pXRF Case Studies: - Tethyan Resources — Serbia - Eldorado Gold — Greece - Mineco — Bosnia - Ariana Resources — Turkey For more information, visit: https://www.olympus-ims.com/en/xrf-xrd/xrf-handheld/

1. Olympus Scientific Solutions
Analytical Instruments
Todd Houlahan
Minex Europe
6/26/19
Case Studies—
Innovative Use of
pXRF in Southern
and Eastern
Europe

2. Agenda
2
1 About Olympus
2
pXRF Case Studies
Tethyan Resources — Serbia
Eldorado Gold — Greece
Mineco — Bosnia
Ariana Resources — Turkey (time permitting)

3. Olympus and Olympus Scientific Solutions Americas (OSSA)
3
§ Olympus has a long history in optics, imaging, and sensor technology
– 40,000 employees, market cap ~US $12B, founded in Japan in 1919
– Core Businesses:
– Cameras and audio
– Medical, surgical, and life sciences (End, GI, Gyn, Urol, etc.)
– Industrial = OSSA (HQ: Boston and Quebec)
» Nondestructive Testing (NDT)
» Ultrasonic
» Phased array
» Eddy current
» Advanced NDT solutions and systems
» Industrial borescopes and videoscopes
» Microscopy and optical metrology
» Analytical Instruments
» X-ray fluorescence (XRF)
» X-ray diffraction (XRD)

4. Physics 101—X-Ray Fluorescence (XRF) and X-Ray Diffraction (XRD)
4
XRF Provides Elemental Chemistry (Energy Dispersive Spectroscopy)
§ XRD Provides Quantitative Mineralogy (Fundamental Crystallography)

5. Tethyan Resources
Serbia
Pb Zn Vein Mineralization
Cu Au Porphyry
pXRF Case Study 1

6. • Cost-effective analytical tool in
early stage exploration
• No requirement to send 100s
of soil samples to the
laboratory for preparation and
analysis
• Rapid decision-making almost
in real time
• Allows design and
implementation of follow-up
programs without delay
• Zones with strongly
anomalous pathfinder
elements are submitted for
verification at the laboratory,
as well as analyses of other
pathfinder elements that
require lower detection limits
Charts show correlation between pXRF and ICP-MS and AES analyses from a recent soil sampling campaign
targeting Pb-Zn vein mineralization. pXRF results are reliable and consistent enough for definition of anomalies,
which guides further, more detailed follow-up field work.
Advantages of pXRF in Early Stage Exploration

7. Identification of Soil Anomalies for Follow Up
Map A
pXRF data (Mo
ppm) on 200 m by
50 m grid
Rudnica Cu-Au Porphyry
• Historic Pb-Zn vein targets
and limited drilling for
porphyry mineralization in the
early 2000s
• Tethyan conducted a first-pass
pXRF soil survey that
identified a large Mo anomaly
(Map A)
• Follow-up soil testing using
the ICP analytical method
confirmed the Mo anomaly
coincident with gold and other
pathfinder elements (Map B)
• Mapping and later drilling
confirmed the presence of
porphyry mineralization at two
prospects
Map B
ICP data (Mo
ppm) on 100 m
by 50 m grid
Rudnica
North
Rudnica

8. • Daily drill reports to directors are
supplemented by summary charts
displaying downhole copper,
molybdenum, lead, and zinc pXRF
analyses as indicative results
• The above provides reliable,
consistent data and easy-to-
understand visual output
• pXRF data is essential in planning
and prioritizing the next holes
without waiting for drill assays
• pXRF data also assists
logging/mapping geologists in
differentiating between basement
ophiolite rocks and younger
igneous rocks in zones of strong
texture destructive alteration
and/or weathering
Intrusive rocks Basement
Preliminary Drill Data from pXRF

9. | Ariana Resources Plc | March 20159
Eldorado Gold
Greece
Au
pXRF Case Study 2

10. www.eldoradogold.com 10
§ Historic coarse rejects and pulps were previously only analyzed for Cu and Au
§ pXRF and Terraspec used to extract new geochemistry and mineralogy
Extracting More Out of Historic Data — Skouries, Greece
Historic pulps/coarse rejects Sorted/cataloged
Reflex press pellet to produce
homogenous sample
Data into Reflex HUB – QA/QC
Direct link iogas/Leapfrog Tim Baker|ChiefGeoscientist|EldoradoGoldCorporation
P: +1.604.601.6674| Email:timb@eldoradogold.com
1188 Bentall 5 - 550 Burrard Street,VancouverB.C.V6C2B5 CANADA

11. Mineco
Bosnia and Herzogovina
Pb
pXRF Case Study 3

12. OLOVO — Cerussite Mine Bosnia
• Narrow-vein cerussite (deposit PbCO3)
• Variable deposit, size/geometry,
alteration, mineralization style
• Mostly high-grade ore (>30% Pb) in
narrow structures
• Target production: 150,000 tpa
(6-8% Pb ROM)
• Gravity processing method
• Long-hole underhand stoping mining
Exploration Phase 2013 – 2017
UG Mine Development 2016 – 2019
Processing Construction 2018 – 2019

13. OLOVO — On-Site Geochemical Capabilities
Analytical Instrument Requirements:
• Low-cost, simple, highly accurate equipment
• High sample throughput
• Repeatable results
• Dependable manufacturer support
Operation:
• High-quality results that match the performance of
our other mine-site laboratories in internal testing
• OEM support in staff training, establishment of lab
SOPs, and problem solving
• Up to 50 samples per shift (prep and assay)
• Laboratory now also serving other MINECO
exploration projects in BiH
Outlook:
• Incorporation of Olympus XRF into the processing
operations and metallurgical accounting during
plant commissioning Q3 2019

14. Elatzite
Bulgaria
Cu Grade
More pXRF Case Studies
Eldorado Gold
Turkey
Au Concentrates
Georgian Copper and Gold
Georgia
Cu /Au
First Quantum
Las Cruces, Spain
Cu / Si

15. Questions?
Thank you for your attention
Olympus is a registered trademark of Olympus Corporation.
First Quantum Minerals is a trademark of First Quantum Minerals, Ltd.
Geotechmin is a registered trademark of Geotechmin Group.

16. Appendix (time permitting)

17. Ariana Resources
Turkey
Au
pXRF Case Study 4

18. Ariana Resources PLC – September 2016
pXRF Pathfinder Geochemistry
• pXRF soil geochemistry conducted across the
deposit area to identify pathfinders to Au-Ag
mineralization
• Arsenic is the primary vector to mineralization
from pXRF
• Other vectors include:
• Potassium and calcium are good for
mapping alteration zones
• Manganese depletion typically occurs in
zones of more intense alteration and higher
grade Au-Ag mineralization

19. Ariana Resources PLC – September 2016
pXRF Lithogeochemistry
• Major lithologies can be mapped using pXRF
geochemistry
• Strontium, rubidium, and calcium key elements
used in distinguishing volcanic units
• Iron, chromium, and copper identify basement
ophiolites and associated unconformity sediments
• ‘Breaks’ in mineralization trends and lithological
units identified from geochemistry show strong
correlations to major structural corridors
• pXRF geochemistry adds confidence to prospect
scale and regional mapping and helps identify
structural blocks

20. Ariana Resources PLC – September 2016
2014 XRF Lithology
XRF data can be used for mapping!

21. Ariana Resources PLC – September 2016
Ginguro Texture Analysis
In 2013, pXRF was used to understand various
textures within drill core, consisting of quartz
vein material from the Kiziltepe deposit in
Western Turkey.
Analysis of various styles of greyish banding
and spotting resulted in the identification of
high-grade ginguro. The type of low-
temperature quartz associated with the high-
grade ginguro resulted in a significant
understanding in the mineralization event
environment.

22. Ariana Resources PLC – September 2016
Kepez — High-Grade Ginguro
The results from the detailed textural
analysis were later applied to in-field
exercises, which then led to the
discovery of the Kepez Main Prospect. It
sits in an area previously intensely
sampled by Newmont with no significant
results (because they were sampling the
wrong type of quartz material).
Right — actual photos from in-field
discovery (note the exceptional Ag and
Au readings, as well as the ginguro
banding).