maudore mar13presentation

Consolidate, Produce, Discover, Grow March 2013

Creating Value: Consolidating a World-Class Region

Consolidate Produce Discover Grow

Consolidate, Produce, Discover, Grow

CAUTIONARY STATEMENTS

2

Cautionary Statement Regarding Forward-Looking Statements and Third Party Information

This presentation contains forward-looking statements. All statements that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate", "believe", "expect", "estimate", "plan" and similar expressions are generally intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements regarding the integration of the properties, assets and employees of NAP Quebec Mines Ltd. (“NAP Quebec” or “NAP Assets”) with those of the Company, the closing of the Private Placement, the potential merger with Eagle Hill Exploration Corporation (“Eagle Hill”), future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, potential mineral recovery processes and rates, business and financing plans, business trends and future operating revenues. These statements are inherently uncertain and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, risks related to the integration of the NAP Quebec, risks associated with the proposed acquisition of Eagle Hill, financial related risks, unstable gold and metal prices, operational risks including those related to title, significant uncertainty related to inferred mineral resources, operational hazards, unexpected geological situations, unfavourable mining conditions, changing regulations and governmental policies, failure to obtain required permits and approvals from government authorities, failure to obtain any required approvals of the TSXV, failure to obtain any required shareholder approvals, failure to obtain any required financing, increased competition from other companies many of which have greater financial resources, dependence on key personnel and environmental risks and the other risks described in the Company’s annual information form and other continuous disclosure filings with securities regulators available under the Company’s profile at www.sedar.com. It is recommended not to place undue reliance on forward-looking statements as the plans, intentions or expectations upon which they are based might not occur. The Company does not assume any obligation to update any forward-looking statements contained in this release, except as required by applicable law.

Certain information appearing in this document pertaining to North American Palladium Ltd. (“North American Palladium” or “NAP”), NAP Quebec and their respective assets and operations has been obtained by the Company from information made publicly available by NAP and the Company assumes no responsibility for the completeness or accuracy of such information.

Qualified Person: Kevin R. Kivi, P.Geo., of KIVI Geoscience Inc., who is Maudore's Chief Consulting Geologist, approves the technical content of this presentation.


Consolidating a prolific gold district in a world-class mining jurisdiction

Sleeping Giant mill positions Maudore to become the next Quebec gold producer with a strong pipeline of projects

Controlling land position in underexplored 250+ km gold belt in the Northern Abitibi Greenstone Belt in Quebec

Current Au Resources: 834 k oz M&I and 1,380 k oz Inferred1 Historical Au Resources: 556 k oz M&I and 432 k oz Inferred1

Production facilities in close proximity to advanced exploration providing operational flexibility and cost synergies

Strong platform to continue consolidation strategy leveraging control over the only operating mill regionally

Well capitalized company with improved scale, liquidity and an enhanced capital markets profile

INVESTMENT HIGHLIGHTS

3

Please refer to slides 5, 24, 25, and 26 for detailed information and disclosure related to these resources


NAP ASSETS ACQUISITION

A transformational transaction with strong strategic rationale

22 March 2013, acquisition of North American Palladium’s Quebec gold assets for $18 m in cash and 1.5 m shares (~$1.6 m)

– Cash funded using $22m secured credit facility from FBC Holding Sarl

Acquired a strategically important portfolio of assets in the region:

– Operating mill with tailings facility and expansion potential (Sleeping Giant Mill)

– Vezza underground test mining 85km from Sleeping Giant Mill

– Three advanced exploration properties (Discovery, Flordin & Sleeping Giant)

– Flexibility to exploit gold resources in stages thereby managing capital requirements and focusing on higher margin opportunities

– Large contiguous land package within trucking distance of processing facilities

– Dominant land position in the Northern Abitibi Belt adding a land package of approximately 48,000 hectares (+50%)

4


PRO FORMA ASSET PORTFOLIO

5

Only operating processing facility in the region to leverage satellite deposits

1. Windfall Lake is owned by Eagle Hill and Noront Resources Ltd. Please refer to slides 21, 22, and 23 for details.

A qualified person has not performed sufficient work to classify historical estimates as current mineral resources; Maudore is not treating the table of historical mineral resource estimates as current mineral resource estimates.

Osbell Resource Estimate for Maudore Minerals Ltd. Nov 30, 2012 by Alain Carrier, PGeo (InnovExplo Inc.), Pierre-Luc Richard, PGeo (InnovExplo Inc.), Christian D'Amours, PGeo (GeoPointCom), and Alain Dorval, Eng. (InnovExplo Inc.)

Vezza Resource Estimate for North American Palladium Ltd. by Scott Wilson Roscoe Postle Associates Inc., 2010 prepared by Bernard Salmon, PEng and Petr Pelz, PGeo. In compliance with National Instrument 43-101 Standards for Mineral Projects ("NI 43-101"), a NI 43-101 compliant technical report in respect of the Vezza project will be prepared by the Company within the next 45 days. The Company has retained Christian D'Amours, PGeo (GeoPointCom) to prepare such report.

CURRENT RESOURCES

Gold Resource Tonnes

(M t)

Grade

(g/t Au)

Gold

(k oz Au)

Osbell Resource Estimate (Oct 2012)

Measured & Indicated 8.5 2.0 546

Inferred 8.1 4.8 1259

Vezza Historical Resource Estimate (Dec 2010)


Inferred 0.8 5.0 122

Total M&I 10.0 2.6 834

Total Inferred 8.9 4.8 1380

Excellent Regional Infrastructure

1 HISTORICAL RESOURCES


(M t)

Grade

(g/t Au)

Gold

(k oz Au)

Discovery Historical Resource Estimate (2008)



Flordin Historical Resource Estimate (2011)



Sleeping Giant Historical Resource Estimate (2008)


Total M&I 4.6 3.8 556

Total Inferred 3.7 3.6 432


Positioned to realize value from staged development of project pipeline

VALUE CREATION THROUGH PROJECT PIPELINE

6

Acquire NAP Assets (SG Complex, Vezza,

Discovery, Flordin, SG)

Complete acquisition of Eagle Hill1

Process Windfall Lake using SG Mill

Build Osbell open cut mine and mill

complex

Process Windfall Lake through Osbell Mill

Exploration of prospective exploration targets

1. Formal non-binding proposal to Eagle Hill Exploration Corporation announced December 5, 2012. Please refer to slides 21, 22, and 23 for details.

Commission Vezza and SG Mill to become

commercial producer

Evaluate restart of Sleeping Giant and mining of Discovery

Expansion of SG processing facility

Process Flordin open cut through Osbell

Mill

Additional regional consolidation


SLEEPING GIANT MILL COMPLEX

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Grizzly Feeder

Jaw Crusher

Cone Crushing / Screening

Rod and Ball Mill

Conventional Leach and CIL Circuit

Doré

100% interest in complex providing regional milling facilities

All deposits within trucking distance (< 85 km)

NAP invested $80 m in acquisition and development costs since acquisition in 2009

– Estimated replacement cost of $60-$80 m

Skilled and experienced workforce of ~150 which is expected to grow as we expand

Currently processing 400-600 tpd with 92% gold recovery while Vezza is being commissioned

Design capacity of 900tpd with potential to expand to 1,250tpd and 1,750tpd

Tailings facility is expected to last 10 years at the higher production rate

Sleeping Giant Mill Complex


LARGE PROSPECTIVE LAND POSITION

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144,000 ha land package spanning 120km with excellent geological potential

Note: “MD_NAP” label refers to the Laflamme project which is a joint venture between NAP Quebec and Midland Exploration Inc.


VEZZA GOLD MINE

100% interest in a permitted mine slated for 2013 production

Over $43 million spent to date to bring the mine into production

– Hoist, 3-compartment shaft and 4 underground levels completed down to 741m depth

Ore currently being processed from underground at nearby Sleeping Giant Mill

– Approximately 85 km south

Mine optimization includes focus on grade control and minimizing dilution

Experienced workforce in place

Exploration upside with 49 contiguous mining claims covering a surface area of 691 hectares

9

Vezza Resource Estimate for North American Palladium Ltd. by Scott Wilson Roscoe Postle Associates Inc., 2010 prepared by Bernard Salmon, PEng and Petr Pelz, PGeo. In compliance with National Instrument 43-101 Standards for Mineral Projects ("NI 43-101"), a NI 43-101 compliant technical report in respect of the Vezza project will be prepared by the Company within the next 45 days. The Company has retained Christian D'Amours, PGeo (GeoPointCom) to prepare such report.

CURRENT RESOURCES


(M t)

Grade

(g/t Au)

Gold

(k oz Au)

Vezza Historical Resource Estimate (Dec 2010)




COMTOIS GOLD PROJECT

100% interest in the Comtois Gold Project, which hosts the “Osbell Deposit”

Contains at least 2 continuous mineralized zones with strike lengths of 700-1,400m

– Pyrite gold deposit containing sulphides in disseminated or veinlet form

Updated resource in October 2012 using new geological interpretation and additional drilling

– Potential for both open pit and underground mining scenarios

– Recent drill results include 1,195 g/t over 0.5m within 399 g/t over 1.3m

Estimated that average gold recovery of 93% can be achieved

10

Over 276 km of drilling completed to date in 927

drill holes with most recent 25km completed

subsequent to resource estimate

CURRENT RESOURCES


(M t)

Grade

(g/t Au)

Gold

(k oz Au)

Osbell Resource Estimate (Oct 2012)


Inferred 8.1 4.8 1259

Osbell Resource Estimate for Maudore Minerals Ltd. Nov 30, 2012 by Alain Carrier, PGeo (InnovExplo Inc.), Pierre-Luc Richard, PGeo (InnovExplo Inc.), Christian D'Amours, PGeo (GeoPointCom), and Alain Dorval, Eng. (InnovExplo Inc.)


COMTOIS GOLD PROJECT

New geological interpretation of gold distribution underway

11


SLEEPING GIANT (PAST-PRODUCING MINE)

Quartz-sulphide vein type gold deposit

Gold-bearing veins may be structurally controlled in steeply dipping box fold

Drilling of mineralized zones at depth and laterally indicate long-term exploration potential of mine

– Underground drilling program to be evaluated

Significant underground development including mine shaft to depth of 1,175m – extended by 200m in 2011 to gain access to new high grade zones1

Digitization of data into 3D model will provide basis for reinterpretation

– Enables the definition of known veins leading to additional mineral resources

12

Longitudinal section1


1. Refer to North American Palladium press release dated July 12, 2011 titled “North American Palladium Provides Gold Exploration Update”

HISTORICAL RESOURCES


(M t)

Grade

(g/t Au)

Gold

(k oz Au)

Sleeping Giant Historical Resource Estimate (2008)



OTHER HISTORICAL GOLD RESOURCES

Flordin Greenstone-hosted quartz-carbonate veins

Mineral potential defined over 3 km strike with at least 10 continuous mineralized zones ranging from 300 m to 1,300 m

Excellent potential to increase gold resources

Permitting in progress for 10,000 tonne bulk sample for sorting test

Discovery Gold bearing shear zone dipping 80-90 degrees

Permitting in place for underground exploration and bulk sampling

Excellent exploration potential to increase current mineral resources

Potential to provide medium term production to Sleeping Giant Mill

13




(M t)

Grade

(g/t Au)

Gold

(k oz Au)

Flordin Historical Resource Estimate (2011)





(M t)

Grade

(g/t Au)

Gold

(k oz Au)

Discovery Historical Resource Estimate (2008)




DISTRICT EXPLORATION POTENTIAL

District scale land position in the Northern Abitibi Belt

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Northern Abitibi Belt underexplored relative to Southern Abitibi Belt

– Fewer outcrops and less infrastructure

Controlling land position in underexplored 250+ km gold belt

– Large 144,000 hectare position over prospective lands with 120km of contiguous tenements

Strong potential for extension of mineral resources along Sleeping Giant–Osbell– Windfall Lake trend

Quebec has one of the highest levels of VMS-style deposit occurrence globally


MANAGEMENT & BOARD OF DIRECTORS

Board of Directors

George Fowlie - Deputy Chairman, Director of Corporate Development - MBA, Investment Banker, Corporate Finance, Co. Director

Howard Carr - Non-Executive Director - PhD in Economic Geology; Former Senior Resource Analyst at Macquarie in Perth

Raynald Vezina - Non-Executive Director - Mining Engineer, Mining Co. COO & Director, Mining Engineering Consultant

Keith Harris - Non-Executive Director - Accountant, Investment Banker, Corporate Finance, Co. Director

Daniel Harbour - Non-Executive Director - PhD, Private Investment Management, Linguistics

Robert Pevenstein - Non-Executive Director - MBA, Corporate Finance, Mining Co. Director

15

Management Team

Kevin Tomlinson - CEO & Chairman - Geologist, Investment Banker, Mining Co. Chairman & Director

Anne Slivitzky - Chief Operating Officer - Former Maudore CEO & Director, 30 years mining industry experience in Canada and South America

Kevin Kivi, PGeo - Chief Geologist - 30 years of exploration and mining experience

Ingrid Martin - Chief Financial Officer - Chartered Accountant with extensive financial and corporate experience

Deborah Thompson - Manager Investor Relations - 17 years as journalist / investor relations

Julie Godard - Corporate Secretary

Hiring of additional experienced mining executives underway


PROPOSED FINANCING

Maudore is currently raising proceeds of up to C$25 m in a best efforts private placement of units of the Company

Strong sponsorship by existing shareholders, management and FBC through participation in the equity financing

16

Sources C$ m Uses1 C$ m

FBC Term Loan $22.0 NAP Assets Cash Consideration $18.0

Private Placement of Units $25.0 Bridge Loan Repayment $3.3

FBC Interest Escrow $2.8

Transaction Fees $2.4

Environmental Bonding $1.8

Working Capital $18.8

Total Sources $47.0 Total Uses $47.0

1. Management estimates. These estimates are based on current information available at this time. The company reserves the right to reassess these numbers based on the current business environment.


COMPANY CAPITALIZATION

Maudore is well capitalized with an enhanced capital markets profile

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Maudore1 Maudore + NAP Assets2

Illustrative Unit Offering

Pro Forma Maudore2

Share Price C$/sh $1.08 $1.08 - -

Basic Shares m 26.9 30.2 - -

Market Cap C$m $29.1 $32.6 $25.0 $57.6

Cash C$m $3.1 $5.4 $25.0 $22.5

Debt C$m $3.3 $25.3 - $22.1

Enterprise Value C$m $29.3 $52.5 - $57.2

Options and Warrants

Outstanding m 3.4 4.3 - -

Avg Exercise C$/sh $6.22 $5.16 - -

Note: Assumes an USD/CAD exchange rate of 1.00

1. Unaudited management estimate of December 31, 2012 balances; September 30, 2012 cash balance was $6.5 million and debt balance was nil

2. Cash and debt balances adjusted for NAP Quebec cash and Bridge Loan Repayment, FBC Interest Escrow, Transaction Fees and Environmental Bonding as detailed on slide 16


FBC SECURED CREDIT FACILITY TERMS

NAP Assets acquisition funded with senior secured credit facility

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Credit Facility C$22 m senior secured credit facility provided by FBC Holdings Sarl (“FBC”)

Interest 15% per annum, payable quarterly in arrears

Maturity Date March 22, 2016 (third anniversary of the closing date)

Ranking First-ranking charge over all of Maudore and its subsidiaries’ present and future personal property and material real property, including specified mining rights

Compensation 1.76 m common shares and 880,000 common share purchase warrants to purchase one common share at an exercise price of C$1.08/sh for a period of 2 years

Prepayment Option

15% fee if loan repaid before first anniversary of closing date, 5% after first but before second anniversary and no fee after the second anniversary


SUMMARY

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Clear path to near term production

Strategic assets include key production facility with multiple advanced exploration projects within trucking distance

Well positioned to be a dominant consolidator in the underexplored Northern Abitibi region of Quebec

Enhanced opportunity to further expand mineral resources along Sleeping Giant - Osbell – Windfall Lake resource trend

Well capitalized to deliver shareholder value

One Expandable Processing Facility

– Sleeping Giant Mill

Two UG Developments in Quebec

– Vezza Gold Project – UG Test Mining with 43-101 update underway

– Sleeping Giant (care & maintenance)

Large Current Gold Resource

– Osbell Gold Deposit

Three Historical Gold Resources

– Discovery Gold Project

– Flordin Gold Project

– Sleeping Giant Project

District Scale Land Position

– 144,000 hectares in Abitibi Belt


Appendices and Historical Resources

Consolidate Produce Discover Grow


A high-grade potential consolidation opportunity in the region

CONSOLIDATION OPPORTUNITY: WINDFALL LAKE

21

NAP Assets

Acquired

Windfall Lake

Opportunity

• Maudore

• NAP Assets Acquired

• EAG/Noront


WINDFALL LAKE PROPERTY OVERVIEW

22

Tonnes

(M)

Grade

(g/t Au)

Contained

(k oz Au)Windfall Lake (Jul 2012)Measured & Indicated 1.7 10.1 538 Inferred 2.9 8.8 822

High-grade regional gold deposit

366 contiguous claims over 12,070 hectares in the Northern Abitibi

Two styles of gold mineralization

– Sulphide-rich (generally pyrite) disseminations and stockworks

– Classical shear-hosted mesothermal

Maudore would be able to truck and process ore at the Sleeping Giant Mill

Recent studies show cyanide leaching would be adequate for this type of gold mineralization

Currently held under a Joint Venture

– Eagle Hill Resources: 75%

– Noront Resources: 25% (repurchase right on 75% interest for $6 million)

Windfall Lake Resource Estimate for Eagle Hill Exploration Corporation Sep 10, 2012 by SRK Consulting (Canada) Inc. Please refer to Eagle Hill Exploration press release dated July 25, 2012 titled “Updated Mineral Resource Statement Results in 126% Increase in Inferred and 61% in Indicated Gold Ounces at higher grade at Windfall Lake Deposit”


PROPOSED WINDFALL LAKE TRANSACTION

On December 5, 2012, Maudore proposed a potential transaction to consolidate Windfall Lake as detailed below which has not been completed to date but is still an option to pursue

23

Eagle Hill shareholders to receive 0.0773 Maudore shares for each Eagle Hill share ($0.17 per share based on December 4, 2012 prices)

Premium of 42 % to Eagle Hill closing share price as of Dec 4, 2012

Purchase price of $10 million plus 3 million warrants for 25% interest in the Windfall Lake Project

Pro-forma the merger, Eagle Hill shareholders to hold approximately 34 % of the combined company

Subject to Eagle Hill shareholders approval and regulatory approvals

Non-Binding Proposed

Acquisition of Eagle Hill

Purchase and sale agreement to acquire 25% interest in Windfall Lake

$10 million in cash plus 3 million warrants

Right to direct Noront to exercise their repurchase right on the other 75%

Proposed Transaction with Noront


DISCOVERY HISTORICAL RESOURCE

24

The table below sets forth the historical mineral resource estimates acquired with the purchase of NAP Quebec. A qualified

person has not performed sufficient work to classify the historical estimates as current mineral resources; and

Maudore is not treating the table of historical mineral resource estimates as current mineral resource estimates.

Project Historical Mineral Resource Estimates Gold Resource

(x1000 oz)

Category

Discovery 2008 measured resources of 3,109 tonnes grading 8.95 g/t for 895 ounces,

indicated resource of 1,278,973 tonnes grading 5.74 g/t Au for 236,180

ounces and an inferred resource of 1,545,500 tonnes grading 5.93 g/t Au

for 294,473 ounces.

1

236

294

Measured

Indicated

Inferred

The Discovery historical resource estimate is sourced from “Technical Report on the Scoping Study and Mineral Resource Estimate for

the Discovery Project (according to Regulation 43-101 and Form 43-101F1)” by InnovExplo Inc., prepared by Carl Pelletier, PGeo for

Cadiscor Resources Inc. in 2008. The historical estimate is not relevant today because additional diamond drilling completed by NAP

Quebec since 2008 must be included, and the cut-off grade applied to the resource estimate must be re-evaluated in light of present

market conditions (gold price, exchange rate, and mining cost). Maudore believes that the historical estimate is reliable because

Maudore has worked extensively with InnovExplo and the author since 2006, and believes that all work was completed at a high

professional standard. Resource categories used in the historical estimate are in compliance with CIM Definition Standards on Mineral

Resources and Mineral Reserves. Parameters used are minimum mining width of 1.6 m (horizontal thickness), cut-off grade of 3 g/t Au,

capping grade of 35 g/t Au, and specific gravity of 2.82 g/cm3. Polygonal on longitudinal method used cross sections to confirm grade and

thickness, which were located on a longitudinal section, where polygons were traced and the volume and grade calculated (using

AutoCAD and Promine software). In order to upgrade the historical estimate new drilling must be digitized, validated, and quality control

protocols checked, prior to appending to the current drill database which will then be imported to GEMs software to generate a block

model and estimate a mineral resource. All work must be completed by qualified persons and evaluated to the current 43-101 Standards

for Mineral Projects. A qualified person has not performed sufficient work to classify the Discovery historical estimate as a

current mineral resource; and Maudore is not treating the Discovery historical mineral resource estimate as a current mineral

resource estimate.


FLORDIN HISTORICAL RESOURCE

25





(x1000 oz)

Category

Flordin A 2011 measured resource of 116,000 tonnes grading 3.25 g/t Au for 12,133

ounces Au, indicated resource of 2,707,000 tonnes grading 1.77 g/t Au for

153,998 ounces Au, and 2,199,000 tonnes grading 1.95 g/t Au for 137,561

ounces Au.

166

137

Measured and

Indicated

Inferred

The Flordin historical resource estimate is sourced from “43-101 Technical Report and Resource Estimate on the Flordin Property

(according to Regulation 43-101 and Form 43-101F1)” by InnovExplo Inc. and prepared by Pierre-Luc Richard, PGeo and Carl Pelletier,

PGeo for North American Palladium Ltd in 2011, which was filed on SEDAR. The historical estimate is not relevant today because

additional diamond drilling completed by NAP Quebec since 2011 must be included, and the cut-off grade applied to the resource

estimate must be re-evaluated in light of present market conditions (gold price, exchange rate, and mining cost). Maudore believes that

the historical estimate is reliable because Maudore has worked extensively with InnovExplo and the authors since 2006, and believes that

all work was completed at a high professional standard. Resource categories used in the historical estimate are in compliance with CIM

Definition Standards on Mineral Resources and Mineral Reserves. InnovExplo used the squared inverse distance method to interpolate

gold grades in a block model, and a pit-shell confined portions of the model. A minimum cut-off grade of 0.5 g/t Au was used for the open

pit portion of the Mineral Resource Estimate and a minimum cut-off grade of 3.50 g/t Au was used for the underground model. Drill hole

intercepts were calculated to a 3.0 meter minimum true thickness and specific gravity of 2.8 t/m3 was used. In order to upgrade the

historical estimate new drilling must be added to the database, validated and quality control protocols checked, prior to being appended to

the current dataset for a subsequent block model, mineral resource estimate, and possible Whittle pit shell model. All work must be

completed by qualified persons and evaluated to the current 43-101 Standards for Mineral Projects. A qualified person has not

performed sufficient work to classify the Flordin historical estimate as a current mineral resource; and Maudore is not treating

the Flordin historical mineral resource estimate as a current mineral resource estimate.


SLEEPING GIANT HISTORICAL RESOURCE

26





(x1000 oz)

Category

Sleeping Giant A 2008 measured and indicated resource of 489,200 tonnes grading 9.7 g/t Au

for 152,743 ounces Au.

153

Measured and

Indicated

The Sleeping Giant historical resource estimate is sourced from “Technical Report, The Sleeping Giant Mine Northwestern Quebec” by

Genivar LP, and prepared by Tyson Birkett, PEng, Josée Couture, PEng, and Christian Bézy, PGeo for Cadiscor Resources Inc. in 2008.

The historical estimate is not relevant today for several reasons: 1) additional drilling completed by NAP Quebec since 2008 must be

included; 2) material mined by NAP Quebec since 2008 must be subtracted from the historical resource estimate (prior reserve estimates

are not included for this reason); 3) cut-off grade applied to the resource estimate must also be re-evaluated in light of present market

conditions (gold price, exchange rate, and mining cost); 4) recent work and subsequent reporting by NAP Quebec not available to the

public have demonstrated the historical estimate is out of date. Maudore believes that the historical estimate can be relied on because

much of it is based on mining experience at Sleeping Giant and believes that work was conducted at a high technical standard and the

author is an employee of NAP Quebec and is known to Maudore. Resource categories used in the historical estimate are in compliance

with CIM Definition Standards on Mineral Resources and Mineral Reserves. Mineral resources were calculated using the polygon

method on inclined longitudinal sections, which has been used in the past to yield reliable results. Capping varied from 60-250 g/t Au

depending on the vein; grades, tonnage and costs derived from actual mining were integrated, and minimum mining width 1.6m applied

to stopes with dip greater than 50° and minimum mining width 1.8m applied to stopes with dip less than 50°. Nominal dilution of 15% was

applied, and mining recovery varied from 75-100%. In order to upgrade the historical estimate, a massive project of digitization of paper

records is required, then new drilling must be added to the database, validated, and quality control protocols checked. Underground

workings must be digitized and subtracted from a block model, likely generated using GEMs software, followed by a resource calculation.

All work must be completed by qualified persons and evaluated to the current 43-101 Standards for Mineral Projects. A qualified person

has not performed sufficient work to classify the Sleeping Giant historical estimate as a current mineral resource; and Maudore

is not treating the Sleeping Giant historical mineral resource estimate as a current mineral resource estimate.

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