environmental regulations, including those
for site restoration costs. Both the likelihood of new regulations and their overall effect upon the Group are not predictable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group has no material restoration,
rehabilitation and environmental obligations as the disturbance to date is not significant. The Group has posted two bonds with
the Alaskan regulatory authorities as performance guarantees for any potential reclamation liability incurred as a condition for:
(i) the issue of the Miscellaneous Land Use Permit at the Pebble Project (note 5(b)), and (ii) the granting of a pipeline
right-of-way (note 15(d)).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(n)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Loss per Share</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group presents basic and diluted
loss per share information for its common shares, calculated by dividing the loss attributable to common shareholders of the Company
by the weighted average number of common shares and any fully prepaid special warrants outstanding during the year. Diluted loss
per share does not adjust the loss attributable to common shareholders or the weighted average number of common shares outstanding
when the effect is anti-dilutive.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(o)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Segment Reporting</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group operates in a single reportable
operating segment – the acquisition, exploration and development of mineral properties. The Group’s core asset, the
Pebble Project, is located in Alaska, USA.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(p)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Significant Accounting Estimates and Judgments</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="color: #1A171B">The preparation
of these Financial Statements requires management to make certain estimates, judgments and assumptions that affect the reported
amounts of assets and liabilities at the date of the Financial Statements and reported amounts of expenses during the reporting
period. Actual outcomes could differ from these estimates. These Financial Statements include estimates, which, by their nature,
are uncertain. The impacts of such estimates are pervasive throughout the Financial Statements</font>, and may require accounting
adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is
revised and future periods if the revision affects both current and future periods. These estimates are based on historical experience,
current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable
under the circumstances.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4"><i>Sources of estimation uncertainty</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Significant assumptions about the
future and other sources of estimation uncertainty that management has made at the end of the reporting period, that could result
in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions
made, relate to, but are not limited to, the following:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The Group uses the Black-Scholes option pricing model to calculate an estimate of the fair value of share purchase options and warrants granted during the year. In the case of share purchase options, the fair value calculated is used to determine share-based compensation that is included in loss for the year. The fair value calculated for the warrants until they were exercised, was used to value the warrant liabilities on the statement of financial position, with gains or losses being recognized in loss. Inputs used in this model require subjective assumptions, including the expected price volatility from less than one year to five years. Changes in the subjective input assumptions can affect the fair value estimate. The weighted average assumptions applied are disclosed in Notes 6(d) and 7, respectively.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">2.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Significant assumptions about the future and other sources of estimation uncertainty are made in determining the provision for any deferred income tax expense that is included in the loss for the year and the composition of any deferred income tax liabilities included in the Statement of Financial Position.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4"><i>Critical accounting judgments</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">These include:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">In terms of IFRS 6, <i>Exploration for and Evaluation of Mineral Resources,</i> the Group has used judgment that testing the Group’s mineral property interest for impairment as a result of the receipt of the ROD denial of the permit for the Pebble Project is not warranted as the Group has initiated an administrative appeal with the USACE, which has been confirmed as complete by the USACE and the resolving of which may take up to 90 days, but this timeframe is likely to be extended. The Group will allow the administrative appeal to run its course while at the same time pursuing other options available to it. Key to the Group’s judgement in reaching this conclusion is that as at December 31, 2020, and the date the Financial Statements were authorized for issuance, the Company’s market capitalization exceeded the carrying value of the Pebble Project and the Group’s net asset value.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">2.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Pursuant to IAS 21, <i>The Effects of Changes in Foreign Exchange Rates</i> ("IAS 21") in determining the functional currency of the parent and its subsidiaries, the Group used judgment in identifying the currency in which financing activities are denominated and the currency that mainly influences the cost of undertaking the business activities in each jurisdiction in which each entity operates.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">3.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The Group has employed judgement that going concern was an appropriate basis for the preparation of the Financial Statements, as the Group considered existing financial resources in determining that such financial resources are able to meet key corporate and Pebble Project expenditure requirements for at least the next twelve months (note 1).</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">4.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The Group used judgment in terms of accounting for leases in accordance with IFRS 16. IFRS 16 applies a control model to the identification of leases and the determination of whether a contract contains a lease on the basis of whether the customer has the right to control the use of an identified asset for a fixed period of time. In determining the appropriate term for a lease, the Group considered the right of either the lessee and lessor to terminate the lease without permission from the other party with no more than an insignificant penalty as well as whether the Group is reasonably certain to exercise the extension options on the contract.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(q)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Recent Accounting Pronouncements</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4"><i>Amendments to IFRS 3, Business Combinations
("IFRS 3")</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group adopted the amendments to IFRS 3 in the
current year, although there was no impact on the Group. The amendments relate to the definition of a business and clarify that
while a business usually has outputs, outputs are not required for an integrated set of activities and assets to qualify as a business.
To be considered a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process
that together significantly contribute to the ability to create outputs. The amendments remove the assessment of whether market
participants are capable of replacing any missing inputs or processes and continuing to produce outputs. The amendments also introduce
additional guidance that helps to determine whether a substantive process has been acquired.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The amendments introduce an optional concentration test
that permits a simplified assessment of whether an acquired set of activities and assets is not a business. Under the optional
concentration test, the acquired set of activities and assets is not a business if substantially all of the fair value of the gross
assets acquired is concentrated in a single identifiable asset or group of similar assets. The amendments are applied prospectively
to all business combinations and asset acquisitions for which the acquisition date is on or after January 1, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4"><i>Adoption of Other Narrow Scope Amendments
to IFRSs and IFRS Interpretations</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group also adopted other amendments to IFRSs, which
were effective for accounting periods beginning on or after January 1, 2020. The adoption had no impact on the Financial Statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4"><i>New and Revised IFRSs, Narrow Scope
Amendments to IFRSs and IFRS Interpretations not yet Effective</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Certain pronouncements have been issued by the IASB that
are mandatory for accounting periods after December 31, 2020. There are currently no such pronouncements that are expected to have
a significant impact on the Group’s consolidated financial statements upon adoption; however, the pronouncement below may
have an impact in future periods.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4"><i>Amendments to IAS 16, Property,
Plant and Equipment</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 63pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The amendments clarify the accounting for the net proceeds
from selling any items produced while bringing an item of property, plant and equipment ("PPE") to the location and condition
necessary for it to be capable of operating in the manner intended by management. The amendments prohibit entities from deducting
amounts received from selling items produced from the cost of PPE while the Group is preparing the asset for its intended use.
Instead, sales proceeds and the cost of producing these items will be recognized in profit or loss. The amendments are effective
for annual reporting periods beginning on or after January 1, 2022, with earlier application permitted. The amendments apply retrospectively,
but only to assets brought to the location and condition necessary for them to be capable of operating in the manner intended by
management on or after the beginning of the earliest period presented in the financial statements in which the Group first applies
the amendments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group’s exploration and evaluation assets are
comprised of the following:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td>
<p style="border-bottom: black 0.75pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Year ended December 31,
2020</i></b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: right; vertical-align: middle">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Mineral</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Property</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>interest 1</b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: right; vertical-align: middle">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Plant and </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>equipment 2 </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; vertical-align: middle; text-align: right"><font style="font-size: 8pt"><b>Total </b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Cost</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; width: 64%"><font style="font-size: 8pt">Beginning balance and Ending balance</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">112,541</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">3,018</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">115,559</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Accumulated depreciation</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Beginning balance</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,615</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,615</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Depreciation 3</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(533</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(533</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Ending balance</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2,148</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2,148</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Foreign currency translation difference</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">22,083</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">152</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">22,235</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Net carrying value –December 31, 2020</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">134,624</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1,022</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">135,646</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><i>Year ended December 31, 2019</i></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: right; vertical-align: middle">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Mineral</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Property</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>interest 1</b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: right; vertical-align: middle">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Plant and </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>equipment 2 </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; vertical-align: middle; text-align: right"><font style="font-size: 8pt"><b>Total </b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Cost</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 64%"><font style="font-size: 8pt">Beginning balance</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">112,541</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1,374</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">113,915</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Impact of IFRS 16 adoption</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,154</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,154</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Beginning balance as restated</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">112,541</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,528</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">115,069</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Additions</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">490</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">490</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Ending balance</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">112,541</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">3,018</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">115,559</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Accumulated depreciation</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Beginning balance</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(968</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(968</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Depreciation 3</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(647</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(647</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Ending balance</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,615</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,615</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Foreign currency translation difference</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">24,766</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">157</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">24,923</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Net carrying value – December 31, 2019</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">137,307</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1,560</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">138,867</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notes to tables:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Comprises the Pebble Project, a contiguous block of 2,402 mineral claims covering approximately 417 square miles located in southwest Alaska, 17 miles (30 kilometers) from the villages of Iliamna and Newhalen, and approximately 200 miles (320 kilometers) southwest of the city of Anchorage.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">2.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Includes ROU Assets, which relate to the use of office space, a copier, hangers, yard storage and one vehicle. The following comprises ROU Assets:</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b><i>Year ended December 31, 2020</i></b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: right; vertical-align: middle">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Land and </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Buildings </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; vertical-align: middle; text-align: right"><font style="font-size: 8pt"><b>Equipment </b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; vertical-align: middle; text-align: right"><font style="font-size: 8pt"><b>Total </b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; width: 64%">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Cost</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Beginning and Ending balance</p></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">1,591</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">53</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">1,644</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Accumulated depreciation</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Beginning balance</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(411</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(9</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(420</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Depreciation</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(312</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(17</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(329</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Ending balance</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(723</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(26</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(749</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Foreign currency translation difference</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(69</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(70</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Net carrying value – December 31, 2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">799</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">26</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">825</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><i>Year ended December 31, 2019</i></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: right; vertical-align: middle">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Land and </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Buildings </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; vertical-align: middle; text-align: right"><font style="font-size: 8pt"><b>Equipment </b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; vertical-align: middle; text-align: right"><font style="font-size: 8pt"><b>Total </b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 64%">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Cost</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Beginning balance at January 1, 2019</p></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1,132</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">22</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1,154</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Additions</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">459</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">31</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">490</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Ending balance</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,591</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">53</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,644</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Depreciation</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(411</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(9</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(420</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Foreign currency translation difference</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(63</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(64</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Net carrying value – December  31, 2019</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,117</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">43</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,160</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">3.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">For the year ended December 31, 2020, $235 (2019 – $224) in depreciation is included in general and administrative expenses with the remainder included in exploration and evaluation expenses.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(a)</i></font><i><font style="font-size: 8pt"> </font></i></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt"><font style="font-size: 8pt; color: #0054A4"><i>Cash and cash equivalents</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group’s cash and cash equivalents at December
31, 2020 and 2019, consisted of cash on hand and was invested in business and savings accounts.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4"><i>Supplementary cash flow information</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Non-cash investing and financing activities:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">In the year ended December 31, 2019, the Group issued:</p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">common shares on settlement of equity-settled restricted share units (note 6(f));</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">common share purchase warrants as part of the financing fees paid to the underwriters in the June bought deal financing (note 6(b)); and</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">converted special warrants into common shares for no additional consideration (note 6(b)).</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(b)</i></font><i><font style="font-size: 8pt"> </font></i></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt"><font style="font-size: 8pt; color: #0054A4"><i>Restricted cash</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group has cash deposited with a United States financial
institution that has been pledged as collateral to the surety provider for a US$2,000 surety bond that was placed with the Alaskan
regulatory authorities for a performance guarantee related to any potential reclamation liability as a condition of the Miscellaneous
Land Use Permit granted to the Pebble Partnership for its ongoing activities on the Pebble Project. The cash deposit will be released
once any reclamation work required has been performed and assessed by the Alaskan regulatory authorities. The cash is invested
in a money market fund. For the year ended December 31, 2020, income of $2 (2019 – $15), which has been re-invested, has
been recognized.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><b><i>(a)</i></b></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Authorized Share Capital</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">At December 31, 2020 and 2019,
authorized share capital comprised of an unlimited number of common shares ("shares") with no par value. All shares were
issued and fully paid.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(b)</i></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Financings</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><i>August and July
2020</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>Private Placement</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group completed a non-brokered
private placement in two tranches of 5,807,534 shares and 100,000 shares on July 30, 2020, and August 6, 2020, respectively, at
a price of US$1.46 per share for gross proceeds of US$8,625 ($11,679). No commission or finder’s fee were payable. After
transaction costs of $106, net proceeds to the Group were $11,573.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>Bought Deal</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In July 2020, the Group completed
an underwritten public offering of 24,150,000 shares at US$1.46 per share for gross proceeds of US$35,259 ($47,638). The Group
paid the underwriters a 5% cash commission. After transaction costs of $3,038, net proceeds to the Group were $44,600.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><i>May 2020</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>Bought Deal</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In May 2020, the Group completed an
underwritten public offering of 14,375,000 shares at $0.70 per share for gross proceeds of approximately $10,063. The Group paid
the underwriters a 5% cash commission. After transaction costs of $943, net proceeds to the Group were $9,120.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>Private Placement</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In May 2020, the Group also completed
a non-brokered private placement of 10,357,143 shares at $0.70 per share for gross proceeds of $7,250. No commission or finder’s
fee were payable. After transaction costs of $16, net proceeds to the Group were $7,234.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><i>January 2020</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>Private Placements</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In January 2020, the Group completed
private placements of 13,688,823 shares for gross proceeds of approximately $6,708 (US$5,065). Of this, $6,009 was received in
January 2020 on the placement of 12,262,323 shares as the Group received $699 in December 2019 for subscriptions to 1,426,500 shares,
which were issued in January 2020. After transaction costs of $116 (of which $6 was incurred in 2019), net proceeds to the Group
were $6,592 (of which $693 was received in December 2019).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><i>December 2019</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>Bought Deal</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group completed a bought deal
offering of 41,975,000 Shares at US$0.37 per share for gross proceeds of US$15,531 ($20,561). The Group incurred transaction costs
of $1,909, which includes a 7.5% commission paid to the underwriters, and net proceeds to the Group recognized in the year ended
December 31, 2019, were $18,652.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In the year ended December 31, 2020,
additional transaction costs of $77 were incurred.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>Subscriptions Received
for Private Placement</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group received subscriptions for
1,426,500 shares totalling $699 in respect to a private placement that was completed in January 2020 (refer above). Transaction
costs of $6 were incurred to December 31, 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><i>August 2019</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>Bought Deal</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group completed a bought deal
offering of 15,333,334 shares at US$0.75 per share for gross proceeds of US$11,500 ($15,318). The Group incurred transaction costs
of $1,215, which included a 6% commission paid to the underwriters, and net proceeds to the Group were $14,103.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>Private Placement</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group completed a non-brokered
private placement of 2,866,665 shares for gross proceeds of approximately US$2,150 ($2,844). No commission or finder’s fee
was payable. After transaction costs of $7, net proceeds to the Group were $2,837.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><i>June 2019</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>Bought Deal</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group completed a bought deal
offering of 12,200,000 shares at US$0.41 per share for gross proceeds of US$5,002 ($6,594). The Group paid the underwriters a 6%
cash commission and issued 244,000 non-transferable share purchase warrants ("Broker Warrants") to purchase shares at
US$0.41 per share until June 24, 2020. After transaction costs of $818, which excludes the estimate of the cost of the Broker Warrants
(see below), net proceeds to the Group were $5,776.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">As the Broker Warrants were denominated
in US dollars, they were treated as cash-settled warrant liabilities (note 7) and were valued at $50 upon initial recognition,
estimated using the Black Scholes option pricing model with the following assumptions: risk free rate of 1.45%, expected volatility
of 72.9%, expected life of 1 year, share price of $0.61 and dividend yield of nil. The equivalent amount was recognized as a financing
cost. The Broker Warrants were exercised in June 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>Private Placement</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group also completed a non-brokered
private placement of 3,660,000 shares for gross proceeds of approximately US$1,500 ($1,975). No commission or finder’s fee
was payable. After transaction costs of $4, net proceeds to the Group were $1,971.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><i>March 2019</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>Bought Deal</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group completed a bought deal
offering of 17,968,750 shares at US$0.64 per share for gross proceeds of US$11,500 ($15,338). After transaction costs of $1,384,
which includes a 6% commission paid to the underwriters, net proceeds to the Group recognized in the year ended December 31, 2019,
were $13,954.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In the year ended December 31, 2020,
additional transaction costs of $2 were incurred.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>Private Placement</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group also completed a private
placement of 3,769,476 shares at $0.86 (US$0.64) per share for gross proceeds of approximately $3,242 (US$2,412). After transaction
costs of $139, net proceeds to the Group were $3,103.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>February 2019 Conversion
of Special Warrants</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">10,150,322 special warrants issued
in a private placement in December 2018, were converted into shares on a one-for-one basis for no additional consideration to the
Group. Additional transaction costs of $2 were incurred in year ended December 31, 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(c)</i></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Share Purchase Warrants and Options not Issued under the Group’s Incentive Plan</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The following reconciles outstanding
warrants and non-employee options (options that were not issued under the Group’s incentive plan (see below)), each exercisable
to acquire one share, for the years ended December 31, 2020, and 2019:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt"><b>Continuity</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Cannon</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Point</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>options</b> 1<b> </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Mission</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Gold</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>warrants</b> 1<b> </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Other</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>warrants</b> 2<b> </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Special</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>warrants</b> 3<b> </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Broker</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>warrants 4 </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Total </b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 40%; text-align: justify"><font style="font-size: 8pt">Beginning Balance</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">327,700</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">3,964,701</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">27,074,399</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">10,150,322</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">41,517,122</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Issued</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">466,666</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">244,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">710,666</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt">Exercised</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(104,450</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(200,075</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(10,150,322</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(10,454,847</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Bal. Dec 31, 2019</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">223,250</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,764,626</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">27,541,065</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">244,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">31,772,941</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Exercised</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(11,750</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(3,550,835</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(9,827,800</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(244,000</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(13,634,385</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Expired</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(213,791</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(213,791</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Bal. Dec 31, 2020</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">211,500</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">17,713,265</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">17,924,765</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: bottom"> </td>
<td colspan="5" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>Weighted averages per option/warrant as at December 31</b></font></td>
<td colspan="15"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Cannon</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Point options</b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Mission</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Gold</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>warrants</b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Other</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>warrants</b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Broker</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>warrants</b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>2020</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 50%"><font style="font-size: 8pt">Exercise price</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">0.37</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">0.65</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">0.65</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-indent: -9pt"><font style="font-size: 8pt">Remaining life in years</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.46</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.45</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.46</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>2019</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Exercise price</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.38</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.55</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.65</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.64</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-indent: -9pt"><font style="font-size: 8pt">Exercise price (US$)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">US 0.41</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">US 0.41</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double; padding-left: 9pt; text-indent: -9pt"><font style="font-size: 8pt">Remaining life in years</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">2.40</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">0.52</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1.45</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">0.48</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1.33</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">Notes to tables:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The Group issued options and warrants in exchange for those which were outstanding in Cannon Point Resources Ltd. ("Cannon Point") and Mission Gold Ltd. ("Mission Gold") on the acquisition of these companies in October 2015 and December 2015, respectively.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">2.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Warrants were issued pursuant to the June 2016 prospectus financing, July 2016 private placement and the 2019 non-revolving term loan credit facility agreement (note 8).</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">3.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The special warrants were issued in a private placement at a price of $0.83 (US$0.62) per special warrant in December 2018 and were converted into shares for no further consideration to the Group in February 2019 (note 6(b)).</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">4.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The Broker Warrants were issued to the underwriters pursuant to the June 2019 prospectus financing (note 6(b)).</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(d)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Share Purchase Option Compensation Plan</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group has a share purchase option
plan approved by the Group’s shareholders that allows the Board of Directors to grant share purchase options, subject to
regulatory terms and approval, to its officers, directors, employees, and service providers. The share purchase option plan (the
"2020 Rolling Option Plan") is based on the maximum number of eligible shares (including any issuances from the Group’s
RSU and DSU plans ) equaling a rolling percentage of up to 10% of the Company's outstanding Shares, calculated from time to time.
Pursuant to the 2020 Rolling Option Plan, if outstanding share purchase options ("options") are exercised and the number
of issued and outstanding shares of the Company increases, then the options available to grant under the plan increase proportionately
(assuming there are no issuances under the RSU and DSU plans). The exercise price of each option is set by the Board of Directors
at the time of grant but cannot be less than the market price, being the 5-day volume weighted average trading price calculated
the day before the grant. Options can have a maximum term of five years and typically terminate 90 days following the termination
of the optionee’s employment or engagement. In the case of death or retirement, any outstanding vested options will expire
the earlier of the expiry date or one year from date of death or retirement. The vesting period for options is at the discretion
of the Board of Directors at the time the options are granted.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The following reconciles the Group’s
share purchase options ("options") issued and outstanding pursuant to the Group’s incentive plan for the years
ended December 31, 2020 and 2019:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Continuity of options</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Number of </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>options </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Weighted average exercise price ($/option)</b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"><font style="font-size: 8pt">Beginning Balance</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">24,606,732</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.03</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Cancelled</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(33,600</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.10</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Exercised</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,185,666</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.54</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Expired</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(4,235,000</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.54</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Forfeited</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(10,700</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.82</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Granted</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">6,610,500</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">0.99</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Balance December 31, 2019</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">25,752,266</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.96</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Cancelled</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(22,000</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.16</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Exercised</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(3,991,066</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.99</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Expired</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(24,200</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.75</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Forfeited</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(16,500</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.36</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Granted</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">6,783,000</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2.01</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Balance December 31, 2020</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">28,481,500</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1.20</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In the years ended December 31, 2020
and 2019, the weighted average fair value for options granted was estimated at $1.58 (2019 - $0.56) per option respectively, which
was based on the Black-Scholes option pricing model using the following weighted average assumptions:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; padding-left: 9pt; text-align: justify; text-indent: -9pt"><font style="font-size: 8pt"><b>Assumptions</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2019</b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; padding-left: 9pt; text-align: justify; text-indent: -9pt"><font style="font-size: 8pt">Risk-free interest rate</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">0.35%</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.39%</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-align: justify; text-indent: -9pt"><font style="font-size: 8pt">Expected life</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4.98 years</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.00 years</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-align: justify; text-indent: -9pt"><font style="font-size: 8pt">Expected volatility 1</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">94.70%</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">94.73%</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-align: justify; text-indent: -9pt"><font style="font-size: 8pt">Grant date share price</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">2.18</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.81</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-align: justify; text-indent: -9pt"><font style="font-size: 8pt">Expected dividend yield</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">Nil</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">Nil</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">Note:</td><td></td></tr></table>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Expected volatility is based on the historical and implied volatility of the Company’s share price on the TSX.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">For the year ended December 31,
2020, the Group recognized share-based compensation ("SBC") of $9,342 (2019 – $3,898) for options.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Details of options exercised during
the current and prior year were as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Year ended December 31, 2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number of</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">options</p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Weighted average exercise price ($/option)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Weighted average market share priceon exercise ($/option)</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 64%"><font style="font-size: 8pt">May 2020</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">388,000</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">0.71</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.33</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">June 2020</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,162,900</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.84</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.82</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">July 2020</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">908,500</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.46</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.34</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">August 2020</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,165,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.97</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.00</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">September 2020</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">210,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.69</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.48</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">October 2020</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">156,666</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">0.50</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1.38</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">3,991,066</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">0.99</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1.90</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Year ended December 31, 2019</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number of</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">options</p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Weighted average exercise price ($/option)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Weighted average market share priceon exercise ($/option)</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 64%"><font style="font-size: 8pt">January 2019</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">125,000</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">0.49</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">0.87</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">February 2019</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">30,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.49</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.23</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">June 2019</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">39,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.49</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.59</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">July 2019</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">81,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.49</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.68</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">August 2019</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">856,666</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.55</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.90</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">September 2019</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">54,000</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">0.72</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">0.85</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1,185,666</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">0.54</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">0.88</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The following table summarizes information on options as
at December 31:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Exercise prices ($)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Number of options outstanding</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Number of options exercisable</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Weighted Average Remaining contractual life (years)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Number of options outstanding</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Number of options exercisable</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Weighted Average Remaining contractual life (years)</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 13%; text-align: right"><font style="font-size: 8pt">0.48</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">200,000</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">200,000</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">0.20</font></td>
<td style="width: 4%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">450,000</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">450,000</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">1.21</font></td>
<td style="width: 4%"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.49</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,455,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,455,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.53</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,105,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,105,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.53</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.50 1</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,520,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,520,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">.12</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,316,666</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,316,666</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.81</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.76</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,761,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,761,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.08</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,538,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,538,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.87</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.99</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,388,500</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,388,500</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3.74</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,610,500</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,305,250</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4.75</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.75</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,386,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,386,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.57</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,732,100</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,732,100</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.10</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.01</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,696,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,348,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4.55</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2.34</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">75,000</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">75,000</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2.58</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">Total</font></td>
<td> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">28,481,500</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">25,133,500</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">25,752,266</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">22,447,016</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"> </td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Note</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">These options were set to expire on October10, 2020, but were extended pursuant to certain provisions of the option plan.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The weighted average contractual
life for options outstanding and options exercisable as at December 31, 2020, was 2.59 (2019 – 2.70) years and 2.33 (2019
– 2.40) years per option, respectively. The weighted average exercise price for exercisable options as at December 31,
2020 was $1.10 (2019 – $0.95) per option.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(e)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Deferred Share Units ("DSUs")</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group has a DSU plan approved
by the Group’s shareholders in 2015, which allows the Board, at its discretion, to award DSUs to non-executive directors
for services rendered to the Group and also provides that non-executive directors may elect to receive up to 100% of their annual
compensation in DSUs. The aggregate number of DSUs outstanding pursuant to the DSU plan may not exceed 2% of the issued and outstanding
shares from time to time provided the total does not result in the total shares issuable under all the Group’s share-based
compensation plans (i.e. including share purchase option and RSU plans) exceeding 10% of the total number of issued outstanding
shares. DSUs are payable when the non-executive director ceases to be a director including in the event of death. DSUs may be settled
in shares issued from treasury, by the delivery to the former director of shares purchased by the Group in the open market, payment
in cash, or any combination thereof, at the discretion of the Group.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">As at December 31, 2020 and 2019,
a total of 458,129 DSUs were issued and outstanding, respectively. There have been no new grants of DSUs since 2017.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(f)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Restricted Share Units ("RSUs")</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The following reconciles RSUs outstanding
for the years ended December 31, 2020 and 2019 respectively:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Continuity of RSUs</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number of</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">RSUs </p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted average</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">fair value</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">($/RSU)</p></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"><font style="font-size: 8pt">Balance January 1, 2019</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">196,753</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.27</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Settlement 1</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(196,753</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1.44</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Balance December 31, 2019 and 2020</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Notes</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">During the year ended December 31, 2019, the Group settled the RSUs which had vested by issuing 111,086 shares with the balance of 85,667 RSUs being withheld to pay tax obligations. The Group recognized for equity-settled RSUs, SBC of $29 with a corresponding increase in the SBC Reserve. For RSUs classified as cash-settled, the Group recognized $43 in SBC with a corresponding increase in the RSU liability. On the settlement of the cash-settled RSUs, the RSU liability was reduced to $nil with $58 transferred to share capital for the shares issued with the remainder remitted to the tax authorities.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(g)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Foreign Currency Translation Reserve</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Continuity</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"> </td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 88%"><font style="font-size: 8pt">Balance January 1, 2019</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">38,686</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Loss on translation of foreign subsidiaries</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(6,321</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-indent: -9pt"><font style="font-size: 8pt"><b>Balance December 31, 2019</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">32,365</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; padding-left: 9pt; text-indent: -9pt"><font style="font-size: 8pt">Loss on translation of foreign subsidiaries</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2,704</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Balance December 31, 2020</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">29,661</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The foreign currency translation reserve
represents accumulated exchange differences arising on the translation, into the Group’s presentation currency (the Canadian
dollar), of the results of operations and net assets of the Group’s subsidiaries with a US dollar functional currency.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>December 31 </b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31 </font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020 </b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019 </font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Beginning balance</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1,360</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Loans provided during the year</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">183</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,317</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Accrued interest</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">14</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Repayment of loans</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,364</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt">Loans transferred to payables to related parties (note 9)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(188</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(971</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double; text-align: justify"><font style="font-size: 8pt"><b>Ending balance</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1,360</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In November 2019, the Group entered
into an unsecured non-revolving term loan credit facility agreement (the "Credit Facility") with a syndicate of lenders
(the "Lenders"), two of whom are related parties, of up to $3,500. Loans provided by the Lenders earned interest at 10%
per annum and were paid on repayment of the loans (see below). Pursuant to the Credit Facility, the repayment of the loans and
accrued interest was to occur on a date that was the earlier of i) May 25, 2020 and ii) the date the Group has completed one
or more equity or debt financings raising an aggregate of US$20,000.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">As consideration for entering into
the Credit Facility, the Group issued to the Lenders, on a pro rata basis, 466,666 share purchase warrants, each warrant exercisable
for one share at the exercise price of $0.75 per share until December 2, 2021, of which 153,333 warrants were issued to the
two related parties. The number of warrants outstanding at December 31, 2020, are included in Note 6(c).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In January and February 2020, the
loans including accrued interest were repaid to the Lenders. For the year ended December 31, 2020, interest of $9 (2019 –
$14), of which $5 (2019 – $4) was paid to the two related parties, has been included in finance expense in loss for the year.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.25in">The components
of transactions to related parties is as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.25in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>December 31</b> </font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Payables to related parties</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020 </b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Key management personnel (a)</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; padding-left: 9pt"><font style="font-size: 8pt">Loans payable</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">971</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.25in"><font style="font-size: 8pt">Loans payable beginning balance</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">971</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.25in"><font style="font-size: 8pt">Loans provided by key management personnel</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">183</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">967</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.25in"><font style="font-size: 8pt">Accrued interest</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.25in"><font style="font-size: 8pt">Repayment of loans</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,159</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Other</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">34</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Hunter Dickinson Services Inc. (b)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">814</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">124</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Total payables to related parties</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">848</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1,095</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Balances and transactions between
the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation. Details between
the Group and other related parties are disclosed below.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(a)</i></font><i><font style="font-size: 8pt"> </font></i></td>
<td style="padding: 0.75pt"><font style="font-size: 8pt; color: #0054A4"><i>Transactions and Balances with Key Management Personnel ("KMP")</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The aggregate value of transactions
with KMP, being the Group’s directors, including Chief Executive Officer ("CEO"), Chief Financial Officer ("CFO"),
Company Secretary, Executive Vice President ("EVP"), Environment and Sustainability, Vice President ("VP"),
Corporate Communications, VP, Engineering and VP, Public Affairs, and Pebble Partnership ("PLP") senior management including
the PLP CEO (resigned September 23, 2020), Interim PLP CEO, Executive VP ("EVP"), Public Affairs, Senior VP
("SVP"), Corporate Affairs, SVP Engineering, VP, Permitting, Chief of Staff and Chair of Pebble Mines Corp ("PMC
Chair"), was as follows for the year ended December 31, 2020 and 2019:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Transactions</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Compensation</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; padding-left: 0.25in; text-indent: -9pt"><font style="font-size: 8pt">Amounts paid and payable to HDSI for services of KMP employedby HDSI 1</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">2,408</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">2,430</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 9pt"><font style="font-size: 8pt">Amounts paid and payable to KMP 2</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,525</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,443</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 9pt"><font style="font-size: 8pt">Bonuses paid to KMP 3</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,216</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,053</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-indent: 9pt"><font style="font-size: 8pt">Interest paid and payable on loans received from KMP 5</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">5</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">4</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">8,154</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">7,930</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; padding-left: 9pt"><font style="font-size: 8pt">Share-based compensation 4</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">6,207</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2,736</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Total compensation</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">14,361</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">10,666</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Notes to table:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The Group’s CEO, CFO, Board Chair and senior management, other than disclosed in note 2 below, are employed by the Group through Hunter Dickinson Services Inc. ("HDSI") (refer (b)).</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">2.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Represents short-term employee benefits, including director’s fees paid to the Group’s independent directors, and salaries paid and payable to the PLP CEO, PMC Chair and PLP EVP, SVPs, VP and Chief of Staff. The SVP Engineering is employed by the Group through a wholly-owned US subsidiary of HDSI ("HDUS"). The Group reimburses HDUS for costs incurred.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">3.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">In 2020, incentive and performance bonuses were paid to the PLP CEO, PLP SVP Corporate Affairs and PLP Chief of Staff. In 2019, incentive bonuses were paid to the CFO, EVP, Environment and Sustainability, VP, Corporate Communications, SVP, Engineering, VP, Permitting, and to the Company Secretary.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">4.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Includes cost of RSUs and share purchase options issued and/or vesting during the respective periods.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">5.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The Group’s Board Chair and CEO advanced a total of $1,150 to the Group pursuant to the Credit Facility (note 8), $967 in December 2019, and $183 in January 2020. The Group repaid the loans including interest accrued in January 2020.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><i>Options Exercised</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">During the year ended December 31,
2020, KMP exercised 1,440,000 (2019 – 325,000) incentive options at a weighted average exercise price of $0.56 (2019 –
$0.63), with a weighted average market price on exercise of $1.83 (2019 - $0.91) for proceeds to the Group of $807 (2019 - $205).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><i>RSUs</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">No KMP RSUs were issued or outstanding
at December 31, 2020. During the year ended December 31, 2019, the Group settled the outstanding vested KMP RSUs by issuing 111,086
common shares (note 6(f)).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(b)</i></font><i><font style="font-size: 8pt"> </font></i></td>
<td style="padding: 0.75pt"><font style="font-size: 8pt; color: #0054A4"><i>Transactions and Balances with other Related Parties</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">HDSI is a private company that provides
geological, engineering, environmental, corporate development, financial, administrative and management services to the Group and
its subsidiaries at annually set rates pursuant to a management services agreement. The annually set rates also include a component
of overhead costs such as office rent, information technology services and general administrative support services. HDSI also incurs
third party costs on behalf of the Group, which are reimbursed by the Group at cost. Several directors and other key management
personnel of HDSI, who are close business associates, are also key management personnel of the Group.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">For the year ended December 31,
2020, and 2019, transactions with HDSI were as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Transactions</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019 </font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Services rendered by HDSI</b>:</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 9pt"><font style="font-size: 8pt"><b>Technical</b> 1</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; padding-left: 9pt; text-indent: 9pt"><font style="font-size: 8pt">Engineering</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">904</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1,018</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-indent: 9pt"><font style="font-size: 8pt">Environmental</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">245</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">459</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-indent: 9pt"><font style="font-size: 8pt">Socioeconomic</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">486</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">429</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-indent: 9pt"><font style="font-size: 8pt">Other technical services</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">307</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">154</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,942</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,060</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 9pt"><font style="font-size: 8pt"><b>General and administrative</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 27pt; text-indent: -0.25in"><font style="font-size: 8pt">Management, consulting, corporate communications, secretarial, financial and administration</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,011</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,292</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-indent: 9pt"><font style="font-size: 8pt">Shareholder communication</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">614</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">594</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,625</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,886</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Total for services rendered</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">5,567</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">4,946</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.25in; text-indent: -0.25in"><font style="font-size: 8pt"><b>Reimbursement of third party expenses</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 9pt"><font style="font-size: 8pt">Conferences and travel</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">119</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">393</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 9pt"><font style="font-size: 8pt">Insurance</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">53</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">50</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-indent: 9pt"><font style="font-size: 8pt">Office supplies and information technology</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">418</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">431</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Total reimbursed</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">590</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">874</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">6,157</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">5,820</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Note</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">These costs are included in exploration and evaluation expenses.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Pursuant to an addendum to the management
services agreement between HDSI and the Company, following a change of control, the Company is subject to termination payments
if the management services agreement is terminated. The Company will be required to pay HDSI $2,800 and an aggregate amount equal
to six months of annual salaries payable to certain individual service providers under the management services agreement and their
respective employment agreements with HDSI.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>December 31</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt"><b>Current liabilities</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Falling due within the year</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Trade 1</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">6,304</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">12,401</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt">Lease liabilities 2</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">259</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">286</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double; text-align: justify"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">6,563</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">12,687</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Non-current liabilities</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double; text-align: justify"><font style="font-size: 8pt">Lease liabilities 2</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">657</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">934</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double; text-align: justify"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">657</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">934</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Notes to table:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">At December 31, 2020, current trade liabilities includes legal fees due to legal counsel of US$2,578 (2019 – US$5,155), payable in two equal tranches on April 1, 2021 and July 1, 2021 respectively, and US$635 payable on completion of a partnering transaction. On the former amount, interest at 3.5% per annum is payable, effective from February 1, 2020. As of December 31, 2020, US$83 in accrued interest is included in trade liabilities.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">2.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Lease liabilities relate to lease of offices, a copier, yard storage and one vehicle, which have remaining lease terms of 4 to 113 months and interest rates of 7.5% – 10.5% over the term of the leases. During the year ended December 31, 2020, the Group recognized interest expense of $107 (2019 – $120) for lease liabilities.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify">The following table provides the schedule
of undiscounted lease liabilities as at December 31, 2020:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Total</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 88%; text-align: justify"><font style="font-size: 8pt">Less than one year</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">337</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">One to five years</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">604</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt">Later than 5 years</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">263</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt">Total undiscounted lease liabilities</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,204</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify">The Group had short-term lease commitments
of less than a year relating to property leases totaling $93 as of January 1, 2020. During the year ended December 31, 2020,
the Group incurred short-term lease commitments of $257 (2019 – $206), and expensed $256 (2019 – $264).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The calculation of basic and diluted
loss per share for the year ended December 31, 2020 and 2019 was based on the following:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"><font style="font-size: 8pt">Loss attributable to shareholders</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">63,872</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">69,193</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">Weighted average number of shares outstanding (000s)</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">473,668</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">358,343</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">For the years ended December 31,
2020 and 2019, basic and diluted loss per share does not include the effect of employee share purchase options outstanding (2020
–28,481,500, 2019 – 25,752,266), non-employee share purchase options and warrants (2020 – 17,924,765, 2019 –
31,772,941) and DSUs (2020 – 458,129, 2019 – 458,129), as they were anti-dilutive.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">During the year ended December 31, 2020, the Group
recorded $21,610 (2019 - $15,648) in salaries and benefits, including share-based payments of $9,342 (2019 - $3,970) and amounts
paid to HDSI for services provided to the Group by HDSI personnel (note 9(b)).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Year ended December 31  </font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Reconciliation of effective tax rate</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020 </b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019 </font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 75%"><font style="font-size: 8pt">Net loss</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">(63,872</font></td>
<td style="width: 1%"><font style="font-size: 8pt">)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">(69,193</font></td>
<td style="width: 2%"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Total income tax (recovery) expense</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Loss excluding income tax</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(63,872</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(69,193</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Income tax recovery using the Company's domestic tax rate</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(17,245</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(18,682</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Non-deductible expenses and other</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,393</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,375</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Change in tax rates</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Deferred income tax assets not recognized</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">15,852</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">17,307</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Company's domestic tax rate for the year was 27% (2019
– 27%).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>December 31 </b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31 </font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Deferred income tax assets (liabilities)</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020 </b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019 </font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; width: 76%"><font style="font-size: 8pt">Tax losses</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">2,421</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">2,342</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Net deferred income tax assets</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,421</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,342</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Resource property/investment in Pebble Partnership</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(2,421</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(2,342</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Equipment</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Net deferred income tax liability</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group had the following temporary
differences at December 31, 2020 in respect of which no deferred tax asset has been recognized:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">Resource </font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Expiry</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Tax losses </font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">pools </font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Other </font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 64%"><font style="font-size: 8pt">Within one year</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">One to five years</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">7,445</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">After five years</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">270,224</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">No expiry date</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">31,586</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">93,065</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">190</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">301,810</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">93,065</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">7,635</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group has taxable temporary differences in relation
to investments in foreign subsidiaries or branches of $8.5 million (2019 – $8.2 million) which has not been recognized
because the Group controls the reversal of liabilities and it is expected it will not reverse in the foreseeable future.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group is exposed in varying degrees to a variety of
financial instrument related risks. The Board approves and monitors the risk management processes, inclusive of documented investment
policies, counterparty limits, and controlling and reporting structures. The type of risk exposure and the way in which such exposure
is managed is provided as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(a)</i></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Credit Risk</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Credit risk is the risk of potential loss to the Group
if a counterparty to a financial instrument fails to meet its contractual obligations. The Group’s credit risk is primarily
attributable to its liquid financial assets, including cash and cash equivalents, restricted cash and amounts receivable. The Group
limits the exposure to credit risk by only investing its cash and cash equivalents and restricted cash with high-credit quality
financial institutions in business and saving accounts, guaranteed investment certificates, in government treasury bills, low risk
corporate bonds and money market funds which are available on demand by the Group when required. Amounts receivable (note 4)
exclude receivable balances with government agencies. The Group’s maximum exposure was as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>December 31</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Exposure</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; padding-left: 9pt"><font style="font-size: 8pt">Amounts receivable</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">587</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">239</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Restricted cash</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">791</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">805</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; padding-left: 9pt"><font style="font-size: 8pt">Cash and cash equivalents</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">42,460</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">14,038</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Total exposure</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">43,838</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">15,082</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(b)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Liquidity Risk</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Liquidity risk is the risk that the Group will not be able
to meet its financial obligations when they become due. The Group ensures, as far as reasonably possible, it will have sufficient
capital in order to meet short to medium term business requirements, after taking into account cash flows from operations and the
Group’s holdings of cash and cash equivalents and restricted cash, where applicable. However, the Group has noted material
uncertainty that raises substantial doubt about the Group’s ability to continue as a going concern notwithstanding the Group
having positive working capital (note 1) as demands may exceed existing resources in 2021, and that it has been successful
in the past in raising funds when needed. The Group’s cash and cash equivalents at the reporting date were invested in business
and savings accounts (note 5(a)).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group’s financial liabilities are comprised of
current trade and other payables (note 10) and payables to related parties (note 9), which are due for payment within
12 months from the reporting date, and non-current trade payables, which are due for payment more than 12 months from the reporting
date. The carrying amounts of the Group’s financial liabilities represent the Group’s contractual obligations.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(c)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Foreign Exchange Risk</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Company is subject to both currency transaction risk
and currency translation risk: the Pebble Partnership, Pebble Services Inc. and U5 Resources Inc. have the US dollar as functional
currency, and certain of the Company’s corporate expenses are incurred in US dollars. The operating results and financial
position of the Group are reported in Canadian dollars in the Group’s consolidated financial statements. As a result, the
fluctuation of the US dollar in relation to the Canadian dollar will have an impact upon the losses incurred by the Group as well
as the value of the Group’s assets and the amount of shareholders’ equity. The Group has not entered into any agreements
or purchased any instruments to hedge possible currency risks.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The exposure of the Group's US dollar-denominated financial
assets and liabilities to foreign exchange risk was as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>December 31 </b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31 </font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020 </b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019 </font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Financial assets</b>:</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; padding-left: 9pt"><font style="font-size: 8pt">Amounts receivable</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">649</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">263</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; padding-left: 9pt"><font style="font-size: 8pt">Cash and cash equivalents and restricted cash</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">23,624</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">14,090</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">24,273</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">14,353</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Financial liabilities</b>:</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Non-current trade payables</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(657</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(932</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Warrant liabilities</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(43</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Current trade and other payables</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(6,170</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(12,426</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; padding-left: 9pt"><font style="font-size: 8pt">Payables to related parties</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(650</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(24</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(7,477</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(13,425</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Net financial assets exposed to foreign currency risk</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">16,796</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">928</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Based on the above net exposures and assuming that all
other variables remain constant, a 10% change in the value of the Canadian dollar relative to the US dollar would result in a gain
or loss of $1,680 (2019 – $93) in the reported period. This sensitivity analysis includes only outstanding foreign currency
denominated monetary items.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(d)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Interest Rate Risk</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group is subject to interest rate cash flow risk with
respect to its investments in cash and cash equivalents. The Group’s policy is to invest cash at fixed rates of interest
and cash reserves are to be maintained in cash and cash equivalents or short-term low risk investments in order to maintain liquidity,
while achieving a satisfactory return for shareholders. Fluctuations in interest rates when cash and cash equivalents mature impact
interest income earned.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Assuming that all other variables remain constant, a 100
basis points change representing a 1% increase or decrease in interest rates would have resulted in a decrease or increase in loss
of $282 (2019 – $145).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(e)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Capital Management</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group's policy is to maintain a strong capital base
to maintain investor and creditor confidence and to sustain future development of the business. The capital structure of the Group
consists of equity, comprising share capital and reserves, net of accumulated deficit. There were no changes in the Group's approach
to capital management during the period. The Group is not subject to any externally imposed capital requirements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(f)</i></font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Fair Value</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The fair value of the Group’s financial assets and
liabilities approximates the carrying amount.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Financial instruments measured at fair value are classified
into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair
values. The three levels of the fair value hierarchy are:</p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 95px; padding-left: 35.25pt"><font style="font-size: 8pt">●            </font></td>
<td style="padding: 0.75pt"><font style="font-size: 8pt">Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 95px; padding-left: 35.25pt"><font style="font-size: 8pt">● </font></td>
<td style="padding: 0.75pt"><font style="font-size: 8pt">Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 95px; padding-left: 35.25pt"><font style="font-size: 8pt">●            </font></td>
<td style="padding: 0.75pt"><font style="font-size: 8pt">Level 3 – Inputs that are not based on observable market data.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The fair value hierarchy gives the highest priority to
Level 1 inputs and the lowest priority to Level 3 inputs. Fair value measurements, which are determined by using valuation techniques,
are classified in their entirety as either Level 2 or Level 3 based on the lowest level input that is significant to the measurement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The fair value measurement of the warrant liabilities until
their exercise (note 7) was categorized within Level 2 of the hierarchy as it was exposed to market risk as they employed
the quoted market price of shares and foreign exchange rates.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><b><i>(a)</i></b></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Legal Proceedings</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><i>Class Action Litigation
Relating To Short Seller Investment Report</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On February 14, 2017, short seller
investment firm Kerrisdale Capital Management LLC published a negative piece (the "Kerrisdale Report") regarding the
Pebble Project. Three putative shareholder class actions were filed against the Company and certain of its officers and directors
in US federal courts. Two of the plaintiffs voluntarily dismissed their claims without prejudice while the third was dismissed
by the courts. The time period for the plaintiffs to appeal has expired and there is no further opportunity for the plaintiffs
to appeal the district court’s dismissal order or the appellate court’s affirmation of that decision.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><i>Class Action Litigation
Relating to the USACE’s Record of Decision</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On December 4 and December 17,
2020, separate putative shareholder class action lawsuits were filed against the Company and certain of its current and
former officers and directors in the U.S. District Court for the Eastern District of New York regarding the drop in the price
of the Company’s stock following the interim adverse decision by the USACE regarding the Pebble Project. These cases
are captioned <i>Darish v. Northern Dynasty Minerals Ltd. et al., Case No. 1:20-cv-05917-ENV-RLM</i>, and <i>Hymowitz v.
Northern Dynasty Minerals Ltd. et al.,</i> Case No. 1:20-cv-06126-PKC-RLM. Each of the complaints was filed on behalf of a
purported class of investors who purchased shares of the Company’s stock from December 21, 2017, through November 25,
2020, the date the USACE announced its decision, and seeks damages allegedly caused by violations of the federal securities
laws under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 promulgated thereunder. On
March 17, 2021, two cases were consolidated and a lead plaintiff and counsel were appointed. The Company, which has not yet
been served with the complaints, intends to defend itself vigorously against these actions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On December 3, 2020, a
putative shareholder class action lawsuit was filed against the Company, certain of its current and former officers and directors,
and one of its underwriters in the Supreme Court of British Columbia regarding the decrease in the price of the Company’s
stock following the USACE’s November 25, 2020, decision regarding the Pebble Project. The case is captioned <i>Haddad v.
Northern Dynasty Minerals Ltd. et al.,</i> Case No. VLC-S-S-2012849. The claim was filed on behalf of a purported class of investors,
wherever they may reside, who acquired common shares of the Company’s stock between December 21, 2017, and November 25, 2020,
and seeks damages for (i) alleged misrepresentations in the Company’s primary market offering documents and continuous disclosure
documents, and (ii) its allegedly oppressive conduct. The Company has been served the claim and intends to defend itself vigorously.
The underwriter has asserted contractual rights of indemnification against the Company for any loss that the underwriter may incur
in connection with the lawsuit.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Given the nature of the claims, it
is not currently possible for the Company to predict the outcome nor practical to determine their possible financial effect.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(b)</i></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Short-term lease commitments</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">As of December 31, 2020, the
Group has $91 in short-term lease commitments. These leases have fixed monthly payments for the remaining term.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(c)</i></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Right-of-Way Annual Payment Commitments</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group has Right-of-Way ("ROW")
agreements with Alaska Native village corporations and other landowners with land holdings along proposed transportation and infrastructure
routes for the Pebble Project. The Group issued the required notice pursuant to the terms of two of the ROW agreements in November
2020, and as such has a commitment for the annual toll payments due in 2021.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(d)</i></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Pipeline Right-of-Way Bond Commitment</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group has a bond of US$300 with
the Alaskan regulatory authorities for a performance guarantee related to any potential reclamation liability as a condition for
a pipeline right-of-way to a subsidiary of the Pebble Partnership, the Pebble Pipeline Corporation. The Group is liable to the
surety provider for any funds drawn by the Alaskan regulatory authorities.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(e)</i></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Pebble Performance Dividend Commitment</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group has a future commitment
beginning at the outset of project construction at the Pebble Project to distribute cash generated from a 3% net profits royalty
interest in the Pebble Project to adult residents of Bristol Bay villages that have subscribed as participants, with a guaranteed
minimum aggregate annual payment of US$3,000 each year the Pebble mine operates.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 48px"><font style="font-size: 8pt; color: #0054A4"><i>(f)</i></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Improvements to Camp Facilities</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group has committed to fund improvements to camp facilities
up to a maximum of US$350. As of December 31, 2020, US$71 in improvement costs have been incurred.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 57px; padding-left: 6.75pt"><font style="font-size: 8pt; color: #0054A4"><i>(a)</i></font><i><font style="font-size: 8pt"> </font></i></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Grand Jury Subpoena</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On February 5, 2021, the Company announced
that the Pebble Partnership and its former CEO, Tom Collier, have each been served with a subpoena issued by the United States
Attorney’s Office for the District of Alaska to produce documents in connection with a grand jury investigation apparently
involving previously disclosed recordings of private conversations regarding the Pebble Project. The Company and the Pebble Partnership
intend to cooperate with the investigation. The Company is not aware of any civil or criminal charges having been filed against
any entity or individual in this matter. The Company also self-reported this matter to the US Securities and Exchange Commission,
and there is a related informal inquiry being conducted by the enforcement staff of the agency’s San Francisco Regional Office.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 48px; padding-left: 9pt"><font style="font-size: 8pt; color: #0054A4"><i>(a)</i></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt; color: #0054A4"><i>Class Action Litigation Relating to the USACE’s Record of Decision</i></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On February 17, 2021, a putative shareholder
class action lawsuit was filed against the Company, certain of its current and former officers and directors, and certain of its
underwriters in the Supreme Court of British Columbia regarding the decrease in the price of the Company’s stock following
(i) the USACE’s August 24, 2020 announcement that the Pebble Project could not be permitted as proposed, and (ii) the USACE’s
November 25, 2020 decision regarding the Pebble Project. The case is captioned <i>Woo v. Northern Dynasty Minerals Ltd. et al.</i>,
Case No. VLC-S-S-211530. The claim was filed on behalf of a purported class of investors, wherever they may reside, who purchased
securities of the Company between June 25, 2020 and November 25, 2020, and seeks damages for (i) alleged misrepresentations in
the Company’s primary market offering documents and continuous disclosure documents, (ii) allegedly oppressive conduct, (iii)
alleged unjust enrichment, and (iv) negligence. The Company has been served and intends to defend itself vigorously. One of the
underwriters has asserted contractual rights of indemnification against the Company for any loss that the underwriter may incur
in connection with the lawsuit.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On March 5, 2021, a putative shareholder
class action lawsuit was filed against the Company, certain of its current and former officers and directors, and certain of its
underwriters in the Ontario Superior Court of Justice regarding the decrease in the price of the Company’s stock following
the USACE’s November 25, 2020 decision regarding the Pebble Project. The case is captioned <i>Pirzada v. Northern Dynasty
Minerals Ltd. et al.</i>, Case No. CV-21-00658284-00CP. The claim was filed on behalf of a purported class of investors, wherever
they may reside, who acquired securities of the Company between June 25, 2020 and November 25, 2020, and seeks damages for (i)
alleged misrepresentations in the Company’s primary market offering documents and continuous disclosure documents, (ii) allegedly
oppressive conduct, and (iii) alleged negligence. The Company has not been served and intends to defend itself vigorously.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Given the nature of the claims, it
is not currently possible for the Company to predict the outcome nor practical to determine their possible financial effect.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">These Financial Statements have been
prepared in accordance with International Financial Reporting Standards ("IFRS")<i> </i>as issued by the International
Accounting Standards Board ("IASB") and interpretations issued by the IFRS Interpretations Committee ("IFRIC"s)
that are effective for the Group’s reporting for the year ended December 31, 2020. These Financial Statements were authorized
for issue by the Board of Directors on March [xx], 2021.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">These Financial Statements have been
prepared on a historical cost basis using the accrual basis of accounting, except for cash flow information and for financial instruments
classified as fair value through other comprehensive income, which are stated at their fair value (refer note 2(e)). The accounting
policies set out below have been applied consistently to all periods presented in these Financial Statements unless otherwise stated.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4">Response to COVID-19</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group maintained its staff and employees when the Pebble
Partnership offices, along with all other non-essential offices in Alaska, were required to be closed during the early part of
the year, and supported the NEPA EIS process remotely. Technical review meetings had been completed prior to this closure. The
USACE published the final EIS in July 2020 and issued the ROD (discussed above) in November 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">As the pandemic continues to progress
and evolve, it is difficult to predict the extent and duration of any resulting operational and economic impacts for the Group,
as quarantine, self-isolation, social distancing, restrictions on travel, restrictions on meetings and work from home requirements
continue. The extent to which the pandemic impacts the Group’s operations will depend on future developments, which are highly
uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information that may emerge concerning
the severity of the coronavirus and the actions taken to contain the coronavirus or treat its impact, among others. The adverse
effects on the economy, the stock market and the Company’s share price could adversely impact our ability to raise capital,
with the result that our ability to pursue development of the Pebble Project could be adversely impacted, both through delays and
through increased costs. Any of these developments, and others, could have a material adverse effect on our business and results
of operations and could delay our plans for development of the Pebble Project.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">These Financial Statements incorporate the financial statements
of the Company, the Company’s subsidiaries, and entities controlled by the Company and its subsidiaries listed below:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; width: 23%"><font style="font-size: 8pt; color: #1A171B"><b>Name of Subsidiary</b></font></td>
<td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; width: 21%; text-align: right"><font style="font-size: 8pt; color: #1A171B"><b>Place of Incorporation</b></font></td>
<td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; width: 43%; text-align: right"><font style="font-size: 8pt; color: #1A171B"><b>Principal Activity</b></font></td>
<td style="border: #0070C0 1pt solid; width: 13%; text-align: right"><font style="font-size: 8pt; color: #1A171B"><b>Percent
Owned</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">3537137 Canada Inc. 1</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Canada</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Wholly-owned subsidiary of the Company.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble Services Inc.</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Nevada, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Management and services company. Wholly-owned subsidiary of the Company.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Northern Dynasty Partnership</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holds 99.9% interest in the Pebble Partnership and 100% of Pebble Mines.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble Limited Partnership(</font><font style="font-size: 8pt">"<font style="color: #1A171B">Pebble Partnership</font>"<font style="color: #1A171B">)</font></font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Limited Partnership. Ownership and Exploration of the Pebble Project.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble Mines Corp.(</font><font style="font-size: 8pt">"<font style="color: #1A171B">Pebble Mines</font>"<font style="color: #1A171B">)</font></font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Delaware, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">General Partner. Holds 0.1% interest in the Pebble Partnership.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble West Claims Corporation 2</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Subsidiary of the Pebble Partnership.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble East Claims Corporation 2</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Subsidiary of the Pebble Partnership.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble Pipeline Corporation</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Subsidiary of the Pebble Partnership.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble Performance Dividend LLC</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Subsidiary of the Pebble Partnership.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">U5 Resources Inc.</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Nevada, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Wholly-owned subsidiary of the Company.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Cannon Point Resources Ltd.</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">British Columbia, Canada</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Not active. Wholly-owned subsidiary of the Company.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">MGL Subco Ltd. (</font><font style="font-size: 8pt">"MGL")</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">British Columbia, Canada</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Not active. Wholly-owned subsidiary of the Company.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Delta Minerals Inc.(</font><font style="font-size: 8pt">"Delta")</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">British Columbia, Canada</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Not active. Wholly-owned subsidiary of MGL.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Imperial Gold Corporation(</font><font style="font-size: 8pt">"<font style="color: #1A171B">Imperial Gold</font>"<font style="color: #1A171B">)</font></font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">British Columbia, Canada</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Not active. Wholly-owned subsidiary of Delta.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Yuma Gold Inc.</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Nevada, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Not active. Wholly-owned subsidiary of Imperial Gold.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">Notes:</td><td></td></tr></table>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Holds a 20% interest in the Northern Dynasty Partnership. The Company holds the remaining 80% interest.</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">2.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Both entities together hold 2,402 claims comprising the Pebble Project.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Control is achieved when the Group
is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns
through its power over the investee. Specifically, the Group controls an investee if, and only if, the Company has power over the
investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); exposure, or
rights, to variable returns from its involvement with the investee; and the ability to use its power over the investee to affect
its returns.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Intra-Group balances and transactions, including any unrealized
income and expenses arising from intra-Group transactions, are eliminated in preparing the Financial Statements. Unrealized gains
arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group’s
interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there
is no evidence of impairment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The functional currency is the currency
of the primary economic environment in which the entity operates and has been determined for each entity within the Group. The
functional currency of U5 Resources Inc., Pebble Services Inc., Pebble Mines Corp., the Pebble Partnership and its subsidiaries,
and Yuma Gold Inc. is the US dollar and for all other entities within the Group, the functional currency is the Canadian dollar.
The functional currency determinations were conducted through an analysis of the factors for consideration identified in IAS 21,
<i>The Effects of Changes in Foreign Exchange Rates</i>.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #1A171B">Transactions in currencies other than the
functional currency are recorded at the rates of exchange prevailing on the dates of transactions. At the end of each reporting
period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that
date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at rates
prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in
a foreign currency are not retranslated.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The results and financial position
of entities within the Group which have a functional currency that differs from that of the Group are translated into Canadian
dollars as follows: (i) assets and liabilities for each statement of financial position are translated at the closing exchange
rate at that date; (ii) income and expenses for each income statement are translated at average exchange rates for the period;
and (iii) the resulting exchange differences are included in the foreign currency translation reserve within equity.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On initial recognition, a financial
asset is classified as measured at amortized cost; fair value through other comprehensive income ("FVTOCI") (debt / equity
investment); or fair value through profit or loss ("FVTPL"). A financial asset (unless it is a trade receivable without
a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus,
for an item not at FVTPL, transaction costs that are directly attributable to its acquisition.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The classification of financial assets
is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>Classification
of financial assets</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4">Amortized cost</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">For a financial asset to be measured
at amortized cost, it needs to meet both of the following conditions and <u>not</u> be designated as at FVTPL:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 96px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">it is held within a business model whose objective is to hold assets to collect contractual cash flows; and</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 96px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group’s financial assets
at amortized cost comprise of restricted cash, amounts receivable, and cash and cash equivalents.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4">Fair value through
other comprehensive income ("FVTOCI")</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">For a debt investment to be measured
at FVTOCI, it needs to meet both of the following conditions and <u>not</u> be designated as at FVTPL:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 96px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 96px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4">Equity instruments
at FVTOCI</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On initial recognition, the Group
may irrevocably elect to present subsequent changes in the instrument’s fair value in other comprehensive income ("OCI")
provided it is not held for trading. This election is made on an investment-by-investment basis.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4">Fair Value through
profit or loss ("FVTPL")</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">All financial assets not classified
as measured at amortised cost or FVTOCI are measured at FVTPL. This includes all derivative financial assets. On initial recognition,
the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or
at FVTOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The following accounting policies
apply to the subsequent measurement of financial assets:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="border-top: black 1pt solid; width: 28%; border-bottom: black 1pt solid"><font style="font-size: 8pt; color: #0054A4">Financial assets at FVTPL</font></td>
<td style="border-top: black 1pt solid; width: 72%; border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt">These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss.</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt; color: #0054A4">Financial assets at amortized cost</font></td>
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt">These assets are subsequently measured at amortised cost using the effective interest method. The amortized cost is reduced by impairment losses (see below). Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt; color: #0054A4">Debt investments at FVTOCI</font></td>
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt">These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt; color: #0054A4">Equity investments at FVTOCI</font></td>
<td style="border-bottom: black 1.5pt double; text-align: justify"><font style="font-size: 8pt">These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #1A171B">Financial assets are impaired when there
is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial assets,
the estimated future cash flows of the investments have been impacted. For marketable securities classified as FVTOCI, a significant
or prolonged decline in the fair value of the securities below their cost is considered to be objective evidence of impairment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><u>Financial liabilities</u></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4">Non-derivative financial liabilities:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group’s non-derivative financial liabilities
consist of trade and other payables <font style="color: #1A171B">and payables to related parties.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><font style="color: #1A171B">A</font>ll financial liabilities
that are not held for trading or designated as at FVTPL <font style="color: #1A171B">are recognized initially at fair value net
of any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized
cost using the effective interest method.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4">Derivative financial assets and liabilities:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><font style="color: #1A171B">The Group’s warrant
liabilities, which warrants were fully exercised during the year, were derivative financial liabilities and had been designated
as at FVTPL (note 7).</font> On date of issue, the warrant liabilities were recognized at fair value as a financing cost with
the subsequent change in fair value recognized in loss<font style="color: #1A171B">.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #1A171B">Exploration and evaluation expenditures
include the costs of acquiring licenses, costs associated with exploration and evaluation activity, and the acquisition date fair
value of exploration and evaluation assets acquired in a business combination or an asset acquisition. Exploration and evaluation
expenditures are expensed as incurred except for expenditures associated with the acquisition of exploration and evaluation assets
through a business combination or an asset acquisition. Costs incurred before the Group has obtained the legal rights to explore
an area are expensed.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Acquisition costs, including general and administrative
costs, are only capitalized to the extent that these costs can be related directly to operational activities in the relevant area
of interest where it is considered likely to be recoverable by future exploitation or sale or where the activities have not reached
a stage which permits a reasonable assessment of the existence of reserves.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Exploration and evaluation ("E&E") assets
are assessed for impairment only when facts and circumstances suggest that the carrying amount of an E&E asset may exceed its
recoverable amount or when the Group has sufficient information to reach a conclusion about technical feasibility and commercial
viability.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Industry-specific indicators for an impairment review arise
typically when one of the following circumstances applies:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Substantive expenditure on further exploration and evaluation activities is neither budgeted nor planned;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">title to the asset is compromised;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">adverse changes in the taxation and regulatory environment;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">adverse changes in variations in commodity prices and markets; and</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">variations in the exchange rate for the currency of operation.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Once the technical feasibility and commercial viability
of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable
to that area of interest are first tested for impairment and then reclassified to mining property and development assets within
property, plant and equipment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Recoverability of the carrying amount of any exploration
and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective
assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Mineral property, plant and equipment are carried at cost,
less accumulated depreciation and accumulated impairment losses.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The cost of mineral property, plant and equipment consists
of the acquisition costs transferred from E&E assets, any costs directly attributable to bringing the asset to the location
and condition necessary for its intended use, including costs to further delineate the ore body, development and construction costs,
removal of overburden to initially expose the ore body, an initial estimate of the costs of dismantling, removing the item and
restoring the site on which it is located and, if applicable, borrowing costs.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Mineral property acquisition and development costs are
not currently depreciated as the Pebble Project is still in the development stage and no saleable minerals are being produced.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #1A171B">The cost of an item of plant and equipment
consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for
its intended use, and an initial estimate of the costs of dismantling and removing the item and restoring the site on which it
is located.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #1A171B">Depreciation is provided at rates calculated
to write off the cost of plant and equipment, less their estimated residual value, using the declining balance method at various
rates ranging from 20% to 30% per annum.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #1A171B">An item of equipment is derecognized upon
disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising
on disposal of the asset, determined as the difference between the net disposal proceeds and the carrying amount of the asset,
is recognized in profit or loss.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #1A171B">Where an item of equipment consists of
major components with different useful lives, the components are accounted for as separate items of equipment. Expenditures incurred
to replace a component of an item of equipment that is accounted for separately, including major inspection and overhaul expenditures,
are capitalized.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #1A171B">Residual values and estimated useful lives
are reviewed at least annually.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">At the end of each reporting period the carrying amounts
of the Group’s non-financial assets are reviewed to determine whether there is any indication that these assets are impaired.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment
loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable
amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs of
disposal and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s
length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the
risks specific to the asset. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying
amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in loss for the period. For an asset
that does not generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which
the asset belongs.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #1A171B">Where an impairment
loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of
its recoverable amount. This increase in the carrying amount is limited to the carrying amount that would have been determined
had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss
is recognized immediately in profit or loss.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #1A171B">The Group has not
recorded any impairment charges in the years presented.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">At inception of a contract, the Group
assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to
control the use of an identified asset for a period of time in exchange for consideration. The Group has elected not to recognize
right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less, and leases of low-value
assets. For these leases, the Group recognizes the lease payments as an expense in loss on a straight-line basis over the term
of the lease.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group recognizes a lease liability
and a right-of-use asset ("ROU Asset") at the lease commencement date.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The lease liability is initially measured
as the present value of future lease payments discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, using the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing
rate as the discount rate. The incremental borrowing rate is the rate which the Group would have to pay to borrow, over a similar
term and with a similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar
economic environment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Lease payments included in the measurement
of the lease liability comprise the following:</p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">fixed payments, including in-substance fixed payments, less any lease incentives receivable;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">amounts expected to be payable by the Group under residual value guarantees;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">payments of penalties for terminating the lease, if the Group expects to exercise an option to terminate the lease.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The lease liability is subsequently
measured by:</p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">increasing the carrying amount to reflect interest on the lease liability;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">reducing the carrying amount to reflect the lease payments made; and</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">remeasuring the carrying amount to reflect any reassessment or lease modifications.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The lease liability is remeasured
when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s
estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether
it will exercise a purchase, extension or termination option.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The ROU Asset is initially measured
at cost, which comprises the following:</p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">the amount of the initial measurement of the lease liability;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">any lease payments made at or before the commencement date, less any lease incentives received;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">any initial direct costs incurred by the Group; and</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">●</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The ROU Asset is subsequently measured
at cost, less any accumulated depreciation and any accumulated impairment losses, and adjusted for any remeasurement of the lease
liability. It is depreciated from the commencement date to the earlier of the end of its useful life or the end of the lease term
using either the straight-line or units-of-production method depending on which method more accurately reflects the expected pattern
of consumption of the future economic benefits.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Each lease payment is allocated between
the lease liability and finance cost. The finance cost is charged to loss over the lease period so as to produce a constant periodic
rate of interest on the remaining balance of the liability for each period.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">On the balance sheet, the ROU Assets are presented in "<i>Mineral
property, plant and equipment</i>" (note 3) and the lease liabilities are presented in "<i>Trade and other payables</i>"
(note 10).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Common shares ("shares"),
special warrants, warrants and subscriptions received for shares are classified as equity. Transaction costs directly attributable
to the issue of these instruments are recognized as a deduction from equity, net of any tax effects. Where units comprising of
shares and warrants are issued the proceeds and any transaction costs are apportioned between the shares and warrants according
to their relative fair values.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Upon conversion of special warrants
and warrants into shares and the issue of shares for subscriptions received, the carrying amount, net of a pro rata share of the
transaction costs, is transferred to share capital.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4"><i>Equity-settled share-based Option Plan</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group operates an equity-settled
share-based option plan for its employees and service providers (note 6(d)). The fair value of share purchase options granted
is recognized as an employee or consultant expense with a corresponding increase in the <i>equity-settled share-based payments
reserve</i> in equity (the "Equity Reserve"). An individual is classified as an employee when the individual is an employee
for legal or tax purposes ("direct employee") or provides services similar to those performed by a direct employee.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The fair value is measured at grant
date for each tranche, which is expensed on a straight-line basis over the vesting period, with a corresponding increase in the
Equity Reserve. The fair value of share purchase options granted is measured using the Black-Scholes option pricing model, taking
into account the terms and conditions upon which the share purchase options were granted and forfeiture rates as appropriate. At
the end of each reporting period, the amount recognized as an expense is adjusted to reflect the actual number of share purchase
options that are expected to vest.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0054A4"><i>Deferred Share
Unit ("DSU") Plan</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group has a DSU plan for its non-executive
directors. The Group determines whether to account for DSUs as equity-settled or cash-settled based on the terms of the contractual
arrangement. The fair value of DSUs granted is recognized as an employee expense with a corresponding increase in the Equity Reserve
if deemed equity-settled or a liability if cash-settled at grant date.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The fair value is estimated using
the TSX quoted market price of the Company’s common shares at grant date and expensed over the vesting period as share-based
compensation in loss until they are fully vested. If the DSUs are cash-settled, the expense and liability are adjusted each reporting
period for changes in the TSX quoted market price of the Company’s common shares.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4"><i>Restricted Share Unit ("RSU")
Plan</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group has a RSU plan for its employees,
executive directors and eligible consultants of the Group. The Group determines whether to account for the RSUs as equity-settled
or cash-settled based on the terms of the contractual arrangement. The fair value of RSUs is recognized as an employee expense
with a corresponding increase in the Equity Reserve if deemed equity–settled or a liability if deemed cash-settled at grant
date.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The fair value is estimated using
the number of RSUs and the quoted market price of the Company’s common shares at the grant date. It is then expensed over
the vesting period with the credit recognized in equity in the Equity Reserve. If cash-settled, the expense and liability are adjusted
each reporting period for changes in the quoted market value of the Company’s common shares.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Income tax on the profit or loss for
the years presented consists of current and deferred tax. Income tax is recognized in profit or loss except to the extent that
it relates to items recognized in other comprehensive income or loss or directly in equity, in which case it is recognized in other
comprehensive income or loss or equity.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Current tax expense is the expected
tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments
to tax payable with regard to previous years.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Deferred tax is provided using the
balance sheet liability method, providing for unused tax loss carry forwards and temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary
differences are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that
affect neither accounting nor taxable profit; and differences relating to investments in subsidiaries, associates, and joint ventures
to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the
expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively
enacted at the end of the reporting period applicable to the period of expected realization or settlement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">A deferred tax asset is recognized
only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Additional income taxes that arise
from the distribution of dividends are recognized at the same time as the liability to pay the related dividend.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Deferred tax assets and liabilities
are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they
relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities
on a net basis.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">An obligation to incur restoration,
rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration or development of a mineral
property interest. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net
present value, are provided for and capitalized at the start of each project to the carrying amount of the asset, along with a
corresponding liability as soon as the obligation to incur such costs arises. The timing of the actual rehabilitation expenditure
is dependent on a number of factors such as the life and nature of the asset, the operating license conditions and, when applicable,
the environment in which the mine operates.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Discount rates using a pre-tax rate
that reflects the time value of money are used to calculate the net present value. These costs are charged against profit or loss
over the economic life of the related asset, through amortization using either the unit-of-production or the straight line method.
The corresponding liability is progressively increased as the effect of discounting unwinds, creating an expense recognized in
loss.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Decommissioning costs are also adjusted
for changes in estimates. Those adjustments are accounted for as a change in the corresponding capitalized cost, except where a
reduction in costs is greater than the unamortized capitalized cost of the related assets, in which case the capitalized cost is
reduced to nil and the remaining adjustment is recognized in profit or loss.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The operations of the Group have been,
and may in the future be, affected from time to time in varying degree by changes in environmental regulations, including those
for site restoration costs. Both the likelihood of new regulations and their overall effect upon the Group are not predictable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group has no material restoration,
rehabilitation and environmental obligations as the disturbance to date is not significant. The Group has posted two bonds with
the Alaskan regulatory authorities as performance guarantees for any potential reclamation liability incurred as a condition for:
(i) the issue of the Miscellaneous Land Use Permit at the Pebble Project (note 5(b)), and (ii) the granting of a pipeline
right-of-way (note 15(d)).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group presents basic and diluted
loss per share information for its common shares, calculated by dividing the loss attributable to common shareholders of the Company
by the weighted average number of common shares and any fully prepaid special warrants outstanding during the year. Diluted loss
per share does not adjust the loss attributable to common shareholders or the weighted average number of common shares outstanding
when the effect is anti-dilutive.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Group operates in a single reportable
operating segment – the acquisition, exploration and development of mineral properties. The Group’s core asset, the
Pebble Project, is located in Alaska, USA.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="color: #1A171B">The preparation
of these Financial Statements requires management to make certain estimates, judgments and assumptions that affect the reported
amounts of assets and liabilities at the date of the Financial Statements and reported amounts of expenses during the reporting
period. Actual outcomes could differ from these estimates. These Financial Statements include estimates, which, by their nature,
are uncertain. The impacts of such estimates are pervasive throughout the Financial Statements</font>, and may require accounting
adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is
revised and future periods if the revision affects both current and future periods. These estimates are based on historical experience,
current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable
under the circumstances.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4"><i>Sources of estimation uncertainty</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Significant assumptions about the
future and other sources of estimation uncertainty that management has made at the end of the reporting period, that could result
in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions
made, relate to, but are not limited to, the following:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The Group uses the Black-Scholes option pricing model to calculate an estimate of the fair value of share purchase options and warrants granted during the year. In the case of share purchase options, the fair value calculated is used to determine share-based compensation that is included in loss for the year. The fair value calculated for the warrants until they were exercised, was used to value the warrant liabilities on the statement of financial position, with gains or losses being recognized in loss. Inputs used in this model require subjective assumptions, including the expected price volatility from less than one year to five years. Changes in the subjective input assumptions can affect the fair value estimate. The weighted average assumptions applied are disclosed in Notes 6(d) and 7, respectively.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">2.</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Significant assumptions about the future and other sources of estimation uncertainty are made in determining the provision for any deferred income tax expense that is included in the loss for the year and the composition of any deferred income tax liabilities included in the Statement of Financial Position.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4"><i>Critical accounting judgments</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">These include:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">In terms of IFRS 6, <i>Exploration for and Evaluation of Mineral Resources,</i> the Group has used judgment that testing the Group’s mineral property interest for impairment as a result of the receipt of the ROD denial of the permit for the Pebble Project is not warranted as the Group has initiated an administrative appeal with the USACE, which has been confirmed as complete by the USACE and the resolving of which may take up to 90 days, but this timeframe is likely to be extended. The Group will allow the administrative appeal to run its course while at the same time pursuing other options available to it. Key to the Group’s judgement in reaching this conclusion is that as at December 31, 2020, and the date the Financial Statements were authorized for issuance, the Company’s market capitalization exceeded the carrying value of the Pebble Project and the Group’s net asset value.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">2.</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Pursuant to IAS 21, <i>The Effects of Changes in Foreign Exchange Rates</i> ("IAS 21") in determining the functional currency of the parent and its subsidiaries, the Group used judgment in identifying the currency in which financing activities are denominated and the currency that mainly influences the cost of undertaking the business activities in each jurisdiction in which each entity operates.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">3.</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The Group has employed judgement that going concern was an appropriate basis for the preparation of the Financial Statements, as the Group considered existing financial resources in determining that such financial resources are able to meet key corporate and Pebble Project expenditure requirements for at least the next twelve months (note 1).</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="width: 100%">
<tr>
<td style="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">4.</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The Group used judgment in terms of accounting for leases in accordance with IFRS 16. IFRS 16 applies a control model to the identification of leases and the determination of whether a contract contains a lease on the basis of whether the customer has the right to control the use of an identified asset for a fixed period of time. In determining the appropriate term for a lease, the Group considered the right of either the lessee and lessor to terminate the lease without permission from the other party with no more than an insignificant penalty as well as whether the Group is reasonably certain to exercise the extension options on the contract.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4"><i>Amendments to IFRS 3, Business Combinations
("IFRS 3")</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group adopted the amendments to IFRS 3 in the
current year, although there was no impact on the Group. The amendments relate to the definition of a business and clarify that
while a business usually has outputs, outputs are not required for an integrated set of activities and assets to qualify as a business.
To be considered a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process
that together significantly contribute to the ability to create outputs. The amendments remove the assessment of whether market
participants are capable of replacing any missing inputs or processes and continuing to produce outputs. The amendments also introduce
additional guidance that helps to determine whether a substantive process has been acquired.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The amendments introduce an optional concentration test
that permits a simplified assessment of whether an acquired set of activities and assets is not a business. Under the optional
concentration test, the acquired set of activities and assets is not a business if substantially all of the fair value of the gross
assets acquired is concentrated in a single identifiable asset or group of similar assets. The amendments are applied prospectively
to all business combinations and asset acquisitions for which the acquisition date is on or after January 1, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4"><i>Adoption of Other Narrow Scope Amendments
to IFRSs and IFRS Interpretations</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group also adopted other amendments to IFRSs, which
were effective for accounting periods beginning on or after January 1, 2020. The adoption had no impact on the Financial Statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4"><i>New and Revised IFRSs, Narrow Scope
Amendments to IFRSs and IFRS Interpretations not yet Effective</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Certain pronouncements have been issued by the IASB that
are mandatory for accounting periods after December 31, 2020. There are currently no such pronouncements that are expected to have
a significant impact on the Group’s consolidated financial statements upon adoption; however, the pronouncement below may
have an impact in future periods.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: #0054A4"><i>Amendments to IAS 16, Property,
Plant and Equipment</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 63pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The amendments clarify the accounting for the net proceeds
from selling any items produced while bringing an item of property, plant and equipment ("PPE") to the location and condition
necessary for it to be capable of operating in the manner intended by management. The amendments prohibit entities from deducting
amounts received from selling items produced from the cost of PPE while the Group is preparing the asset for its intended use.
Instead, sales proceeds and the cost of producing these items will be recognized in profit or loss. The amendments are effective
for annual reporting periods beginning on or after January 1, 2022, with earlier application permitted. The amendments apply retrospectively,
but only to assets brought to the location and condition necessary for them to be capable of operating in the manner intended by
management on or after the beginning of the earliest period presented in the financial statements in which the Group first applies
the amendments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; width: 23%"><font style="font-size: 8pt; color: #1A171B"><b>Name of Subsidiary</b></font></td>
<td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; width: 21%; text-align: right"><font style="font-size: 8pt; color: #1A171B"><b>Place of Incorporation</b></font></td>
<td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; width: 43%; text-align: right"><font style="font-size: 8pt; color: #1A171B"><b>Principal Activity</b></font></td>
<td style="border: #0070C0 1pt solid; width: 13%; text-align: right"><font style="font-size: 8pt; color: #1A171B"><b>Percent
Owned</b></font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">3537137 Canada Inc. 1</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Canada</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Wholly-owned subsidiary of the Company.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble Services Inc.</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Nevada, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Management and services company. Wholly-owned subsidiary of the Company.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Northern Dynasty Partnership</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holds 99.9% interest in the Pebble Partnership and 100% of Pebble Mines.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; vertical-align: top; padding-left: 0.25in; text-align: left; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble Limited Partnership(</font><font style="font-size: 8pt">"<font style="color: #1A171B">Pebble Partnership</font>"<font style="color: #1A171B">)</font></font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Limited Partnership. Ownership and Exploration of the Pebble Project.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble Mines Corp.(</font><font style="font-size: 8pt">"<font style="color: #1A171B">Pebble Mines</font>"<font style="color: #1A171B">)</font></font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Delaware, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">General Partner. Holds 0.1% interest in the Pebble Partnership.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble West Claims Corporation 2</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Subsidiary of the Pebble Partnership.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble East Claims Corporation 2</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Subsidiary of the Pebble Partnership.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble Pipeline Corporation</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Subsidiary of the Pebble Partnership.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Pebble Performance Dividend LLC</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Alaska, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Subsidiary of the Pebble Partnership.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">U5 Resources Inc.</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Nevada, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Holding Company. Wholly-owned subsidiary of the Company.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Cannon Point Resources Ltd.</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">British Columbia, Canada</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Not active. Wholly-owned subsidiary of the Company.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">MGL Subco Ltd. (</font><font style="font-size: 8pt">"MGL")</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">British Columbia, Canada</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Not active. Wholly-owned subsidiary of the Company.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Delta Minerals Inc.(</font><font style="font-size: 8pt">"Delta")</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">British Columbia, Canada</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Not active. Wholly-owned subsidiary of MGL.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Imperial Gold Corporation(</font><font style="font-size: 8pt">"<font style="color: #1A171B">Imperial Gold</font>"<font style="color: #1A171B">)</font></font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">British Columbia, Canada</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Not active. Wholly-owned subsidiary of Delta.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid"><font style="font-size: 8pt; color: #1A171B">Yuma Gold Inc.</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">Nevada, USA</font></td>
<td style="border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; text-align: right"><font style="font-size: 8pt; color: #1A171B">Not active. Wholly-owned subsidiary of Imperial Gold.</font></td>
<td style="border-right: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; border-left: #0070C0 1pt solid; padding-left: 0.25in; text-align: right; text-indent: 0.25in"><font style="font-size: 8pt; color: #1A171B">100%(indirect)</font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>December 31</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Sales tax receivable</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">67</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">177</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Interest, refundable deposits and other receivables</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">587</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">239</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt">Prepaid expenses</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">823</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">498</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1,477</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">914</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt"><b>Continuity</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Cannon</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Point</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>options</b> 1<b> </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Mission</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Gold</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>warrants</b> 1<b> </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Other</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>warrants</b> 2<b> </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Special</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>warrants</b> 3<b> </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Broker</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>warrants 4 </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Total </b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 40%; text-align: justify"><font style="font-size: 8pt">Beginning Balance</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">327,700</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">3,964,701</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">27,074,399</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">10,150,322</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">41,517,122</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Issued</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">466,666</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">244,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">710,666</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt">Exercised</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(104,450</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(200,075</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(10,150,322</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(10,454,847</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Bal. Dec 31, 2019</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">223,250</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,764,626</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">27,541,065</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">244,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">31,772,941</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Exercised</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(11,750</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(3,550,835</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(9,827,800</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(244,000</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(13,634,385</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Expired</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(213,791</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(213,791</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Bal. Dec 31, 2020</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">211,500</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">17,713,265</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">17,924,765</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: bottom"> </td>
<td colspan="5" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>Weighted averages per option/warrant as at December 31</b></font></td>
<td colspan="15"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Cannon</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Point options</b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Mission</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Gold</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>warrants</b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Other</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>warrants</b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Broker</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>warrants</b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>2020</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 50%"><font style="font-size: 8pt">Exercise price</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">0.37</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">0.65</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 8pt">0.65</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-indent: -9pt"><font style="font-size: 8pt">Remaining life in years</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.46</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.45</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.46</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>2019</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Exercise price</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.38</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.55</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.65</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.64</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-indent: -9pt"><font style="font-size: 8pt">Exercise price (US$)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">US 0.41</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">US 0.41</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double; padding-left: 9pt; text-indent: -9pt"><font style="font-size: 8pt">Remaining life in years</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">2.40</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">0.52</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1.45</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">0.48</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1.33</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">Notes to tables:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The Group issued options and warrants in exchange for those which were outstanding in Cannon Point Resources Ltd. ("Cannon Point") and Mission Gold Ltd. ("Mission Gold") on the acquisition of these companies in October 2015 and December 2015, respectively.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">2.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Warrants were issued pursuant to the June 2016 prospectus financing, July 2016 private placement and the 2019 non-revolving term loan credit facility agreement (note 8).</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">3.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The special warrants were issued in a private placement at a price of $0.83 (US$0.62) per special warrant in December 2018 and were converted into shares for no further consideration to the Group in February 2019 (note 6(b)).</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">4.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The Broker Warrants were issued to the underwriters pursuant to the June 2019 prospectus financing (note 6(b)).</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Continuity of options</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Number of </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>options </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Weighted average exercise price ($/option)</b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"><font style="font-size: 8pt">Beginning Balance</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">24,606,732</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.03</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Cancelled</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(33,600</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.10</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Exercised</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,185,666</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.54</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Expired</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(4,235,000</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.54</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Forfeited</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(10,700</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.82</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Granted</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">6,610,500</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">0.99</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Balance December 31, 2019</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">25,752,266</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.96</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Cancelled</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(22,000</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.16</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Exercised</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(3,991,066</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.99</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Expired</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(24,200</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.75</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Forfeited</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(16,500</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.36</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Granted</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">6,783,000</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2.01</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Balance December 31, 2020</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">28,481,500</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1.20</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; padding-left: 9pt; text-align: justify; text-indent: -9pt"><font style="font-size: 8pt"><b>Assumptions</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2019</b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; padding-left: 9pt; text-align: justify; text-indent: -9pt"><font style="font-size: 8pt">Risk-free interest rate</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">0.35%</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.39%</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-align: justify; text-indent: -9pt"><font style="font-size: 8pt">Expected life</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4.98 years</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5.00 years</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-align: justify; text-indent: -9pt"><font style="font-size: 8pt">Expected volatility 1</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">94.70%</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">94.73%</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-align: justify; text-indent: -9pt"><font style="font-size: 8pt">Grant date share price</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">2.18</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">0.81</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-align: justify; text-indent: -9pt"><font style="font-size: 8pt">Expected dividend yield</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">Nil</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">Nil</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Year ended December 31, 2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number of</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">options</p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Weighted average exercise price ($/option)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Weighted average market share priceon exercise ($/option)</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 64%"><font style="font-size: 8pt">May 2020</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">388,000</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">0.71</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.33</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">June 2020</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,162,900</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.84</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.82</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">July 2020</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">908,500</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.46</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.34</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">August 2020</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,165,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.97</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.00</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">September 2020</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">210,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.69</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.48</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">October 2020</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">156,666</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">0.50</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1.38</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">3,991,066</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">0.99</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1.90</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Year ended December 31, 2019</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number of</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">options</p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Weighted average exercise price ($/option)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Weighted average market share priceon exercise ($/option)</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 64%"><font style="font-size: 8pt">January 2019</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">125,000</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">0.49</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">0.87</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">February 2019</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">30,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.49</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.23</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">June 2019</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">39,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.49</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.59</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">July 2019</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">81,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.49</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.68</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">August 2019</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">856,666</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.55</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.90</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">September 2019</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">54,000</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">0.72</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">0.85</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1,185,666</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">0.54</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">0.88</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Exercise prices ($)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Number of options outstanding</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Number of options exercisable</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Weighted Average Remaining contractual life (years)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Number of options outstanding</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Number of options exercisable</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Weighted Average Remaining contractual life (years)</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 13%; text-align: right"><font style="font-size: 8pt">0.48</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">200,000</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">200,000</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">0.20</font></td>
<td style="width: 4%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">450,000</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">450,000</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">1.21</font></td>
<td style="width: 4%"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.49</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,455,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,455,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.53</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,105,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,105,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.53</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.50 1</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,520,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,520,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">.12</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,316,666</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,316,666</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.81</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.76</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,761,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,761,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.08</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,538,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,538,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.87</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">0.99</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,388,500</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,388,500</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3.74</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,610,500</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,305,250</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4.75</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.75</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,386,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,386,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1.57</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,732,100</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5,732,100</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.10</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2.01</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">6,696,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,348,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4.55</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2.34</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">75,000</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">75,000</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2.58</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">Total</font></td>
<td> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">28,481,500</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">25,133,500</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">25,752,266</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">22,447,016</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"> </td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Note</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">These options were set to expire on October10, 2020, but were extended pursuant to certain provisions of the option plan.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Continuity of RSUs</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number of</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">RSUs </p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted average</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">fair value</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">($/RSU)</p></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"><font style="font-size: 8pt">Balance January 1, 2019</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">196,753</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1.27</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Settlement 1</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(196,753</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1.44</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Balance December 31, 2019 and 2020</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Continuity</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"> </td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 88%"><font style="font-size: 8pt">Balance January 1, 2019</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">38,686</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Loss on translation of foreign subsidiaries</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(6,321</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-indent: -9pt"><font style="font-size: 8pt"><b>Balance December 31, 2019</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">32,365</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; padding-left: 9pt; text-indent: -9pt"><font style="font-size: 8pt">Loss on translation of foreign subsidiaries</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2,704</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Balance December 31, 2020</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">29,661</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31 </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020 </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">December 31 </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">2019 </p></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"><font style="font-size: 8pt">Beginning balance</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">43</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Fair value on issue recognized as a financing cost</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">50</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Fair value loss (gain) on revaluation</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">204</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(7</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Fair value transferred to share capital on exercise</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(247</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Ending balance</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">43</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>December 31 </b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31 </font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020 </b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019 </font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Beginning balance</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1,360</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Loans provided during the year</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">183</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,317</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Accrued interest</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">9</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">14</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Repayment of loans</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,364</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt">Loans transferred to payables to related parties (note 9)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(188</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(971</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double; text-align: justify"><font style="font-size: 8pt"><b>Ending balance</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1,360</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>December 31</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt"><b>Current liabilities</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Falling due within the year</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Trade 1</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">6,304</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">12,401</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt">Lease liabilities 2</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">259</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">286</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double; text-align: justify"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">6,563</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">12,687</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"><b>Non-current liabilities</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double; text-align: justify"><font style="font-size: 8pt">Lease liabilities 2</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">657</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">934</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double; text-align: justify"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">657</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">934</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Notes to table:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">At December 31, 2020, current trade liabilities includes legal fees due to legal counsel of US$2,578 (2019 – US$5,155), payable in two equal tranches on April 1, 2021 and July 1, 2021 respectively, and US$635 payable on completion of a partnering transaction. On the former amount, interest at 3.5% per annum is payable, effective from February 1, 2020. As of December 31, 2020, US$83 in accrued interest is included in trade liabilities.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">2.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Lease liabilities relate to lease of offices, a copier, yard storage and one vehicle, which have remaining lease terms of 4 to 113 months and interest rates of 7.5% – 10.5% over the term of the leases. During the year ended December 31, 2020, the Group recognized interest expense of $107 (2019 – $120) for lease liabilities.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Total</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 88%; text-align: justify"><font style="font-size: 8pt">Less than one year</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">337</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">One to five years</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">604</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt">Later than 5 years</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">263</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt">Total undiscounted lease liabilities</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,204</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"><font style="font-size: 8pt">Loss attributable to shareholders</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">63,872</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">69,193</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt">Weighted average number of shares outstanding (000s)</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">473,668</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">358,343</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Year ended December 31  </font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Reconciliation of effective tax rate</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020 </b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019 </font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 75%"><font style="font-size: 8pt">Net loss</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">(63,872</font></td>
<td style="width: 1%"><font style="font-size: 8pt">)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">(69,193</font></td>
<td style="width: 2%"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Total income tax (recovery) expense</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Loss excluding income tax</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(63,872</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(69,193</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Income tax recovery using the Company's domestic tax rate</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(17,245</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(18,682</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Non-deductible expenses and other</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,393</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,375</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Change in tax rates</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Deferred income tax assets not recognized</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">15,852</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">17,307</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>December 31 </b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31 </font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Deferred income tax assets (liabilities)</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020 </b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019 </font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; width: 76%"><font style="font-size: 8pt">Tax losses</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">2,421</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">2,342</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Net deferred income tax assets</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,421</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,342</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Resource property/investment in Pebble Partnership</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(2,421</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(2,342</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Equipment</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Net deferred income tax liability</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>December 31</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Exposure</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; padding-left: 9pt"><font style="font-size: 8pt">Amounts receivable</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">587</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">239</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Restricted cash</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">791</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">805</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; padding-left: 9pt"><font style="font-size: 8pt">Cash and cash equivalents</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">42,460</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">14,038</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Total exposure</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">43,838</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">15,082</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The exposure of the Group's US dollar-denominated financial
assets and liabilities to foreign exchange risk was as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>December 31 </b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31 </font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020 </b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019 </font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Financial assets</b>:</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; padding-left: 9pt"><font style="font-size: 8pt">Amounts receivable</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">649</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">263</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; padding-left: 9pt"><font style="font-size: 8pt">Cash and cash equivalents and restricted cash</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">23,624</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">14,090</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">24,273</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">14,353</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Financial liabilities</b>:</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Non-current trade payables</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(657</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(932</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Warrant liabilities</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(43</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Current trade and other payables</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(6,170</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(12,426</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; padding-left: 9pt"><font style="font-size: 8pt">Payables to related parties</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(650</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(24</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(7,477</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(13,425</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Net financial assets exposed to foreign currency risk</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">16,796</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">928</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
12441000
-233000
36526000
Nevada, USA
Alaska, USA
Alaska, USA
Delaware, USA
Nevada, USA
British Columbia, Canada
British Columbia, Canada
British Columbia, Canada
British Columbia, Canada
Nevada, USA
Alaska, USA
Alaska, USA
Alaska, USA
Management and services company. Wholly-owned subsidiary of the Company.
Holds 99.9% interest in the Pebble Partnership and 100% of Pebble Mines.
Limited Partnership. Ownership and Exploration of the Pebble Project.
General Partner. Holds 0.1% interest in the Pebble Partnership.
Holding Company. Subsidiary of the Pebble Partnership.
Holding Company. Wholly-owned subsidiary of the Company.
Not active. Wholly-owned subsidiary of the Company.
Not active. Wholly-owned subsidiary of the Company.
Not active. Wholly-owned subsidiary of MGL.
Not active. Wholly-owned subsidiary of Delta.
Not active. Wholly-owned subsidiary of Imperial Gold.
Holding Company. Wholly-owned subsidiary of the Company.
Holding Company. Subsidiary of the Pebble Partnership.
Holding Company. Subsidiary of the Pebble Partnership.
Holding Company. Subsidiary of the Pebble Partnership.
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
0
1154000
1154000
112541000
2528000
115069000
0
490000
490000
459000
31000
490000
134624000
137307000
1022000
1560000
799000
26000
135646000
825000
138867000
1117000
43000
1160000
177000
67000
239000
587000
498000
823000
31772941
41517122
211500
0
0
0
17713625
17924765
327700
3964701
27074399
10150322
0
10454847
104450
11750
200075
9827800
0
3550835
0
10150322
244000
0
13634385
0
0
213791
0
0
213791
710666
0
0
466666
0
244000
.64
.38
.37
.55
.65
.65
.00
.00
.00
.00
.41
.65
P1Y3M29D
P2Y4M24D
P1Y5M16D
P6M7D
P5M12D
P1Y5M12D
P5M23D
P5M14D
24606732
25752266
-1185666
-3991066
-4235000
-24200
-10700
-16500
6610500
6783000
25752266
28481500
-33600
-22000
1.03
.96
1.10
1.16
.54
.99
1.54
1.75
.82
1.36
.99
2.01
.96
1.20
.0139
.0035
P5Y
P4Y11M23D
.81
2.18
.00
.00
1185666
3991066
388000
1162900
908500
1165000
210000
156666
125000
30000
39000
81000
856666
54000
.54
.99
.71
.84
1.46
.97
.69
.50
.49
0.49
0.49
0.49
.55
.72
.88
1.90
1.33
1.82
2.34
2.00
1.48
1.38
.87
1.23
.59
.68
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509046631
NORTHERN DYNASTY MINERALS LTD
0001164771
40-F
2020-12-31
false
--12-31
Yes
No
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false
FY
2020
true
0
2523000
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>December 31</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; text-align: justify"><font style="font-size: 8pt">Sales tax receivable</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">67</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">177</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Interest, refundable deposits and other receivables</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">587</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">239</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: justify"><font style="font-size: 8pt">Prepaid expenses</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">823</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">498</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1,477</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">914</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Group’s exploration and evaluation assets are
comprised of the following:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td>
<p style="border-bottom: black 0.75pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Year ended December 31,
2020</i></b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: right; vertical-align: middle">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Mineral</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Property</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>interest 1</b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: right; vertical-align: middle">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Plant and </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>equipment 2 </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; vertical-align: middle; text-align: right"><font style="font-size: 8pt"><b>Total </b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Cost</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; width: 64%"><font style="font-size: 8pt">Beginning balance and Ending balance</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">112,541</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">3,018</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">115,559</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Accumulated depreciation</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Beginning balance</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,615</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,615</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Depreciation 3</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(533</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(533</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Ending balance</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2,148</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2,148</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Foreign currency translation difference</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">22,083</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">152</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">22,235</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Net carrying value –December 31, 2020</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">134,624</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1,022</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">135,646</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><i>Year ended December 31, 2019</i></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: right; vertical-align: middle">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Mineral</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Property</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>interest 1</b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: right; vertical-align: middle">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Plant and </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>equipment 2 </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; vertical-align: middle; text-align: right"><font style="font-size: 8pt"><b>Total </b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Cost</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 64%"><font style="font-size: 8pt">Beginning balance</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">112,541</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1,374</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">113,915</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Impact of IFRS 16 adoption</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,154</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,154</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Beginning balance as restated</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">112,541</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,528</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">115,069</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Additions</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">490</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">490</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Ending balance</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">112,541</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">3,018</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">115,559</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Accumulated depreciation</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Beginning balance</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(968</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(968</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Depreciation 3</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(647</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(647</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Ending balance</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,615</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,615</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Foreign currency translation difference</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">24,766</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">157</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">24,923</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Net carrying value – December 31, 2019</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">137,307</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1,560</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">138,867</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notes to tables:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Comprises the Pebble Project, a contiguous block of 2,402 mineral claims covering approximately 417 square miles located in southwest Alaska, 17 miles (30 kilometers) from the villages of Iliamna and Newhalen, and approximately 200 miles (320 kilometers) southwest of the city of Anchorage.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">2.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Includes ROU Assets, which relate to the use of office space, a copier, hangers, yard storage and one vehicle. The following comprises ROU Assets:</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b><i>Year ended December 31, 2020</i></b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: right; vertical-align: middle">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Land and </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Buildings </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; vertical-align: middle; text-align: right"><font style="font-size: 8pt"><b>Equipment </b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; vertical-align: middle; text-align: right"><font style="font-size: 8pt"><b>Total </b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; width: 64%">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Cost</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Beginning and Ending balance</p></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">1,591</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">53</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 9%; text-align: right"><font style="font-size: 8pt">1,644</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Accumulated depreciation</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Beginning balance</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(411</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(9</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(420</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Depreciation</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(312</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(17</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(329</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Ending balance</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(723</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(26</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(749</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Foreign currency translation difference</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(69</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(70</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Net carrying value – December 31, 2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">799</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">26</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">825</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><i>Year ended December 31, 2019</i></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: right; vertical-align: middle">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Land and </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Buildings </b></p></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; vertical-align: middle; text-align: right"><font style="font-size: 8pt"><b>Equipment </b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; vertical-align: middle; text-align: right"><font style="font-size: 8pt"><b>Total </b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 64%">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Cost</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Beginning balance at January 1, 2019</p></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1,132</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">22</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1,154</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Additions</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">459</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">31</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">490</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Ending balance</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,591</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">53</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,644</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Depreciation</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(411</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(9</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(420</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Foreign currency translation difference</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(63</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(64</font></td>
<td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Net carrying value – December  31, 2019</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,117</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">43</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,160</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">3.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">For the year ended December 31, 2020, $235 (2019 – $224) in depreciation is included in general and administrative expenses with the remainder included in exploration and evaluation expenses.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>December 31</b> </font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Payables to related parties</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020 </b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Key management personnel (a)</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; padding-left: 9pt"><font style="font-size: 8pt">Loans payable</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">971</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.25in"><font style="font-size: 8pt">Loans payable beginning balance</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">971</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.25in"><font style="font-size: 8pt">Loans provided by key management personnel</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">183</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">967</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.25in"><font style="font-size: 8pt">Accrued interest</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">5</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.25in"><font style="font-size: 8pt">Repayment of loans</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">(1,159</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt"><font style="font-size: 8pt">Other</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">34</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">Hunter Dickinson Services Inc. (b)</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">814</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">124</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Total payables to related parties</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">848</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1,095</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Transactions</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Compensation</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; padding-left: 0.25in; text-indent: -9pt"><font style="font-size: 8pt">Amounts paid and payable to HDSI for services of KMP employedby HDSI 1</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">2,408</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">2,430</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 9pt"><font style="font-size: 8pt">Amounts paid and payable to KMP 2</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,525</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">4,443</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 9pt"><font style="font-size: 8pt">Bonuses paid to KMP 3</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,216</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,053</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-indent: 9pt"><font style="font-size: 8pt">Interest paid and payable on loans received from KMP 5</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">5</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">4</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">8,154</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">7,930</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; padding-left: 9pt"><font style="font-size: 8pt">Share-based compensation 4</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">6,207</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2,736</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Total compensation</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">14,361</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">10,666</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Notes to table:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The Group’s CEO, CFO, Board Chair and senior management, other than disclosed in note 2 below, are employed by the Group through Hunter Dickinson Services Inc. ("HDSI") (refer (b)).</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">2.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Represents short-term employee benefits, including director’s fees paid to the Group’s independent directors, and salaries paid and payable to the PLP CEO, PMC Chair and PLP EVP, SVPs, VP and Chief of Staff. The SVP Engineering is employed by the Group through a wholly-owned US subsidiary of HDSI ("HDUS"). The Group reimburses HDUS for costs incurred.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">3.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">In 2020, incentive and performance bonuses were paid to the PLP CEO, PLP SVP Corporate Affairs and PLP Chief of Staff. In 2019, incentive bonuses were paid to the CFO, EVP, Environment and Sustainability, VP, Corporate Communications, SVP, Engineering, VP, Permitting, and to the Company Secretary.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">4.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">Includes cost of RSUs and share purchase options issued and/or vesting during the respective periods.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 84px; padding-left: 0.5in"><font style="font-size: 8pt">5.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The Group’s Board Chair and CEO advanced a total of $1,150 to the Group pursuant to the Credit Facility (note 8), $967 in December 2019, and $183 in January 2020. The Group repaid the loans including interest accrued in January 2020.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Transactions</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">2019 </font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Services rendered by HDSI</b>:</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 9pt"><font style="font-size: 8pt"><b>Technical</b> 1</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; padding-left: 9pt; text-indent: 9pt"><font style="font-size: 8pt">Engineering</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">904</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">1,018</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-indent: 9pt"><font style="font-size: 8pt">Environmental</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">245</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">459</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-indent: 9pt"><font style="font-size: 8pt">Socioeconomic</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">486</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">429</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-indent: 9pt"><font style="font-size: 8pt">Other technical services</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">307</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">154</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,942</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,060</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 9pt"><font style="font-size: 8pt"><b>General and administrative</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 27pt; text-indent: -0.25in"><font style="font-size: 8pt">Management, consulting, corporate communications, secretarial, financial and administration</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,011</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,292</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 9pt; text-indent: 9pt"><font style="font-size: 8pt">Shareholder communication</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">614</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">594</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">3,625</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">2,886</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Total for services rendered</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">5,567</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">4,946</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0.25in; text-indent: -0.25in"><font style="font-size: 8pt"><b>Reimbursement of third party expenses</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 9pt"><font style="font-size: 8pt">Conferences and travel</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">119</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">393</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 9pt"><font style="font-size: 8pt">Insurance</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">53</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">50</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-indent: 9pt"><font style="font-size: 8pt">Office supplies and information technology</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">418</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">431</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Total reimbursed</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">590</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">874</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">6,157</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">5,820</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Note</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="3" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in"><font style="font-size: 8pt">1.</font></td>
<td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">These costs are included in exploration and evaluation expenses.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt">Resource </font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Expiry</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Tax losses </font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">pools </font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">Other </font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 64%"><font style="font-size: 8pt">Within one year</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">One to five years</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">7,445</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">After five years</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">270,224</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt">No expiry date</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">31,586</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">93,065</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">190</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt double"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">301,810</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">93,065</font></td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">7,635</font></td>
<td style="border-bottom: black 1pt double"> </td></tr>
</table>
78347000
1360000
0
0
-53014000
-39219000
-9365000
-11545000
-2416000
-2438000
-3970000
-9342000
Holds a 20% interest in the Northern Dynasty Partnership. The Company holds the remaining 80% interest.
Both entities together hold 2,402 claims comprising the Pebble Project.
The Group issued options and warrants in exchange for those which were outstanding in Cannon Point Resources Ltd. ("Cannon Point") and Mission Gold Ltd. ("Mission Gold") on the acquisition of these companies in October 2015 and December 2015, respectively.
Warrants were issued pursuant to the June 2016 prospectus financing, July 2016 private placement and the 2019 non-revolving term loan credit facility agreement (note 8).
The special warrants were issued in a private placement at a price of $0.83 (US$0.62) per special warrant in December 2018 and were converted into shares for no further consideration to the Group in February 2019 (note 6(b)).
The Broker Warrants were issued to the underwriters pursuant to the June 2019 prospectus financing (note 6(b)).
Expected volatility is based on the historical and implied volatility of the Companys share price on the TSX.
These options were set to expire on October10, 2020 but were extended pursuant to certain provisions of the option plan.
During the year ended December 31, 2019, the Group settled the RSUs which had vested by issuing 111,086 shares with the balance of 85,667 RSUs being withheld to pay tax obligations. The Group recognized for equity-settled RSUs, SBC of $29 with a corresponding increase in the SBC Reserve. For RSUs classified as cash-settled, the Group recognized $43 in SBC with a corresponding increase in the RSU liability. On the settlement of the cash-settled RSUs, the RSU liability was reduced to $nil with $58 transferred to share capital for the shares issued with the remainder remitted to the tax authorities.
The Groups CEO, CFO, Board Chair and senior management, other than disclosed in note 2 below, are employed by the Group through Hunter Dickinson Services Inc. (HDSI) (refer (b)).
Represents short-term employee benefits, including directors fees paid to the Groups independent directors, and salaries paid and payable to the PLP CEO, PMC Chair and PLP EVP, SVPs, VP and Chief of Staff. The SVP Engineering is employed by the Group through a wholly-owned US subsidiary of HDSI (HDUS). The Group reimburses HDUS for costs incurred.
In 2020, incentive and performance bonuses were paid to the PLP CEO, PLP SVP Corporate Affairs and PLP Chief of Staff. In 2019, incentive bonuses were paid to the CFO, EVP, Environment and Sustainability, VP, Corporate Communications, SVP, Engineering, VP, Permitting, and to the Company Secretary.
Includes cost of RSUs and share purchase options issued and/or vesting during the respective periods.
The Groups Board Chair and CEO advanced a total of $1,150 to the Group pursuant to the Credit Facility (note 8), $967 in December 2019, and $183 in January 2020. The Group repaid the loans including interest accrued in January 2020.