This corporate presentation provides an overview of Falco Resources Ltd.'s Horne 5 mining project in Canada. Key points include:
- The project involves developing an underground mining operation at the site of the historic Horne Mine in Rouyn-Noranda, Quebec.
- Measured and indicated resources total over 7 million ounces of gold equivalent, with additional inferred resources of over 1.7 million ounces.
- The plan is for a bulk tonnage, highly automated underground mine producing an average of 236,000 ounces of gold annually over an initial 12+ year mine life.
- Total estimated development costs are US$680 million. The project aims to maximize use of existing infrastructure to minimize surface footprint.
1. THE NEXT GREAT UNDERGROUND
MINE IN CANADA
Corporate Presentation
RBC Mining’s Rising Stars – August 2017
WWW.FALCORES.COM | FPC:TSXV
2. Disclaimer
This presentation contains a review of the Company’s properties in Canada. Viewers are cautioned that the projects are at an early stage of exploration and that estimates and projections
contained herein are based on limited and incomplete data. More work is required before the mineralization on the projects and their economic aspects can be confidentaly modeled.
Therefore, the work results and estimates herein may be considered to be generally indicative only of the nature and quality of the projects. No representation or prediction is intended as to
the results of future work, nor can there be any promise that the estimates herein will be confirmed by future exploration or analysis, or that the projects will otherwise prove to be
economic.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this presentation, which has been prepared by management. There can be
no assurance that any of the assumptions in the resource estimates will be supported by a Pre-feasibility or Feasibility Study or that any forward looking event will come to pass. The data is
incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment.
Past performance is no guarantee of future performance and all investors are urged to consult their investment professionals before making an investment decision. Investors are further
cautioned that past performance is no guarantee of future performance
Forward-Looking Statements
Certain information included in this presentation constitutes forward-looking statements, including any information as to our projects, plans and future performance. All statements, other
than statements of historical fact, are forward-looking statements. The words “expect”, “believe”, “anticipate”, “will”, “intend”, “estimate”, “forecast”, “budget”, “schedule” and similar
expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by
management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ
materially from those projected in the forward-looking statements.
Such factors include, but are not limited to: changes to current estimates of mineral resources; labour availability; litigation; availability of and increased costs associated with contractors
and exploration equipment; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits; contests over title to properties;
uncertainty with the Company’s ability to secure capital to execute its business plans; changes in national and local government legislation in Canada; risk of loss due to sabotage and civil
disturbances; risks arising from holding derivative instruments; and business opportunities that may be pursued by the Company. Many of these uncertainties and contingencies can affect
our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned
that forward-looking statements are not guarantees of future performance.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as
required by applicable law.
Cautionary Note to U.S Investors Concerning Measured, Indicated and Inferred Resources
This presentation uses the terms “measured,” “indicated” and “inferred resources. We advise investors that while those terms are recognized and required by Canadian regulations, the
United States Securities and Exchange commission does not recognize them. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other
economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United
States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.
CAUTIONARY STATEMENT
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TSXV:FPC
C$192M
MARKET CAP
~C$46.2M
CASH & CASH EQUIVALENTS
7.1 Moz AuEq M&I
TOTAL RESOURCES
1.7 Moz AuEq Inferred
TOTAL RESOURCES
236,000 GOLD OZ
ESTIMATED AVERAGE GOLD
ANNUAL PRODUCTION
US$427 PER GOLD OZ
ALL-IN SUSTAINING COST
US$680M
DEVELOPMENT CAPITAL EXPENDITURE
>12 YEARS
INITIAL MINE LIFE
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EXPERIENCED SENIOR LEADERSHIP TEAM
Luc Lessard, President & CEO, Director
Vincent Metcalfe, CFO
Claude Léveillée, VP Community Relations &
HR
Anthony Glavac, VP – Controller
Helene Cartier, VP – Environment
Francois Vezina, VP – Mining
Christian Laroche, VP – Processing
John-Paul McGrath – Project Manager
Claude Bernier, Exploration Manager
Sylvain Doire, Environment
Claude Pilote, Senior Geologist
Daniel Mathieu – Mechanical Designer
EXECUTIVE MANAGEMENT BOARD OF DIRECTORS
Sean Roosen, Chair
Mario Caron, Lead Director
Bryan Coates
Paola Farnesi
Claude Ferron
Paul Henri-Girard
Chantal Sorel
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CAPITAL SUMMARY & SHAREHOLDER REGISTRY
SHAREHOLDER REGISTRY
Osisko Gold Royalties 13.2%
Tocqueville 9.2%
Investissement Quebec 5.2%
Oppenheimer Funds 2.0%
Old Mutual 1.6%
RBIM 1.1%
CIBC Asset Management 1.0%
Caisse de Depot du Quebec 1.0%
Shares Outstanding (basic) 179,644,768
Stock Options 9,151,736
Warrants 28,281,717
Shares Outstanding (fully diluted) 205,934,721
Share Price C$1.07
Market Capitalization C$192.2
Cash Position ~C$42.6 Million
CAPITAL STRUCTURE (AS OF AUG 15, 2017)
Source: Factset, Bloomberg, public filings and Company estimates
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HORNE 5 PROJECT| LOCATION
Located in Rouyn-Noranda, Québec, Canada
Access to better & experienced miners due
to better work-life balance & conditions
Eliminates the need for a camp
Experienced labour pool
The region of Abitibi produces some of the
most experienced miners in the world
Experienced suppliers
Access to tier 1 mining equipment suppliers
& mining contractors in the world
~80% of required suppliers & contractors
located within 1 hour from project
Québec Government
Strong supporter of the mining industry
Clear permitting process & BAPE process for
operations over 2,000 tpd
Great infrastructure
Rail & highway access
Affordable and reliable power source
HORNE 5
MONTREAL
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HORNE 5 PROJECT| MINERALIZATION
The Horne Mine orebodies (Upper H, Lower H and
Horne 5 deposit)
Dip subvertically within rhyolitic flows,
breccias, and tuffs that are bounded by the
Andesite and the Horne Creek faults.
Least-altered rhyolites have low K2O
contents and other geochemical features
that place them within the FII tholeiitic
series (Lesher et al., 1986)
Graded volcaniclastic beds, metal zoning in
the orebodies, and locations of chloritized-
mineralized rhyolites indicate that the
volcanic sequence youngs to the north.
The volcanics in the fault wedge are variably
silicified and sericitized, and local zones in
the orebody sidewalls and footwall are
chloritized
The Horne Block lies between the Horne Creek
Fault and the Andesite Fault
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HIGH GRADE ZONES
HORNE 5 PROJECT| LONG & CROSS SECTIONS OF THE DEPOSIT
MINERAL ENVELOPS
MEASURED & INDICATED + INFERRED (at C$55 NSR cut-off)
Resource
Class
Tonnes Au Equivalent
g/t
Au
g/t
Ag
g/t
Cu
%
Zn
%
Contained Au
EQ (mm oz)
Contained Au
(mm oz)
Contained Ag
(oz)
Contained Cu
(mm lbs)
Contained Zn
(mm lbs)
Measured 9.4 2.45 1.58 16.33 0.18 0.81 736 475 4,914 37.7 167.4
Indicated 81.7 2.41 1.56 14.19 0.18 0.86 6,336 4,088 37,295 315.8 1,552.7
Total M&I 91.1 2.41 1.56 14.41 0.18 0.86 7,072 4,564 42,209 353.5 1,720.1
Inferred 22.3 2.39 1.47 22.98 0.20 0.68 1,710 1,053 16,463 99.2 336.1
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HORNE 5 PROJECT| THE NEW PROJECT – THE NEW VISION
A state-of-the-art UNDERGROUND MINING project
MAXIMIZE USE OF EXISTING INFRASTRUCTURE
Bulk tonnage operation
Highly efficient mining methods
15,000 tonnes per day mill
Limited footprint on surface with use of historical
voids and stopes for waste and tailings disposal
236,000 ounces of avg. annual GOLD production
US$427 per ounce all-in cash cost
Development Capital Investments of US$680
million
525 full-time jobs during operation : >12 years
800 jobs during 18-24 construction period
NEW MINE:
HORNE 5 PROJECT
16 M
AuEq Oz
Produced
7.1 M
AuEq Oz
M&I
1.7 M
AuEq Oz
Inferred
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HORNE 5 PROJECT| HIGH LEVEL OF AUTOMATION
STATE-OF-THE-ART OPERATION
Surface control underground operations:
Hoist – production and services
Teleoperation of loaders
Monitoring and management of ventilation
requirements and paste backfill distribution
Water pumping monitoring
Staff & equipment location monitoring
HIGH CAPACITY PRODUCTION MINING EQUIPMENT
Scoop tram: 21 metric tonnes
Haulage truck: 63 metric tonnes
Conveyor system from deposit to Quemont shaft
Ability to operate between working shifts
(20h/day vs 14h/day for a conventional mine)
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HORNE 5 PROJECT| MINING APPROACH FOR FEASIBILITY >17 YEARS OF LIFE
EXISTING SHAFT
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HORNE 5 PROJECT| DEVELOPMENT CAPITAL EXPENDITURES US$680M
$186
$265
$16
$74
$14
$82
$45
Mining
Processing Plant
Electrical and Communication
Site Infrastructure
Tailings and Water Management
Indirects
Contingency
TOTAL
PRE-PRODUCTION
CAPITAL COSTS
US$680M
Note: Amounts may vary due to rounding.
*FROM PEA
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ALL-IN SUSTAINING CASH COST (US$/OZ AU)
$427 $446
$524
$750 $752
$492
$583 $605 $616 $620 $623 $634 $674 $690
$779
$855 $860
Falco
Pretium
Continental
Kaminak
TaungGold
CharaatGold
MidasGold
Sabina
Lundin
Victoria
Dalradian
GoldRoad
TMAC
Exeter
BeloSun
Newcastle
FirstMining
17
20
18 18
11
20
18 17 17
14 13 13 12 12 11 11 10
TMAC
TaungGold
Exeter
Pretium
CharaatGold
Falco
BeloSun
Newcastle
Continental
GoldRoad
Lundin
MidasGold
Sabina
Kaminak
FirstMining
Dalradian
Victoria
LIFE OF MINE (YEARS)
COMPARABLES – PRE-PRODUCTION > 5 M OZS & CAPEX BELOW $1BN
1. Payback period not disclosed.
Source: Company websites, filings from SEDAR and Factset
IN PRODUCTION OR ACQUIRED
M&I
ONLY
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PROJECT SCHEDULE – On the Road to Feasibility & Development
ACTIVITIES START COMPLETION
PEA COMPLETED
Feasibility Study Q2 2016 Q3 2017
Environmental Impact assessment Q2 2016 Q4 2017
Dewatering (Phase 1) Q4 2017 Q2 2019
Detailed engineering Q3 2017 Q4 2018
Head frame and hoist construction (Exploration Phase) Q4 2017 Q3 2018
Public audiences – “BAPE” Q4 2017 Q1 2019
Permits for project construction Q2 2019
Processing plant construction Q2 2019
First mineralized ore in mine Q1 2021
Full Mine ramp up (Phase 1) H1 2021
End of process plant construction / plant commissioning H1 2021
Process plant ramp up H2 2021
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Head Office
Falco Resources Ltd.
1100, avenue des
Canadiens-de-Montréal
Bureau 300
Montréal, QC H3B 2S2
Tél. : +1.514.905.3162
Toll Free : +1.888.915.2009
Courriel : info@falcores.com
Investor Inquiries
Vincent Metcalfe, CFO
Tel: +1.514.905.3162
Email: vmetcalfe@falcores.com
CONTACT US
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APPENDIX
Appendix A – PEA Additional Information
Appendix B – Resource & Modeling Notes
Appendix C – Research Coverage
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Appendix A - HORNE 5 PROJECT LOCATED NORTH OF THE CITY OF ROUYN-NORANDA
HORNE 5 PROJECT LOCATED IN AN INDUSTRIAL PARK
City of
Rouyn-Noranda
Smelter
Horne Mine
Quemont Shaft
Falco
Surface Rights
Industrial Park
Rail
Highway
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Appendix A - RESOURCE COMPARISON – APRIL 2014 MINERAL RESOURCE TO CURRENT
Resource Category Measured Indicated Inferred
Mineral Resource
Estimate
Cut-off
(NSR C$)
Tonnes Au (g/t) Ag (g/t) Cu (%) Zn (%) Tonnes Au (g/t) Ag (g/t) Cu (%) Zn (%) Tonnes Au (g/t) Ag (g/t) Cu (%) Zn (%)
2016 update (Sept. 26) > 55 9,361,800 1.58 16.33 0.18 0.81 81,735,100 1.56 14.19 0.18 0.86 22,283,200 1.47 22.98 0.20 0.68
2016 (Jan. 8) > 65 -- -- -- -- -- 58,346,300 1.82 15.60 0.20 1.00 12,678,700 2.10 26.26 0.22 0.57
Maiden 2014 (Feb. 17) > 80 -- -- -- -- -- -- -- -- -- -- 25,319,200 2.64 -- 0.23 0.70
Update ∆ Measured ∆ Indicated ∆ Inferred
Mineral Resource Estimate Tonnes Au (g/t) Ag (g/t) Cu (%) Zn (%) Tonnes Au (g/t) Ag (g/t) Cu (%) Zn (%) Tonnes Au (g/t) Ag (g/t) Cu (%) Zn (%)
2016 update vs. Jan. 2016 100% 100% 100% 100% 100% 40% -14% -9% -10% -14% 76% -30% -12% -9% 19%
2016 update vs. Maiden 2014 -- -- -- -- -- 100% 100% 100% 100% 100% -12% -44% 100% -13% -3%
Resources have increased 310% from 2014 and 47% from earlier in 2016
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Appendix A – Historical Drill Density of Horne 5 Deposit
600m
HORNEQUEMONT Exceptional Drill
Density
4,384 underground
drill holes at 15 m
spacing (305,788m)
drilled by Noranda
Very high confidence
in historical drilling
Great upside at
Depth – limited
drilling vs. upper area
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Appendix A – Horne 5 Deposit & 2015 Confirmation Drilling Program
HORNEQUEMONT
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Appendix A – Current Mineral Envelops
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• NPV of $1.131 billion at a 5% discount rate and an IRR of 20.0% before taxes and mining duties
• NPV of $667 million at a 5% discount rate and an IRR of 16.0% after taxes and mining duties
• Peak-year production of 274 kozs and average LOM annual production of 236 kozs of gold
• Net payable gold recovery of 86.8%
• 3,051,000 gold ounces production at an average diluted grade of 2.60 g/t Au LOM
• 2,903,000 ounces of payable gold LOM
• 807 million pounds of payable zinc LOM
• 194 million pounds of payable copper LOM
• 23.8 million ounces of payable silver LOM
• All-in sustaining costs* of US$427 PER PAYABLE GOLD OUNCE
• All-in cost (CAPEX plus OPEX) is estimated at US$660 per payable gold ounce
• Initial CAPEX of C$905 million (including a $60 million contingency) or US$680 million
• Payback Period of 3.8 years pre-tax and 4.1 years post-tax
• Gross Revenue of $6.8 billion and Operating Cash-flow of $2.6 billion
• Start of production in 2020
• Full production in 2021
• Initial mine life of 12 years
*All-in Sustaining Costs are presented as defined by the World Gold Council ("WGC") less Corporate G&A
Note: Commodity Price Assumptions in US$ - $1,250/oz Au, $17.00/oz AG, $2.85/lb CU, $1.00/lb ZN
Appendix A – Horne 5 Project Key Highlights
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Appendix A – Proposed Flowsheet of Horne 5 Project
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PROCESSING | SAG & Ball Mill with Cyclone Cluster
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Source: Wood Mackenzie Ltd. And BMO Capital Markets
* All-in Sustaining Costs are presented as defined by the World Gold Council ("WGC") less Corporate G&A
$0
$500
$1,000
$1,500
$2,000
$2,500
2016 Gold Mine, Composite, Total Cash + Sustaining Capex Cost
Grouped By Mine and Ranked By Total Cash plus Sustaining Capex
TotalCash+SustainingCapex(US$/oz)
0 500 1000 1500 2000
Paid Gold (t)
Horne 5 Project AISC of US$427/oz
Appendix B – Low All-In Sustaining Cost, a Top Quartile Asset
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NORALEX –Young Buck Longitudinal - looking NE
Open
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FLAVRIAN – Duprat Syenite
Similar Magnetic signature to Upper Beaver ?
Similar context as Queenston’s Upper
Beaver syenite;
1.2 km in diameter, 1 existing drill hole;
Two anomalous gold values on the contacts
of the syenite;
Largely unexplored
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CENTRAL CAMP – West Ansil Massive Sulphide Zones
Category (NI 43-101) Tons (MT) Cu % Zn % Au g/t Ag g/t
Indicated Resource: 0.53 3.4 0.4 1.4 9.2
Inferred Resource: 0.60 3.3 0.2 0.3 5.9
AN-05-04 – 3.57% Cu over 52.7 m
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Appendix B – Mineral Resource Estimates & Modeling Notes
1. The effective date of the resource estimate is September 26, 2016. The Independent and Qualified Persons for the Mineral Resource Estimate as required by National Instrument 43-101
are Carl Pelletier, P. Geo., B.Sc. and Guilhem Servelle, P.Geo., M.Sc., both employees of InnovExplo Inc.
2. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.
3. While the results are presented undiluted and in situ, the reported mineral resources are considered by the Qualified Persons to have reasonable prospects for economic extraction.
4. These estimates include six (6) low grade gold-bearing mineralized zones.
5. The principal low-grade gold-bearing mineralized zone includes six (6) high-grade gold-bearing zones, one (1) high-grade copper-bearing zone, one (1) high grade zinc-bearing zone, three (3)
high-grade silver-bearing zones. Note that these high-grade zones may overlap each other.
6. Resources were compiled at NSR cut-offs of C$40, C$45, C$50, C$55, C$60, C$65, C$70, C$75, C$80, C$85, C$90, C$95, and C$100 per tonne for sensitivity purposes.
7. The official base case resource is reported at a C$55 per tonne NSR cut-off.
8. The appropriate NSR cut-off will vary depending on prevailing economic and operational parameters to be determined.
9. NSR estimates are based on the following assumptions: exchange rate of $C1.30/$US, metal prices of (all $US): gold $1,300/oz, silver $18.50, copper $2.15/lb, zinc $1.00/lb (Long term
analyst consensus price forecast study). Net recoveries of 86.8% for gold, 74.9% for silver, 67.3% for zinc and 74.0% for copper. Smelting cost (including transportation) C$6.52 per tonne (based
on the Cost Mine service as well as on non-public smelter contract obtained from one of the proposed destinations and on talks with transport providers).
10. Gold equivalent calculations assume these same metal prices.
11. Inferred resources are separate from Indicated Resources
12. The quantity and grade of reported Inferred Resources in this estimate are uncertain in nature and there has not been sufficient work to define these Inferred Resources as Indicated or
Measured Resources. It is uncertain if further work will result in upgrading them to an Indicated or Measured mineral resource category.
13. The resource was estimated using Geovia GEMS 6.7. The estimate is based on 5,977 diamond drill holes (478,281m) of which 4,138 crosscut mineralized zones for a total of 177,996m of core
within these zones. For silver the estimate also uses the results of an exhaustive metallurgical test comprising 2,112 diamond drill holes assayed for silver over a total length of 75,540 meters. A
minimum true thickness of 7.0 m was applied, using the grade of the adjacent material when assayed, or a value of zero when not assayed. Only the silver interpolation in the Inferred resources
does not use the material when not assayed.
14. The estimate database contains also 14,799 channel samples for a total of 23,791m from drifts historically sampled. Channel sample data was only used for distance to composite criterion for
resource classification purposes.
15. 91% of density values were estimated using historical drill hole iron assays data and Falco density data for an average of 3.41 g/cm3. Interpolation method use 3 pass ID2 for the ENV_A and HG_A
to HG_F zones. 8% of density values were fixed at 2.88 g/cm3 for ENV_B to ENV_E zones due to the scarcity of the data. 2.88 g/cm3 representing the median of the available data. 1% of density
values were fixed at 2.67 g/cm3 for ENV_F zone due to the scarcity of the date and to adequately characterise this quartz-rich zone.
16. Compositing was done on drill hole sections falling within the mineralized zones (composite = 3.0 metres). Tails shorter than 0.75 m were not created.
17. Resources were evaluated from drill holes using an ID2 interpolation method in a block model (block size = 5 x 5 x 5 m).
18. High grade capping was done on raw assay data and established on a per zone basis for gold (Au g/t): (HG_A: 35; HG_B: 35; HG_C: 25; HG_D: 35; HG_E: 25; HG_F: 35; ENV_A: 35; ENV_B: 25;
ENV_C: 25; ENV_D: 20; ENV_E: 35; ENV_F: 25) and for silver (Ag g/t): SG_HG:100; HG_D: 165; HG_F: 165; ENV_A_SG_Low: 110; ENV_B: 100; ENV_C: 100; ENV_D: 100. Capping grade selection is
supported by statistical analysis. No capping was applied to the Cu and Zn data based on statistical analysis.
19. The Mineral Resources presented herein are categorized as Measured, Indicated and Inferred. The Inferred category is only defined within the areas where blocks were interpolated during pass
1 or pass 2 in areas where continuity is sufficient to avoid isolated blocks. The Indicated category is only defined by blocks interpolated in areas where the maximum distance to the closest drill
hole composite is less than 25m for blocks interpolated in passes 1 and 2. The Measured category is only defined by blocks classified as indicated and in sufficient proximity to sampled drifts (<
15m). The average distance to the nearest composite is 6.97 meters for the Measured resources, 10.01 meters for the Indicated resources and 40.10 meters for the Inferred resources.
20. Tonnage estimates were rounded to the nearest hundred tonnes. Any discrepancies in the totals are due to rounding effects. Rounding practice follows the recommendations set out in Form 43-
101F1.
21. CIM definitions and guidelines were followed in estimating mineral resources.
22. InnovExplo is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issue that could materially affect the mineral resource
estimate.
23. Metal contained in ounces (troy) = metric tonnes x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). Metal contents are presented in ounces and pounds .
RESOURCE ESTIMATE NOTES