DEVELOPMENT AND EXPLORATION IN ECUADOR

Loma Larga

Location: Southern Ecuador (see Technical Filings for Property Location)
Ownership: 100%
Target: Gold
Status: Feasibility Study

INV Metals announced the positive results of the Feasibility Study (“FS”) on the Loma Larga gold property in November 2018. The FS contemplates an underground mine with a daily production rate of approximately 3,000 tonnes per day (“tpd”) in the early years and reaching 3,400 tpd in year 5, resulting in a higher average annual gold recovered production of 206,000 ounces over an initial projected life of mine of approximately 12 years. The FS includes new capital cost estimates, detailed engineering and mine plans, and environmental studies.

FS HIGHLIGHTS
Estimated Mine Life	~12 years
Initial Mine Production Rate	3,000 tpd
Tonnes Processed	13.9 million
Average Grade of Mined Mineral Reserve	4.91 g/t Au, 29.6 g/t Ag, 0.29% Cu
Average Annual Gold Production	206,000 oz
Total Gold Production	2.2 million oz
Total Silver Production	13.3 million oz
Total Copper Production	88 million lbs
Adjusted Operating Costs⁽¹⁾	$550/oz Au sold
All-in Sustaining Costs⁽¹⁾	$619/oz Au sold
Initial Pre-Tax Capital Costs	$279 million
Sustaining Capital and Closure Costs	$84 million
Pre-Tax IRR	35.1%
After-Tax IRR	24.7%
Pre-Tax NPV @ 5%	$621 million
After-Tax NPV @ 5%	$356 million
Gold Price	$1,250/oz

Adjusted Operating Costs and All-in Sustaining Costs are calculated in accordance with the World Gold Council’s Guidance on Non-GAAP Metrics – All-In Sustaining Costs.

CIM 2014 Definition Standards were followed for Mineral Resources.
Mineral Resources are reported at an NSR cut-off value of US$60/t.
Mineral Resources are estimated using a long-term gold price of US$1,450 per ounce, silver price of US$22.00 per ounce, and copper price of US$3.50 per pound.
The formula used to calculate gold equivalence (AuEq) is: (Au g/t x 31.31 + Ag g/t x 0.44 + Cu% x 46.19) ÷ 31.31. The formula used to calculate AuEq ounces is: AuEq Oz = (Tonnage x AuEq g/t) ÷ 31.1035.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Mineral Resources are inclusive of Mineral Reserves.
Average bulk density is 2.7 t/m3.
Numbers may not add due to rounding.

CIM 2014 Definition Standards were followed for Mineral Reserves.
Mineral Reserves include long hole and drift-and-fill stopes as well as development in ore.
Mineral Reserves are reported at an NSR cut-off value of US$60/t.
Mineral Reserves are estimated using a long-term gold price of US$1,250 per ounce, silver price of U$18.00 per ounce, and copper price of US$3.00 per pound.
Average bulk density is 2.7 t/m3.
Numbers may not add due to rounding.

The Mineral and Resource estimates were prepared in accordance with the 2010 CIM Definition Standards for Mineral Resources and Reserves as incorporated by references in National Instrument 43-101. Further information about the Project is contained in the Technical Report filed on SEDAR on January 14, 2019.